AEROVIRONMENT, INC. AVAV Cash Flow

Aerovironment, inc. (AVAV)

CashFlow / Quarterly

Jan'20	Oct'19	Jul'19	Apr'19	Jan'19	Oct'18	Jul'18	Apr'18	Jan'18	Oct'17	Jul'17	Apr'17	Jan'17	Oct'16	Jul'16	Apr'16	Jan'16	Oct'15	Jul'15	Apr'15	Jan'15	Oct'14	Jul'14	Apr'14	Jan'14	Oct'13	Jul'13	Apr'13	Jan'13	Oct'12	Jul'12	Apr'12	Jan'12	Oct'11	Jul'11	Apr'11	Jan'11	Oct'10	Jul'10
Operating activities
Net income
-1,028	7,505	17,099	5,703	8,350	6,050	27,316	16,797	-785	7,517	-5,882	31,075	-2,183	-4,172	-11,642	5,364	6,164	4,419	-6,981	7,080	2,325	-2,901	-3,609	8,057	11,216	1,655	-7,210	-795	3,869	8,738	-1,386	17,794	5,744	6,587	326	17,636	11,454	262	-3,443
Gain on sale of business, net of tax
-	-	-	38	0	-391	8,843	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss from discontinued operations, net of tax
-	-	-	453	62	599	1,850	5,537	-129	-33	-1,488	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income from continuing operations
-1,028	7,505	17,099	6,118	8,412	7,040	20,323	19,034	-656	7,550	-4,394	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustments to reconcile net income from continuing operations to cash provided by operating activities from continuing operations:
Depreciation and amortization
2,621	2,407	2,079	2,139	1,946	1,838	1,746	1,705	1,493	1,378	1,406	-134	1,787	1,748	1,653	-692	1,782	1,363	1,402	1,998	2,065	2,111	2,192	2,356	2,295	2,319	2,185	2,597	2,403	3,005	2,932	2,555	2,277	2,171	1,970	2,494	2,612	2,810	2,683
Loss from equity method investment
-1,200	-863	-1,347	-1,873	-717	-752	-602	-	-	-	-	0	-8	-39	-72	110	-126	-57	-65	-88	-54	-48	-50	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of available-for-sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,186	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of long-lived assets
-	-	-	-	-	-	-	0	0	246	9	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for doubtful accounts
-16	3	11	-6	-6	21	-48	37	5	726	209	-67	-4	-52	171	270	-21	-84	-147	-5	4	36	-141	-275	-40	187	122	124	-228	326	240	-63	108	-84	330	-164	-189	-151	399
Other non-cash gain, net
800	-49	-32	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash lease expense
-1,198	-2,506	251	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gains on foreign currency transactions
-	0	-1	-48	-3	11	2	51	-72	2	106	-12	-3	-43	-226	0	0	-5	-58	-219	-80	-98	-183	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on sale of equity securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-74	-145	-391	-165	-126	473	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-277	-320	-349	6,006	-600	-308	-306	2,679	1,268	-497	-597	-	-	-	-	-2,930	-197	12	203	-3,180	-244	-249	291	-2,777	-100	-210	-23	4,258	-277	-172	42	-2,069	-214	-136	-160	-1,468	405	-114	-166
Change in fair value of conversion feature of convertible bonds
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	320	-393	-2,805	-4,679	2,320	3,391	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation
1,767	1,418	1,566	1,386	3,082	1,230	1,287	1,254	1,167	1,209	1,326	656	923	821	992	832	1,088	1,043	1,039	1,054	969	899	846	935	847	930	910	841	987	802	840	877	784	781	754	634	595	576	501
Tax benefit from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	0	0	22	-141	106	0	196	39	2	0	11	2,001	153	123	28	70	7	1,441	88	575	288	0	376	541	384	0	109
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	95	-181	-5	35	313	-	-	-	-	-	-	-	-	74	25	10	80	-	-	-	-
(Gain) loss on sale of property and equipment
-4	0	75	-	-	-	-	-	-	-	-	-7	-44	0	7	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3	-2	-4	60
Amortization of debt securities
307	457	527	565	482	344	115	-174	-353	-423	-474	-555	-568	-598	-661	-789	-940	-997	-1,149	-1,144	-1,177	-1,059	-1,152	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
-12,645	-2,157	11,557	-3,004	-556	20,928	-43,189	37,801	-9,010	3,958	-43,819	52,273	-2,991	-6,543	-23,019	15,593	-3,856	14,457	-5,549	-4,232	6,742	7,919	-8,667	-11,153	6,339	16,821	-44	-11,706	-16,958	-1,224	-6,297	32,141	-1,250	3,453	-22,012	-240	10,964	16,091	-21,189
Unbilled receivables and retentions
15,014	14,462	-5,112	1,415	5,978	-14,216	42,998	-14,321	12,668	5,634	-6,234	3,464	-2,050	2,377	-4,406	8,471	-1,358	-2,200	-3,358	9,011	1,242	-555	-3,271	2,293	1,380	-2,463	-1,585	-4,105	-5,655	-2,194	-3,776	2,527	2,831	8,277	-8,567	2,397	2,992	743	-2,876
Inventories
12,387	-3,567	1,946	3,677	4,283	3,852	4,819	-16,500	1,536	3,548	10,224	-14,504	13,638	11,063	6,619	-7,500	-1,902	4,415	4,507	-9,385	-3,005	5,363	-4,258	-4,742	-5,188	-8,034	6,102	-1,036	18,850	242	966	-4,908	7,012	3,136	162	9,257	-49	844	7,157
Income tax receivable
0	0	-821	-	-	-	-	-	413	-3,078	3,385	-	-1,470	-293	4,250	-	1,065	-2,682	5,569	-1,940	-2,936	1,416	-3,124	732	-2,268	-6,692	3,035	-	-	-	1,755	-	-	-	745	-	-	-392	2,743
Prepaid expenses and other assets
-1,267	435	616	610	960	698	133	278	-4	-55	-358	294	635	538	17	16	-336	591	-710	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-30	913	-940	-	-653	529	-538	-	-554	1,269	-433	-	-166	803	-196	-	798	251	149
Accounts payable
3,745	64	-5,110	3,591	-1,804	1,052	-9,893	10,187	-1,479	2,532	-5,504	3,715	-4,583	7,749	-6,336	6,606	-1,804	-1,354	-6,299	3,028	-2,773	5,863	-781	-1,229	3,361	-1,771	-2,599	367	347	2,345	-7,128	6,838	-6,242	7,068	-18,585	7,967	1,403	9,997	-8,438
Other liabilities
12,530	-59	-4,524	-1,445	3,586	-2,387	-3,797	8,649	4,800	81	-4,306	4,344	3,423	-4,339	-3,594	7,967	2,671	-3,651	-3,766	-89	3,042	4,309	-3,545	4,152	-298	-1,889	-3,010	4,198	-2,746	2,411	-21,183	18,462	803	6,862	-13,343	11,742	2,724	5,392	-10,855
Net cash provided by operating activities of continuing operations
7,147	4,806	3,113	20,049	4,240	-2,379	5,036	38,000	1,838	4,675	25,319	6,171	-8,145	-5,036	-1,243	11,746	17,210	-11,605	-11,304	22,197	4,858	-3,372	15,730	30,533	13,145	3,503	-13,176	24,179	277	22,558	-17,770	13,900	-4,917	8,315	1,456	30,465	7,036	1,239	-5,254
Investing activities
Acquisition of property and equipment
1,654	4,948	1,902	2,090	2,671	2,712	1,423	1,850	2,258	2,750	2,705	1,431	3,072	1,880	2,634	1,862	1,455	1,898	906	2,953	1,256	1,041	29	392	704	1,590	4,457	5,306	1,969	2,011	2,548	5,136	4,372	2,878	2,606	3,966	2,654	1,672	1,881
Equity method investments
4,982	0	4,569	-	-	-	-	-	-	-	-	-	-	-	-	0	109	101	85	110	99	-24	210	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Business acquisition, net of cash acquired
0	0	18,641	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of business
-	-	-	0	0	0	31,994	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of property and equipment
0	0	81	-	-	-	-	-	-	-	-	-	0	0	7	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	14	11	83
Redemptions of held-to-maturity investments
7,078	94,804	65,035	69,463	38,426	74,120	78,909	63,850	58,055	46,478	59,280	28,314	39,247	25,141	28,820	17,031	11,555	18,340	37,507	7,280	15,380	22,032	24,695	6,387	61,701	492	6,442	79,381	-1,221	-3,153	9,064	-	-	-	-	-	-	-	-
Purchases of held-to-maturity investments
-6,631	98,685	70,463	56,002	41,718	87,756	81,646	69,940	62,977	46,957	41,806	26,013	43,926	51,565	27,487	19,214	32,668	20,102	22,970	9,390	19,550	39,753	28,771	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Redemptions of available-for-sale investments
-	-	-	0	0	0	2,250	0	0	0	450	0	0	0	400	0	0	770	217	583	460	362	8,676	185	0	0	175	350	0	75	175	0	0	100	125	0	0	100	100
Purchases of available-for-sale investments
54,350	2,254	2,693	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net sales of held-to-maturity investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,667	19,956	-	-42,107	31,499	23,594
Net cash (used in) provided by investing activities from continuing operations
-6,127	-11,083	-33,152	3,773	-5,963	-16,348	30,084	-9,347	-9,040	-3,229	15,219	433	-7,751	-28,304	-894	-4,045	-22,677	-2,991	13,763	-4,590	-5,215	-18,376	4,361	-2,624	12,750	-1,848	2,160	-12,869	-7,077	-5,089	6,691	-15,676	-28,017	8,889	17,475	-8,020	-44,747	29,938	21,896
Financing activities
Principal payments of capital lease obligations
-	-	-	7	43	54	57	57	58	81	92	99	99	97	95	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefit from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	95	-181	-5	35	313	-	-	-	-	-	-	-	-	74	25	10	80	-	-	-	-
Tax withholding payment related to net settlement of equity awards
266	75	668	61	58	156	819	8	76	101	212	-	-	-	-	0	0	0	29	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Exercise of stock options
0	0	93	0	0	4	67	14	527	524	1,640	3,210	397	0	258	96	482	29	515	7	36	0	679	5,826	728	132	23	124	5	91	69	57	185	128	195	293	146	45	135
Net cash used in financing activities from continuing operations
-266	-75	-575	-68	-101	-206	-809	-51	393	342	1,336	3,106	298	-97	163	4	141	-3,822	581	-174	-5	35	992	6,311	728	132	23	47	5	91	69	131	210	138	275	497	146	45	135
Discontinued operations
Operating activities of discontinued operations
0	0	0	-436	-62	-579	-6,609	3,093	2,159	-1,838	-4,037	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investing activities of discontinued operations
0	0	0	21	0	-21	-431	-482	-155	-314	-268	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financing activities of discontinued operations
-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in discontinued operations
-	-	-	-415	-62	-600	-7,040	2,611	2,004	-2,152	-4,305	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (decrease) increase in cash, cash equivalents, and restricted cash
754	-6,352	-30,614	23,339	-1,886	-19,533	27,271	31,213	-4,805	-364	37,569	6,626	-15,598	-33,437	-1,974	1,581	-5,326	-18,418	3,040	17,433	-362	-21,713	21,083	34,220	26,623	1,787	-10,993	11,357	-6,795	17,560	-11,010	-1,645	-32,724	17,342	19,206	22,942	-37,565	31,222	16,777
Supplemental disclosures of cash flow information
Cash paid, net during the period for:
Income taxes
0	224	294	3	1,507	5,277	-7	-	-	-	1,803	18	0	0	1,786	37	20	0	1,519	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income tax refund
-	-	-	-	-	-	-	-	9	0	1,803	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash activities
Unrealized gain on investments, net of deferred tax expense of $51
-	-	-	0	0	0	-57	-28	-13	-27	-2	-42	11	-25	-18	7	-7	-25	-2	2,273	-582	-548	-48	-529	58	77	-48	-53	15	-10	37	3	44	41	2	41	-50	-29	14
Reclassification from share-based liability compensation to equity
-	-	-	-	-	-	-	0	0	0	384	0	0	0	307	0	0	0	228	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in foreign currency translation adjustments
-112	10	169	-2	-1	-11	-20	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions of property and equipment included in accounts payable
-498	-492	1,253	752	-695	158	595	47	-556	244	644	316	-296	383	321	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-