Air Industries Group

AIRI

AIRIAir Industries Group US flag

New York Stock Exchange American

2.63

USD

+0.02

- -

10.16MMarket Cap

Income Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	54	64	63	64	80	51	50	45	55	50	59	53	52	55	48
+ Sales & Services Revenue	54	64	63	64	80	51	50	45	55	50	59	53	52	55	48
- Cost of Revenue	43	49	48	50	63	47	45	39	45	44	49	46	44	46	40
+ Cost of Goods & Services	43	49	48	50	63	47	45	39	45	44	49	46	44	46	40
Gross Profit	11	15	15	14	17	4	5	5	9	7	10	7	7	9	8
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	7	9	11	12	17	14	11	8	9	8	8	8	8	8	9
+ Selling, General & Admin	- -	- -	11	12	17	18	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	7	9	- -	- -	- -	-3	11	8	9	8	8	8	8	8	9
Operating Income (Loss)	4	6	5	2	1	-10	-7	-3	1	-1	2	- -	- -	- -	- -
- Non-Operating (Income) Loss	2	2	1	2	2	3	10	6	3	-1	1	1	2	2	1
+ Interest Expense, Net	2	2	1	1	2	2	3	4	4	1	1	1	2	2	2
+ Interest Expense	2	2	1	1	2	2	3	4	4	1	1	1	2	2	2
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	- -	- -	1	- -	- -	6	2	- -	-3	- -	- -	- -	- -	-1
Pretax Income	2	4	4	- -	-1	-13	-16	-9	-3	- -	2	-1	-2	-1	-1
- Income Tax Expense (Benefit)	- -	1	- -	- -	- -	2	- -	- -	- -	-1	- -	- -	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	2	3	4	1	-1	-15	-16	-9	-3	1	2	-1	-2	-1	-1
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	1	6	2	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	-1	-6	-2	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	2	13	5	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	2	3	4	1	-1	-16	-23	-11	-3	1	2	-1	-2	-1	-1
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	2	3	4	1	-1	-16	-23	-11	-3	1	2	-1	-2	-1	-1
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	2	3	4	1	-1	-16	-23	-11	-3	1	2	-1	-2	-1	-1
EBIT	4	6	5	2	1	-10	-7	-3	1	-1	2	- -	- -	- -	- -
EBITDA	7	8	8	6	5	-6	-3	- -	4	2	6	3	3	3	3
EBITDA Margin (%)	12.59	12.82	11.96	8.81	6.31	-10.73	-6.35	0.02	7.47	3.22	9.81	5.4	5.17	6.14	6.33
EBITA	4	6	5	2	1	-10	-7	-3	1	-1	2	- -	- -	- -	- -
Gross Margin (%)	20.33	23.14	24.25	21.91	21.48	8.32	9.76	12.23	16.75	13	17.4	14	14.42	16.21	17.08
Operating Margin (%)	8.15	9.32	7.39	3.32	0.9	-19.75	-13.16	-6.45	1.1	-2.87	4.22	-0.36	-0.57	0.83	-0.71
Profit Margin (%)	4.18	3.97	5.95	1.04	-1.03	-30.44	-45.22	-24.68	-5.01	2.19	2.76	-2.02	-4.14	-2.48	-2.72
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	0.77	2.5	5.69	5.97	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	2	2	3	4	4	5	3	3	3	3	3	3	3	3	3
Basic Weighted Avg Shares	- -	- -	1	1	1	1	1	3	3	3	3	3	3	3	4
Basic EPS, GAAP	6.28	5.44	6.52	1.01	-1.11	-20.61	-17.04	-4.09	-0.95	0.36	0.51	-0.33	-0.65	-0.39	-0.31
Basic EPS from Cont Ops	6.28	5.44	6.52	1.01	-1.11	-19.61	-12.15	-3.18	-0.9	0.43	0.51	-0.33	-0.65	-0.39	-0.31
Diluted Weighted Avg Shares	- -	- -	1	1	1	1	1	3	3	4	4	3	3	3	4
Diluted EPS, GAAP	6.28	5.35	6.3	0.96	-1.11	-20.61	-17.04	-4.09	-0.95	0.3	0.45	-0.33	-0.65	-0.39	-0.31
Diluted EPS from Cont Ops	6.28	5.35	6.3	0.96	-1.11	-19.61	-12.15	-3.18	-0.9	0.36	0.45	-0.33	-0.65	-0.39	-0.31

Balance Sheet (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	29	40	37	44	56	62	48	38	38	44	41	42	39	39	47
+ Cash, Cash Equivalents & STI	1	- -	1	1	1	1	1	2	1	3	1	- -	- -	1	1
+ Cash & Cash Equivalents	1	- -	1	1	1	1	1	2	1	3	1	- -	- -	1	1
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	6	12	9	12	14	6	5	7	8	9	10	10	8	9	7
+ Accounts Receivable, Net	6	12	9	12	14	6	5	7	8	9	10	9	8	9	7
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	23	27	26	29	37	33	31	29	29	32	30	32	30	29	34
+ Raw Materials	5	6	6	7	9	6	5	5	5	4	3	4	5	6	7
+ Work In Process	12	17	16	15	20	22	20	18	18	22	21	30	23	22	26
+ Finished Goods	7	7	8	10	12	9	10	7	10	9	8	1	2	1	1
+ Inventory Adjustments	-2	-3	-3	-3	-4	-4	-4	-4	-4	-3	-3	-4	-3	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	4	- -	- -	- -	- -	3	- -	- -
+ Other ST Assets	- -	1	2	2	5	22	10	- -	- -	- -	- -	- -	- -	- -	5
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	8	14	13	22	32	21	13	10	13	14	13	12	12	12	12
+ Property, Plant & Equip, Net	4	6	7	10	15	11	10	9	11	13	11	11	11	11	11
+ Property, Plant & Equip	12	15	18	23	32	29	30	31	37	41	42	44	46	48	50
- Accumulated Depreciation	8	10	11	14	17	17	20	23	26	28	31	33	36	37	39
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	4	8	7	12	17	10	3	1	2	1	1	1	1	1	1
+ Total Intangible Assets	2	6	5	10	14	7	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	5	11	6	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	2	6	5	5	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2	1	2	2	2	3	3	1	1	1	1	1	1	1	1
Total Assets	37	53	50	66	88	83	61	48	51	58	53	54	51	51	58
+ Payables & Accruals	7	9	9	8	12	14	11	9	8	9	7	8	6	7	8
+ Accounts Payable	7	6	5	6	10	12	9	7	7	7	5	6	5	6	7
+ Accrued Taxes	- -	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	1	2	2	2	2	2	2	2	1	1	1	1	1	1
+ ST Debt	14	19	15	20	41	34	23	19	23	17	15	15	17	19	29
+ ST Borrowings	14	19	15	20	41	34	23	19	23	16	14	14	16	18	29
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1	1	1
+ Other ST Liabilities	- -	- -	- -	1	1	5	4	1	1	1	2	1	4	2	- -
+ Deferred Revenue	- -	- -	- -	- -	1	1	1	1	1	1	2	1	4	1	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	4	3	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	22	28	24	28	54	53	38	29	33	27	23	24	27	27	38
+ LT Debt	9	5	3	8	4	3	3	6	8	15	12	13	9	9	2
+ LT Borrowings	9	5	3	8	4	3	3	6	3	11	9	11	7	8	2
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	4	4	3	2	2	1	- -
+ Other LT Liabilities	2	2	2	2	2	2	1	1	1	1	- -	- -	- -	- -	- -
+ Accrued Liabilities	1	2	2	2	2	2	1	1	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	11	6	4	10	5	5	5	7	8	15	13	13	9	9	2
Total Liabilities	32	34	29	38	59	58	43	36	41	43	36	37	36	36	39
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	26	38	37	43	44	56	71	76	77	81	82	82	83	84	90
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	26	38	37	43	44	56	71	76	77	81	82	82	83	84	90
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-21	-19	-15	-15	-15	-31	-54	-65	-67	-66	-65	-66	-68	-69	-70
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	5	19	22	28	29	25	18	12	10	15	17	17	15	15	19
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	5	19	22	28	29	25	18	12	10	15	17	17	15	15	19
Total Liabilities & Equity	37	53	50	66	88	83	61	48	51	58	53	54	51	51	58
Shares Outstanding	- -	1	1	1	1	1	3	3	3	3	3	3	3	3	5
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	5	5	4	3	2	2	1
Net Debt	22	23	17	26	44	36	26	23	25	25	23	25	23	26	29
Net Debt to Equity	481.57	123.03	78.36	93.04	153.73	143.29	147.53	198.64	241.58	163.93	130.74	148.39	151.18	170.79	153.24
Tangible Common Equity Ratio	7.89	27.01	36.53	32.59	19.54	23.66	28.92	24.04	19.72	25.94	32.34	31.29	29.95	29.3	32.92
Current Ratio	1.36	1.42	1.51	1.57	1.04	1.16	1.25	1.31	1.17	1.6	1.75	1.79	1.46	1.43	1.24
Cash Conversion Cycle	172.39	187.59	219.7	220.16	207.97	246.4	214.19	254.13	225.72	261.54	240.5	267.78	265.26	242.82	299.3

Cash Flow Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	2	3	4	1	-1	-16	-23	-11	-3	1	2	-1	-2	-1	-1
+ Depreciation & Amortization	2	2	3	4	4	5	3	3	3	3	3	3	3	3	3
+ Non-Cash Items	1	1	-1	- -	1	4	16	6	2	-1	- -	- -	1	1	1
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	1	1
+ Deferred Income Taxes	- -	- -	-1	-1	- -	2	- -	- -	- -	1	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	11	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	- -	1	- -	1	1	1	5	5	1	-2	- -	- -	- -	- -	- -
+ Chg in Non-Cash Work Cap	-2	-4	3	-7	-5	7	-1	- -	-3	-5	-1	-2	3	-2	-4
+ (Inc) Dec in Accts Receiv	-2	-5	3	-2	- -	5	1	-1	-2	-1	-2	1	2	-1	2
+ (Inc) Dec in Inventories	-1	1	- -	-2	-8	-3	1	1	- -	-3	3	-2	2	1	-5
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	-1	- -	1	-1	-1	- -	- -	- -	-1	- -	- -
+ Inc (Dec) in Accts Payable	2	- -	-1	-2	4	5	-4	-2	-1	- -	-2	1	-1	1	1
+ Inc (Dec) in Other	- -	- -	- -	- -	1	- -	- -	2	- -	-1	- -	-1	2	-3	-2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	4	2	9	-3	-1	-1	-4	-2	-1	-2	4	- -	5	- -	-1
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1	-1	- -	-1	-2	-2	-2	-1	-1	-4	-1	-2	-2	-2	-3
+ Acq of Fixed Prod Assets	-1	-1	- -	-1	-2	-2	-2	-1	-1	-4	-1	-2	-2	-2	-3
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	7	- -	- -	- -	- -	8	3	- -	1	- -	- -	- -	- -	5
+ Increase in Capital Stock	- -	7	- -	- -	- -	- -	8	3	- -	1	- -	- -	- -	- -	5
+ Decrease in Capital Stock	- -	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	-12	- -	-9	-6	- -	4	5	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	4	5	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	-12	- -	-9	-6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-1	- -	- -	- -	-1	-1	-1	-1	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-1	-13	-1	-10	-9	-1	2	4	-1	-4	-1	-2	-2	-2	-3
+ Dividends Paid	- -	- -	-1	-4	-4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-2	11	-7	6	13	-1	-6	-3	- -	6	-5	2	-3	2	4
+ Cash From Debt	- -	17	- -	7	16	8	7	3	18	8	- -	4	1	3	6
+ Repayments of Debt	-2	-6	-7	-2	-3	-10	-13	-6	-18	-2	-5	-2	-4	-1	-3
+ Other Financing Activities	- -	-6	1	11	- -	4	- -	- -	1	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-2	11	-8	13	9	2	2	- -	1	7	-5	2	-3	2	8
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	- -	- -	- -	1	-1	1	-1	1	-1	1	-2	- -	- -	- -	4
EBITDA	7	8	8	6	5	-6	-3	- -	4	2	6	3	3	3	3
EBITDA Margin (%)	12.59	12.82	11.96	8.81	6.31	-10.73	-6.35	0.02	7.47	3.22	9.81	5.4	5.17	6.14	6.33
Free Cash Flow	3	1	9	-3	-2	-2	-6	-4	-2	-5	3	-2	3	-2	-5
Net Cash Paid for Acquisitions	- -	12	- -	9	6	- -	-4	-5	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Firm	5	2	- -	- -	- -	- -	- -	- -	- -	- -	4	- -	- -	- -	- -
Free Cash Flow to Equity	1	12	2	2	11	-2	-12	-6	-1	- -	-2	- -	- -	- -	-1
Free Cash Flow per Basic Share	7.98	1.36	14.99	-5.11	-3.29	-3.07	-4.16	-1.34	-0.57	-1.73	0.84	-0.59	0.84	-0.57	-1.11
Price/Free Cash Flow	2.39	12.57	5.81	-32.65	90.97	25.4	-9.05	-17.94	-535.15	19.89	6.09	4.88	1.53	5.39	6.57
Cash Flow to Net Income	1.62	0.66	2.38	-4.2	1.07	0.04	0.18	0.21	0.33	-1.39	2.5	-0.42	-2.28	-0.24	1.04
Capital Expenditures	-1	-1	- -	-1	-2	-2	-2	-1	-1	-4	-1	-2	-2	-2	-3