NV5 Announces Fourth Quarter and Full Year 2023 Results; Issues Full Year 2024 Guidance
23 2월 2024 - 6:01AM
NV5 Global, Inc. (Nasdaq: NVEE) ("NV5" or the
"Company"), a provider of technology, conformity
assessment, consulting solutions, and software applications, today
reported financial results for the fourth quarter and full year
ended December 30, 2023.
“NV5 delivered strong results in the fourth quarter and 14%
growth over the same period in 2022, despite headwinds from
continuing resolution federal project delays. Our growth
initiatives in the core business are driving growth in
infrastructure and transportation, and our buildings business
continues to deliver strong organic growth both domestically and
internationally. We completed seven acquisitions in 2023, including
the expansion of our geospatial data analytics and software
offerings to increase subscription-based revenues. These strategic
actions taken in 2023 have positioned NV5 for accelerated organic
growth in 2024, and we are well positioned to achieve our $1
billion revenue run rate by the end of the year,” said Dickerson
Wright, PE, Chairman and CEO of NV5.
Fourth Quarter
2023 Financial Highlights
- Gross revenues in the fourth quarter of
2023 were $215.5 million compared to $189.8 million in the fourth
quarter of 2022, a 14% increase, building strong organic growth
momentum.
- Net income in the fourth quarter of
2023 was $9.9 million compared to $8.0 million in the fourth
quarter of 2022, a 24% increase.
- Adjusted EBITDA in the fourth quarter
of 2023 was $37.3 million compared to $32.5 million in the fourth
quarter of 2022, a 15% increase.
- GAAP EPS in the fourth quarter of 2023
was $0.64 per share compared to $0.52 per share in the fourth
quarter of 2022, a 23% increase. Diluted weighted average shares
outstanding were 15,549,654 in the fourth quarter of 2023 compared
to 15,320,123 in the fourth quarter of 2022.
- Adjusted EPS in the fourth quarter of
2023 was $1.14 per share compared to $1.21 per share in the fourth
quarter of 2022, a 6% decrease. Diluted weighted average shares
outstanding were 15,549,654 in the fourth quarter of 2023 compared
to 15,320,123 in the fourth quarter of 2022.
- Cash flows from operating activities in
the fourth quarter of 2023 were $16,772 compared to $13,589 in the
fourth quarter of 2022, a 23% increase.
Full Year 2023
Financial Highlights
- Gross revenues in 2023 were $861.7
million compared to $786.8 million in 2022, a 10% increase.
- Net income in 2023 was $44.6 million
compared to $50.0 million in 2022, an 11% decrease.
- Interest expense increased $9.2 million
due to higher interest rates and debt related to acquisitions. We
have lowered our net leverage to 1.2x, a decrease of 14% when
compared to the second quarter of 2023.
- Adjusted EBITDA in 2023 was $137.9
million compared to $135.2 million in 2022, a 2% increase.
- GAAP EPS in 2023 was $2.88 per share
compared to $3.27 per share in 2022, a 12% decrease. Diluted
weighted average shares outstanding were 15,474,326 in 2023
compared to 15,260,186 in 2022.
- Adjusted EPS in 2023 was $4.81 per
share compared to $5.19 per share in 2022, a 7% decrease. Diluted
weighted average shares outstanding were 15,474,326 in 2023
compared to 15,260,186 in 2022.
Fiscal Year 2024 Guidance
- Gross revenues between $930 million and
$935 million.
- GAAP EPS between $2.86 per share and
$2.92 per share.
- Adjusted EPS between $5.00 and $5.06
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 2023
financial results at 4:30 p.m. (Eastern Time) on February 22,
2024. The accompanying presentation for the call is available by
visiting http://ir.nv5.com.
Date: |
Thursday, February 22, 2024 |
Time: |
4:30 p.m. Eastern |
Toll-free dial-in number: |
+1 800-715-9871 |
International dial-in number: |
+1 646-307-1963 |
Conference ID: |
2719957 |
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, consulting solutions, and software
applications for public and private sector clients supporting
sustainable infrastructure, utility, and building assets and
systems. The Company focuses on multiple verticals: construction
quality assurance, infrastructure engineering, utility services,
buildings & technology, 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 CochranVice President, Marketing &
Investor RelationsTel: +1-954-637-8048Email: ir@nv5.com
Source: NV5 Global, Inc.
|
NV5 GLOBAL, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(UNAUDITED) |
(in thousands, except share data) |
|
|
December 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
44,824 |
|
|
$ |
38,541 |
|
Billed receivables, net |
|
152,593 |
|
|
|
145,637 |
|
Unbilled receivables, net |
|
113,271 |
|
|
|
92,862 |
|
Prepaid expenses and other current assets |
|
18,376 |
|
|
|
13,636 |
|
Total current assets |
|
329,064 |
|
|
|
290,676 |
|
Property and equipment,
net |
|
50,268 |
|
|
|
41,640 |
|
Right-of-use lease assets,
net |
|
36,836 |
|
|
|
39,314 |
|
Intangible assets, net |
|
226,702 |
|
|
|
160,431 |
|
Goodwill |
|
524,573 |
|
|
|
400,957 |
|
Other assets |
|
3,149 |
|
|
|
2,705 |
|
Total Assets |
$ |
1,170,592 |
|
|
$ |
935,723 |
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
54,865 |
|
|
$ |
57,771 |
|
Accrued liabilities |
|
47,423 |
|
|
|
44,313 |
|
Billings in excess of costs and estimated earnings on uncompleted
contracts |
|
41,679 |
|
|
|
31,183 |
|
Other current liabilities |
|
2,263 |
|
|
|
1,597 |
|
Current portion of contingent consideration |
|
3,922 |
|
|
|
10,854 |
|
Current portion of notes payable and other obligations |
|
9,267 |
|
|
|
15,176 |
|
Total current liabilities |
|
159,419 |
|
|
|
160,894 |
|
Contingent consideration, less
current portion |
|
143 |
|
|
|
4,481 |
|
Other long-term
liabilities |
|
26,930 |
|
|
|
29,542 |
|
Notes payable and other
obligations, less current portion |
|
205,468 |
|
|
|
39,673 |
|
Deferred income tax
liabilities, net |
|
2,837 |
|
|
|
6,893 |
|
Total liabilities |
|
394,797 |
|
|
|
241,483 |
|
|
|
|
|
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,
15,895,255 and 15,523,300 shares issued and outstanding as of
December 30, 2023 and December 31, 2022, respectively |
|
159 |
|
|
|
155 |
|
Additional paid-in capital |
|
508,256 |
|
|
|
471,300 |
|
Accumulated other comprehensive income (loss) |
|
(18 |
) |
|
|
— |
|
Retained earnings |
|
267,398 |
|
|
|
222,785 |
|
Total stockholders’ equity |
|
775,795 |
|
|
|
694,240 |
|
Total liabilities and stockholders’ equity |
$ |
1,170,592 |
|
|
$ |
935,723 |
|
|
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 30, 2023 |
|
December 31, 2022 |
|
December 30, 2023 |
|
December 31, 2022 |
Gross revenues |
$ |
215,497 |
|
|
$ |
189,818 |
|
|
$ |
861,739 |
|
|
$ |
786,778 |
|
|
|
|
|
|
|
|
|
Direct
costs: |
|
|
|
|
|
|
|
Salaries and wages |
|
53,291 |
|
|
|
44,830 |
|
|
|
215,608 |
|
|
|
186,806 |
|
Sub-consultant services |
|
37,854 |
|
|
|
37,084 |
|
|
|
150,681 |
|
|
|
153,641 |
|
Other direct costs |
|
15,732 |
|
|
|
14,931 |
|
|
|
65,088 |
|
|
|
60,357 |
|
Total direct costs |
|
106,877 |
|
|
|
96,845 |
|
|
|
431,377 |
|
|
|
400,804 |
|
|
|
|
|
|
|
|
|
Gross
profit |
|
108,620 |
|
|
|
92,973 |
|
|
|
430,362 |
|
|
|
385,974 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Salaries and wages, payroll
taxes, and benefits |
|
54,254 |
|
|
|
46,769 |
|
|
|
226,137 |
|
|
|
193,488 |
|
General and
administrative |
|
17,941 |
|
|
|
18,501 |
|
|
|
67,668 |
|
|
|
66,114 |
|
Facilities and facilities
related |
|
5,683 |
|
|
|
5,431 |
|
|
|
22,891 |
|
|
|
21,252 |
|
Depreciation and
amortization |
|
14,060 |
|
|
|
9,565 |
|
|
|
52,486 |
|
|
|
38,938 |
|
Total operating expenses |
|
91,938 |
|
|
|
80,266 |
|
|
|
369,182 |
|
|
|
319,792 |
|
|
|
|
|
|
|
|
|
Income from
operations |
|
16,682 |
|
|
|
12,707 |
|
|
|
61,180 |
|
|
|
66,182 |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
(3,859 |
) |
|
|
(1,005 |
) |
|
|
(12,970 |
) |
|
|
(3,808 |
) |
|
|
|
|
|
|
|
|
Income before income tax
expense |
|
12,823 |
|
|
|
11,702 |
|
|
|
48,210 |
|
|
|
62,374 |
|
Income tax expense |
|
(2,888 |
) |
|
|
(3,702 |
) |
|
|
(3,597 |
) |
|
|
(12,401 |
) |
Net
income |
$ |
9,935 |
|
|
$ |
8,000 |
|
|
$ |
44,613 |
|
|
$ |
49,973 |
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.65 |
|
|
$ |
0.54 |
|
|
$ |
2.96 |
|
|
$ |
3.39 |
|
Diluted |
$ |
0.64 |
|
|
$ |
0.52 |
|
|
$ |
2.88 |
|
|
$ |
3.27 |
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
15,236,465 |
|
|
|
14,816,773 |
|
|
|
15,086,040 |
|
|
|
14,753,738 |
|
Diluted |
|
15,549,654 |
|
|
|
15,320,123 |
|
|
|
15,474,326 |
|
|
|
15,260,186 |
|
|
|
|
|
|
|
|
|
Comprehensive
income: |
|
|
|
|
|
|
|
Net income |
$ |
9,935 |
|
|
$ |
8,000 |
|
|
$ |
44,613 |
|
|
$ |
49,973 |
|
Foreign currency translation
gain (loss), net of tax |
|
593 |
|
|
|
— |
|
|
|
(18 |
) |
|
|
— |
|
Comprehensive
income |
$ |
10,528 |
|
|
$ |
8,000 |
|
|
$ |
44,595 |
|
|
$ |
49,973 |
|
|
NV5 GLOBAL, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(UNAUDITED) |
(in thousands) |
|
|
Twelve Months Ended |
|
December 30, 2023 |
|
December 31, 2022 |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
44,613 |
|
|
$ |
49,973 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
58,020 |
|
|
|
44,063 |
|
Non-cash lease expense |
|
13,562 |
|
|
|
12,813 |
|
Provision for doubtful accounts |
|
1,261 |
|
|
|
(60 |
) |
Stock-based compensation |
|
22,379 |
|
|
|
19,326 |
|
Change in fair value of contingent consideration |
|
(9,280 |
) |
|
|
2,972 |
|
Gain on disposals of property and equipment |
|
(694 |
) |
|
|
(328 |
) |
Other |
|
(125 |
) |
|
|
— |
|
Deferred income taxes |
|
(25,709 |
) |
|
|
(18,492 |
) |
Amortization of debt issuance costs |
|
758 |
|
|
|
724 |
|
Changes in operating assets
and liabilities, net of impact of acquisitions: |
|
|
|
Billed receivables |
|
7,584 |
|
|
|
10,212 |
|
Unbilled receivables |
|
(15,666 |
) |
|
|
(3,303 |
) |
Prepaid expenses and other assets |
|
(2,292 |
) |
|
|
(1,125 |
) |
Accounts payable |
|
(8,470 |
) |
|
|
(1,673 |
) |
Accrued liabilities and other long-term liabilities |
|
(19,848 |
) |
|
|
(19,901 |
) |
Contingent consideration |
|
(1,307 |
) |
|
|
(800 |
) |
Billings in excess of costs and estimated earnings on uncompleted
contracts |
|
(3,243 |
) |
|
|
(296 |
) |
Other current liabilities |
|
664 |
|
|
|
(125 |
) |
Net cash provided by operating
activities |
|
62,207 |
|
|
|
93,980 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Cash paid for acquisitions
(net of cash received from acquisitions) |
|
(189,345 |
) |
|
|
(5,908 |
) |
Proceeds from sale of
assets |
|
720 |
|
|
|
87 |
|
Purchase of property and
equipment |
|
(17,166 |
) |
|
|
(15,689 |
) |
Net cash used in investing
activities |
|
(205,791 |
) |
|
|
(21,510 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Borrowings from Senior Credit
Facility |
|
188,000 |
|
|
|
— |
|
Payments of borrowings from
Senior Credit Facility |
|
(26,000 |
) |
|
|
(65,000 |
) |
Payments on notes payable |
|
(11,071 |
) |
|
|
(15,445 |
) |
Payments of contingent
consideration |
|
(993 |
) |
|
|
(1,464 |
) |
Purchases of common stock
tendered by employees to satisfy the required withholding taxes
related to stock-based compensation |
|
(81 |
) |
|
|
— |
|
Net cash provided by (used in)
financing activities |
|
149,855 |
|
|
|
(81,909 |
) |
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
12 |
|
|
|
— |
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents |
|
6,283 |
|
|
|
(9,439 |
) |
Cash and cash
equivalents – beginning of period |
|
38,541 |
|
|
|
47,980 |
|
Cash and cash
equivalents – end of period |
$ |
44,824 |
|
|
$ |
38,541 |
|
|
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 30, 2023 |
|
December 31, 2022 |
|
December 30, 2023 |
|
December 31, 2022 |
Net
Income |
$ |
9,935 |
|
|
$ |
8,000 |
|
|
$ |
44,613 |
|
|
$ |
49,973 |
|
Add: |
Interest expense |
|
3,859 |
|
|
|
1,005 |
|
|
|
12,970 |
|
|
|
3,808 |
|
|
Income tax expense |
|
2,888 |
|
|
|
3,702 |
|
|
|
3,597 |
|
|
|
12,401 |
|
|
Depreciation and
amortization |
|
15,522 |
|
|
|
10,972 |
|
|
|
58,020 |
|
|
|
44,063 |
|
|
Stock-based compensation |
|
5,875 |
|
|
|
4,077 |
|
|
|
22,379 |
|
|
|
19,326 |
|
|
Acquisition-related
costs* |
|
(731 |
) |
|
|
4,720 |
|
|
|
(3,706 |
) |
|
|
5,612 |
|
Adjusted
EBITDA |
$ |
37,348 |
|
|
$ |
32,476 |
|
|
$ |
137,873 |
|
|
$ |
135,183 |
|
* Acquisition-related costs include contingent consideration
fair value adjustments.
RECONCILIATION OF GAAP EPS TO ADJUSTED EPS |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 30, 2023 |
|
December 31, 2022 |
|
December 30, 2023 |
|
December 31, 2022 |
Net Income
- per diluted share |
$ |
0.64 |
|
|
$ |
0.52 |
|
|
$ |
2.88 |
|
|
$ |
3.27 |
|
Per
diluted share adjustments: |
|
|
|
|
|
|
|
Add: |
Amortization expense of intangible assets |
|
0.76 |
|
|
|
0.52 |
|
|
|
2.82 |
|
|
|
2.12 |
|
|
Acquisition-related
costs* |
|
(0.06 |
) |
|
|
0.30 |
|
|
|
(0.14 |
) |
|
|
0.36 |
|
|
Income tax expense |
|
(0.20 |
) |
|
|
(0.13 |
) |
|
|
(0.75 |
) |
|
|
(0.56 |
) |
Adjusted
EPS |
$ |
1.14 |
|
|
$ |
1.21 |
|
|
$ |
4.81 |
|
|
$ |
5.19 |
|
* Acquisition-related costs include contingent consideration
fair value adjustments.
NV5 Global (NASDAQ:NVEE)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
NV5 Global (NASDAQ:NVEE)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024