NV5 Announces Record Full Year 2022 Results and Issues Full Year 2023 Guidance

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

  Twelve Months Ended
  December 31, 2022  January 1, 2022
Cash flows from operating activities:     
Net income$49,973  $47,147 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization 44,063   44,971 
Non-cash lease expense 12,813   10,191 
Provision for doubtful accounts (60)  1,243 
Stock-based compensation 19,326   16,301 
Change in fair value of contingent consideration 2,972   2,333 
Gain on disposals of property and equipment (328)  (1,102)
Deferred income taxes (18,492)  (7,007)
Amortization of debt issuance costs 724   1,210 
Changes in operating assets and liabilities, net of impact of acquisitions:   
Billed receivables  10,212       2,677  
Unbilled receivables   (3,303 )     (12,573 )
Prepaid expenses and other assets   (1,125 )     (4,792 )
Accounts payable   (1,673 )     8,181  
Accrued liabilities and other long-term liabilities   (19,901 )     (12,507 )
Contingent consideration   (800 )      
Billings in excess of costs and estimated earnings on uncompleted contracts   (296 )     4,005  
Other current liabilities   (125 )     1,164  
Net cash provided by operating activities   93,980       101,442  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions)   (5,908 )     (67,995 )
Proceeds from sale of assets   87       1,639  
Purchase of property and equipment   (15,689 )     (13,903 )
Net cash used in investing activities   (21,510 )     (80,259 )
       
Cash flows from financing activities:      
Borrowings from Senior Credit Facility         138,750  
Proceeds from common stock offering         172,500  
Payments of borrowings from Senior Credit Facility   (65,000 )     (323,832 )
Payments on notes payable   (15,445 )     (12,516 )
Payments of contingent consideration   (1,464 )     (1,329 )
Payments of common stock offering costs         (10,657 )
Payments of debt issuance costs         (976 )
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   (81,909 )     (38,112 )
       
Net decrease in cash and cash equivalents   (9,439 )     (16,929 )
Cash and cash equivalents – beginning of period   47,980       64,909  
Cash and cash equivalents – end of period $ 38,541     $ 47,980  
               

NV5 GLOBAL, INC. AND SUBSIDIARIES

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