Air t, inc. (AIRT)
CashFlow / TTM
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)

14,178

11,500

4,073

3,199

1,000

2,604

4,508

2,456

1,293

3,673

4,275

-4,944

-6,990

-6,209

-3,495

3,757

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,763

1,400

1,466

1,442

1,620

1,391

1,669

1,287

1,233

1,599

1,350

2,034

2,054

2,007

2,137

0

0

0

Adjustments to reconcile net income to net cash provided by operating activities:
Change in accounts receivable reserves

-

-

181

-

-

-

202

177

1,218

2,313

-259

-194

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and  amortization

7,102

8,257

8,223

7,686

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred Income Tax Expense (Benefit), Total

-

-

-

-

-

-

-

-

-

-

-

-659

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5

0

0

0

Bargain purchase acquisition gain

48

48

34

1,983

1,984

1,984

1,983

501

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt issuance costs

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of investment

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain (Loss) on sale of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-4

0

0

0

-

-

-

-

-

-

-

-

(Gain) Loss on sale of marketable securities

-

-

0

-

-

-

0

-

-

-

432

576

639

622

193

49

-6

0

0

8

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on sale of property and equipment

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on sale of property and equipment

-

-

-

-

-

-

-

-

-

-

-24

-25

-58

11

0

5

-134

589

686

869

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Profit from sale of assets on lease

-

-

457

-

-

-

1,354

1,851

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in accounts receivable and inventory reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-462

-282

-157

-214

-370

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation, amortization and impairment

-

-

-

-

-

-

-

-

-

1,766

1,591

3,181

3,344

3,229

3,068

1,257

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in accounts receivable and inventory reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-49

-98

-9

-60

25

-170

-216

-154

-236

-261

-196

-170

-135

0

0

0

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

865

824

752

693

615

552

532

552

490

434

364

831

670

516

365

0

0

0

Change in cash surrender value of life insurance

-

-

56

-

-

-

106

105

105

159

147

151

153

107

107

109

105

112

106

103

172

94

106

106

97

80

97

97

91

91

91

91

196

162

128

94

0

0

0

Gain on settlement of bankruptcy

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in warranty reserve

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized loss on marketable securities

-

-

-190

-

-

-

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in warranty reserve

-

-

-

-

-

-

-

122

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Warranty reserve

-

-

-

-

-

-

-

-

-

-

-

-

167

195

202

140

-26

-64

188

169

219

414

278

357

271

179

179

184

280

387

499

489

456

355

214

188

0

0

0

Compensation expense related to stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8

14

19

22

23

23

24

18

13

7

1

0

1

0

0

0

-

-

-

-

Other-than-temporary impairment loss on investments

-

-

-

-

-

-

-

1,559

2,813

2,024

2,024

2,755

0

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

-

-

47

-

-

-

30

-66

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in operating assets and liabilities:
Accounts receivable

5,644

7,438

6,244

1,960

-709

-3,128

-5,845

-4,744

1,162

-2,601

7,713

5,524

-695

1,565

-361

1,530

-211

1,177

520

-640

3,402

3,686

-1,123

-1,355

1,531

4,803

548

2,692

-2,372

-3,834

3,864

-2,670

10,567

10,256

916

6,041

0

0

0

Notes receivable and other non-trade receivables

-

0

4,192

-

-

1,640

1,392

-1,640

-123

-115

382

1,600

412

1,552

544

-119

-258

-539

-854

-871

988

997

995

1,384

176

204

356

48

-184

-195

-263

-110

-448

-399

-217

-74

0

0

0

Inventories

-1,855

-5,298

-585

-9,530

11,172

1,534

-6,458

6,757

-4,947

-3,138

4,037

7,845

9,830

3,750

2,853

877

430

3,090

-2,634

-3,760

-4,981

-5,386

3,433

4,023

884

1,745

-160

-4,590

2,167

1,488

405

3,258

10,620

9,520

8,530

4,698

0

0

0

Prepaid expense and other assets

-

-

85

-

-

-

-239

-331

434

128

284

129

52

50

99

422

-13

-52

-27

-147

-331

-860

8

247

459

1,062

-34

-139

-133

-51

397

365

484

213

-409

58

0

0

0

Accounts payable

6,481

4,329

3,124

4,265

3,495

4,659

6,653

1,664

237

1,271

1,234

4,146

2,786

592

1,830

605

-2,247

2,104

-1,070

-1,710

195

-2,012

-1,171

684

393

3,520

2,794

-258

521

-2,440

1,043

-100

7,167

5,942

2,118

3,476

0

0

0

Accrued expenses

2,130

543

7,918

2,037

108

987

-2,218

-1,442

1,396

624

-332

1,618

747

2,073

1,883

1,217

-120

673

897

767

450

278

-42

115

187

203

-28

-30

-32

-272

-140

-321

-316

-1,504

-922

-447

0

0

0

Income taxes payable/ receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

539

0

0

0

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

3,458

-2,777

-2,692

-2,582

-1,465

2,176

597

12,800

14,532

7,140

6,654

0

0

0

Income taxes payable/receivable

-

-

1,390

-

-

-

-111

-261

-576

-52

-1,090

-306

2,295

2,020

350

524

-205

-886

58

-566

0

0

0

-

-

143

22

-355

-353

-197

52

714

0

0

0

-

-

-

-

Non-current liabilities

-

-

0

-

-

-

0

-

220

43

-270

-525

-567

-464

-229

-21

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total adjustments

-

0

7,533

-

-

4,150

12,074

-2,734

10,124

9,561

-9,215

-2,609

-3,456

-347

6,466

-543

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by operating activities - continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,214

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash (used in) provided by operating activities

10,043

6,668

11,606

20,936

-7,376

7,557

16,583

-277

11,418

13,235

-4,940

-7,554

0

0

0

-

-

-

-

-

-

0

0

-

-

-296

3,470

4,361

-3,870

-2,699

577

-752

-1,153

1,755

-4,497

-4,516

0

0

0

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities

1,102

186

1,256

2,013

3,525

3,798

3,273

2,519

1,220

948

1,825

2,719

3,708

5,122

4,335

4,481

3,697

2,418

5,489

4,527

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Sale of marketable securities

-

-

0

-

-

-

0

-

-

-

-

6,002

5,952

5,480

1,441

226

54

3

56

515

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of businesses, net of cash acquired

499

499

550

3,375

2,876

2,876

2,825

2,400

2,900

3,440

7,473

4,573

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash used for equity method investments

-

-

65

-

-

-

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-51

0

0

0

-

-

-

-

Investment in funds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Investment in reinsurance entity

-

0

0

-

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital expenditures related to property & equipment

1,439

1,131

1,158

1,319

1,360

-5,377

2,088

2,119

2,483

9,694

2,316

2,346

1,713

1,643

1,546

1,246

76

-240

744

799

2,790

2,692

1,460

1,283

350

298

341

375

544

616

736

1,001

831

777

613

255

0

0

0

Capital expenditures related to assets on lease

39,884

17,614

22,447

19,149

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of property and equipment

-

-

118

-

-

-

52

3

1

-2

8

6

21

192

181

200

186

2,554

2,829

3,358

0

0

0

-

-

-

-

8

0

0

0

-

-

-

-

-

-

-

-

Increase (Decrease) in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities - continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,266

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

-7,655

6,505

-20,067

-23,003

-31,167

-42,720

-30,334

-27,036

-19,505

-13,403

-6,886

-3,700

0

0

0

-

-

-

-

-

-

-6,749

-1,981

-2,702

-310

-294

-337

-367

-528

-567

-688

-905

-626

606

1,772

2,069

0

0

0

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit

154,059

104,627

103,024

107,511

115,104

118,233

127,464

115,533

102,761

76,358

73,229

68,275

52,286

40,372

26,344

14,296

19,472

19,291

5,467

6,330

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on lines of credit

127,252

86,903

88,921

109,934

113,925

130,914

142,812

119,176

104,519

76,816

55,598

49,805

34,114

20,999

28,010

19,302

19,291

19,240

1,349

1,330

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from term loan

32,635

19,012

24,325

27,725

40,139

57,755

39,441

38,441

20,841

2,400

2,400

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on term loan

45,130

30,440

21,351

15,730

9,167

7,206

6,021

4,816

2,436

800

200

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs

-

-

238

-

-

-

440

404

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distribution to non-controlling member

-

-

143

-

-

-

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of cash dividend

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

733

733

733

733

611

611

611

611

611

611

611

611

802

0

0

0

Payments for repurchase of stock

-

-

870

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds received from exercise of warrants

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,993

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

130

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment on capital leases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8

11

12

12

12

0

0

0

Proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

124

0

0

0

-

-

-

-

Net cash provided by financing activities - continuing operations

15,788

8,615

18,864

9,546

33,125

38,561

16,744

28,736

14,479

-673

9,736

8,688

0

0

0

-

-

-

-

-

-

-1,012

-631

-2,181

-2,009

49

-733

-611

-663

-665

-668

-547

-498

-500

-500

-815

0

0

0

Effect of foreign currency exchange rates on cash and cash equivalents

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Effect of foreign currency exchange rates on cash and cash equivalents

-

-

-

-

-

-

-

-3

-30

9

9

-15

32

-5

-17

1

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

18,147

21,905

10,500

7,574

-5,310

3,381

2,986

1,419

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash capital expenditures related to property & equipment

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equipment leased to customers transferred to inventory

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

-

-

-

-

-

-

-

-

-

-

-

-2,582

-2,889

-1,236

-3,611

-8,043

-4,055

3,469

4,297

9,879

1,943

-3,464

-4,291

-5,438

-2,665

-2,083

3,097

3,383

2,677

1,465

-1,934

-700

724

-490

-1,263

-3,262

0

0

0

Finished goods inventory transferred to equipment leased to customers

-

-

-

-

-

-

-

-

-

-

-

272

321

466

1,609

1,288

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in fair value of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equipment leased to customers transferred to inventory

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of Debt - Trust Preferred Securities

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of warrant liability

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Exercise of warrants

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest

-

-

2,929

-

-

-

1,534

1,065

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

28

47

56

47

36

19

0

0

0

-

-

-

-

22

17

16

17

1

2

3

2

3

0

0

0

Income taxes

-

-

375

-

-

-

1,821

1,659

1,521

2,005

1,055

1,092

1,888

2,960

2,613

2,827

2,463

199

989

737

236

986

447

755

1,352

1,202

907

675

97

107

567

1,088

1,074

1,079

1,104

887

0

0

0