NV5 Announces Record Fourth Quarter and Full Year 2020 Results;

NV5 Announces Record Fourth Quarter and Full Year 2020 Results; Exceeds Analysts' Expectations

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

	Three Months Ended						Twelve Months Ended
	January 2, 2021			December 28, 2019			January 2, 2021			December 28, 2019
Gross revenues	$	161,178		$	132,598		$	659,296		$	508,938

Direct costs:
Salaries and wages	39,936			39,261			176,865			153,023
Sub-consultant services	28,929			22,629			107,602			79,598
Other direct costs	12,519			5,690			40,291			30,935
Total direct costs	81,384			67,581			324,758			263,556

Gross Profit	79,794			65,017			334,538			245,382

Operating Expenses:
Salaries and wages, payroll taxes and benefits	43,360			35,126			176,816			128,558
General and administrative	12,019			11,871			50,214			42,656
Facilities and facilities related	5,155			4,737			21,280			17,145
Depreciation and amortization	9,691			6,908			42,079			25,816
Total operating expenses	70,225			58,643			290,389			214,175

Income from operations	9,569			6,374			44,149			31,207

Interest expense	(3,260		)	(1,045		)	(15,181		)	(2,275		)

Income before income tax expense	6,309			5,329			28,968			28,932
Income tax expense	(1,735		)	(1,754		)	(7,950		)	(5,176		)
Net Income and Comprehensive Income	$	4,574		$	3,575		$	21,018		$	23,756

Earnings per share:
Basic	$	0.37		$	0.29		$	1.70		$	1.96
Diluted	$	0.35		$	0.28		$	1.65		$	1.90

Weighted average common shares outstanding:
Basic	12,468,444			12,204,650			12,362,786			12,116,185
Diluted	12,922,121			12,589,800			12,713,075			12,513,034

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