DOUGLAS DYNAMICS INC
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
PLOW$37.33-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
| Years ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities | |||
| Net income | $23,723 | $38,609 | $30,691 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 21,662 | 20,938 | 20,316 |
| Amortization of deferred financing costs and debt discount | 588 | 491 | 894 |
| Loss on extinguishment of debt | - | - | 4,936 |
| Loss (gain) on disposal of fixed assets | (56) | 111 | (220) |
| Stock-based compensation | 953 | 6,730 | 5,794 |
| Adjustments on derivatives not designated as hedges | (688) | (688) | (1,192) |
| Provision (credit) for losses on accounts receivable | 320 | (1,476) | 67 |
| Deferred income taxes | 7,561 | (3,268) | 1,618 |
| Impairment charges | - | - | 1,211 |
| Non-cash lease expense | 5,097 | 1,030 | 1,768 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | 2,684 | (14,253) | 12,093 |
| Inventories | (3,888) | (32,483) | (24,276) |
| Prepaid assets, refundable income taxes and other assets | (14,010) | 3,422 | (1,714) |
| Accounts payable | (17,123) | 21,522 | 10,418 |
| Accrued expenses and other current liabilities | (8,154) | 1,321 | 42 |
| Benefit obligations and other long-term liabilities | (6,200) | (1,976) | (1,911) |
| Net cash provided by operating activities | 12,469 | 40,030 | 60,535 |
| Investing activities | |||
| Capital expenditures | (10,521) | (12,047) | (11,208) |
| Net cash used in investing activities | (10,521) | (12,047) | (11,208) |
| Financing activities | |||
| Repurchase of common stock | - | (6,001) | - |
| Proceeds from life insurance policy loans | 750 | - | - |
| Payments of financing costs | (334) | - | (1,371) |
| Borrowings on long-term debt | - | - | 224,438 |
| Dividends paid | (27,441) | (27,026) | (26,522) |
| Net revolver borrowings | 47,000 | - | - |
| Repayment of long-term debt | (18,437) | (11,250) | (249,938) |
| Net cash provided by (used in) financing activities | 1,538 | (44,277) | (53,393) |
| Change in cash and cash equivalents | 3,486 | (16,294) | (4,066) |
| Cash and cash equivalents at beginning of year | 20,670 | 36,964 | 41,030 |
| Cash and cash equivalents at end of year | $24,156 | $20,670 | $36,964 |
| Non-cash operating and financing activities | |||
| Truck chassis inventory acquired through floorplan obligations | $7,875 | $4,725 | $34,432 |
| Supplemental disclosure of cash flow information | |||
| Income taxes paid | $14,512 | $7,025 | $9,768 |
| Interest paid | $18,184 | $11,662 | $12,307 |
Notes to Consolidated Financial Statements
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