HOLLYWOOD, Fla., Feb. 28, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (Nasdaq: NVEE) ("NV5" or the "Company"), a provider of compliance, technology, and engineering consulting solutions, today reported financial results for the fourth quarter and full year ended January 1, 2022.

"NV5 delivered another record year for revenues and profitability in 2021, including significant growth in net income, Adjusted EBITDA, Adjusted EBITDA margins, and earnings per share. Increased profitability was driven by the growing scale of our operations as well as our mix of high-margin offerings including utility services, environmental solutions, and energy efficiency. We completed eight strategic acquisitions in 2021 to expand our marine geospatial offering, strengthen our growing energy efficiency and clean energy business, grow our environmental transactions services, and enter the high-growth data center market in the Middle East and Asia. We enter 2022 well-positioned to capture growing client investments in infrastructure, utility reliability and safety, water and natural resources, and clean energy," said Dickerson Wright, PE, Chairman and CEO of NV5.

Fourth Quarter 2021 Financial Highlights

• Gross revenues in the fourth quarter of 2021 were $188.6 million compared to $161.2 million in the fourth quarter of 2020, a 17% increase.
• Net income in the fourth quarter of 2021 was $15.5 million compared to $4.6 million in the fourth quarter of 2020, a 238% increase.
• Adjusted EBITDA in the fourth quarter of 2021 was $39.7 million compared to $24.4 million in the fourth quarter of 2020, a 63% increase.
• Adjusted EBITDA margin increased to 21.1% in the fourth quarter of 2021 compared to 15.2% in the fourth quarter of 2020.
• GAAP EPS in the fourth quarter of 2021 was $1.02 per share compared to $0.35 per share in the fourth quarter of 2020, a 191% increase.
• Adjusted EPS in the fourth quarter of 2021 was $1.61 per share compared to $0.82 per share in the fourth quarter of 2020, a 96% increase. Diluted weighted average shares outstanding were 15,159,314 in the fourth quarter of 2021 compared to 12,922,121 in the fourth quarter of 2020.

Full Year 2021 Financial Highlights

• Gross revenues in 2021 were $706.7 million compared to $659.3 million in 2020. Fiscal 2021 included 52 weeks compared to fiscal 2020, which included 53 weeks.
• Net income in 2021 was $47.1 million compared to $21.0 million in 2020, a 124% increase.
• Adjusted EBITDA in 2021 was $132.9 million compared to $105.4 million in 2020, a 26% increase.
• Adjusted EBITDA margin increased to 18.8% in 2021 compared to 16.0% in 2020.
• GAAP EPS in 2021 was $3.22 per share compared to $1.65 per share in 2020, a 95% increase.
• Adjusted EPS in 2021 was $5.11 per share compared to $3.72 per share in 2020, a 37% increase. Diluted weighted average shares outstanding were 14,656,381 in 2021 compared to 12,713,075 in 2020.
• Cash flows from operating activities in 2021 were $101.4 million compared to $96.0 million in 2020.
  

Fiscal Year 2022 Guidance

• Gross revenues between $773 million and $802 million.
• GAAP EPS between $3.34 per share and $3.65 per share.
• Adjusted EPS between $5.39 per share and $5.70 per share.
  

52/53 Week Fiscal Year

The Company operates on a "52/53 week" fiscal year ending on the Saturday closest to the calendar quarter end. As a result, fiscal 2021 included 52 weeks compared to fiscal 2020, which included 53 weeks.

Use of Non-GAAP Financial Measures; Comparability of Certain Measures

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) is not a measure of financial performance under GAAP. Adjusted EBITDA reflects adjustments to EBITDA to eliminate stock-based compensation expense and acquisition-related costs. Management believes adjusted EBITDA, in addition to operating profit, Net Income, and other GAAP measures, is a useful indicator of our financial and operating performance and our ability to generate cash flows from operations that are available for taxes, capital expenditures, and debt service. A reconciliation of Net Income, as reported in accordance with GAAP, to adjusted EBITDA is provided at the end of this news release.

Adjusted earnings per diluted share (“Adjusted EPS”) is not a measure of financial performance under GAAP. Adjusted EPS reflects adjustments to reported diluted earnings per share (“GAAP EPS”) to eliminate amortization expense of intangible assets from acquisitions, net of tax benefits, and acquisition-related costs. As we continue our acquisition strategy, the growth in Adjusted EPS may increase at a greater rate than GAAP EPS. A reconciliation of GAAP EPS to Adjusted EPS is provided at the end of this news release.

Our definition of Adjusted EBITDA and 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 Net Income, and Diluted Earnings per Share. In addition, when presenting forward-looking non-GAAP metrics, we are unable to provide quantitative reconciliations to the most closely correlated GAAP measure due to the uncertainty in the timing, amount or nature of any adjustments, which could be material in any period.

Conference Call 

NV5 will host a conference call to discuss its fourth quarter and full year 2021 financial results at 4:30 p.m. (Eastern Time) on February 28, 2022. The accompanying presentation for the call is available by visiting http://ir.nv5.com.

Date:	Monday, February 28, 2022
Time:	4:30 p.m. Eastern
Toll-free dial-in number:	+1 888-412-4117
International dial-in number:	+1 646-960-0284
Conference ID:	6172299
Webcast:	http://ir.nv5.com

Please dial-in at least 5-10 minutes prior to the start time to allow the operator to log your name and connect you to the conference.

The conference call will be webcast live and available for replay via the “Investors” section of the NV5 website.

About NV5

NV5 Global, Inc. (NASDAQ: NVEE) is a provider of compliance, technology, engineering, and environmental consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure engineering, utility, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 112 offices nationwide and internationally. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on LinkedIn, Twitter, Facebook, and Instagram.

Forward-Looking Statements

This news 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.