HOLLYWOOD, Fla., March 02, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (Nasdaq: NVEE) (“NV5” or the “Company”), a provider of compliance, technology, and engineering consulting solutions, today reported financial results for the fourth quarter and full year ended January 2, 2021.

“NV5 delivered another strong performance in 2020 with significant growth in revenues, EBITDA, margin, and cash flows from operations in spite of the coronavirus pandemic. The integration of our acquisitions delivered margin improvement through efficiencies of scale and our shared services model, and strong cash flows allowed accelerated payments of our debt revolver. We enter 2021 with strong momentum and expect to see benefits from a market focus on reliable delivery of power and environmental sustainability, a healthy acquisition pipeline, and the reopening of the economy throughout 2021,” said Dickerson Wright, PE, Chairman and CEO of NV5.

Fourth Quarter 2020 Financial Highlights

• Gross Revenues grew by 22% in the fourth quarter of 2020 to $161.2 million compared to $132.6 million in the fourth quarter of 2019.
• Net income grew by 28% in the fourth quarter of 2020 to $4.6 million compared to $3.6 million in the fourth quarter of 2019, with the fourth quarter of 2020 including $2.2 million of additional interest expense and $3.0 million of additional intangible amortization expense compared to fourth quarter of 2019.
• Adjusted EBITDA, which excludes stock-based compensation and acquisition-related costs, grew by 37% in the fourth quarter of 2020 to $24.4 million compared to $17.9 million in the fourth quarter of 2019.
• GAAP EPS was $0.35 per share in the fourth quarter of 2020.
• Adjusted EPS in the fourth quarter of 2020 was $0.82 per share compared to $0.64 per share in the fourth quarter of 2019, a 28% increase.
• Cash flows from operating activities for the fourth quarter of 2020 grew to $23.6 million compared to $18.3 million in the fourth quarter of 2019, a 29% increase.

Full Year 2020 Financial Highlights

• Gross Revenues grew by 30% in 2020 to $659.3 million compared to $508.9 million in 2019.
• Net income in 2020 was $21.0 million compared to $23.8 million in 2019, with 2020 including $12.9 million of additional interest expense, $14.1 million of additional intangible amortization expense, and a higher effective income tax rate compared to 2019.
• Adjusted EBITDA, which excludes stock-based compensation and acquisition-related costs, grew by 52% in 2020 to $105.4 million compared to $69.3 million in 2019.
• GAAP EPS was $1.65 per share in 2020.
• Adjusted EPS in 2020 was $3.72 per share compared to $3.25 per share in 2019, a 14% increase.
• Cash flows from operating activities in 2020 were $96.0 million compared to $39.9 million in 2019, a 141% increase.

52/53 Week Fiscal Year

NV5 uses a 52/53 week fiscal year ending on the Saturday closest to the calendar quarter end. As a result, 2020 included 53 weeks compared to 2019, which included 52 weeks.

Use of Non-GAAP Financial Measures; Comparability of Certain Measures

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) is not a measure of financial performance under GAAP. Adjusted EBITDA reflects adjustments to EBITDA to eliminate stock-based compensation expense and acquisition-related costs. Management believes Adjusted EBITDA, in addition to operating profit, Net Income, and other GAAP measures, is a useful indicator of our financial and operating performance and our ability to generate cash flows from operations that are available for taxes, capital expenditures, and debt service. A reconciliation of Net Income, as reported in accordance with GAAP, to Adjusted EBITDA is provided at the end of this news release.

Adjusted earnings per diluted share (“Adjusted EPS”) is not a measure of financial performance under GAAP. Adjusted EPS reflects adjustments to reported diluted earnings per share (“GAAP EPS”) to eliminate amortization expense of intangible assets from acquisitions, net of tax benefits, and acquisition-related costs. As we continue our acquisition strategy, the growth in Adjusted EPS will likely increase at a greater rate than GAAP EPS. A reconciliation of GAAP EPS to Adjusted EPS is provided at the end of this news release.

Our definition of Adjusted EBITDA and Adjusted EPS may differ from other companies reporting similarly named measures. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as Net Income, and Diluted Earnings per Share.

Conference Call 

NV5 will host a conference call to discuss its fourth quarter and full year 2020 financial results at 4:30 p.m. (Eastern Time) on March 2, 2021. The accompanying presentation for the call is available by visiting http://ir.nv5.com.

Please dial-in at least 5-10 minutes prior to the start time to allow the operator to log your name and connect you to the conference.

The conference call will be webcast live and available for replay via the “Investors” section of the NV5 website.

About NV5

NV5 Global, Inc. (NASDAQ: NVEE) is a provider of compliance, technology, and engineering consulting solutions for public and private sector clients supporting infrastructure, utility, and building assets and systems. The Company primarily focuses on six business verticals: testing, inspection & consulting, infrastructure support services, utility services, buildings & program management, environmental health sciences, and geospatial technology services. NV5 operates out of more than 106 offices nationwide and abroad.  For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

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.

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