Advanced emissions solutions, inc. (ADES)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
Cash flows from operating activities
Net (loss) income

19,242

35,537

33,437

35,017

42,194

35,454

35,441

35,730

26,847

27,873

96,718

100,538

101,990

97,678

18,940

674

-19,633

-30,141

-22,556

-17,601

-4,162

1,387

0

0

0

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Increase in valuation allowance on deferred tax assets

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income tax expense (benefit)

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation, amortization, depletion and accretion

7,566

7,371

5,363

3,394

2,709

723

364

377

423

789

1,073

1,125

1,230

979

980

1,369

1,719

2,019

2,133

2,075

1,958

1,865

0

0

0

Operating lease expense

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt discount and debt issuance costs

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Gain on settlement of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Impairment of cost method investment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,087

2,594

330

348

355

0

0

0

Provision for accounts receivable and other receivables

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,011

500

0

0

0

Interest costs added to principal balance of notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,124

0

0

0

Stock-based compensation expense

2,200

2,011

1,887

2,338

2,472

2,490

2,490

2,046

1,937

2,209

2,278

2,498

2,839

2,868

3,021

2,963

6,561

6,879

7,077

8,426

4,762

4,712

0

0

0

Earnings from equity method investments

55,759

69,176

73,402

68,691

63,645

54,208

55,611

58,016

52,282

53,843

51,607

50,222

53,821

45,584

33,854

23,078

14,184

8,921

25,826

31,470

36,401

42,712

0

0

0

Gain on sale of equity method investment

-

-

-

-

-

-

-

-

-

-

-

-

-

2,078

2,078

2,078

2,078

0

0

0

0

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

1,910

0

0

0

-

-

-

-

-

-

-

-

Other non-cash items, net

563

638

796

571

201

289

262

191

216

508

410

510

-60

35

-424

-369

878

285

756

687

-30

39

0

0

0

Changes in operating assets and liabilities:
Receivables and related party receivables

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Receivables, net

-

-

-

-

-

-

-

-

354

-6,743

-10,403

-7,084

-5,561

301

2,895

-109

-9,429

-8,361

-6,640

-1,384

3,735

3,651

0

0

0

Related party receivables

-

-

-

-

-

-

-

-

0

-

-

-

-

16

-814

-1,220

-669

479

634

1,055

573

809

0

0

0

Prepaid expenses and other assets

2,054

2,200

400

335

862

757

635

273

-249

351

149

64

-284

-1,195

-1,858

-1,159

-697

107

2,199

855

1,367

1,877

0

0

0

Costs incurred on uncompleted contracts

-

-

-

-

-

15,945

15,912

17,359

39,110

27,048

28,129

38,056

18,893

29,623

0

0

0

-

-

-

0

-

-

-

-

Inventories, net

-3,815

-5,505

-4,803

-4,031

-3,499

-237

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred tax assets, net

-

-

-

-

-

-

-11,156

-14,856

-19,409

-23,208

-11,086

-8,106

-5,386

0

0

0

0

-

-

-

-

-

-

-

-

Costs incurred on uncompleted contracts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Other long-term assets, net

349

262

796

-717

755

753

-807

-808

-846

-41

766

-2,824

-1,260

-961

-1,022

2,656

1,105

-205

-178

-82

-27

47

0

0

0

Accounts payable

1,530

2,218

1,153

-1,278

-1,283

-197

-657

-294

94

-920

-1,020

-1,647

-4,721

-4,254

-6,591

-6,963

-1,474

-1,340

740

2,814

688

2,328

0

0

0

Accrued payroll and related liabilities

-1,728

-5,255

-5,032

-5,040

-3,818

-59

674

401

-342

-738

-1,467

-2,278

-3,580

-2,887

-3,508

-3,349

-415

-102

1,681

3,020

2,716

686

0

0

0

Other current liabilities

-2,438

-261

827

1,498

647

-869

-2,643

-1,864

-729

-1,586

-1,928

-4,231

-2,253

-3,105

-4,530

-2,261

-1,506

-812

1,881

1,887

663

-672

0

0

0

Billings on uncompleted contracts

-

-

-

-

-

15,945

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Billings on uncompleted contracts

-

-

-

-

-

-

-

-

-

-

-

40,033

19,856

32,272

40,399

26,676

28,530

15,186

-8,629

-18,498

-35,725

-55,621

0

0

0

Operating lease liabilities

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

3,213

3,544

3,304

2,971

2,485

2,135

0

0

0

Other long-term liabilities

121

-258

-554

-509

-539

-182

-150

-145

-33

154

939

-57

-2,274

-2,175

-2,470

-1,378

902

595

79

38

-85

144

0

0

0

Legal settlements and accruals

-

-

-

-

-

-

-

-

-

-16,088

-17,271

-17,663

-12,109

-4,211

260

517

-4,206

-3,722

-3,236

-2,698

-5,026

-4,622

0

0

0

Distributions from equity method investees, return on investment

71,516

73,888

58,306

40,888

22,588

5,500

4,963

4,463

5,538

4,638

4,725

4,875

4,500

7,900

9,350

10,900

9,919

5,019

3,769

1,269

1,259

2,509

0

0

0

Net cash provided by operating activities

59,481

62,262

42,020

24,130

5,990

-9,889

-6,979

-9,048

-8,789

-11,748

-11,842

-15,559

-19,219

-18,257

-31,724

-24,926

-23,519

-29,869

-22,970

-35,021

-39,988

-40,161

0

0

0

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

-

-

-

-

-

47,175

49,087

52,062

46,750

48,875

46,963

45,688

51,425

38,250

28,571

18,796

8,551

8,651

25,767

31,993

37,096

43,584

0

0

0

Acquisition of business

0

661

63,162

63,162

63,162

62,501

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

8,053

7,851

6,706

4,133

1,480

467

276

312

360

428

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Mine development costs

4,849

4,726

2,083

521

324

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Maturity of investment securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Maturity of investment securities, restricted

-

-

-

-

-

-

-

-

-

-

-

-

-

336

0

0

0

-

-

-

-

-

-

-

-

Purchase of investment securities, restricted

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Increase in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Acquisition of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

289

217

238

496

507

782

1,062

1,158

1,563

0

0

0

Proceeds from sale of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Contributions to equity method investees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

500

1,000

1,000

1,000

500

0

0

0

Acquisition of business

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Contributions to equity method investee

-

-

-

-

-

-

-

-

-

-

-

-

-

223

1,268

2,121

1,883

2,128

2,582

3,082

3,447

6,631

0

0

0

Proceeds from sale of equity method investment

-

-

-

-

-

-

-

-

-

-

-

-

-

1,773

1,773

1,773

1,773

0

0

0

0

-

-

-

-

Net cash used in investing activities

-12,902

-13,238

-58,351

-46,141

-29,591

-16,543

48,061

50,939

46,329

48,386

46,469

45,315

51,146

39,899

32,237

20,688

10,423

4,334

15,671

21,222

25,864

32,648

0

0

0

Cash flows from financing activities
Borrowings on Line of Credit

-

-

-

-

-

-

-

-

-

-

808

808

808

0

0

0

0

-

-

-

-

-

-

-

-

Repayments on Line of Credit

-

-

-

-

-

-

-

-

-

-

15,304

15,304

15,304

14,496

3,234

3,234

3,234

3,234

0

0

0

-

-

-

-

Principal payments on term loan

30,000

30,000

24,000

16,000

6,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on finance lease obligations

1,350

1,354

1,016

681

344

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments on notes payable, related party

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

3,763

-

1,404

1,252

955

238

0

0

0

Debt issuance costs paid

-

-

-

-

-

-

-

-

-

-

-

-

-

979

807

807

579

0

0

0

0

-

-

-

-

Dividends paid

18,221

18,274

18,668

19,128

19,594

20,165

20,458

25,906

20,832

15,690

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common shares

5,259

5,793

17,100

19,063

24,394

25,343

14,542

12,535

18,039

16,397

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common shares to satisfy tax withholdings

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds received upon exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

243

0

0

0

Repurchase of common shares to satisfy tax withholdings

-

-

-

-

-

-

-755

-408

-654

-566

-522

-628

-291

-196

-192

-99

-145

-276

-478

-1,758

-1,715

-1,500

0

0

0

Net cash used in financing activities

-55,256

-55,716

4,572

10,252

14,709

19,511

-35,991

-39,085

-39,761

-32,889

-24,176

-13,773

-12,191

-15,671

-4,024

-4,083

7,302

10,029

-1,952

-3,080

-2,740

-1,565

0

0

0

Increase in Cash and Cash Equivalents and Restricted Cash

-8,677

-6,692

-11,759

-11,759

-8,892

-6,921

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

3,749

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

3,749

10,451

15,983

19,736

5,971

0

0

0

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

127

0

0

0

Decrease in Cash and Cash Equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Cash paid for interest

-

-

-

-

-

-

-

-

-

-

3,139

4,002

2,809

3,647

3,838

4,717

5,704

6,274

8,619

6,108

5,140

5,201

0

0

0

Cash paid (refunded) for income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

Cash paid for income taxes

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

566

0

0

0

Supplemental disclosure of non-cash investing and financing activities:
Cash paid (refunded) for income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Settlement of RCM6 note payable

-

-

-

-

-

-

-

-

-

-

-

-

-

13,234

13,234

13,234

13,234

0

0

0

0

-

-

-

-

Non-cash reduction of equity method investment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Stock award reclassification (liability to equity)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

501

0

0

0

Acquisition of property, plant and equipment through accounts payable

0

-

-

0

0

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

13,301

0

0

0