Limoneira Company Announces First Quarter Fiscal Year 2024 Financial Results
- 5% growth in net revenues to $39.7 million in the first quarter of fiscal year 2024.
- Strategic shift towards an 'asset-lighter' business model reflected in improved financial results.
- 84% improvement in agribusiness operating loss and 5% decrease in agribusiness costs and expenses.
- Brokered lemons and other lemon sales increased to $2.9 million.
- Achievement of $2.0 million in farm management revenue.
- Reiteration of lemon and avocado volume guidance for fiscal year 2024.
- Continued exploration of strategic alternatives to maximize stockholder value.
- Operating loss of $7.7 million in the first quarter of fiscal year 2024.
- Net loss applicable to common stock of $3.7 million in the first quarter of fiscal year 2024.
- Adjusted net loss for diluted EPS of $3.2 million in the first quarter of fiscal year 2024.
- Non-GAAP adjusted EBITDA loss of $4.8 million in the first quarter of fiscal year 2024.
Insights
The financial results of Limoneira Company reveal a strategic shift towards an 'asset-lighter' business model, which is a significant move for the agribusiness sector. This approach typically involves reducing capital-intensive activities, which can lead to improved profitability and return on assets. The reported 5% decrease in agribusiness costs and expenses, coupled with an 84% improvement in agribusiness operating loss, suggests that the company is successfully implementing cost control measures and enhancing operational efficiency. However, it is important to note the significant operating loss reported in the first quarter of fiscal year 2024, which was $7.7 million compared to an operating income of $25.9 million in the previous year, largely due to the gain on the sale of Northern Properties. This variance could be a point of concern for investors, as it indicates that without one-off gains, the company's core operations are not yet profitable.
Investors should also consider the reported increase in net revenues and the performance of specific segments like brokered lemons and farm management revenues. The increase in average price per carton of lemons sold indicates a positive pricing environment, which could be beneficial if sustained. However, the delay in lemon picking due to increased rainfall could affect second-quarter results and the seasonality of the avocado market should be monitored for its impact on future revenues. The company's liquidity position, with a net cash used in operating activities of $10.3 million, down from $21.2 million in the prior year, reflects an improved cash flow situation, although the increase in long-term debt to $51.4 million warrants attention.
The agribusiness industry is known for its susceptibility to environmental factors and Limoneira's first-quarter results are a testament to this, with rainfall affecting lemon harvest timing. While this is a short-term challenge, it does not seem to have long-term repercussions on the overall harvest quality. The company's focus on expanding avocado production could be a strategic move to diversify its product portfolio and reduce reliance on lemon sales. This is particularly relevant given the lack of import pressure from Mexico and Peru, which may present an opportunity for Limoneira to capture a larger share of the U.S. market during certain periods.
The real estate development aspect of Limoneira's operations also presents an interesting dynamic. The residential development project Harvest at Limoneira shows potential for significant cash inflows, with the company expecting to receive $131 million spread over nine fiscal years. The expansion of residential units from 1,500 to 2,050 units could signal confidence in the real estate market and the company's ability to capitalize on its real estate assets. However, investors should be cautious and consider the cyclical nature of real estate and the execution risks associated with such large-scale developments.
The agribusiness sector operates on thin margins and is highly sensitive to changes in input costs, environmental conditions and market demand. Limoneira's strategic shift toward an 'asset-lighter' model typically allows for more flexible responses to market conditions and can be a prudent approach to managing the inherent volatility of the sector. The company's improvement in agribusiness operating loss and cost reductions is indicative of a potentially more sustainable operational structure. However, the emphasis on expanding avocado production must be viewed within the context of global supply chains and market demand. While avocados have seen growing popularity, overproduction can lead to price drops, which could offset the benefits of increased volumes.
Furthermore, the company's guidance on lemon and avocado volumes provides a forecast for investors, but it is essential to consider the risks associated with agricultural yields, such as disease, pests and climate variability. The expectation of strong organic growth supported by non-bearing lemons and avocados becoming full-bearing is optimistic, but it also depends on successful cultivation and market conditions at the time of harvest. The company's exploration of strategic alternatives to maximize stockholder value is a critical point for investors, as it may lead to restructuring, mergers, or acquisitions, each with its own set of financial implications.
Net Revenues Grew
Strategic Shift Toward Higher Margin “Asset-Lighter” Business Model Reflected in First Quarter of Fiscal Year 2024 Results; Agribusiness Operating Loss Improved
Brokered Lemons and Other Lemon Sales Increased to
Company Reiterates Lemon and Avocado Volume Guidance for Fiscal Year 2024
Company Continues Exploration of Strategic Alternatives Intended to Maximize Stockholder Value
Management Comments
Harold Edwards, President and Chief Executive Officer of the Company, stated, “We are very encouraged to see the Company’s strategic shift towards an “asset-lighter” business model reflected in our results, with agribusiness expenses decreasing by
Mr. Edwards continued, “Results for the first quarter were impacted by increased rainfall in
Fiscal Year 2024 First Quarter Results
For the first quarter of fiscal year 2024, total net revenue increased
Agribusiness revenue in the first quarter of fiscal year 2024 includes
The Company recognized no avocado revenue in the first quarters of fiscal years 2024 and 2023 due to the timing of harvest.
The Company recognized
Farm management revenues were
Total costs and expenses in the first quarter of fiscal year 2024 were
Operating loss for the first quarter of fiscal year 2024 was
Net loss applicable to common stock, after preferred dividends, for the first quarter of fiscal year 2024 was
Adjusted net loss for diluted EPS in the first quarter of fiscal year 2024 was
Non-GAAP adjusted EBITDA was a loss of
Balance Sheet and Liquidity
During the first quarter of fiscal year 2024, net cash used in operating activities was
On January 31, 2023, the Company sold its Northern Properties, which resulted in total net proceeds of
Real Estate Development and Property Sales
The Company’s joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project, named Harvest at Limoneira, is currently expected to have approximately 1,500 total residential units built and sold over the life of the project. In October 2023, the joint venture closed on lot sales representing 121 residential units, thus completing the sell-out of Phase 1 of the development. A total of 707 residential units have closed from the project’s inception to October 31, 2023. The company is also currently in negotiations for the entire Phase 2 of the development and is working on expanding the total number of residential units for the project from 1,500 to 2,050 units.
Guidance
The Company expects fresh lemon volumes to be in the range of 5.0 million to 5.5 million cartons for fiscal year 2024. Avocado volumes are expected to be in the range of 7.0 million to 8.0 million pounds for fiscal year 2024.
The Company expects to receive total proceeds of
Updated Harvest at Limoneira Cash Flow Projections (in millions)
Fiscal Year |
|
2022 Actual |
|
2024 |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
2029 |
|
2030 |
Projected Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company has 700 acres of non-bearing lemons and avocados estimated to become full bearing over the next four to five years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to expand its plantings of avocados over the next three years and also expects to have an increase in third-party grower fruit. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry.
Conference Call Information
The Company will host a conference call to discuss its financial results on March 7, 2024, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 407-0789 from the
About Limoneira Company
Limoneira Company, a 130-year-old international agribusiness headquartered in
Forward-Looking Statements
This press release contains 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. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies, including the review and evaluation of strategic transactions; the process by which the Company engages in its evaluation of strategic transactions; the outcome of potential future strategic transactions and the terms thereof; the possibility that the evaluation of potential strategic transactions will not realize any additional value to our stockholders, and managing the risks involved in the foregoing; additional impacts from the current COVID-19 pandemic, changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings that are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.
LIMONEIRA COMPANY |
||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||||
(in thousands, except share and per share data) |
||||||||
|
January 31,
|
|
October 31,
|
|||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash |
$ |
527 |
|
|
$ |
3,631 |
|
|
Accounts receivable, net |
|
16,663 |
|
|
|
14,458 |
|
|
Cultural costs |
|
2,584 |
|
|
|
2,334 |
|
|
Prepaid expenses and other current assets |
|
5,492 |
|
|
|
5,588 |
|
|
Receivables/other from related parties |
|
3,333 |
|
|
|
4,214 |
|
|
Total current assets |
|
28,599 |
|
|
|
30,225 |
|
|
Property, plant and equipment, net |
|
160,197 |
|
|
|
160,631 |
|
|
Real estate development |
|
9,980 |
|
|
|
9,987 |
|
|
Equity in investments |
|
79,057 |
|
|
|
78,816 |
|
|
Goodwill |
|
1,508 |
|
|
|
1,512 |
|
|
Intangible assets, net |
|
6,419 |
|
|
|
6,657 |
|
|
Other assets |
|
13,816 |
|
|
|
13,382 |
|
|
Total assets |
$ |
299,576 |
|
|
$ |
301,210 |
|
|
|
|
|
|
|||||
Liabilities, Convertible Preferred Stock and Stockholders' Equity |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
8,765 |
|
|
$ |
9,892 |
|
|
Growers and suppliers payable |
|
8,297 |
|
|
|
9,629 |
|
|
Accrued liabilities |
|
8,084 |
|
|
|
8,651 |
|
|
Payables to related parties |
|
5,139 |
|
|
|
4,805 |
|
|
Current portion of long-term debt |
|
668 |
|
|
|
381 |
|
|
Total current liabilities |
|
30,953 |
|
|
|
33,358 |
|
|
Long-term liabilities: |
|
|
|
|||||
Long-term debt, less current portion |
|
51,413 |
|
|
|
40,628 |
|
|
Deferred income taxes |
|
17,988 |
|
|
|
22,172 |
|
|
Other long-term liabilities |
|
4,224 |
|
|
|
4,555 |
|
|
Total liabilities |
|
104,578 |
|
|
|
100,713 |
|
|
Commitments and contingencies |
|
— |
|
|
|
— |
|
|
Series B Convertible Preferred Stock – |
|
1,479 |
|
|
|
1,479 |
|
|
Series B-2 Convertible Preferred Stock – |
|
9,331 |
|
|
|
9,331 |
|
|
Stockholders' equity: |
|
|
|
|||||
Series A Junior Participating Preferred Stock – |
|
— |
|
|
|
— |
|
|
Common Stock – |
|
180 |
|
|
|
179 |
|
|
Additional paid-in capital |
|
168,620 |
|
|
|
168,441 |
|
|
Retained earnings |
|
13,957 |
|
|
|
19,017 |
|
|
Accumulated other comprehensive loss |
|
(6,133 |
) |
|
|
(5,666 |
) |
|
Treasury stock, at cost, 250,977 shares at January 31, 2024 and October 31, 2023 |
|
(3,493 |
) |
|
|
(3,493 |
) |
|
Noncontrolling interest |
|
11,057 |
|
|
|
11,209 |
|
|
Total stockholders' equity |
|
184,188 |
|
|
|
189,687 |
|
|
Total liabilities, convertible preferred stock and stockholders' equity |
$ |
299,576 |
|
|
$ |
301,210 |
|
|
LIMONEIRA COMPANY |
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||||
(in thousands, except per share data) |
||||||||
|
Three Months Ended January 31, |
|||||||
|
|
2024 |
|
|
|
2023 |
|
|
Net revenues: |
|
|
|
|||||
Agribusiness |
$ |
38,339 |
|
|
$ |
36,528 |
|
|
Other operations |
|
1,392 |
|
|
|
1,373 |
|
|
Total net revenues |
|
39,731 |
|
|
|
37,901 |
|
|
Costs and expenses: |
|
|
|
|||||
Agribusiness |
|
39,114 |
|
|
|
41,241 |
|
|
Other operations |
|
1,182 |
|
|
|
1,238 |
|
|
Gain on disposal of assets, net |
|
(165 |
) |
|
|
(39,742 |
) |
|
Selling, general and administrative |
|
7,345 |
|
|
|
9,280 |
|
|
Total costs and expenses |
|
47,476 |
|
|
|
12,017 |
|
|
Operating (loss) income |
|
(7,745 |
) |
|
|
25,884 |
|
|
Other (expense) income: |
|
|
|
|||||
Interest income |
|
22 |
|
|
|
8 |
|
|
Interest expense, net of patronage dividends |
|
(207 |
) |
|
|
(1,172 |
) |
|
Equity in earnings of investments, net |
|
41 |
|
|
|
253 |
|
|
Other income (expense), net |
|
22 |
|
|
|
(2,612 |
) |
|
Total other expense |
|
(122 |
) |
|
|
(3,523 |
) |
|
(Loss) income before income tax benefit (provision) |
|
(7,867 |
) |
|
|
22,361 |
|
|
Income tax benefit (provision) |
|
4,190 |
|
|
|
(6,827 |
) |
|
Net (loss) income |
|
(3,677 |
) |
|
|
15,534 |
|
|
Net loss attributable to noncontrolling interest |
|
92 |
|
|
|
97 |
|
|
Net (loss) income attributable to Limoneira Company |
|
(3,585 |
) |
|
|
15,631 |
|
|
Preferred dividends |
|
(125 |
) |
|
|
(125 |
) |
|
Net (loss) income applicable to common stock |
$ |
(3,710 |
) |
|
$ |
15,506 |
|
|
|
|
|
|
|||||
Basic net (loss) income per common share |
$ |
(0.21 |
) |
|
$ |
0.87 |
|
|
|
|
|
|
|||||
Diluted net (loss) income per common share |
$ |
(0.21 |
) |
|
$ |
0.84 |
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding-basic |
|
17,627 |
|
|
|
17,573 |
|
|
Weighted-average common shares outstanding-diluted |
|
17,627 |
|
|
|
18,378 |
|
|
Non-GAAP Financial Measures
Due to significant depreciable assets associated with the nature of the Company's operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes stock-based compensation, pension settlement cost, gain on disposal of assets, net, and cash bonus related to sale of assets are important measures to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with
EBITDA and adjusted EBITDA are summarized and reconciled to net (loss) income attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands):
|
Three Months Ended January 31, |
|||||||
|
|
2024 |
|
|
|
2023 |
|
|
Net (loss) income attributable to Limoneira Company |
$ |
(3,585 |
) |
|
$ |
15,631 |
|
|
Interest income |
|
(22 |
) |
|
|
(8 |
) |
|
Interest expense, net of patronage dividends |
|
207 |
|
|
|
1,172 |
|
|
Income tax (benefit) provision |
|
(4,190 |
) |
|
|
6,827 |
|
|
Depreciation and amortization |
|
2,058 |
|
|
|
2,447 |
|
|
EBITDA |
|
(5,532 |
) |
|
|
26,069 |
|
|
Stock-based compensation |
|
864 |
|
|
|
1,064 |
|
|
Pension settlement cost |
|
— |
|
|
|
2,741 |
|
|
Gain on disposal of assets, net |
|
(165 |
) |
|
|
(39,742 |
) |
|
Cash bonus related to sale of assets |
|
— |
|
|
|
2,000 |
|
|
Adjusted EBITDA |
$ |
(4,833 |
) |
|
$ |
(7,868 |
) |
|
The following is a reconciliation of net (loss) income attributable to Limoneira Company to adjusted net loss for diluted EPS (in thousands, except per share data):
|
Three Months Ended January 31, |
|||||||
|
|
2024 |
|
|
|
2023 |
|
|
Net (loss) income attributable to Limoneira Company |
$ |
(3,585 |
) |
|
$ |
15,631 |
|
|
Effect of preferred stock and unvested, restricted stock |
|
(152 |
) |
|
|
(286 |
) |
|
Stock-based compensation |
|
864 |
|
|
|
1,064 |
|
|
Pension settlement cost |
|
— |
|
|
|
2,741 |
|
|
Gain on disposal of assets, net |
|
(165 |
) |
|
|
(39,742 |
) |
|
Cash bonus related to sale of assets |
|
— |
|
|
|
2,000 |
|
|
Tax effect of adjustments at federal and state rates |
|
(192 |
) |
|
|
9,269 |
|
|
Adjusted net loss for diluted EPS |
$ |
(3,230 |
) |
|
$ |
(9,323 |
) |
|
|
|
|
|
|||||
Diluted net (loss) income per common share |
$ |
(0.21 |
) |
|
$ |
0.84 |
|
|
Adjusted diluted net loss per common share |
$ |
(0.18 |
) |
|
$ |
(0.53 |
) |
|
|
|
|
|
|||||
Weighted-average common shares outstanding - diluted |
|
17,627 |
|
|
|
18,378 |
|
|
Effect of preferred stock |
|
— |
|
|
|
(805 |
) |
|
Adjusted weighted-average common shares outstanding - diluted |
|
17,627 |
|
|
|
17,573 |
|
|
Supplemental Information
(in thousands, except acres and average price amounts):
|
Agribusiness Segment Information for the Three Months Ended January 31, 2024 |
||||||||||||||||||||
|
Fresh Lemons |
Lemon Packing |
Eliminations |
Avocados |
Other Agribusiness |
Total Agribusiness |
|||||||||||||||
Revenues from external customers |
$ |
27,384 |
|
$ |
5,592 |
$ |
— |
|
$ |
— |
$ |
5,363 |
$ |
38,339 |
|
||||||
Intersegment revenue |
|
— |
|
|
6,716 |
|
(6,716 |
) |
|
— |
|
— |
|
— |
|
||||||
Total net revenues |
|
27,384 |
|
|
12,308 |
|
(6,716 |
) |
|
— |
|
5,363 |
|
38,339 |
|
||||||
Costs and expenses |
|
28,841 |
|
|
10,718 |
|
(6,716 |
) |
|
— |
|
4,527 |
|
37,370 |
|
||||||
Depreciation and amortization |
|
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
1,744 |
|
||||||
Operating income (loss) |
$ |
(1,457 |
) |
$ |
1,590 |
$ |
— |
|
$ |
— |
$ |
836 |
$ |
(775 |
) |
||||||
|
Agribusiness Segment Information for the Three Months Ended January 31, 2023 |
||||||||||||||||||||
|
Fresh Lemons |
Lemon Packing |
Eliminations |
Avocados |
Other Agribusiness |
Total Agribusiness |
|||||||||||||||
Revenues from external customers |
$ |
27,321 |
|
$ |
5,648 |
$ |
— |
|
$ |
— |
$ |
3,559 |
$ |
36,528 |
|
||||||
Intersegment revenue |
|
— |
|
|
7,363 |
|
(7,363 |
) |
|
— |
|
— |
|
— |
|
||||||
Total net revenues |
|
27,321 |
|
|
13,011 |
|
(7,363 |
) |
|
— |
|
3,559 |
|
36,528 |
|
||||||
Costs and expenses |
|
32,314 |
|
|
11,353 |
|
(7,363 |
) |
|
— |
|
2,802 |
|
39,106 |
|
||||||
Depreciation and amortization |
|
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
2,135 |
|
||||||
Operating income (loss) |
$ |
(4,993 |
) |
$ |
1,658 |
$ |
— |
|
$ |
— |
$ |
757 |
$ |
(4,713 |
) |
||||||
Lemons |
Q1 2024 |
Q1 2023 |
|
Lemon Packing |
Q1 2024 |
Q1 2023 |
||||||||
|
|
|
|
Cartons packed and sold |
|
1,137 |
|
1,308 |
||||||
Acres harvested |
|
1,900 |
|
3,600 |
|
Revenue |
$ |
12,308 |
$ |
13,011 |
||||
Limoneira cartons sold |
|
185 |
|
443 |
|
Direct costs |
|
10,718 |
|
11,353 |
||||
Third-party grower cartons sold |
|
952 |
|
865 |
|
Operating income |
$ |
1,590 |
$ |
1,658 |
||||
Average price per carton |
$ |
21.06 |
$ |
18.88 |
|
|
|
|
||||||
|
|
|
|
Avocados |
Q1 2024 |
Q1 2023 |
||||||||
|
|
|
|
Pounds sold |
|
— |
|
— |
||||||
Lemon revenue |
$ |
1,000 |
$ |
200 |
|
Average price per pound |
$ |
— |
$ |
— |
||||
40-pound carton equivalents |
|
162 |
|
184 |
|
|
|
|
||||||
|
|
|
|
Other Agribusiness |
Q1 2024 |
Q1 2023 |
||||||||
Other: |
|
|
|
Orange cartons sold |
|
80 |
|
64 |
||||||
Lemon shipping and handling |
$ |
5,600 |
$ |
5,600 |
|
Average price per carton |
$ |
14.26 |
$ |
18.00 |
||||
Lemon by-product sales |
$ |
500 |
$ |
1,200 |
|
Specialty citrus cartons sold |
|
17 |
|
54 |
||||
Brokered lemons and other lemon sales |
$ |
1,900 |
$ |
2,300 |
|
Average price per carton |
$ |
28.88 |
$ |
23.09 |
||||
|
|
|
|
Farm management |
$ |
2,048 |
$ |
— |
||||||
Agribusiness costs and expenses |
Q1 2024 |
Q1 2023 |
|
|
|
|
||||||||
Packing costs |
$ |
10,718 |
$ |
11,353 |
|
|
|
|
||||||
Harvest costs |
|
1,933 |
|
4,078 |
|
|
|
|
||||||
Growing costs |
|
6,192 |
|
7,671 |
|
|
|
|
||||||
Third-party grower and supplier costs |
|
17,723 |
|
15,018 |
|
|
|
|
||||||
Other costs |
|
804 |
|
986 |
|
|
|
|
||||||
Depreciation and amortization |
|
1,744 |
|
2,135 |
|
|
|
|
||||||
Agribusiness costs and expenses |
$ |
39,114 |
$ |
41,241 |
|
|
|
|
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307241980/en/
Investors
John Mills
Managing Partner
ICR 646-277-1254
Source: Limoneira Company
FAQ
What was Limoneira's net revenue in the first quarter of fiscal year 2024?
What is the strategic shift mentioned in the PR?
How much did brokered lemons and other lemon sales increase to?
What is the company's lemon and avocado volume guidance for fiscal year 2024?
What was the net loss applicable to common stock in the first quarter of fiscal year 2024?
What was the non-GAAP adjusted EBITDA in the first quarter of fiscal year 2024?
