Company: NGVC
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001437749-25-003026
Chunk: 79

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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0% and 21.7% for the three months ended December 31, 2024 and 2023, respectively.

Net income

Net income was $9.9 million, or $0.43 diluted earnings per share, for the three months ended December 31, 2024 compared to $7.8 million, or $0.34 diluted earnings per share, for the three months ended December 31, 2023.

22

Non-GAAP financial measures

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP. We define EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA as adjusted to exclude the effects of certain income and expense items that management believes make it more difficult to assess the Company’s actual operating performance, including certain items such as impairment charges, store closing costs, share-based compensation and non-recurring items.

The following table reconciles net income to EBITDA and Adjusted EBITDA, dollars in thousands:

			Three months ended
			December 31,

			2024

			2023

			Net income

			$
			9,938

			7,755

			Interest expense, net

			923

			894

			Provision for income taxes

			2,487

			2,154

			Depreciation and amortization

			7,950

			7,451

			EBITDA

			21,298

			18,254

			Impairment of long-lived assets and store closing costs

			87

			90

			Share-based compensation

			1,435

			406

			Adjusted EBITDA

			$
			22,820

			18,750

EBITDA increased 16.7% to $21.3 million for the three months ended December 31, 2024 compared to $18.3 million for the three months ended December 31, 2023. EBITDA as a percentage of net sales was 6.4% and 6.0% for the three months ended December 31, 2024 and 2023, respectively.

Adjusted EBITDA increased 21.7% to $22.8 million