NV5 Announces Record Full Year 2022 Results and Issues Full Year 2023 Guidance

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

  Three Months Ended  Twelve Months Ended
  December 31, 2022  January 1, 2022  December 31, 2022  January 1, 2022
Gross revenues$189,818  $188,555  $786,778  $706,706 
        
Direct costs:       
Salaries and wages 44,830   43,417   186,806   175,047 
Sub-consultant services 37,084   35,995   153,641   124,998 
Other direct costs 14,931   11,633   60,357   47,347 
Total direct costs  96,845       91,045       400,804       347,392  
               
Gross profit   92,973       97,510       385,974       359,314  
               
Operating expenses:              
Salaries and wages, payroll taxes, and benefits   46,769       45,077       193,488       176,838  
General and administrative   18,501       16,095       66,114       53,986  
Facilities and facilities related   5,431       4,863       21,252       20,193  
Depreciation and amortization   9,565       10,189       38,938       39,953  
Total operating expenses   80,266       76,224       319,792       290,970  
               
Income from operations   12,707       21,286       66,182       68,344  
               
Interest expense   (1,005 )     (878 )     (3,808 )     (6,239 )
               
Income before income tax expense   11,702       20,408       62,374       62,105  
Income tax expense   (3,702 )     (4,953 )     (12,401 )     (14,958 )
Net income and comprehensive income $ 8,000     $ 15,455     $ 49,973     $ 47,147  
               
Earnings per share:              
Basic $ 0.54     $ 1.05     $ 3.39     $ 3.34  
Diluted $ 0.52     $ 1.02     $ 3.27     $ 3.22  
               
Weighted average common shares outstanding:              
Basic   14,816,773       14,651,218       14,753,738       14,135,333  
Diluted   15,320,123       15,159,314       15,260,186       14,656,381  
                               

NV5 GLOBAL, INC. AND SUBSIDIARIES

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