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NV5 GLOBAL, INC. AND SUBSIDIARIES
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| 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 | |||||||
