NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
| Twelve Months Ended | |||||||
| January 1, 2022 | January 2, 2021 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 47,147 | $ | 21,018 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 44,971 | 45,488 | |||||
| Non-cash lease expense | 10,191 | 9,469 | |||||
| Provision for doubtful accounts | 1,243 | 4,311 | |||||
| Stock-based compensation | 16,301 | 14,955 | |||||
| Change in fair value of contingent consideration | 2,333 | — | |||||
| Gain on disposals of property and equipment | (1,102 | ) | (462 | ) | |||
| Deferred income taxes | (7,007 | ) | (13,064 | ) | |||
| Amortization of debt issuance costs | 1,210 | 896 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 2,677 | (13,592 | ) | ||||
| Unbilled receivables | (12,573 | ) | 1,996 | ||||
| Prepaid expenses and other assets | (4,792 | ) | 4,680 | ||||
| Accounts payable | 8,181 | 3,367 | |||||
| Accrued liabilities | (12,507 | ) | (4,865 | ) | |||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 4,005 | 21,659 | |||||
| Deposits | 1,164 | 153 | |||||
| Net cash provided by operating activities | 101,442 | 96,009 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (67,995 | ) | (882 | ) | |||
| Proceeds from sale of assets | 1,639 | 1,670 | |||||
| Purchase of property and equipment | (13,903 | ) | (9,855 | ) | |||
| Net cash used in investing activities | (80,259 | ) | (9,067 | ) | |||
| Cash flows from financing activities: | |||||||
| Borrowings from Senior Credit Facility | 138,750 | — | |||||
| Proceeds from common stock offering | 172,500 | — | |||||
| Payments of borrowings from Senior Credit Facility | (323,832 | ) | (36,625 | ) | |||
| Payments on notes payable | (12,516 | ) | (15,207 | ) | |||
| Payments of contingent consideration | (1,329 | ) | (1,579 | ) | |||
| Payments of common stock offering costs | (10,657 | ) | — | ||||
| Payments of debt issuance costs | (976 | ) | (447 | ) | |||
| Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation | (52 | ) | — | ||||
| Net cash used in financing activities | (38,112 | ) | (53,858 | ) | |||
| Net (decrease) increase in cash and cash equivalents | (16,929 | ) | 33,084 | ||||
| Cash and cash equivalents – beginning of period | 64,909 | 31,825 | |||||
| Cash and cash equivalents – end of period | $ | 47,980 | $ | 64,909 | |||
