Company: AIRTP
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0000353184-25-000009
Chunk: 14

Company: AIR T INC
Filing Date: 2025-02-12
Form: 10-Q
Item: Item 2
Chunk 14
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 on cash and cash equivalents360 (116)Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash$10,924 $(1,903)

Net cash provided by operating activities was $19.4 million for the nine-month period ended December 31, 2024 compared to net cash provided in operating activities of $23.1 million in the prior year nine-month period, representing a decrease of $3.8 million. The decrease was primarily attributable to an increase in accounts receivable of $11.0 million due to increased component sales and a net decrease in accounts payable of $7.9 million due to timing of payments to our vendors. These changes were partially offset by a $5.8 million increase in net income after adjustments in the current year period compared to the prior year period, a higher decrease in inventory of $4.2 million, and $5.2 million favorable change in other operating assets and liabilities. 

Net cash used in investing activities for the nine-month period ended December 31, 2024 was $16.8 million compared to net cash provided by investing activities of $0.2 million in the prior year period. The cash used in investing activities was primarily driven by capital expenditures related to assets on lease in the current year at Contrail.

Net cash provided by financing activities for the nine-month period ended December 31, 2024 was $8.0 million compared to net cash used in financing activities of $25.2 million in the prior year period. The cash provided by financing activities in the current year nine-month period was primarily driven by $45.5 million more proceeds on the Company's term loans and revolving lines of credit. These changes were partially offset by $5.3 million more payments made on the Company's term loans and revolving lines of credit and $6.7 million less proceeds received from the issuance of TruPs in the current year period compared to the prior year period. 

34

Non-GAAP Financial Measures

The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ("Adjusted EBITDA"), a non-GAAP financial measure as defined by the SEC, to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures.

Adjusted EBITDA is defined as earnings before taxes, interest, and depreciation and amortization, adjusted for specified items. The