Company: NGVC
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001437749-25-003026
Chunk: 38

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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Net cash used in investing activities decreased $2.4 million, or 20.2%, to $9.4 million for the three months ended December 31, 2024 compared to $11.8 million for the three months ended December 31, 2023. This decrease was primarily the result of decreases in acquisitions of property and equipment of $2.1 million and other intangibles of $0.1 million during the three months ended December 31, 2024 compared to the three months ended December 31, 2023, attributed to the timing of new store openings, relocations/remodels, and software projects under development.

We plan to spend approximately $26.6 million to $34.6 million on capital expenditures during the remainder of fiscal year 2025 primarily in connection with expected new store openings and store relocations/remodels.

Acquisition of property and equipment not yet paid decreased $4.7 million to $3.8 million for the three months ended December 31, 2024 compared to $8.5 million for the three months ended December 31, 2023 due to the timing of payments related to new store openings and relocations/remodels.

Financing Activities

Net cash provided by financing activities consists primarily of borrowings and repayments under our Credit Facility and dividends paid to stockholders. Net cash provided by financing activities was $4.2 million for the three months ended December 31, 2024 compared to net cash used of $9.5 million for the three months ended December 31, 2023. During the three months ended December 31, 2023, we paid a special cash dividend to stockholders of $22.7 million.

Credit Facility

The aggregate revolving commitment amount available under the Credit Facility is $72.5 million, including a $5.0 million sub-limit for standby letters of credit. The operating company is the borrower under the Credit Facility, and its obligations under the Credit Facility are guaranteed by the holding company and VC2. The Credit Facility is secured by a lien on substantially all of the Company’s assets. The Company has the right to borrow, prepay and re-borrow revolving amounts under the Credit Facility at any time prior to the maturity date without premium or penalty. On November 16, 2023, we amended the Credit Facility to: (i) increase our aggregate revolving commitments from $50.0 million to $75.0 million; (ii) extend the maturity date