NV5 Announces Second Quarter Results and Raises Guidance


NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands, except share data)
 
  Three Months Ended  Six Months Ended
  June 29, 2024  July 1, 2023  June 29, 2024  July 1, 2023
Gross revenues$236,326  $222,638  $449,621  $406,955 
        
Direct costs:       
Salaries and wages 61,390   57,079   117,845   105,463 
Sub-consultant services 37,342   39,690   68,602   67,304 
Other direct costs 14,323   15,569   27,074       27,890  
Total direct costs   113,055       112,338       213,521       200,657  
               
Gross profit   123,271       110,300       236,100       206,298  
               
Operating expenses:              
Salaries and wages, payroll taxes, and benefits   68,110       58,949       133,544       111,621  
General and administrative   21,178       11,551       43,420       29,472  
Facilities and facilities related   6,035       5,823       11,996       11,197  
Depreciation and amortization   16,068       13,539       30,550       24,585  
Total operating expenses   111,391       89,862       219,510       176,875  
               
Income from operations   11,880       20,438       16,590       29,423  
               
Interest expense   (4,606 )     (3,648 )     (8,797 )     (5,229 )
               
Income before income tax expense   7,274       16,790       7,793       24,194  
Income tax benefit (expense)   633       (1,377 )     522       (2,834 )
Net income $ 7,907     $ 15,413     $ 8,315     $ 21,360  
               
Earnings per share:              
Basic $ 0.51     $ 1.03     $ 0.54     $ 1.43  
Diluted $ 0.50     $ 1.00     $ 0.53     $ 1.39  
               
Weighted average common shares outstanding:              
Basic   15,362,825       15,014,106       15,314,988       14,948,796  
Diluted   15,671,176       15,451,788       15,657,632       15,421,535  
               
Comprehensive income:              
Net income $ 7,907     $ 15,413     $ 8,315     $ 21,360  
Foreign currency translation losses, net of tax   (176 )     (191 )     (677 )     (191 )
Comprehensive income $ 7,731     $ 15,222     $ 7,638     $ 21,169  



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