Innovative Food Holdings, Inc. Reports Financial Results for Third Quarter 2024
Innovative Food Holdings (IVFH) reported Q3 2024 financial results with revenue of $17.0 million, up 0.3% year-over-year. Specialty Foodservice revenue increased 5.5%, while eCommerce revenue decreased 38.6%. The company achieved GAAP net income from continuing operations of $1.3 million, compared to $0.1 million in Q3 2023. Gross margin declined 158 basis points to 25.2%. Adjusted EBITDA reached $997 thousand, up from $921 thousand last year. The company's Q4 core foodservice business has grown more than 25% through November 9th, and the acquisition of Golden Organics remains on track.
Innovative Food Holdings (IVFH) ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato di 17,0 milioni di dollari, in aumento dello 0,3% rispetto all'anno precedente. Il fatturato del settore Foodservice specializzato è cresciuto del 5,5%, mentre il fatturato dell'eCommerce è diminuuito del 38,6%. L'azienda ha raggiunto un utile netto GAAP da operazioni continui di 1,3 milioni di dollari, rispetto a 0,1 milioni di dollari nel terzo trimestre 2023. Il margine lordo è diminuito di 158 punti base, attestandosi al 25,2%. L'EBITDA rettificato ha raggiunto 997 mila dollari, in aumento rispetto ai 921 mila dollari dello scorso anno. Il business core foodservice dell'azienda nel quarto trimestre è cresciuto di oltre il 25% fino al 9 novembre, e l'acquisizione di Golden Organics è ancora in carreggiata.
Innovative Food Holdings (IVFH) informó los resultados financieros del tercer trimestre de 2024, con ingresos de 17,0 millones de dólares, un aumento del 0,3% interanual. Los ingresos del servicio de alimentos especializado aumentaron un 5,5%, mientras que los ingresos del comercio electrónico disminuyeron un 38,6%. La empresa alcanzó una utilidad neta GAAP de operaciones continuas de 1,3 millones de dólares, en comparación con 0,1 millones de dólares en el tercer trimestre de 2023. El margen bruto se redujo en 158 puntos básicos, alcanzando el 25,2%. El EBITDA ajustado llegó a 997 mil dólares, en comparación con 921 mil dólares el año pasado. El negocio principal de servicios de alimentos de la empresa ha crecido más del 25% hasta el 9 de noviembre, y la adquisición de Golden Organics sigue en camino.
Innovative Food Holdings (IVFH)는 2024년 3분기 재무 결과를 보고했으며, 수익은 1,700만 달러로 전년 대비 0.3% 증가했습니다. 전문 음식 서비스 수익은 5.5% 증가했지만 전자 상거래 수익은 38.6% 감소했습니다. 회사는 지속적인 운영에서 GAAP 순이익 130만 달러를 달성했으며, 이는 2023년 3분기 10만 달러와 비교됩니다. 총 매출 총 이익률은 158 베이시스 포인트 감소하여 25.2%에 도달했습니다. 조정된 EBITDA는 99만 7천 달러에 도달했으며, 이는 작년 92만 1천 달러에서 증가한 수치입니다. 회사의 4분기 핵심 음식 서비스 사업은 11월 9일까지 25% 이상 성장했으며, Golden Organics 인수는 순조롭게 진행되고 있습니다.
Innovative Food Holdings (IVFH) a publié ses résultats financiers pour le troisième trimestre 2024, avec des revenus de 17,0 millions de dollars, en hausse de 0,3% par rapport à l'année précédente. Les revenus du secteur des services alimentaires spécialisés ont augmenté de 5,5%, tandis que les revenus de l'eCommerce ont diminué de 38,6%. L'entreprise a atteint un bénéfice net GAAP des opérations continues de 1,3 million de dollars, contre 0,1 million de dollars au troisième trimestre 2023. La marge brute a chuté de 158 points de base pour s'établir à 25,2%. L'EBITDA ajusté a atteint 997 mille dollars, contre 921 mille dollars l'année dernière. L'activité principale de service alimentaire de l'entreprise a crû de plus de 25% jusqu'au 9 novembre, et l'acquisition de Golden Organics est sur la bonne voie.
Innovative Food Holdings (IVFH) hat die finanziellen Ergebnisse des 3. Quartals 2024 veröffentlicht, mit einem Umsatz von 17,0 Millionen Dollar, der im Vergleich zum Vorjahr um 0,3% gestiegen ist. Der Umsatz im Spezialnahrungsmitteldienstleistungsbereich stieg um 5,5%, während der eCommerce-Umsatz um 38,6% zurückging. Das Unternehmen erzielte einen GAAP-Nettoeinkommen aus fortgeführten Betrieben von 1,3 Millionen Dollar, verglichen mit 0,1 Millionen Dollar im 3. Quartal 2023. Die Bruttomarge fiel um 158 Basispunkte auf 25,2%. Das bereinigte EBITDA erreichte 997 Tausend Dollar, im Vergleich zu 921 Tausend Dollar im letzten Jahr. Das Kerngeschäft im Nahrungsmitteldienstleistungsbereich des Unternehmens ist bis zum 9. November um mehr als 25% gewachsen, und die Übernahme von Golden Organics verläuft planmäßig.
- Revenue growth of 0.3% to $17.0 million in Q3 2024
- Specialty Foodservice revenue increased 5.5% YoY
- GAAP net income improved by $1.2M to $1.3 million
- SG&A expenses decreased by $0.6 million (14.1%)
- Adjusted EBITDA increased to $997 thousand from $921 thousand
- Q4 core foodservice business growing over 25% through Nov 9th
- Gross margin declined 158 basis points to 25.2%
- eCommerce revenue decreased 38.6%
- Logistics revenue declined 14.7%
Key Third quarter data points:
- Revenue of
$17.0 million , +0.3% vs. Q3 2023 - Specialty Foodservice revenue +
5.5% vs. Q3 2023; Q4 to date increased more than25% - Gross margin declined by 158 basis points vs. Q3 2023 to
25.2% - GAAP net income from continuing operations of
$1.3 million , compared to Q3 2023 net income of$0.1 million - GAAP net income from continuing operations per fully diluted share of
$0.02 6 vs. Q3 2023 of$0.00 3 - Adjusted net income from continuing operations of
$737 thousand , compared to Q3 2023 of$528 thousand - Adjusted net income per fully diluted share of
$0.01 4, compared to an adjusted net income per fully diluted share in Q3 2023 of$0.01 1 - Adjusted EBITDA of
$997 thousand , compared to$921 thousand in Q3 2023 - Acquisition of Denver-based Golden Organics remains on track
- Results of new retail business will begin in Q4
BONITA SPRINGS, Fla., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional chefs, today reported its financial results for the third quarter of 2024.
Bill Bennett, Chief Executive Officer of IVFH, remarked, “As we messaged last quarter, Q3 2024 represented a return to growth for our core specialty foodservice business, which grew
Mr. Bennett added, “We’re very pleased to see our core foodservice business, net of the divested businesses, return to growth in Q3 as we’ve been forecasting for several quarters. But we are even more excited about the Q4 growth we haven’t yet reported as we begin scaling our cheese business with our new retail partner. For context, in Q4 through Nov 9th, our core foodservice business has grown more than
“The Company has a solid foundation, a passionate and committed team, and an industry with tremendous long-term potential. We recognize the importance of maintaining a laser focus on our top priorities in a complex economic environment to create a robust, profitable, and sustainable business model. As we navigate the ever-changing landscape of the food industry, we believe in our ability to adapt, innovate, and capitalize on opportunities focused on driving long-term shareholder value,” concluded Mr. Bennett.
Financial Results
Revenues in the third quarter of 2024 increased
The following table sets forth IVFH’s revenue by business category for the quarter ended September 30, 2024, and September 30, 2023 (unaudited):
| For the Three Months Ended | ||||||||
| September 30, 2024 | % of Net Sales | September 30, 2023 | % of Net Sales | % Change | ||||
| Specialty Foodservice | 15,583,758 | 91.6 | % | 14,775,073 | 87.1 | % | 5.5 | % |
| E-Commerce | 1,120,040 | 6.6 | % | 1,824,699 | 10.8 | % | -38.6 | % |
| Logistics | 305,973 | 1.8 | % | 270,443 | 2.1 | % | -14.7 | % |
| Total IVFH | 17,009,771 | 100 | % | 16,958,489 | 100 | % | 0.3 | % |
Gross margins as a percentage of sales decreased during the current period to
Selling, General, and Administrative expenses (“SG&A”) decreased by
The Company recorded GAAP net income from continuing operations for the 2024 third quarter of
Adjusted Net Income, a non-GAAP metric (see tables below), for the 2024 third quarter was
Adjusted EBITDA, a non-GAAP metric (see tables below), for the 2024 third quarter was
Adjusted Free Cash Flow, a non-GAAP metric (see tables below), for the 2024 third quarter was
Conference Call
The Company’s management will hold an investor call on November 13, 2024 at 12:00 pm Eastern Time to discuss the Company's third fiscal quarter results for the quarter ended September 30, 2024. At the end of the meeting, the Company will host a question-and-answer session with investors. All interested participants may attend the call on the web or by phone. The Company encourages those who wish to ask questions to join the call virtually through Zoom, rather than on the phone, as Zoom’s “raise hand” feature makes it easier for management to identify questioners. Details for the meeting are as follows:
Join Zoom Meeting
https://us02web.zoom.us/j/89062221377?pwd=WiRXtTfLWXbn1IePBOSlonVgSVkaOl.1
Meeting ID: 890 6222 1377
Passcode: 211739
One tap mobile
+13052241968,,89062221377#
About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world’s best artisan food makers with top professional chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional chefs create unforgettable experiences for their guests. Additional information is available at www.ivfh.com.
Forward-Looking Statements
This release contains certain forward-looking statements and information relating to the Company that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements, including those related to the Company’s growth plans, reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein, which include words such as “should,” “could,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” “targeting” or “expect”, or similar expressions. Additional factors that could also cause actual results to differ materially relate to current conditions and expected future developments, international crises, environmental and economic issues and other risk factors described in the Company’s public filings. As a result, readers are cautioned not to place undue reliance on these forward-looking statements and should understand that these statements are not guarantees of performance or results and that there are a number of risks, uncertainties and other important factors, many of which are beyond the Company’s control, that could cause the Company’s actual results to differ materially from those expressed in these statements, including, among others: economic factors affecting consumer confidence and discretionary spending; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company’s relationships with vendors and customers. The Company does not intend to update these forward-looking statements.
For a detailed discussion of these risks, uncertainties and other factors that could cause the Company’s actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Company with the SEC, which are available on the SEC’s website at https://www.sec.gov/.
Investor and Media contact:
Gary Schubert
Chief Financial Officer
Innovative Food Holdings, inc.
investorrelations@ivfh.com
| Innovative Food Holdings, Inc. Consolidated Balance Sheets | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 4,820,970 | $ | 5,327,016 | ||||
| Accounts receivable, net | 4,965,381 | 4,307,726 | ||||||
| Inventory, net | 3,134,237 | 2,973,134 | ||||||
| Other current assets | 519,624 | 287,528 | ||||||
| Assets held for sale | 5,941,933 | 649,884 | ||||||
| Current assets - discontinued operations | - | 95,861 | ||||||
| Total current assets | 19,382,145 | 13,641,149 | ||||||
| Property and equipment, net | 1,227,880 | 7,000,015 | ||||||
| Right of use assets, operating leases, net | 15,779 | 28,519 | ||||||
| Right of use assets, finance leases, net | 364,379 | 436,403 | ||||||
| Tradenames and other unamortizable intangible assets | 217,000 | 217,000 | ||||||
| Total assets | $ | 21,207,183 | $ | 21,323,086 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 4,090,153 | $ | 6,252,951 | ||||
| Accrued separation costs, related parties, current portion | 334,532 | 463,911 | ||||||
| Accrued interest | 91,251 | 95,942 | ||||||
| Deferred revenue | 886,787 | 1,312,837 | ||||||
| Stock appreciation rights liability | 731,181 | 255,020 | ||||||
| Notes payable - current portion | 125,259 | 121,041 | ||||||
| Lease liability - operating leases, current | 14,898 | 17,131 | ||||||
| Lease liability - finance leases, current | 151,984 | 115,738 | ||||||
| Current liabilities - discontinued operations | - | 6,422 | ||||||
| Total current liabilities | 6,426,045 | 8,640,993 | ||||||
| Note payable, net of discount | 8,436,849 | 8,855,000 | ||||||
| Accrued separation costs, related parties, non-current | 541,025 | 791,025 | ||||||
| Lease liability - operating leases, non-current | 881 | 11,388 | ||||||
| Lease liability - finance leases, non-current | 46,942 | 219,266 | ||||||
| Total liabilities | 15,451,742 | 18,517,672 | ||||||
| Commitments & Contingencies (see note 18) | ||||||||
| Stockholders' equity | ||||||||
| Common stock: | 5,395 | 5,251 | ||||||
| Additional paid-in capital | 43,055,316 | 42,762,811 | ||||||
| Treasury stock: 2,644,297 and 2,623,171 shares outstanding at September 30, 2024 and December 31, 2023, respectively | (1,141,372 | ) | (1,141,370 | ) | ||||
| Accumulated deficit | (36,163,898 | ) | (38,821,278 | ) | ||||
| Total stockholders' equity | 5,755,441 | 2,805,414 | ||||||
| Total liabilities and stockholders' equity | $ | 21,207,183 | $ | 21,323,086 | ||||
| Innovative Food Holdings, Inc. Consolidated Statements of Operations (unaudited) | |||||||||||||||||
| For the Three | For the Three | For the Nine | For the Nine | ||||||||||||||
| Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenue | $ | 17,009,771 | $ | 16,958,489 | $ | 49,398,874 | $ | 52,154,339 | |||||||||
| Cost of goods sold | 12,725,537 | 12,419,325 | 37,312,903 | 39,354,071 | |||||||||||||
| Gross margin | 4,284,234 | 4,539,164 | 12,085,971 | 12,800,268 | |||||||||||||
| Selling, general and administrative expenses | 3,570,339 | 4,157,015 | 11,559,747 | 12,782,029 | |||||||||||||
| Separation costs - executive officers | - | - | - | 1,945,650 | |||||||||||||
| Total operating expenses | 3,683,526 | 4,157,015 | 11,559,747 | 14,727,679 | |||||||||||||
| Operating income (loss) | 713,895 | 382,149 | 526,224 | (1,927,411 | ) | ||||||||||||
| Other income (expense:) | |||||||||||||||||
| Interest expense, net | (217,275 | ) | (260,994 | ) | (642,212 | ) | (643,355 | ) | |||||||||
| Gain on sale of assets | 834,463 | - | 2,763,735 | - | |||||||||||||
| Gain on sale of subsidiary | - | - | 21,126 | - | |||||||||||||
| Other leasing income | 1,900 | 2,389 | 5,700 | 6,189 | |||||||||||||
| Total other income (expense) | 619,088 | (258,605 | ) | # | 2,148,349 | (637,166 | ) | ||||||||||
| Net income (loss) before taxes | 1,332,983 | 123,544 | 2,674,573 | (2,564,577 | ) | ||||||||||||
| Income tax expense | - | - | - | 15,834 | |||||||||||||
| Net income (loss) from continuing operations | $ | 1,332,983 | $ | 123,544 | $ | 2,674,573 | $ | (2,580,411 | ) | ||||||||
| Net income (loss) from discontinued operations | 1,847 | 11,189 | $ | (8,624 | ) | $ | (100,151 | ) | |||||||||
| Consolidated net income (loss) | $ | 1,334,830 | $ | 134,733 | $ | 2,665,949 | $ | (2,680,562 | ) | ||||||||
| Net income (loss) per share from continuing operations - basic | $ | 0.03 | $ | 0.00 | $ | 0.05 | $ | (0.05 | ) | ||||||||
| Net income (loss) per share from continuing operations - diluted | $ | 0.03 | $ | 0.00 | $ | 0.05 | $ | (0.05 | ) | ||||||||
| Net (loss) per share from discontinued operations - basic | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||
| Net (loss) per share from discontinued operations - diluted | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||
| Weighted average shares outstanding - basic | 50,995,008 | 49,193,476 | 50,518,152 | 48,909,277 | |||||||||||||
| Weighted average shares outstanding - diluted | 51,639,238 | 49,235,998 | 51,162,382 | 48,909,277 | |||||||||||||
| Innovative Food Holdings, Inc. Consolidated Statements of Cash Flows (unaudited) | ||||||||
| For the Nine | For the Nine | |||||||
| Months Ended | Months Ended | |||||||
| September 30, | September 30, | |||||||
| 2024 | 2023 | |||||||
| (unaudited) | (unaudited) | |||||||
| Cash flows used in operating activities: | ||||||||
| Net income (loss) | $ | 2,657,380 | $ | (2,680,562 | ) | |||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
| Gain on disposition of assets | (2,641,979 | ) | - | |||||
| Gain on sale of subsidiary | (21,126 | ) | - | |||||
| Depreciation and amortization | 211,488 | 429,048 | ||||||
| Amortization of right of use asset | 12,740 | 47,650 | ||||||
| Amortization of discount on notes payable | 3,850 | 2,013 | ||||||
| Stock based compensation | 313,773 | 328,177 | ||||||
| Value of stock appreciation rights | 476,161 | 274,755 | ||||||
| Provision for doubtful accounts | 40,667 | 108,694 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable, net | (697,821 | ) | (108,673 | ) | ||||
| Inventory and other current assets, net | (301,158 | ) | 17,616 | |||||
| Accounts payable and accrued liabilities | (2,281,618 | ) | (1,489,017 | ) | ||||
| Accrued separation costs - related parties | (379,380 | ) | 1,385,503 | |||||
| Deferred revenue | (97,569 | ) | (463,833 | ) | ||||
| Operating lease liability | (12,740 | ) | (47,650 | ) | ||||
| Net cash provided by (used) in operating activities | (2,717,332 | ) | (2,196,279 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Acquisition of property and equipment | (309,262 | ) | (58,949 | ) | ||||
| Cash received from disposition of asset, net of loan payoff | 2,101,185 | - | ||||||
| Cash received from disposition of intangible assets, net of costs | 525,000 | - | ||||||
| Net cash provided by (used in) investing activities | 2,316,923 | (58,949 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Cash received from notes payable, net of costs | - | 3,285,588 | ||||||
| Principal payments on debt | (64,878 | ) | (52,405 | ) | ||||
| Principal payments financing leases | (136,078 | ) | (151,133 | ) | ||||
| Principal payments on line of credit | - | (2,014,333 | ) | |||||
| Net cash (used in) financing activities | (200,956 | ) | 1,067,717 | |||||
| Decrease in cash and cash equivalents | (601,365 | ) | (1,187,511 | ) | ||||
| Cash and cash equivalents at beginning of period | 5,422,335 | 4,899,398 | ||||||
| Cash and cash equivalents at end of period - continuing operations | $ | 4,820,970 | $ | 3,535,862 | ||||
| Cash and cash equivalents at end of period - discontinued operations | $ | - | $ | 176,025 | ||||
| Cash and cash equivalents at end of period | $ | 4,820,970 | $ | 3,711,887 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 456,062 | $ | 572,879 | ||||
| Taxes | $ | - | $ | - | ||||
| Non-cash investing and financing activities: | ||||||||
| Reclassify fixed assets as held for sale | $ | 5,941,933 | $ | - | ||||
| Debt to Fifth Third Bank paid directly by Maple Mark Bank | $ | 353,815 | $ | - | ||||
| Issuance of common stock for severance agreement previously accrued | $ | - | $ | 168,000 | ||||
| Par value of shares issued, previously accrued | $ | - | $ | 66 | ||||
| Issuance of common stock for severance agreement previously accrued | $ | - | $ | - | ||||
| Reclassify fixed assets as held for sale | $ | 5,941,933 | $ | - | ||||
| Issuance of stock for cashless exercise of options | $ | 2 | $ | - | ||||
| Innovative Food Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures Adjusted EBITDA Calculations (unaudited) | ||||||||||||||||
| Q3 2024 | Q3 2023 | 2024 YTD | 2023 YTD | |||||||||||||
| Net Income (Loss) From Continuing Operations (GAAP) | $ | 1,334,830 | $ | 123,544 | $ | 2,674,573 | $ | (2,580,411 | ) | |||||||
| Depreciation & Amortization (1) | $ | 42,926 | $ | 142,179 | $ | 211,488 | $ | 429,048 | ||||||||
| Interest expense - net | $ | 217,275 | $ | 260,994 | $ | 642,212 | $ | 643,355 | ||||||||
| Income tax provision | $ | - | $ | - | $ | - | $ | 15,834 | ||||||||
| EBITDA (Non-GAAP) (2) | $ | 1,595,031 | $ | 526,717 | $ | 3,528,273 | $ | (1,492,174 | ) | |||||||
| Adjustments: | ||||||||||||||||
| Separation Costs | $ | - | $ | 18,675 | $ | 68,791 | $ | 1,970,735 | ||||||||
| Unaccrued 2022 Leadership Bonus' Expensed & Paid in 2023 | $ | - | $ | - | $ | - | $ | 125,923 | ||||||||
| Other Restructuring Costs | $ | 5,000 | $ | 5,297 | $ | 185,087 | $ | 613,332 | ||||||||
| Stock Compensation Expense (3) | $ | 49,682 | $ | 350,053 | $ | 791,968 | $ | 601,309 | ||||||||
| Legal Fees - JIT Lawsuit | $ | - | $ | 19,996 | $ | 26,325 | $ | 76,476 | ||||||||
| Gain on Sale of Subsidiaries | $ | - | $ | - | $ | (21,126 | ) | $ | - | |||||||
| Other Legal & Transactional | $ | 182,103 | $ | - | $ | 223,926 | $ | - | ||||||||
| Commission on Sale of Asset | $ | - | $ | 247,300 | ||||||||||||
| Gain on sale of assets | $ | (834,463 | ) | $ | - | $ | (2,763,735 | ) | $ | - | ||||||
| Adjusted EBITDA (Non-GAAP) (4) | $ | 997,353 | $ | 920,738 | $ | 2,286,809 | $ | 1,895,601 | ||||||||
| Adjustments: | ||||||||||||||||
| Depreciation | $ | (42,926 | ) | $ | (131,847 | ) | $ | (211,488 | ) | $ | (398,054 | ) | ||||
| Interest expense - net | $ | (217,275 | ) | $ | (260,994 | ) | $ | (642,212 | ) | $ | (643,355 | ) | ||||
| Income tax provision | $ | - | $ | - | $ | - | $ | (15,834 | ) | |||||||
| Adjusted Net Income (Non-GAAP) (5) | $ | 737,152 | $ | 527,897 | $ | 1,433,109 | $ | 838,358 | ||||||||
| Adjusted Diluted EPS (Non-GAAP) | $ | 0.014 | $ | 0.011 | $ | 0.028 | $ | 0.017 | ||||||||
| Weighted-average diluted shares outstanding (Non-GAAP) (6) | 51,162,382 | 49,235,998 | 51,162,382 | 48,909,277 | ||||||||||||
| Q3 2024 | Q3 2023 | 2024 YTD | 2023 YTD | |||||||||||||
| Revenue (GAAP) | $ | 17,009,771 | $ | 16,958,489 | $ | 49,398,874 | $ | 52,154,339 | ||||||||
| Gross profit (GAAP) | $ | 4,284,234 | $ | 4,539,164 | $ | 12,085,971 | $ | 12,800,268 | ||||||||
| Inventory Reserve | $ | - | $ | - | $ | 129,287 | $ | - | ||||||||
| Adjusted Gross profit (Non-GAAP) (7) | $ | 4,284,234 | $ | 4,539,164 | $ | 12,215,258 | $ | 12,800,268 | ||||||||
| Adjusted Gross profit margin % (Non-GAAP) | 25.19 | % | 26.77 | % | 24.73 | % | 24.54 | % | ||||||||
| Q3 2024 | Q3 2023 | 2024 YTD | 2023 YTD | |||||||||||||
| Adjusted EBITDA (Non-GAAP) (4) | $ | 997,353 | $ | 920,738 | $ | 2,286,809 | $ | 1,895,601 | ||||||||
| Interest Expense -net | $ | (217,275 | ) | $ | (260,994 | ) | $ | (642,212 | ) | $ | (643,355 | ) | ||||
| Income Tax Expense - net | $ | - | $ | - | $ | - | $ | (15,834 | ) | |||||||
| Maintenance Capital Expenditures (8) | $ | (3,324 | ) | $ | (26,476 | ) | $ | (309,262 | ) | $ | (58,949 | ) | ||||
| Adjusted Free Cash Flow (Non-GAAP) (9) | $ | 776,754 | $ | 633,268 | $ | 1,335,335 | $ | 1,177,463 | ||||||||
(1) Includes non-cash depreciation and amortization charges.
(2) Earnings before interest, taxes, depreciation, and amortization
(3) Includes stock and options-based compensation and expenses.
(4) Adjusted EBITDA is a non-GAAP metric. Management believes that the presentation of these non-GAAP financial measures provides useful information to investors because the information may allow investors to better evaluate ongoing business performance and certain components of the Company’s results. In addition, the Company believes that the presentation of these financial measures enhances an investor’s ability to make period-to-period comparisons of the Company’s operating results. This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results.
(5) Adjusted Net Income accounts for the impact of non-core expenses including addback for one-time organizational restructure expenses, gains or losses on sale of assets or subsidiaries, tradename impairments, amortization expense, expense on the extinguishment of debt, and stock related expenses in both 2024 and 2023
(6) GAAP weighted average shares outstanding.
(7) Adjusted Gross profit is Gross profit adjusted to remove the impact of inventory reserve adjustments or non-recurring inventory related gains or losses.
(8) Maintenance Capital Expenditures is a component of “Acquisition of property and equipment (GAAP)” on the consolidated statement of cash flows. It represents management’s assumptions of capital spending to maintain the company’s current level of operations. It does not include expenditures on acquisitions (less cash acquired), nor does it include other capital expenditures made to fund growth of the current business.
(9) Adjusted Free Cash Flow is defined as Adjusted EBITDA less interest expense, income tax expense, and maintenance capital expenditures. The company believes adjusted free cash flow is useful to investors in understanding how existing cash flow from operations before working capital changes and non-recurring items after maintenance capital expenditures (which we believe the best proxy for over time is Adjusted EBITDA less interest expense, income tax expense, and maintenance capital expenditures) is utilized as a source of growing our business. Adjusted Free Cash Flow is not a measure of cash available for discretionary expenditures since the company has certain non-discretionary obligations that were not deducted from the measure.
FAQ
What was IVFH's revenue growth in Q3 2024?
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