Company: NGVC
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001437749-25-003026
Chunk: 4

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 4
---

			$
			0.43

			0.34

			Diluted

			$
			0.43

			0.34

			Weighted average number of shares of common stock outstanding:

			Basic

			22,903,569

			22,751,524

			Diluted

			23,168,064

			22,979,744

See accompanying notes to unaudited interim consolidated financial statements.

4

Table of Contents

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

Consolidated Statements of Cash Flows 

(Unaudited)

(Dollars in thousands)

			Three months ended 

			December 31, 

			2024

			2023

			Operating activities:

			Net income

			$
			9,938

			7,755

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

			Depreciation and amortization

			7,950

			7,451

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

			50

			90

			Loss on disposal of property and equipment

			15

			30

			Share-based compensation

			1,435

			406

			Deferred income tax benefit

			(742
			
			)

			(430
			)

			Non-cash interest expense

			1

			4

			Changes in operating assets and liabilities:

			Decrease (increase) in:

			Accounts receivable, net

			144

			1,135

			Merchandise inventory

			(1,148
			)

			3,183

			Prepaid expenses and other assets

			(570
			)

			(319
			)

			Income tax receivable

			—

			252

			Operating lease assets

			8,409

			8,319

			(Decrease) increase in:

			Operating lease liabilities

			(8,543
			
			)

			(8,401
			
			)

			Accounts payable

			(12,970
			)

			(1,776
			)

			Accrued expenses

			(1,