NV5 Announces Record First Quarter Results; Exceeds Analyst Consensus and Increases Full-Year Guidance

CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

  Three Months Ended
  April 2, 2022  April 3, 2021
Cash flows from operating activities:   
Net income$8,642  $5,480 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization 11,167   10,542 
Non-cash lease expense 3,092   2,161 
Provision for doubtful accounts 678   (536)
Stock-based compensation 4,789   3,696 
Change in fair value of contingent consideration    209 
Gain on disposals of property and equipment (54)  (530)
Deferred income taxes (1,903)  (2,282)
Amortization of debt issuance costs 185   227 
Changes in operating assets and liabilities, net of impact of acquisitions:   
Billed receivables 23,211       36,037  
Unbilled receivables   2,042       2,032  
Prepaid expenses and other assets   3,230       (1,114 )
Accounts payable   (7,854 )     (6,332 )
Accrued liabilities   4,684       2,629  
Income taxes payable         3,085  
Billings in excess of costs and estimated earnings on uncompleted contracts   (5,104 )     (7,241 )
Other current liabilities   (289 )     92  
Net cash provided by operating activities   46,516       48,155  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions)   (326 )     (15,007 )
Proceeds from sale of assets         460  
Purchase of property and equipment   (6,044 )     (1,470 )
Net cash used in investing activities   (6,370 )     (16,017 )
       
Cash flows from financing activities:      
Proceeds from common stock offering         150,000  
Payments on notes payable   (4,581 )     (1,669 )
Payments of contingent consideration   (1,597 )     (150 )
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 )
Net cash used in financing activities   (6,178 )     (4,122 )
       
Net increase in cash and cash equivalents   33,968       28,016  
Cash and cash equivalents – beginning of period   47,980       64,909  
Cash and cash equivalents – end of period $ 81,948     $ 92,925  
               

NV5 GLOBAL, INC. AND SUBSIDIARIES

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