← ROCKY BRANDS, 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	($2.1m)	$9.6m	$14.6m	$17.5m	$21.0m	$20.6m	$20.5m	$10.4m	$11.4m	$22.3m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	($2.1m)	—	—	—	—	—	—	—	—	—
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	($3.1m)	—	—	—	—	—	—	—	—	—
Amortization of Debt Issuance Costs	—	—	—	—	$0	$675k	$853k	$853k	$611k	$670k
Amortization of Intangible Assets	$132k	$121k	—	$33k	$31k	$2.5m	—	$2.9m	$2.8m	$2.8m
Depreciation	$7.6m	$6.4m	$5.3m	$5.0m	$5.2m	$8.8m	$9.2m	$8.1m	$7.5m	$7.1m
Depreciation, Amortization and Accretion, Net	$7.7m	$6.5m	$5.4m	$5.0m	$5.2m	$11.3m	$12.3m	$10.9m	$10.3m	$9.8m
Deferred Income Tax Expense (Benefit)	—	—	—	—	$164k	$2.0m	($2.2m)	($531k)	$2.6m	$2.3m
Share-based Payment Arrangement, Noncash Expense	$359k	$356k	$588k	$662k	$780k	$1.3m	$1.2m	$1.2m	$1.3m	$1.6m
Share-based Payment Arrangement, Expense	$35k	—	—	—	$780k	$1.3m	$1.2m	$1.2m	$1.3m	$1.6m
Goodwill, Impairment Loss	—	—	—	—	—	—	—	$0	$0	$0
Impairment of Intangible Assets (Excluding Goodwill)	$3.0m	—	—	—	—	—	—	—	$4.0m	—
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	—	—	—	—	—	—	—	—	$4.0m	$0
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	—	—	—	—	—	($41k)	$789k	($231k)	$0	—
Gain (Loss) on Disposition of Business	—	—	—	—	—	—	—	$1.3m	$0	—
Gain (Loss) on Disposition of Property Plant Equipment	$48k	($120k)	($109k)	($108k)	($28k)	—	—	—	—	—
Gain (Loss) on Extinguishment of Debt	—	—	—	—	—	—	—	—	($1.1m)	$0
Income Tax Expense (Benefit)	($1.5m)	($225k)	$3.3m	$4.8m	$6.0m	$4.8m	$5.3m	$3.7m	$2.7m	$4.9m
Other Nonoperating Income (Expense)	$59k	$15k	—	—	—	—	—	—	—	—
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Inventories	$7.8m	($4.0m)	$7.2m	$3.9m	$845k	$114.2m	$5.0m	($60.0m)	($2.5m)	$14.4m
Increase (Decrease) in Accounts Payable	$2.3m	$1.4m	$61k	$456k	$4.5m	$78.6m	($45.9m)	($21.2m)	$7.7m	($6.0m)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	—	($2.1m)	—	—	—	—	—	—	—	—
Goodwill	—	—	—	—	—	$50.6m	$50.2m	$47.8m	$47.8m	$47.8m
Nonoperating Income (Expense)	($558k)	($2.5m)	($162k)	$146k	($205k)	($10.6m)	($18.3m)	($21.2m)	($17.0m)	($10.0m)
Operating Expenses	$79.8m	$68.9m	$69.0m	$75.6m	$77.6m	$158.6m	$181.2m	$143.2m	$147.9m	$160.1m
Proceeds from Stock Options Exercised	$0	$14k	$135k	$444k	$136k	$825k	$461k	$977k	$599k	$808k
Revenue from Contract with Customer, Including Assessed Tax	—	—	$252.7m	$270.4m	$277.3m	$514.2m	$615.5m	$461.8m	$453.8m	$482.0m
Net Cash Provided by (Used in) Operating Activities	$21.3m	$17.1m	$17.6m	$18.1m	$31.4m	($54.9m)	$19.1m	$73.6m	$52.8m	$16.3m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment	$5.9m	$4.3m	$4.2m	$7.7m	$11.7m	$21.1m	$6.7m	$3.9m	$4.7m	$6.6m
Payments to Acquire Businesses, Net of Cash Acquired	—	—	—	—	—	$212.4m	$0	$0	—	—
Net Cash Provided by (Used in) Investing Activities	($5.9m)	($1.6m)	($4.2m)	($7.7m)	($11.7m)	($233.5m)	($1.2m)	$13.4m	($3.0m)	($6.2m)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt	—	—	—	—	—	$130.0m	$0	$0	$50.0m	$0
Repayments of Long-term Debt	—	—	—	—	—	$2.4m	$11.2m	$38.4m	$94.3m	$8.4m
Payments for Repurchase of Common Stock	$2.0m	$688k	$1.3m	$1.5m	$2.9m	$0	$0	—	$0	$201k
Payments of Ordinary Dividends, Common Stock	$3.3m	$3.3m	$3.5m	$4.0m	$4.1m	$4.3m	$4.5m	$4.6m	$4.6m	$4.6m
Net Cash Provided by (Used in) Financing Activities	($14.4m)	($16.3m)	($6.9m)	($5.0m)	($6.9m)	$265.9m	($18.1m)	($88.2m)	($50.6m)	($10.9m)
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	—	$416k	$191k	$120k	$151k	$7.9m	$17.5m	$13.3m	$16.2m	$9.4m
Income Taxes Paid, Net	$340k	$1.7m	$3.6m	$5.3m	$4.7m	$8.6m	$1.9m	$6.7m	($1.9m)	$4.2m