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

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)

  July 2, 2022  January 1, 2022
Assets   
Current assets:   
Cash and cash equivalents$44,422 $47,980
Billed receivables, net 139,959  153,814
Unbilled receivables, net 93,486  89,734
Prepaid expenses and other current assets 13,159  12,442
Total current assets 291,026  303,970
Property and equipment, net 39,557  32,729
Right-of-use lease assets, net 40,595  44,260
Intangible assets, net 178,383  188,224
Goodwill 394,760  389,916
Other assets 2,639  2,844
Total Assets$946,960 $961,943
    
Liabilities and Stockholders’ Equity     
    
Current liabilities:   
Accounts payable $ 52,310   $ 55,954
Accrued liabilities   51,135     50,461
Billings in excess of costs and estimated earnings on uncompleted contracts   22,625     29,444
Other current liabilities   1,454     1,551
Current portion of contingent consideration   9,772     5,807
Current portion of notes payable and other obligations   18,932     20,734
Total current liabilities   156,228     163,951
Contingent consideration, less current portion   3,020     2,521
Other long-term liabilities   30,564     34,304
Notes payable and other obligations, less current portion   73,839     111,062
Deferred income tax liabilities, net   22,366     25,385
Total liabilities   286,017     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, 15,537,134 and 15,414,005 shares issued and outstanding as of July 2, 2022 and January 1, 2022, respectively   155     154
Additional paid-in capital   462,066     451,754
Retained earnings   198,722     172,812
Total stockholders’ equity   660,943     624,720
Total liabilities and stockholders’ equity $ 946,960   $ 961,943



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