Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 458

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 4
Chunk 458
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 thousands)

			Year ended September 30,

			2025

			2024

			2023

			Operating activities:

			Net income

			$
			46,444

			33,935

			23,243

			Adjustments to reconcile net income to net cash provided by operating activities:

			Depreciation and amortization

			31,814

			30,930

			28,906

			Loss on impairment of long-lived assets and store closing costs

			81

			2,102

			1,268

			(Gain) loss on disposal of property and equipment

			(34
			)

			10

			379

			Share-based compensation

			3,960

			2,829

			1,360

			Deferred income tax benefit

			(2,608
			
			)

			(3,955
			)

			(1,475
			)

			Non-cash interest expense

			4

			17

			19

			Other

			7

			(160
			)

			—

			Changes in operating assets and liabilities:

			(Increase) decrease in:

			Accounts receivable, net

			(411
			)

			(1,790
			)

			315

			Income tax receivable

			(604
			)

			252

			378

			Merchandise inventory

			(12,296
			
			)

			(1,412
			
			)

			(5,504
			
			)

			Prepaid expenses and other assets

			(5,516
			
			)

			(1,069
			
			)

			(128
			
			)

			Operating lease assets

			33,592

			33,446

			33,067

			(Decrease) increase in:

			Operating lease liabilities

			(34,432
			
			)

			(34,197
			
			)

			(33,899
			
			)

			Accounts payable

			(6,086
			)

			10,039

			10,350

			Accrued expenses

			1,389