NV5 Announces 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)
 
  September 30, 2023  December 31, 2022
Assets   
Current assets:   
Cash and cash equivalents$46,439  $38,541
Billed receivables, net 166,859   145,637
Unbilled receivables, net 122,049   92,862
Prepaid expenses and other current assets 14,239   13,636
Total current assets 349,586   290,676
Property and equipment, net 49,930   41,640
Right-of-use lease assets, net 39,105   39,314
Intangible assets, net 236,433   160,431
Goodwill 527,030   400,957
Other assets 3,881   2,705
Total Assets$1,205,965     $ 935,723
       
Liabilities and Stockholders’ Equity      
       
Current liabilities:      
Accounts payable $ 67,144     $ 57,771
Accrued liabilities   64,538       44,313
Billings in excess of costs and estimated earnings on uncompleted contracts   42,808       31,183
Other current liabilities   2,286       1,597
Current portion of contingent consideration   3,845       10,854
Current portion of notes payable and other obligations   12,989       15,176
Total current liabilities   193,610       160,894
Contingent consideration, less current portion   1,897       4,481
Other long-term liabilities   29,102       29,542
Notes payable and other obligations, less current portion   215,642       39,673
Deferred income tax liabilities, net   5,797       6,893
Total liabilities   446,048       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, 15,892,912 and 15,523,300 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively   159       155
Additional paid-in capital   502,909       471,300
Accumulated other comprehensive income (loss)   (612 )    
Retained earnings   257,461       222,785
Total stockholders’ equity   759,917       694,240
Total liabilities and stockholders’ equity $ 1,205,965     $ 935,723



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