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, net | 131,255 | 131,041 | |||
| Unbilled receivables, net | 80,269 | 79,428 | |||
| Prepaid expenses and other current assets | 8,435 | 8,906 | |||
| Total current assets | 285,171 | 251,200 | |||
| Property and equipment, net | 29,404 | 25,733 | |||
| Right-of-use lease assets, net | 45,175 | 46,313 | |||
| Intangible assets, net | 191,126 | 255,961 | |||
| Goodwill | 343,170 | 309,216 | |||
| Other assets | 3,069 | 4,714 | |||
| Total Assets | $ | 897,115 | $ | 893,137 | |
| Liabilities and Stockholders’ Equity | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 36,741 | $ | 36,116 | |
| Accrued liabilities | 49,797 | 47,432 | |||
| Income taxes payable | 613 | — | |||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 8,544 | 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 | |
