Village Farms International Inc
For the period ended Dec 31, 2024. Filed Mar 13, 2025.
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FY2024 · Filed Mar 13, 2025
VFF$2.67-6.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
For the Years Ended December 31, 2024, 2023 and 2022
(In thousands of United States dollars)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Cash flows provided by (used in) operating activities: | |||
| Loss including non-controlling interests | $(35,643) | $(34,819) | $(101,415) |
| Adjustments to reconcile loss including non-controlling interests to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 18,838 | 15,926 | 13,054 |
| Amortization of deferred charges | 10 | 136 | 214 |
| Share of loss from joint venture | — | — | 2,668 |
| Interest expense | 3,365 | 4,509 | 3,244 |
| Interest paid on long-term debt | (4,203) | (4,700) | (3,420) |
| Unrealized foreign exchange loss | 233 | 64 | 83 |
| Goodwill and intangible asset impairments | 11,939 | 14,020 | 43,299 |
| Inventory and other impairments | 10,961 | — | 11,038 |
| Write-off of joint venture loan | — | — | 592 |
| Non-cash lease expense | 2,402 | 2,103 | 1,798 |
| Share-based compensation | 3,747 | 3,111 | 3,987 |
| Deferred income taxes | (1,739) | 7,046 | 9,831 |
| Changes in non-cash working capital items | 438 | (2,081) | (4,862) |
| Net cash provided by (used in) operating activities | 10,348 | 5,315 | (19,889) |
| Cash flows (used in) provided by investing activities: | |||
| Purchases of property, plant and equipment | (10,083) | (6,518) | (14,292) |
| Purchases of intangibles | (158) | — | — |
| Acquisitions, net | — | — | (5,873) |
| Equity investment | — | (548) | — |
| Issuance of note receivable | — | — | (734) |
| Repayment of note receivable | — | 835 | — |
| Net cash used in investing activities | (10,241) | (6,231) | (20,899) |
| Cash flows (used in) provided by financing activities: | |||
| Proceeds from borrowings | — | — | 7,321 |
| Repayments on borrowings | (5,709) | (9,281) | (9,709) |
| Purchase of Non-controlling interest | (3,817) | — | — |
| Proceeds from issuance of common stock and warrants | — | 24,772 | 6,898 |
| Issuance costs | — | (1,437) | (206) |
| Proceeds from exercise of stock options | — | 83 | 192 |
| Net cash (used in) provided by financing activities | (9,526) | 14,137 | 4,496 |
| Effect of exchange rate changes on cash and cash equivalents | (1,241) | 394 | (699) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (10,660) | 13,615 | (36,991) |
| Cash, cash equivalents and restricted cash, beginning of period | 35,291 | 21,676 | 58,667 |
| Cash, cash equivalents and restricted cash, end of period | $24,631 | $35,291 | $21,676 |
| Supplemental disclosure of non-cash activities: | |||
| Non-Cash - investing and financing activities | |||
| Operating lease right-of-use assets | $117 | $5,578 | $— |
| Operating lease liabilities | $117 | $5,578 | $— |
| Supplemental cash flow information: | |||
| Income taxes paid | $— | $— | $— |
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