Village Farms International Inc
For the period ended Dec 31, 2023. Filed Mar 13, 2024.
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FY2023 · Filed Mar 13, 2024
VFF$2.67-6.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
(In thousands of United States dollars)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash flows provided by (used in) operating activities: | |||
| Net loss attributable to Village Farms International, Inc. shareholders | $(31,798) | $(101,146) | $(9,079) |
| Adjustments to reconcile net loss attributable to Village Farms International, Inc. shareholders to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 15,926 | 13,054 | 12,709 |
| Amortization of deferred charges | 136 | 214 | 300 |
| Share of loss from joint venture | — | 2,668 | 308 |
| Net income (loss) attributable to non-controlling interest | (21) | (269) | — |
| Interest expense | 4,509 | 3,244 | 2,835 |
| Interest income | — | (207) | (126) |
| Interest paid on long-term debt | (4,700) | (3,420) | (3,306) |
| Unrealized foreign exchange loss | 64 | 83 | — |
| Impairments | 14,020 | 43,299 | — |
| Inventory impairment | — | 11,038 | — |
| Write-off of joint venture loan | — | 592 | — |
| Loss (gain) on disposal of assets | 7 | (7) | 259 |
| Non-cash lease expense | 2,103 | (604) | (1,351) |
| Other | — | — | 366 |
| Share-based compensation | 3,111 | 3,987 | 7,533 |
| Deferred income taxes | 4,046 | 9,831 | (2,866) |
| Changes in non-cash working capital items | (2,088) | (2,246) | (47,149) |
| Net cash provided by (used in) operating activities | 5,315 | (19,889) | (39,567) |
| Cash flows (used in) provided by investing activities: | |||
| Purchases of property, plant and equipment | (6,518) | (14,292) | (21,656) |
| Advances to joint ventures | — | — | (20) |
| Acquisitions, net | — | (5,873) | (40,685) |
| Equity investment | (548) | — | (1,109) |
| Issuance of note receivable | — | (734) | — |
| Repayment of note receivable | 835 | — | — |
| Net cash used in investing activities | (6,231) | (20,899) | (63,470) |
| Cash flows provided by (used in) financing activities: | |||
| Proceeds from borrowings | — | 7,321 | 19,669 |
| Repayments on borrowings | (9,281) | (9,709) | (9,454) |
| Proceeds from issuance of common stock and warrants | 24,772 | 6,898 | 135,000 |
| Issuance costs | (1,437) | (206) | (7,511) |
| Proceeds from exercise of stock options | 83 | 192 | 199 |
| Proceeds from exercise of warrants | — | — | 18,495 |
| Share re-purchases | — | — | (5,000) |
| Payments on capital lease obligations | — | — | (17) |
| Payment of note payable related to acquisition | — | — | (15,498) |
| Net cash provided by financing activities | 14,137 | 4,496 | 135,883 |
| Effect of exchange rate changes on cash and cash equivalents | 394 | (699) | 142 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 13,615 | (36,991) | 32,988 |
| Cash, cash equivalents and restricted cash, beginning of period | 21,676 | 58,667 | 25,679 |
| Cash, cash equivalents and restricted cash, end of period | $35,291 | $21,676 | $58,667 |
| Supplemental disclosure of non-cash activities: | |||
| Non-Cash - investing and financing activities | |||
| Shares issued for acquisitions | $— | $— | $63,044 |
| Operating lease right-of-use assets | $5,578 | $— | $— |
| Operating lease liabilities | $5,578 | $— | $— |
| Supplemental cash flow information: | |||
| Income taxes paid | $— | $— | $1,801 |
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