NV5 Announces Record First Quarter Results; Exceeds Analyst Consensus and Increases Full-Year Guidance

CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands, except share data)

  Three Months Ended
  April 2, 2022  April 3, 2021
Gross revenues$190,154  $153,095 
    
Direct costs:   
Salaries and wages 45,977   41,459 
Sub-consultant services 34,825   23,246 
Other direct costs 15,525   9,798 
Total direct costs 96,327   74,503 
    
Gross profit 93,827   78,592 
    
Operating expenses:   
Salaries and wages, payroll taxes and benefits 49,767   42,951 
General and administrative 16,387   11,549 
Facilities and facilities related 5,185       5,097  
Depreciation and amortization   9,934       9,440  
Total operating expenses   81,273       69,037  
       
Income from operations   12,554       9,555  
       
Interest expense   (914 )     (2,318 )
       
Income before income tax expense   11,640       7,237  
Income tax expense   (2,998 )     (1,757 )
Net income and comprehensive income $ 8,642     $ 5,480  
       
Earnings per share:      
Basic $ 0.59     $ 0.43  
Diluted $ 0.57     $ 0.41  
       
Weighted average common shares outstanding:      
Basic   14,693,323       12,876,822  
Diluted   15,216,105       13,429,102  
               

NV5 GLOBAL, INC. AND SUBSIDIARIES

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