NV5 Announces Record Third Quarter Results; Exceeds Analyst Consensus

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

  Nine Months Ended
  October 2, 2021  October 3, 2020
Cash flows from operating activities:   
Net income$31,691  $16,445 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization33,397  34,680 
Non-cash lease expense7,941  6,731 
Provision for doubtful accounts1,077  3,127 
Stock-based compensation12,087  10,900 
Change in fair value of contingent consideration(67)  
Gain on disposals of property and equipment(1,059) (394)
Deferred income taxes(4,318) (5,905)
Amortization of debt issuance costs1,024  669 
Changes in operating assets and liabilities, net of impact of acquisitions:   
Billed receivables16,728  8,089 
Unbilled receivables(10,024) (7,505)
Prepaid expenses and other assets(4,160) 2,171 
Accounts payable1,366   (2,780 )
Accrued liabilities 403     322  
Billings in excess of costs and estimated earnings on uncompleted contracts (8,233 )   5,706  
Deposits 218     163  
Net cash provided by operating activities 78,071     72,419  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions) (23,569 )   (882 )
Proceeds from sale of assets 843     1,053  
Purchase of property and equipment (6,714 )   (8,342 )
Net cash used in investing activities (29,440 )   (8,171 )
       
Cash flows from financing activities:      
Borrowings from Senior Credit Facility 138,750      
Proceeds from common stock offering 172,500      
Payments on notes payable (7,299 )   (9,941 )
Payments of contingent consideration (663 )   (913 )
Payments of borrowings from Senior Credit Facility (283,832 )   (20,750 )
Payments of common stock offering costs (10,657 )    
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation (52 )    
Payments of debt issuance costs (890 )   (447 )
Net cash provided by (used in) financing activities 7,857     (32,051 )
       
Net increase in cash and cash equivalents 56,488     32,197  
Cash and cash equivalents – beginning of period 64,909     31,825  
Cash and cash equivalents – end of period $ 121,397     $ 64,022  



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