NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
| Twelve Months Ended | |||||||
| January 2, 2021 | December 28, 2019 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 21,018 | $ | 23,756 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 45,488 | 25,816 | |||||
| Non-cash lease expense | 9,469 | 9,410 | |||||
| Provision for doubtful accounts | 4,311 | 1,239 | |||||
| Stock-based compensation | 14,955 | 10,430 | |||||
| Change in fair value of contingent consideration | — | (216 | ) | ||||
| (Gain) loss on disposals of property and equipment | (462 | ) | 21 | ||||
| Deferred income taxes | (13,064 | ) | (6,634 | ) | |||
| Amortization of debt issuance costs | 896 | 131 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | (13,592 | ) | 5,140 | ||||
| Unbilled receivables | 1,996 | (11,807 | ) | ||||
| Prepaid expenses and other assets | 4,680 | (3,599 | ) | ||||
| Accounts payable | 3,367 | 534 | |||||
| Accrued liabilities | (4,865 | ) | (7,315 | ) | |||
| Income taxes payable | — | (2,697 | ) | ||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 21,659 | (4,322 | ) | ||||
| Deposits | 153 | 13 | |||||
| Net cash provided by operating activities | 96,009 | 39,900 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (882 | ) | (348,375 | ) | |||
| Proceeds from sale of assets | 1,670 | — | |||||
| Purchase of property and equipment | (9,855 | ) | (2,625 | ) | |||
| Net cash used in investing activities | (9,067 | ) | (351,000 | ) | |||
| Cash flows from financing activities: | |||||||
| Borrowings from Senior Credit Facility | — | 330,457 | |||||
| Payments of borrowings from Senior Credit Facility | (36,625 | ) | (10,000 | ) | |||
| Payments on notes payable | (15,207 | ) | (13,393 | ) | |||
| Payments of contingent consideration | (1,579 | ) | (1,202 | ) | |||
| Payments of debt issuance costs | (447 | ) | (3,676 | ) | |||
| Net cash (used in) provided by financing activities | (53,858 | ) | 302,186 | ||||
| Net increase (decrease) in cash and cash equivalents | 33,084 | (8,914 | ) | ||||
| Cash and cash equivalents – beginning of period | 31,825 | 40,739 | |||||
| Cash and cash equivalents – end of period | $ | 64,909 | $ | 31,825 | |||
