NV5 Announces First Quarter Results and Raises Guidance

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release and on the conference call. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

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)
 
  March 30, 2024  December 30, 2023
Assets   
Current assets:   
Cash and cash equivalents$44,766  $44,824 
Billed receivables, net 149,206   152,593 
Unbilled receivables, net 120,705   113,271 
Prepaid expenses and other current assets 17,435   18,376 
Total current assets 332,112   329,064 
Property and equipment, net 54,103   50,268 
Right-of-use lease assets, net 37,942   36,836 
Intangible assets, net 246,074       226,702  
Goodwill   536,908       524,573  
Deferred income tax assets, net   2,339        
Other assets   2,479       3,149  
Total Assets $ 1,211,957     $ 1,170,592  
       
Liabilities and Stockholders’ Equity      
       
Current liabilities:      
Accounts payable $ 52,781     $ 54,865  
Accrued liabilities   53,999       47,423  
Billings in excess of costs and estimated earnings on uncompleted contracts   40,212       41,679  
Other current liabilities   2,167       2,263  
Current portion of contingent consideration   3,436       3,922  
Current portion of notes payable and other obligations   9,634       9,267  
Total current liabilities   162,229       159,419  
Contingent consideration, less current portion   1,610       143  
Other long-term liabilities   27,564       26,930  
Notes payable and other obligations, less current portion   237,274       205,468  
Deferred income tax liabilities, net         2,837  
Total liabilities   428,677       394,797  
       
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, 15,953,908 and 15,895,255 shares issued and outstanding as of March 30, 2024 and December 30, 2023, respectively   160       159  
Additional paid-in capital   515,833       508,256  
Accumulated other comprehensive loss   (519 )     (18 )
Retained earnings   267,806       267,398  
Total stockholders’ equity   783,280       775,795  
Total liabilities and stockholders’ equity $ 1,211,957     $ 1,170,592  
               



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