Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.2
Segment Information
 9 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information

Note 9. Segment Information

Segments

Operating segments are defined in the criteria established under the FASB ASC Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to

assess performance and allocate resources. The Company’s CODM assesses performance and allocates resources based on two operating segments: Alico Citrus and Land Management and Other Operations.

Total revenues represent sales and services rendered to unaffiliated customers, as reported in the Condensed Consolidated Statements of Operations. Goods produced by the Alico Citrus segment, as well as through the grove management services rendered by the Alico Citrus segment, are sold to wholesalers and processors in the United States who prepare the products for consumption. The Company evaluates the segments’ performance based on direct margins (gross profit) from operations before general and administrative expenses, interest expense, other income (expense) and income taxes, not including nonrecurring gains and losses.

Information by operating segment is as follows:

 

(in thousands)

 

Three Months Ended
June 30,

 

 

Nine Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

6,712

 

 

$

25,533

 

 

$

37,917

 

 

$

89,313

 

Land Management and Other Operations

 

 

572

 

 

 

405

 

 

 

1,249

 

 

 

1,603

 

Total revenues

 

 

7,284

 

 

 

25,938

 

 

 

39,166

 

 

 

90,916

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

(8,322

)

 

 

24,489

 

 

 

33,493

 

 

 

83,365

 

Land Management and Other Operations

 

 

104

 

 

 

138

 

 

 

300

 

 

 

430

 

Total operating expenses

 

 

(8,218

)

 

 

24,627

 

 

 

33,793

 

 

 

83,795

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

15,034

 

 

 

1,044

 

 

 

4,424

 

 

 

5,948

 

Land Management and Other Operations

 

 

468

 

 

 

267

 

 

 

949

 

 

 

1,173

 

Total gross profit

 

$

15,502

 

 

$

1,311

 

 

$

5,373

 

 

$

7,121

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

$

3,714

 

 

$

3,676

 

 

$

11,318

 

 

$

11,043

 

Land Management and Other Operations

 

 

23

 

 

 

13

 

 

 

41

 

 

 

84

 

Other Depreciation, Depletion and Amortization

 

 

101

 

 

 

119

 

 

 

326

 

 

 

349

 

Total depreciation, depletion and amortization

 

$

3,838

 

 

$

3,808

 

 

$

11,685

 

 

$

11,476

 

 

(in thousands)

 

 

 

 

 

June 30,

 

 

September 30,

 

 

 

 

 

 

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

 

 

 

Alico Citrus

 

 

 

 

 

$

407,923

 

 

$

396,266

 

Land Management and Other Operations

 

 

 

 

 

 

11,833

 

 

 

11,326

 

Other Corporate Assets

 

 

 

 

 

 

1,370

 

 

 

1,663

 

Total Assets

 

 

 

 

 

$

421,126

 

 

$

409,255