MEDIFAST INC
For the period ended Dec 31, 2023. Filed Feb 20, 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 Feb 20, 2024
MED$13.03-2.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Operating Activities | |||
| Net income | $99,415 | $143,568 | $164,031 |
| Adjustments to reconcile net income to cash provided by operating activities | |||
| Depreciation and amortization | 13,107 | 10,980 | 6,812 |
| Non-cash lease expense | 4,607 | 6,098 | 5,069 |
| Share-based compensation | 8,188 | 11,053 | 9,903 |
| Loss on sale or disposal of property, plant and equipment | 1,172 | 2,130 | 2 |
| Amortization of (discount) premium on investment securities | (169) | 14 | 89 |
| Deferred income taxes | 1,211 | (924) | (3,715) |
| Unrealized gain on equity investment securities | (150) | — | — |
| Change in operating assets and liabilities: | |||
| Inventories | 64,265 | 61,187 | (126,651) |
| Income taxes | (9,155) | 1,373 | (945) |
| Prepaid expenses and other current assets | 5,567 | 97 | (9,887) |
| Other assets | (4,694) | (3,412) | (4,543) |
| Accounts payable and accrued expenses | (35,707) | (37,594) | 54,380 |
| Net cash flow provided by operating activities | 147,657 | 194,570 | 94,545 |
| Investing Activities | |||
| Purchase of investment securities | (54,564) | — | — |
| Sale and maturities of investment securities | — | 5,267 | 5,145 |
| Purchase of property and equipment | (6,483) | (16,681) | (34,209) |
| Net cash flow used in investing activities | (61,047) | (11,414) | (29,064) |
| Financing Activities | |||
| Options exercised by executives and directors | 188 | — | 811 |
| Net shares repurchased for taxes | (3,358) | (1,516) | (6,089) |
| Cash dividends paid to stockholders | (73,017) | (71,620) | (63,856) |
| Stock repurchases | (3,602) | (126,445) | (55,999) |
| Net cash flow used in financing activities | (79,789) | (199,581) | (125,133) |
| Foreign currency impact | (72) | (67) | 112 |
| Increase (Decrease) in cash and cash equivalents | 6,749 | (16,492) | (59,540) |
| Cash and cash equivalents - beginning of the period | 87,691 | 104,183 | 163,723 |
| Cash and cash equivalents - end of period | $94,440 | $87,691 | $104,183 |
| Supplemental disclosure of cash flow information | |||
| Income taxes paid | $34,255 | $37,212 | $56,758 |
| Dividends declared included in accounts payable | $1,407 | $19,641 | $17,186 |
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