HALLADOR ENERGY CO
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
HNRG$10.16-4.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| 2023 | 2022 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $44,793 | $18,105 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Deferred income taxes | 4,629 | 1,756 |
| Equity income (loss) – Sunrise Energy | 552 | (443) |
| Cash distribution - Sunrise Energy | 625 | — |
| Depreciation, depletion and amortization | 67,211 | 46,875 |
| Loss on extinguishment of debt | 1,491 | — |
| Loss (gain) on sale of assets | 398 | (264) |
| Payments on interest rate swap, net of changes in value | — | (867) |
| Amortization of debt issuance costs | 3,233 | 3,601 |
| Asset retirement obligations accretion | 1,804 | 1,010 |
| Cash paid on asset retirement obligation reclamation | (3,384) | (3,162) |
| Stock-based compensation | 3,554 | 1,269 |
| Provision for loss on customer contracts | — | 159 |
| Amortization of contract asset and contract liabilities | (39,791) | (19,731) |
| Change in current assets and liabilities: | ||
| Accounts receivable | 9,952 | (16,305) |
| Inventory | 15,548 | (25,863) |
| Parts and supplies | (10,582) | (6,271) |
| Prepaid expenses | 1,186 | (5,941) |
| Accounts payable and accrued liabilities | (18,992) | 24,037 |
| Deferred revenue | (23,423) | 35,485 |
| Other | 610 | 719 |
| Net cash provided by operating activities | $59,414 | $54,169 |
Consolidated Statements of Cash Flows
(continued)
| 2023 | 2022 | |
|---|---|---|
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Capital expenditures | $(75,352) | $(54,020) |
| Proceeds from sale of equipment | 62 | 655 |
| Net cash used in investing activities | (75,290) | (53,365) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Payments on bank debt | (59,713) | (78,225) |
| Borrowings of bank debt | 66,000 | 51,700 |
| Proceeds from sale and leaseback arrangement | 11,082 | — |
| Issuance of convertible notes payable | — | 11,000 |
| Issuance of related party convertible notes payable | — | 18,000 |
| Debt issuance costs | (6,013) | (2,097) |
| Distributions to redeemable noncontrolling interests | — | (585) |
| ATM offering | 7,318 | — |
| Taxes paid on vesting of RSUs | (2,101) | — |
| Net cash provided by (used in) financing activities | 16,573 | (207) |
| Increase in cash, cash equivalents, and restricted cash | 697 | 597 |
| Cash, cash equivalents, and restricted cash, beginning of year | 6,426 | 5,829 |
| Cash, cash equivalents, and restricted cash, end of year | $7,123 | $6,426 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | ||
| Cash and cash equivalents | $2,842 | $3,009 |
| Restricted cash | 4,281 | 3,417 |
| $7,123 | $6,426 | |
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||
| Cash paid for interest | $9,966 | $8,123 |
| SUPPLEMENTAL NON-CASH FLOW INFORMATION: | ||
| Change in capital expenditures included in accounts payable and finance lease | $1,882 | $3,440 |
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