Company: NOTV
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004178
Chunk: 148

Company: Inotiv, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part II, Item 8
Chunk 148
---
 $1,288, partially offset by a decrease in deferred taxes of $2,802. 

Net cash used in operating activities for the three months ended December 31, 2023 was primarily driven by a consolidated net loss of $15,828, partially offset by non-cash charges of $11,778. Non-cash charges primarily included $14,250 for depreciation and amortization and $1,897 for non-cash stock compensation expense, partially offset by changes in deferred taxes of $5,318. The change in net operating assets and liabilities was not significant for the three months ended December 31, 2023. The decreases in inventories and prepaid expenses and other current assets were driven by the timing of prepaid deposits for future NHP shipments, the shipment of NHPs and the collection of cash as it relates to the shipments to clients. 

38

Net cash used in investing activities of $4,459 in the three months ended December 31, 2024 was due to capital expenditures of $4,459. The capital additions during the three months ended December 31, 2024 primarily consisted of investments in facility improvements and site expansions to support future service revenue growth. 

Net cash used in investing activities of $4,043 in the three months ended December 31, 2023 was primarily due to capital expenditures of $5,572. The capital additions during the three months ended December 31, 2023 primarily consisted of investments in completing our DSA capacity expansions in Fort Collins, Colorado, infrastructure improvements in NHP facilities and renovations in the U.K. in order to complete expansion of Hillcrest for the new client contracts and the consolidation of Blackthorn, enhancements in laboratory technology, and improvements for animal welfare.

Net cash provided by financing activities of $26,125 in the three months ended December 31, 2024 primarily included net proceeds from the issuance of common shares of $27,524 and borrowings on the revolving credit facility of $20,000, partially offset by payments on the revolving credit facility of $20,000.

Net cash used in financing activities of $2,921 in the three months ended December 31, 2023 primarily included principal payments of $691 on the senior term notes and delayed draw term loans and other net financing payments of $2,230.

Capital Resources

Long-term debt as of December 31, 2024 and September 30, 2024 is detailed in the table below. 

December 31,