Company: OFIX
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000950170-25-026066
Chunk: 277

Company: Orthofix Medical Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 277
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    %

    9.7
    %

2024 Compared to 2023 

Income tax expense decreased by $0.6 million

•Increase of $5.2 million associated with lower financial statement losses offset by valuation allowances

•Decrease of $2.0 million associated with foreign income inclusion

•Decrease of $1.5 million associated with statue expirations on uncertain tax positions

•Decrease of $2.4 million associated with financial statement expenses not deductible for tax, including executive and equity compensation

60

2023 Compared to 2022

Income tax expense increased by $0.7 million

•Increase of $8.4 million associated with financial statement expenses not deductible for tax, including executive compensation and merger related deal costs 

•Increase of $1.3 million associated with foreign income inclusion, largely driven by research and development expenses outside of the U.S. 

•Decrease of $10.1 million associated with higher financial statement losses offset by valuation allowances 

A reconciliation of the effective tax rate for each year is reported in Note 20 to the Notes to the Consolidated Financial Statements contained in Item 8 of this Annual Report.

Liquidity and Capital Resources

Cash, cash equivalents, and restricted cash at December 31, 2024, was $85.7 million compared to $37.8 million at December 31, 2023.

    Year Ended December, 31,

    (U.S. Dollars, in thousands)
     
    2024

    2023

    Change

    Net cash provided by (used in) operating activities
     
    $
    25,790

    $
    (45,753
    )
     
    $
    71,543

    Net cash used in investing activities

    (27,580
    )

    (33,131
    )

    5,551

    Net cash provided by (used in) financing activities

    50,709

    65,322

    (14,613
    )

    Effect of exchange rate changes on cash and restricted cash

    (938
    )

    619

    (1,557
    )

    Net change in cash, cash equivalents, and restricted cash
     
    $
    47,981

    $
    (12,943
    )
     
    $
    60,924

The following table presents free cash flow, a non-GAAP financial measure, which is