Advanced emissions solutions, inc. (ADES)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12
Cash flows from operating activities
Net (loss) income

35,537

35,454

27,873

97,678

-30,141

1,387

-15,987

-13,129

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Deferred income tax expense (benefit)

8,655

5,233

-474

-61,396

0

-

-

-

Depreciation, amortization, depletion and accretion

7,371

723

789

979

2,019

1,865

1,648

903

Debt prepayment penalty and amortization of debt issuance costs

-

-

-

1,380

987

-

-

-

Debt discount and debt issuance costs

1,678

94

-

-

-

100

0

-

Operating lease expense

3,192

0

-

-

-

-

-

-

Debt prepayment penalty

-

-

-

-

-

0

-

-

Amortization of debt discount and debt issuance costs

-

-

109

-

-

-

-

-

Accretion of asset retirement obligation

-

-

-

-

-

-

-

0

Non-cash research and development expenses

-

-

-

-

-

-

1,075

0

Impairment of cost method investment

-

-

-

2,280

2,087

355

277

-

Impairment of property and equipment and goodwill

-

-

-

-

-

-

-

0

Provision for accounts receivable and other receivables

-

-

385

13

633

500

10

0

Interest costs added to principal balance of notes payable

-

-

-

0

923

1,124

0

0

Consulting expense financed through note payable

-

-

-

-

-

1,600

0

0

Stock-based compensation expense

2,011

2,490

2,209

2,868

6,879

4,712

2,312

649

Clawback of equity awards

-

-

-

-

-

0

0

-

Earnings from equity method investments

69,176

54,208

53,843

45,584

8,921

42,712

15,502

813

Gain on sale of equity method investment

-

-

-

2,078

0

0

-

-

Impairment of cost method investment

-

-

-

-

-

0

-

-

Gain on settlement of note payable, licensed technology, and sales-type lease

-

-

-

1,910

0

0

-

-

Other non-cash items, net

638

289

508

35

285

39

111

65

Changes in operating assets and liabilities:
Receivables, net

-2,124

1,847

-6,743

301

-8,361

3,651

6,711

4,219

Related party receivables

-37

1,037

1,313

16

479

809

-1,224

-3,108

Prepaid expenses and other assets

2,200

757

351

-1,195

107

1,877

-361

692

Costs incurred on uncompleted contracts

0

15,945

27,048

29,623

6,492

-56,606

-

-

Inventories, net

-5,505

-237

0

-

-

-

-

-

Deferred tax assets, net

-

-

-23,208

0

0

0

-

-

Costs incurred on uncompleted contracts

-

-

-

-

-

-

19,313

1,334

Restricted cash

-

-

-

-

-

-

4,860

0

Restricted cash

-

-

-

-

-

-

0

0

Other long-term assets, net

262

753

-41

-961

-205

47

49

485

Accounts payable

2,218

-197

-920

-4,254

-1,340

2,328

2,225

212

Accrued payroll and related liabilities

-5,255

-59

-738

-2,887

-102

686

1,655

867

Other current liabilities

-261

-869

-1,586

-3,105

-812

-672

5,918

-757

Billings on uncompleted contracts

0

15,945

30,140

-

-

-

-

-

Operating lease liabilities

-3,180

0

-

-

-

-

-

-

Billings on uncompleted contracts

-

-

-

32,272

15,186

-55,621

-33,220

-4,185

Operating lease liabilities

-

-

-

2,980

3,544

2,135

-7,166

508

Other long-term liabilities

-258

-182

154

-2,175

595

144

268

1,018

Legal settlements and accruals

-

-

-16,088

-4,211

-3,722

-4,622

-5,245

-5,522

Distributions from equity method investees, return on investment

73,888

5,500

4,638

7,900

5,019

2,509

5

0

Net cash provided by operating activities

62,262

-9,889

-11,748

-18,257

-29,869

-40,161

-10,192

-16,452

Cash flows from investing activities
Proceeds from Equity Method Investment, Distribution, Return of Capital

0

47,175

48,875

38,250

8,651

43,584

13,813

53

Acquisition of business

661

62,501

0

0

2,124

0

-

-

Acquisition of property, plant, equipment, and intangible assets, net

7,851

467

428

-

-

-

-

-

Mine development costs

4,726

0

-

-

-

-

-

-

Purchase of investment securities

-

-

-

-

-

105

105

105

Maturity of investment securities

-

-

-

-

-

210

105

4,405

Purchase of investment securities, restricted

-

-

-

-

-

-

3,427

4,055

Maturity of investment securities, restricted

-

-

-

336

0

403

5,227

2,290

Increase in restricted cash

-

-

-

-

-

-

2,807

0

Acquisition of property and equipment

-

-

-

289

507

1,563

2,135

3,879

Proceeds from sale of property and equipment

-

-

-

52

942

26

1

39

Principal payments received on notes receivable, related party

-

-

-

-

-

-

500

0

Contributions to equity method investees

-

-

-

0

500

500

0

0

Purchase of cost method investment

-

-

-

-

-

2,776

0

0

Acquisition of business

-

-

-

-

-

-

0

1,600

Contributions to equity method investee

0

750

61

223

2,128

6,631

0

500

Proceeds from sale of equity method investment

-

-

-

1,773

0

0

-

-

Net cash used in investing activities

-13,238

-16,543

48,386

39,899

4,334

32,648

11,172

-3,352

Cash flows from financing activities
Borrowings on Line of Credit

-

-

-

0

13,539

0

0

-

Repayments on Line of Credit

-

-

-

14,496

3,234

0

0

-

Principal payments on term loan

30,000

0

-

-

-

-

0

0

Principal payments on finance lease obligations

1,354

0

-

-

-

-

-

-

Borrowings, net of debt discount - related party

0

67,900

0

-

-

-

-

-

Repayments on notes payable, related party

-

-

-

-

-

238

-

-

Debt issuance costs paid

0

2,036

0

979

0

70

-

-

Dividends paid

18,274

20,165

15,690

0

0

-

-

-

Repurchase of common shares

5,793

25,343

16,397

0

0

-

-

-

Repurchase of common shares to satisfy tax withholdings

451

769

-

-

-

-

-

-

Borrowings on Line of Credit

-

-

808

0

0

-

-

-

Repayments on Line of Credit

-

-

808

0

0

-

-

-

Short-term borrowing loan costs

-

-

236

-

-

-

-

-

Other

156

-76

0

-

-

-

-

-

Debt prepayment penalty

-

-

-

-

-

0

-

-

Gross proceeds from issuance of common stock

-

-

-

-

-

-

31,050

0

Stock issuance and registration costs

-

-

-

-

-

-

2,135

22

Proceeds received upon exercise of stock options

-

-

-

-

-

243

354

21

Repurchase of common shares to satisfy tax withholdings

-

-

-566

-196

-276

-1,500

0

0

Line of credit amendment fees

-

-

-

-

-

-

100

0

Net cash used in financing activities

-55,716

19,511

-32,889

-15,671

10,029

-1,565

29,169

-1

Increase in Cash and Cash Equivalents and Restricted Cash

-6,692

-6,921

-

-

-

-

-

-

Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash

-

-

3,749

5,971

-15,506

-

-

-

Increase (decrease) in Cash and Cash Equivalents and Restricted Cash

-

-

3,749

5,971

-15,506

-9,078

-

-

Supplemental disclosure of cash flow information:
Issuance of common stock to settle liabilities

-

-

-

-

-

127

684

438

Cash paid for interest

5,650

1,400

3,644

-

-

-

-

-

Decrease in Cash and Cash Equivalents

-

-

-

-

-

-

30,149

-19,805

Cash paid for interest

-

-

-

3,647

6,274

5,201

973

676

Cash paid for income taxes

-

-

-

-

-

566

9

0

Cash paid for income taxes, net of refunds received

4,308

7,460

1,672

541

29

-

-

-

Supplemental disclosure of non-cash investing and financing activities:
Acquisition consideration payable

0

661

0

-

-

-

-

-

Settlement of RCM6 note payable

-

-

-

13,234

0

0

-

-

Non-cash reduction of equity method investment

-

-

-

11,156

0

0

-

-

Stock award reclassification (liability to equity)

-

-

-

899

0

501

991

29

Acquisition of technology license through long-term payable

-

-

-

-

-

1,525

0

0

Acquisition of property, plant and equipment through accounts payable

-

-

-

-

-

13,301

0

0