Guardian Pharmacy Services, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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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.
Sep 30, 2025 · Filed Nov 10, 2025
GRDN$49.85+6.0%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
| Nine Months Ended September 30, | ||
|---|---|---|
| (In thousands) | 2024 | 2025 |
| Operating activities | ||
| Net income (loss) | $(82,874) | $27,693 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 14,619 | 16,594 |
| Share-based compensation expense | 128,029 | 12,770 |
| Provision for losses on accounts receivable | 4,240 | 3,110 |
| Change in deferred tax asset | — | 710 |
| Other | (31) | 585 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (17,285) | (11,593) |
| Inventories | (6,226) | (5,669) |
| Other current assets | 768 | 858 |
| Accounts payable | 14,158 | 21,148 |
| Accrued compensation | (3,373) | 1,514 |
| Other operating liabilities | (16,402) | (2,065) |
| Net cash provided by operating activities | 35,623 | 65,655 |
| Investing activities | ||
| Purchases of property and equipment | (11,867) | (15,318) |
| Payment for acquisitions | (12,460) | (12,921) |
| Other | 544 | 724 |
| Net cash used in investing activities | (23,783) | (27,515) |
| Financing activities | ||
| Proceeds from equity offering, net of underwriter fees | 119,784 | 29,039 |
| Repurchase of outstanding Class A common stock | — | (29,039) |
| Payments of equity offering costs | (538) | (1,594) |
| Payments to Class B common stockholders | (55,176) | — |
| Borrowings from notes payable | 15,000 | — |
| Repayment of notes payable | (3,750) | (497) |
| Borrowings from line of credit | 189,300 | — |
| Repayments of line of credit | (188,300) | — |
| Principal payments on finance lease obligations | (3,309) | (3,393) |
| Contingent payments related to acquisitions | — | (2,259) |
| Contributions from non-controlling interests | 2,107 | 1,619 |
| Distributions to non-controlling interests | (14,279) | (189) |
| Member distributions | (36,050) | — |
| Other | (160) | — |
| Net cash provided by (used in) financing activities | 24,629 | (6,313) |
| Net change in cash and cash equivalents | 36,469 | 31,827 |
| Cash and cash equivalents, beginning of period | 752 | 4,660 |
| Cash and cash equivalents, end of period | $37,221 | $36,487 |
| Supplemental disclosure of cash flow information | ||
| Cash paid during the year for interest | $2,851 | $510 |
| Cash paid during the year for income taxes | $— | $17,591 |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Purchases of property and equipment through finance leases | $2,256 | $3,623 |
| Accrued and capitalized offering costs recorded to additional paid-in capital | $12,509 | $— |
| Non-cash equity contributions from non-controlling interests | $4,989 | $3,609 |
Guardian Pharmacy Services, Inc. and Subsidiaries
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