NV5 Announces Fourth Quarter and Full Year 2023 Results; Issues Full Year 2024 Guidance

 
NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
  Twelve Months Ended
  December 30, 2023  December 31, 2022
Cash flows from operating activities:     
Net income$        44,613  $        49,973 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization         58,020           44,063 
Non-cash lease expense         13,562           12,813 
Provision for doubtful accounts         1,261           (60)
Stock-based compensation         22,379           19,326 
Change in fair value of contingent consideration         (9,280)          2,972 
Gain on disposals of property and equipment         (694)          (328)
Other         (125)          — 
Deferred income taxes         (25,709)          (18,492)
Amortization of debt issuance costs           758               724  
Changes in operating assets and liabilities, net of impact of acquisitions:      
Billed receivables           7,584               10,212  
Unbilled receivables           (15,666 )             (3,303 )
Prepaid expenses and other assets           (2,292 )             (1,125 )
Accounts payable           (8,470 )             (1,673 )
Accrued liabilities and other long-term liabilities           (19,848 )             (19,901 )
Contingent consideration           (1,307 )             (800 )
Billings in excess of costs and estimated earnings on uncompleted contracts           (3,243 )             (296 )
Other current liabilities           664               (125 )
Net cash provided by operating activities           62,207               93,980  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions)           (189,345 )             (5,908 )
Proceeds from sale of assets           720               87  
Purchase of property and equipment           (17,166 )             (15,689 )
Net cash used in investing activities           (205,791 )             (21,510 )
       
Cash flows from financing activities:      
Borrowings from Senior Credit Facility           188,000               —  
Payments of borrowings from Senior Credit Facility           (26,000 )             (65,000 )
Payments on notes payable           (11,071 )             (15,445 )
Payments of contingent consideration           (993 )             (1,464 )
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           149,855               (81,909 )
       
Effect of exchange rate changes on cash and cash equivalents           12               —  
       
Net increase (decrease) in cash and cash equivalents           6,283               (9,439 )
Cash and cash equivalents – beginning of period           38,541               47,980  
Cash and cash equivalents – end of period $         44,824     $         38,541  



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