Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company")
today released its financial results for the three and six months
ended June 30, 2023.
Highlights for the three months ended June 30, 2023:
- Second quarter Revenue of $2.1 billion, an increase of
4.4%
- Second quarter Net Income of $52.3 million, an increase of
8.1%
- Second quarter Adjusted EBITDA1 of $122.7 million, an increase
of 9.7%
- Second quarter Adjusted Net Income of $48.4 million and
Adjusted Diluted EPS of $0.51
Financial Highlights - Unaudited
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
(U.S. Dollars in millions, except
per share amounts)
Revenue
2,141
2,051
4,130
4,021
Income from continuing operations2
63.7
59.6
98.7
88.2
Net Income
52.3
48.4
72.8
51.8
Net Income attributable to Dole plc
42.3
41.3
56.4
39.9
Diluted EPS from continuing operations
0.56
0.55
0.86
0.80
Diluted EPS
0.44
0.43
0.59
0.42
Adjusted EBITDA1
122.7
111.8
223.1
203.7
Adjusted Net Income1
48.4
52.4
80.7
92.9
Adjusted Diluted EPS1
0.51
0.55
0.85
0.98
______________________
1 Dole plc reports its financial results in accordance with U.S.
Generally Accepted Accounting Principles ("GAAP"). See full GAAP
financial results in the appendix. Adjusted EBIT, Adjusted EBITDA,
Adjusted Net Income, Adjusted Earnings Per Share and Net Debt are
non-GAAP financial measures. Refer to the appendix of this release
for an explanation and reconciliation of these and other non-GAAP
financial measures used in this release to comparable GAAP
financial measures.
2 Fresh Vegetables results are reported separately as
discontinued operations, net of income taxes, in our condensed
consolidated statements of operations, its assets and liabilities
are separately presented in our condensed consolidated balance
sheets, and its cash flows are included within the condensed
consolidated cash flows for all periods presented. Unless otherwise
noted, our discussion of our results included herein, outlook and
all supplementary tables, including non-GAAP financial measures,
are presented on a continuing operations basis.
Commenting on the results, Carl McCann, Executive Chairman,
said:
"We are very pleased with the strong result for the second
quarter, delivering Adjusted EBITDA growth of 9.7%. This result is
due to the dedication and efforts of all our people across the
Group.
As we progress through the second half of the year, our
performance for the first six months gives us confidence in
achieving our targeted Adjusted EBITDA for the full year of at
least $350.0 million.”
Group Results - Second Quarter
Revenue increased 4.4%, or $90.3 million, primarily due to
strong performance in the Fresh Fruit and Diversified EMEA
segments, offset partially by the Diversified Americas segment. On
a like-for-like basis3, revenue was 3.8%, or $77.9 million, ahead
of prior year.
Adjusted EBITDA increased 9.7%, or $10.9 million, primarily
driven by strong Fresh Fruit performance, offset partially by
headwinds in the Diversified Americas segment. On a like-for-like
basis, Adjusted EBITDA increased 9.2%, or $10.3 million.
Adjusted Net Income decreased $4.1 million, predominantly due to
higher interest expense, offset by the increases in Adjusted EBITDA
noted above. Adjusted Diluted EPS for the three months ended June
30, 2023 was $0.51 compared to $0.55 in the prior year.
_____________
3 Like-for-like basis refers to the measure excluding the impact
of foreign currency translation movements and acquisitions and
divestitures.
Selected Segmental Financial Information (Unaudited)
Three Months Ended
June 30, 2023
June 30, 2022
(U.S. Dollars in thousands)
Revenue
Adjusted EBITDA
Revenue
Adjusted EBITDA
Fresh Fruit
$
839,043
$
65,816
$
805,831
$
56,308
Diversified Fresh Produce - EMEA
915,629
42,603
849,848
38,434
Diversified Fresh Produce - Americas &
ROW
417,645
14,262
448,200
17,061
Intersegment
(31,143
)
—
(52,970
)
—
Total
$
2,141,174
$
122,681
$
2,050,909
$
111,803
Six Months Ended
June 30, 2023
June 30, 2022
(U.S. Dollars in thousands)
Revenue
Adjusted EBITDA
Revenue
Adjusted EBITDA
Fresh Fruit
$
1,637,953
$
135,027
$
1,555,634
$
116,705
Diversified Fresh Produce - EMEA
1,713,729
66,009
1,641,003
57,711
Diversified Fresh Produce - Americas &
ROW
840,396
22,032
911,892
29,269
Intersegment
(61,737
)
—
(87,389
)
—
Total
$
4,130,341
$
223,068
$
4,021,140
$
203,685
Fresh Fruit
Revenue increased 4.1%, or $33.2 million. Revenue was positively
impacted by higher worldwide pricing of bananas and pineapples and
worldwide increases in volumes of bananas sold, partially offset by
lower volumes of pineapples sold.
Adjusted EBITDA increased 16.9%, or $9.5 million. Adjusted
EBITDA was positively impacted by strong revenue performance,
partially offset by higher fruit sourcing costs and higher costs of
shipping, packaging and handling, as well as by lower commercial
cargo activity.
Diversified Fresh Produce – EMEA
Revenue increased 7.7%, or $65.8 million, primarily driven by
inflation-justified price increases across the segment and a
positive impact from acquisitions of $15.9 million. The impact of
foreign currency translation was not material in the quarter. On a
like-for-like basis, revenue was 6.0%, or $51.1 million, ahead of
prior year.
Adjusted EBITDA increased 10.8%, or $4.2 million, primarily
driven by strong performance across the segment, particularly
within the Spanish, Dutch, Irish and Czech businesses, as well as
by a favorable impact from acquisitions of $0.5 million, partially
offset by weaker trading results in the South African business. On
a like-for-like basis, Adjusted EBITDA was 10.0%, or $3.8 million,
ahead of prior year.
Diversified Fresh Produce – Americas & ROW
Revenue decreased 6.8%, or $30.6 million, primarily driven by
lower volumes across the segment, partially offset by continued
strong performance for potatoes and onions in North America and
inflation-justified price increases across the segment.
Adjusted EBITDA decreased 16.4%, or $2.8 million, primarily due
to a challenging quarter for berries, partially offset by strong
performance for potatoes and onions, as well as by strong trading
results within other commodities.
Capital Expenditures
Capital expenditures for the six months ended June 30, 2023 were
$41.0 million, which included investments in farm renovations and
ongoing investments in IT, logistics and efficiency projects in our
warehouses and processing facilities. This amount also includes
$5.4 million of capital expenditures related to discontinued
operations.
Net Debt
Net Debt as of June 30, 2023 was $1.0 billion.
Outlook for Fiscal Year 2023 (forward-looking
statement)
We are very pleased with the Group’s performance in the first
half of the year, delivering $223.0 million of Adjusted EBITDA.
In the first half of 2023, we have seen the benefit of improved
logistical efficiencies in several areas, which is helping to bring
more stability to our core fruit business. Partially offsetting
this benefit has been the anticipated reduction in commercial cargo
activity.
As we look out into the second half of the year and towards
2024, there is the potential for disruption in many of the key
growing regions in Central and South America due to the onset of El
Niño climatic conditions. However, we are monitoring the changing
weather patterns closely and believe we are well placed to deal
with potential challenges using our diverse sourcing network and
due to our advanced farming practices.
While the macro-economic environment remains difficult to
predict, in our business we have seen positives such as the
strengthening Euro relative to the U.S. Dollar, more open supply
chains, and moderation of inflation for certain input costs.
However, we do continue to be impacted by higher interest rates and
other foreign currency movements.
Overall, taking the above factors into account, we believe our
strong first half has put us in an excellent position to deliver a
good result for the year and we are now targeting an Adjusted
EBITDA for 2023 of at least $350.0 million.
The above outlook includes non-GAAP financial measures. Please
refer to the appendix of this release for an explanation and
reconciliation of our historical non-GAAP financial measures used
in this release to comparable GAAP financial measures.
Dividend
On August 16, 2023, the Board of Directors of Dole plc declared
a cash dividend for the second quarter of 2023 of $0.08 per share,
payable on October 5, 2023 to shareholders of record on September
14, 2023. A cash dividend of $0.08 per share was paid on July 6,
2023 for the first quarter of 2023.
About Dole plc
A global leader in fresh produce, Dole plc produces, markets,
and distributes an extensive variety of fresh fruits and vegetables
sourced locally and from around the world. Dedicated and passionate
in exceeding our customers’ requirements in over 75 countries, our
goal is to make the world a healthier and a more sustainable
place.
Webcast and Conference Call Information
Dole plc will host a conference call and simultaneous webcast at
08:00 a.m. Eastern Time today to discuss the second quarter 2023
financial results. The webcast can be accessed at
www.doleplc.com/investor-relations.
The conference call can be accessed live by dialing (646)
307-1963 in the US or +353 (1) 582 2023 in Ireland and +44 20 3481
4247 for UK and other international participants. The conference ID
is 4317462.
Forward-looking information
Certain statements made in this press release that are not
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on management’s beliefs,
assumptions, and expectations of our future economic performance,
considering the information currently available to management.
These statements are not statements of historical fact. The words
“believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,”
“estimate,” “expect,” “intend,” “objective,” “seek,” “strive,”
“target” or similar words, or the negative of these words, identify
forward-looking statements. The inclusion of this forward-looking
information should not be regarded as a representation by us or any
other person that the future plans, estimates, or expectations
contemplated by us will be achieved. Such forward-looking
statements are subject to various risks and uncertainties and
assumptions relating to our operations, financial results,
financial condition, business prospects, growth strategy and
liquidity. Accordingly, there are, or will be, important factors
that could cause our actual results to differ materially from those
indicated in these statements. If one or more of these or other
risks or uncertainties materialize, or if our underlying
assumptions prove to be incorrect, our actual results may vary
materially from what we may have expressed or implied by these
forward-looking statements. We caution that you should not place
undue reliance on any of our forward-looking statements. Any
forward-looking statement speaks only as of the date on which such
statement is made, and we do not undertake any obligation to update
any forward-looking statement to reflect events or circumstances
after the date on which such statement is made except as required
by the federal securities laws.
Category: Financial
Appendix
Consolidated Statement of Operations - Unaudited
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
(U.S. Dollars and shares in
thousands, except per share amounts)
Revenues, net
$
2,141,174
$
2,050,909
$
4,130,341
$
4,021,140
Cost of sales
(1,944,601
)
(1,885,400
)
(3,754,729
)
(3,703,836
)
Gross profit
196,573
165,509
375,612
317,304
Selling, marketing, general and
administrative expenses
(115,667
)
(110,365
)
(236,546
)
(219,909
)
Gain on disposal of businesses
—
—
—
242
Gain on asset sales
10,723
7,926
14,696
8,421
Operating income
91,629
63,070
153,762
106,058
Other income, net
1,129
8,102
2,904
10,566
Interest income
2,640
1,410
4,949
2,994
Interest expense
(19,748
)
(10,833
)
(41,460
)
(22,449
)
Income from continuing operations before
income taxes and equity earnings
75,650
61,749
120,155
97,169
Income tax expense
(16,593
)
(5,300
)
(27,587
)
(12,658
)
Equity method earnings
4,688
3,151
6,166
3,728
Income from continuing operations
63,745
59,600
98,734
88,239
Loss from discontinued operations, net of
income taxes
(11,438
)
(11,195
)
(25,944
)
(36,425
)
Net income
52,307
48,405
72,790
51,814
Less: Net income attributable to
noncontrolling interests
(10,032
)
(7,133
)
(16,356
)
(11,936
)
Net income attributable to Dole plc
$
42,275
$
41,272
$
56,434
$
39,878
Income (loss) per share - basic:
Continuing operations
$
0.57
$
0.55
$
0.86
$
0.80
Discontinued operations
(0.12
)
(0.12
)
(0.27
)
(0.38
)
Net income per share attributable to Dole
plc - basic
$
0.45
$
0.43
$
0.59
$
0.42
Income (loss) per share - diluted:
Continuing operations
$
0.56
$
0.55
$
0.86
$
0.80
Discontinued operations
(0.12
)
(0.12
)
(0.27
)
(0.38
)
Net income per share attributable to Dole
plc - diluted
$
0.44
$
0.43
$
0.59
$
0.42
Weighted-average shares:
Basic
94,909
94,878
94,904
94,878
Diluted
95,112
94,913
95,068
94,911
Consolidated Balance Sheets - Unaudited
June 30, 2023
December 31, 2022
ASSETS
(U.S. Dollars and shares in
thousands)
Cash and cash equivalents
$
231,075
$
228,840
Short-term investments
5,676
5,367
Trade receivables, net of allowances for
credit losses of $21,460 and $18,001, respectively
627,778
610,384
Grower advance receivables, net of
allowances for credit losses of $17,018 and $15,817,
respectively
112,517
106,864
Other receivables, net of allowances for
credit losses of $13,869 and $14,538, respectively
142,167
132,947
Inventories, net of allowances of $3,322
and $4,186, respectively
352,052
394,150
Prepaid expenses
53,656
48,995
Other current assets
33,495
15,034
Fresh Vegetables current assets held for
sale
390,697
62,252
Other assets held for sale
10,488
645
Total current assets
1,959,601
1,605,478
Long-term investments
16,572
16,498
Investments in unconsolidated
affiliates
125,828
124,234
Actively marketed property
29,393
31,007
Property, plant and equipment, net of
accumulated depreciation of $401,416 and $375,721, respectively
1,100,599
1,116,124
Operating lease right-of-use assets
322,461
293,658
Goodwill
502,309
497,453
DOLE brand
306,280
306,280
Other intangible assets, net of
accumulated amortization of $127,373 and $120,315, respectively
46,226
50,990
Fresh Vegetables non-current assets held
for sale
—
343,828
Other assets
139,580
142,180
Deferred tax assets, net
69,640
64,112
Total assets
$
4,618,489
$
4,591,842
LIABILITIES AND EQUITY
Accounts payable
$
650,967
$
640,620
Income taxes payable
30,041
11,558
Accrued liabilities
329,608
381,688
Bank overdrafts
20,285
8,623
Current portion of long-term debt, net
268,203
97,435
Current maturities of operating leases
61,458
57,372
Payroll and other tax
30,329
27,187
Contingent consideration
644
1,791
Pension and other postretirement
benefits
16,456
17,287
Fresh Vegetables current liabilities held
for sale
302,129
199,255
Dividends payable and other current
liabilities
32,198
17,698
Total current liabilities
1,742,318
1,460,514
Long-term debt, net
930,421
1,127,321
Operating leases, less current
maturities
269,274
246,723
Deferred tax liabilities, net
119,148
118,403
Income taxes payable, less current
portion
16,921
30,458
Contingent consideration, less current
portion
6,254
5,022
Pension and other postretirement benefits,
less current portion
119,663
124,646
Fresh Vegetables non-current liabilities
held for sale
—
116,380
Other long-term liabilities
43,871
43,390
Total liabilities
$
3,247,870
$
3,272,857
Redeemable noncontrolling interests
34,391
32,311
Stockholders’ equity:
Common stock — $0.01 par value; 300,000
shares authorized and 94,929 and 94,899 shares outstanding as of
June 30, 2023 and December 31, 2022
949
949
Additional paid-in capital
795,059
795,063
Retained earnings
510,306
469,249
Accumulated other comprehensive loss
(97,613
)
(104,133
)
Total equity attributable to Dole plc
1,208,701
1,161,128
Equity attributable to noncontrolling
interests
127,527
125,546
Total equity
1,336,228
1,286,674
Total liabilities, redeemable
noncontrolling interests and equity
$
4,618,489
$
4,591,842
Consolidated Statements of Cash Flows - Unaudited
Six Months Ended
June 30, 2023
June 30, 2022
Operating Activities
(U.S. Dollars in thousands)
Net income
$
72,790
$
51,814
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization
58,007
64,770
Incremental charges on biological assets
related to the acquisition of Legacy Dole
—
34,944
Net (gain) on sale of assets and asset
write-offs
(14,696
)
(8,421
)
Stock-based compensation expense
2,768
1,981
Equity method earnings
(6,166
)
(3,728
)
Amortization of debt discounts and debt
issuance costs
3,186
2,953
Deferred tax (benefit)
(1,057
)
(9,212
)
Pension and other postretirement benefit
plan expense (benefit)
3,091
(89
)
Dividends received from equity method
investments
5,105
4,484
Other
(2,150
)
(5,310
)
Changes in operating assets and
liabilities:
Receivables, net of allowances
(22,828
)
9,031
Inventories
55,755
(9,375
)
Accrued and other current and long-term
liabilities
(79,959
)
(11,903
)
Net cash provided by operating
activities
73,846
121,939
Investing activities
Sales of assets
18,562
26,544
Capital expenditures
(41,005
)
(39,418
)
Acquisitions, net of cash acquired
(1,685
)
(4,923
)
Insurance proceeds
1,850
2,278
Purchases of investments
(1,150
)
(414
)
Sales (purchases) of unconsolidated
affiliates
1,498
(348
)
Other
8
4
Net cash used in investing activities
(21,922
)
(16,277
)
Financing activities
Proceeds from borrowings and
overdrafts
869,701
683,340
Repayments on borrowings and
overdrafts
(889,593
)
(754,133
)
Payment of debt issuance costs
—
(270
)
Dividends paid to shareholders
(15,184
)
(15,180
)
Dividends paid to noncontrolling
interests
(16,174
)
(14,588
)
Other noncontrolling interest activity,
net
(480
)
—
Payment of contingent consideration
(1,169
)
(696
)
Net cash used in financing activities
(52,899
)
(101,527
)
Effect of foreign exchange rate changes
on cash
3,210
(15,906
)
Increase (decrease) in cash and cash
equivalents
2,235
(11,771
)
Cash and cash equivalents at beginning of
period
228,840
250,561
Cash and cash equivalents at end of
period
$
231,075
$
238,790
Reconciliation from Net Income to Adjusted EBITDA -
Unaudited
The following information is provided to give quantitative
information related to items impacting comparability. Refer to the
'Non-GAAP Financial Measures' section of this document for
additional detail on each item.
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
(U.S. Dollars in thousands)
Net income (Reported GAAP)
$
52,307
$
48,405
$
72,790
$
51,814
Loss from discontinued operations, net of
income taxes
11,438
11,195
25,944
36,425
Income from continuing operations
(Reported GAAP)
63,745
59,600
98,734
88,239
Income tax expense
16,593
5,300
27,587
12,658
Interest expense
19,748
10,833
41,460
22,449
Mark to market losses (gains)
1,035
(6,991
)
1,857
(8,129
)
(Gain) on asset sales
(10,387
)
(7,816
)
(14,554
)
(7,816
)
Incremental charges on biological assets
and inventory from the Acquisition
—
17,431
—
34,944
Cyber-related incident
571
—
5,321
—
Other items 4
190
116
863
(752
)
Adjustments from equity method
investments
2,922
2,195
4,245
3,323
Adjusted EBIT (Non-GAAP)
94,417
80,668
165,513
144,916
Depreciation
23,142
25,696
47,445
48,229
Amortization of intangible assets
2,574
2,773
5,190
5,615
Depreciation and amortization adjustments
from equity method investments
2,548
2,666
4,920
4,925
Adjusted EBITDA (Non-GAAP)
$
122,681
$
111,803
$
223,068
$
203,685
__________________
4 For the three months ended June 30, 2023, other items is
comprised of $0.2 million of asset writedowns, net of insurance
proceeds. For the three months ended June 30, 2022, other items is
comprised of $0.1 million in asset writedowns, net of insurance
proceeds. For the six months ended June 30, 2023, other items is
comprised of $0.9 million of asset writedowns, net of insurance
proceeds. For the six months ended June 30, 2022, other items is
comprised of $0.5 million in insurance proceeds, net of asset
writedowns and $0.3 million in gains on disposal of a business.
Reconciliation from Net Income attributable to Dole plc
shareholders to Adjusted Net Income - Unaudited
The following information is provided to give quantitative
information related to items impacting comparability. Refer to the
'Non-GAAP Financial Measures' section of this document for
additional detail on each item. Refer to the Appendix for
supplementary detail.
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
(U.S. Dollars and shares in
thousands, except per share amounts)
Net income attributable to Dole plc
(Reported GAAP)
$
42,275
$
41,272
$
56,434
$
39,878
Loss from discontinued operations, net of
income taxes
11,438
11,195
25,944
36,425
Income from continuing operations
attributable to Dole plc
53,713
52,467
82,378
76,303
Adjustments:
Amortization of intangible assets
2,574
2,773
5,190
5,615
Mark to market losses (gains)
1,035
(6,991
)
1,857
(8,129
)
(Gain) on asset sales
(10,387
)
(7,816
)
(14,554
)
(7,816
)
Incremental charges on biological assets
and inventory from the Acquisition
—
17,431
—
34,944
Cyber-related incident
571
—
5,321
—
Other items 5
190
116
863
(752
)
Adjustments from equity method
investments
623
612
742
1,290
Income tax on items above and discrete tax
items
797
(5,196
)
488
(7,127
)
NCI impact on items above
(736
)
(953
)
(1,629
)
(1,411
)
Adjusted Net Income for Adjusted EPS
calculation (Non-GAAP)
$
48,380
$
52,443
$
80,656
$
92,917
Adjusted earnings per share – basic
(Non-GAAP)
$
0.51
$
0.55
$
0.85
$
0.98
Adjusted earnings per share – diluted
(Non-GAAP)
$
0.51
$
0.55
$
0.85
$
0.98
Weighted average shares outstanding –
basic
94,909
94,878
94,904
94,878
Weighted average shares outstanding –
diluted
95,112
94,913
95,068
94,911
_____________________________
5 For the three months ended June 30, 2023, other items is
comprised of $0.2 million of asset writedowns, net of insurance
proceeds. For the three months ended June 30, 2022, other items is
comprised of $0.1 million in asset writedowns, net of insurance
proceeds. For the six months ended June 30, 2023, other items is
comprised of $0.9 million of asset writedowns, net of insurance
proceeds. For the six months ended June 30, 2022, other items is
comprised of $0.5 million in insurance proceeds, net of asset
writedowns and $0.3 million in gains on disposal of a business.
Supplemental Reconciliation from Net Income attributable to
Dole plc to Adjusted Net Income - Unaudited
The following information is provided to give quantitative
information related to items impacting comparability. Refer to the
'Non-GAAP Financial Measures' section of this document for
additional detail on each item.
Three Months Ended June 30,
2023
(U.S. Dollars in thousands)
Revenues, net
Cost of sales
Gross profit
Gross Margin %
Selling, marketing, general
and administrative expenses
Other operating
charges6
Operating Income
Reported (GAAP)
$
2,141,174
(1,944,601
)
196,573
9.2
%
(115,667
)
10,723
$
91,629
Loss from discontinued operations, net of
income taxes
—
—
—
—
—
—
Amortization of intangible assets
—
—
—
2,574
—
2,574
Mark to market losses (gains)
—
54
54
—
—
54
(Gain) on asset sales
—
—
—
—
(10,387
)
(10,387
)
Cyber-related incident
—
—
—
571
—
571
Other items
—
190
190
—
—
190
Adjustments from equity method
investments
—
—
—
—
—
—
Income tax on items above and discrete tax
items
—
—
—
—
—
—
NCI impact on items above
—
—
—
—
—
—
Adjusted (Non-GAAP)
$
2,141,174
(1,944,357
)
196,817
9.2
%
(112,522
)
336
$
84,631
Three Months Ended June 30,
2022
(U.S. Dollars in thousands)
Revenues, net
Cost of sales
Gross profit
Gross Margin %
Selling, marketing, general
and administrative expenses
Other
operating charges7
Operating Income
Reported (GAAP)
$
2,050,909
(1,885,400
)
165,509
8.1
%
(110,365
)
7,926
$
63,070
Loss from discontinued operations, net of
income taxes
—
—
—
—
—
—
Amortization of intangible assets
—
—
—
2,773
—
2,773
Mark to market losses (gains)
—
(1,269
)
(1,269
)
—
—
(1,269
)
(Gain) on asset sales
—
—
—
—
(7,816
)
(7,816
)
Incremental charges on biological assets
and inventory from the Acquisition
—
17,431
17,431
—
—
17,431
Other items
—
116
116
—
—
116
Adjustments from equity method
investments
—
—
—
—
—
—
Income tax on items above and discrete tax
items
—
—
—
—
—
—
NCI impact on items above
—
—
—
—
—
—
Adjusted (Non-GAAP)
$
2,050,909
(1,869,122
)
181,787
8.9
%
(107,592
)
110
$
74,305
_____________________
6 Other operating charges for the three months ended June 30,
2023 is comprised of gains on asset sales of $10.7 million, as
reported on the Dole plc GAAP Consolidated Statements of
Operations.
7 Other operating charges for the three months ended June 30,
2022 is comprised of gains on asset sales of $7.9 million, as
reported on the Dole plc the GAAP Consolidated Statements of
Operations.
Three Months Ended June 30,
2023
(U.S. Dollars in thousands)
Other income, net
Interest income
Interest expense
Income tax expense
Equity method earnings
Income from continuing
operations
Loss from discontinued
operations, net of income taxes
Reported (GAAP)
$
1,129
2,640
(19,748
)
(16,593
)
4,688
63,745
$
(11,438
)
Loss from discontinued operations, net of
income taxes
—
—
—
—
—
—
11,438
Amortization of intangible assets
—
—
—
—
—
2,574
—
Mark to market losses (gains)
981
—
—
—
—
1,035
—
(Gain) on asset sales
—
—
—
—
—
(10,387
)
—
Cyber-related incident
—
—
—
—
—
571
—
Other items
—
—
—
—
—
190
—
Adjustments from equity method
investments
—
—
—
—
623
623
—
Income tax on items above and discrete tax
items
—
—
—
878
(81
)
797
—
NCI impact on items above
—
—
—
—
—
—
—
Adjusted (Non-GAAP)
$
2,110
2,640
(19,748
)
(15,715
)
5,230
59,148
$
—
Three Months Ended June 30,
2022
(U.S. Dollars in thousands)
Other income, net
Interest income
Interest expense
Income tax expense
Equity method earnings
Income from continuing
operations
Loss from discontinued
operations, net of income taxes
Reported (GAAP)
$
8,102
1,410
(10,833
)
(5,300
)
3,151
59,600
$
(11,195
)
Loss from discontinued operations, net of
income taxes
—
—
—
—
—
—
11,195
Amortization of intangible assets
—
—
—
—
—
2,773
—
Mark to market losses (gains)
(5,722
)
—
—
—
—
(6,991
)
—
(Gain) on asset sales
—
—
—
—
—
(7,816
)
—
Incremental charges on biological assets
and inventory from the Acquisition
—
—
—
—
—
17,431
—
Other items
—
—
—
—
—
116
—
Adjustments from equity method
investments
—
—
—
—
612
612
—
Income tax on items above and discrete tax
items
—
—
—
(5,092
)
(104
)
(5,196
)
—
NCI impact on items above
—
—
—
—
—
—
—
Adjusted (Non-GAAP)
$
2,380
1,410
(10,833
)
(10,392
)
3,659
60,529
$
—
Three Months Ended June 30,
2023
(U.S. Dollars and shares in
thousands, except per share amounts)
Net income
Net income attributable to
noncontrolling interests
Net income attributable to
Dole plc
Diluted net income per
share
Reported (GAAP)
$
52,307
$
(10,032
)
$
42,275
$
0.44
Loss from discontinued operations, net of
income taxes
11,438
—
11,438
Amortization of intangible assets
2,574
—
2,574
Mark to market losses (gains)
1,035
—
1,035
(Gain) on asset sales
(10,387
)
—
(10,387
)
Cyber-related incident
571
—
571
Other items
190
—
190
Adjustments from equity method
investments
623
—
623
Income tax on items above and discrete tax
items
797
—
797
NCI impact on items above
—
(736
)
(736
)
Adjusted (Non-GAAP)
$
59,148
$
(10,768
)
$
48,380
$
0.51
Weighted average shares outstanding –
diluted
95,112
Three Months Ended June 30,
2022
(U.S. Dollars and shares in
thousands, except per share amounts)
Net income
Net income attributable to
noncontrolling interests
Net income attributable to
Dole plc
Diluted net income per
share
Reported (GAAP)
$
48,405
$
(7,133
)
$
41,272
$
0.43
Loss from discontinued operations, net of
income taxes
11,195
—
11,195
Amortization of intangible assets
2,773
—
2,773
Mark to market losses (gains)
(6,991
)
—
(6,991
)
(Gain) on asset sales
(7,816
)
—
(7,816
)
Incremental charges on biological assets
and inventory from the Acquisition
17,431
—
17,431
Other items
116
—
116
Adjustments from equity method
investments
612
—
612
Income tax on items above and discrete tax
items
(5,196
)
—
(5,196
)
NCI impact on items above
—
(953
)
(953
)
Adjusted (Non-GAAP)
$
60,529
$
(8,086
)
$
52,443
$
0.55
Weighted average shares outstanding –
diluted
94,913
Supplemental Reconciliation from Net Income attributable to
Dole plc to Adjusted Net Income - Unaudited
The following information is provided to give quantitative
information related to items impacting comparability. Refer to the
'Non-GAAP Financial Measures' section of this document for
additional detail on each item.
Six Months Ended June 30,
2023
(U.S. Dollars in thousands)
Revenues, net
Cost of sales
Gross profit
Gross Margin %
Selling, marketing, general
and administrative expenses
Other operating
charges8
Operating Income
Reported (GAAP)
$
4,130,341
(3,754,729
)
375,612
9.1
%
(236,546
)
14,696
$
153,762
Loss from discontinued operations, net of
income taxes
—
—
—
—
—
—
Amortization of intangible assets
—
—
—
5,190
—
5,190
Mark to market losses (gains)
—
(1,336
)
(1,336
)
—
—
(1,336
)
(Gain) on asset sales
—
—
—
—
(14,554
)
(14,554
)
Cyber-related incident
—
—
—
5,321
—
5,321
Other items
—
863
863
—
—
863
Adjustments from equity method
investments
—
—
—
—
—
—
Income tax on items above and discrete tax
items
—
—
—
—
—
—
NCI impact on items above
—
—
—
—
—
—
Adjusted (Non-GAAP)
$
4,130,341
(3,755,202
)
375,139
9.1
%
(226,035
)
142
$
149,246
Six Months Ended June 30,
2022
(U.S. Dollars in thousands)
Revenues, net
Cost of sales
Gross profit
Gross Margin %
Selling, marketing, general
and administrative expenses
Other operating
charges9
Operating Income
Reported (GAAP)
$
4,021,140
(3,703,836
)
317,304
7.9
%
(219,909
)
8,663
$
106,058
Loss from discontinued operations, net of
income taxes
—
—
—
—
—
—
Amortization of intangible assets
—
—
—
5,615
—
5,615
Mark to market losses (gains)
—
(5,357
)
(5,357
)
—
—
(5,357
)
(Gain) on asset sales
—
—
—
—
(7,816
)
(7,816
)
Incremental charges on biological assets
and inventory from the Acquisition
—
34,944
34,944
—
—
34,944
Other items
—
(510
)
(510
)
—
(242
)
(752
)
Adjustments from equity method
investments
—
—
—
—
—
—
Income tax on items above and discrete tax
items
—
—
—
—
—
—
NCI impact on items above
—
—
—
—
—
—
Adjusted (Non-GAAP)
$
4,021,140
(3,674,759
)
346,381
8.6
%
(214,294
)
605
$
132,692
__________________
8 Other operating charges for the six months ended June 30, 2023
is comprised of gains on asset sales of $14.7 million, as reported
on the Dole plc GAAP Consolidated Statements of Operations.
9 Other operating charges for the six months ended June 30, 2022
is comprised of gains on asset sales of $8.4 million and a gain on
disposal of businesses of $0.2 million, as reported on the Dole plc
GAAP Consolidated Statements of Operations.
Six Months Ended June 30,
2023
(U.S. Dollars in thousands)
Other income, net
Interest income
Interest expense
Income tax expense
Equity method earnings
Income from continuing
operations
Loss from discontinued
operations, net of income taxes
Reported (GAAP)
$
2,904
4,949
(41,460
)
(27,587
)
6,166
98,734
$
(25,944
)
Loss from discontinued operations, net of
income taxes
—
—
—
—
—
—
25,944
Amortization of intangible assets
—
—
—
—
—
5,190
—
Mark to market losses (gains)
3,193
—
—
—
—
1,857
—
(Gain) on asset sales
—
—
—
—
—
(14,554
)
—
Cyber-related incident
—
—
—
—
—
5,321
—
Other items
—
—
—
—
—
863
—
Adjustments from equity method
investments
—
—
—
—
742
742
—
Income tax on items above and discrete tax
items
—
—
—
650
(162
)
488
—
NCI impact on items above
—
—
—
—
—
—
—
Adjusted (Non-GAAP)
$
6,097
4,949
(41,460
)
(26,937
)
6,746
98,641
$
—
Six Months Ended June 30,
2022
(U.S. Dollars in thousands)
Other income, net
Interest income
Interest expense
Income tax expense
Equity method earnings
Income from continuing
operations
Loss from discontinued
operations, net of income taxes
Reported (GAAP)
$
10,566
2,994
(22,449
)
(12,658
)
3,728
88,239
$
(36,425
)
Loss from discontinued operations, net of
income taxes
—
—
—
—
—
—
36,425
Amortization of intangible assets
—
—
—
—
—
5,615
—
Mark to market losses (gains)
(2,772
)
—
—
—
—
(8,129
)
—
(Gain) on asset sales
—
—
—
—
—
(7,816
)
—
Incremental charges on biological assets
and inventory from the Acquisition
—
—
—
—
—
34,944
—
Other items
—
—
—
—
—
(752
)
—
Adjustments from equity method
investments
—
—
—
—
1,290
1,290
—
Income tax on items above and discrete tax
items
—
—
—
(6,920
)
(207
)
(7,127
)
—
NCI impact on items above
—
—
—
—
—
—
—
Adjusted (Non-GAAP)
$
7,794
2,994
(22,449
)
(19,578
)
4,811
106,264
$
—
Six Months Ended June 30,
2023
(U.S. Dollars and shares in
thousands, except per share amounts)
Net income
Net income attributable to
noncontrolling interests
Net income attributable to
Dole plc
Diluted net income per
share
Reported (GAAP)
$
72,790
$
(16,356
)
$
56,434
$
0.59
Loss from discontinued operations, net of
income taxes
25,944
—
25,944
Amortization of intangible assets
5,190
—
5,190
Mark to market losses (gains)
1,857
—
1,857
(Gain) on asset sales
(14,554
)
—
(14,554
)
Cyber-related incident
5,321
—
5,321
Other items
863
—
863
Adjustments from equity method
investments
742
—
742
Income tax on items above and discrete tax
items
488
—
488
NCI impact on items above
—
(1,629
)
(1,629
)
Adjusted (Non-GAAP)
$
98,641
$
(17,985
)
$
80,656
$
0.85
Weighted average shares outstanding –
diluted
95,068
Six Months Ended June 30,
2022
(U.S. Dollars and shares in
thousands, except per share amounts)
Net income
Net income attributable to
noncontrolling interests
Net income attributable to
Dole plc
Diluted net income per
share
Reported (GAAP)
$
51,814
$
(11,936
)
$
39,878
$
0.42
Loss from discontinued operations, net of
income taxes
36,425
—
36,425
Amortization of intangible assets
5,615
—
5,615
Mark to market losses (gains)
(8,129
)
—
(8,129
)
(Gain) on asset sales
(7,816
)
—
(7,816
)
Incremental charges on biological assets
and inventory from the Acquisition
34,944
—
34,944
Other items
(752
)
—
(752
)
Adjustments from equity method
investments
1,290
—
1,290
Income tax on items above and discrete tax
items
(7,127
)
—
(7,127
)
NCI impact on items above
—
(1,411
)
(1,411
)
Adjusted (Non-GAAP)
$
106,264
$
(13,347
)
$
92,917
$
0.98
Weighted average shares outstanding –
diluted
94,911
Supplemental Reconciliation of Prior Year Segment Results to
Current Year Segment Results – Unaudited
Revenue for the Three Months
Ended
June 30, 2022
Impact of Foreign Currency
Translation
Impact of Acquisitions and
Divestitures
Like-for-like Increase
(Decrease)
June 30, 2023
(U.S. Dollars in thousands)
Fresh Fruit
$
805,831
$
—
$
—
$
33,212
$
839,043
Diversified Fresh Produce - EMEA
849,848
(1,201
)
15,850
51,132
915,629
Diversified Fresh Produce - Americas &
ROW
448,200
(2,247
)
—
(28,308
)
417,645
Intersegment
(52,970
)
—
—
21,827
(31,143
)
Total
$
2,050,909
$
(3,448
)
$
15,850
$
77,863
$
2,141,174
Adjusted EBITDA for the Three
Months Ended
June 30, 2022
Impact of Foreign Currency
Translation
Impact of Acquisitions and
Divestitures
Like-for-like Increase
(Decrease)
June 30, 2023
(U.S. Dollars in thousands)
Fresh Fruit
$
56,308
$
(100
)
$
—
$
9,608
$
65,816
Diversified Fresh Produce - EMEA
38,434
(173
)
513
3,829
42,603
Diversified Fresh Produce - Americas &
ROW
17,061
(99
)
438
(3,138
)
14,262
Total
$
111,803
$
(372
)
$
951
$
10,299
$
122,681
Revenue for the Six Months
Ended
June 30, 2022
Impact of Foreign Currency
Translation
Impact of Acquisitions and
Divestitures
Like-for-like Increase
(Decrease)
June 30, 2023
(U.S. Dollars in thousands)
Fresh Fruit
$
1,555,634
$
—
$
—
$
82,319
$
1,637,953
Diversified Fresh Produce - EMEA
1,641,003
(54,561
)
18,102
109,185
1,713,729
Diversified Fresh Produce - Americas &
ROW
911,892
(5,033
)
—
(66,463
)
840,396
Intersegment
(87,389
)
—
—
25,652
(61,737
)
Total
$
4,021,140
$
(59,594
)
$
18,102
$
150,693
$
4,130,341
Adjusted EBITDA for the Six
Months Ended
June 30, 2022
Impact of Foreign Currency
Translation
Impact of Acquisitions and
Divestitures
Like-for-like Increase
(Decrease)
June 30, 2023
(U.S. Dollars in thousands)
Fresh Fruit
$
116,705
$
45
$
—
$
18,277
$
135,027
Diversified Fresh Produce - EMEA
57,711
(1,801
)
1,271
8,828
66,009
Diversified Fresh Produce - Americas &
ROW
29,269
(130
)
566
(7,673
)
22,032
Total
$
203,685
$
(1,886
)
$
1,837
$
19,432
$
223,068
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 June 30, 2023 is presented
below. Net Debt as of June 30, 2023 was $1.0 billion.
June 30, 2023
December 31, 2022
(U.S. Dollars in thousands)
Cash and cash equivalents (Reported
GAAP)
231,075
228,840
Debt (Reported GAAP):
Long-term debt, net
(930,421
)
(1,127,321
)
Current maturities
(268,203
)
(97,435
)
Bank overdrafts
(20,285
)
(8,623
)
Total debt, net
(1,218,909
)
(1,233,379
)
Less: Debt discounts and debt issuance
costs (Reported GAAP)
(16,125
)
(17,874
)
Total gross debt
(1,235,034
)
(1,251,253
)
Net Debt (Non-GAAP)
$
(1,003,959
)
$
(1,022,413
)
Supplemental Consolidated Income Statement by Quarter - for
the Year Ended December 31, 2022 - Unaudited
Three Months Ended
Year Ended
March 31, 2022
June 30, 2022
September 30,
2022
December 31,
2022
December 31,
2022
(U.S. Dollars and shares in
thousands, except per share amounts)
Revenues, net
$
1,970,231
$
2,050,909
$
1,960,695
$
2,042,568
$
8,024,403
Cost of sales
(1,818,436
)
(1,885,400
)
(1,829,233
)
(1,891,456
)
(7,424,525
)
Gross profit
151,795
165,509
131,462
151,112
599,878
Selling, marketing, general and
administrative expenses
(109,544
)
(110,365
)
(103,349
)
(112,934
)
(436,192
)
Gain (loss) on disposal of businesses
242
—
—
(50
)
192
Impairment of property, plant and
equipment
—
—
—
(397
)
(397
)
Gain on asset sales
495
7,926
767
2,596
11,784
Operating income
42,988
63,070
28,880
40,327
175,265
Other income (expense), net
2,464
8,102
9,199
(9,165
)
10,600
Interest income
1,584
1,410
1,427
1,986
6,407
Interest expense
(11,616
)
(10,833
)
(15,677
)
(18,245
)
(56,371
)
Income from continuing operations before
income taxes and equity earnings
35,420
61,749
23,829
14,903
135,901
Income tax (expense) benefit
(7,358
)
(5,300
)
34,155
4,106
25,603
Equity method earnings
577
3,151
300
2,698
6,726
Income from continuing operations
28,639
59,600
58,284
21,707
168,230
Loss from discontinued operations, net of
income taxes
(25,230
)
(11,195
)
(11,704
)
(8,318
)
(56,447
)
Net income
3,409
48,405
46,580
13,389
111,783
Less: Net income attributable to
noncontrolling interests
(4,803
)
(7,133
)
(6,743
)
(6,608
)
(25,287
)
Net (loss) income attributable to Dole
plc
$
(1,394
)
$
41,272
$
39,837
$
6,781
$
86,496
Income (loss) per share - basic:
Continuing operations
$
0.26
$
0.55
$
0.54
$
0.16
$
1.51
Discontinued operations
(0.27
)
(0.12
)
(0.12
)
(0.09
)
(0.60
)
Net income (loss) per share attributable
to Dole plc - basic
$
(0.01
)
$
0.43
$
0.42
$
0.07
$
0.91
Income (loss) per share - diluted:
Continuing operations
$
0.26
$
0.55
$
0.54
$
0.16
$
1.51
Discontinued operations
(0.27
)
(0.12
)
(0.12
)
(0.09
)
(0.60
)
Net income (loss) per share attributable
to Dole plc - diluted
$
(0.01
)
$
0.43
$
0.42
$
0.07
$
0.91
Weighted-average shares:
Basic
94,878
94,878
94,891
94,899
94,886
Diluted
94,909
94,913
94,908
94,928
94,914
Supplemental Reconciliation from Net Income to Adjusted
EBITDA by Quarter - for the Year Ended December 31, 2022 -
Unaudited
Three Months Ended
Year Ended
March 31, 2022
June 30, 2022
September 30,
2022
December 31,
2022
December 31,
2022
(U.S. Dollars in thousands)
Net income (Reported GAAP)
$
3,409
$
48,405
$
46,580
$
13,389
$
111,783
Loss from discontinued operations, net of
income taxes
25,230
11,195
11,704
8,318
56,447
Income from continuing operations
(Reported GAAP)
28,639
59,600
58,284
21,707
168,230
Income tax expense (benefit)
7,358
5,300
(34,155
)
(4,106
)
(25,603
)
Interest expense
11,616
10,833
15,677
18,245
56,371
Mark to market losses (gains)
(1,138
)
(6,991
)
2,310
8,868
3,049
(Gain) on asset sales
—
(7,816
)
(530
)
(1,970
)
(10,316
)
Impairment on property, plant and
equipment
—
—
—
397
397
Incremental charges on biological assets
and inventory from the Acquisition
17,513
17,431
5,520
681
41,145
Other items
(868
)
116
(532
)
656
(628
)
Adjustments from equity method
investments
1,128
2,195
1,603
2,614
7,540
Adjusted EBIT (Non-GAAP)
64,248
80,668
48,177
47,092
240,185
Depreciation
22,533
25,696
25,315
25,159
98,703
Amortization of intangible assets
2,842
2,773
2,633
2,645
10,893
Depreciation and amortization adjustments
from equity method investments
2,260
2,666
3,073
2,616
10,615
Adjusted EBITDA (Non-GAAP)
$
91,883
$
111,803
$
79,198
$
77,512
$
360,396
Supplemental Reconciliation from Net Income attributable to
Dole plc shareholders to Adjusted Net Income by Quarter - for the
Year Ended December 31, 2022 - Unaudited
Three Months Ended
Year Ended
March 31, 2022
June 30, 2022
September 30,
2022
December 31,
2022
December 31,
2022
(U.S. Dollars and shares in
thousands, except per share amounts)
Net income (loss) attributable to Dole
plc (Reported GAAP)
$
(1,394
)
$
41,272
$
39,837
$
6,781
$
86,496
Loss from discontinued operations, net of
income taxes
25,230
11,195
11,704
8,318
56,447
Income from continuing operations
attributable to Dole plc
23,836
52,467
51,541
15,099
142,943
Adjustments:
Amortization of intangible assets
2,842
2,773
2,633
2,645
10,893
Mark to market (gains) losses
(1,138
)
(6,991
)
2,310
8,868
3,049
(Gain) on asset sales
—
(7,816
)
(530
)
(1,970
)
(10,316
)
Incremental charges on biological assets
and inventory from the Acquisition
17,513
17,431
5,520
681
41,145
Other items
(868
)
116
(532
)
1,053
(231
)
Adjustments from equity method
investments
678
612
628
662
2,580
Income tax on items above and discrete tax
items
(1,931
)
(5,196
)
(34,501
)
(8,876
)
(50,504
)
NCI impact on items above
(458
)
(953
)
(878
)
(898
)
(3,187
)
Adjusted Net Income for Adjusted EPS
calculation (Non-GAAP)
$
40,474
$
52,443
$
26,191
$
17,264
$
136,372
Adjusted earnings per share – basic
(Non-GAAP)
$
0.43
$
0.55
$
0.28
$
0.18
$
1.44
Adjusted earnings per share – diluted
(Non-GAAP)
$
0.43
$
0.55
$
0.28
$
0.18
$
1.44
Weighted average shares outstanding –
basic
94,878
94,878
94,891
94,899
94,886
Weighted average shares outstanding –
diluted
94,909
94,913
94,908
94,928
94,914
Supplemental Selected Segmental Financial Information by
Quarter - for the Year Ended December 31, 2022 - Unaudited
Revenue by Segment:
Three Months Ended
Year Ended
March 31, 2022
June 30, 2022
September 30,
2022
December 31,
2022
December 31,
2022
(U.S. Dollars in thousands)
Fresh Fruit
$
749,803
$
805,831
$
751,348
$
740,167
$
3,047,149
Diversified Fresh Produce - EMEA
791,155
849,848
759,964
751,594
3,152,561
Diversified Fresh Produce - Americas &
ROW
463,692
448,200
479,839
573,936
1,965,667
Intersegment
(34,419
)
(52,970
)
(30,456
)
(23,129
)
(140,974
)
Total
$
1,970,231
$
2,050,909
$
1,960,695
$
2,042,568
$
8,024,403
Adjusted EBITDA by
Segment:
Three Months Ended
Year Ended
March 31, 2022
June 30, 2022
September 30,
2022
December 31,
2022
December 31,
2022
(U.S. Dollars in thousands)
Fresh Fruit
$
60,397
$
56,308
$
49,382
$
39,460
$
205,547
Diversified Fresh Produce - EMEA
19,277
38,434
30,686
22,656
111,053
Diversified Fresh Produce - Americas &
ROW
12,209
17,061
(870
)
15,396
43,796
Total
$
91,883
$
111,803
$
79,198
$
77,512
$
360,396
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, 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.
Adjusted EBIT is calculated from GAAP net income by: (1) adding
the loss from discontinued operations, net of income taxes; (2)
adding the income tax expense or subtracting the income tax
benefit; (3) adding interest expense; (4) adding mark to market
losses or subtracting mark to market gains related to unrealized
impacts from derivative instruments and foreign currency
denominated borrowings, realized impacts on noncash settled foreign
currency denominated borrowings, net foreign currency impacts on
liquidated entities and fair value movements on contingent
consideration; (5) other items which are separately stated based on
materiality, which during the three and six months ended June 30,
2023 and June 30, 2022, included adding or subtracting asset
write-downs from extraordinary events, net of insurance proceeds,
subtracting the gain or adding the loss on the disposal of business
interests, adding the incremental costs from the fair value uplift
for biological assets and inventory related to the acquisition of
Legacy Dole, subtracting the gain or adding the loss on the sale of
investments accounted for under the equity method, subtracting the
gain or adding the loss on asset sales for assets held for sale and
actively marketed property and adding costs incurred for the
cyber-related incident; and (6) the Company’s share of these items
from equity method investments.
Adjusted EBITDA is calculated from GAAP net income by: (1)
adding the loss from discontinued operations, net of income taxes;
(2) adding the income tax expense or subtracting the income tax
benefit; (3) adding interest expense; (4) adding depreciation
charges; (5) adding amortization charges on intangible assets; (6)
adding mark to market losses or subtracting mark to market gains
related to unrealized impacts from derivative instruments and
foreign currency denominated borrowings, realized impacts on
noncash settled foreign currency denominated borrowings, net
foreign currency impacts on liquidated entities and fair value
movements on contingent consideration; (7) other items which are
separately stated based on materiality, which during the three and
six months ended June 30, 2023 and June 30, 2022, included adding
or subtracting asset write-downs from extraordinary events, net of
insurance proceeds, subtracting the gain or adding the loss on the
disposal of business interests, adding the incremental costs from
the fair value uplift for biological assets and inventory related
to the acquisition of Legacy Dole, subtracting the gain or adding
the loss on the sale of investments accounted for under the equity
method, subtracting the gain or adding the loss on asset sales for
assets held for sale and actively marketed property and adding
costs incurred for the cyber-related incident; and (8) the
Company’s share of these items from equity method investments.
Adjusted Net Income is calculated from GAAP net income
attributable to Dole plc by: (1) adding the loss from discontinued
operations, net of income taxes; (2) adding amortization charges on
intangible assets; (3) adding mark to market losses or subtracting
mark to market gains related to unrealized impacts from derivative
instruments and foreign currency denominated borrowings, realized
impacts on noncash settled foreign currency denominated borrowings,
net foreign currency impacts on liquidated entities and fair value
movements on contingent consideration; (4) other items which are
separately stated based on materiality, which during the three and
six months ended June 30, 2023 and June 30, 2022, included adding
or subtracting asset write-downs from extraordinary events, net of
insurance proceeds, subtracting the gain or adding the loss on the
disposal of business interests, adding the incremental costs from
the fair value uplift for biological assets and inventory related
to the acquisition of Legacy Dole, subtracting the gain or adding
the loss on the sale of investments accounted for under the equity
method, subtracting the gain or adding the loss on asset sales for
assets held for sale and actively marketed property and adding
costs incurred for the cyber-related incident; (5) the Company’s
share of these items from equity method investments; (6) excluding
the tax effect of these items and discrete tax adjustments; and (7)
excluding the effect of these items attributable to non-controlling
interests.
Adjusted Earnings per Share is calculated from Adjusted Net
Income divided by diluted weighted average number of shares in the
applicable period.
Net Debt is a non-GAAP financial measure, calculated as GAAP
cash and cash equivalents, less GAAP current and long-term debt. It
also excludes GAAP debt discounts and debt issuance costs.
Dole is not able to provide a reconciliation for projected FY'23
results without taking unreasonable efforts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230817799569/en/
Investor Contact: James O'Regan, Head of Investor
Relations, Dole plc joregan@totalproduce.com +353 1 887 2794
Media Contact: Brian Bell, Ogilvy brian.bell@ogilvy.com +353
87 2436 130
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