NV5 Announces Second Quarter Results; Exceeds Analyst Consensus

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

  Three Months Ended  Six Months Ended
  July 1, 2023  July 2, 2022  July 1, 2023  July 2, 2022
Gross revenues$222,638  $202,732  $406,955  $392,885 
        
Direct costs:       
Salaries and wages 57,079   47,704   105,463   93,681 
Sub-consultant services 39,690   40,479   67,304   75,305 
Other direct costs 15,569   15,309   27,890   30,833 
Total direct costs  112,338       103,492       200,657       199,819  
               
Gross profit   110,300       99,240       206,298       193,066  
               
Operating expenses:              
Salaries and wages, payroll taxes, and benefits   58,949       47,283       111,621       97,049  
General and administrative   11,551       14,494       29,472       30,881  
Facilities and facilities related   5,823       5,195       11,197       10,381  
Depreciation and amortization   13,539       9,668       24,585       19,602  
Total operating expenses   89,862       76,640       176,875       157,913  
               
Income from operations   20,438       22,600       29,423       35,153  
               
Interest expense   (3,648 )     (887 )     (5,229 )     (1,801 )
               
Income before income tax expense   16,790       21,713       24,194       33,352  
Income tax expense   (1,377 )     (4,445 )     (2,834 )     (7,442 )
Net income $ 15,413     $ 17,268     $ 21,360     $ 25,910  
               
Earnings per share:              
Basic $ 1.03     $ 1.17     $ 1.43     $ 1.76  
Diluted $ 1.00     $ 1.13     $ 1.39     $ 1.70  
               
Weighted average common shares outstanding:              
Basic   15,014,106       14,736,167       14,948,796       14,714,745  
Diluted   15,451,788       15,232,157       15,421,535       15,211,835  
               
Comprehensive income:              
Net income $ 15,413     $ 17,268     $ 21,360     $ 25,910  
Foreign currency translation losses, net of tax   (191 )           (191 )      
Comprehensive income $ 15,222     $ 17,268     $ 21,169     $ 25,910  
                               

NV5 GLOBAL, INC. AND SUBSIDIARIES

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