CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income	$ 2,999	$ 8,501
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	56,571	70,441
Stock-based compensation expense	19,838	14,309
Deferred tax expense (benefit)	15,852	(24,269)
Gain on sale of assets, net	(10,062)	(453)
Changes in working capital items	(50,559)	(29,154)
Decrease in other non-current assets	12,881	14,490
Decrease in other non-current liabilities	(15,512)	(12,334)
Other operating activities, net	(10,858)	1,805
Net cash (used in) provided by operating activities	(33,881)	43,336
Cash flows from investing activities:
Capital expenditures	(26,390)	(33,180)
Acquisitions, net of cash acquired	(57,842)	(5,825)
Proceeds from sale of assets	14,927	0
Investments and advances	(7,436)	(825)
Other investing activities, net	(63)	1,199
Net cash provided by (used in) investing activities	153,249	(38,631)
Cash flows from financing activities:
Proceeds from long-term debt	928,355	714,414
Payments on long-term debt	(998,647)	(686,634)
Purchases of treasury stock	(12,122)	(20,525)
Dividends	(24,740)	(24,063)
Proceeds from net investment hedges	14,990	17,416
Payments on net investment hedges	(37,092)	0
Acquisition holdback and deferred purchase price payments	(10,184)	0
Payments of debt issuance costs	0	(4,704)
Net cash used in financing activities	(139,440)	(4,096)
Effect of exchange rate changes on cash	(361)	35
Net change in cash and cash equivalents	(20,433)	644
Cash and cash equivalents at beginning of year	40,816	42,101
Cash and cash equivalents at end of period	20,383	42,745
SGK Brand Solutions
Adjustments to reconcile net income to net cash flows from operating activities:
Gain (loss) on divestitures	(57,103)	0
Cash flows from investing activities:
Proceeds from sale of SGK Business	228,004	0
Other Divestitures
Adjustments to reconcile net income to net cash flows from operating activities:
Gain (loss) on divestitures	2,072	0
Cash flows from investing activities:
Proceeds from other divestitures	$ 2,049	$ 0

MATTHEWS INTERNATIONAL CORP 10-Q