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NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | ||||||||
| Three Months Ended | ||||||||
| April 1, 2023 | April 2, 2022 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 5,947 | $ | 8,642 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 12,302 | 11,167 | ||||||
| Non-cash lease expense | 3,286 | 3,092 | ||||||
| Provision for doubtful accounts | 240 | 678 | ||||||
| Stock-based compensation | 5,826 | 4,789 | ||||||
| Change in fair value of contingent consideration | (859 | ) | — | |||||
| Gain on disposals of property and equipment | (23 | ) | (54 | ) | ||||
| Deferred income taxes | (5,603 | ) | (1,903 | ) | ||||
| Amortization of debt issuance costs | 194 | 185 | ||||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | ||||||||
| Billed receivables | 9,560 | 23,211 | ||||||
| Unbilled receivables | (13,999 | ) | 2,042 | |||||
| Prepaid expenses and other assets | 4,857 | 3,230 | ||||||
| Accounts payable | (15,884 | ) | (7,854 | ) | ||||
| Accrued liabilities and other long-term liabilities | 2,375 | 4,684 | ||||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 3,906 | (5,104 | ) | |||||
| Contingent consideration | (800 | ) | — | |||||
| Other current liabilities | (43 | ) | (289 | ) | ||||
| Net cash provided by operating activities | 11,282 | 46,516 | ||||||
| Cash flows from investing activities: | ||||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (117,587 | ) | (326 | ) | ||||
| Purchase of property and equipment | (6,110 | ) | (6,044 | ) | ||||
| Net cash used in investing activities | (123,697 | ) | (6,370 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowings from Senior Credit Facility | 110,000 | — | ||||||
| Payments on notes payable | (4,085 | ) | (4,581 | ) | ||||
| Payments of contingent consideration | (700 | ) | (1,597 | ) | ||||
| Net cash provided by (used in) financing activities | 105,215 | (6,178 | ) | |||||
| Net (decrease) increase in cash and cash equivalents | (7,200 | ) | 33,968 | |||||
| Cash and cash equivalents – beginning of period | 38,541 | 47,980 | ||||||
| Cash and cash equivalents – end of period | $ | 31,341 | $ | 81,948 | ||||
