NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
| Six Months Ended | |||||||
| July 2, 2022 | July 3, 2021 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 25,910 | $ | 19,118 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 22,058 | 21,936 | |||||
| Non-cash lease expense | 6,265 | 4,884 | |||||
| Provision for doubtful accounts | 594 | 583 | |||||
| Stock-based compensation | 9,615 | 7,790 | |||||
| Change in fair value of contingent consideration | (518 | ) | 235 | ||||
| Gain on disposals of property and equipment | (61 | ) | (581 | ) | |||
| Deferred income taxes | (3,014 | ) | (2,988 | ) | |||
| Amortization of debt issuance costs | 370 | 454 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 15,152 | 36,727 | |||||
| Unbilled receivables | (3,801 | ) | (7,238 | ) | |||
| Prepaid expenses and other assets | (511 | ) | (4,208 | ) | |||
| Accounts payable | (4,349 | ) | (2,446 | ) | |||
| Accrued liabilities | (6,309 | ) | (4,187 | ) | |||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (6,867 | ) | (8,158 | ) | |||
| Other current liabilities | (276 | ) | 307 | ||||
| Net cash provided by operating activities | 54,258 | 62,228 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (4,670 | ) | (21,652 | ) | |||
| Proceeds from sale of assets | 48 | 460 | |||||
| Purchase of property and equipment | (10,379 | ) | (4,028 | ) | |||
| Net cash used in investing activities | (15,001 | ) | (25,220 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from common stock offering | — | 172,500 | |||||
| Payments on notes payable | (6,218 | ) | (5,325 | ) | |||
| Payments of contingent consideration | (1,597 | ) | (413 | ) | |||
| Payments of borrowings from Senior Credit Facility | (35,000 | ) | (145,082 | ) | |||
| Payments of common stock offering costs | — | (10,522 | ) | ||||
| Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation | — | (52 | ) | ||||
| Net cash (used in) provided by financing activities | (42,815 | ) | 11,106 | ||||
| Net (decrease) increase in cash and cash equivalents | (3,558 | ) | 48,114 | ||||
| Cash and cash equivalents – beginning of period | 47,980 | 64,909 | |||||
| Cash and cash equivalents – end of period | $ | 44,422 | $ | 113,023 | |||
