$NGVC
Natural Grocers by Vitamin Cottage, Inc.

2023 Q3 Form 10-Q Financial Statement

#000143774923021922 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $295.1M $281.8M
YoY Change 7.61% 5.81%
Cost Of Revenue $210.7M $200.4M
YoY Change 6.21% 3.97%
Gross Profit $84.35M $81.39M
YoY Change 11.27% 10.65%
Gross Profit Margin 28.58% 28.88%
Selling, General & Admin $65.00M $64.23M
YoY Change -9.96% 6.93%
% of Gross Profit 77.06% 78.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.476M $7.210M
YoY Change 9.65% 2.01%
% of Gross Profit 8.86% 8.86%
Operating Expenses $75.93M $72.11M
YoY Change 5.19% 6.32%
Operating Profit $8.411M $9.084M
YoY Change 132.61% 60.75%
Interest Expense -$961.0K $848.0K
YoY Change 41.53% 40.63%
% of Operating Profit -11.43% 9.34%
Other Income/Expense, Net
YoY Change
Pretax Income $6.916M $8.236M
YoY Change 135.48% 63.15%
Income Tax $1.036M $1.164M
% Of Pretax Income 14.98% 14.13%
Net Earnings $5.880M $7.072M
YoY Change 172.22% 79.81%
Net Earnings / Revenue 1.99% 2.51%
Basic Earnings Per Share $0.31
Diluted Earnings Per Share $0.25 $0.31
COMMON SHARES
Basic Shares Outstanding 22.74M 22.73M
Diluted Shares Outstanding 22.89M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.34M $8.576M
YoY Change 52.35% -56.94%
Cash & Equivalents $18.34M $8.576M
Short-Term Investments
Other Short-Term Assets $4.151M $6.071M
YoY Change -4.99% 44.0%
Inventory $119.3M $116.7M
Prepaid Expenses
Receivables $10.80M $8.873M
Other Receivables $0.00 $0.00
Total Short-Term Assets $152.6M $140.2M
YoY Change 8.45% -2.31%
LONG-TERM ASSETS
Property, Plant & Equipment $169.1M $162.3M
YoY Change -66.7% 9.26%
Goodwill $5.198M $5.198M
YoY Change 0.0% 0.0%
Intangibles $9.320M $9.325M
YoY Change -0.02% 7.67%
Long-Term Investments
YoY Change
Other Assets $413.0K $429.0K
YoY Change -8.63% -14.54%
Total Long-Term Assets $516.6M $515.9M
YoY Change -1.11% -0.93%
TOTAL ASSETS
Total Short-Term Assets $152.6M $140.2M
Total Long-Term Assets $516.6M $515.9M
Total Assets $669.2M $656.1M
YoY Change 0.92% -1.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $80.68M $72.76M
YoY Change 13.18% 4.79%
Accrued Expenses $33.06M $22.94M
YoY Change -46.21% 2.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.750M $1.750M
YoY Change -64.81% 0.0%
Total Short-Term Liabilities $154.0M $135.8M
YoY Change 11.84% 3.43%
LONG-TERM LIABILITIES
Long-Term Debt $5.938M $7.938M
YoY Change -89.87% -50.19%
Other Long-Term Liabilities $276.8M $281.2M
YoY Change -6.19% -5.97%
Total Long-Term Liabilities $344.3M $353.3M
YoY Change -2.64% -6.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $154.0M $135.8M
Total Long-Term Liabilities $344.3M $353.3M
Total Liabilities $498.3M $489.2M
YoY Change -1.76% -3.82%
SHAREHOLDERS EQUITY
Retained Earnings $111.9M $108.3M
YoY Change 14.48% 10.67%
Common Stock $59.04M $58.75M
YoY Change 1.62% 1.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $170.8M $166.9M
YoY Change
Total Liabilities & Shareholders Equity $669.2M $656.1M
YoY Change 0.92% -1.23%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $5.880M $7.072M
YoY Change 172.22% 79.81%
Depreciation, Depletion And Amortization $7.476M $7.210M
YoY Change 9.65% 2.01%
Cash From Operating Activities $28.45M $1.302M
YoY Change 179.21% -32.33%
INVESTING ACTIVITIES
Capital Expenditures $13.72M $6.537M
YoY Change -203.76% -213.16%
Acquisitions
YoY Change
Other Investing Activities $63.00K $4.000K
YoY Change -37.62% -92.59%
Cash From Investing Activities -$13.65M -$6.533M
YoY Change 4.0% 14.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.033M -5.158M
YoY Change 1.88% -0.31%
NET CHANGE
Cash From Operating Activities 28.45M 1.302M
Cash From Investing Activities -13.65M -6.533M
Cash From Financing Activities -5.033M -5.158M
Net Change In Cash 9.763M -10.39M
YoY Change -223.94% 15.78%
FREE CASH FLOW
Cash From Operating Activities $28.45M $1.302M
Capital Expenditures $13.72M $6.537M
Free Cash Flow $14.72M -$5.235M
YoY Change -37.12% -167.98%

Facts In Submission

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><a href="#" id="notes" title="notes"></a>1. Organization</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>Nature of Business</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Natural Grocers by Vitamin Cottage, Inc. (Natural Grocers or the holding company) and its consolidated subsidiaries (collectively, the Company) operate retail stores that specialize in natural and organic groceries, dietary supplements and body care products. The Company operated 164 stores as of June 30, 2023 and September 30, 2022 in 21 states. The Company also has a bulk food repackaging facility and distribution center in Golden, Colorado.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>Use of Estimates</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management reviews its estimates on an ongoing basis, including those related to valuation of inventories, useful lives of long-lived assets for depreciation and amortization, impairment of finite-lived intangible assets, long-lived assets, and goodwill, lease assumptions, allowances for self-insurance reserves, deferred tax assets and liabilities, and litigation based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates.</p>
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OperatingLeaseWeightedAverageDiscountRatePercent
0.037 pure
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.049 pure
CY2022Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.048 pure
CY2023Q2 ngvc Operating Lease Impairment Charge Store Closure
OperatingLeaseImpairmentChargeStoreClosure
100000 usd
ngvc Operating Lease Impairment Charge Store Closure
OperatingLeaseImpairmentChargeStoreClosure
900000 usd
ngvc Early Lease Relocation Expense
EarlyLeaseRelocationExpense
100000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
11657000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1339000 usd
CY2023Q2 ngvc Lessee Operating And Finance Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingAndFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
12996000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
45719000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
6023000 usd
CY2023Q2 ngvc Lessee Operating And Finance Lease Liability Payments Due Year One
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearOne
51742000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
44129000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
6051000 usd
CY2023Q2 ngvc Lessee Operating And Finance Lease Liability Payments Due Year Two
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
50180000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
41203000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
6093000 usd
CY2023Q2 ngvc Lessee Operating And Finance Lease Liability Payments Due Year Three
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
47296000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
39216000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
6138000 usd
CY2023Q2 ngvc Lessee Operating And Finance Lease Liability Payments Due Year Four
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
45354000 usd
CY2023Q2 ngvc Lessee Operating Lease Liability To Be Paid After Year Five
LesseeOperatingLeaseLiabilityToBePaidAfterYearFive
204043000 usd
CY2023Q2 ngvc Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
45834000 usd
CY2023Q2 ngvc Lessee Operating And Finance Lease Liability Payments Due After Year Four
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueAfterYearFour
249877000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
385967000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
71478000 usd
CY2023Q2 ngvc Lessee Operating And Finance Lease Liability Payments Due
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDue
457445000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
69939000 usd
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
19860000 usd
CY2023Q2 ngvc Lessee Operating And Finance Lease Liability Imputed Interest
LesseeOperatingAndFinanceLeaseLiabilityImputedInterest
89799000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
316028000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
51618000 usd
CY2023Q2 ngvc Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
367646000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
34839000 usd
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
3552000 usd
CY2023Q2 ngvc Operating And Finance Lease Liability Current
OperatingAndFinanceLeaseLiabilityCurrent
38391000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
281189000 usd
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
48066000 usd
CY2023Q2 ngvc Operating And Finance Lease Liability Noncurrent
OperatingAndFinanceLeaseLiabilityNoncurrent
329255000 usd
CY2023Q2 ngvc Lessee Operating Lease Lease Not Yet Commenced Minimum Lease Payments
LesseeOperatingLeaseLeaseNotYetCommencedMinimumLeasePayments
2300000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
420588000 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
400737000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
258276000 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
243558000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
162312000 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
157179000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7210000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7068000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
21426000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
21088000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4931000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3827000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
8025000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
8138000 usd
CY2023Q2 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
499000 usd
CY2022Q3 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
369000 usd
CY2023Q2 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
389000 usd
CY2022Q3 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
389000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
23000 usd
CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
37000 usd
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
8936000 usd
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
8933000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
5198000 usd
CY2022Q3 us-gaap Goodwill
Goodwill
5198000 usd
CY2023Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
14134000 usd
CY2022Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
14131000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10868000 usd
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14527000 usd
CY2023Q2 ngvc Accrued Income Property Sales And Use Tax Payable
AccruedIncomePropertySalesAndUseTaxPayable
7289000 usd
CY2022Q3 ngvc Accrued Income Property Sales And Use Tax Payable
AccruedIncomePropertySalesAndUseTaxPayable
8450000 usd
CY2023Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
534000 usd
CY2022Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
153000 usd
CY2023Q2 ngvc Deferred Revenue Gift Cards
DeferredRevenueGiftCards
2045000 usd
CY2022Q3 ngvc Deferred Revenue Gift Cards
DeferredRevenueGiftCards
1757000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2202000 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1850000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
22938000 usd
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
26737000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.141 pure
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.191 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.227 pure

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ngvc20230630_10q_htm.xml Edgar Link completed
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