NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
| Six Months Ended | |||||||
| June 27, 2020 | June 29, 2019 | ||||||
| Cash Flows From Operating Activities: | |||||||
| Net income | $ | 8,691 | $ | 14,337 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 23,277 | 12,357 | |||||
| Non-cash lease expense | 4,307 | 4,251 | |||||
| Provision for doubtful accounts | 1,690 | 1,456 | |||||
| Stock-based compensation | 6,880 | 4,167 | |||||
| Change in fair value of contingent consideration | — | 49 | |||||
| Gain on disposals of property and equipment | (350 | ) | (48 | ) | |||
| Deferred income taxes | (869 | ) | 477 | ||||
| Amortization of debt issuance costs | 442 | — | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | (1,134 | ) | 5,511 | ||||
| Unbilled receivables | (2,286 | ) | (5,188 | ) | |||
| Prepaid expenses and other assets | 2,117 | (9,413 | ) | ||||
| Accounts payable | 138 | (3,816 | ) | ||||
| Accrued liabilities | 1,922 | 968 | |||||
| Income taxes payable | 613 | (2,338 | ) | ||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 5,241 | (5,383 | ) | ||||
| Deposits | 66 | 47 | |||||
| Net cash provided by operating activities | 50,745 | 17,434 | |||||
| Cash Flows From Investing Activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | — | (14,160 | ) | ||||
| Proceeds from sale of assets | 437 | — | |||||
| Purchase of property and equipment | (6,145 | ) | (1,626 | ) | |||
| Net cash used in investing activities | (5,708 | ) | (15,786 | ) | |||
| Cash Flows From Financing Activities: | |||||||
| Borrowings from Senior Credit Facility | — | 10,000 | |||||
| Payments on notes payable | (8,415 | ) | (6,738 | ) | |||
| Payments of contingent consideration | (913 | ) | (1,213 | ) | |||
| Payments of borrowings from Senior Credit Facility | (1,875 | ) | — | ||||
| Payments of debt issuance costs | (447 | ) | — | ||||
| Net cash (used in) provided by financing activities | (11,650 | ) | 2,049 | ||||
| Net increase in Cash and Cash Equivalents | 33,387 | 3,697 | |||||
| Cash and cash equivalents – beginning of period | 31,825 | 40,739 | |||||
| Cash and cash equivalents – end of period | $ | 65,212 | $ | 44,436 | |||
