NV5 Announces Third Quarter Results; Exceeds Analyst Consensus

NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
  Nine Months Ended
  September 30, 2023  October 1, 2022
Cash flows from operating activities:   
Net income$34,676  $41,973 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization 42,498   33,091 
Non-cash lease expense 10,346   9,409 
Provision for doubtful accounts 940   1,252 
Stock-based compensation 16,504   15,249 
Change in fair value of contingent consideration (7,518)  (543)
Gain on disposals of property and equipment (633)  (100)
Deferred income taxes (25,447)  (4,288)
Amortization of debt issuance costs 573   556 
Changes in operating assets and liabilities, net of impact of acquisitions:   
Billed receivables   (6,364 )     13,281  
Unbilled receivables   (24,442 )     (8,633 )
Prepaid expenses and other assets   1,944       (8,105 )
Accounts payable   3,846       (7,937 )
Accrued liabilities and other long-term liabilities   1,243       (1,608 )
Billings in excess of costs and estimated earnings on uncompleted contracts   (2,113 )     (2,902 )
Contingent consideration   (1,307 )      
Other current liabilities   689       (304 )
Net cash provided by operating activities   45,435       80,391  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions)   (189,109 )     (5,020 )
Proceeds from sale of assets   295       87  
Purchase of property and equipment   (14,257 )     (14,874 )
Net cash used in investing activities   (203,071 )     (19,807 )
       
Cash flows from financing activities:      
Borrowings from Senior Credit Facility   188,000        
Payments on notes payable   (6,399 )     (7,796 )
Payments of contingent consideration   (793 )     (1,597 )
Payments of borrowings from Senior Credit Facility   (15,000 )     (45,000 )
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation   (81 )      
Net cash provided by (used in) financing activities   165,727       (54,393 )
       
Effect of exchange rate changes on cash and cash equivalents   (193 )      
       
Net increase in cash and cash equivalents   7,898       6,191  
Cash and cash equivalents – beginning of period   38,541       47,980  
Cash and cash equivalents – end of period $ 46,439     $ 54,171  

NV5 GLOBAL, INC. AND SUBSIDIARIES

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