NV5 Announces Record Second Quarter Results; Exceeds Analysts' Expectations

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release and on the conference call. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

Investor Relations Contact

NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc.


NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share data)

  June 27, 2020  December 28, 2019
Assets   
Current assets:   
Cash and cash equivalents$65,212 $31,825
Billed receivables, net131,255 131,041
Unbilled receivables, net80,269 79,428
Prepaid expenses and other current assets8,435 8,906
Total current assets285,171 251,200
Property and equipment, net29,404 25,733
Right-of-use lease assets, net45,175 46,313
Intangible assets, net191,126 255,961
Goodwill343,170 309,216
Other assets3,069 4,714
Total Assets$897,115 $893,137
    
Liabilities and Stockholders’ Equity   
    
Current liabilities:   
Accounts payable$36,741 $36,116
Accrued liabilities49,797 47,432
Income taxes payable613 
Billings in excess of costs and estimated earnings on uncompleted contracts8,544   3,303
Client deposits 286   221
Current portion of contingent consideration 1,079   1,954
Current portion of notes payable and other obligations 22,176   25,332
Total current liabilities 119,236   114,358
Contingent consideration, less current portion 1,733   2,048
Other long-term liabilities 37,181   34,573
Notes payable and other obligations, less current portion 326,020   332,854
Deferred income tax liabilities, net 40,575   53,341
Total liabilities 524,745   537,174
       
Commitments and contingencies      
       
Stockholders’ equity:      
Preferred stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding  
Common stock, $0.01 par value; 45,000,000 shares authorized, 13,033,842 and 12,852,357 shares issued and outstanding as of June 27, 2020 and December 28, 2019, respectively 130   129
Additional paid-in capital 258,902   251,187
Retained earnings 113,338   104,647
Total stockholders’ equity 372,370   355,963
Total liabilities and stockholders’ equity $ 897,115   $ 893,137

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