HOLLYWOOD, Fla., Nov. 09, 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 third quarter ended October 2, 2021.

"NV5 delivered another strong quarter, generating record revenues and net income in the third quarter and year to date in 2021. The core business’ year-over-year double digit revenue growth is a testament to the success of NV5’s strategic business model, resulting in sustainable growth and margin expansion," said Dickerson Wright, PE, Chairman and CEO of NV5. "Growth in the quarter was largely driven by demand for utility, real estate, and environmental, social, and governance (ESG) services. We continued to strengthen our ESG capabilities in the third quarter with the acquisition of Sage Renewable Energy Consulting, a leader in comprehensive sustainable energy planning and project management services. We enter the fourth quarter and 2022 with a record backlog that increased 13% for the quarter."

Third Quarter 2021 Results

• Gross revenues in the third quarter of 2021 were $185.6 million compared to $169.9 million in the third quarter of 2020, a 9% increase.
• Net income in the third quarter of 2021 was $12.6 million compared to $7.8 million in the third quarter of 2020, a 62% increase.
• Adjusted EBITDA in the third quarter of 2021 was $34.7 million compared to $29.9 million in the third quarter of 2020, a 16% increase.
• GAAP EPS in the third quarter of 2021 was $0.83 per share compared to $0.61 per share in the third quarter of 2020, a 36% increase.
• Adjusted EPS in the third quarter of 2021 was $1.25 per share compared to $1.13 per share in the third quarter of 2020, an 11% increase. Diluted weighted average shares were 15,069,660 in the third quarter of 2021 compared to 12,749,917 in the third quarter of 2020.
• Updated full year 2021 guidance as follows:
  • Increase GAAP EPS to a range of $2.60 per share to $2.91 per share (previously $2.45 per share to $2.84 per share).
  • Increase Adjusted EPS to a range of $4.36 per share to $4.62 per share (previously $4.20 per share to $4.55 per share).

Nine Months Ended October 2, 2021 Results

• Gross revenues for the nine months ended October 2, 2021 were $518.2 million compared to $498.1 million in the nine months ended October 3, 2020, a 4% increase.
• Cash flows from operations for the nine months ended October 2, 2021 were $78.1 million compared to $72.4 million in nine months ended October 3, 2020, an 8% increase.
• Net income for the nine months ended October 2, 2021 was $31.7 million compared to $16.4 million in nine months ended October 3, 2020, a 93% increase.
• Adjusted EBITDA for the nine months ended October 2, 2021 was $93.1 million compared to $81.0 million in the nine months ended October 3, 2020, a 15% increase.
• GAAP EPS for the nine months ended October 2, 2021 was $2.19 per share compared to $1.30 per share in the nine months ended October 3, 2020, a 68% increase.
• Adjusted EPS for the nine months ended October 2, 2021 was $3.50 per share compared to $2.91 per share in the nine months ended October 3, 2020, a 20% increase. Diluted weighted average shares were 14,486,683 for the nine months ended October 2, 2021 compared to 12,650,107 in the nine months ended October 3, 2020.

Fiscal Year

The Company operates on a “52/53 week” fiscal year ending on the Saturday closest to the calendar quarter end, and fiscal 2021 contains 52 weeks compared to fiscal 2020, which contained 53 weeks. As a result, the third quarter of fiscal 2021 ended October 2, 2021 included 13 weeks compared to the third quarter of fiscal 2020 ended October 3, 2020, which included 14 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 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.

Conference Call 

NV5 will host a conference call to discuss its third quarter 2021 financial results at 4:30 p.m. (Eastern Time) on November 9, 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, engineering, and environmental 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, 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.