NV5 Announces Second 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)

  July 1, 2023  December 31, 2022
Assets   
Current assets:   
Cash and cash equivalents$28,827  $38,541 
Billed receivables, net 149,110   145,637 
Unbilled receivables, net 107,192   92,862 
Prepaid expenses and other current assets 20,501   13,636 
Total current assets 305,630   290,676 
Property and equipment, net 49,392   41,640 
Right-of-use lease assets, net 38,628   39,314 
Intangible assets, net 243,579   160,431 
Goodwill 526,848   400,957 
Other assets 3,751     2,705  
Total Assets $ 1,167,828     $ 935,723  
       
Liabilities and Stockholders’ Equity      
       
Current liabilities:      
Accounts payable $ 55,578     $ 57,771  
Accrued liabilities   52,735       44,313  
Billings in excess of costs and estimated earnings on uncompleted contracts   37,195       31,183  
Other current liabilities   2,072       1,597  
Current portion of contingent consideration   4,149       10,854  
Current portion of notes payable and other obligations   14,800       15,176  
Total current liabilities   166,529       160,894  
Contingent consideration, less current portion   1,897       4,481  
Other long-term liabilities   28,526       29,542  
Notes payable and other obligations, less current portion   209,241       39,673  
Deferred income tax liabilities, net   20,487       6,893  
Total liabilities   426,680       241,483  
       
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, 15,890,908 and 15,523,300 shares issued and outstanding as of July 1, 2023 and December 31, 2022, respectively   159       155  
Additional paid-in capital   497,035       471,300  
Accumulated other comprehensive income (loss)   (191 )      
Retained earnings   244,145       222,785  
Total stockholders’ equity   741,148       694,240  
Total liabilities and stockholders’ equity $ 1,167,828     $ 935,723  
               

NV5 GLOBAL, INC. AND SUBSIDIARIES

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