Company Quick10K Filing
NV5 Global
Price72.84 EPS2
Shares13 P/E34
MCap934 P/FCF43
Net Debt27 EBIT32
TEV961 TEV/EBIT30
TTM 2019-09-28, in MM, except price, ratios
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NVEE 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1 - Organization and Nature of Business Operations
Note 2 - Summary of Significant Accounting Policies
Note 3 - Earnings per Share
Note 4 - Business Acquisitions
Note 5 - Billed and Unbilled Receivables
Note 6 - Property and Equipment, Net
Note 7 - Goodwill and Intangible Assets
Note 8 - Accrued Liabilities
Note 9 - Notes Payable and Other Obligations
Note 10 - Contingent Consideration
Note 11 - Commitments and Contingencies
Note 12 - Stock - Based Compensation
Note 13 - Income Taxes
Note 14 - Reportable Segments
Note 15 - Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex311.htm
EX-31.2 ex312.htm
EX-32.1 ex321.htm

NV5 Global Earnings 2020-10-03

Balance SheetIncome StatementCash Flow
0.60.50.40.20.10.02012201420172020
Assets, Equity
0.20.20.10.10.00.02016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 10-Q
_______________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 3, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to
Commission File Number 001-35849
_______________________________________________________
NV5 Global, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________
Delaware
 
45-3458017
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
200 South Park Road,
Suite 350

 
Hollywood,
Florida
 
33021
(Address of principal executive offices)
 
(Zip Code)

(954495-2112
(Registrant’s telephone number, including area code)
_______________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
NVEE
 
The NASDAQ Stock Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated Filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 

 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No
As of November 9, 2020, there were 13,246,671 shares outstanding of the registrant’s common stock, $0.01 par value.
 




NV5 GLOBAL, INC.
INDEX
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


PART I – FINANCIAL INFORMATION



ITEM 1.    FINANCIAL STATEMENTS.

1



NV5 Global, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share data)
 
October 3, 2020
 
December 28, 2019
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
64,022

 
$
31,825

Billed receivables, net
122,678

 
131,041

Unbilled receivables, net
83,535

 
79,428

Prepaid expenses and other current assets
9,493

 
8,906

Total current assets
279,728

 
251,200

Property and equipment, net
27,957

 
25,733

Right-of-use lease assets, net
46,029

 
46,313

Intangible assets, net
182,830

 
255,961

Goodwill
344,003

 
309,216

Other assets
2,777

 
4,714

Total assets
$
883,324

 
$
893,137

 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
33,842

 
$
36,116

Accrued liabilities
46,810

 
47,432

Billings in excess of costs and estimated earnings on uncompleted contracts
9,009

 
3,303

Client deposits
382

 
221

Current portion of contingent consideration
1,334

 
1,954

Current portion of notes payable and other obligations
21,957

 
25,332

Total current liabilities
113,334

 
114,358

Contingent consideration, less current portion
1,733

 
2,048

Other long-term liabilities
42,130

 
34,573

Notes payable and other obligations, less current portion
306,606

 
332,854

Deferred income tax liabilities, net
34,956

 
53,341

Total liabilities
498,759

 
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, 13,244,713 and 12,852,357 shares issued and outstanding as of October 3, 2020 and December 28, 2019, respectively
132

 
129

Additional paid-in capital
263,341

 
251,187

Retained earnings
121,092

 
104,647

Total stockholders’ equity
384,565

 
355,963

Total liabilities and stockholders’ equity
$
883,324

 
$
893,137

See accompanying notes to consolidated financial statements (unaudited).

2



NV5 Global, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands, except share data)
 
Three Months Ended
 
Nine Months Ended
 
October 3, 2020

September 28, 2019
 
October 3, 2020

September 28, 2019
Gross revenues
$
169,949

 
$
131,032

 
$
498,118

 
$
376,340

 
 
 
 
 
 
 
 
Direct costs:
 
 
 
 
 
 
 
Salaries and wages
46,815

 
40,426

 
136,929

 
113,762

Sub-consultant services
26,003

 
19,972

 
78,673

 
56,969

Other direct costs
10,370

 
7,139

 
27,771

 
25,244

Total direct costs
83,188

 
67,536

 
243,373

 
195,975

 
 
 
 
 
 
 
 
Gross Profit
86,761

 
63,496

 
254,745

 
180,365

 
 
 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
 
 
Salaries and wages, payroll taxes and benefits
43,750

 
33,428

 
133,456

 
93,431

General and administrative
13,216

 
11,028

 
38,196

 
30,786

Facilities and facilities related
5,370

 
4,664

 
16,125

 
12,407

Depreciation and amortization
10,187

 
6,551

 
32,387

 
18,908

Total 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 before income tax expense
10,507

 
7,403

 
22,660

 
23,602

Income tax expense
(2,753
)
 
(1,560
)
 
(6,215
)
 
(3,422
)
Net Income and Comprehensive Income
$
7,754

 
$
5,843

 
$
16,445

 
$
20,180

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.62

 
$
0.48

 
$
1.33

 
$
1.67

Diluted
$
0.61

 
$
0.46

 
$
1.30

 
$
1.62

 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
12,434,600

 
12,191,405

 
12,328,448

 
12,086,588

Diluted
12,749,917

 
12,566,966

 
12,650,107

 
12,485,049

See accompanying notes to consolidated financial statements (unaudited).

3



NV5 Global, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
(in thousands, except share data)
 
Three Months Ended
 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
 
 
Shares
 
Amount
 
 
 
Total
Balance, June 29, 2019
12,657,841

 
$
127

 
$
243,646

 
$
95,228

 
$
339,001

Stock compensation

 

 
2,819

 

 
2,819

Restricted stock issuance, net
155,307

 
1

 

 

 
1

Stock issuance for acquisitions
5,771

 

 
403

 

 
403

Net income

 

 

 
5,843

 
5,843

Balance, September 28, 2019
12,818,919

 
$
128

 
$
246,869

 
$
101,070

 
$
348,067

 
 
 
 
 
 
 
 
 
 
Balance, June 27, 2020
13,033,842

 
$
130

 
$
258,902

 
$
113,338

 
$
372,370

Stock compensation

 

 
4,020

 

 
4,020

Restricted stock issuance, net
201,406

 
2

 
(2
)
 

 

Stock issuance for acquisitions
9,465

 

 
421

 

 
421

Net income

 

 

 
7,754

 
7,754

Balance, October 3, 2020
13,244,713

 
$
132

 
$
263,341

 
$
121,092

 
$
384,565


 
Nine Months Ended
 
Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
 
 
Shares
 
Amount
 
 
 
Total
Balance, December 29, 2018
12,550,711

 
$
126

 
$
236,525

 
$
80,891

 
$
317,542

Stock compensation

 

 
6,989

 

 
6,989

Restricted stock issuance, net
215,431

 
2

 
(2
)
 

 

Stock issuance for acquisitions
41,592

 

 
2,632

 

 
2,632

Payment of contingent consideration with common stock
11,185

 

 
725

 

 
725

Net income

 

 

 
20,180

 
20,180

Balance, September 28, 2019
12,818,919

 
$
128

 
$
246,869

 
$
101,070

 
$
348,067

 
 
 
 
 
 
 
 
 
 
Balance, December 28, 2019
12,852,357

 
$
129

 
$
251,187

 
$
104,647

 
$
355,963

Stock compensation

 

 
10,900

 

 
10,900

Restricted stock issuance, net
365,241

 
3

 
(3
)
 

 

Stock issuance for acquisitions
21,871

 

 
979

 

 
979

Payment of contingent consideration with common stock
5,244

 

 
278

 

 
278

Net income

 

 

 
16,445

 
16,445

Balance, October 3, 2020
13,244,713

 
$
132

 
$
263,341

 
$
121,092

 
$
384,565

See accompanying notes to consolidated financial statements (unaudited).



4



NV5 Global, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
Nine Months Ended
 
October 3, 2020
 
September 28, 2019
Cash Flows From Operating Activities:
 
 
 
Net income
$
16,445

 
$
20,180

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
34,680

 
18,908

Non-cash lease expense
6,731

 
6,770

Provision for doubtful accounts
3,127

 
1,725

Stock-based compensation
10,900

 
6,989

Change in fair value of contingent consideration

 
49

Gain on disposals of property and equipment
(394
)
 
(48
)
Deferred income taxes
(5,905
)
 
(3,839
)
Amortization of debt issuance costs
669

 

Changes in operating assets and liabilities, net of impact of acquisitions:
 
 
 
Billed receivables
8,089

 
508

Unbilled receivables
(7,505
)
 
(4,490
)
Prepaid expenses and other assets
2,171

 
(5,279
)
Accounts payable
(2,780
)
 
(2,053
)
Accrued liabilities
322

 
(9,170
)
Income taxes payable

 
(2,789
)
Billings in excess of costs and estimated earnings on uncompleted contracts
5,706

 
(5,972
)
Deposits
163

 
68

Net cash provided by operating activities
72,419

 
21,557

 
 
 
 
Cash Flows From Investing Activities:
 
 
 
Cash paid for acquisitions (net of cash received from acquisitions)
(882
)
 
(29,365
)
Proceeds from sale of assets
1,053

 

Purchase of property and equipment
(8,342
)
 
(1,810
)
Net cash used in investing activities
(8,171
)
 
(31,175
)
 
 
 
 
Cash Flows From Financing Activities:
 
 
 
Borrowings from Senior Credit Facility

 
10,000

Payments on notes payable
(9,941
)
 
(8,483
)
Payments of contingent consideration
(913
)
 
(1,213
)
Payments of borrowings from Senior Credit Facility
(20,750
)
 

Payments of debt issuance costs
(447
)
 

Net cash (used in) provided by financing activities
(32,051
)
 
304

 
 
 
 
Net increase (decrease) in Cash and Cash Equivalents
32,197

 
(9,314
)
Cash and cash equivalents – beginning of period
31,825

 
40,739

Cash and cash equivalents – end of period
$
64,022

 
$
31,425

See accompanying notes to consolidated financial statements (unaudited).

5



NV5 Global, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
Nine Months Ended
 
October 3, 2020
 
September 28, 2019
Non-cash investing and financing activities:
 
 
 
Contingent consideration (earn-out)
$
255

 
$
2,570

Notes payable and other obligations issued for acquisitions
$
500

 
$
10,044

Stock issuance for acquisitions
$
979

 
$
2,632

Finance leases
$
475

 
$
769

Payment of contingent consideration with common stock
$
278

 
$
725

See accompanying notes to consolidated financial statements (unaudited).


6



NV5 Global, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(in thousands, except share data)
Note 1 – Organization and Nature of Business Operations
Business
NV5 Global, Inc. and its subsidiaries (collectively, the “Company,” “NV5 Global”) is a provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, utility services, construction, real estate, and environmental markets, operating nationwide and abroad. The Company’s clients include the U.S. federal, state and local governments, and the private sector. NV5 Global provides a wide range of services, including, but not limited to:
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
 
 

Fiscal Year
The Company operates on a "52/53 week" fiscal year ending on the Saturday closest to the calendar quarter end, and fiscal 2020 contains 53 weeks compared to fiscal 2019, which contained 52 weeks. As a result, the third quarter of fiscal 2020 ended October 3, 2020 included 14 weeks compared to the third quarter of fiscal 2019 ended September 28, 2019, which included 13 weeks.
Impact of COVID-19 on Our Business
The COVID-19 pandemic has significantly impacted global stock markets and economies. The Company is closely monitoring the impact of the outbreak of COVID-19 on all aspects of its business, including how it will impact the Company's customers and employees. While COVID-19 did not have a material adverse effect on the Company's reported results for the first nine months of the fiscal year, the Company is unable to predict the ultimate impact that it may have on its business, future results of operations, financial position, or cash flows. The extent to which the Company's operations may be impacted by the COVID-19 pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the outbreak and actions by government authorities to contain the outbreak or treat its impact. The Company intends to continue to monitor the impact of COVID-19 pandemic on its business closely.
Note 2 – Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The consolidated financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting of interim financial information. Pursuant to such rules and regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

7

NV5 Global, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(in thousands, except share data)

In the opinion of management, the accompanying unaudited interim consolidated financial statements of the Company contain all adjustments necessary to present fairly the financial position and results of operations of the Company as of the dates and for the periods presented. Accordingly, these statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 28, 2019 (the “2019 Form 10-K”). The results of operations and cash flows for the interim periods presented are not necessarily indicative of the results to be expected for any future interim period or for the full 2020 fiscal year.
Performance Obligations
To determine the proper revenue recognition method, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual goods or services that is not separately identifiable from other promises in the contracts and therefore, is not distinct.
The Company’s performance obligations are satisfied as work progresses or at a point in time. Revenue on the Company's cost-reimbursable contracts is recognized over time using direct costs incurred or direct costs incurred to date as compared to the estimated total direct costs for performance obligations because it depicts the transfer of control to the customer. Contract costs include labor, sub-consultant services, and other direct costs.
Gross revenue from services transferred to customers at a point in time is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the reports and/or analysis performed.
As of October 3, 2020, the Company had $638,074 of remaining performance obligations, of which $516,348 is expected to be recognized over the next 12 months and the majority of the balance over the next 24 months. Contracts for which work authorizations have been received are included in performance obligations. Most of the Company's government contracts are multi-year contracts for which funding is appropriated on an annual basis, therefore performance obligations include only those amounts that have been funded and authorized and does not reflect the full amounts the Company may receive over the term of such contracts. In the case of non-government contracts and project awards, performance obligations include future revenue at contract or customary rates, excluding contract renewals or extensions that are at the discretion of the client. For contracts with a not-to-exceed maximum amount, the Company includes revenue from such contracts in performance obligations to the extent of the remaining estimated amount.
Contract Balances
The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) on the Consolidated Balance Sheet. The liability “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized on these contracts as of the reporting date. This liability is generally classified as current. Revenue recognized that was included in the contract liability balance at the beginning of the fiscal year was $138 and $3,177 for the three and nine months ended October 3, 2020.
There have been no material changes, other than those related to the adopted new accounting standards below, in the Company's significant accounting policies described in the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 28, 2019.
Recently Adopted Accounting Pronouncements

Goodwill and Intangible Assets
In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). This ASU eliminates Step 2 of the goodwill impairment test and simplifies how the amount of an impairment loss is determined. The update is effective for public companies in the beginning of fiscal year 2020 and shall be applied on a prospective basis. The Company adopted this ASU at the beginning of fiscal year 2020. The Company has determined there were no changes to its financial statements as a result of the adoption.


8

NV5 Global, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(in thousands, except share data)

Goodwill is the excess of consideration paid for an acquired entity over the amounts assigned to assets acquired, including other identifiable intangible assets and liabilities assumed in a business combination. To determine the amount of goodwill resulting from a business combination, the Company performs an assessment to determine the acquisition date fair value of the acquired company’s tangible and identifiable intangible assets and liabilities.
 
Goodwill is required to be evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate the asset may be impaired. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. These qualitative factors include: macroeconomic and industry conditions, cost factors, overall financial performance and other relevant entity-specific events. If the entity determines that this threshold is met, then the Company may apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company determines fair value through multiple valuation techniques, and weights the results accordingly. NV5 Global is required to make certain subjective and complex judgments in assessing whether an event of impairment of goodwill has occurred, including assumptions and estimates used to determine the fair value of its reporting units. The Company has elected to perform its annual goodwill impairment review on August 1 of each year. The Company conducts its annual impairment tests on the goodwill using the quantitative method of evaluating goodwill.

On August 1, 2020, the Company conducted its annual impairment tests using the quantitative method of evaluating goodwill. Based on the quantitative analyses the Company determined the fair value of each of the reporting units exceeded its carrying value. Therefore, the goodwill was not impaired and the Company did not recognize an impairment charge relating to goodwill as of August 1, 2020. Furthermore, there were no indicators, events or changes in circumstances that would indicate goodwill was impaired during the period from August 2, 2020 through October 3, 2020.
Identifiable intangible assets primarily include customer backlog, customer relationships, trade names, non-compete agreements, and developed technology. Amortizable intangible assets are amortized on a straight-line basis over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the assets may be impaired. If an indicator of impairment exists, the Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment, if any, is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model. There were no indicators, events or changes in circumstances that would indicate intangible assets were impaired during the nine months ended October 3, 2020.

See Note 7, Goodwill and Intangible Assets, for further information on goodwill and identified intangibles.
Financial Instruments
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU 2016-13"). This ASU introduces a new accounting model, the Current Expected Credit Losses model ("CECL"), which could result in earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model requires the Company to use a forward-looking expected credit loss impairment methodology for the recognition of credit losses for financial instruments at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models in current GAAP, which generally require that a loss be incurred before it is recognized. The new standard also applies to receivables arising from revenue transactions such as contract assets and accounts receivable and is effective for fiscal years beginning after December 15, 2019. The Company adopted this ASU at the beginning of fiscal year 2020. The standard was applied prospectively and did not materially impact the consolidated financial statements.
Note 3 – Earnings per Share
Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The effect of potentially dilutive securities is not considered during periods of loss or if the effect is anti-dilutive.

9

NV5 Global, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(in thousands, except share data)

The weighted average number of shares outstanding in calculating basic earnings per share for the nine months ended October 3, 2020 and September 28, 2019 exclude 806,457 and 625,687 non-vested restricted shares, respectively. During the three and nine months ended October 3, 2020, there were 32,859 and 72,634 weighted average securities which are not included in the calculation of diluted weighted average shares outstanding because their impact is anti-dilutive. There were no potentially anti-dilutive securities during the three and nine months ended September 28, 2019.
The following table represents a reconciliation of the net income and weighted average shares outstanding for the calculation of basic and diluted earnings per share:
 
Three Months Ended
 
Nine Months Ended
 
October 3, 2020
 
September 28, 2019
 
October 3, 2020
 
September 28, 2019
Numerator:
 
 
 
 
 
 
 
Net income – basic and diluted
$
7,754

 
$
5,843

 
$
16,445

 
$
20,180

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Basic weighted average shares outstanding
12,434,600

 
12,191,405

 
12,328,448

 
12,086,588

Effect of dilutive non-vested restricted shares and units
269,713

 
308,240

 
267,130

 
325,219

Effect of issuable shares related to acquisitions
45,604

 
67,321

 
54,529

 
73,242

Diluted weighted average shares outstanding
12,749,917

 
12,566,966

 
12,650,107

 
12,485,049


Note 4 Business Acquisitions
2020 Acquisitions    

On July 16, 2020, the Company acquired all of the outstanding equity interests in Mediatech FZ, LLC and Mediatech Information Technology Consultants ("Mediatech"), a technology company providing security, enterprise IT, and building technology solutions in the Middle East and North Africa (MENA) region and South East Asia. Mediatech provides technology design services for the hospitality, industrial, healthcare, commercial, retail, and convention center markets. The Company acquired Mediatech for an aggregate purchase price of $1,949, including $882 of cash and $500 in promissory note, payable in four equal installments of $125 due on the first, second, third, and fourth anniversaries of the closing date. The purchase price also includes $312 of the Company's common stock payable in four equal installments due at closing and on the first, second and third anniversaries of the closing date. Further, the purchase price includes $255 in additional contingent payments. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for Mediatech, the Company performed a purchase price allocation. The final determination of the fair value of assets and liabilities will be completed within the one-year measurement period as required by ASC Topic 805, Business Combinations ("ASC 805"). The Mediatech acquisition will necessitate the use of this measurement period to adequately analyze and assess the factors used in establishing the asset and liability fair values as of the acquisition date, including intangible assets, accounts receivable, and certain fixed assets.

10

NV5 Global, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(in thousands, except share data)

2019 Acquisitions 
On December 20, 2019 (the "Closing Date"), the Company acquired all of the outstanding equity interests in Geospatial Holdings, Inc. and its subsidiaries, including Quantum Spatial, Inc. (collectively "QSI"), a full-service geospatial solutions provider serving the North American market. QSI provides data solutions to public and private sector clients that need geospatial intelligence to mitigate risk, plan for growth, better manage resources, and advance scientific understanding. NV5 Global acquired QSI in an all-cash transaction for $318,428, which includes excess working capital of $9,034 and closing date cash of $6,894. The purchase price and other related costs associated with the transaction were financed through the Company's amended and restated credit agreement (the "A&R Credit Agreement") with Bank of America, N.A. and the other lenders party thereto. Pursuant to the A&R Credit Agreement, the lenders provided term commitments of $150,000 in the aggregate in a single draw on the Closing Date and revolving commitments totaling $215,000. See Note 9, Notes Payable and Other Obligations, for further detail on the A&R Credit Agreement. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for QSI, the Company engaged a third-party independent valuation specialist to assist in the determination of fair values. The final determination of the fair value of certain assets and liabilities will be completed within the one-year measurement period as required by ASC Topic 805, Business Combinations ("ASC 805"). The QSI acquisition will necessitate the use of this measurement period to adequately analyze and assess a number of the factors used in establishing the asset and liability fair values as of the acquisition date, including intangible assets, accounts receivable, and certain fixed assets. See Note 7, Goodwill and Intangible Assets, for further information on fair value adjustments of tangible and intangible assets acquired and liabilities assumed.
On November 8, 2019, the Company acquired from GHD Services, Inc. ("GHD") its assets related to the business for forensics and insurance. The GHD forensics and insurance business provides engineering and environmental claim services for insurance companies, law firms, and litigation support. The Company acquired GHD for a cash purchase price up to $8,300. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for GHD, the Company engaged a third-party independent valuation specialist to assist in the determination of fair values. The final determination of the fair value of certain assets and liabilities will be completed within the one-year measurement period as required by ASC 805. The GHD acquisition will necessitate the use of this measurement period to adequately analyze and assess a number of the factors used in establishing the asset and liability fair values as of the acquisition date, including accounts receivable.
On July 2, 2019, the Company acquired all of the outstanding equity interests in WHPacific, Inc. (“WHPacific”), a provider of design engineering and surveying services serving Washington, Oregon, Idaho, New Mexico, Arizona and California for a cash purchase price of $9,000. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for WHPacific, the Company engaged a third-party independent valuation specialist to assist in the determination of fair values.
On July 1, 2019, the Company acquired all of the outstanding equity interests in GeoDesign, Inc. ("GeoDesign"), a geotechnical, environmental, geological, mining and pavement engineering company serving Washington, Oregon, and California. The aggregate purchase price was $11,245, including $8,247 of cash, $2,000 in promissory note (bearing interest at 4.0%), payable in four equal installments of $500 due on the first, second, third, and fourth anniversaries of July 1, 2019, and $375 of the Company's common stock (4,731 shares) issued at the closing date. The purchase price also includes $425 of the Company's common stock payable on the first and second anniversaries of July 1, 2019. Further, the purchase price includes a $1,500 earn-out of cash, which was recorded at the estimated fair value of $198. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for GeoDesign, the Company engaged a third-party independent valuation specialist to assist in the determination of fair values.
On June 3, 2019, the Company acquired all of the outstanding equity interests in Alta Environmental, L.P. ("Alta"), a consulting firm specializing in air quality, environmental building sciences, water resources, site assessment and remediation as well as environmental health and safety compliance services. The aggregate purchase price was $6,323, including $4,000 of cash and $2,000 in promissory note (bearing interest at 4.0%), payable in 4 equal installments of $500 due on the first, second, third, and fourth anniversaries of June 3, 2019. Further, the purchase price includes a $500 earn-out of cash, which was recorded at an estimated fair value of $323. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for Alta, the Company engaged a third-party independent valuation specialist to assist in the determination of fair values.

11

NV5 Global, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(in thousands, except share data)

On June 3, 2019, the Company acquired all of the outstanding equity interests in Page One Consultants ("Page One"), a program management and construction quality assurance firm based in Orlando, Florida. The aggregate purchase price was $3,995, including $2,293 of cash, $1,000 in promissory note (bearing interest at 3.0%), payable in three equal installments of $333 due on the first, second, and third anniversaries of June 3, 2019, and $200 of the Company's common stock (2,647 shares) issued at the closing date. The purchase price also includes $200 of the Company's common stock payable on the first anniversary date of June 3, 2019. Further, the purchase price includes a $500 earn-out of cash and stock, which was recorded at an estimated fair value of $302. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for Page One, the Company engaged a third-party independent valuation specialist to assist in the determination of fair values.
On March 22, 2019, the Company acquired all of the outstanding equity interests in the Sextant Group, Inc. ("The Sextant Group"), a national leading provider of audiovisual, information and communications technology, acoustics consulting, and design services headquartered in Pittsburgh, PA. The Sextant Group provides services throughout the U.S. and is well-known for creating integrated technology solutions for a wide range of public and private sector clients. The aggregate purchase price was $10,501, including $6,501 of cash and $4,000 in promissory note (bearing interest at 4.0%), payable in 4 equal installments of $1,000 due on the first, second, third, and fourth anniversaries of March 22, 2019. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for The Sextant Group, the Company engaged a third-party independent valuation specialist to assist in the determination of fair values.
On December 31, 2018, the Company acquired certain assets of Celtic Energy, Inc. ("Celtic"), a nationally recognized energy efficiency consulting firm that specialized in energy efficiency project management and oversight. The aggregate purchase price was $1,881, including $1,000 in cash, $300 in promissory note (bearing interest at 3.0%), payable in three equal installments of $100 on the first, second, and third anniversaries of December 31, 2018, and $200 of the Company's common stock (3,227 shares) issued at the closing date. The purchase price also includes $200 of the Company's common stock payable on the first anniversary December 31, 2018. Further, the purchase price includes a $200 earn-out of cash, which was recorded at an estimated fair value of $181. In order to determine the fair values of tangible and intangible assets acquired and liabilities assumed for Celtic, the Company performed a purchase price allocation.

12

NV5 Global, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(in thousands, except share data)

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date for the acquisitions closed during 2020 and 2019:
 
2020
 
2019
 
Total
 
QSI
 
Other
 
Total
Cash
$

 
$
6,894

 
$
75

 
$
6,969

Billed and unbilled receivables, net
1,439

 
42,523

 
18,755

 
61,278

Right-of-use assets

 
6,131

 

 
6,131

Property and equipment
28

 
15,718

 
2,163

 
17,881

Prepaid expenses
33

 
2,612

 
997

 
3,609

Other assets
28

 
2,075

 
1,048

 
3,123

Intangible assets:
 
 
 
 
 
 
 
Customer relationships
237

 
71,252

 
10,423

 
81,675

Trade name
30

 
4,234

 
1,365

 
5,599

Customer backlog
56

 
7,636

 
1,363

 
8,999

Developed technology

 
32,944

 

 
32,944

Other
5

 

 
814

 
814

Total Assets
$
1,856

 
$
192,019

 
$
37,003

 
$
229,022

Liabilities
(345
)
 
(23,698
)
 
(8,373
)
 
(32,071
)
Deferred tax liabilities

 
(27,221
)
 
(3,300
)
 
(30,521
)
Net assets acquired
$
1,511

 
$
141,100

 
$
25,330

 
$
166,430

 
 
 
 
 
 
 
 
Consideration paid (Cash, Notes and/or stock)
$
1,694

 
$
318,428

 
$
50,44