← ESCALADE INC

	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent	$11.5m	$14.1m	$20.4m	$7.3m	$25.9m	$24.4m	$18.0m	$9.8m	$13.0m	$13.7m
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$11.5m	—	—	—	—	—	—	—	—	—
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$0	—	—	—	—	—	—	—	—	—
Depreciation, Depletion and Amortization	$5.2m	$3.9m	$3.9m	$4.0m	$4.0m	$4.8m	$6.1m	$5.7m	$6.0m	$5.1m
Amortization	$2.3m	$1.6m	$1.4m	$1.5m	—	—	—	—	—	—
Amortization of Intangible Assets	$2.3m	$1.6m	$1.4m	$1.5m	$1.5m	$1.9m	$2.6m	$2.5m	$2.8m	$2.3m
Depreciation	$5.2m	$3.9m	$3.9m	$4.0m	$4.0m	$4.8m	$6.1m	$3.2m	$3.2m	$2.8m
Other Depreciation and Amortization	$5.2m	$3.9m	$3.9m	$4.0m	—	—	—	—	—	—
Deferred Income Tax Expense (Benefit)	($374k)	($2.9m)	$940k	$128k	$655k	$567k	($244k)	($1.4m)	$178k	$3.0m
Share-based Payment Arrangement, Noncash Expense	$398k	$522k	$604k	$513k	$1.0m	$902k	$2.0m	$2.0m	$1.9m	$1.7m
Payment, Tax Withholding, Share-based Payment Arrangement	$0	$0	—	—	—	—	—	—	—	—
Equity Method Investment, Realized Gain (Loss) on Disposal	($2.2m)	($5k)	$13.0m	$0	$0	($19k)	($22k)	($111k)	($3.7m)	$7k
Gain (Loss) on Disposition of Property Plant Equipment	$2.2m	$5k	$0	($7k)	$2k	$19k	$22k	$111k	$3.7m	($7k)
Income (Loss) from Equity Method Investments	$1.7m	$1.6m	$121k	$0	$0	—	—	—	—	—
Income Tax Expense (Benefit)	$4.0m	$1.5m	$6.0m	$1.7m	$7.0m	$6.1m	$4.6m	$2.7m	$4.8m	$4.3m
Interest Expense Nonoperating	—	—	—	—	—	—	—	—	($2.3m)	($836k)
Other Nonoperating Income (Expense)	$121k	($169k)	($89k)	$15k	$140k	$163k	$79k	$31k	$74k	$131k
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable	—	—	—	—	—	—	—	—	—	($1.5m)
Increase (Decrease) in Inventories	$6.5m	$468k	$3.4m	$3.1m	$26.4m	$19.9m	$15.8m	($29.4m)	($16.4m)	($7.6m)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	($2.2m)	($5k)	$0	$7k	($2k)	($19k)	($22k)	($111k)	$3.9m	$0
Gain (Loss) on Termination of Lease	—	—	—	—	—	—	—	—	$685k	$0
Goodwill	$21.5m	$21.5m	$26.4m	$26.7m	$32.7m	$32.7m	$42.3m	$42.3m	$42.3m	$42.3m
Payments of Financing Costs	$83k	$0	$0	$112k	$87k	$33k	$342k	$169k	$0	—
Proceeds from Stock Options Exercised	$547k	$159k	$54k	$118k	$144k	$144k	$0	—	—	—
Revenue from Contract with Customer, Including Assessed Tax	—	—	—	$180.5m	—	—	—	—	—	—
Net Cash Provided by (Used in) Operating Activities	$12.2m	$13.4m	$6.5m	$16.0m	$2.6m	$939k	$8.5m	$48.3m	$36.0m	$31.0m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment	$2.7m	$2.7m	$2.8m	$2.2m	$5.5m	$9.7m	$2.1m	$2.1m	$2.0m	$2.5m
Payments to Acquire Businesses, Net of Cash Acquired	$9.7m	$1.4m	$7.2m	$765k	$15.4m	$0	$35.8m	—	—	—
Net Cash Provided by (Used in) Investing Activities	($9.8m)	($4.2m)	$24.9m	($2.9m)	($21.0m)	($9.7m)	($37.8m)	($1.9m)	$3.9m	($4.8m)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt	$65.9m	$56.7m	$28.0m	$77.5m	$84.0m	$232.1m	$197.4m	$94.0m	$114.8m	$26.2m
Repayments of Long-term Debt	$63.6m	$59.0m	$51.1m	$77.5m	$54.0m	$204.6m	$160.0m	$138.0m	$140.1m	$33.4m
Payments for Repurchase of Common Stock	—	—	$10k	$2.9m	$6.7m	$10.4m	$0	—	$2.2m	$3.1m
Dividends paid	$6.3m	$6.6m	$7.2m	$7.2m	$7.5m	$7.7m	$8.2m	$6.2m	$8.3m	$8.3m
Net Cash Provided by (Used in) Financing Activities	($3.3m)	($8.6m)	($30.1m)	($10.0m)	$16.0m	$9.6m	$28.9m	($50.3m)	($35.8m)	($18.5m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	—	—	—	$5.9m	$3.5m	$4.4m	$4.0m	$16k	$4.2m	$11.9m
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	$866k	$792k	$423k	$346k	$205k	$1.4m	$3.9m	$5.3m	$2.2m	$812k
Income Taxes Paid, Net	$3.3m	$3.8m	$4.8m	$1.4m	$6.2m	$6.3m	$4.1m	$4.3m	$5.0m	$1.7m