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NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
| Nine Months Ended | |||||||
| September 28, 2024 | September 30, 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 22,549 | $ | 33,578 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 49,289 | 40,443 | |||||
| Non-cash lease expense | 9,516 | 10,346 | |||||
| Provision for doubtful accounts | 1,072 | 940 | |||||
| Stock-based compensation | 19,943 | 16,504 | |||||
| Change in fair value of contingent consideration | — | (7,518 | ) | ||||
| Gain on disposals of property and equipment | (653 | ) | (633 | ) | |||
| Other | 296 | — | |||||
| Deferred income taxes | (14,038 | ) | (25,861 | ) | |||
| Amortization of debt issuance costs | 556 | 573 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | (9,247 | ) | (6,364 | ) | |||
| Unbilled receivables | (28,930 | ) | (26,902 | ) | |||
| Prepaid expenses and other assets | 3,029 | 1,944 | |||||
| Accounts payable | 15,199 | 3,386 | |||||
| Accrued liabilities and other long-term liabilities | (6,063 | ) | 1,329 | ||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (4,438 | ) | 4,288 | ||||
| Contingent consideration | (1,455 | ) | (1,307 | ) | |||
| Other current liabilities | 486 | 689 | |||||
| Net cash provided by operating activities | 57,111 | 45,435 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (54,347 | ) | (189,109 | ) | |||
| Proceeds from sale of assets | 270 | 295 | |||||
| Purchase of property and equipment | (13,410 | ) | (14,257 | ) | |||
| Net cash used in investing activities | (67,487 | ) | (203,071 | ) | |||
| Cash flows from financing activities: | |||||||
| Borrowings from Senior Credit Facility | 58,000 | 188,000 | |||||
| Payments on notes payable and other obligations | (6,122 | ) | (6,399 | ) | |||
| Payments of contingent consideration | (1,585 | ) | (793 | ) | |||
| Payments of borrowings from Senior Credit Facility | (12,000 | ) | (15,000 | ) | |||
| Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation | — | (81 | ) | ||||
| Net cash provided by financing activities | 38,293 | 165,727 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 516 | (193 | ) | ||||
| Net increase in cash and cash equivalents | 28,433 | 7,898 | |||||
| Cash and cash equivalents – beginning of period | 44,824 | 38,541 | |||||
| Cash and cash equivalents – end of period | $ | 73,257 | $ | 46,439 | |||
