NV5 Announces Preliminary Unaudited Record Third Quarter Results

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 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Gross revenues	$	250,885		$	237,545		$	694,750		$	642,301

Direct costs:
Salaries and wages		60,574			56,853			178,419			162,316
Sub-consultant services		46,910			44,960			114,324			112,367
Other direct costs		13,891			21,468			40,964			49,357
Total direct costs		121,375			123,281			333,707			324,040

Gross profit		129,510			114,264			361,043			318,261

Operating expenses:
Salaries and wages, payroll taxes, and benefits		66,922			60,262			200,466			171,883
General and administrative		20,897			20,257			64,320			49,728
Facilities and facilities related		5,873			6,011			17,869			17,208
Depreciation and amortization		15,303			12,981			44,745			36,371
Total operating expenses		108,995			99,511			327,400			275,190

Income from operations		20,515			14,753			33,643			43,071

Interest expense		(4,547	)		(3,882	)		(13,344	)		(9,111	)

Income before income tax benefit (expense)		15,968			10,871			20,299			33,960
Income tax benefit (expense)		1,110			2,185			2,250			(382	)
Net income	$	17,078		$	13,056		$	22,549		$	33,578

Earnings per share:
Basic	$	0.28		$	0.21		$	0.37		$	0.56
Diluted	$	0.27		$	0.21		$	0.36		$	0.54

Weighted average common shares outstanding:
Basic		61,982,888			60,840,402			61,500,930			60,143,591
Diluted		63,042,962			61,991,348			62,769,575			61,794,767

Comprehensive income:
Net income	$	17,078		$	13,056		$	22,549		$	33,578
Foreign currency translation income (loss), net of tax		1,348			(421	)		671			(612	)
Comprehensive income	$	18,426		$	12,635		$	23,220		$	32,966

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