AEROVIRONMENT, INC.
Cash Flow Statement
| Line Item | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $17.6M | $13.1M | $9.0M | $13.1M | $13.7M | $10.4M | $30.5M | $25.9M |
| Depreciation & Amortization | $6.0M | $5.1M | $3.9M | $8.4M | $9.2M | $10.9M | $9.0M | $10.6M |
| Depreciation | $5.7M | $4.9M | $3.8M | $8.1M | $8.9M | — | — | — |
| Amortization | $296.0K | $139.0K | $80.0K | $249.0K | $154.0K | $35.0K | — | — |
| Stock-Based Compensation | $5.0M | $3.4M | $4.0M | $3.8M | $3.6M | $3.5M | $3.2M | $2.3M |
| Net Cash from Operating Activities | $69.8M | $-8.3M | $6.0M | $39.4M | $34.0M | $29.2M | $18.8M | $33.5M |
| Investing Activities | ||||||||
| Capital Expenditures | $9.6M | $9.0M | $6.1M | $5.3M | $7.1M | $11.8M | $15.0M | $10.2M |
| Business Acquisitions | — | $430.0K | — | — | — | — | — | — |
| Net Cash from Investing Activities | — | — | — | — | — | — | — | — |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | $3.8M | — | — | — | — | — |
| Net Cash from Financing Activities | $2.0M | $3.5M | $-3.1M | — | — | — | — | — |
| Net Change in Cash | $63.6M | $-44.4M | $-19.1M | — | — | — | — | — |
| Free Cash Flow | $60.3M | $-17.3M | $-74.0K | $34.1M | $26.9M | $17.4M | $3.8M | $23.3M |
A great business at a fair price is superior to a fair business at a great price.