NV5 Announces First Quarter Results Exceeding Earnings Consensus

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

   Three Months Ended
   April 1, 2023  April 2, 2022
Gross revenues $184,317  $190,154 
     
Direct costs:    
Salaries and wages  48,384   45,977 
Sub-consultant services  27,615   34,825 
Other direct costs  12,320   15,525 
Total direct costs  88,319   96,327 
     
Gross profit  95,998   93,827 
     
Operating expenses:    
Salaries and wages, payroll taxes, and benefits  52,672   49,767 
General and administrative  17,920   16,387 
Facilities and facilities related  5,374   5,185  
Depreciation and amortization     11,047       9,934  
Total operating expenses     87,013       81,273  
         
Income from operations     8,985       12,554  
         
Interest expense     (1,581 )     (914 )
         
Income before income tax expense     7,404       11,640  
Income tax expense     (1,457 )     (2,998 )
Net income and comprehensive income   $ 5,947     $ 8,642  
         
Earnings per share:        
Basic   $ 0.40     $ 0.59  
Diluted   $ 0.39     $ 0.57  
         
Weighted average common shares outstanding:        
Basic     14,883,487       14,693,323  
Diluted     15,383,437       15,216,105  



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