The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ben Klieve - Lake Street Capital Markets, LLC - Analyst
: All right. Thanks for taking my questions. Congratulations on a nice quarter here. And I'd like to start with a couple related to the current avocado
expectations. So the first question here is just a staggering increase in the expected volume this year. Can you talk about kind of what evolved over
the last three months that led to such a major increase? That number was just surprisingly, so I'd appreciate any thoughts you have there.
Question: Ben Klieve - Lake Street Capital Markets, LLC - Analyst
: Okay. Yeah, loud and clear on pricing. And I guess my follow-up question is, I appreciate about the alternate bearing nature of the crop. But I'm
curious, the -- what if any lessons you are taking from this year to your outlook for next year? I mean, does this kind of significant volume increase
kind of change how you think about managing this crop even in the biannual down year? Or do you think next year will be very similar to last year
from a volume perspective?
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SEPTEMBER 09, 2024 / 8:30PM, LMNR.OQ - Q3 2024 Limoneira Co Earnings Call
Question: Ben Klieve - Lake Street Capital Markets, LLC - Analyst
: Very good. Well, tell the avocado Congress to keep up the good work over there. One more for you, Mark, around the debt, I'm curious how you're
thinking about the fixed debt position that you have today in the face of declining interest rates and a really healthy kind of operating cash flow
plus Harvest at Limoneira cash flow outlook here.
Are you considering various debt instruments to allow you to have more excess cash on hand? Or do you expect to just eliminate that debt position
here over the course of the next like 10 or 11 months whenever that facility is due?
Question: Ben Klieve - Lake Street Capital Markets, LLC - Analyst
: Very good. Thanks for taking my questions, guys. Again, congratulations on a nice quarter here. And I'll get back in line.
Question: Raj Sharma - B. Riley Securities - Analyst
: Thank you for taking my questions. A really good quarter. Congratulations. I'd like to -- if you could talk a little bit about -- I know you can't talk
much about the strategic review, but just trying to understand how this is going to pan out. How does your efforts on One World of Citrus and the
farm management proceed forward? How does the harvest JV move forward with any potential possible outcome with the companies that --? Is
everything on the table in terms of in parts or the whole? If you could talk about that in some color, please, that will be great.
Question: Raj Sharma - B. Riley Securities - Analyst
: So just sort of wanted to get a sense of the time line. Would that be a quarter out or two quarters out? Do you think it gets further wrapped up?
Question: Raj Sharma - B. Riley Securities - Analyst
: Got it. Thank you for that. And then just sort of follow-on question on the farm management revenues and profitability. I know you just made a
comment that it was lower than last year. Can you talk about the reason for the decline and what to kind of expect in terms of the next few quarters
on farm management and how the profitability works? It works on the acreage, not on the revenues?
Question: Raj Sharma - B. Riley Securities - Analyst
: Great. Thank you all. I'll take my questions off-line. Thank you for answering my question.
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