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WKN: A1W6GS ISIN: US62945V1098 Ticker-Symbol:  
NASDAQ
31.01.23
22:00 Uhr
133,29 US-Dollar
+3,14
+2,41 %
1-Jahres-Chart
NV5 GLOBAL INC Chart 1 Jahr
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NV5 GLOBAL INC 5-Tage-Chart
GlobeNewswire (Europe)
373 Leser
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NV5 Global, Inc.: NV5 Announces Record Third Quarter Results; Exceeds Analyst Consensus

HOLLYWOOD, Fla., Nov. 03, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (Nasdaq: NVEE) ("NV5" or the "Company"), a provider of technology, conformity assessment, and consulting solutions, today reported financial results for the third quarter ended October 1, 2022.

"NV5's growth in both revenues and profitability in the third quarter resulted in another record quarter and once again demonstrates the success of the NV5 business model. Utilities continue to be a driver of NV5's business, and our geospatial vertical delivered its strongest quarter ever in revenue and new contract bookings. NV5 has consistently delivered growth and profitability exceeding the industry average and has demonstrated resilience to changing economic conditions. We enter the fourth quarter with a strong backlog, a healthy acquisition pipeline, and potential high-margin, non-discretionary service offerings," said Dickerson Wright, PE, Chairman and CEO of NV5.

Third Quarter 2022 Results

  • Gross revenues in the third quarter of 2022 were $204.1 million compared to $185.6 million in the third quarter of 2021, a 10% increase.
  • Net income in the third quarter of 2022 was $16.1 million compared to $12.6 million in the third quarter of 2021, a 28% increase.
  • Adjusted EBITDA in the third quarter of 2022 was $36.0 million compared to $34.7 million in the third quarter of 2021, a 4% increase.
  • GAAP EPS in the third quarter of 2022 was $1.05 per share compared to $0.83 per share in the third quarter of 2021, a 27% increase.
  • Adjusted EPS in the third quarter of 2022 was $1.50 per share compared to $1.25 per share in the third quarter of 2021, a 20% increase. Diluted weighted average shares were 15,301,545 in the third quarter of 2022 compared to 15,069,660 in the third quarter of 2021.
  • Cash flows provided by operations were $26.1 million in the third quarter of 2022 compared to $15.8 million in the third quarter of 2021, a 65% increase.
  • Reduced net debt leverage to 0.28x, a 33% decrease when compared to the second quarter of 2022.

Nine Months Ended October 1, 2022 Results

  • Gross revenues for the nine months ended October 1, 2022 were $597.0 million compared to $518.2 million in the nine months ended October 2, 2021, a 15% increase.
  • Net income for the nine months ended October 1, 2022 was $42.0 million compared to $31.7 million in the nine months ended October 2, 2021, a 32% increase.
  • Adjusted EBITDA for the nine months ended October 1, 2022 was $102.7 million compared to $93.1 million in the nine months ended October 2, 2021, a 10% increase.
  • GAAP EPS for the nine months ended October 1, 2022 was $2.75 per share compared to $2.19 per share in the nine months ended October 2, 2021, a 26% increase.
  • Adjusted EPS for the nine months ended October 1, 2022 was $3.99 per share compared to $3.50 per share in the nine months ended October 2, 2021, a 14% increase. Diluted weighted average shares were 15,242,453 for the nine months ended October 1, 2022, compared to 14,486,683 in the nine months ended October 2, 2021.
  • Cash flows provided by operations for the nine months ended October 1, 2022 were $80.4 million compared to $78.1 million in the nine months ended October 2, 2021.
  • Organic growth for the nine months ended October 1, 2022 was 7%.

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 third quarter 2022 financial results at 4:30 p.m. (Eastern Time) on November 3, 2022. The accompanying presentation for the call is available by visiting http://ir.nv5.com.

Date:
Thursday, November 3, 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 technology, conformity assessment, and 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 services, 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 100 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.

Investor Relations Contact

NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc.


NV5 GLOBAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(UNAUDITED) 
(in thousands, except share data)

 October 1, 2022 January 1, 2022
Assets   
Current assets:   
Cash and cash equivalents$        54,171  $        47,980 
Billed receivables, net         141,308           153,814 
Unbilled receivables, net         98,081           89,734 
Prepaid expenses and other current assets         20,896           12,442 
Total current assets         314,456           303,970 
Property and equipment, net         41,042           32,729 
Right-of-use lease assets, net         38,008           44,260 
Intangible assets, net         167,592           188,224 
Goodwill         398,614           389,916 
Other assets         2,427           2,844 
Total Assets$        962,139  $        961,943 
    
Liabilities and Stockholders' Equity   
    
Current liabilities:   
Accounts payable$        48,722  $        55,954 
Accrued liabilities         58,481           50,461 
Billings in excess of costs and estimated earnings on uncompleted contracts         27,886           29,444 
Other current liabilities         1,421           1,551 
Current portion of contingent consideration         9,224           5,807 
Current portion of notes payable and other obligations         18,140           20,734 
Total current liabilities         163,874           163,951 
Contingent consideration, less current portion         2,813           2,521 
Other long-term liabilities         28,760           34,304 
Notes payable and other obligations, less current portion         63,238           111,062 
Deferred income tax liabilities, net         21,097           25,385 
Total liabilities         279,782           337,223 
    
Commitments and contingencies   
    
Stockholders' equity:   
Preferred stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding         —           — 
Common stock, $0.01 par value; 45,000,000 shares authorized, 15,559,921 and 15,414,005 shares issued and outstanding as of October 1, 2022 and January 1, 2022, respectively         156           154 
Additional paid-in capital         467,416           451,754 
Retained earnings         214,785           172,812 
Total stockholders' equity         682,357           624,720 
Total liabilities and stockholders' equity$        962,139  $        961,943 


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
 October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021
Gross revenues$        204,075  $        185,553  $        596,960  $        518,151 
        
Direct costs:       
Salaries and wages         48,295           45,145           141,976           131,630 
Sub-consultant services         41,253           35,779           116,557           89,003 
Other direct costs         14,592           12,802           45,426           35,714 
Total direct costs         104,140           93,726           303,959           256,347 
        
Gross profit         99,935           91,827           293,001           261,804 
        
Operating expenses:       
Salaries and wages, payroll taxes and benefits         49,670           44,597           146,719           131,761 
General and administrative         16,730           12,978           47,611           37,891 
Facilities and facilities related         5,441           5,194           15,822           15,330 
Depreciation and amortization         9,771           10,108           29,373           29,764 
Total operating expenses         81,612           72,877           239,525           214,746 
        
Income from operations         18,323           18,950           53,476           47,058 
        
Interest expense         (1,003)          (1,475)          (2,804)          (5,362)
        
Income before income tax expense         17,320           17,475           50,672           41,696 
Income tax expense         (1,257)          (4,902)          (8,699)          (10,005)
Net income and comprehensive income$        16,063  $        12,573  $        41,973  $        31,691 
        
Earnings per share:       
Basic$        1.09  $        0.86  $        2.85  $        2.27 
Diluted$        1.05  $        0.83  $        2.75  $        2.19 
        
Weighted average common shares outstanding:       
Basic         14,768,689           14,593,623           14,732,726           13,963,372 
Diluted         15,301,545           15,069,660           15,242,453           14,486,683 


NV5 GLOBAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

 Nine Months Ended
 October 1, 2022 October 2, 2021
Cash flows from operating activities:   
Net income$        41,973  $        31,691 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization         33,091           33,397 
Non-cash lease expense         9,409           7,941 
Provision for doubtful accounts         1,252           1,077 
Stock-based compensation         15,249           12,087 
Change in fair value of contingent consideration         (543)          (67)
Gain on disposals of property and equipment         (100)          (1,059)
Deferred income taxes         (4,288)          (4,318)
Amortization of debt issuance costs         556           1,024 
Changes in operating assets and liabilities, net of impact of acquisitions:   
Billed receivables         13,281           16,728 
Unbilled receivables         (8,633)          (10,024)
Prepaid expenses and other assets         (8,105)          (4,160)
Accounts payable         (7,937)          1,366 
Accrued liabilities         (1,608)          403 
Billings in excess of costs and estimated earnings on uncompleted contracts         (2,902)          (8,233)
Other current liabilities         (304)          218 
Net cash provided by operating activities         80,391           78,071 
    
Cash flows from investing activities:   
Cash paid for acquisitions (net of cash received from acquisitions)         (5,020)          (23,569)
Proceeds from sale of assets         87           843 
Purchase of property and equipment         (14,874)          (6,714)
Net cash used in investing activities         (19,807)          (29,440)
    
Cash flows from financing activities:   
Proceeds from common stock offering         —           172,500 
Borrowings from Senior Credit Facility         —           138,750 
Payments on notes payable         (7,796)          (7,299)
Payments of contingent consideration         (1,597)          (663)
Payments of borrowings from Senior Credit Facility         (45,000)          (283,832)
Payments of common stock offering costs         —           (10,657)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation         —           (52)
Payments of debt issuance costs         —           (890)
Net cash (used in) provided by financing activities         (54,393)          7,857 
    
Net increase in cash and cash equivalents         6,191           56,488 
Cash and cash equivalents - beginning of period         47,980           64,909 
Cash and cash equivalents - end of period$        54,171  $        121,397 


NV5 GLOBAL, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP FINANCIAL MEASURES
(UNAUDITED)
(in thousands)

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

  Three Months Ended Nine Months Ended
  October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021
Net Income$        16,063  $        12,573  $        41,973  $        31,691 
Add:Interest expense         1,003           1,475           2,804           5,362 
 Income tax expense         1,257           4,902           8,699           10,005 
 Depreciation and amortization         11,033           11,461           33,091           33,397 
 Stock-based compensation         5,634           4,297           15,249           12,087 
 Acquisition-related costs*         1,043           (23)          892           607 
Adjusted EBITDA$        36,033  $        34,685  $        102,708  $        93,149 

* Acquisition-related costs include contingent consideration fair value adjustments.

RECONCILIATION OF GAAP EPS TO ADJUSTED EPS

  Three Months Ended Nine Months Ended
  October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021
Net Income - per diluted share$        1.05  $        0.83  $        2.75  $        2.19 
Per diluted share adjustments:       
Add:Amortization expense of intangible assets and acquisition-related costs         0.59           0.57           1.66           1.77 
 Income tax expense         (0.14)          (0.15)          (0.42)          (0.46)
Adjusted EPS$        1.50  $        1.25  $        3.99  $        3.50 

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