NV5 Announces Record Third Quarter 2019 Revenue Results and

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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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

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