NV5 Announces First Quarter Results and Raises Guidance

NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
  Three Months Ended
  March 30, 2024  April 1, 2023
Cash flows from operating activities:   
Net income$408  $5,947 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization 16,043   12,302 
Non-cash lease expense 3,293   3,286 
Provision for doubtful accounts 491   240 
Stock-based compensation 6,666   5,826 
Change in fair value of contingent consideration    (859)
Gain on disposals of property and equipment (3)  (23)
Other (67)   
Deferred income taxes (5,175)  (5,603)
Amortization of debt issuance costs   185       194  
Changes in operating assets and liabilities, net of impact of acquisitions:      
Billed receivables   7,283       9,560  
Unbilled receivables   (5,727 )     (13,999 )
Prepaid expenses and other assets   1,496       4,857  
Accounts payable   (3,584 )     (15,884 )
Accrued liabilities and other long-term liabilities   675       2,375  
Billings in excess of costs and estimated earnings on uncompleted contracts   (1,516 )     3,906  
Contingent consideration   (815 )     (800 )
Other current liabilities   (99 )     (43 )
Net cash provided by operating activities   19,554       11,282  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions)   (45,334 )     (117,587 )
Proceeds from sale of assets   22        
Purchase of property and equipment   (3,673 )     (6,110 )
Net cash used in investing activities   (48,985 )     (123,697 )
       
Cash flows from financing activities:      
Borrowings from Senior Credit Facility   35,000       110,000  
Payments on notes payable and other obligations   (4,380 )     (4,085 )
Payments of contingent consideration   (1,025 )     (700 )
Net cash provided by financing activities   29,595       105,215  
       
Effect of exchange rate changes on cash and cash equivalents   (222 )      
       
Net decrease in cash and cash equivalents   (58 )     (7,200 )
Cash and cash equivalents – beginning of period   44,824       38,541  
Cash and cash equivalents – end of period $ 44,766     $ 31,341  
               

 

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