HF Foods Group Inc.
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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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.
FY2024 · Filed Mar 17, 2025
HFFG$1.45-2.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(48,102) | $(2,662) | $235 |
| Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization expense | 26,677 | 25,918 | 24,936 |
| Treasury stock received via legal settlement | — | (7,750) | — |
| Goodwill impairment charges | 46,303 | — | — |
| Other asset impairment charges | — | 1,200 | 422 |
| Gain from disposal of property and equipment | (12) | (362) | (1,327) |
| (Credit) provision for expected credit losses | (103) | 701 | 82 |
| Deferred tax expense (benefit) | 364 | (5,415) | (5,012) |
| Change in fair value of interest rate swap contracts | (1,693) | 1,580 | 817 |
| Stock-based compensation | 2,088 | 3,352 | 1,257 |
| Non-cash lease expense | 3,992 | 4,033 | 4,442 |
| Lease guarantee (income) expense | (5,548) | (377) | 5,744 |
| Other non-cash expense (income) | 1,169 | 493 | (266) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (6,421) | (4,039) | (8,577) |
| Accounts receivable - related parties | 10 | (95) | 36 |
| Inventories | 7,835 | 14,673 | (3,755) |
| Prepaid expenses and other current assets | (1,362) | (1,069) | (4,008) |
| Other long-term assets | 942 | (3,418) | (1,199) |
| Checks issued not presented for payment | 1,193 | (17,452) | 4,112 |
| Accounts payable | (1,025) | (3,898) | 15,207 |
| Accounts payable - related parties | (345) | (1,132) | (412) |
| Operating lease liabilities | (4,040) | (3,730) | (4,408) |
| Accrued expenses and other liabilities | 714 | (2,199) | 7,070 |
| Net cash provided by operating activities | 22,636 | (1,648) | 35,396 |
| Cash flows from investing activities: | |||
| Purchase of property and equipment | (12,547) | (3,514) | (6,287) |
| Proceeds from sale of property and equipment | 48 | 2,000 | 7,794 |
| Contribution to equity method investee | (49) | — | — |
| Payment made for acquisition of Sealand | — | — | (34,848) |
| Payment made for acquisition of Great Wall Group | — | — | (17,445) |
| Net cash used in investing activities | (12,548) | (1,514) | (50,786) |
| Cash flows from financing activities: | |||
| Payments for tax withholding related to vested stock awards | (175) | (394) | — |
| Proceeds from line of credit | 1,476,106 | 1,237,101 | 1,200,996 |
| Repayment of line of credit | (1,477,240) | (1,231,647) | (1,203,112) |
| Proceeds from long-term debt | — | — | 45,956 |
| Repayment of long-term debt | (5,470) | (7,591) | (11,336) |
| Payment of debt financing costs | — | — | (544) |
| Repayment of obligations under finance leases | (3,574) | (2,480) | (2,626) |
| Repayment of promissory note payable - related party | — | — | (4,500) |
| Proceeds from noncontrolling interests | — | — | 240 |
| Cash distributions to noncontrolling interests | (500) | (884) | (187) |
| Net cash (used in) provided by financing activities | (10,853) | (5,895) | 24,887 |
| Net (decrease) increase in cash | (765) | (9,057) | 9,497 |
| Cash at beginning of the period | 15,232 | 24,289 | 14,792 |
| Cash at end of the period | $14,467 | $15,232 | $24,289 |
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Supplemental disclosure of cash flow data: | |||
| Cash paid for interest | $11,623 | $10,407 | $6,230 |
| Cash paid for income taxes | 2,506 | 4,040 | 8,655 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Right-of-use assets obtained in exchange for operating lease liabilities | $5,222 | $2,583 | $6,815 |
| Property acquired in exchange for finance leases | 14,322 | 1,763 | 1,272 |
| Treasury stock received via legal settlement | — | 7,750 | — |
| Acquisition of noncontrolling interests | 772 | 1,652 | — |
| Note receivable related to property and equipment sales | — | 300 | — |
| Intangible asset acquired in exchange for noncontrolling interests | — | — | 566 |
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