(UNAUDITED)
(in thousands)
| Three Months Ended | |||||||
| April 2, 2022 | April 3, 2021 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 8,642 | $ | 5,480 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 11,167 | 10,542 | |||||
| Non-cash lease expense | 3,092 | 2,161 | |||||
| Provision for doubtful accounts | 678 | (536 | ) | ||||
| Stock-based compensation | 4,789 | 3,696 | |||||
| Change in fair value of contingent consideration | — | 209 | |||||
| Gain on disposals of property and equipment | (54 | ) | (530 | ) | |||
| Deferred income taxes | (1,903 | ) | (2,282 | ) | |||
| Amortization of debt issuance costs | 185 | 227 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 23,211 | 36,037 | |||||
| Unbilled receivables | 2,042 | 2,032 | |||||
| Prepaid expenses and other assets | 3,230 | (1,114 | ) | ||||
| Accounts payable | (7,854 | ) | (6,332 | ) | |||
| Accrued liabilities | 4,684 | 2,629 | |||||
| Income taxes payable | — | 3,085 | |||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (5,104 | ) | (7,241 | ) | |||
| Other current liabilities | (289 | ) | 92 | ||||
| Net cash provided by operating activities | 46,516 | 48,155 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (326 | ) | (15,007 | ) | |||
| Proceeds from sale of assets | — | 460 | |||||
| Purchase of property and equipment | (6,044 | ) | (1,470 | ) | |||
| Net cash used in investing activities | (6,370 | ) | (16,017 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from common stock offering | — | 150,000 | |||||
| Payments on notes payable | (4,581 | ) | (1,669 | ) | |||
| Payments of contingent consideration | (1,597 | ) | (150 | ) | |||
| 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 | ) | ||||
| Net cash used in financing activities | (6,178 | ) | (4,122 | ) | |||
| Net increase in cash and cash equivalents | 33,968 | 28,016 | |||||
| Cash and cash equivalents – beginning of period | 47,980 | 64,909 | |||||
| Cash and cash equivalents – end of period | $ | 81,948 | $ | 92,925 | |||
NV5 GLOBAL, INC. AND SUBSIDIARIES
