NV5 Announces Record Third Quarter 2019 Revenue Results and

NV5 Announces Record Third Quarter 2019 Revenue Results and Signs Definitive Agreement to Acquire Nation’s Largest Full-Service Geospatial Solutions Provider

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NV5 GLOBAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME (in thousands, except share data) (Unaudited)

	Three Months Ended						Nine Months Ended
	September 28, 2019			September 29, 2018			September 28, 2019			September 29, 2018
Gross revenues	$	131,032		$	104,185		$	376,340		$	302,737

Direct costs (excluding depreciation and amortization):
Salaries and wages	40,426			34,475			113,762			98,542
Sub-consultant services	19,972			14,989			56,969			43,349
Other direct costs	7,139			4,747			25,244			13,539
Total direct costs	67,536			54,211			195,975			155,430

Gross Profit	63,496			49,974			180,365			147,307

Operating Expenses:
Salaries and wages, payroll taxes and benefits	33,428			24,897			93,431			76,122
General and administrative	11,028			7,556			30,786			23,348
Facilities and facilities related	4,664			3,490			12,407			10,552
Depreciation and amortization	6,551			4,057			18,908			11,660
Total operating expenses	55,671			40,000			155,533			121,682

Income from operations	7,825			9,974			24,832			25,625

Interest expense	(421		)	(451		)	(1,230		)	(1,712		)

Income before income tax expense	7,403			9,523			23,602			23,913
Income tax expense	(1,560		)	(2,238		)	(3,422		)	(4,716		)
Net Income and Comprehensive Income	$	5,843		$	7,285		$	20,180		$	19,197

Earnings per share:
Basic	$	0.48		$	0.65		$	1.67		$	1.80
Diluted	$	0.46		$	0.62		$	1.62		$	1.71

Weighted average common shares outstanding:
Basic	12,191,405			11,256,946			12,086,588			10,686,040
Diluted	12,566,966			11,701,394			12,485,049			11,205,748

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