NV5 Announces Second Quarter Results and Raises Guidance


NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
  Six Months Ended
  June 29, 2024  July 1, 2023
Cash flows from operating activities:   
Net income$8,315  $21,360 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization 33,635   27,205 
Non-cash lease expense 6,401   6,784 
Provision for doubtful accounts 723   607 
Stock-based compensation 13,988   10,728 
Change in fair value of contingent consideration    (7,514)
Gain on disposals of property and equipment (644)  (408)
Other 204    
Deferred income taxes (7,712)  (7,673)
Amortization of debt issuance costs 370       365  
Changes in operating assets and liabilities, net of impact of acquisitions:      
Billed receivables   (4,674 )     10,882  
Unbilled receivables   (25,042 )     (9,842 )
Prepaid expenses and other assets   (1,619 )     (4,691 )
Accounts payable   4,555       (8,164 )
Accrued liabilities and other long-term liabilities   (11,507 )     (5,698 )
Billings in excess of costs and estimated earnings on uncompleted contracts   (7,384 )     (7,606 )
Contingent consideration   (1,455 )     (1,307 )
Other current liabilities   88       474  
Net cash provided by operating activities   8,242       25,502  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions)   (53,947 )     (186,242 )
Proceeds from sale of assets   249       295  
Purchase of property and equipment   (8,905 )     (10,239 )
Net cash used in investing activities   (62,603 )     (196,186 )
       
Cash flows from financing activities:      
Borrowings from Senior Credit Facility   58,000       180,000  
Payments on notes payable and other obligations   (5,274 )     (5,131 )
Payments of contingent consideration   (1,585 )     (793 )
Payments of borrowings from Senior Credit Facility   (12,000 )     (13,000 )
Net cash provided by financing activities   39,141       161,076  
       
Effect of exchange rate changes on cash and cash equivalents   (249 )     (106 )
       
Net decrease in cash and cash equivalents   (15,469 )     (9,714 )
Cash and cash equivalents – beginning of period   44,824       38,541  
Cash and cash equivalents – end of period $ 29,355     $ 28,827  



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