HYDROFARM HOLDINGS GROUP INC
For the period ended Dec 31, 2023. Filed Feb 29, 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 29, 2024
HYFM$0.72-6.4%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, | ||
|---|---|---|
| Operating activities | 2023 | 2022 |
| Net loss | $(64,813) | $(285,415) |
| Adjustments to reconcile net loss to net cash from operating activities: | ||
| Depreciation, depletion and amortization | 32,075 | 41,527 |
| (Benefit from) provision for doubtful accounts | (386) | 2,998 |
| Provision for inventory obsolescence | 1,587 | 16,449 |
| Non-cash restructuring expenses | 9,703 | 6,091 |
| Stock-based compensation expense | 5,075 | 8,354 |
| Non-cash operating lease expense | 9,942 | 9,751 |
| Impairment charges | — | 192,328 |
| Change in fair value of contingent consideration | — | (1,560) |
| Deferred income tax expense (benefit) | 2 | (9,310) |
| Other | 1,500 | 1,210 |
| Changes in assets and liabilities: | ||
| Accounts receivable | 766 | 16,665 |
| Inventories | 26,112 | 57,023 |
| Prepaid expenses and other current assets | (49) | 3,663 |
| Other assets | (172) | 262 |
| Accounts payable | (1,105) | (11,998) |
| Accrued expenses and other current liabilities | (3,537) | (4,532) |
| Deferred revenue | (439) | (13,297) |
| Lease liabilities | (9,162) | (7,850) |
| Other long-term liabilities | (55) | (370) |
| Net cash from operating activities | 7,044 | 21,989 |
| Investing activities | ||
| Business combinations, net of cash and cash equivalents | — | 190 |
| Capital expenditures of property, plant and equipment | (4,215) | (8,229) |
| Other | 45 | (448) |
| Net cash used in investing activities | (4,170) | (8,487) |
| Financing activities | ||
| Proceeds from Sale-Leaseback Transaction | 8,598 | — |
| Payment of withholding tax related to stock awards | (271) | (2,470) |
| Borrowings under foreign revolving credit facilities | 965 | 853 |
| Repayments of foreign revolving credit facilities | (970) | (1,102) |
| Repayments of Term Loan | (1,250) | (1,250) |
| Payments to settle contingent consideration | — | (15,474) |
| Finance lease principal payments | (1,007) | (757) |
| Net cash from (used in) financing activities | 6,065 | (20,200) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 82 | (395) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 9,021 | (7,093) |
| Cash, cash equivalents and restricted cash at beginning of year | 21,291 | 28,384 |
| Cash and cash equivalents at end of year | $30,312 | $21,291 |
| Non-cash investing and financing activities | ||
| Right-of-use assets (relinquished) acquired under operating lease obligation | $(1,067) | $28,972 |
| Assets acquired under finance lease obligation | 185 | 409 |
| Capital expenditures included in accounts payable and accrued liabilities | 200 | 611 |
| Additions of leasehold improvements and related asset retirement obligations | 349 | 987 |
| Supplemental information | ||
| Cash paid for interest | 13,101 | 9,643 |
| Cash (refunds) paid for income taxes | (1,000) | 3,906 |
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