TENNANT CO
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
TNC$75.50+1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| (In millions) | Three Months EndedMarch 31, | |
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net income | $28.4 | $24.3 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense | 9.6 | 8.3 |
| Amortization expense | 3.9 | 3.9 |
| Deferred income tax benefit | (1.0) | (2.0) |
| Share-based compensation expense | 3.2 | 1.2 |
| Bad debt and returns expense | 0.3 | 1.0 |
| Other, net | 0.1 | 0.2 |
| Changes in operating assets and liabilities: | ||
| Receivables | (10.1) | (2.5) |
| Inventories | (9.2) | (1.5) |
| Accounts payable | 13.9 | (6.6) |
| Employee compensation and benefits | (20.3) | 0.5 |
| Other assets and liabilities | (15.9) | 4.3 |
| Net cash provided by operating activities | 2.9 | 31.1 |
| INVESTING ACTIVITIES | ||
| Purchases of property, plant and equipment | (3.0) | (6.8) |
| Purchase of investment | (32.1) | — |
| Payments made in connection with business acquisition, net of cash acquired | (25.5) | — |
| Investment in leased assets | (0.2) | (0.2) |
| Cash received from leased assets | 0.2 | 0.2 |
| Net cash used in investing activities | (60.6) | (6.8) |
| FINANCING ACTIVITIES | ||
| Proceeds from borrowings | 40.0 | 20.0 |
| Repayments of borrowings | (26.2) | (21.4) |
| Change in finance lease obligations | — | 0.2 |
| Proceeds from exercise of stock options, net of employee tax withholdings obligations | 19.5 | 0.8 |
| Repurchases of common stock | (1.1) | (5.0) |
| Dividends paid | (5.3) | (4.9) |
| Net cash provided by (used) in financing activities | 26.9 | (10.3) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2.5 | — |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (28.3) | 14.0 |
| Cash, cash equivalents and restricted cash at beginning of period | 117.1 | 77.4 |
| Cash, cash equivalents and restricted cash at end of period | $88.8 | $91.4 |
| SUPPLEMENTAL CASH FLOW INFORMATION | Three Months EndedMarch 31, | |
|---|---|---|
| (In millions) | 2024 | 2023 |
| Cash paid for income taxes | $1.6 | $0.8 |
| Cash paid for interest | 4.5 | 4.5 |
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows from operating leases | 4.7 | 4.6 |
| Lease assets obtained in exchange for new operating lease liabilities | 3.8 | 4.6 |
| Supplemental non-cash investing and financing activities: | ||
| Capital expenditures in accounts payable | 2.1 | 1.5 |
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