Correction to NV5 Earnings Release Regarding 2020 Guidance
November 07 2019 - 09:03PM
NV5 Global, Inc. (Nasdaq: NVEE) (“NV5” or the
“Company”), a provider of professional and technical
engineering and consulting solutions, announces a correction to
today’s reported guidance regarding the outlook for the full year
of 2020. After release, the Company noted that Adjusted EPS for
2020 should have included certain amounts relating to depreciation
relating to the pending acquisition of Quantum Spatial, Inc.
(“QSI”) and that the interest rate assumed regarding the
indebtedness to be incurred in connection with the QSI acquisition
should have been lower. As a result, the Company expects full year
2020 Adjusted EPS to range from $4.32 per share to $4.78 per share
(rather than $3.42 per share to $3.98 per share as originally
reported). This error had no effect on the revised full year 2019
guidance figures or any of the actual results reported or any other
amounts or disclosures in today’s earnings release.
Use of Non-GAAP Financial Measures
Adjusted earnings per diluted share data (“Adjusted EPS”) is not
a measure of financial performance under GAAP. Adjusted EPS
reflects adjustments to reported diluted earnings per share (“GAAP
EPS”) data to eliminate amortization expense of intangible assets
from acquisitions. The Company only provides Adjusted EPS guidance
on a non-GAAP basis and does not provide reconciliations of such
forward-looking non-GAAP measures to GAAP due to the inherent
difficulty in forecasting and quantifying certain amounts that are
necessary for such reconciliations, including adjustments that
could be made for restructuring, integration and
acquisition-related expenses, share-based compensation amounts,
adjustments to inventory and other charges, the amount of which,
based on historical experience, could be significant.
NV5’s definition of Adjusted EPS may differ from other companies
reporting similarly named measures. These measures should be
considered in addition to, and not as a substitute for, or superior
to, other measures of financial performance prepared in accordance
with GAAP, such as contract revenues, net income and diluted
earnings per share.
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of professional
and technical engineering and consulting solutions ranked #34 in
the Engineering News-Record’s Top 500 Design Firms list. NV5 serves
public and private sector clients in the infrastructure, energy,
construction, real estate and environmental markets. NV5 primarily
focuses on five business verticals: construction quality assurance,
infrastructure engineering and support services, energy, program
management, and environmental solutions. The Company operates out
of more than 100 locations worldwide. For additional information,
please visit the Company’s website. Also visit the Company on
Twitter, LinkedIn, Facebook, and Vimeo.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. The Company cautions that
these statements are qualified by important factors that could
cause actual results to differ materially from those reflected by
the forward-looking statements contained in this news release and
on the conference call. Such factors include: (a) changes in demand
from the local and state government and private clients that we
serve; (b) general economic conditions, nationally and globally,
and their effect on the market for our services; (c) competitive
pressures and trends in our industry and our ability to
successfully compete with our competitors; (d) changes in laws,
regulations, or policies; and (e) the “Risk Factors” set forth in
the Company’s most recent SEC filings. All forward-looking
statements are based on information available to the Company on the
date hereof, and the Company assumes no obligation to update such
statements, except as required by law.
Contact
NV5 Global, Inc. Jack CochranVice President, Marketing &
Investor Relations Tel: +1-954-637-8048 Email: ir@nv5.com
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