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

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

  Six Months Ended
  July 2, 2022  July 3, 2021
Cash flows from operating activities:   
Net income$25,910  $19,118 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization 22,058   21,936 
Non-cash lease expense 6,265   4,884 
Provision for doubtful accounts 594   583 
Stock-based compensation 9,615   7,790 
Change in fair value of contingent consideration (518)  235 
Gain on disposals of property and equipment (61)  (581)
Deferred income taxes (3,014)  (2,988)
Amortization of debt issuance costs 370   454 
Changes in operating assets and liabilities, net of impact of acquisitions:   
Billed receivables  15,152       36,727  
Unbilled receivables   (3,801 )     (7,238 )
Prepaid expenses and other assets   (511 )     (4,208 )
Accounts payable   (4,349 )     (2,446 )
Accrued liabilities   (6,309 )     (4,187 )
Billings in excess of costs and estimated earnings on uncompleted contracts   (6,867 )     (8,158 )
Other current liabilities   (276 )     307  
Net cash provided by operating activities   54,258       62,228  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions)   (4,670 )     (21,652 )
Proceeds from sale of assets   48       460  
Purchase of property and equipment   (10,379 )     (4,028 )
Net cash used in investing activities   (15,001 )     (25,220 )
       
Cash flows from financing activities:      
Proceeds from common stock offering         172,500  
Payments on notes payable   (6,218 )     (5,325 )
Payments of contingent consideration   (1,597 )     (413 )
Payments of borrowings from Senior Credit Facility   (35,000 )     (145,082 )
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 )
Net cash (used in) provided by financing activities   (42,815 )     11,106  
       
Net (decrease) increase in cash and cash equivalents   (3,558 )     48,114  
Cash and cash equivalents – beginning of period   47,980       64,909  
Cash and cash equivalents – end of period $ 44,422     $ 113,023  



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