|
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 | |||
