NV5 Announces Record Fourth Quarter and Full Year 2021 Results; Exceeds Analysts' Consensus

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
  January 1, 2022  January 2, 2021  January 1, 2022  January 2, 2021
Gross revenues$188,555  $161,178  $706,706  $659,296 
        
Direct costs:       
Salaries and wages 43,417   39,936   175,047   176,865 
Sub-consultant services 35,995   28,929   124,998   107,602 
Other direct costs 11,633   12,519   47,347   40,291 
Total direct costs   91,045       81,384       347,392       324,758  
               
Gross profit   97,510       79,794       359,314       334,538  
               
Operating expenses:              
Salaries and wages, payroll taxes and benefits   45,077       43,360       176,838       176,816  
General and administrative   16,095       12,019       53,986       50,214  
Facilities and facilities related   4,863       5,155       20,193       21,280  
Depreciation and amortization   10,189       9,691       39,953       42,079  
Total operating expenses   76,224       70,225       290,970       290,389  
               
Income from operations   21,286       9,569       68,344       44,149  
               
Interest expense   (878 )     (3,260 )     (6,239 )     (15,181 )
               
Income before income tax expense   20,408       6,309       62,105       28,968  
Income tax expense   (4,953 )     (1,735 )     (14,958 )     (7,950 )
Net income and comprehensive income $ 15,455     $ 4,574     $ 47,147     $ 21,018  
               
Earnings per share:              
Basic $ 1.05     $ 0.37     $ 3.34     $ 1.70  
Diluted $ 1.02     $ 0.35     $ 3.22     $ 1.65  
               
Weighted average common shares outstanding:              
Basic   14,651,218       12,468,444       14,135,333       12,362,786  
Diluted   15,159,314       12,922,121       14,656,381       12,713,075  



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