NV5 Announces Record Second Quarter Results; Exceeds Analyst Consensus and Raises Full-Year 2021 Guidance

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

  Three Months Ended  Six Months Ended
  July 3, 2021  June 27, 2020  July 3, 2021  June 27, 2020
Gross revenues$179,503   $162,689   $332,598   $328,169  
        
Direct costs:       
Salaries and wages45,025   45,079   86,485   90,114  
Sub-consultant services29,978   25,244   53,225   52,670  
Other direct costs13,114   8,914   22,912   17,402  
Total direct costs88,117   79,237   162,622   160,186   
               
Gross profit 91,386      83,452      169,976      167,983   
               
Operating expenses:              
Salaries and wages, payroll taxes and benefits 44,213      44,149      87,164      89,706   
General and administrative 13,367      11,824      24,915      24,980   
Facilities and facilities related 5,038      5,357      10,135      10,754   
Depreciation and amortization 10,216      11,160      19,656      22,200   
Total operating expenses 72,834      72,490      141,870      147,640   
               
Income from operations 18,552      10,962      28,106      20,343   
               
Interest expense (1,568 )   (4,403 )   (3,886 )   (8,190 )
               
Income before income tax expense 16,984      6,559      24,220      12,153   
Income tax expense (3,346 )   (2,056 )   (5,102 )   (3,462 )
Net income and comprehensive income $ 13,638      $ 4,503      $ 19,118      $ 8,691   
               
Earnings per share:              
Basic $ 0.95      $ 0.37      $ 1.40      $ 0.71   
Diluted $ 0.91      $ 0.36      $ 1.35      $ 0.69   
               
Weighted average common shares outstanding:              
Basic 14,419,671      12,308,965      13,648,247      12,271,221   
Diluted 14,965,188      12,609,918      14,196,035      12,601,830   
                       



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