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WKN: A1W6GS | ISIN: US62945V1098 | Ticker-Symbol:
NASDAQ
18.04.24
15:30 Uhr
91,00 US-Dollar
+0,03
+0,03 %
1-Jahres-Chart
NV5 GLOBAL INC Chart 1 Jahr
5-Tage-Chart
NV5 GLOBAL INC 5-Tage-Chart
GlobeNewswire (Europe)
264 Leser
Artikel bewerten:
(1)

NV5 Global, Inc.: NV5 Announces Fourth Quarter and Full Year 2023 Results; Issues Full Year 2024 Guidance

HOLLYWOOD, Fla., Feb. 22, 2024 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (Nasdaq: NVEE) ("NV5" or the "Company"), a provider of technology, conformity assessment, consulting solutions, and software applications, today reported financial results for the fourth quarter and full year ended December 30, 2023.

"NV5 delivered strong results in the fourth quarter and 14% growth over the same period in 2022, despite headwinds from continuing resolution federal project delays. Our growth initiatives in the core business are driving growth in infrastructure and transportation, and our buildings business continues to deliver strong organic growth both domestically and internationally. We completed seven acquisitions in 2023, including the expansion of our geospatial data analytics and software offerings to increase subscription-based revenues. These strategic actions taken in 2023 have positioned NV5 for accelerated organic growth in 2024, and we are well positioned to achieve our $1 billion revenue run rate by the end of the year," said Dickerson Wright, PE, Chairman and CEO of NV5.

Fourth Quarter 2023 Financial Highlights

  • Gross revenues in the fourth quarter of 2023 were $215.5 million compared to $189.8 million in the fourth quarter of 2022, a 14% increase, building strong organic growth momentum.
  • Net income in the fourth quarter of 2023 was $9.9 million compared to $8.0 million in the fourth quarter of 2022, a 24% increase.
  • Adjusted EBITDA in the fourth quarter of 2023 was $37.3 million compared to $32.5 million in the fourth quarter of 2022, a 15% increase.
  • GAAP EPS in the fourth quarter of 2023 was $0.64 per share compared to $0.52 per share in the fourth quarter of 2022, a 23% increase. Diluted weighted average shares outstanding were 15,549,654 in the fourth quarter of 2023 compared to 15,320,123 in the fourth quarter of 2022.
  • Adjusted EPS in the fourth quarter of 2023 was $1.14 per share compared to $1.21 per share in the fourth quarter of 2022, a 6% decrease. Diluted weighted average shares outstanding were 15,549,654 in the fourth quarter of 2023 compared to 15,320,123 in the fourth quarter of 2022.
  • Cash flows from operating activities in the fourth quarter of 2023 were $16,772 compared to $13,589 in the fourth quarter of 2022, a 23% increase.

Full Year 2023 Financial Highlights

  • Gross revenues in 2023 were $861.7 million compared to $786.8 million in 2022, a 10% increase.
  • Net income in 2023 was $44.6 million compared to $50.0 million in 2022, an 11% decrease.
  • Interest expense increased $9.2 million due to higher interest rates and debt related to acquisitions. We have lowered our net leverage to 1.2x, a decrease of 14% when compared to the second quarter of 2023.
  • Adjusted EBITDA in 2023 was $137.9 million compared to $135.2 million in 2022, a 2% increase.
  • GAAP EPS in 2023 was $2.88 per share compared to $3.27 per share in 2022, a 12% decrease. Diluted weighted average shares outstanding were 15,474,326 in 2023 compared to 15,260,186 in 2022.
  • Adjusted EPS in 2023 was $4.81 per share compared to $5.19 per share in 2022, a 7% decrease. Diluted weighted average shares outstanding were 15,474,326 in 2023 compared to 15,260,186 in 2022.

Fiscal Year 2024 Guidance

  • Gross revenues between $930 million and $935 million.
  • GAAP EPS between $2.86 per share and $2.92 per share.
  • Adjusted EPS between $5.00 and $5.06 per share.

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 and acquisition-related costs, net of tax benefits. 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 full year 2023 financial results at 4:30 p.m. (Eastern Time) on February 22, 2024. The accompanying presentation for the call is available by visiting http://ir.nv5.com.

Date:
Thursday, February 22, 2024
Time:
4:30 p.m. Eastern
Toll-free dial-in number:
+1 800-715-9871
International dial-in number:
+1 646-307-1963
Conference ID:
2719957
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, consulting solutions, and software applications for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: construction quality assurance, infrastructure engineering, utility services, buildings & technology, 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)
December 30, 2023 December 31, 2022
Assets
Current assets:
Cash and cash equivalents$ 44,824 $ 38,541
Billed receivables, net 152,593 145,637
Unbilled receivables, net 113,271 92,862
Prepaid expenses and other current assets 18,376 13,636
Total current assets 329,064 290,676
Property and equipment, net 50,268 41,640
Right-of-use lease assets, net 36,836 39,314
Intangible assets, net 226,702 160,431
Goodwill 524,573 400,957
Other assets 3,149 2,705
Total Assets$ 1,170,592 $ 935,723
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$ 54,865 $ 57,771
Accrued liabilities 47,423 44,313
Billings in excess of costs and estimated earnings on uncompleted contracts 41,679 31,183
Other current liabilities 2,263 1,597
Current portion of contingent consideration 3,922 10,854
Current portion of notes payable and other obligations 9,267 15,176
Total current liabilities 159,419 160,894
Contingent consideration, less current portion 143 4,481
Other long-term liabilities 26,930 29,542
Notes payable and other obligations, less current portion 205,468 39,673
Deferred income tax liabilities, net 2,837 6,893
Total liabilities 394,797 241,483
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding - -
Common stock, $0.01 par value; 45,000,000 shares authorized, 15,895,255 and 15,523,300 shares issued and outstanding as of December 30, 2023 and December 31, 2022, respectively 159 155
Additional paid-in capital 508,256 471,300
Accumulated other comprehensive income (loss) (18) -
Retained earnings 267,398 222,785
Total stockholders' equity 775,795 694,240
Total liabilities and stockholders' equity$ 1,170,592 $ 935,723


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
December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022
Gross revenues$ 215,497 $ 189,818 $ 861,739 $ 786,778
Direct costs:
Salaries and wages 53,291 44,830 215,608 186,806
Sub-consultant services 37,854 37,084 150,681 153,641
Other direct costs 15,732 14,931 65,088 60,357
Total direct costs 106,877 96,845 431,377 400,804
Gross profit 108,620 92,973 430,362 385,974
Operating expenses:
Salaries and wages, payroll taxes, and benefits 54,254 46,769 226,137 193,488
General and administrative 17,941 18,501 67,668 66,114
Facilities and facilities related 5,683 5,431 22,891 21,252
Depreciation and amortization 14,060 9,565 52,486 38,938
Total operating expenses 91,938 80,266 369,182 319,792
Income from operations 16,682 12,707 61,180 66,182
Interest expense (3,859) (1,005) (12,970) (3,808)
Income before income tax expense 12,823 11,702 48,210 62,374
Income tax expense (2,888) (3,702) (3,597) (12,401)
Net income$ 9,935 $ 8,000 $ 44,613 $ 49,973
Earnings per share:
Basic$ 0.65 $ 0.54 $ 2.96 $ 3.39
Diluted$ 0.64 $ 0.52 $ 2.88 $ 3.27
Weighted average common shares outstanding:
Basic 15,236,465 14,816,773 15,086,040 14,753,738
Diluted 15,549,654 15,320,123 15,474,326 15,260,186
Comprehensive income:
Net income$ 9,935 $ 8,000 $ 44,613 $ 49,973
Foreign currency translation gain (loss), net of tax 593 - (18) -
Comprehensive income$ 10,528 $ 8,000 $ 44,595 $ 49,973


NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Twelve Months Ended
December 30, 2023 December 31, 2022
Cash flows from operating activities:
Net income$ 44,613 $ 49,973
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 58,020 44,063
Non-cash lease expense 13,562 12,813
Provision for doubtful accounts 1,261 (60)
Stock-based compensation 22,379 19,326
Change in fair value of contingent consideration (9,280) 2,972
Gain on disposals of property and equipment (694) (328)
Other (125) -
Deferred income taxes (25,709) (18,492)
Amortization of debt issuance costs 758 724
Changes in operating assets and liabilities, net of impact of acquisitions:
Billed receivables 7,584 10,212
Unbilled receivables (15,666) (3,303)
Prepaid expenses and other assets (2,292) (1,125)
Accounts payable (8,470) (1,673)
Accrued liabilities and other long-term liabilities (19,848) (19,901)
Contingent consideration (1,307) (800)
Billings in excess of costs and estimated earnings on uncompleted contracts (3,243) (296)
Other current liabilities 664 (125)
Net cash provided by operating activities 62,207 93,980
Cash flows from investing activities:
Cash paid for acquisitions (net of cash received from acquisitions) (189,345) (5,908)
Proceeds from sale of assets 720 87
Purchase of property and equipment (17,166) (15,689)
Net cash used in investing activities (205,791) (21,510)
Cash flows from financing activities:
Borrowings from Senior Credit Facility 188,000 -
Payments of borrowings from Senior Credit Facility (26,000) (65,000)
Payments on notes payable (11,071) (15,445)
Payments of contingent consideration (993) (1,464)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation (81) -
Net cash provided by (used in) financing activities 149,855 (81,909)
Effect of exchange rate changes on cash and cash equivalents 12 -
Net increase (decrease) in cash and cash equivalents 6,283 (9,439)
Cash and cash equivalents - beginning of period 38,541 47,980
Cash and cash equivalents - end of period$ 44,824 $ 38,541


NV5 GLOBAL, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP FINANCIAL MEASURES
TO COMPARABLE NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
(in thousands, except share data)
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
Three Months Ended Twelve Months Ended
December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022
Net Income$9,935 $8,000 $44,613 $49,973
Add:Interest expense 3,859 1,005 12,970 3,808
Income tax expense 2,888 3,702 3,597 12,401
Depreciation and amortization 15,522 10,972 58,020 44,063
Stock-based compensation 5,875 4,077 22,379 19,326
Acquisition-related costs* (731) 4,720 (3,706) 5,612
Adjusted EBITDA$37,348 $32,476 $137,873 $135,183


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

RECONCILIATION OF GAAP EPS TO ADJUSTED EPS
Three Months Ended Twelve Months Ended
December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022
Net Income - per diluted share$0.64 $0.52 $2.88 $3.27
Per diluted share adjustments:
Add:Amortization expense of intangible assets 0.76 0.52 2.82 2.12
Acquisition-related costs* (0.06) 0.30 (0.14) 0.36
Income tax expense (0.20) (0.13) (0.75) (0.56)
Adjusted EPS$1.14 $1.21 $4.81 $5.19


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


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