NV5 Announces Fourth Quarter and Full Year 2023 Results; Issues Full Year 2024 Guidance

 
NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands, except share data)
 
  Three Months Ended  Twelve Months Ended
  December 30, 2023  December 31, 2022  December 30, 2023  December 31, 2022
Gross revenues$        215,497  $        189,818  $        861,739  $        786,778 
        
Direct costs:       
Salaries and wages         53,291           44,830           215,608           186,806 
Sub-consultant services         37,854           37,084           150,681           153,641 
Other direct costs         15,732           14,931           65,088             60,357  
Total direct costs           106,877               96,845               431,377               400,804  
               
Gross profit           108,620               92,973               430,362               385,974  
               
Operating expenses:              
Salaries and wages, payroll taxes, and benefits           54,254               46,769               226,137               193,488  
General and administrative           17,941               18,501               67,668               66,114  
Facilities and facilities related           5,683               5,431               22,891               21,252  
Depreciation and amortization           14,060               9,565               52,486               38,938  
Total operating expenses           91,938               80,266               369,182               319,792  
               
Income from operations           16,682               12,707               61,180               66,182  
               
Interest expense           (3,859 )             (1,005 )             (12,970 )             (3,808 )
               
Income before income tax expense           12,823               11,702               48,210               62,374  
Income tax expense           (2,888 )             (3,702 )             (3,597 )             (12,401 )
Net income $         9,935     $         8,000     $         44,613     $         49,973  
               
Earnings per share:              
Basic $         0.65     $         0.54     $         2.96     $         3.39  
Diluted $         0.64     $         0.52     $         2.88     $         3.27  
               
Weighted average common shares outstanding:              
Basic           15,236,465               14,816,773               15,086,040               14,753,738  
Diluted           15,549,654               15,320,123               15,474,326               15,260,186  
               
Comprehensive income:              
Net income $         9,935     $         8,000     $         44,613     $         49,973  
Foreign currency translation gain (loss), net of tax           593               —               (18 )             —  
Comprehensive income $         10,528     $         8,000     $         44,595     $         49,973  



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