Company: NGVC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025419
Chunk: 16

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 16
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 has previously exercised its option to reduce the aggregate revolving commitments to a lower amount.

The Company had no revolving loan amounts outstanding under the Credit Facility as of June 30, 2025 and September 30, 2024. The Company had undrawn, issued and outstanding letters of credit of $3.0 million and $2.2 million as of June 30, 2025 and September 30, 2024, respectively, which were reserved against the amount available for borrowing under the terms of the Credit Facility. The Company had $69.5 million and $72.8 million available for borrowing under the Credit Facility as of June 30, 2025 and September 30, 2024, respectively.

As of June 30, 2025 and September 30, 2024, the Company was in compliance with all covenants under the Credit Facility.

Lease Obligations

The Company had 25 and 24 leases that were classified as finance leases as of June 30, 2025 and September 30, 2024, respectively. No rent expense is recorded for these finance leases; rather, rental payments under such leases are recognized as a reduction of the lease obligation and as interest expense. The interest rate on finance lease obligations is determined at the commencement of the lease.

Interest

The Company incurred gross interest expense of $0.8 million and $1.2 million for the three months ended June 30, 2025 and 2024, respectively, and $2.5 million and $3.4 million for the nine months ended June 30, 2025 and 2024, respectively. Interest expense for the three and nine months ended June 30, 2025 and 2024 relates primarily to interest on finance lease obligations and the Credit Facility. The Company capitalized interest of $0.1 million for each of the three months ended June 30, 2025 and 2024, and $0.2 million and $0.3 million for the nine months ended June 30, 2025 and 2024, respectively.

11

6. Stockholders’ Equity

Share Repurchases

In May 2016, the Board of Directors (the Board) authorized a two-year share repurchase program pursuant to which the Company may repurchase up to $10.0 million in shares of the Company’s common stock. The Board subsequently extended the share repurchase program – most recently in May 2024 – and the current