Company: NGVC
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001437749-25-003026
Chunk: 70

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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			Net income. Net income was $9.9 million for the three months ended December 31, 2024 compared to net income of $7.8 million for the three months ended December 31, 2023.

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			EBITDA. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $21.3 million for the three months ended December 31, 2024, an increase of $3.0 million, or 16.7%, compared to $18.3 million for the three months ended December 31, 2023. EBITDA is not a measure of financial performance under GAAP. Refer to the “Non-GAAP Financial Measures” section in this MD&A for a definition of EBITDA and a reconciliation of net income to EBITDA.

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			Adjusted EBITDA. Adjusted EBITDA was $22.8 million for the three months ended December 31, 2024, an increase of $4.1 million, or 21.7%, compared to Adjusted EBITDA of $18.8 million for the three months ended December 31, 2023. Adjusted EBITDA is not a measure of financial performance under GAAP. Refer to the “Non-GAAP Financial Measures” section in this MD&A for a definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

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			Liquidity. As of December 31, 2024, cash and cash equivalents was $6.3 million, and there was $61.4 million available for borrowing under our Revolving Facility, net of outstanding borrowings of $8.9 million and undrawn, issued and outstanding letters of credit of $2.2 million.

Industry Trends and Economics

We have identified the following recent trends and factors that have impacted and may continue to impact our results of operations and financial condition:

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			Impact of broader economic trends and political environment. The grocery industry and our sales are affected by general economic conditions, including, but not limited to, consumer spending, levels of disposable consumer income, consumer debt, interest rates, inflation or deflation, periods of recession and growth, the price of commodities, the political environment and consumer confidence. Furthermore, our ability to meet our labor needs, while controlling wage and labor-related costs, is subject to numerous external