Company: NGVC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025419
Chunk: 91

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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, 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, amortization of software hosting arrangement (SaaS) implementation costs and non-recurring items.

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

			Three months ended
			June 30,

			Nine months ended
			June 30,

			2025

			2024

			2025

			2024

			Net income

			$
			11,605

			9,209

			34,644

			24,925

			Interest expense, net

			694

			1,052

			2,367

			3,123

			Provision for income taxes

			3,288

			2,586

			9,477

			6,863

			Depreciation and amortization

			7,953

			7,845

			23,791

			22,998

			EBITDA

			23,540

			20,692

			70,279

			57,909

			Impairment of long-lived assets and store closing costs

			—

			402

			118

			826

			Share-based compensation

			843

			1,062

			3,100

			1,900

			Amortization of SaaS implementation costs

			2

			—

			3

			—

			Adjusted EBITDA

			$
			24,385

			22,156

			73,500

			60,635

25

EBITDA increased 13.8% to $23.5 million for the three months ended June 30, 2025 compared to $20.7 million for the three months ended June 30, 2024. EBITDA increased 21.4% to $70.3 million for the nine months ended June 30, 2025 compared to $57.9 million for the nine months ended June