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NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
| Nine Months Ended | |||||||
|
October 3,
2020 |
September 28,
2019 | ||||||
| Cash Flows From Operating Activities: | |||||||
| Net income | $ | 16,445 | $ | 20,180 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 34,680 | 18,908 | |||||
| Non-cash lease expense | 6,731 | 6,770 | |||||
| Provision for doubtful accounts | 3,127 | 1,725 | |||||
| Stock-based compensation | 10,900 | 6,989 | |||||
| Change in fair value of contingent consideration | — | 49 | |||||
| Gain on disposals of property and equipment | (394 | ) | (48 | ) | |||
| Deferred income taxes | (5,905 | ) | (3,839 | ) | |||
| Amortization of debt issuance costs | 669 | — | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 8,089 | 508 | |||||
| Unbilled receivables | (7,505 | ) | (4,490 | ) | |||
| Prepaid expenses and other assets | 2,171 | (5,279 | ) | ||||
| Accounts payable | (2,780 | ) | (2,053 | ) | |||
| Accrued liabilities | 322 | (9,170 | ) | ||||
| Income taxes payable | — | (2,789 | ) | ||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 5,706 | (5,972 | ) | ||||
| Deposits | 163 | 68 | |||||
| Net cash provided by operating activities | 72,419 | 21,557 | |||||
| Cash Flows From Investing Activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (882 | ) | (29,365 | ) | |||
| Proceeds from sale of assets | 1,053 | — | |||||
| Purchase of property and equipment | (8,342 | ) | (1,810 | ) | |||
| Net cash used in investing activities | (8,171 | ) | (31,175 | ) | |||
| Cash Flows From Financing Activities: | |||||||
| Borrowings from Senior Credit Facility | — | 10,000 | |||||
| Payments on notes payable | (9,941 | ) | (8,483 | ) | |||
| Payments of contingent consideration | (913 | ) | (1,213 | ) | |||
| Payments of borrowings from Senior Credit Facility | (20,750 | ) | — | ||||
| Payments of debt issuance costs | (447 | ) | — | ||||
| Net cash (used in) provided by financing activities | (32,051 | ) | 304 | ||||
| Net increase (decrease) in Cash and Cash Equivalents | 32,197 | (9,314 | ) | ||||
| Cash and cash equivalents – beginning of period | 31,825 | 40,739 | |||||
| Cash and cash equivalents – end of period | $ | 64,022 | $ | 31,425 | |||
NV5 Announces Record Third Quarter Results; Exceeds Analysts' Expectations
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