Company: UFPT
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050425
Chunk: 15

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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UFP Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)Nine Months EndedSeptember 30,20252024Cash flows from operating activities:Net income$50,747 $42,606 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation6,948 5,855 Amortization of intangible assets7,279 4,203 Loss on disposal of property, plant & equipment11 7 Share-based compensation6,456 4,787 Change in fair value of contingent consideration789 714 Equity method investment net earnings(133)— Deferred income taxes3,402 827 Changes in operating assets and liabilities:Receivables, net3,125 (2,893)Inventories4,589 (5,633)Prepaid expenses and other current assets(2,129)(940)Other assets(5,942)(490)Accounts payable4,217 736 Accrued expenses(1,887)(622)Deferred revenue(508)(819)Income taxes payable3,147 (753)Non-qualified deferred compensation plan and other liabilities(5,045)(5,416)Net cash provided by operating activities75,066 42,169 Cash flows from investing activities:Additions to property, plant, and equipment(9,052)(6,649)Acquisitions, net of cash acquired(14,727)(196,432)Purchase of real estate— (3,214)Acquisition working capital adjustments5 — Proceeds from sale of fixed assets33 15 Net cash used in investing activities(23,741)(206,280)Cash flows from financing activities:Proceeds from advances on revolving line of credit— 115,200 Payments on revolving line of credit(33,880)(28,200)Proceeds from borrowings of long-term debt— 125,000 Principal payments of long-term debt(9,375)(32,000)Payment of contingent consideration(250)(188)Principal payments on finance lease obligations(47)(58)Proceeds from the exercise of stock options194 107 Payment of statutory withholdings for restricted stock units vested(3,914)(4,751)Net cash (used in) provided by financing activities(47,272)175,110 Effect of foreign currency exchange rates on cash and cash equivalents723 94 Net increase in cash and cash