(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Exhibit No. | Description |
NV5 GLOBAL, INC. | |
By: /s/ Edward Codispoti Name: Edward Codispoti Title: Chief Financial Officer |
• | Total Revenues for the first quarter of 2020 were $167.0 million compared to $118.0 million in the first quarter of 2019. Gross Revenues - GAAP for the first quarter of 2020 were $165.5 million compared to $117.3 million in the first quarter of 2019. |
• | Net Revenues for the quarter were $129.6 million from $90.7 million in the first quarter of 2019. |
• | Organic Net Revenue growth for the quarter was 4%. |
• | Adjusted EBITDA for the first quarter of 2020, excluding stock compensation and acquisition-related costs, was $24.1 million, an increase from $15.3 million in the first quarter of 2019. |
• | GAAP EPS was $0.33 per share in the first quarter of 2020 (based on 12,593,788 diluted shares outstanding) compared to $0.44 per share in the first quarter of 2019 (based on 12,463,007 diluted shares outstanding). |
• | Adjusted EPS in the first quarter of 2020 was $0.84 per share (based on 12,593,788 diluted shares outstanding) compared to $0.76 in the first quarter of 2019 (based on 12,463,007 diluted shares outstanding). |
March 28, 2020 | December 28, 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 38,326 | $ | 31,825 | |||
Billed receivables, net | 125,192 | 131,041 | |||||
Unbilled receivables, net | 86,713 | 79,428 | |||||
Prepaid expenses and other current assets | 8,220 | 8,906 | |||||
Total current assets | 258,451 | 251,200 | |||||
Property and equipment, net | 27,759 | 25,733 | |||||
Right-of-use lease assets, net | 43,950 | 46,313 | |||||
Intangible assets, net | 247,614 | 255,961 | |||||
Goodwill | 310,206 | 309,216 | |||||
Other assets | 3,438 | 4,714 | |||||
Total Assets | $ | 891,418 | $ | 893,137 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 36,176 | $ | 36,116 | |||
Accrued liabilities | 41,087 | 47,432 | |||||
Income taxes payable | 1,365 | — | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 4,507 | 3,303 | |||||
Client deposits | 229 | 221 | |||||
Current portion of contingent consideration | 1,079 | 1,954 | |||||
Current portion of notes payable and other obligations | 24,946 | 25,332 | |||||
Total current liabilities | 109,389 | 114,358 | |||||
Contingent consideration, less current portion | 1,995 | 2,048 | |||||
Long-term lease liabilities | 32,624 | 34,573 | |||||
Notes payable and other obligations, less current portion | 331,317 | 332,854 | |||||
Deferred income tax liabilities, net | 51,727 | 53,341 | |||||
Total liabilities | 527,052 | 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, 12,874,424 and 12,852,357 shares issued and outstanding as of March 28, 2020 and December 28, 2019, respectively | 129 | 129 | |||||
Additional paid-in capital | 255,402 | 251,187 | |||||
Retained earnings | 108,835 | 104,647 | |||||
Total stockholders’ equity | 364,366 | 355,963 | |||||
Total liabilities and stockholders’ equity | $ | 891,418 | $ | 893,137 |
Three Months Ended | |||||||
March 28, 2020 | March 30, 2019 | ||||||
Gross revenues | $ | 165,480 | $ | 117,335 | |||
Direct costs (excluding depreciation and amortization): | |||||||
Salaries and wages | 45,034 | 35,257 | |||||
Sub-consultant services | 27,427 | 16,952 | |||||
Other direct costs | 8,487 | 9,696 | |||||
Total direct costs | 80,948 | 61,905 | |||||
Gross Profit | 84,532 | 55,430 | |||||
Operating Expenses: | |||||||
Salaries and wages, payroll taxes and benefits | 45,556 | 29,238 | |||||
General and administrative | 13,157 | 8,862 | |||||
Facilities and facilities related | 5,397 | 3,806 | |||||
Depreciation and amortization | 11,040 | 6,113 | |||||
Total operating expenses | 75,150 | 48,019 | |||||
Income from operations | 9,382 | 7,411 | |||||
Interest expense | (3,788 | ) | (351 | ) | |||
Income before income tax expense | 5,594 | 7,060 | |||||
Income tax expense | (1,406 | ) | (1,517 | ) | |||
Net Income and Comprehensive Income | $ | 4,188 | $ | 5,543 | |||
Earnings per share: | |||||||
Basic | $ | 0.34 | $ | 0.46 | |||
Diluted | $ | 0.33 | $ | 0.44 | |||
Weighted average common shares outstanding: | |||||||
Basic | 12,233,477 | 11,960,944 | |||||
Diluted | 12,593,788 | 12,463,007 |
Three Months Ended | |||||||
March 28, 2020 | March 30, 2019 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 4,188 | $ | 5,543 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 11,040 | 6,113 | |||||
Non-cash lease expense | 1,704 | 2,009 | |||||
Provision for doubtful accounts | 215 | 206 | |||||
Stock based compensation | 3,379 | 1,798 | |||||
Change in fair value of contingent consideration | — | 49 | |||||
(Gain) loss on disposals of property and equipment | (339 | ) | 1 | ||||
Deferred income taxes | (1,614 | ) | (463 | ) | |||
Amortization of debt issuance costs | 220 | — | |||||
Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
Billed receivables | 6,053 | 8,995 | |||||
Unbilled receivables | (7,764 | ) | 3,350 | ||||
Prepaid expenses and other assets | 1,962 | (1,331 | ) | ||||
Accounts payable | 44 | (3,240 | ) | ||||
Accrued liabilities | (8,061 | ) | (4,930 | ) | |||
Income taxes payable | 1,365 | 1,521 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,204 | (3,370 | ) | ||||
Deposits | 7 | 62 | |||||
Net cash provided by operating activities | 13,603 | 16,313 | |||||
Cash Flows From Investing Activities: | |||||||
Cash paid for acquisitions (net of cash received from acquisitions) | — | (8,000 | ) | ||||
Proceeds from sale of assets | 425 | — | |||||
Purchase of property and equipment | (4,525 | ) | (690 | ) | |||
Net cash used in investing activities | (4,100 | ) | (8,690 | ) | |||
Cash Flows From Financing Activities: | |||||||
Payments on notes payable | (2,116 | ) | (1,848 | ) | |||
Payments of contingent consideration | (650 | ) | (700 | ) | |||
Payments of debt issuance costs | (236 | ) | — | ||||
Net cash used in financing activities | (3,002 | ) | (2,548 | ) | |||
Net increase in Cash and Cash Equivalents | 6,501 | 5,075 | |||||
Cash and cash equivalents – beginning of period | 31,825 | 40,739 | |||||
Cash and cash equivalents – end of period | $ | 38,326 | $ | 45,814 |
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
Gross Revenues - GAAP | $ | 165,480 | $ | 117,335 | ||||
Add: | Intercompany revenues in lieu of sub-consultants | 1,479 | 711 | |||||
Total Revenues | $ | 166,959 | $ | 118,046 |
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
Gross Revenues - GAAP | $ | 165,480 | $ | 117,335 | ||||
Less: | Sub-consultant services | (27,427 | ) | (16,952 | ) | |||
Other direct costs | (8,487 | ) | (9,696 | ) | ||||
Net Revenues | $ | 129,566 | $ | 90,687 |
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
Net Income | $ | 4,188 | $ | 5,543 | ||||
Add: | Interest expense | 3,788 | 351 | |||||
Income tax expense | 1,406 | 1,517 | ||||||
Depreciation and Amortization | 11,040 | 6,113 | ||||||
Share-based compensation | 3,379 | 1,798 | ||||||
Acquisition-related costs | 340 | — | ||||||
Adjusted EBITDA | $ | 24,141 | $ | 15,322 |
Three Months Ended | ||||||||
March 28, 2020 | March 30, 2019 | |||||||
Net Income - per diluted share | $ | 0.33 | $ | 0.44 | ||||
Per diluted share adjustments: | ||||||||
Add: | Amortization expense of intangible assets and acquisition-related costs | 0.69 | 0.40 | |||||
Income tax expense | (0.18 | ) | (0.09 | ) | ||||
Adjusted EPS | $ | 0.84 | $ | 0.76 |
Document and Entity Information Document |
May 07, 2020 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | May 07, 2020 |
Entity Registrant Name | NV5 GLOBAL, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35849 |
Entity Tax Identification Number | 45-3458017 |
Entity Address, Address Line One | 200 South Park Road, |
Entity Address, Address Line Two | Suite 350 |
Entity Address, City or Town | Hollywood, |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33021 |
City Area Code | 954 |
Local Phone Number | 495-2112 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | NVEE |
Security Exchange Name | NASDAQ |
Entity Central Index Key | 0001532961 |
Amendment Flag | false |
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