NV5 Announces First Quarter Results and Raises Guidance

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 Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc.

NV5 GLOBAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share data)

	March 30, 2024			December 30, 2023
Assets
Current assets:
Cash and cash equivalents	$	44,766		$	44,824
Billed receivables, net		149,206			152,593
Unbilled receivables, net		120,705			113,271
Prepaid expenses and other current assets		17,435			18,376
Total current assets		332,112			329,064
Property and equipment, net		54,103			50,268
Right-of-use lease assets, net		37,942			36,836
Intangible assets, net		246,074			226,702
Goodwill		536,908			524,573
Deferred income tax assets, net		2,339			—
Other assets		2,479			3,149
Total Assets	$	1,211,957		$	1,170,592

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable	$	52,781		$	54,865
Accrued liabilities		53,999			47,423
Billings in excess of costs and estimated earnings on uncompleted contracts		40,212			41,679
Other current liabilities		2,167			2,263
Current portion of contingent consideration		3,436			3,922
Current portion of notes payable and other obligations		9,634			9,267
Total current liabilities		162,229			159,419
Contingent consideration, less current portion		1,610			143
Other long-term liabilities		27,564			26,930
Notes payable and other obligations, less current portion		237,274			205,468
Deferred income tax liabilities, net		—			2,837
Total liabilities		428,677			394,797

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, 15,953,908 and 15,895,255 shares issued and outstanding as of March 30, 2024 and December 30, 2023, respectively		160			159
Additional paid-in capital		515,833			508,256
Accumulated other comprehensive loss		(519	)		(18	)
Retained earnings		267,806			267,398
Total stockholders’ equity		783,280			775,795
Total liabilities and stockholders’ equity	$	1,211,957		$	1,170,592

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