NV5 Announces Strong First Quarter Results; Delivers Record Cash Flows and Issues Full-Year 2021 Guidance Exceeding Analyst Consensus

 
NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
  Three Months Ended
  April 3, 2021  March 28, 2020
Cash flows from operating activities:     
Net income$5,480  $4,188 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization10,542  11,040 
Non-cash lease expense2,161  1,704 
Provision for doubtful accounts(536) 215 
Stock-based compensation3,696  3,379 
Change in fair value of contingent consideration209   
Gain on disposals of property and equipment(530) (339)
Deferred income taxes(2,282) (1,614)
Amortization of debt issuance costs227  220 
Changes in operating assets and liabilities, net of impact of acquisitions:   
Billed receivables36,037  6,053 
Unbilled receivables2,032  (7,764)
Prepaid expenses and other assets(1,114) 1,962  
Accounts payable (6,332 )   44  
Accrued liabilities 2,629     (8,061 )
Income taxes payable 3,085     1,365  
Billings in excess of costs and estimated earnings on uncompleted contracts (7,241 )   1,204  
Deposits 92     7  
Net cash provided by operating activities 48,155     13,603  
       
Cash flows from investing activities:      
Cash paid for acquisitions (net of cash received from acquisitions) (15,007 )    
Proceeds from sale of assets 460     425  
Purchase of property and equipment (1,470 )   (4,525 )
Net cash used in investing activities (16,017 )   (4,100 )
       
Cash flows from financing activities:      
Proceeds from common stock offering 150,000      
Payments on notes payable (1,669 )   (2,116 )
Payments of contingent consideration (150 )   (650 )
Payments of borrowings from Senior Credit Facility (143,207 )    
Payments of common stock offering costs (9,044 )    
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation (52 )    
Payments of debt issuance costs     (236 )
Net cash used in financing activities (4,122 )   (3,002 )
       
Net increase in cash and cash equivalents 28,016     6,501  
Cash and cash equivalents – beginning of period 64,909     31,825  
Cash and cash equivalents – end of period $ 92,925     $ 38,326  



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