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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
