NV5 Announces Record Fourth Quarter and Full Year 2021 Results; Exceeds Analysts' Consensus

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  



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