NV5 Announces Record Second Quarter Results; Exceeds Analysts' Expectations


NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

  Six Months Ended
  June 27, 2020  June 29, 2019
Cash Flows From Operating Activities:   
Net income$8,691  $14,337 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization23,277  12,357 
Non-cash lease expense4,307  4,251 
Provision for doubtful accounts1,690  1,456 
Stock-based compensation6,880  4,167 
Change in fair value of contingent consideration  49 
Gain on disposals of property and equipment(350) (48)
Deferred income taxes(869) 477 
Amortization of debt issuance costs442   
Changes in operating assets and liabilities, net of impact of acquisitions:   
Billed receivables(1,134) 5,511 
Unbilled receivables(2,286) (5,188)
Prepaid expenses and other assets2,117  (9,413)
Accounts payable138  (3,816)
Accrued liabilities1,922  968 
Income taxes payable613  (2,338)
Billings in excess of costs and estimated earnings on uncompleted contracts5,241  (5,383)
Deposits66   47  
Net cash provided by operating activities 50,745     17,434  
       
Cash Flows From Investing Activities:      
Cash paid for acquisitions (net of cash received from acquisitions)     (14,160 )
Proceeds from sale of assets 437      
Purchase of property and equipment (6,145 )   (1,626 )
Net cash used in investing activities (5,708 )   (15,786 )
       
Cash Flows From Financing Activities:      
Borrowings from Senior Credit Facility     10,000  
Payments on notes payable (8,415 )   (6,738 )
Payments of contingent consideration (913 )   (1,213 )
Payments of borrowings from Senior Credit Facility (1,875 )    
Payments of debt issuance costs (447 )    
Net cash (used in) provided by financing activities (11,650 )   2,049  
       
Net increase in Cash and Cash Equivalents 33,387     3,697  
Cash and cash equivalents – beginning of period 31,825     40,739  
Cash and cash equivalents – end of period $ 65,212     $ 44,436  

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