Vital Farms Inc

For the period ended Dec 31, 2023. Filed Mar 7, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 7, 2024

VITL$10.01-0.4%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Year Ended
	December 31,2023	December 25,2022	December 26,2021
Cash flows from operating activities:
Net income	$25,566	$1,230	$2,382
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,925	5,441	3,540
Reduction in the carrying amount of right-of-use assets	4,129	1,840	—
Amortization of available-for-sale debt securities	348	711	1,301
Stock-based compensation expense	7,417	6,040	4,440
Uncertain tax positions	58	405	—
Deferred taxes	(179)	227	(2,536)
Net realized losses on derivative instruments	2,711	—	—
Other	438	184	341
Changes in operating assets and liabilities:
Accounts receivable	(862)	(13,858)	(6,078)
Inventories	(6,443)	(15,574)	1,733
Income taxes receivable	—	199	1,354
Prepaid expenses and other current assets	(1,151)	(131)	426
Deposits and other assets	98	45	(46)
Income taxes payable	782	425	—
Accounts payable	6,671	2,352	6,796
Accrued liabilities	5,157	3,843	4,029
Operating lease liabilities	(1,759)	(1,477)	—
Net cash provided by (used in) operating activities	$50,906	$(8,098)	$17,682
Cash flows from investing activities:
Purchases of property, plant and equipment	(11,538)	(10,468)	(16,711)
Purchases of leasehold improvements	—	(89)	—
Purchases of available-for-sale debt securities	(982)	(33,817)	(51,688)
Purchases of derivative instruments	(1,971)	—	—
Sales of available-for-sale debt securities	2,895	—	1,436
Settlements of derivative instruments	106	—	—
Maturities and call redemptions of available-for-sale debt securities	32,265	34,345	48,523
Proceeds from the sale of property, plant and equipment	1,056	100	—
Return of investment in variable interest entity	552	—	—
Dissolution of equity investment	—	(108)	—
Net cash provided by (used in) investing activities	$22,383	$(10,037)	$(18,440)

See accompanying notes to the consolidated financial statements

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Year Ended
	December 31,2023	December 25,2022	December 26,2021
Cash flows from financing activities:
Proceeds from borrowing under revolving line of credit	7,500	—	—
Proceeds from exercise of stock options	692	675	2,803
Proceeds from issuance of common stock under employee stock purchase plan	296	—	—
Repayment of revolving line of credit	(7,500)	—	—
Payment of tax withholding obligation on vested RSU shares	(796)	—	—
Principal payments under finance lease obligations	(2,246)	(554)	(471)
Payment of contingent consideration	—	(38)	(152)
Net cash (used in) provided by financing activities	$(2,054)	$83	$2,180
Net increase (decrease) in cash and cash equivalents	71,235	(18,052)	1,422
Cash and cash equivalents at beginning of the period	12,914	30,966	29,544
Cash and cash equivalents at end of the period	$84,149	$12,914	$30,966
Supplemental disclosure of cash flow information:
Cash paid for interest	$775	$114	$43
Cash paid for income taxes	$5,996	$99	$102
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	$187	$1,143	$1,493

See accompanying notes to the consolidated financial statements

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