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NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
| Three Months Ended | |||||||
| March 30, 2024 | April 1, 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 408 | $ | 5,947 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 16,043 | 12,302 | |||||
| Non-cash lease expense | 3,293 | 3,286 | |||||
| Provision for doubtful accounts | 491 | 240 | |||||
| Stock-based compensation | 6,666 | 5,826 | |||||
| Change in fair value of contingent consideration | — | (859 | ) | ||||
| Gain on disposals of property and equipment | (3 | ) | (23 | ) | |||
| Other | (67 | ) | — | ||||
| Deferred income taxes | (5,175 | ) | (5,603 | ) | |||
| Amortization of debt issuance costs | 185 | 194 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 7,283 | 9,560 | |||||
| Unbilled receivables | (5,727 | ) | (13,999 | ) | |||
| Prepaid expenses and other assets | 1,496 | 4,857 | |||||
| Accounts payable | (3,584 | ) | (15,884 | ) | |||
| Accrued liabilities and other long-term liabilities | 675 | 2,375 | |||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (1,516 | ) | 3,906 | ||||
| Contingent consideration | (815 | ) | (800 | ) | |||
| Other current liabilities | (99 | ) | (43 | ) | |||
| Net cash provided by operating activities | 19,554 | 11,282 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (45,334 | ) | (117,587 | ) | |||
| Proceeds from sale of assets | 22 | — | |||||
| Purchase of property and equipment | (3,673 | ) | (6,110 | ) | |||
| Net cash used in investing activities | (48,985 | ) | (123,697 | ) | |||
| Cash flows from financing activities: | |||||||
| Borrowings from Senior Credit Facility | 35,000 | 110,000 | |||||
| Payments on notes payable and other obligations | (4,380 | ) | (4,085 | ) | |||
| Payments of contingent consideration | (1,025 | ) | (700 | ) | |||
| Net cash provided by financing activities | 29,595 | 105,215 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (222 | ) | — | ||||
| Net decrease in cash and cash equivalents | (58 | ) | (7,200 | ) | |||
| Cash and cash equivalents – beginning of period | 44,824 | 38,541 | |||||
| Cash and cash equivalents – end of period | $ | 44,766 | $ | 31,341 | |||
