Company: NGVC
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001437749-25-003026
Chunk: 83

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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Operating Activities

Net cash provided by operating activities consists primarily of net income adjusted for non-cash items, including depreciation and amortization, impairment of long-lived assets and store closures, share-based compensation, and changes in deferred taxes, and the effect of changes in operating assets and liabilities. Cash provided by operating activities decreased $13.9 million, or 83.9%, to $2.7 million for the three months ended December 31, 2024 compared to $16.6 million for the three months ended December 31, 2023. The decrease in cash provided by operating activities was the result of a decrease in cash provided by operating assets and liabilities, primarily due to timing of accounts payable payments for goods and services, partially offset by an increase in cash provided by net income as adjusted for non-cash items.

Investing Activities

Net cash used in investing activities decreased $2.4 million, or 20.2%, to $9.4 million for the three months ended December 31, 2024 compared to $11.8 million for the three months ended December 31, 2023. This decrease was primarily the result of decreases in acquisitions of property and equipment of $2.1 million and other intangibles of $0.1 million during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, attributed to the timing of new store openings, relocations/remodels, and software projects under development.

We plan to spend approximately $26.6 million to $34.6 million on capital expenditures during the remainder of fiscal year 2025 primarily in connection with expected new store openings and store relocations/remodels.

Acquisition of property and equipment not yet paid decreased $4.7 million to $3.8 million for the three months ended December 31, 2024 compared to $8.5 million for the three months ended December 31, 2023 due to the timing of payments related to new store openings and relocations/remodels.

Financing Activities

Net cash provided by financing activities consists primarily of borrowings and repayments under our Credit Facility and dividends paid to stockholders. Net cash provided by financing activities was $4.2 million for the three months ended December 31, 2024 compared to net cash used of $9.5 million for the three months ended December 31, 2023. During the three months ended December 31, 2023, we