------- ------- ---- -------- ----------
Adjusted
(Non-GAAP) $130,545 $ (27,323) $ 103,222 $ 1.09
------- ------- ---- -------- ---------
Weighted
average
shares
outstanding
-- diluted 95,094
Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results -- Unaudited
Revenue for the Three Months Ended
-------------------------------------------------------------------------
Impact of Impact of
Foreign Acquisitions Like-for-like
September Currency and Increase September 30,
30, 2023 Translation Divestitures (Decrease) 2024
----------- ------------- -------------- -------------- -------------
(U.S. Dollars in thousands)
Fresh Fruit $ 749,210 $ -- $ -- $ 49,571 $ 798,781
Diversified
Fresh
Produce -
EMEA 856,351 13,639 1,761 27,888 899,639
Diversified
Fresh
Produce -
Americas &
ROW 470,011 (974) (112,618) 33,638 390,057
Intersegment (32,900) -- -- 6,837 (26,063)
--------- ------ ---- -------- --- ------------- ---------
Total $2,042,672 $12,665 $(110,857) $ 117,934 $2,062,414
========= ====== ==== ======== ============= =========
Adjusted EBITDA for the Three Months Ended
-------------------------------------------------------------------------
Impact of
Foreign Impact of Like-for-like
September Currency Acquisitions and Increase September
30, 2023 Translation Divestitures (Decrease) 30, 2024
---------- ------------- ---------------- ----------------- ---------
(U.S. Dollars in thousands)
Fresh Fruit $ 45,111 $(32) $ -- $ (2,175) $ 42,904
Diversified
Fresh
Produce -
EMEA 34,923 479 28 (5,067) 30,363
Diversified
Fresh
Produce -
Americas &
ROW 5,159 (29) (5,511) 9,186 8,805
--------- --- ------ ------ --- ------- ---- --------
Total $ 85,193 $418 $ (5,483) $ 1,944 $ 82,072
========= === ======= ====== === ======= ==== ========
Revenue for the Nine Months Ended
-------------------------------------------------------------------------
Impact of Impact of
Foreign Acquisitions Like-for-like
September Currency and Increase September 30,
30, 2023 Translation Divestitures (Decrease) 2024
----------- ------------- -------------- -------------- -------------
(U.S. Dollars in thousands)
Fresh Fruit $2,387,163 $ -- $ -- $ 87,298 $2,474,461
Diversified
Fresh
Produce -
EMEA 2,570,080 17,571 15,732 94,705 2,698,088
Diversified
Fresh
Produce -
Americas &
ROW 1,310,407 (1,700) (240,119) 154,408 1,222,996
Intersegment (94,637) -- -- 6,971 (87,666)
--------- ------ ---- -------- --- ------------- ---------
Total $6,173,013 $15,871 $(224,387) $ 343,382 $6,307,879
========= ====== ==== ======== ============= =========
Adjusted EBITDA for the Nine Months Ended
-----------------------------------------------------------------------
Impact of Impact of
Foreign Acquisitions Like-for-like
September Currency and Increase September
30, 2023 Translation Divestitures (Decrease) 30, 2024
---------- ------------- -------------- ----------------- ---------
(U.S. Dollars in thousands)
Fresh Fruit $ 180,138 $(33) $ -- $ 2,853 $ 182,958
Diversified
Fresh
Produce -
EMEA 100,932 515 153 (2,583) 99,017
Diversified
Fresh
Produce -
Americas &
ROW 27,191 (48) (14,137) 22,611 35,617
--------- --- ------ ------- --- ------- ---- --------
Total $ 308,261 $434 $(13,984) $ 22,881 $ 317,592
========= === ======= ======= === ======= ==== ========
Net Debt Reconciliation
Net Debt is the primary measure used by management to analyze the Company's capital structure. Net Debt is a non-GAAP financial measure, calculated as cash and cash equivalents, less current and long-term debt. It also excludes debt discounts and debt issuance costs. The calculation of Net Debt as of September 30, 2024 is presented below. Net Debt as of September 30, 2024 was $732.0 million.
September 30, 2024 December 31, 2023
-------------------- ---------------------
(U.S. Dollars in thousands)
Cash and cash equivalents
(Reported GAAP) $ 260,588 $ 275,580
Debt (Reported GAAP):
Long-term debt, net (878,785) (845,013)
Current maturities (87,023) (222,940)
Bank overdrafts (16,451) (11,488)
--------------- --------------
Total debt, net (982,259) (1,079,441)
Add: Debt discounts and debt
issuance costs (Reported
GAAP) (10,312) (14,395)
--------------- --------------
Total gross debt (992,571) (1,093,836)
--------------- --------------
Net Debt (Non-GAAP) $ (731,983) $ (818,256)
=============== ==============
Free Cash Flow from Continuing Operations Reconciliation
Nine Months Ended
----------------------------------------------
September 30, 2024 September 30, 2023
---------------------- ----------------------
(U.S. Dollars in thousands)
Net cash provided by
operating activities -
continuing operations
(Reported GAAP) $ 106,246 $ 157,134
Less: Capital expenditures
(Reported GAAP)(12) (56,788) (51,334)
-------------- --------------
Free cash flow from
continuing operations
(Non-GAAP) $ 49,458 $ 105,800
============== ==============
__________________
(12) Capital expenditures do not include amounts attributable to
discontinued operations.
Non-GAAP Financial Measures
Dole plc's results are determined in accordance with U.S. GAAP.
In addition to its results under U.S. GAAP, in this Press Release, we also present Dole plc's Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow from Continuing Operations and Net Debt, which are supplemental measures of financial performance that are not required by, or presented in accordance with, U.S. GAAP (collectively, the "non-GAAP financial measures"). We present these non-GAAP financial measures, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by U.S. GAAP. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items or that any projections and estimates will be realized in their entirety or at all. In addition, adjustment items that are excluded from non-GAAP results can have a material impact on equivalent GAAP earnings, financial measures and cash flows.
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