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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8-K 2020-09-04 Officers
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8-K 2020-08-05 Earnings, Exhibits
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8-K 2018-05-03
8-K 2018-03-08

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
Note 16 - Subsequent Events
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 2020-06-27

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 June 27, 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 August 3, 2020, there were 13,214,204 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)
 
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

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
 
Six Months Ended
 
June 27, 2020

June 29, 2019
 
June 27, 2020

June 29, 2019
Gross revenues
$
162,689

 
$
127,974

 
$
328,169

 
$
245,309

 
 
 
 
 
 
 
 
Direct costs:
 
 
 
 
 
 
 
Salaries and wages
45,079

 
38,080

 
90,114

 
73,337

Sub-consultant services
25,244

 
20,044

 
52,670

 
36,996

Other direct costs
8,914

 
8,410

 
17,402

 
18,106

Total direct costs
79,237

 
66,534

 
160,186

 
128,439

 
 
 
 
 
 
 
 
Gross Profit
83,452

 
61,440

 
167,983

 
116,870

 
 
 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
 
 
Salaries and wages, payroll taxes and benefits
44,149

 
30,765

 
89,706

 
60,004

General and administrative
11,824

 
10,896

 
24,980

 
19,758

Facilities and facilities related
5,357

 
3,937

 
10,754

 
7,743

Depreciation and amortization
11,160

 
6,245

 
22,200

 
12,357

Total operating expenses
72,490

 
51,843

 
147,640

 
99,862

 
 
 
 
 
 
 
 
Income from operations
10,962

 
9,597

 
20,343

 
17,008

 
 
 
 
 
 
 
 
Interest expense
(4,403
)
 
(457
)
 
(8,190
)
 
(808
)
 
 
 
 
 
 
 
 
Income before income tax expense
6,559

 
9,140

 
12,153

 
16,200

Income tax expense
(2,056
)
 
(346
)
 
(3,462
)
 
(1,863
)
Net Income and Comprehensive Income
$
4,503

 
$
8,794

 
$
8,691

 
$
14,337

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.37

 
$
0.73

 
$
0.71

 
$
1.19

Diluted
$
0.36

 
$
0.70

 
$
0.69

 
$
1.15

 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
12,308,965

 
12,106,066

 
12,271,221

 
12,033,906

Diluted
12,609,918

 
12,521,463

 
12,601,830

 
12,447,248

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, March 30, 2019
12,565,115

 
$
126

 
$
239,611

 
$
86,434

 
$
326,171

Stock compensation

 

 
2,369

 

 
2,369

Restricted stock issuance, net
66,874

 
1

 
(1
)
 

 

Stock issuance for acquisitions
25,852

 

 
1,667

 

 
1,667

Payment of contingent consideration with common stock

 

 

 

 

Net income

 

 

 
8,794

 
8,794

Balance, June 29, 2019
12,657,841

 
$
127

 
$
243,646

 
$
95,228

 
$
339,001

 
 
 
 
 
 
 
 
 
 
Balance, March 28, 2020
12,874,424

 
$
129

 
$
255,402

 
$
108,835

 
$
364,366

Stock compensation

 

 
3,501

 

 
3,501

Restricted stock issuance, net
159,418

 
1

 
(1
)
 

 

Stock issuance for acquisitions

 

 

 

 

Payment of contingent consideration with common stock

 

 

 

 

Net income

 

 

 
4,503

 
4,503

Balance, June 27, 2020
13,033,842

 
$
130

 
$
258,902

 
$
113,338

 
$
372,370


 
Six 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

 

 
4,167

 

 
4,167

Restricted stock issuance, net
60,124

 
1

 
(1
)
 

 

Stock issuance for acquisitions
35,821

 

 
2,230

 

 
2,230

Payment of contingent consideration with common stock
11,185

 

 
725

 

 
725

Net income

 

 

 
14,337

 
14,337

Balance, June 29, 2019
12,657,841

 
$
127

 
$
243,646

 
$
95,228

 
$
339,001

 
 
 
 
 
 
 
 
 
 
Balance, December 28, 2019
12,852,357

 
$
129

 
$
251,187

 
$
104,647

 
$
355,963

Stock compensation

 

 
6,880

 

 
6,880

Restricted stock issuance, net
163,835

 
1

 
(1
)
 

 

Stock issuance for acquisitions
12,406

 

 
558

 

 
558

Payment of contingent consideration with common stock
5,244

 

 
278

 

 
278

Net income

 

 

 
8,691

 
8,691

Balance, June 27, 2020
13,033,842

 
$
130

 
$
258,902

 
$
113,338

 
$
372,370

See accompanying notes to consolidated financial statements (unaudited).



4



NV5 Global, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
Six Months Ended
 
June 27, 2020
 
June 29, 2019
Cash Flows From Operating Activities:
 
 
 
Net income
$
8,691

 
$
14,337

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
23,277

 
12,357

Non-cash lease expense
4,307

 
4,251

Provision for doubtful accounts
1,690

 
1,456

Stock-based compensation
6,880

 
4,167

Change in fair value of contingent consideration

 
49

Gain on disposals of property and equipment
(350
)
 
(48
)
Deferred income taxes
(869
)
 
477

Amortization of debt issuance costs
442

 

Changes in operating assets and liabilities, net of impact of acquisitions:
 
 
 
Billed receivables
(1,134
)
 
5,511

Unbilled receivables
(2,286
)
 
(5,188
)
Prepaid expenses and other assets
2,117

 
(9,413
)
Accounts payable
138

 
(3,816
)
Accrued liabilities
1,922

 
968

Income taxes payable
613

 
(2,338
)
Billings in excess of costs and estimated earnings on uncompleted contracts
5,241

 
(5,383
)
Deposits
66

 
47

Net cash provided by operating activities
50,745

 
17,434

 
 
 
 
Cash Flows From Investing Activities:
 
 
 
Cash paid for acquisitions (net of cash received from acquisitions)

 
(14,160
)
Proceeds from sale of assets
437

 

Purchase of property and equipment
(6,145
)
 
(1,626
)
Net cash used in investing activities
(5,708
)
 
(15,786
)
 
 
 
 
Cash Flows From Financing Activities:
 
 
 
Borrowings from Senior Credit Facility

 
10,000

Payments on notes payable
(8,415
)
 
(6,738
)
Payments of contingent consideration
(913
)
 
(1,213
)
Payments of borrowings from Senior Credit Facility
(1,875
)
 

Payments of debt issuance costs
(447
)
 

Net cash (used in) provided by financing activities
(11,650
)
 
2,049

 
 
 
 
Net increase in Cash and Cash Equivalents
33,387

 
3,697

Cash and cash equivalents – beginning of period
31,825

 
40,739

Cash and cash equivalents – end of period
$
65,212

 
$
44,436

See accompanying notes to consolidated financial statements (unaudited).

5



NV5 Global, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
Six Months Ended
 
June 27, 2020
 
June 29, 2019
Non-cash investing and financing activities:
 
 
 
Notes payable and other obligations issued for acquisitions
$

 
$
8,100

Stock issuance for acquisitions
$
558

 
$
2,230

Finance leases
$
409

 
$
690

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:
Infrastructure, engineering and support
Management oversight
Construction quality assurance, testing and inspection
Permitting
Program management
Inspection and field supervision
Utility services
Testing inspection and certification
Environmental
Forensic engineering
Planning
Litigation support
Design
Condition assessment
Consulting
Compliance certification
Geospatial solutions
 
 

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 half 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.
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.

7

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

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 June 27, 2020, the Company had $593,322 of remaining performance obligations, of which $472,087 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 $272 and $3,039 for the three and six months ended June 27, 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.

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

8

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

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.
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 six months ended June 27, 2020.

On August 1, 2019, 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, 2019. Furthermore, there were no indicators, events or changes in circumstances that would indicate goodwill was impaired during the period from August 2, 2019 through June 27, 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.
The weighted average number of shares outstanding in calculating basic earnings per share for the six months ended June 27, 2020 and June 29, 2019 exclude 612,827 and 480,694 non-vested restricted shares, respectively. During the three and six months ended June 27, 2020, there were 180,554 and 177,029 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 six months ended June 29, 2019.

9

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

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
 
Six Months Ended
 
June 27, 2020
 
June 29, 2019
 
June 27, 2020
 
June 29, 2019
Numerator:
 
 
 
 
 
 
 
Net income – basic and diluted
$
4,503

 
$
8,794

 
$
8,691

 
$
14,337

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Basic weighted average shares outstanding
12,308,965

 
12,106,066

 
12,271,221

 
12,033,906

Effect of dilutive non-vested restricted shares and units
245,282

 
351,110

 
271,618

 
334,029

Effect of issuable shares related to acquisitions
55,671

 
64,287

 
58,991

 
79,313

Diluted weighted average shares outstanding
12,609,918

 
12,521,463

 
12,601,830

 
12,447,248


Note 4 Business Acquisitions
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.

10

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

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.
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.

11

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 2019:
 
2019
 
QSI
 
Other
 
Total
Cash
$
6,894

 
$
75

 
$
6,969

Billed and unbilled receivables, net
42,523

 
20,064

 
62,587

Right-of-use assets
6,131

 

 
6,131

Property and equipment
16,146

 
2,163

 
18,309

Prepaid expenses
2,612

 
997

 
3,609

Other assets
1,317

 
1,048

 
2,365

Intangible assets:
 
 
 
 
 
Customer relationships
71,252

 
10,423

 
81,675

Trade name
4,234

 
1,365

 
5,599

Customer backlog
7,636

 
1,363

 
8,999

Developed technology
32,944

 

 
32,944

Other

 
814

 
814

Total Assets
$
191,689

 
$
38,312

 
$
230,001

Liabilities
(23,698
)
 
(8,373
)
 
(32,071
)
Deferred tax liabilities
(27,476
)
 
(3,629
)
 
(31,105
)
Net assets acquired
$
140,515

 
$
26,310

 
$
166,825

 
 
 
 
 
 
Consideration paid (Cash, Notes and/or stock)
$
318,428

 
$
50,447

 
$
368,875

Contingent earn-out liability (Cash and stock)

 
1,004

 
1,004

Total Consideration
$
318,428

 
$
51,451

 
$
369,879

Excess consideration over the amounts assigned to the net assets acquired (Goodwill)
$
177,913

 
$
25,141

 
$
203,054


Goodwill was recorded based on the amount by which the purchase price exceeded the fair value of the net assets acquired and the amount is attributable to the reputation of the business acquired, the workforce in place and the synergies to be achieved from these acquisitions. See Note 7, Goodwill and Intangible Assets, for further information on fair value adjustments to goodwill and identified intangibles.
The consolidated financial statements of the Company for the three and six months ended June 29, 2019 include the results of operations from any business acquired from their respective dates of acquisition during each of the respective period as follows:
 
Three Months Ended
 
Six Months Ended
 
June 29, 2019
 
June 29, 2019
Gross revenues
$
4,926

 
$
5,692

Income before income taxes
$
891

 
$
939


The following table presents the unaudited, pro forma consolidated results of operations (in thousands, except per share amounts) for the three and six months June 29, 2019 as if the acquisitions of The Sextant Group, Page One, Alta, WHPacific, GeoDesign, GHD, and QSI had occurred at the beginning of fiscal year 2019. The pro forma information provided below is compiled from the pre-acquisition financial information of The Sextant Group, Page One, Alta, WHPacific, GeoDesign, GHD, and QSI and includes pro forma adjustments for amortization expense, adjustments to certain expenses, and the income tax impact of these adjustments. The pro forma results are not necessarily indicative of (i) the results of operations that would have

12

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

occurred had the operations of these acquisitions actually been acquired at the beginning of fiscal year 2019 or (ii) future results of operations:
 
Three Months Ended
 
Six Months Ended
 
June 29, 2019
 
June 29, 2019
Gross revenues
$
174,920

 
$
340,326

Net income
$
8,446

 
$
12,194