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NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
| Six Months Ended | |||||||
| June 29, 2024 | July 1, 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 8,315 | $ | 21,360 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 33,635 | 27,205 | |||||
| Non-cash lease expense | 6,401 | 6,784 | |||||
| Provision for doubtful accounts | 723 | 607 | |||||
| Stock-based compensation | 13,988 | 10,728 | |||||
| Change in fair value of contingent consideration | — | (7,514 | ) | ||||
| Gain on disposals of property and equipment | (644 | ) | (408 | ) | |||
| Other | 204 | — | |||||
| Deferred income taxes | (7,712 | ) | (7,673 | ) | |||
| Amortization of debt issuance costs | 370 | 365 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | (4,674 | ) | 10,882 | ||||
| Unbilled receivables | (25,042 | ) | (9,842 | ) | |||
| Prepaid expenses and other assets | (1,619 | ) | (4,691 | ) | |||
| Accounts payable | 4,555 | (8,164 | ) | ||||
| Accrued liabilities and other long-term liabilities | (11,507 | ) | (5,698 | ) | |||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (7,384 | ) | (7,606 | ) | |||
| Contingent consideration | (1,455 | ) | (1,307 | ) | |||
| Other current liabilities | 88 | 474 | |||||
| Net cash provided by operating activities | 8,242 | 25,502 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (53,947 | ) | (186,242 | ) | |||
| Proceeds from sale of assets | 249 | 295 | |||||
| Purchase of property and equipment | (8,905 | ) | (10,239 | ) | |||
| Net cash used in investing activities | (62,603 | ) | (196,186 | ) | |||
| Cash flows from financing activities: | |||||||
| Borrowings from Senior Credit Facility | 58,000 | 180,000 | |||||
| Payments on notes payable and other obligations | (5,274 | ) | (5,131 | ) | |||
| Payments of contingent consideration | (1,585 | ) | (793 | ) | |||
| Payments of borrowings from Senior Credit Facility | (12,000 | ) | (13,000 | ) | |||
| Net cash provided by financing activities | 39,141 | 161,076 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (249 | ) | (106 | ) | |||
| Net decrease in cash and cash equivalents | (15,469 | ) | (9,714 | ) | |||
| Cash and cash equivalents – beginning of period | 44,824 | 38,541 | |||||
| Cash and cash equivalents – end of period | $ | 29,355 | $ | 28,827 | |||
