NV5 Announces Record Third Quarter Results; Exceeds Analyst Consensus

NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands, except share data)

  Three Months Ended  Nine Months Ended
  October 1, 2022  October 2, 2021  October 1, 2022  October 2, 2021
Gross revenues$        204,075  $        185,553  $        596,960  $        518,151 
        
Direct costs:       
Salaries and wages         48,295           45,145           141,976           131,630 
Sub-consultant services         41,253           35,779           116,557           89,003 
Other direct costs         14,592           12,802           45,426           35,714 
Total direct costs           104,140               93,726               303,959               256,347  
               
Gross profit           99,935               91,827               293,001               261,804  
               
Operating expenses:              
Salaries and wages, payroll taxes and benefits           49,670               44,597               146,719               131,761  
General and administrative           16,730               12,978               47,611               37,891  
Facilities and facilities related           5,441               5,194               15,822               15,330  
Depreciation and amortization           9,771               10,108               29,373               29,764  
Total operating expenses           81,612               72,877               239,525               214,746  
               
Income from operations           18,323               18,950               53,476               47,058  
               
Interest expense           (1,003 )             (1,475 )             (2,804 )             (5,362 )
               
Income before income tax expense           17,320               17,475               50,672               41,696  
Income tax expense           (1,257 )             (4,902 )             (8,699 )             (10,005 )
Net income and comprehensive income $         16,063     $         12,573     $         41,973     $         31,691  
               
Earnings per share:              
Basic $         1.09     $         0.86     $         2.85     $         2.27  
Diluted $         1.05     $         0.83     $         2.75     $         2.19  
               
Weighted average common shares outstanding:              
Basic           14,768,689               14,593,623               14,732,726               13,963,372  
Diluted           15,301,545               15,069,660               15,242,453               14,486,683  



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