NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
| Six Months Ended | |||||||
| July 3, 2021 | June 27, 2020 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 19,118 | $ | 8,691 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 21,936 | 23,277 | |||||
| Non-cash lease expense | 4,884 | 4,307 | |||||
| Provision for doubtful accounts | 583 | 1,690 | |||||
| Stock-based compensation | 7,790 | 6,880 | |||||
| Change in fair value of contingent consideration | 235 | — | |||||
| Gain on disposals of property and equipment | (581 | ) | (350 | ) | |||
| Deferred income taxes | (2,988 | ) | (869 | ) | |||
| Amortization of debt issuance costs | 454 | 442 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 36,727 | (1,134 | ) | ||||
| Unbilled receivables | (7,238 | ) | (2,286 | ) | |||
| Prepaid expenses and other assets | (4,208 | ) | 2,117 | ||||
| Accounts payable | (2,446 | ) | 138 | ||||
| Accrued liabilities | (4,187 | ) | 1,922 | ||||
| Income taxes payable | — | 613 | |||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (8,158 | ) | 5,241 | ||||
| Deposits | 307 | 66 | |||||
| Net cash provided by operating activities | 62,228 | 50,745 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (21,652 | ) | — | ||||
| Proceeds from sale of assets | 460 | 437 | |||||
| Purchase of property and equipment | (4,028 | ) | (6,145 | ) | |||
| Net cash used in investing activities | (25,220 | ) | (5,708 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from common stock offering | 172,500 | — | |||||
| Payments on notes payable | (5,325 | ) | (8,415 | ) | |||
| Payments of contingent consideration | (413 | ) | (913 | ) | |||
| Payments of borrowings from Senior Credit Facility | (145,082 | ) | (1,875 | ) | |||
| Payments of common stock offering costs | (10,522 | ) | — | ||||
| Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation | (52 | ) | — | ||||
| Payments of debt issuance costs | — | (447 | ) | ||||
| Net cash provided by (used in) financing activities | 11,106 | (11,650 | ) | ||||
| Net increase in cash and cash equivalents | 48,114 | 33,387 | |||||
| Cash and cash equivalents – beginning of period | 64,909 | 31,825 | |||||
| Cash and cash equivalents – end of period | $ | 113,023 | $ | 65,212 | |||
