DOUGLAS DYNAMICS INC
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities | |||
| Net income | $56,151 | $23,723 | $38,609 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 17,890 | 21,662 | 20,938 |
| Amortization of deferred financing costs and debt discount | 703 | 588 | 491 |
| Loss (gain) on disposal of fixed assets | 347 | (56) | 111 |
| Gain on sale leaseback transaction | (42,298) | - | - |
| Stock based compensation | 4,860 | 953 | 6,730 |
| Adjustments on derivatives not designated as hedges | (287) | (688) | (688) |
| Provision (credit) for losses on accounts receivable | 702 | 320 | (1,476) |
| Deferred income taxes | (3,042) | 7,561 | (3,268) |
| Impairment charges | 1,224 | - | - |
| Non-cash lease expense | 6,319 | 5,097 | 1,030 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (4,348) | 2,684 | (14,253) |
| Inventories | 3,356 | (3,888) | (32,483) |
| Prepaid assets, refundable income taxes and other assets | 2,185 | (14,010) | 3,422 |
| Accounts payable | 991 | (17,123) | 21,522 |
| Accrued expenses and other current liabilities | 2,052 | (8,154) | 1,321 |
| Benefit obligations, long-term liabilities and other | (5,674) | (6,200) | (1,976) |
| Net cash provided by operating activities | 41,131 | 12,469 | 40,030 |
| Investing activities | |||
| Capital expenditures | (7,810) | (10,521) | (12,047) |
| Proceeds from sale leaseback transaction | 64,150 | - | - |
| Proceeds from insurance recoveries | 452 | - | - |
| Net cash provided by (used in) investing activities | 56,792 | (10,521) | (12,047) |
| Financing activities | |||
| Repurchase of common stock | - | - | (6,001) |
| Proceeds from (payments on) life insurance policy loans | (204) | 750 | - |
| Payments of financing costs | (279) | (334) | - |
| Dividends paid | (27,477) | (27,441) | (27,026) |
| Net revolver borrowings | (47,000) | 47,000 | - |
| Repayment of long-term debt | (42,000) | (18,437) | (11,250) |
| Net cash provided by (used in) financing activities | (116,960) | 1,538 | (44,277) |
| Change in cash and cash equivalents | (19,037) | 3,486 | (16,294) |
| Cash and cash equivalents at beginning of year | 24,156 | 20,670 | 36,964 |
| Cash and cash equivalents at end of year | $5,119 | $24,156 | $20,670 |
| Non-cash operating and financing activities | |||
| Truck chassis inventory acquired through floor plan obligations | $5,637 | $7,875 | $4,725 |
| Supplemental disclosure of cash flow information | |||
| Income taxes paid | $13,600 | $14,512 | $7,025 |
| Interest paid | $18,942 | $18,184 | $11,662 |
Notes to Consolidated Financial Statements
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