NV5 Announces Second Quarter Results; Exceeds Analyst Consensus

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

  Six Months Ended
  July 1, 2023  July 2, 2022
Cash flows from operating activities:   
Net income$21,360  $25,910 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization 27,205   22,058 
Non-cash lease expense 6,784   6,265 
Provision for doubtful accounts 607   594 
Stock-based compensation 10,728   9,615 
Change in fair value of contingent consideration (7,514)  (518)
Gain on disposals of property and equipment (408)  (61)
Deferred income taxes (7,673)  (3,014)
Amortization of debt issuance costs 365   370 
Changes in operating assets and liabilities, net of impact of acquisitions:   
Billed receivables 10,882       15,152  
Unbilled receivables   (9,842 )     (3,801 )
Prepaid expenses and other assets   (4,691 )     (511 )
Accounts payable   (8,164 )     (4,349 )
Accrued liabilities and other long-term liabilities   (5,698 )     (6,309 )
Billings in excess of costs and estimated earnings on uncompleted contracts   (7,606 )     (6,867 )
Contingent consideration   (1,307 )      
Other current liabilities   474       (276 )
Net cash provided by operating activities   25,502       54,258  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions)   (186,242 )     (4,670 )
Proceeds from sale of assets   295       48  
Purchase of property and equipment   (10,239 )     (10,379 )
Net cash used in investing activities   (196,186 )     (15,001 )
       
Cash flows from financing activities:      
Borrowings from Senior Credit Facility   180,000        
Payments on notes payable   (5,131 )     (6,218 )
Payments of contingent consideration   (793 )     (1,597 )
Payments of borrowings from Senior Credit Facility   (13,000 )     (35,000 )
Net cash provided by (used in) financing activities   161,076       (42,815 )
       
Effect of exchange rate changes on cash and cash equivalents   (106 )      
       
Net decrease in cash and cash equivalents   (9,714 )     (3,558 )
Cash and cash equivalents – beginning of period   38,541       47,980  
Cash and cash equivalents – end of period $ 28,827     $ 44,422  
               

NV5 GLOBAL, INC. AND SUBSIDIARIES

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