| NV5 GLOBAL, INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (UNAUDITED) | |||||||
| (in thousands) | |||||||
| Three Months Ended | |||||||
| April 3, 2021 | March 28, 2020 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 5,480 | $ | 4,188 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 10,542 | 11,040 | |||||
| Non-cash lease expense | 2,161 | 1,704 | |||||
| Provision for doubtful accounts | (536 | ) | 215 | ||||
| Stock-based compensation | 3,696 | 3,379 | |||||
| Change in fair value of contingent consideration | 209 | — | |||||
| Gain on disposals of property and equipment | (530 | ) | (339 | ) | |||
| Deferred income taxes | (2,282 | ) | (1,614 | ) | |||
| Amortization of debt issuance costs | 227 | 220 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 36,037 | 6,053 | |||||
| Unbilled receivables | 2,032 | (7,764 | ) | ||||
| Prepaid expenses and other assets | (1,114 | ) | 1,962 | ||||
| Accounts payable | (6,332 | ) | 44 | ||||
| Accrued liabilities | 2,629 | (8,061 | ) | ||||
| Income taxes payable | 3,085 | 1,365 | |||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (7,241 | ) | 1,204 | ||||
| Deposits | 92 | 7 | |||||
| Net cash provided by operating activities | 48,155 | 13,603 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (15,007 | ) | — | ||||
| Proceeds from sale of assets | 460 | 425 | |||||
| Purchase of property and equipment | (1,470 | ) | (4,525 | ) | |||
| Net cash used in investing activities | (16,017 | ) | (4,100 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from common stock offering | 150,000 | — | |||||
| Payments on notes payable | (1,669 | ) | (2,116 | ) | |||
| Payments of contingent consideration | (150 | ) | (650 | ) | |||
| Payments of borrowings from Senior Credit Facility | (143,207 | ) | — | ||||
| Payments of common stock offering costs | (9,044 | ) | — | ||||
| Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation | (52 | ) | — | ||||
| Payments of debt issuance costs | — | (236 | ) | ||||
| Net cash used in financing activities | (4,122 | ) | (3,002 | ) | |||
| Net increase in cash and cash equivalents | 28,016 | 6,501 | |||||
| Cash and cash equivalents – beginning of period | 64,909 | 31,825 | |||||
| Cash and cash equivalents – end of period | $ | 92,925 | $ | 38,326 | |||
