HF Foods Group Inc
For the period ended Dec 31, 2023. Filed Mar 26, 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 26, 2024
HFFG$1.45-2.7%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
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(2,662) | $235 | $22,821 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Depreciation and amortization expense | 25,918 | 24,936 | 19,126 |
| Treasury stock received via legal settlement | (7,750) | — | — |
| Asset impairment charges | 1,200 | 422 | — |
| Gain from disposal of property and equipment | (362) | (1,327) | (1,636) |
| Provision for credit losses | 701 | 82 | (433) |
| Deferred tax benefit | (5,415) | (5,012) | (6,870) |
| Change in fair value of interest rate swap contracts | 1,580 | 817 | (1,425) |
| Stock-based compensation | 3,352 | 1,257 | 635 |
| Non-cash lease expense | 4,033 | 4,442 | 861 |
| Lease guarantee expense | (377) | 5,744 | — |
| Other non-cash expense (income) | 493 | (266) | (85) |
| Changes in operating assets and liabilities (excluding effects of acquisitions): | |||
| Accounts receivable | (4,039) | (8,577) | (10,999) |
| Accounts receivable - related parties | (95) | 36 | 1,020 |
| Inventories | 14,673 | (3,755) | (19,426) |
| Advances to suppliers - related parties | — | — | 197 |
| Prepaid expenses and other current assets | (1,069) | (4,008) | (944) |
| Other long-term assets | (3,418) | (1,199) | (1,337) |
| Accounts payable | (3,898) | 15,207 | 12,978 |
| Accounts payable - related parties | (1,132) | (412) | (365) |
| Operating lease liabilities | (3,730) | (4,408) | (724) |
| Accrued expenses and other liabilities | (2,199) | 7,070 | 4,115 |
| Net cash provided by operating activities | 15,804 | 31,284 | 17,509 |
| Cash flows from investing activities: | |||
| Purchase of property and equipment | (3,514) | (6,287) | (2,205) |
| Proceeds from sale of property and equipment | 2,000 | 7,794 | 3,246 |
| Payment made for acquisition of Sealand | — | (34,848) | — |
| Payment made for acquisition of Great Wall Group | — | (17,445) | (37,841) |
| Payment made for acquisition of noncontrolling interests | — | — | (5,000) |
| Settlement of interest rate swap contracts | — | — | 718 |
| Net cash used in investing activities | (1,514) | (50,786) | (41,082) |
| Cash flows from financing activities: | |||
| Payments for tax withholding related to vested stock awards | (394) | — | — |
| Checks issued not presented for payment | (17,452) | 4,112 | 2,994 |
| Proceeds from line of credit | 1,237,101 | 1,200,996 | 857,304 |
| Repayment of line of credit | (1,231,647) | (1,203,112) | (820,422) |
| Proceeds from long-term debt | — | 45,956 | — |
| Repayment of long-term debt | (7,591) | (11,336) | (6,599) |
| Payment of debt financing costs | — | (544) | — |
| Repayment of obligations under finance leases | (2,480) | (2,626) | (2,135) |
| Repayment of promissory note payable - related party | — | (4,500) | (2,500) |
| Proceeds from noncontrolling interests shareholders | — | 240 | 480 |
| Cash distribution to shareholders | (884) | (187) | (338) |
| Net cash (used in) provided by financing activities | (23,347) | 28,999 | 28,784 |
| Net (decrease) increase in cash | (9,057) | 9,497 | 5,211 |
| Cash at beginning of the period | 24,289 | 14,792 | 9,581 |
| Cash at end of the period | $15,232 | $24,289 | $14,792 |
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental disclosure of cash flow data: | |||
| Cash paid for interest | $10,407 | $6,230 | $3,177 |
| Cash paid for income taxes | 4,040 | 8,655 | 9,527 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Right-of-use assets obtained in exchange for operating lease liabilities | $2,583 | $6,815 | $10,983 |
| Property acquired in exchange for finance leases | 1,763 | 1,272 | 8,947 |
| Treasury stock received via legal settlement | 7,750 | — | — |
| Acquisition of noncontrolling interests | 1,652 | — | — |
| Note receivable related to property and equipment sales | 300 | — | 257 |
| Intangible asset acquired in exchange for noncontrolling interests | — | 566 | — |
| Common stock issued for consideration of acquisition of Great Wall Group | — | — | 14,541 |
| Deferred consideration from Great Wall Acquisition | — | — | 17,330 |
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