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NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) | |||||||
| Nine Months Ended | |||||||
|
September 28,
2019 |
September 29,
2018 | ||||||
| Cash Flows From Operating Activities: | |||||||
| Net income | $ | 20,180 | $ | 19,197 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 18,908 | 11,660 | |||||
| Non-cash lease expense | 6,770 | — | |||||
| Provision for doubtful accounts | 1,725 | 843 | |||||
| Stock based compensation | 6,989 | 4,541 | |||||
| Change in fair value of contingent consideration | 49 | 267 | |||||
| Gain on disposals of property and equipment | (48 | ) | — | ||||
| Deferred income taxes | (3,839 | ) | 564 | ||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 508 | (6,396 | ) | ||||
| Unbilled receivables | (4,490 | ) | (3,759 | ) | |||
| Prepaid expenses and other assets | (5,279 | ) | 819 | ||||
| Accounts payable | (2,053 | ) | (679 | ) | |||
| Accrued liabilities | (9,170 | ) | (3,259 | ) | |||
| Income taxes payable | (2,789 | ) | (6,713 | ) | |||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (5,972 | ) | 485 | ||||
| Deposits | 68 | — | |||||
| Net cash provided by operating activities | 21,557 | 17,570 | |||||
| Cash Flows From Investing Activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (29,365 | ) | (28,460 | ) | |||
| Purchase of property and equipment | (1,810 | ) | (1,582 | ) | |||
| Net cash used in investing activities | (31,175 | ) | (30,042 | ) | |||
| Cash Flows From Financing Activities: | |||||||
| Proceeds from secondary offering | — | 93,469 | |||||
| Borrowings from Senior Credit Facility | 10,000 | — | |||||
| Payments on notes payable | (8,483 | ) | (7,410 | ) | |||
| Payments of contingent consideration | (1,213 | ) | (728 | ) | |||
| Proceeds from exercise of warrant | — | 1,092 | |||||
| Payments of borrowings from Senior Credit Facility | — | (36,500 | ) | ||||
| Net cash provided by financing activities | 304 | 49,923 | |||||
| Net (decrease) increase in Cash and Cash Equivalents | (9,314 | ) | 37,451 | ||||
| Cash and cash equivalents – beginning of period | 40,739 | 18,751 | |||||
| Cash and cash equivalents – end of period | $ | 31,425 | $ | 56,202 | |||
NV5 Announces Record Third Quarter 2019 Revenue Results and Signs Definitive Agreement to Acquire Nation’s Largest Full-Service Geospatial Solutions Provider
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