Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is not a measure of financial performance under GAAP. Management believes EBITDA, in addition to operating profit, Net Income and other GAAP measures, is a useful indicator of our financial and operating performance and our ability to generate cash flows from operations that are available for taxes, capital expenditures and debt service. A reconciliation of Net Income, as reported in accordance with GAAP, to EBITDA is provided at the end of this news release.
Adjusted earnings per diluted share (“Adjusted EPS”) is not a measure of financial performance under GAAP. Adjusted EPS reflects adjustments to reported diluted earnings per share (“GAAP EPS”) to eliminate amortization expense of intangible assets from acquisitions, net of tax benefits. As we continue our acquisition strategy, the growth in Adjusted EPS will likely increase at a greater rate than GAAP EPS. A reconciliation of GAAP EPS to Adjusted EPS is provided at the end of this news release.
Our definition of Total Revenues, Net Revenues, EBITDA and Adjusted EPS may differ from other companies reporting similarly named measures. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as Gross Revenues, Net Income and Diluted Earnings per Share.
NV5 will host a conference call to discuss its third quarter 2019 financial results at 4:30 p.m. (Eastern Time) on November 7, 2019. The accompanying presentation for the call is available by visiting http://ir.nv5.com.
|Date:||Thursday, November 7, 2019|
|Time:||4:30 p.m. Eastern|
|Toll-free dial-in number:||+1 844-348-6875|
|Conference ID:||+1 509-844-0152|
Please dial-in at least 5-10 minutes prior to the start time in order for the operator to log your name and connect you to the conference.
The conference call will be webcast live and available for replay via the “Investors” section of the NV5 website.
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of professional and technical engineering and consulting solutions ranked #34 on the Engineering News-Record’s Top 500 Design Firms list. NV5 serves public and private sector clients in the infrastructure, energy, construction, real estate and environmental markets. NV5 primarily focuses on five business verticals: construction quality assurance, infrastructure engineering and support services, energy, program management, and environmental solutions. The Company operates out of more than 100 locations worldwide. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.
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.
Vice President, Marketing & Investor Relations
Source: NV5 Global, Inc.
NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
|September 28, 2019||December 29, 2018|
|Cash and cash equivalents||$||31,425||$||40,739|
|Billed receivables, net||109,590||98,324|
|Unbilled receivables, net||53,819||43,411|
|Prepaid expenses and other current assets||9,198||2,582|
|Total current assets||204,031||185,056|
|Property and equipment, net||12,349||11,677|
|Right-of-use lease asset, net||42,366||—|
|Intangible assets, net||100,688||99,756|
|Liabilities and Stockholders’ Equity|
|Income taxes payable||—||2,697|
|Billings in excess of costs and estimated earnings on uncompleted contracts||2,241||7,625|
|Current portion of contingent consideration||3,351||1,845|
|Current portion of notes payable and other obligations||17,578||17,139|
|Total current liabilities||80,182||72,955|
|Contingent consideration, less current portion||2,195||2,853|
|Long-term lease liability||32,781||—|
|Notes payable and other obligations, less current portion||40,638||29,847|
|Deferred income tax liabilities, net||16,881||16,224|
|Commitments and contingencies|
| Preferred stock, $0.01 par value; 5,000,000 shares authorized, no
shares issued and outstanding
| Common stock, $0.01 par value; 45,000,000 shares authorized,
12,818,919 and 12,550,711 shares issued and outstanding as of
September 28, 2019 and December 29, 2018, respectively
|Additional paid-in capital||246,869||236,525|
|Total stockholders’ equity||348,067||317,542|
|Total liabilities and stockholders’ equity||520,743||$||439,421|