NV5 Announces Record Second Quarter Results; Exceeds Analysts' Expectations


NV5 GLOBAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP FINANCIAL MEASURES
(UNAUDITED)
(in thousands)

RECONCILIATION OF GROSS REVENUES TO NET REVENUES

   Three Months Ended  Six Months Ended
   June 27, 2020  June 29, 2019  June 27, 2020  June 29, 2019
Gross Revenues - GAAP $ 162,689   $ 127,974   $ 328,169   $ 245,309 
Less:Sub-consultant services(25,244) (20,044) (52,670) (36,996)
 Other direct costs(8,914) (8,410) (17,402) (18,106)
Net Revenues $ 128,531   $ 99,520   $ 258,097   $ 190,207 


RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

   Three Months Ended  Six Months Ended
   June 27, 2020  June 29, 2019  June 27, 2020  June 29, 2019
Net Income $ 4,503   $ 8,794     $ 8,691     $ 14,337  
Add: Interest expense 4,403     457     8,190     808  
  Income tax expense 2,056     346     3,462     1,863  
  Depreciation and Amortization 12,237     6,245     23,277     12,357  
  Stock-based compensation 3,501     2,369     6,880     4,167  
  Acquisition-related costs 231     238     571     238  
Adjusted EBITDA $ 26,931     $ 18,449     $ 51,071     $ 33,770  

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