• NV5 Announces Record Full Year 2022 Results and Issues Full Year 2023 Guidance

    المصدر: Nasdaq GlobeNewswire / 23 فبراير 2023 16:01:00   America/New_York

    HOLLYWOOD, Fla., Feb. 23, 2023 (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 full year ended December 31, 2022.

    "We are pleased to have delivered another strong year for revenues and earnings in 2022, despite significant headwinds in the commercial economy due to historic interest rate increases. All three of our reporting segments grew in 2022, with a record performance by the geospatial business. We also completed five strategic acquisitions in 2022, strengthening our utility geospatial, building technology, and materials testing offerings. We anticipate a successful year in 2023. We enter 2023 with a strong backlog to drive organic growth and profitability, and we anticipate the best year for mergers and acquisitions in our history," said Dickerson Wright, PE, Chairman and CEO of NV5.

    Full Year 2022 Financial Highlights

    • Gross revenues in 2022 were $786.8 million compared to $706.7 million in 2021, an 11% increase.
    • Net income in 2022 was $50.0 million compared to $47.1 million in 2021, a 6% increase.
    • Adjusted EBITDA in 2022 was $135.2 million compared to $132.9 million in 2021, a 2% increase.
    • GAAP EPS in 2022 was $3.27 per share compared to $3.22 per share in 2021, a 2% increase.
    • Adjusted EPS in 2022 was $5.19 per share compared to $5.11 per share in 2021, a 2% increase. Diluted weighted average shares outstanding were 15,260,186 in 2022 compared to 14,656,381 in 2021.
    • Cash flows from operating activities in 2022 were $94.0 million compared to $101.4 million in 2021. Cash flows from operations in 2022 included an income tax payment of $9.4 million as a result of new tax provisions that require capitalization and amortization of research and development costs.

    Fiscal Year 2023 Guidance

    • Gross revenues between $878 million and $915 million.
    • GAAP EPS between $2.93 per share and $3.33 per share.
    • Adjusted EPS between $5.28 and $5.69 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 and acquisition-related costs, net of tax benefits. 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 full year 2022 financial results at 4:30 p.m. (Eastern Time) on February 23, 2023. The accompanying presentation for the call is available by visiting http://ir.nv5.com.

    Date:Thursday, February 23, 2023
    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.

    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)

     December 31, 2022 January 1, 2022
    Assets   
    Current assets:   
    Cash and cash equivalents$38,541 $47,980
    Billed receivables, net 145,637  153,814
    Unbilled receivables, net 92,862  89,734
    Prepaid expenses and other current assets 13,636  12,442
    Total current assets 290,676  303,970
    Property and equipment, net 41,640  32,729
    Right-of-use lease assets, net 39,314  44,260
    Intangible assets, net 160,431  188,224
    Goodwill 400,957  389,916
    Other assets 2,705  2,844
    Total Assets$935,723 $961,943
        
    Liabilities and Stockholders’ Equity   
        
    Current liabilities:   
    Accounts payable$57,771 $55,954
    Accrued liabilities 44,313  50,461
    Billings in excess of costs and estimated earnings on uncompleted contracts 31,183  29,444
    Other current liabilities 1,597  1,551
    Current portion of contingent consideration 10,854  5,807
    Current portion of notes payable and other obligations 15,176  20,734
    Total current liabilities 160,894  163,951
    Contingent consideration, less current portion 4,481  2,521
    Other long-term liabilities 29,542  34,304
    Notes payable and other obligations, less current portion 39,673  111,062
    Deferred income tax liabilities, net 6,893  25,385
    Total liabilities 241,483  337,223
        
    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, 15,523,300 and 15,414,005 shares issued and outstanding as of December 31, 2022 and January 1, 2022, respectively 155  154
    Additional paid-in capital 471,300  451,754
    Retained earnings 222,785  172,812
    Total stockholders’ equity 694,240  624,720
    Total liabilities and stockholders’ equity$935,723 $961,943
          

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

     Three Months Ended Twelve Months Ended
     December 31, 2022 January 1, 2022 December 31, 2022 January 1, 2022
    Gross revenues$189,818  $188,555  $786,778  $706,706 
            
    Direct costs:       
    Salaries and wages 44,830   43,417   186,806   175,047 
    Sub-consultant services 37,084   35,995   153,641   124,998 
    Other direct costs 14,931   11,633   60,357   47,347 
    Total direct costs 96,845   91,045   400,804   347,392 
            
    Gross profit 92,973   97,510   385,974   359,314 
            
    Operating expenses:       
    Salaries and wages, payroll taxes, and benefits 46,769   45,077   193,488   176,838 
    General and administrative 18,501   16,095   66,114   53,986 
    Facilities and facilities related 5,431   4,863   21,252   20,193 
    Depreciation and amortization 9,565   10,189   38,938   39,953 
    Total operating expenses 80,266   76,224   319,792   290,970 
            
    Income from operations 12,707   21,286   66,182   68,344 
            
    Interest expense (1,005)  (878)  (3,808)  (6,239)
            
    Income before income tax expense 11,702   20,408   62,374   62,105 
    Income tax expense (3,702)  (4,953)  (12,401)  (14,958)
    Net income and comprehensive income$8,000  $15,455  $49,973  $47,147 
            
    Earnings per share:       
    Basic$0.54  $1.05  $3.39  $3.34 
    Diluted$0.52  $1.02  $3.27  $3.22 
            
    Weighted average common shares outstanding:       
    Basic 14,816,773   14,651,218   14,753,738   14,135,333 
    Diluted 15,320,123   15,159,314   15,260,186   14,656,381 
                    

    NV5 GLOBAL, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
    (in thousands)

     Twelve Months Ended
     December 31, 2022 January 1, 2022
    Cash flows from operating activities:   
    Net income$49,973  $47,147 
    Adjustments to reconcile net income to net cash provided by operating activities:   
    Depreciation and amortization 44,063   44,971 
    Non-cash lease expense 12,813   10,191 
    Provision for doubtful accounts (60)  1,243 
    Stock-based compensation 19,326   16,301 
    Change in fair value of contingent consideration 2,972   2,333 
    Gain on disposals of property and equipment (328)  (1,102)
    Deferred income taxes (18,492)  (7,007)
    Amortization of debt issuance costs 724   1,210 
    Changes in operating assets and liabilities, net of impact of acquisitions:   
    Billed receivables 10,212   2,677 
    Unbilled receivables (3,303)  (12,573)
    Prepaid expenses and other assets (1,125)  (4,792)
    Accounts payable (1,673)  8,181 
    Accrued liabilities and other long-term liabilities (19,901)  (12,507)
    Contingent consideration (800)   
    Billings in excess of costs and estimated earnings on uncompleted contracts (296)  4,005 
    Other current liabilities (125)  1,164 
    Net cash provided by operating activities 93,980   101,442 
        
    Cash flows from investing activities:   
    Cash paid for acquisitions (net of cash received from acquisitions) (5,908)  (67,995)
    Proceeds from sale of assets 87   1,639 
    Purchase of property and equipment (15,689)  (13,903)
    Net cash used in investing activities (21,510)  (80,259)
        
    Cash flows from financing activities:   
    Borrowings from Senior Credit Facility    138,750 
    Proceeds from common stock offering    172,500 
    Payments of borrowings from Senior Credit Facility (65,000)  (323,832)
    Payments on notes payable (15,445)  (12,516)
    Payments of contingent consideration (1,464)  (1,329)
    Payments of common stock offering costs    (10,657)
    Payments of debt issuance costs    (976)
    Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation    (52)
    Net cash used in financing activities (81,909)  (38,112)
        
    Net decrease in cash and cash equivalents (9,439)  (16,929)
    Cash and cash equivalents – beginning of period 47,980   64,909 
    Cash and cash equivalents – end of period$38,541  $47,980 
            

    NV5 GLOBAL, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP FINANCIAL MEASURES
    TO COMPARABLE NON-GAAP FINANCIAL MEASURES
    (UNAUDITED)
    (in thousands, except share data)

    RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

      Three Months Ended Twelve Months Ended
      December 31, 2022 January 1, 2022 December 31, 2022 January 1, 2022
    Net Income$8,000 $15,455 $49,973 $47,147
    Add:Interest expense 1,005  878  3,808  6,239
     Income tax expense 3,702  4,953  12,401  14,958
     Depreciation and amortization 10,972  11,574  44,063  44,971
     Stock-based compensation 4,077  4,214  19,326  16,301
     Acquisition-related costs* 4,720  2,667  5,612  3,274
    Adjusted EBITDA$32,476 $39,741 $135,183 $132,890

    * Acquisition-related costs include contingent consideration fair value adjustments.

    RECONCILIATION OF GAAP EPS TO ADJUSTED EPS

      Three Months Ended Twelve Months Ended
      December 31, 2022 January 1, 2022 December 31, 2022 January 1, 2022
    Net Income - per diluted share$0.52  $1.02  $3.27  $3.22 
    Per diluted share adjustments:       
    Add:Amortization expense of intangible assets 0.52   0.56   2.12   2.29 
     Acquisition-related costs* 0.30   0.18   0.36   0.22 
     Income tax expense (0.13)  (0.15)  (0.56)  (0.62)
    Adjusted EPS$1.21  $1.61  $5.19  $5.11 

    * Acquisition-related costs include contingent consideration fair value adjustments. 


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