NV5 Announces Record Second Quarter Results; Exceeds Analyst Consensus and Increases Full-Year Guidance

HOLLYWOOD, Fla., Aug. 04, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (Nasdaq: NVEE) ("NV5" or the "Company"), a provider of technology, conformity assessment, and consulting solutions, today reported financial results for the second quarter ended July 2, 2022.

"NV5 delivered another quarter of double-digit growth in gross revenues, net income, Adjusted EBITDA, and earnings per share in the second quarter, resulting in a record first half of 2022. We drove growth across all six of our operating verticals in the quarter and expanded our national leadership position in electrical utility geospatial solutions with the acquisition of GEO1. We achieved 8% organic growth in the first half of the year. NV5’s strong backlog, available cash on hand, and non-discretionary service offerings position us to continue our growth throughout 2022, while protecting our margins," said Dickerson Wright, PE, Chairman and CEO of NV5.

Second Quarter 2022 Results

  • Gross revenues in the second quarter of 2022 were $202.7 million compared to $179.5 million in the second quarter of 2021, a 13% increase.
  • Net income in the second quarter of 2022 was $17.3 million compared to $13.6 million in the second quarter of 2021, a 27% increase.
  • Adjusted EBITDA in the second quarter of 2022 was $37.8 million compared to $34.2 million in the second quarter of 2021, a 10% increase.
  • GAAP EPS in the second quarter of 2022 was $1.13 per share compared to $0.91 per share in the second quarter of 2021, a 24% increase.
  • Adjusted EPS in the second quarter of 2022 was $1.49 per share compared to $1.34 per share in the second quarter of 2021, an 11% increase. Diluted weighted average shares were 15,232,157 in the second quarter of 2022 compared to 14,965,188 in the second quarter of 2021.

Six Months Ended July 2, 2022 Results

  • Gross revenues for the six months ended July 2, 2022 were $392.9 million compared to $332.6 million in the six months ended July 3, 2021, an 18% increase.
  • Net income for the six months ended July 2, 2022 was $25.9 million compared to $19.1 million in the six months ended July 3, 2021, a 36% increase.
  • Adjusted EBITDA for the six months ended July 2, 2022 was $66.7 million compared to $58.5 million in the six months ended July 3, 2021, a 14% increase.
  • GAAP EPS for the six months ended July 2, 2022 was $1.70 per share compared to $1.35 per share in the six months ended July 3, 2021, a 26% increase.
  • Adjusted EPS for the six months ended July 2, 2022 was $2.48 per share compared to $2.25 per share in the six months ended July 3, 2021, a 10% increase. Diluted weighted average shares were 15,211,835 for the six months ended July 2, 2022, compared to 14,196,035 in the six months ended July 3, 2021.

Increased Full-Year Guidance

  • Increased gross revenues to a range of $795 million to $815 million (previously $785 million to $810 million).
  • Increased GAAP EPS to a range of $3.90 per share to $4.29 per share (previously $3.57 per share to $3.92 per share).
  • Increased Adjusted EPS to a range of $5.43 per share to $5.82 per share (previously $5.39 per share to $5.80 per share).

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 may 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. In addition, when presenting forward-looking non-GAAP metrics, we are unable to provide quantitative reconciliations to the most closely correlated GAAP measure due to the uncertainty in the timing, amount or nature of any adjustments, which could be material in any period.

Conference Call 

NV5 will host a conference call to discuss its second quarter 2022 financial results at 4:30 p.m. (Eastern Time) on August 4, 2022. The accompanying presentation for the call is available by visiting http://ir.nv5.com.

Date: Thursday, August 4, 2022
Time: 4:30 p.m. Eastern
Toll-free dial-in number: +1 888-412-4117
International dial-in number: +1 646-960-0284
Conference ID: 6172299
Webcast:  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 technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure engineering, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and internationally. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on LinkedIn, Twitter, Facebook, and Instagram.

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.

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