NV5 Announces Third Quarter Results; Exceeds Analyst Consensus

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

	Three Months Ended						Nine Months Ended
	September 30, 2023			October 1, 2022			September 30, 2023			October 1, 2022
Gross revenues	$	239,287		$	204,075		$	646,242		$	596,960

Direct costs:
Salaries and wages		56,853			48,295			162,316			141,976
Sub-consultant services		45,522			41,253			112,827			116,557
Other direct costs		21,468			14,592			49,357			45,426
Total direct costs		123,843			104,140			324,500			303,959

Gross profit		115,444			99,935			321,742			293,001

Operating expenses:
Salaries and wages, payroll taxes, and benefits		60,262			49,670			171,883			146,719
General and administrative		20,257			16,730			49,728			47,611
Facilities and facilities related		6,011			5,441			17,208			15,822
Depreciation and amortization		13,840			9,771			38,426			29,373
Total operating expenses		100,370			81,612			277,245			239,525

Income from operations		15,074			18,323			44,497			53,476

Interest expense		(3,882	)		(1,003	)		(9,111	)		(2,804	)

Income before income tax benefit (expense)		11,192			17,320			35,386			50,672
Income tax benefit (expense)		2,124			(1,257	)		(710	)		(8,699	)
Net income	$	13,316		$	16,063		$	34,676		$	41,973

Earnings per share:
Basic	$	0.88		$	1.09		$	2.31		$	2.85
Diluted	$	0.86		$	1.05		$	2.24		$	2.75

Weighted average common shares outstanding:
Basic		15,210,100			14,768,689			15,035,898			14,732,726
Diluted		15,497,836			15,301,545			15,448,693			15,242,453

Comprehensive income:
Net income	$	13,316		$	16,063		$	34,676		$	41,973
Foreign currency translation losses, net of tax		(421	)		—			(612	)		—
Comprehensive income	$	12,895		$	16,063		$	34,064		$	41,973

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