ORION ENERGY SYSTEMS, INC. OESX Cash Flow

Orion energy systems, inc. (OESX)

CashFlow / Quarterly

Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10
Operating activities
Net income (loss)
-	-	3,968	-	-	-	-2,692	-1,462	-1,433	-3,669	-6,564	-7,292	-1,086	-970	-2,940	-10,870	-2,004	-3,600	-3,652	-4,693	-4,663	-18,346	-4,359	-8,839	1,018	2,403	-781	549	651	-9,659	-1,940	-157	74	1,358	-792	520	-183	540	-536
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation
300	295	315	333	327	332	347	354	349	348	353	348	348	366	389	630	759	775	786	699	651	741	762	811	963	1,010	1,014	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
94	94	94	101	111	111	121	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization
-	-	-	-	-	-	-	-	-	162	162	-	239	239	243	160	351	353	351	221	409	351	346	349	183	132	40	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,097	-	1,139	963	927	856	871	781	762
Stock-based compensation
185	159	171	186	200	211	228	234	250	298	320	353	384	539	329	296	428	353	385	249	465	358	427	620	297	306	370	250	144	404	366	301	309	305	352	370	320	363	248
Amortization of debt issue costs
61	60	61	70	31	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income tax benefit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	5,391	-1,446	-443	226	-210	-328	-589	779	-598	-776
Loss on sale of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-22	0	-14	-4	17	-16	15	5	-1,621	-16	-75	-21	-31	-8	-20	-10	-	-	-	-	-	-	-	-
Provision for inventory reserves
73	39	80	-58	15	-176	17	560	400	171	130	1,591	178	189	254	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for inventory reserves
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	594	-	-	-	-	-	-	-	-	-	-	-	-
Provision for inventory reserves
73	39	80	-58	15	-176	17	560	400	171	130	1,591	178	189	254	-	29	-71	83	-	192	12	20	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for bad debts
-	-	0	-10	-19	3	82	1	0	-12	33	14	51	442	-375	330	18	8	219	49	94	98	44	87	12	-5	80	45	612	95	5	157	250	104	55	-	-	111	-47
Other
-5	-2	-21	-49	0	-5	-3	106	0	0	-12	-30	-36	-56	-56	-202	-18	-19	-19	-157	-40	-39	-29	-64	-39	-29	-33	-27	-10	0	-34	-24	-23	-25	-13	-13	-4	-15	-19
Changes in operating assets and liabilities:
Accounts receivable, current and long-term
-11,772	2,993	9,199	8,697	300	-1,401	-1,756	73	522	1,089	-2,103	-2,544	-463	-485	1,805	-3,456	-1,277	-3,141	758	53	2,786	900	-1,830	-6,011	2,465	-9,236	4,387	-2,829	770	2,805	-3,245	-2,126	1,919	-6,014	2,857	-	-	597	-3,143
Revenue earned but not billed
-3,411	692	-238	620	2,422	-352	-1,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Revenue earned but not billed
-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventories
-5,324	2,744	1,610	4,322	712	-447	102	-586	-139	-2,785	-1,196	-1,389	-257	1,706	-1,280	-943	2,565	124	1,503	-619	3,129	458	-612	140	-833	-2,405	-864	-2,057	-1,047	1,531	-1,307	-2,058	369	669	2,558	-3,141	-1,476	3,679	4,036
Deferred contract costs
-	-	-	-	-	-	-	-114	930	-1,521	770	-397	940	156	200	-93	-104	-21	81	-731	-304	996	-612	73	-1,784	-558	893	391	-3,037	2,018	553	-493	-221	-9,988	3,306	-	-	-	-
Prepaid expenses and other assets
-34	-15	5	55	18	9	-150	909	-144	-1,319	163	1,320	519	-1,610	-2,203	4,596	-689	-285	-977	-4,906	5,602	-1,128	-829	-1,153	2,283	381	-439	-2,120	1,250	-421	-24	936	-1,241	2,677	-347	498	-4,410	3,239	3,215
Accounts payable
-15,644	5,548	7,106	8,361	2,496	-1,366	-575	-10	3,846	-1,788	-2,028	-683	-65	2,183	-1,516	-304	3,326	-4,318	2,009	-5,615	7,553	2,126	-1,589	-2,667	-728	-237	2,870	-5,586	-1,807	3,363	-2,497	-1,188	5,104	-6,169	4,070	-2,880	6,128	2,783	-1,309
Accrued expenses and other
-2,045	-28	777	2,111	492	-75	-553	-969	-329	305	-743	26	219	-595	-285	3,136	-456	104	-981	117	1,381	-78	-582	-373	635	-2,405	568	-1,516	1,752	1,764	221	-487	958	249	121	-	-	-	-
Deferred revenue, current and long-term
-48	-26	-21	-15	-17	9	-21	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue, current and long-term
-	-	-	-	-	-	-	-	-	-	204	-	66	267	52	-137	21	-140	2	-102	-55	6	-259	-588	341	-3,217	1,190	-328	-2,352	1,088	134	1,539	-2,141	-7,592	3,652	-	-	-	-
Accrued expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	176	-533
Net cash provided by (used in) operating activities
5,826	6,453	1,996	-3,448	-478	-1,193	61	-1,334	1,580	1,094	-5,755	-2,169	-368	2,949	-2,315	-148	1,995	-3,180	-2,140	-2,595	-5,130	-3,804	-1,283	-948	1,299	7,528	2,022	2,322	2,266	-2,334	7	5,009	5,102	1,688	-304	1,940	-1,952	-2,353	-6,280
Investing activities
Purchases of property and equipment
121	261	200	214	101	43	23	34	195	79	204	284	150	173	53	99	123	75	104	359	616	727	304	53	135	92	130	311	133	737	978	926	1,395	1,020	983	-375	1,029	1,375	582
Purchase of property and equipment leased to customers under PPAs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	3	217	496	1,626	4
Purchase of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1	0	1	0	1	2	1	1	1	2	1	1	1	2	1	1	3	0	7
Additions to patents and licenses
-	-	-	-	-	-	-	30	13	10	20	39	39	213	0	-	-	-	-	173	0	13	48	20	9	-5	19	56	22	50	25	40	59	80	45	19	28	75	35
Proceeds from sales of property, plant and equipment
-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,600	35	0	0	0	0	0	39	1,001	12	29	9	30	16	11	11	8	19	4	0	1	-	-	-	-
Long term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	124	206
Net cash used in investing activities
-121	-334	-200	-253	-102	-71	-23	-64	-208	-89	-224	-323	-189	-386	2,547	-64	-118	-86	-104	-60	-617	-701	648	494	-116	-5,072	-120	-352	-145	-778	-996	-948	-1,451	-1,102	-1,031	468	-1,556	-3,199	-834
Financing activities
Payment of long-term debt
-	-	21	-	-	-	19	26	21	44	67	66	71	362	381	451	450	479	521	1,802	1,107	766	819	838	894	647	850	975	779	730	685	596	596	402	262	1,549	257	138	133
Proceeds from revolving credit facility
1,000	31,100	31,100	17,772	9,487	15,823	17,188	16,808	17,750	17,869	16,307	24,230	22,494	24,553	16,658	17,771	20,908	21,715	5,373	2,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of revolving credit facility
3,926	36,317	31,329	11,898	7,577	16,707	18,794	16,523	17,211	18,639	19,083	23,483	21,471	22,182	17,889	19,026	18,398	22,440	4,685	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,406	0	1,752	2,831	-	-	-	-
Proceeds from repayment of shareholder notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35	0	1	10	2	94	118	1	31	1	4	2	9	34	11	2	-	-	-	-
Proceeds from issuance of common stock, net of issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,465	0	0	0	-600	375	190	35	-60	1	11	48	52	4	20	98	130	105	133	136
Payment of common stock issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments to settle employee tax withholdings on stock-based compensation
4	9	63	0	4	3	3	0	1	8	0	2	13	0	4	14	0	20	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	49	0	-6	27	307	-129	1,135	-324	-	-	-	-
Repurchase of common stock into treasury
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,484	2,060	2,463	461	279	0	0	-	-	-	-
Deferred financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	11	100	13	-4	0	4	57
Net proceeds from employee equity exercises
4	-2	18	1	1	1	1	0	3	3	0	2	2	2	2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from employee equity exercises
4	-2	18	1	1	1	1	0	3	3	0	2	2	2	2	17	75	0	12	57	33	139	212	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-3,041	-5,251	-295	5,834	1,511	-906	-1,627	259	520	-819	-2,843	681	941	2,011	-1,614	-1,704	2,135	-1,224	178	17,902	-628	-701	-597	-317	-407	-357	-814	-668	-2,261	-2,625	-3,071	717	-977	2,416	2,332	-706	42	2,680	-54
Net increase (decrease) in cash and cash equivalents
-	-	1,501	-	-	-	-1,589	-1,139	1,892	186	-8,822	-1,811	384	4,574	-1,382	-1,916	4,012	-4,490	-2,066	15,247	-6,375	-5,206	-1,232	-771	776	2,099	1,088	1,302	-140	-5,737	-4,060	4,778	2,674	3,002	997	1,702	-3,466	-2,872	-7,168
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	140	-8	71	84	95	231	-12	109	127	129	133	146	141	146	129	72	176	66	63	63
Cash paid for income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23	7	5	0	4	14	4	4	61	7	30	8	33	25	38	3	3	0	28
Shares returned to treasury in satisfaction of receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35	-	-	0	51
Vendor financed capital lease addition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	14	51	17	-	7	64	0	-	-	-	-