Natural Grocers by Vitamin Cottage Announces Third Quarter Fiscal 2024 Results
Natural Grocers by Vitamin Cottage (NYSE: NGVC) reported strong Q3 fiscal 2024 results, with net sales increasing 9.7% to $309.1 million. The company experienced a 7.2% increase in daily average comparable store sales, driven by a 4.7% rise in transaction count and a 2.4% increase in transaction size. Operating income surged 41.4% to $12.8 million, while net income grew 30.2% to $9.2 million. Diluted earnings per share reached $0.40.
Based on these robust results, Natural Grocers has raised its fiscal 2024 outlook, projecting daily average comparable store sales growth of 6.0% to 7.0% and diluted earnings per share between $1.27 and $1.34. The company also declared a quarterly cash dividend of $0.10 per common share, payable on September 18, 2024.
Natural Grocers by Vitamin Cottage (NYSE: NGVC) ha riportato risultati solidi per il terzo trimestre dell'esercizio fiscale 2024, con vendite nette in aumento del 9,7% a 309,1 milioni di dollari. L'azienda ha registrato un incremento del 7,2% nelle vendite comparabili giornaliere, grazie a un aumento del 4,7% nel numero di transazioni e un incremento del 2,4% nella dimensione delle transazioni. Il reddito operativo è aumentato del 41,4% a 12,8 milioni di dollari, mentre il reddito netto è cresciuto del 30,2% a 9,2 milioni di dollari. Gli utili diluiti per azione hanno raggiunto i 0,40 dollari.
In base a questi risultati robusti, Natural Grocers ha rivisto al rialzo le sue previsioni per l'esercizio fiscale 2024, prevedendo una crescita delle vendite comparabili giornaliere tra il 6,0% e il 7,0% e utili diluiti per azione compresi tra 1,27 e 1,34 dollari. L'azienda ha anche dichiarato un dividendo in contanti trimestrale di 0,10 dollari per azione comune, pagabile il 18 settembre 2024.
Natural Grocers by Vitamin Cottage (NYSE: NGVC) informó resultados sólidos para el tercer trimestre del ejercicio fiscal 2024, con ingresos netos en aumento del 9.7% a 309.1 millones de dólares. La empresa experimentó un aumento del 7.2% en las ventas comparables diarias, impulsado por un incremento del 4.7% en el número de transacciones y un aumento del 2.4% en el tamaño de las transacciones. El ingreso operativo se disparó un 41.4% a 12.8 millones de dólares, mientras que el ingreso neto creció un 30.2% a 9.2 millones de dólares. Las ganancias diluidas por acción alcanzaron los 0.40 dólares.
Basado en estos robustos resultados, Natural Grocers ha aumentado su proyección para el ejercicio fiscal 2024, proyectando un crecimiento en las ventas comparables diarias de entre 6.0% y 7.0% y ganancias diluidas por acción entre 1.27 y 1.34 dólares. La empresa también declaró un dividendo en efectivo trimestral de 0.10 dólares por acción común, pagadero el 18 de septiembre de 2024.
비타민 코티지의 내추럴 그로서스(NYSE: NGVC)는 2024 회계연도 3분기 실적을 발표하며, 순매출이 9.7% 증가하여 3억 9백만 달러에 달했다고 보고했습니다. 회사는 하루 평균 비교 가능한 매장 매출이 7.2% 증가하였으며, 이는 거래 수가 4.7% 증가하고 거래 규모가 2.4% 증가한 덕분입니다. 영업 이익은 41.4% 증가하여 1천 2백 8십만 달러에 이르렀고, 순이익은 30.2% 증가하여 9백 2십만 달러로 늘어났습니다. 희석 주당 순이익은 0.40달러에 도달했습니다.
이러한 강력한 실적을 바탕으로, 내추럴 그로서스는 2024 회계연도 전망을 상향 조정했습니다, 하루 평균 비교 가능한 매장 매출 성장률을 6.0%에서 7.0% 사이로 예상하고, 희석 주당 순이익은 1.27달러에서 1.34달러 사이가 될 것으로 보입니다. 또한 회사는 2024년 9월 18일 지급 예정인 보통주당 0.10달러의 분기 현금 배당금을 선언했습니다.
Natural Grocers by Vitamin Cottage (NYSE: NGVC) a rapporté de solides résultats pour le troisième trimestre de l'exercice 2024, avec un chiffre d'affaires net en hausse de 9,7 % à 309,1 millions de dollars. L'entreprise a connu une augmentation de 7,2 % des ventes comparables à périmètre constant, grâce à une hausse de 4,7 % du nombre de transactions et un accroissement de 2,4 % de la taille des transactions. Le résultat d'exploitation a bondi de 41,4 % à 12,8 millions de dollars, tandis que le bénéfice net a progressé de 30,2 % à 9,2 millions de dollars. Le résultat dilué par action a atteint 0,40 dollar.
Sur la base de ces résultats solides, Natural Grocers a rehaussé sa prévision pour l'exercice 2024, projetant une croissance des ventes comparables à périmètre constant entre 6,0 % et 7,0 % et un bénéfice dilué par action compris entre 1,27 et 1,34 dollar. L'entreprise a également déclaré un dividende en espèces trimestriel de 0,10 dollar par action ordinaire, payable le 18 septembre 2024.
Natural Grocers by Vitamin Cottage (NYSE: NGVC) berichtete über starke Ergebnisse für das dritte Quartal des Geschäftsjahres 2024, mit einem Anstieg des Nettoumsatzes um 9,7% auf 309,1 Millionen Dollar. Das Unternehmen verzeichnete einen Anstieg von 7,2% im täglichen Durchschnitt des vergleichbaren Ladenverkaufs, der durch einen Anstieg der Transaktionsanzahl um 4,7% und einer Erhöhung der Transaktionsgröße um 2,4% vorangetrieben wurde. Das Betriebsergebnis stieg um 41,4% auf 12,8 Millionen Dollar, während der Nettogewinn um 30,2% auf 9,2 Millionen Dollar wuchs. Der verwässerte Gewinn pro Aktie erreichte 0,40 Dollar.
Basierend auf diesen soliden Ergebnissen hat Natural Grocers seine Prognose für das Geschäftsjahr 2024 angehoben, wobei ein Wachstum der täglichen vergleichbaren Ladenverkäufe von 6,0% bis 7,0% und ein verwässerter Gewinn pro Aktie zwischen 1,27 und 1,34 Dollar erwartet wird. Das Unternehmen erklärte zudem eine vierteljährliche Bardividende von 0,10 Dollar je Stammaktie, zahlbar am 18. September 2024.
- Net sales increased 9.7% to $309.1 million in Q3 fiscal 2024
- Daily average comparable store sales grew 7.2%
- Operating income increased 41.4% to $12.8 million
- Net income rose 30.2% to $9.2 million
- Diluted earnings per share reached $0.40, up 29.0% year-over-year
- Gross margin improved by 30 basis points to 29.2%
- Company raised fiscal 2024 outlook for comparable store sales growth and EPS
- Declared quarterly cash dividend of $0.10 per common share
- Effective income tax rate increased to 21.9% from 14.1% in Q3 fiscal 2023
- Outstanding borrowings of $16.6 million on the revolving credit facility
Insights
Natural Grocers' Q3 fiscal 2024 results show strong performance with significant improvements across key metrics. Net sales increased by
The operating margin improved by 100 basis points year-over-year, reaching
Investors should note the consistent growth trend, with four consecutive quarters of comparable store sales growth exceeding
Natural Grocers' Q3 results highlight its strong market positioning in the competitive natural and organic grocery sector. The
The company's unique value proposition of carefully vetted natural and organic products appears to be a key differentiator. This, combined with effective marketing initiatives and the {N}power® rewards program, is driving both foot traffic and basket size growth.
The planned expansion of 4 new stores and 5 relocations/remodels for fiscal 2024 suggests a measured growth strategy. This approach allows for maintaining operational efficiency while expanding market presence. The company's ability to leverage its smaller-store format for affordability and convenience could be a significant advantage in capturing market share from larger competitors.
Natural Grocers' Q3 results reveal impressive supply chain management amidst industry-wide challenges. The company maintained a healthy gross margin of
The increase in items per transaction indicates successful product assortment optimization. However, the slight decrease in product margin due to mix changes warrants attention. It will be important to monitor how the company balances its strict quality guidelines with margin preservation going forward.
The company's ability to leverage store occupancy costs while expanding is noteworthy. This efficiency in store operations and inventory management is contributing significantly to the improved operating margin. As Natural Grocers continues its expansion, maintaining this balance between growth and operational efficiency will be key to sustaining profitability.
Raises Fiscal 2024 Outlook
Highlights for Third Quarter Fiscal 2024 Compared to Third Quarter Fiscal 2023
- Net sales increased
9.7% to$309.1 million - Daily average comparable store sales increased
7.2% , and increased11.6% on a two-year basis; - Operating income increased
41.4% to$12.8 million - Net income increased
30.2% to$9.2 million $0.40 - Adjusted EBITDA was
$22.2 million
"We are very pleased with our financial results for the third quarter and year-to-date," said Kemper Isely, Co-President. "We continue to experience strong and balanced sales metrics including a
Mr. Isely continued, "The third quarter's robust sales growth combined with effective expense management resulted in operating leverage, which generated a year-over-year operating margin improvement of 100 basis points and a
In addition to presenting the financial results of Natural Grocers by Vitamin Cottage, Inc. and its subsidiaries (collectively, the Company) in conformity with
Operating Results — Third Quarter Fiscal 2024 Compared to Third Quarter Fiscal 2023
During the third quarter of fiscal 2024, net sales increased
Gross profit during the third quarter of fiscal 2024 increased
Store expenses during the third quarter of fiscal 2024 increased
Administrative expenses during the third quarter of fiscal 2024 increased
Operating income for the third quarter of fiscal 2024 was
The effective income tax rate was
Net income for the third quarter of fiscal 2024 was
Adjusted EBITDA for the third quarter of fiscal 2024 was
Operating Results — First Nine Months Fiscal 2024 Compared to First Nine Months Fiscal 2023
During the first nine months of fiscal 2024, net sales increased
Gross profit during the first nine months of fiscal 2024 increased
Store expenses during the first nine months of fiscal 2024 increased
Administrative expenses during the first nine months of fiscal 2024 increased
Operating income for the first nine months of fiscal 2024 was
The effective income tax rate was
Net income for the first nine months of fiscal 2024 was
Adjusted EBITDA for the first nine months of fiscal 2024 was
Balance Sheet and Cash Flow
As of June 30, 2024, the Company had
During the first nine months of fiscal 2024, the Company generated
Dividend Announcement
Today, the Company announced the declaration of a quarterly cash dividend of
Fiscal 2024 Outlook
The Company is raising its fiscal 2024 outlook for daily average comparable store sales growth and diluted earnings per share. Additionally, the Company is refining its outlook for the number of new stores and relocations/remodels, and narrowing its capital expenditures range. The Company now expects:
Fiscal | |
Number of new stores | 4 |
Number of relocations/remodels | 5 |
Daily average comparable store sales growth | |
Diluted earnings per share | |
Capital expenditures (in millions) |
Earnings Conference Call
The Company will host a conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time) to discuss this earnings release. The dial-in number is 1-888-347-6606 (US) or 1-412-902-4289 (International). The conference ID is "Natural Grocers Q3 FY 2024 Earnings Call." A simultaneous audio webcast will be available at http://Investors.NaturalGrocers.com and archived for a minimum of 20 days.
About Natural Grocers by Vitamin Cottage
Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries, body care products and dietary supplements. The products sold by Natural Grocers must meet strict quality guidelines and may not contain artificial colors, flavors, preservatives or sweeteners, or partially hydrogenated or hydrogenated oils. The Company sells only USDA certified organic produce and exclusively pasture-raised, non-confinement dairy products, and free-range eggs. Natural Grocers' flexible smaller-store format allows it to offer affordable prices in a shopper-friendly, clean and convenient retail environment. The Company also provides extensive free science-based nutrition education programs to help customers make informed health and nutrition choices. The Company, founded in 1955, has 169 stores in 21 states.
Visit www.NaturalGrocers.com for more information and store locations.
Forward-Looking Statements
The following constitutes a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Except for the historical information contained herein, statements in this release are "forward-looking statements" and are based on management's current expectations and are subject to uncertainty and changes in circumstances. All statements that are not statements of historical fact are forward-looking statements. Actual results could differ materially from these expectations due to changes in global, national, regional or local political, economic, inflationary, deflationary, recessionary, business, interest rate, labor market, competitive, market, regulatory and other factors, and other risks detailed in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (the Form 10-K) and the Company's subsequent quarterly reports on Form 10-Q. The information contained herein speaks only as of the date of this release and the Company undertakes no obligation to publicly update forward-looking statements, except as may be required by the securities laws.
For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Form 10-K and the Company's subsequent quarterly reports on Form 10-Q, copies of which may be obtained by contacting Investor Relations at 303-986-4600 or by visiting the Company's website at http://Investors.NaturalGrocers.com.
Investor Contact:
Reed Anderson, ICR, 646-277-1260, reed.anderson@icrinc.com
NATURAL GROCERS BY VITAMIN COTTAGE, INC. | ||||||||||
Consolidated Statements of Income (Unaudited) (Dollars in thousands, except per share data) | ||||||||||
Three months ended | Nine months ended | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||
Net sales | $ | 309,082 | 281,791 | 918,924 | 845,493 | |||||
Cost of goods sold and occupancy costs | 218,751 | 200,401 | 649,476 | 602,907 | ||||||
Gross profit | 90,331 | 81,390 | 269,448 | 242,586 | ||||||
Store expenses | 67,575 | 62,631 | 204,791 | 191,419 | ||||||
Administrative expenses | 9,545 | 9,308 | 28,474 | 26,166 | ||||||
Pre-opening expenses | 364 | 367 | 1,272 | 1,069 | ||||||
Operating income | 12,847 | 9,084 | 34,911 | 23,932 | ||||||
Interest expense, net | (1,052) | (848) | (3,123) | (2,478) | ||||||
Income before income taxes | 11,795 | 8,236 | 31,788 | 21,454 | ||||||
Provision for income taxes | (2,586) | (1,164) | (6,863) | (4,091) | ||||||
Net income | $ | 9,209 | 7,072 | 24,925 | 17,363 | |||||
Net income per share of common stock: | ||||||||||
Basic | $ | 0.40 | 0.31 | 1.09 | 0.76 | |||||
Diluted | $ | 0.40 | 0.31 | 1.08 | 0.76 | |||||
Weighted average number of shares of common stock outstanding: | ||||||||||
Basic | 22,789,057 | 22,734,375 | 22,766,516 | 22,722,712 | ||||||
Diluted | 23,115,356 | 22,887,923 | 23,052,044 | 22,825,343 | ||||||
NATURAL GROCERS BY VITAMIN COTTAGE, INC. | ||||||
Consolidated Balance Sheets (Unaudited) (Dollars in thousands, except per share data) | ||||||
June 30, 2024 | September 30, | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 13,915 | 18,342 | |||
Accounts receivable, net | 8,921 | 10,797 | ||||
Merchandise inventory | 117,337 | 119,260 | ||||
Prepaid expenses and other current assets | 5,026 | 4,151 | ||||
Total current assets | 145,199 | 152,550 | ||||
Property and equipment, net | 178,219 | 169,060 | ||||
Other assets: | ||||||
Operating lease assets, net | 275,070 | 287,941 | ||||
Finance lease assets, net | 41,830 | 45,110 | ||||
Deposits and other assets | 277 | 395 | ||||
Goodwill and other intangible assets, net | 13,791 | 14,129 | ||||
Total other assets | 330,968 | 347,575 | ||||
Total assets | $ | 654,386 | 669,185 | |||
Liabilities and Stockholders' Equity | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 79,310 | 80,675 | |||
Accrued expenses | 30,660 | 33,064 | ||||
Term loan facility, current portion | 1,687 | 1,750 | ||||
Operating lease obligations, current portion | 35,954 | 34,850 | ||||
Finance lease obligations, current portion | 3,909 | 3,690 | ||||
Total current liabilities | 151,520 | 154,029 | ||||
Long-term liabilities: | ||||||
Term loan facility, net of current portion | — | 5,938 | ||||
Revolving facility | 16,600 | — | ||||
Operating lease obligations, net of current portion | 262,331 | 276,808 | ||||
Finance lease obligations, net of current portion | 44,225 | 47,142 | ||||
Deferred income tax liabilities, net | 11,908 | 14,427 | ||||
Total long-term liabilities | 335,064 | 344,315 | ||||
Total liabilities | 486,584 | 498,344 | ||||
Stockholders' equity: | ||||||
Common stock, | 23 | 23 | ||||
Additional paid-in capital | 60,604 | 59,013 | ||||
Retained earnings | 107,175 | 111,871 | ||||
Common stock in treasury at cost, 6,497 shares at September 30, 2023 | — | (66) | ||||
Total stockholders' equity | 167,802 | 170,841 | ||||
Total liabilities and stockholders' equity | $ | 654,386 | 669,185 | |||
NATURAL GROCERS BY VITAMIN COTTAGE, INC. | ||||||
Consolidated Statements of Cash Flows (Unaudited) (Dollars in thousands) | ||||||
Nine months ended June 30, | ||||||
2024 | 2023 | |||||
Operating activities: | ||||||
Net income | $ | 24,925 | 17,363 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 22,998 | 21,426 | ||||
Loss on impairment of long-lived assets and store closures | 390 | 930 | ||||
Loss on disposal of property and equipment | 10 | 104 | ||||
Share-based compensation | 1,900 | 1,046 | ||||
Deferred income tax (benefit) expense | (2,519) | 231 | ||||
Non-cash interest expense | 14 | 14 | ||||
Other | (160) | — | ||||
Changes in operating assets and liabilities: | ||||||
Decrease (increase) in: | ||||||
Accounts receivable, net | 1,318 | 2,188 | ||||
Merchandise inventory | 1,923 | (2,953) | ||||
Prepaid expenses and other assets | (1,009) | (569) | ||||
Income tax receivable | 252 | (1,111) | ||||
Operating lease assets | 25,005 | 24,730 | ||||
(Decrease) increase in: | ||||||
Operating lease liabilities | (25,386) | (25,643) | ||||
Accounts payable | 2,023 | 2,202 | ||||
Accrued expenses | (2,404) | (3,799) | ||||
Net cash provided by operating activities | 49,280 | 36,159 | ||||
Investing activities: | ||||||
Acquisition of property and equipment | (31,016) | (23,241) | ||||
Acquisition of other intangibles | (839) | (1,133) | ||||
Proceeds from sale of property and equipment | 3 | 76 | ||||
Proceeds from property insurance settlements | 44 | — | ||||
Net cash used in investing activities | (31,808) | (24,298) | ||||
Financing activities: | ||||||
Borrowings under revolving facility | 455,300 | 379,700 | ||||
Repayments under revolving facility | (438,700) | (379,700) | ||||
Repayments under term loan facility | (6,000) | (6,000) | ||||
Finance lease obligation payments | (2,653) | (2,039) | ||||
Dividends to stockholders | (29,585) | (6,816) | ||||
Payments of deferred financing costs | (18) | — | ||||
Repurchase of common stock | — | (181) | ||||
Payments on withholding tax for restricted stock unit vesting | (243) | (288) | ||||
Net cash used in financing activities | (21,899) | (15,324) | ||||
Net decrease in cash and cash equivalents | (4,427) | (3,463) | ||||
Cash and cash equivalents, beginning of period | 18,342 | 12,039 | ||||
Cash and cash equivalents, end of period | $ | 13,915 | 8,576 | |||
Supplemental disclosures of cash flow information: | ||||||
Cash paid for interest | $ | 1,630 | 933 | |||
Cash paid for interest on finance lease obligations, net of capitalized interest of | 1,422 | 1,542 | ||||
Income taxes paid | 8,264 | 5,006 | ||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||
Acquisition of property and equipment not yet paid | $ | 2,578 | 6,246 | |||
Acquisition of other intangibles not yet paid | 51 | — | ||||
Property acquired through operating lease obligations | 13,073 | 11,307 | ||||
Property acquired through finance lease obligations | (45) | 5,771 | ||||
NATURAL GROCERS BY VITAMIN COTTAGE, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Financial Measures | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP. We define EBITDA as net income before interest expense, 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 and non-recurring items.
The following table reconciles net income to EBITDA and Adjusted EBITDA, dollars in thousands:
Three months ended | Nine months ended | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||
Net income | $ | 9,209 | 7,072 | 24,925 | 17,363 | |||||
Interest expense, net | 1,052 | 848 | 3,123 | 2,478 | ||||||
Provision for income taxes | 2,586 | 1,164 | 6,863 | 4,091 | ||||||
Depreciation and amortization | 7,845 | 7,210 | 22,998 | 21,426 | ||||||
EBITDA | 20,692 | 16,294 | 57,909 | 45,358 | ||||||
Impairment of long-lived assets and store | 402 | 59 | 826 | 930 | ||||||
Share-based compensation | 1,062 | 333 | 1,900 | 1,046 | ||||||
Adjusted EBITDA | $ | 22,156 | 16,686 | 60,635 | 47,334 | |||||
EBITDA increased
Adjusted EBITDA increased
Management believes some investors' understanding of our performance is enhanced by including EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. We believe EBITDA and Adjusted EBITDA provide additional information about: (i) our operating performance, because they assist us in comparing the operating performance of our stores on a consistent basis, as they remove the impact of non-cash depreciation and amortization expense as well as items not directly resulting from our core operations, such as interest expense and income taxes and (ii) our performance and the effectiveness of our operational strategies. Additionally, EBITDA is a component of a measure in our financial covenants under our credit facility.
Furthermore, management believes some investors use EBITDA and Adjusted EBITDA as supplemental measures to evaluate the overall operating performance of companies in our industry. Management believes that some investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. By providing these non-GAAP financial measures, together with a reconciliation from net income, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.
Our competitors may define EBITDA and Adjusted EBITDA differently, and as a result, our measures of EBITDA and Adjusted EBITDA may not be directly comparable to EBITDA and Adjusted EBITDA of other companies. Items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing financial performance. EBITDA and Adjusted EBITDA are supplemental measures of operating performance that do not represent and should not be considered in isolation or as an alternative to, or substitute for, net income or other financial statement data presented in the consolidated financial statements as indicators of financial performance. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are:
- EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
- EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
- EBITDA and Adjusted EBITDA do not reflect any depreciation or interest expense for leases classified as finance leases;
- EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
- Adjusted EBITDA does not reflect share-based compensation, impairment charges, and store closing costs;
- EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.
Due to these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA as supplemental information.
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SOURCE Natural Grocers by Vitamin Cottage, Inc.
FAQ
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