VIEMED HEALTHCARE INC
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
VMD$8.98+0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
VIEMED HEALTHCARE, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. Dollars)
| Year Ended December 31, | |||
|---|---|---|---|
| Note | 2023 | 2022 | |
| Cash flows from operating activities | |||
| Net income | $10,243 | $6,222 | |
| Adjustments for: | |||
| Depreciation and amortization | 21,862 | 15,630 | |
| Change in inventory reserve | — | (1,418) | |
| Stock-based compensation expense | 8 | 5,849 | 5,202 |
| Distributions of earnings received from equity method investments | 980 | 1,079 | |
| Income from equity method investments | (485) | (935) | |
| Income from debt investment | (219) | — | |
| Loss on disposal of property and equipment | 645 | 346 | |
| Deferred income tax (benefit) expense | (1,439) | 1,746 | |
| Changes in working capital, net of effects from acquisitions: | |||
| Accounts receivable, net | (1,058) | (2,556) | |
| Inventory | (472) | 301 | |
| Prepaid expenses and other assets | 2,176 | (2,838) | |
| Trade payables | (859) | (318) | |
| Deferred revenue | 851 | 871 | |
| Accrued liabilities | 4,959 | 2,549 | |
| Income tax payable/receivable | 2,179 | 1,867 | |
| Net cash provided by operating activities | $45,212 | $27,748 | |
| Cash flows from investing activities | |||
| Purchase of property and equipment | 4 | (26,093) | (22,898) |
| Investment in equity investments | 2 | (20) | (141) |
| Cash paid for acquisition of HMP, net of cash acquired | 3 | (28,588) | — |
| Investment in debt security | 2 | — | (2,000) |
| Proceeds from sale of property and equipment | 4 | 2,588 | 1,063 |
| Net cash used in investing activities | $(52,113) | $(23,976) | |
| Cash flows from financing activities | |||
| Proceeds from exercise of options | 8 | 1,303 | 283 |
| Proceeds from term notes | 6 | 5,000 | — |
| Principal payments on term notes | 6 | (3,721) | (5,796) |
| Proceeds from revolving credit facilities | 8,000 | — | |
| Payments on revolving credit facilities | (7,005) | — | |
| Shares redeemed to pay income tax | 8 | (594) | (143) |
| Shares repurchased under the share repurchase program | — | (9,568) | |
| Repayments of lease liabilities | (157) | (42) | |
| Net cash provided by (used in) financing activities | $2,826 | $(15,266) | |
| Net decrease in cash and cash equivalents | (4,075) | (11,494) | |
| Cash and cash equivalents at beginning of year | 16,914 | 28,408 | |
| Cash and cash equivalents at end of period | $12,839 | $16,914 | |
| Supplemental disclosures of cash flow information | |||
| Cash paid during the period for interest | $851 | $231 | |
| Cash paid (received) during the period for income taxes, net of refunds | $3,566 | $(846) | |
| Supplemental disclosures of non-cash transactions | |||
| Non-cash change in debt from the reclassification of debt issuance costs | 6 | $(594) | $— |
| Net non-cash changes to operating lease | $(41) | $530 | |
| See accompanying notes to the consolidated financial statements | |
|---|---|
| Page | F-6 |
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