NV5 Announces Record Third Quarter Results; Exceeds Analyst Consensus

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  



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