Alico, Inc. (NASDAQ:ALCO) Q4 2022 Earnings Conference Call December 13, 2022 4:30 PM ET

Company Participants

John Kiernan - President and Chief Executive Officer

Perry Del Vecchio - Chief Financial Officer

Conference Call Participants

Gerard Sweeney - ROTH Capital Partners, LLC

Operator

Welcome to Alico's Fourth Quarter and Full-Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. As a reminder, today's conference is being recorded.

Earlier today, the Company issued a press release announcing its results for the fourth quarter and full-year ended September 30, 2022. If you have not had a chance to view the release, it is available on the Investor Relations portion of the Company's website at alicoinc.com. This call is being webcast, and a replay will be available on Alico's website as well.

Before we begin, we would like to remind everyone that the prepared remarks today contain forward-looking statements. Such statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in these statements. Important factors that could cause or contribute to such differences include the risk factors detailed in the Company's annual report on Form 10-K as well as its future quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments thereto filed with the SEC and those mentioned in the earnings release. The Company undertakes no obligation to subsequently update or revise the forward-looking statements made on today's call, except as required by the law.

During this call, the Company will also discuss non-GAAP financial measures including EBITDA and adjusted EBITDA. For more details on these measures, please refer to the Company's press release issued earlier today.

With that, I would like to turn the call over to the Company's President and CEO, Mr. John Kiernan.

John Kiernan

Thank you, Doug. Thank you, everyone, for joining us for Alico's fourth quarter and fiscal year ended September 30, 2022 earnings call this afternoon. Fiscal year 2022 was a challenging year for Alico. Two weather events had a meaningful impact on our company and the Florida citrus industry. As previously discussed, in January, the freeze increased fruit drop for our Valencia crop at the beginning of our harvesting season, and we made the decision to accelerate the harvest of the remaining fruit and that did not have time to mature to optimal quality standards.

At the end of September, Hurricane Ian struck Southwestern Florida with 150-mile an hour winds. The slow-moving storm moved across the state, causing substantial fruit drop at the majority of our groves. Fortunately, tree damage was largely limited to only one property. This lost fruit impacted our fiscal year 2022 financial results through an aggregate of approximately $23 million of one-time items for casualty losses and inventory adjustments.