MILLER INDUSTRIES INC TN
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 6, 2024
MLR$48.10-1.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | Year Ended December 31, | |||||||
| (in thousands) · 2023 · 2022 · 2021 | ||||||||
| Cash flows from operating activities: · · · | ||||||||
| Net income | $58,291 | | $20,346 | | $16,255 | |||
| Adjustments to reconcile net income to net cash flows from operating activities: | | | ||||||
| Depreciation and amortization | 13,243 | | 11,762 | | 11,036 | |||
| (Gain) Loss on disposal of property, plant and equipment | (251) | | (53) | | (38) | |||
| Provision for credit losses | 203 | | 174 | | (137) | |||
| Issuance of non-employee director shares | 123 | | 200 | | 200 | |||
| Stock-based compensation | | 1,059 | | | 743 | | | — |
| Deferred tax provision | (2,181) | | 1,061 | | 1,012 | |||
| Changes in operating assets and liabilities: | | | ||||||
| Accounts receivable | (105,599) | | (24,345) | | (12,723) | |||
| Inventories | (30,421) | | (40,748) | | (32,071) | |||
| Prepaid expenses | 50 | | 1,130 | | (2,603) | |||
| Other assets | 63 | | 24 | | 116 | |||
| Accounts payable | 64,936 | | 4,485 | | 33,939 | |||
| Accrued liabilities | 10,996 | | 5,137 | | 400 | |||
| Income taxes payable | 451 | | 929 | | (118) | |||
| Net cash flows from operating activities | 10,963 | | (19,155) | | 15,268 | |||
| Cash flows from investing activities: | | | ||||||
| Purchases of property, plant and equipment | (12,097) | | (28,939) | | (9,150) | |||
| Proceeds from sale of property, plant and equipment | 398 | | 8 | | 91 | |||
| Acquisition of business | | (17,376) | | | — | | | — |
| Net cash flows from investing activities | (29,075) | | (28,931) | | (9,059) | |||
| Cash flows from financing activities: | | | ||||||
| Net borrowings under credit facility | 15,000 | | 45,000 | | — | |||
| Payments of cash dividends | (8,249) | | (8,220) | | (8,216) | |||
| Finance lease obligation payments | | — | | | (15) | | | (22) |
| Net cash flows from financing activities | 6,751 | | 36,765 | | (8,238) | |||
| Effect of exchange rate changes on cash and temporary investments | 1,117 | | (2,858) | | (1,160) | |||
| Net change in cash and temporary investments | (10,244) | | (14,179) | | (3,189) | |||
| Cash and temporary investments, beginning of period | 40,153 | | 54,332 | | 57,521 | |||
| Cash and temporary investments, end of period | $29,909 | | $40,153 | | $54,332 | |||
| Supplemental information: | | | ||||||
| Cash payments for interest | $8,092 | | $3,332 | | $1,570 | |||
| Cash payments for income taxes, net of refunds | $18,053 | | $1,806 | | $5,890 | |||
The accompanying notes are an integral part of these consolidated statements.
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| | 39 |
| PART II | ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
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