NV5 Announces First Quarter Results Exceeding Earnings Consensus

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

   Three Months Ended
   April 1, 2023  April 2, 2022
Cash flows from operating activities:    
Net income $5,947  $8,642 
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization  12,302   11,167 
Non-cash lease expense  3,286   3,092 
Provision for doubtful accounts  240   678 
Stock-based compensation  5,826   4,789 
Change in fair value of contingent consideration  (859)   
Gain on disposals of property and equipment  (23)  (54)
Deferred income taxes  (5,603)  (1,903)
Amortization of debt issuance costs  194   185 
Changes in operating assets and liabilities, net of impact of acquisitions:    
Billed receivables  9,560   23,211 
Unbilled receivables    (13,999 )     2,042  
Prepaid expenses and other assets     4,857       3,230  
Accounts payable     (15,884 )     (7,854 )
Accrued liabilities and other long-term liabilities     2,375       4,684  
Billings in excess of costs and estimated earnings on uncompleted contracts     3,906       (5,104 )
Contingent consideration     (800 )      
Other current liabilities     (43 )     (289 )
Net cash provided by operating activities     11,282       46,516  
         
Cash flows from investing activities:        
Cash paid for acquisitions (net of cash received from acquisitions)     (117,587 )     (326 )
Purchase of property and equipment     (6,110 )     (6,044 )
Net cash used in investing activities     (123,697 )     (6,370 )
         
Cash flows from financing activities:        
Borrowings from Senior Credit Facility     110,000        
Payments on notes payable     (4,085 )     (4,581 )
Payments of contingent consideration     (700 )     (1,597 )
Net cash provided by (used in) financing activities     105,215       (6,178 )
         
Net (decrease) increase in cash and cash equivalents     (7,200 )     33,968  
Cash and cash equivalents – beginning of period     38,541       47,980  
Cash and cash equivalents – end of period   $ 31,341     $ 81,948  



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