Company: HGBL
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0000950170-25-038691
Chunk: 82

Company: Heritage Global Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1B
Chunk 82
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 receivable to partners of $8.9 million, payments received on notes receivable of $11.9 million as well as return of investment and cash distributions received from equity method investments of $10.7 million.

Cash flows from financing activities.  Cash used in financing activities was $9.1 million during 2024, as compared to cash provided by financing activities of $2.5 million during 2023. 

Cash used in financing activities in 2024 of $9.1 million was primarily attributable to $6.3 million in repayments to our Term Loan (as discussed further under Note 11 – Debt), $0.5 million in repayments to our ALT Note, as well as repurchase of our common stock under our Repurchase Program of approximately $2.2 million.

Cash provided by financing activities in 2023 of $2.5 million was primarily attributable to $13.0 million in proceeds from draws on our 2021 Credit Facility and Term Loan, offset by $8.9 million in repayments to our 2021 Credit Facility, $0.7 million in repayments to our Term Loan, $0.5 million in repayments to our ALT Note, as well as repurchase of our common stock under our Repurchase Program of approximately $0.4 million.

17

Management’s Discussion of Results of Operations

The following table summarizes our consolidated results of operations (in thousands):

    Year Ended December 31,

    2024

    2023

    Revenues:

    Services revenue
     
    $
    32,607

    $
    39,480

    Asset sales

    12,754

    21,065

    Total revenues

    45,361

    60,545

    Operating costs and expenses:

    Cost of services revenue

    5,805

    8,007

    Cost of asset sales

    8,321

    12,724

    Selling, general and administrative

    24,266

    26,040

    Depreciation and amortization

    591

    514

    Total operating costs and expenses

    38,983

    47,285

    Earnings of equity method investments

    2,688

    1,059

    Operating income

    9,066

    14,319

    Interest expense, net

    (93
    )