The Real Good Food Company, Inc. (RGFC) Cash Flow Statement
Where RGFC’s cash came from and went, 2022
December 31, 2022 · U.S. dollars- Cash from operations
- −$57.3M
- Capital expenditures
- $3.7M 2.6% of revenue
- Free cash flow
- −$61.0M −43.1% margin
- Returned to shareholders
- —
- Change in cash
- −$22.1M cash at year-end $7.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RGFC operating cash flow, capex and free cash flow
RGFC cash flow trends, 2019–2022
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$10.9M2019 | −$57.3M2022 | — | |
| Capital expenditures | $498,0002019 | $3.7M2022 | +95.6%/yr | |
| Free cash flow | −$11.4M2019 | −$61.0M2022 | — | |
| Free cash flow margin | −29.5%2019 | −43.1%2022 | −13.6 pts | |
| Stock-based compensation | $28.7M2021 | $6.6M2022 | −77.1%/yr | |
| Capex / revenue | 1.3%2019 | 2.6%2022 | +1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RGFC cash flow by activity
RGFC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RGFC cash flow statement
| 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$45.7M | −$67.1M | −$15.6M | −$14.2M |
| Depreciation & amortization | $3.2M | $1.1M | $590,000 | $516,000 |
| Stock-based compensation | $6.6M | $28.7M | — | — |
| Change in working capital | −$25.2M | −$3.4M | $1.9M | −$2.2M |
| Other non-cash items | $3.8M | $13.9M | $5.3M | $5.0M |
| Cash from operating activities | −$57.3M | −$26.8M | −$7.8M | −$10.9M |
| Investing activities | ||||
| Capital expenditures | −$3.7M | −$2.5M | −$149,000 | −$498,000 |
| Acquisitions & other investing | $0 | −$2.2M | $0 | $0 |
| Cash from investing activities | −$3.7M | −$4.7M | −$149,000 | −$498,000 |
| Financing activities | ||||
| Net borrowing (repayment) | $46.2M | $8.5M | — | — |
| Shares issued | $0 | $55.8M | $0 | $0 |
| Other financing | −$7.3M | −$3.0M | $7.5M | $11.7M |
| Cash from financing activities | $38.9M | $61.2M | $7.5M | $11.7M |
| Summary | ||||
| Net change in cash | −$22.1M | $29.7M | −$360,000 | $247,000 |
| Cash at end of period | $7.6M | $29.7M | $28,000 | $388,000 |
| Free cash flow | −$61.0M | −$29.3M | −$7.9M | −$11.4M |
| Free cash flow margin | −43.1% | −34.8% | −20.3% | −29.5% |
| Capex / revenue | 2.6% | 3.0% | 0.4% | 1.3% |
| Sep '23 | Jun '23 | Mar '23 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | Sep '21 | Jun '21 | Mar '21 | Dec '20 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −$13.1M | −$14.6M | −$13.7M | −$13.1M | −$11.1M | −$9.6M | −$44.9M | −$11.8M | −$5.9M | −$4.4M | −$3.9M |
| Depreciation & amortization | $1.6M | $1.6M | $1.6M | $971,000 | $404,000 | $400,000 | $349,000 | $344,000 | $194,000 | $253,000 | $141,000 |
| Stock-based compensation | $2.0M | $2.0M | $1.9M | $1.8M | $1.7M | $1.7M | $28.7M | — | — | — | — |
| Change in working capital | $4.4M | −$2.0M | −$7.8M | −$9.8M | −$16.2M | $922,000 | −$7.1M | −$1.4M | $2.2M | $2.9M | −$1.8M |
| Other non-cash items | $2.9M | $2.3M | $2.0M | $726,000 | $1.3M | $347,000 | $3.7M | $6.7M | $1.6M | $1.9M | $1.9M |
| Cash from operating activities | −$2.3M | −$10.7M | −$15.9M | −$19.4M | −$23.9M | −$6.2M | −$19.3M | −$6.2M | −$1.9M | $696,000 | −$3.7M |
| Investing activities | |||||||||||
| Capital expenditures | −$787,000 | −$416,000 | −$537,000 | −$107,000 | −$17,000 | −$3.6M | −$19,000 | −$1.6M | −$775,000 | −$120,000 | −$24,000 |
| Acquisitions & other investing | $0 | $0 | $0 | $0 | $34,000 | $0 | −$91,000 | −$481,000 | −$1.2M | −$417,000 | $0 |
| Cash from investing activities | −$787,000 | −$416,000 | −$537,000 | −$107,000 | $17,000 | −$3.6M | −$110,000 | −$2.1M | −$2.0M | −$537,000 | −$24,000 |
| Financing activities | |||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.0M | $11.2M | $11.8M | $12.2M | $22.2M | −$5.5M | $47.5M | $9.3M | $4.6M | −$163,000 | $3.4M |
| Cash from financing activities | $2.0M | $11.2M | $11.8M | $12.2M | $22.2M | −$5.5M | $47.5M | $9.3M | $4.6M | −$163,000 | $3.4M |
| Summary | |||||||||||
| Net change in cash | −$1.0M | $151,000 | −$4.7M | −$7.3M | −$1.7M | −$15.4M | $28.1M | $996,000 | $630,000 | −$4,000 | −$337,000 |
| Cash at end of period | $2.0M | $3.0M | $2.9M | $5.4M | $12.6M | $14.4M | $29.7M | $1.6M | $654,000 | $24,000 | $28,000 |
| Free cash flow | −$3.1M | −$11.1M | −$16.5M | −$19.5M | −$23.9M | −$9.8M | −$19.3M | −$7.9M | −$2.7M | $576,000 | −$3.7M |
| Free cash flow margin | −5.5% | −31.3% | −55.3% | −52.0% | −77.5% | −26.2% | −75.3% | −34.2% | −14.5% | 3.4% | −33.1% |
| Capex / revenue | 1.4% | 1.2% | 1.8% | 0.3% | 0.1% | 9.7% | 0.1% | 7.0% | 4.1% | 0.7% | 0.2% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
RGFC cash generation
In fiscal 2022 (ended December 31, 2022), Real Good Food generated -$57.3 million of cash from operations and spent $3.7 million on capital expenditures, leaving free cash flow of -$61.0 million, −43.1% of revenue. Cash and equivalents fell by $22.1 million over the year.
Related: RGFC income statement, RGFC balance sheet. See the RGFC stock overview for the latest quote and news.
RGFC cash flow FAQ
What is Real Good Food's free cash flow?
Real Good Food's free cash flow was -$61.0 million in fiscal 2022: -$57.3 million of operating cash flow minus $3.7 million of capital expenditures It was -$29.3 million a year earlier..
How much cash does Real Good Food generate from operations?
Real Good Food generated -$57.3 million of cash from operating activities in fiscal 2022.
How much does Real Good Food spend on capital expenditures?
Real Good Food spent $3.7 million on capital expenditures in fiscal 2022, 2.6% of revenue, compared with $2.5 million the year before.