NV5 Announces Strong First Quarter Results; Delivers Record Cash Flows and Issues Full-Year 2021 Guidance Exceeding Analyst Consensus

 
NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands, except share data)
 
  Three Months Ended
  April 3, 2021  March 28, 2020
Gross revenues$153,095  $165,480 
    
Direct costs:   
Salaries and wages41,459  45,034 
Sub-consultant services23,246  27,427 
Other direct costs9,798  8,487 
Total direct costs74,503  80,948 
    
Gross profit78,592  84,532 
    
Operating expenses:   
Salaries and wages, payroll taxes and benefits42,951  45,556 
General and administrative11,549  13,157 
Facilities and facilities related5,097  5,397 
Depreciation and amortization9,440  11,040 
Total operating expenses69,037   75,150  
       
Income from operations 9,555     9,382  
       
Interest expense (2,318 )   (3,788 )
       
Income before income tax expense 7,237     5,594  
Income tax expense (1,757 )   (1,406 )
Net income and comprehensive income $ 5,480     $ 4,188  
       
Earnings per share:      
Basic $ 0.43     $ 0.34  
Diluted $ 0.41     $ 0.33  
       
Weighted average common shares outstanding:      
Basic 12,876,822     12,233,477  
Diluted 13,429,102     12,593,788  



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