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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/12/20 NV5 Global, Inc. 10-Q 10/03/20 79:9.6M Workiva Inc Wde… FA01/FA |
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HTML 30K Revenue Recognition (Details) 45: R35 Summary of Significant Accounting Policies - HTML 26K Leases (Details) 46: R36 Earnings Per Share - Narrative (Details) HTML 27K 47: R37 Earnings Per Share - Schedule of Earnings Per HTML 45K Share, Basic and Diluted (Details) 48: R38 Business Acquisitions - Narrative (Details) HTML 131K 49: R39 Business Acquisitions - Summary of the Fair Values HTML 111K of Assets Acquired and Liabilities Assumed (Details) 50: R40 Business Acquisitions - Results of Operations from HTML 26K any Business Acquired (Details) 51: R41 Business Acquisitions - Pro forma Consolidated HTML 31K Results of Operations (Details) 52: R42 Billed and Unbilled Receivables (Details) HTML 36K 53: R43 Property and Equipment, net (Details) HTML 39K 54: R44 Property and Equipment, net - Narrative (Details) HTML 26K 55: R45 Goodwill and Intangible Assets - Schedule of HTML 37K Goodwill (Details) 56: R46 Goodwill and Intangible Assets - Narrative HTML 64K (Details) 57: R47 Goodwill and Intangible Assets - 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Document |
i ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 45-3458017 | |||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
i 200 South Park Road, | i Suite
350 | |||
i Hollywood, | i Florida | i 33021 | ||
(Address
of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
i Common
Stock, $0.01 par value | i NVEE | i The NASDAQ Stock Market |
i Large accelerated
filer | ☒ | Accelerated Filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | i ☐ |
Emerging growth company | i ☐ |
Page | ||
Assets | |||||||
Current
assets: | |||||||
Cash and cash equivalents | $ | i 64,022 | $ | i 31,825 | |||
Billed
receivables, net | i 122,678 | i 131,041 | |||||
Unbilled
receivables, net | i 83,535 | i 79,428 | |||||
Prepaid
expenses and other current assets | i 9,493 | i 8,906 | |||||
Total
current assets | i 279,728 | i 251,200 | |||||
Property
and equipment, net | i 27,957 | i 25,733 | |||||
Right-of-use
lease assets, net | i 46,029 | i 46,313 | |||||
Intangible
assets, net | i 182,830 | i 255,961 | |||||
Goodwill | i 344,003 | i 309,216 | |||||
Other
assets | i 2,777 | i 4,714 | |||||
Total
assets | $ | i 883,324 | $ | i 893,137 | |||
Liabilities
and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | i 33,842 | $ | i 36,116 | |||
Accrued
liabilities | i 46,810 | i 47,432 | |||||
Billings
in excess of costs and estimated earnings on uncompleted contracts | i 9,009 | i 3,303 | |||||
Client
deposits | i 382 | i 221 | |||||
Current
portion of contingent consideration | i 1,334 | i 1,954 | |||||
Current
portion of notes payable and other obligations | i 21,957 | i 25,332 | |||||
Total
current liabilities | i 113,334 | i 114,358 | |||||
Contingent
consideration, less current portion | i 1,733 | i 2,048 | |||||
Other
long-term liabilities | i 42,130 | i 34,573 | |||||
Notes
payable and other obligations, less current portion | i 306,606 | i 332,854 | |||||
Deferred
income tax liabilities, net | i 34,956 | i 53,341 | |||||
Total
liabilities | i 498,759 | i 537,174 | |||||
Commitments
and contingencies | i | i | |||||
Stockholders’
equity: | |||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding | i — | i — | |||||
Common
stock, $0.01 par value; 45,000,000 shares authorized, 13,244,713 and 12,852,357 shares issued and outstanding as of October 3, 2020 and December 28, 2019, respectively | i 132 | i 129 | |||||
Additional
paid-in capital | i 263,341 | i 251,187 | |||||
Retained
earnings | i 121,092 | i 104,647 | |||||
Total
stockholders’ equity | i 384,565 | i 355,963 | |||||
Total
liabilities and stockholders’ equity | $ | i 883,324 | $ | i 893,137 |
Three
Months Ended | Nine Months Ended | ||||||||||||||
Gross revenues | $ | i 169,949 | $ | i 131,032 | $ | i 498,118 | $ | i 376,340 | |||||||
Direct
costs: | |||||||||||||||
Salaries and wages | i 46,815 | i 40,426 | i 136,929 | i 113,762 | |||||||||||
Sub-consultant
services | i 26,003 | i 19,972 | i 78,673 | i 56,969 | |||||||||||
Other
direct costs | i 10,370 | i 7,139 | i 27,771 | i 25,244 | |||||||||||
Total
direct costs | i 83,188 | i 67,536 | i 243,373 | i 195,975 | |||||||||||
Gross
Profit | i 86,761 | i 63,496 | i 254,745 | i 180,365 | |||||||||||
Operating
Expenses: | |||||||||||||||
Salaries and wages, payroll taxes and benefits | i 43,750 | i 33,428 | i 133,456 | i 93,431 | |||||||||||
General
and administrative | i 13,216 | i 11,028 | i 38,196 | i 30,786 | |||||||||||
Facilities
and facilities related | i 5,370 | i 4,664 | i 16,125 | i 12,407 | |||||||||||
Depreciation
and amortization | i 10,187 | i 6,551 | i 32,387 | i 18,908 | |||||||||||
Total
operating expenses | i 72,523 | i 55,671 | i 220,164 | i 155,533 | |||||||||||
Income
from operations | i 14,238 | i 7,825 | i 34,581 | i 24,832 | |||||||||||
Interest
expense | ( i 3,731 | ) | ( i 421 | ) | ( i 11,921 | ) | ( i 1,230 | ) | |||||||
Income
before income tax expense | i 10,507 | i 7,403 | i 22,660 | i 23,602 | |||||||||||
Income
tax expense | ( i 2,753 | ) | ( i 1,560 | ) | ( i 6,215 | ) | ( i 3,422 | ) | |||||||
Net
Income and Comprehensive Income | $ | i 7,754 | $ | i 5,843 | $ | i 16,445 | $ | i 20,180 | |||||||
Earnings
per share: | |||||||||||||||
Basic | $ | i 0.62 | $ | i 0.48 | $ | i 1.33 | $ | i 1.67 | |||||||
Diluted | $ | i 0.61 | $ | i 0.46 | $ | i 1.30 | $ | i 1.62 | |||||||
Weighted
average common shares outstanding: | |||||||||||||||
Basic | i 12,434,600 | i 12,191,405 | i 12,328,448 | i 12,086,588 | |||||||||||
Diluted | i 12,749,917 | i 12,566,966 | i 12,650,107 | i 12,485,049 |
Three
Months Ended | ||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | ||||||||||||||||
Shares | Amount | Total | ||||||||||||||||
Balance,
June 29, 2019 | i 12,657,841 | $ | i 127 | $ | i 243,646 | $ | i 95,228 | $ | i 339,001 | |||||||||
Stock
compensation | — | — | i 2,819 | — | i 2,819 | |||||||||||||
Restricted
stock issuance, net | i 155,307 | i 1 | — | — | i 1 | |||||||||||||
Stock
issuance for acquisitions | i 5,771 | — | i 403 | — | i 403 | |||||||||||||
Net
income | — | — | — | i 5,843 | i 5,843 | |||||||||||||
Balance,
September 28, 2019 | i 12,818,919 | $ | i 128 | $ | i 246,869 | $ | i 101,070 | $ | i 348,067 | |||||||||
Balance,
June 27, 2020 | i 13,033,842 | $ | i 130 | $ | i 258,902 | $ | i 113,338 | $ | i 372,370 | |||||||||
Stock
compensation | — | — | i 4,020 | — | i 4,020 | |||||||||||||
Restricted
stock issuance, net | i 201,406 | i 2 | ( i 2 | ) | — | i — | ||||||||||||
Stock
issuance for acquisitions | i 9,465 | — | i 421 | — | i 421 | |||||||||||||
Net
income | — | — | — | i 7,754 | i 7,754 | |||||||||||||
Balance,
October 3, 2020 | i 13,244,713 | $ | i 132 | $ | i 263,341 | $ | i 121,092 | $ | i 384,565 |
Nine
Months Ended | ||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | ||||||||||||||||
Shares | Amount | Total | ||||||||||||||||
Balance,
December 29, 2018 | i 12,550,711 | $ | i 126 | $ | i 236,525 | $ | i 80,891 | $ | i 317,542 | |||||||||
Stock
compensation | — | — | i 6,989 | — | i 6,989 | |||||||||||||
Restricted
stock issuance, net | i 215,431 | i 2 | ( i 2 | ) | — | i — | ||||||||||||
Stock
issuance for acquisitions | i 41,592 | — | i 2,632 | — | i 2,632 | |||||||||||||
Payment
of contingent consideration with common stock | i 11,185 | — | i 725 | — | i 725 | |||||||||||||
Net
income | — | — | — | i 20,180 | i 20,180 | |||||||||||||
Balance,
September 28, 2019 | i 12,818,919 | $ | i 128 | $ | i 246,869 | $ | i 101,070 | $ | i 348,067 | |||||||||
Balance,
December 28, 2019 | i 12,852,357 | $ | i 129 | $ | i 251,187 | $ | i 104,647 | $ | i 355,963 | |||||||||
Stock
compensation | — | — | i 10,900 | — | i 10,900 | |||||||||||||
Restricted
stock issuance, net | i 365,241 | i 3 | ( i 3 | ) | — | i — | ||||||||||||
Stock
issuance for acquisitions | i 21,871 | — | i 979 | — | i 979 | |||||||||||||
Payment
of contingent consideration with common stock | i 5,244 | — | i 278 | — | i 278 | |||||||||||||
Net
income | — | — | — | i 16,445 | i 16,445 | |||||||||||||
Balance,
October 3, 2020 | i 13,244,713 | $ | i 132 | $ | i 263,341 | $ | i 121,092 | $ | i 384,565 |
Nine
Months Ended | |||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | i 16,445 | $ | i 20,180 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | i 34,680 | i 18,908 | |||||
Non-cash
lease expense | i 6,731 | i 6,770 | |||||
Provision
for doubtful accounts | i 3,127 | i 1,725 | |||||
Stock-based
compensation | i 10,900 | i 6,989 | |||||
Change
in fair value of contingent consideration | i — | i 49 | |||||
Gain
on disposals of property and equipment | ( i 394 | ) | ( i 48 | ) | |||
Deferred
income taxes | ( i 5,905 | ) | ( i 3,839 | ) | |||
Amortization
of debt issuance costs | i 669 | i — | |||||
Changes
in operating assets and liabilities, net of impact of acquisitions: | |||||||
Billed receivables | i 8,089 | i 508 | |||||
Unbilled
receivables | ( i 7,505 | ) | ( i 4,490 | ) | |||
Prepaid
expenses and other assets | i 2,171 | ( i 5,279 | ) | ||||
Accounts
payable | ( i 2,780 | ) | ( i 2,053 | ) | |||
Accrued
liabilities | i 322 | ( i 9,170 | ) | ||||
Income
taxes payable | i — | ( i 2,789 | ) | ||||
Billings
in excess of costs and estimated earnings on uncompleted contracts | i 5,706 | ( i 5,972 | ) | ||||
Deposits | i 163 | i 68 | |||||
Net
cash provided by operating activities | i 72,419 | i 21,557 | |||||
Cash
Flows From Investing Activities: | |||||||
Cash paid for acquisitions (net of cash received from acquisitions) | ( i 882 | ) | ( i 29,365 | ) | |||
Proceeds
from sale of assets | i 1,053 | i — | |||||
Purchase
of property and equipment | ( i 8,342 | ) | ( i 1,810 | ) | |||
Net
cash used in investing activities | ( i 8,171 | ) | ( i 31,175 | ) | |||
Cash
Flows From Financing Activities: | |||||||
Borrowings from Senior Credit Facility | i — | i 10,000 | |||||
Payments
on notes payable | ( i 9,941 | ) | ( i 8,483 | ) | |||
Payments
of contingent consideration | ( i 913 | ) | ( i 1,213 | ) | |||
Payments
of borrowings from Senior Credit Facility | ( i 20,750 | ) | i — | ||||
Payments
of debt issuance costs | ( i 447 | ) | i — | ||||
Net
cash (used in) provided by financing activities | ( i 32,051 | ) | i 304 | ||||
Net
increase (decrease) in Cash and Cash Equivalents | i 32,197 | ( i 9,314 | ) | ||||
Cash
and cash equivalents – beginning of period | i 31,825 | i 40,739 | |||||
Cash
and cash equivalents – end of period | $ | i 64,022 | $ | i 31,425 |
Nine
Months Ended | |||||||
Non-cash investing and financing activities: | |||||||
Contingent consideration (earn-out) | $ | i 255 | $ | i 2,570 | |||
Notes
payable and other obligations issued for acquisitions | $ | i 500 | $ | i 10,044 | |||
Stock
issuance for acquisitions | $ | i 979 | $ | i 2,632 | |||
Finance
leases | $ | i 475 | $ | i 769 | |||
Payment
of contingent consideration with common stock | $ | i 278 | $ | i 725 |
● | Utility
services | ● | Commissioning |
● | LNG services | ● | Program management |
● | Engineering | ● | Environmental health & safety |
● | Civil program management | ● | Real
estate transaction services |
● | Surveying | ● | Energy efficiency services |
● | Testing, inspection & consulting (TIC) | ● | 3D geospatial data modeling |
● | Code compliance consulting | ● | Environmental
& natural resources |
● | Forensic engineering | ● | National defense & intelligence |
● | Litigation support | ● | Robotic survey solutions |
● | Ecological studies | ● | Geospatial
data applications & software |
● | MEP & technology engineering |
Three
Months Ended | Nine Months Ended | ||||||||||||||
Numerator: | |||||||||||||||
Net income – basic and diluted | $ | i 7,754 | $ | i 5,843 | $ | i 16,445 | $ | i 20,180 | |||||||
Denominator: | |||||||||||||||
Basic
weighted average shares outstanding | i 12,434,600 | i 12,191,405 | i 12,328,448 | i 12,086,588 | |||||||||||
Effect
of dilutive non-vested restricted shares and units | i 269,713 | i 308,240 | i 267,130 | i 325,219 | |||||||||||
Effect
of issuable shares related to acquisitions | i 45,604 | i 67,321 | i 54,529 | i 73,242 | |||||||||||
Diluted
weighted average shares outstanding | i 12,749,917 | i 12,566,966 | i 12,650,107 | i 12,485,049 |
2020 | 2019 | ||||||||||||||
Total | QSI | Other | Total | ||||||||||||
Cash | $ | i — | $ | i 6,894 | $ | i 75 | $ | i 6,969 | |||||||
Billed
and unbilled receivables, net | i 1,439 | i 42,523 | i 18,755 | i 61,278 | |||||||||||
Right-of-use
assets | i — | i 6,131 | i — | i 6,131 | |||||||||||
Property
and equipment | i 28 | i 15,718 | i 2,163 | i 17,881 | |||||||||||
Prepaid
expenses | i 33 | i 2,612 | i 997 | i 3,609 | |||||||||||
Other
assets | i 28 | i 2,075 | i 1,048 | i 3,123 | |||||||||||
Intangible
assets: | |||||||||||||||
Customer relationships | i 237 | i 71,252 | i 10,423 | i 81,675 | |||||||||||
Trade
name | i 30 | i 4,234 | i 1,365 | i 5,599 | |||||||||||
Customer
backlog | i 56 | i 7,636 | i 1,363 | i 8,999 | |||||||||||
Developed
technology | i — | i 32,944 | i — | i 32,944 | |||||||||||
Other | i 5 | i — | i 814 | i 814 | |||||||||||
Total
Assets | $ | i 1,856 | $ | i 192,019 | $ | i 37,003 | $ | i 229,022 | |||||||
Liabilities | ( i 345 | ) | ( i 23,698 | ) | ( i 8,373 | ) | ( i 32,071 | ) | |||||||
Deferred
tax liabilities | i — | ( i 27,221 | ) | ( i 3,300 | ) | ( i 30,521 | ) | ||||||||
Net
assets acquired | $ | i 1,511 | $ | i 141,100 | $ | i 25,330 | $ | i 166,430 | |||||||
Consideration
paid (Cash, Notes and/or stock) | $ | i 1,694 | $ | i 318,428 | $ | i 50,447 | $ | i 368,875 | |||||||
Contingent
earn-out liability (Cash and stock) | i 255 | i — | i 1,004 | i 1,004 | |||||||||||
Total
Consideration | $ | i 1,949 | $ | i 318,428 | $ | i 51,451 | $ | i 369,879 | |||||||
Excess
consideration over the amounts assigned to the net assets acquired (Goodwill) | $ | i 438 | $ | i 177,328 | $ | i 26,121 | $ | i 203,449 |
Three Months Ended | Nine
Months Ended | ||||||
Gross revenues | $ | i 16,537 | $ | i 22,229 | |||
Income
before income taxes | $ | i 1,272 | $ | i 2,211 |
Three Months Ended | Nine Months Ended | ||||||
Gross revenues | $ | i 168,141 | $ | i 508,748 | |||
Net
income | $ | i 4,203 | $ | i 15,287 | |||
Basic
earnings per share | $ | i 0.34 | $ | i 1.26 | |||
Diluted
earnings per share | $ | i 0.33 | $ | i 1.22 |
Billed receivables | $ | i 128,300 | $ | i 134,900 | |||
Less:
allowance for doubtful accounts | ( i 5,622 | ) | ( i 3,860 | ) | |||
Billed
receivables, net | $ | i 122,678 | $ | i 131,041 | |||
Unbilled
receivables | $ | i 86,110 | $ | i 80,639 | |||
Less:
allowance for doubtful accounts | ( i 2,575 | ) | ( i 1,211 | ) | |||
Unbilled
receivables, net | $ | i 83,535 | $ | i 79,428 |
Office furniture and equipment | $ | i 3,848 | $ | i 4,198 | |||
Computer
equipment | i 14,682 | i 10,704 | |||||
Survey
and field equipment | i 23,447 | i 24,165 | |||||
Leasehold
improvements | i 6,296 | i 6,266 | |||||
Total | i 48,273 | i 45,333 | |||||
Less:
accumulated depreciation | ( i 20,316 | ) | ( i 19,600 | ) | |||
Property
and equipment, net | $ | i 27,957 | $ | i 25,733 |
Nine Months Ended | |||||||||||||||
2020 Acquisitions | Adjustments | ||||||||||||||
INF | $ | i 231,255 | $ | i — | $ | ( i 143,428 | ) | $ | i 87,827 | ||||||
BTS | i 77,961 | i 438 | i 449 | i 78,848 | |||||||||||
GEO | i — | i — | i 177,328 | i 177,328 | |||||||||||
Total | $ | i 309,216 | $ | i 438 | $ | i 34,349 | $ | i 344,003 |
Gross Carrying Amount | Accumulated Amortization | Net Amount | Gross Carrying Amount | Accumulated
Amortization | Net Amount | ||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||
Customer
relationships(1) | $ | i 182,868 | $ | ( i 42,179 | ) | $ | i 140,689 | $ | i 176,088 | $ | ( i 29,198 | ) | $ | i 146,890 | |||||||||
Trade
name(2) | i 14,517 | ( i 11,329 | ) | i 3,188 | i 10,253 | ( i 8,593 | ) | i 1,660 | |||||||||||||||
Customer
backlog(3) | i 25,055 | ( i 18,269 | ) | i 6,786 | i 24,198 | ( i 12,435 | ) | i 11,763 | |||||||||||||||
Non-compete(4) | i 9,373 | ( i 6,494 | ) | i 2,879 | i 9,369 | ( i 5,105 | ) | i 4,264 | |||||||||||||||
Developed
technology(5) | i 32,944 | ( i 3,656 | ) | i 29,288 | i 32,944 | $ | ( i 106 | ) | $ | i 32,838 | |||||||||||||
Total
finite-lived intangible assets | i 264,757 | ( i 81,927 | ) | i 182,830 | i 252,851 | ( i 55,436 | ) | i 197,415 | |||||||||||||||
Indefinite-lived
intangible assets: | |||||||||||||||||||||||
QSI trade name | i — | — | i — | i 58,546 | — | i 58,546 | |||||||||||||||||
Total
indefinite-lived intangible assets | i — | — | i — | i 58,546 | — | i 58,546 | |||||||||||||||||
Total
intangible assets | $ | i 264,757 | $ | ( i 81,927 | ) | $ | i 182,830 | $ | i 311,397 | $ | ( i 55,436 | ) | $ | i 255,961 |
Current portion of lease liability | $ | i 13,589 | $ | i 13,108 | |||
Accrued
vacation | i 13,106 | i 10,048 | |||||
Payroll
and related taxes | i 11,068 | i 12,146 | |||||
Benefits | i 3,877 | i 4,637 | |||||
Accrued
operating expenses | i 2,743 | i 4,574 | |||||
Professional
liability reserve | i 1,086 | i 1,083 | |||||
Accrued
interest expense | i 874 | i 949 | |||||
Other | i 467 | i 887 | |||||
Total | $ | i 46,810 | $ | i 47,432 |
Senior credit facility | $ | i 299,707 | $ | i 320,457 | |||
Uncollateralized
promissory notes | i 28,193 | i 36,217 | |||||
Finance
leases | i 2,492 | i 2,707 | |||||
Other
obligations | i 2,028 | i 2,884 | |||||
Debt
issuance costs, net of amortization | ( i 3,857 | ) | ( i 4,078 | ) | |||
Total
notes payable and other obligations | i 328,563 | i 358,187 | |||||
Current
portion of notes payable and other obligations | ( i 21,957 | ) | ( i 25,332 | ) | |||
Notes
payable and other obligations, less current portion | $ | i 306,606 | $ | i 332,854 |
Measurement Period Ending | Maximum Consolidated Leverage Ratio |
Amendment Closing Date through June 27, 2020 | 4.50 to 1.00 |
June 28, 2020 through October 3, 2020 | 5.00 to 1.00 |
October
4, 2020 through January 2, 2021 | 5.25 to 1.00 |
4.75 to 1.00 | |
4.00 to 1.00 | |
July 4, 2021 and thereafter | 3.50 to 1.00 |
Contingent consideration, beginning of the year | $ | i 4,002 | $ | i 4,698 | |||
Additions
for acquisitions | i 255 | i 1,316 | |||||
Reduction
of liability for payments made | ( i 1,190 | ) | ( i 1,938 | ) | |||
Decrease
of liability related to re-measurement of fair value | i — | ( i 74 | ) | ||||
Total
contingent consideration, end of the period | i 3,067 | i 4,002 | |||||
Current
portion of contingent consideration | ( i 1,334 | ) | ( i 1,954 | ) | |||
Contingent
consideration, less current portion | $ | i 1,733 | $ | i 2,048 |
Number of Unvested Restricted Shares of Common Stock and Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||
i 652,677 | $ | i 58.20 | |||
Granted | i 384,390 | $ | i 47.00 | ||
Vested | ( i 201,461) | $ | i 48.88 | ||
Forfeited | ( i 22,149) | $ | i 64.00 | ||
i 813,457 | $ | i 55.21 |
Three
Months Ended | Nine Months Ended | ||||||||||||||
Gross revenues | |||||||||||||||
INF | $ | i 95,420 | $ | i 87,572 | $ | i 267,736 | $ | i 247,634 | |||||||
BTS | i 39,861 | i 43,460 | i 119,610 | i 128,706 | |||||||||||
GEO | i 34,668 | i — | i 110,772 | i — | |||||||||||
Total
gross revenues | $ | i 169,949 | $ | i 131,032 | $ | i 498,118 | $ | i 376,340 | |||||||
Segment
income before taxes | |||||||||||||||
INF | $ | i 19,707 | $ | i 14,008 | $ | i 48,844 | $ | i 41,273 | |||||||
BTS | i 5,944 | i 6,871 | i 16,772 | i 20,287 | |||||||||||
GEO | i 7,773 | i — | i 21,531 | i — | |||||||||||
Total
Segment income before taxes | i 33,424 | i 20,879 | i 87,147 | i 61,560 | |||||||||||
Corporate(1) | ( i 22,917 | ) | ( i 13,476 | ) | ( i 64,487 | ) | ( i 37,958 | ) | |||||||
Total
income before taxes | $ | i 10,507 | $ | i 7,403 | $ | i 22,660 | $ | i 23,602 |
Assets | |||||||
INF | $ | i 287,419 | $ | i 303,239 | |||
BTS | i 132,497 | i 131,967 | |||||
GEO | i 342,889 | i 365,605 | |||||
Corporate(1) | i 120,519 | i 92,326 | |||||
Total
assets | $ | i 883,324 | $ | i 893,137 |
Three
Months Ended October 3, 2020 | Nine Months Ended October 3, 2020 | ||||||||||||||||||||||||||||||
INF | BTS | GEO | Total | INF | BTS | GEO | Total | ||||||||||||||||||||||||
United
States | $ | i 95,420 | $ | i 37,278 | $ | i 34,377 | $ | i 167,075 | $ | i 267,736 | $ | i 112,460 | $ | i 109,846 | $ | i 490,042 | |||||||||||||||
Foreign | i — | i 2,583 | i 291 | i 2,874 | i — | i 7,150 | i 926 | i 8,076 | |||||||||||||||||||||||
Total
gross revenues | $ | i 95,420 | $ | i 39,861 | $ | i 34,668 | $ | i 169,949 | $ | i 267,736 | $ | i 119,610 | $ | i 110,772 | $ | i 498,118 |
Three
Months Ended September 28, 2019 | Nine Months Ended September 28, 2019 | ||||||||||||||||||||||||||||||
INF | BTS | GEO | Total | INF | BTS | GEO | Total | ||||||||||||||||||||||||
United
States | $ | i 87,572 | $ | i 41,872 | $ | i — | $ | i 129,444 | $ | i 247,634 | $ | i 121,829 | $ | i — | $ | i 369,463 | |||||||||||||||
Foreign | i — | i 1,588 | i — | i 1,588 | i — | i 6,877 | i — | i 6,877 | |||||||||||||||||||||||
Total
gross revenues | $ | i 87,572 | $ | i 43,460 | $ | i — | $ | i 131,032 | $ | i 247,634 | $ | i 128,706 | $ | i — | $ | i 376,340 |
Three Months Ended October
3, 2020 | Nine Months Ended October 3, 2020 | ||||||||||||||||||||||||||||||
INF | BTS | GEO | Total | INF | BTS | GEO | Total | ||||||||||||||||||||||||
Public
and quasi-public sector | $ | i 73,288 | $ | i 17,522 | $ | i 24,861 | $ | i 115,671 | $ | i 206,395 | $ | i 53,011 | $ | i 77,899 | $ | i 337,305 | |||||||||||||||
Private
sector | i 22,132 | i 22,339 | i 9,807 | i 54,278 | i 61,341 | i 66,599 | i 32,873 | i 160,813 | |||||||||||||||||||||||
Total
gross revenues | $ | i 95,420 | $ | i 39,861 | $ | i 34,668 | $ | i 169,949 | $ | i 267,736 | $ | i 119,610 | $ | i 110,772 | $ | i 498,118 |
Three
Months Ended September 28, 2019 | Nine Months Ended September 28, 2019 | ||||||||||||||||||||||||||||||
INF | BTS | GEO | Total | INF | BTS | GEO | Total | ||||||||||||||||||||||||
Public
and quasi-public sector | $ | i 69,297 | $ | i 17,899 | $ | i — | $ | i 87,196 | $ | i 209,837 | $ | i 50,471 | $ | i — | $ | i 260,308 | |||||||||||||||
Private
sector | i 18,275 | i 25,561 | i — | i 43,836 | i 37,797 | i 78,235 | i — | i 116,032 | |||||||||||||||||||||||
Total
gross revenues | $ | i 87,572 | $ | i 43,460 | $ | i — | $ | i 131,032 | $ | i 247,634 | $ | i 128,706 | $ | i — | $ | i 376,340 |
Three
Months Ended October 3, 2020 | Nine Months Ended October 3, 2020 | ||||||||||||||||||||||||||||||
INF | BTS | GEO | Total | INF | BTS | GEO | Total | ||||||||||||||||||||||||
Cost-reimbursable
contracts | $ | i 92,719 | $ | i 32,402 | $ | i 34,668 | $ | i 159,789 | $ | i 255,716 | $ | i 96,776 | $ | i 110,772 | $ | i 463,264 | |||||||||||||||
Fixed-unit
price contracts | i 2,701 | i 7,459 | i — | i 10,160 | i 12,020 | i 22,834 | i — | i 34,854 | |||||||||||||||||||||||
Total
gross revenues | $ | i 95,420 | $ | i 39,861 | $ | i 34,668 | $ | i 169,949 | $ | i 267,736 | $ | i 119,610 | $ | i 110,772 | $ | i 498,118 |
Three
Months Ended September 28, 2019 | Nine Months Ended September 28, 2019 | ||||||||||||||||||||||||||||||
INF | BTS | GEO | Total | INF | BTS | GEO | Total | ||||||||||||||||||||||||
Cost-reimbursable
contracts | $ | i 84,426 | $ | i 31,797 | $ | i — | $ | i 116,223 | $ | i 240,166 | $ | i 99,935 | $ | i — | $ | i 340,101 | |||||||||||||||
Fixed-unit
price contracts | i 3,146 | i 11,663 | i — | i 14,809 | i 7,468 | i 28,771 | i — | i 36,239 | |||||||||||||||||||||||
Total
gross revenues | $ | i 87,572 | $ | i 43,460 | $ | i — | $ | i 131,032 | $ | i 247,634 | $ | i 128,706 | $ | i — | $ | i 376,340 |
Leases | Classification | |||||||||
Assets | ||||||||||
Operating lease assets | Right-of-use lease asset, net (1) | $ | i 46,029 | $ | i 46,313 | |||||
Finance
lease assets | Property and equipment, net (1) | i 2,444 | i 2,371 | |||||||
Total
leased assets | $ | i 48,473 | $ | i 48,685 | ||||||
Liabilities | ||||||||||
Current | ||||||||||
Operating | Accrued
liabilities | $ | ( i 13,589 | ) | $ | ( i 13,108 | ) | |||
Finance | Current
portion of notes payable and other obligations | ( i 1,036 | ) | ( i 1,022 | ) | |||||
Noncurrent | ||||||||||
Operating | Other
long-term liabilities | ( i 34,156 | ) | ( i 34,573 | ) | |||||
Finance | Notes
payable and other obligations, less current portion | ( i 1,456 | ) | ( i 1,685 | ) | |||||
Total
lease liabilities | $ | ( i 50,237 | ) | $ | ( i 50,388 | ) |
Weighted
- Average Remaining Lease Term (Years) | ||||
Operating leases | i 5.0 | i 5.0 | ||
Finance
leases | i 2.3 | i 2.8 | ||
Weighted
- Average Discount Rate | ||||
Operating leases | i 4% | i 4% | ||
Finance
leases | i 7% | i 7% |
Three Months Ended | Nine Months Ended | |||||||||||||||
Operating cash flows from operating leases | $ | i 3,467 | $ | i 2,882 | $ | i 10,406 | $ | i 7,833 | ||||||||
Financing
cash flows from finance leases | $ | i 266 | $ | i 218 | $ | i 801 | $ | i 543 | ||||||||
Right-of-use
assets obtained in exchange for lease obligations: | ||||||||||||||||
Operating leases | $ | i 4,267 | $ | i 8,015 | $ | i 12,252 | $ | i 14,251 |
Three Months Ended | Nine Months Ended | |||||||||
Lease
Cost | Classification | |||||||||
Operating lease cost | Facilities and facilities related | $ | i 3,805 | $ | i 11,247 | |||||
Variable
operating lease cost | Facilities and facilities related | i 705 | i 2,411 | |||||||
Finance
lease cost | ||||||||||
Amortization of financing lease assets | Depreciation and amortization | i 261 | i 770 | |||||||
Interest
on lease liabilities | Interest expense | i 29 | i 90 | |||||||
Total
lease cost | $ | i 4,800 | $ | i 14,518 |
Three
Months Ended | Nine Months Ended | |||||||||
Lease Cost | Classification | |||||||||
Operating lease cost | Facilities
and facilities related | $ | i 2,995 | $ | i 8,237 | |||||
Finance
lease cost | ||||||||||
Amortization of financing lease assets | Depreciation and amortization | i 193 | i 517 | |||||||
Interest
on lease liabilities | Interest expense | i 26 | i 71 | |||||||
Total
lease cost | $ | i 3,214 | $ | i 8,825 |
Fiscal Year | Operating Leases | Finance
Leases | ||||||
Remainder of 2020 | $ | i 3,798 | $ | i 331 | ||||
2021 | i 14,724 | i 992 | ||||||
2022 | i 10,793 | i 802 | ||||||
2023 | i 8,225 | i 489 | ||||||
2024 | i 5,729 | i 216 | ||||||
Thereafter | i 9,740 | i 7 | ||||||
Total
lease payments | i 53,009 | i 2,837 | ||||||
Less:
Interest | ( i 5,264 | ) | ( i 345 | ) | ||||
Present
value of lease liabilities | $ | i 47,745 | $ | i 2,492 |
• | Infrastructure ("INF") – includes our engineering, civil program management, utility services, and construction quality assurance, testing and inspection practices; |
• | Building, Technology & Sciences ("BTS") – includes our environmental and buildings program management practices; and |
• | Geospatial
Solutions ("GEO") – includes our geospatial solution practices. |
Three Months Ended | Nine Months Ended | ||||||||||||||
Gross revenues | $ | 169,949 | $ | 131,032 | $ | 498,118 | $ | 376,340 | |||||||
Direct
costs | 83,188 | 67,536 | 243,373 | 195,975 | |||||||||||
Gross profit | 86,761 | 63,496 | 254,745 | 180,365 | |||||||||||
Operating
expenses | 72,523 | 55,671 | 220,164 | 155,533 | |||||||||||
Income from operations | 14,238 | 7,825 | 34,581 | 24,832 | |||||||||||
Interest
expense | (3,731 | ) | (421 | ) | (11,921 | ) | (1,230 | ) | |||||||
Income tax expense | (2,753 | ) | (1,560 | ) | (6,215 | ) | (3,422 | ) | |||||||
Net
income | $ | 7,754 | $ | 5,843 | $ | 16,445 | $ | 20,180 |
Three Months Ended | Nine Months Ended | ||||||||||||||
Gross revenues | |||||||||||||||
INF | $ | 95,420 | $ | 87,572 | $ | 267,736 | $ | 247,634 | |||||||
BTS | 39,861 | 43,460 | 119,610 | 128,706 | |||||||||||
GEO | 34,668 | — | 110,772 | — | |||||||||||
Total
gross revenues | $ | 169,949 | $ | 131,032 | $ | 498,118 | $ | 376,340 | |||||||
Segment
income before taxes | |||||||||||||||
INF | $ | 19,707 | $ | 14,008 | $ | 48,844 | $ | 41,273 | |||||||
BTS | $ | 5,944 | $ | 6,871 | $ | 16,772 | $ | 20,287 | |||||||
GEO | $ | 7,773 | $ | — | $ | 21,531 | $ | — |
Measurement Period Ending | Maximum
Consolidated Leverage Ratio |
Amendment Closing Date through June 27, 2020 | 4.50 to 1.00 |
June 28, 2020 through October 3, 2020 | 5.00 to 1.00 |
October 4, 2020 through January 2, 2021 | 5.25 to 1.00 |
4.75 to 1.00 | |
4.00 to 1.00 | |
July 4, 2021 and thereafter | 3.50 to 1.00 |
• | our ability to retain the continued service of our key professionals and to identify, hire and retain additional qualified professionals; |
• | changes
in demand from the local and state government and private clients that we serve; |
• | general economic conditions, nationally and globally, and their effect on the demand and market for our services; |
• | fluctuations in our results of operations; |
• | the government’s funding and budgetary approval process; |
• | the
possibility that our contracts may be terminated by our clients; |
• |
• | our dependence on a limited number of clients; |
• | our
ability to complete projects timely, in accordance with our customers’ expectations, or profitability; |
• | our ability to successfully execute our mergers and acquisitions strategy, including the integration of new companies into our business; |
• | our ability to successfully manage our growth strategy; |
• | our
ability to raise capital in the future; |
• | competitive pressures and trends in our industry and our ability to successfully compete with our competitors; |
• | our ability to avoid losses under fixed-price contracts; |
• | the
credit and collection risks associated with our clients; |
• | our ability to comply with procurement laws and regulations; |
• | changes in laws, regulations, or policies; |
• | the enactment of legislation that could limit the ability of local, state and federal agencies to contract
for our privatized services; |
• | our ability to complete our backlog of uncompleted projects as currently projected; |
• | the risk of employee misconduct or our failure to comply with laws and regulations; |
• | our ability to control, and operational issues pertaining to, business activities that we conduct
with business partners and other third parties; |
• | our need to comply with a number of restrictive covenants and similar provisions in our senior credit facility that generally limit our ability to (among other things) incur additional indebtedness, create liens, make acquisitions, pay dividends and undergo certain changes in control, which could affect our ability to finance future operations, acquisitions or capital needs; |
• | significant influence by our principal stockholder and the existence of certain anti-takeover
measures in our governing documents; and |
• | other factors identified throughout this Current Report on Form 10-Q, including those discussed under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business.” |
Number | Description | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB | XBRL
Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
* |
** | Furnished
herewith. This certification is being furnished solely to accompany this report pursuant to 18 U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filings of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. |
NV5 GLOBAL, INC. | |
/s/ Edward
Codispoti | |
Date: November 12, 2020 | Chief Financial Officer (Principal Financial and Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/20/24 | ||||
7/4/21 | ||||
7/3/21 | 10-Q | |||
4/4/21 | ||||
4/3/21 | 10-Q | |||
1/3/21 | ||||
1/2/21 | 10-K | |||
Filed on: | 11/12/20 | 4, 8-K | ||
11/9/20 | ||||
10/4/20 | ||||
For Period end: | 10/3/20 | |||
8/2/20 | ||||
8/1/20 | ||||
7/16/20 | ||||
6/28/20 | ||||
6/27/20 | 10-Q | |||
5/5/20 | ||||
3/28/20 | 10-Q | |||
12/28/19 | 10-K, 10-K/A, 5 | |||
12/20/19 | 8-K, 8-K/A | |||
12/15/19 | ||||
11/8/19 | 8-K, 8-K/A | |||
9/28/19 | 10-Q | |||
7/2/19 | ||||
7/1/19 | 4 | |||
6/29/19 | 10-Q | |||
6/3/19 | ||||
3/22/19 | ||||
12/31/18 | ||||
12/29/18 | 10-K | |||
12/20/18 | 8-K | |||
11/2/18 | ||||
8/24/18 | 8-K | |||
2/2/18 | ||||
1/12/18 | ||||
9/6/17 | ||||
6/6/17 | ||||
5/4/17 | 10-Q, 8-K | |||
5/1/17 | 8-K | |||
12/7/16 | 8-K | |||
12/6/16 | ||||
11/30/16 | ||||
10/26/16 | 8-K | |||
9/12/16 | ||||
5/20/16 | ||||
List all Filings |