NV5 Announces Record Second Quarter Results; Exceeds Analyst Consensus and Raises Full-Year 2021 Guidance

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)

  July 3, 2021  January 2, 2021
Assets   
Current assets:   
Cash and cash equivalents$113,023   $64,909  
Billed receivables, net109,122   142,705  
Unbilled receivables, net83,586   74,458  
Prepaid expenses and other current assets11,013   6,804  
Total current assets316,744   288,876  
Property and equipment, net29,444   27,011  
Right-of-use lease assets, net44,196   43,607  
Intangible assets, net175,093   174,931  
Goodwill364,562   343,796  
Other assets3,364   2,954  
Total Assets$933,403   $881,175  
    
Liabilities and Stockholders’ Equity     
    
Current liabilities:   
Accounts payable $ 38,446      $ 39,989   
Accrued liabilities 47,319      45,325   
Billings in excess of costs and estimated earnings on uncompleted contracts 16,805      24,962   
Client deposits 706      380   
Current portion of contingent consideration 3,933      1,334   
Current portion of notes payable and other obligations 26,989      24,196   
Total current liabilities 134,198      136,186   
Contingent consideration, less current portion 1,374      1,066   
Other long-term liabilities 39,762      38,737   
Notes payable and other obligations, less current portion 142,347      283,326   
Deferred income tax liabilities, net 29,736      27,791   
Total liabilities 347,417      487,106   
       
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, 15,365,382 and 13,270,131 shares issued and outstanding as of July 3, 2021 and January 2, 2021, respectively 154      133   
Additional paid-in capital 441,049      268,271   
Retained earnings 144,783      125,665   
Total stockholders’ equity 585,986      394,069   
Total liabilities and stockholders’ equity $ 933,403      $ 881,175   
               



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