Exhibit 99.1

 

NV5 ANNOUNCES RECORD FOURTH QUARTER AND

 

FULL YEAR 2018 FINANCIAL RESULTS; ISSUES 2019 GUIDANCE

 

Hollywood, FL – March 7, 2019 – NV5 Global, Inc. (Nasdaq: NVEE) (“NV5” or the “Company”), a provider of professional and technical engineering and consulting solutions, today reported financial results for the fourth quarter and year ended December 29, 2018.

 

“We are pleased to announce continued strong performance in revenues and earnings in the fourth quarter and full year 2018 and we are looking forward to continued strong organic, acquisition and strategic growth in 2019. Our success in the fourth quarter and full year 2018 was reflected in our strong backlog, profitability, and substantial growth in our strategic geographic presence and service offerings,” said Dickerson Wright, PE Chairman and CEO of NV5. “In the fourth quarter, Gross Revenues increased 23%, EBITDA increased 34% and Net Income increased 38%, excluding the impact of the Tax Cuts and Jobs Act of 2017 (“2017 Tax Reform”). In the full year 2018, Gross Revenues increased 26%, EBITDA increased 34% and Net Income increased 49%, excluding the impact of the 2017 Tax Reform. Our core business remains robust and organic growth for the full year 2018 was 8%. Additionally, our acquisition pipeline is active and we are confident about the strategic investments we are making to further grow our infrastructure and energy business throughout the United States.”

 

Fourth Quarter 2018 Financial Highlights

 

 

Total Revenues for the quarter were $116.1 million, an increase of 22% year-over-year. Gross Revenues – GAAP for the quarter were $115.3 million, an increase of 23% year-over-year.

 

Net Revenues for the quarter were $88.5 million, an increase of 21% year-over-year.

 

Organic revenue growth for the quarter was 5%. Organic growth is measured by internal growth of our existing business plus growth from acquisitions from the time of acquisition.

 

EBITDA for the quarter was $15.8 million or 18% of Net Revenues, an increase of 34% from $11.8 million, or 16% of Net Revenues in the fourth quarter of 2017.

 

Income before income tax expense for the quarter was $9.8 million, an increase of $2.5 million, or 34% compared to $7.3 million in the fourth quarter of 2017.

 

Net Income for the quarter was $7.7 million. Excluding the impact of the 2017 Tax Reform, Net Income increased 38% over the fourth quarter of 2017 from $5.6 million. Net Income, including the impact of the 2017 Tax Reform, was $11.5 million in the fourth quarter of 2017.

 

Adjusted EPS for the quarter was $0.91 per diluted share. Excluding the impact of the 2017 Tax Reform, Adjusted EPS increased 28% from $0.71 per share in the fourth quarter of 2017. Adjusted EPS, including the impact of the 2017 Tax Reform, was $1.26 per diluted share in the fourth quarter of 2017.

 

GAAP EPS for the quarter was $0.62 per diluted share over 12.4 million shares. Excluding the impact of the 2017 Tax Reform, GAAP EPS increased 22% from $0.51 per share in the fourth quarter of 2017. GAAP EPS, including the impact of the 2017 Tax Reform, was $1.06 per diluted share over 10.9 million shares in the fourth quarter of 2017.

 

Backlog was $390 million as of December 29, 2018, a 32% increase from $296 million as of December 30, 2017.

 

Cash flow from operating activities increased $5.5 million, or 46% to $17.4 million for the quarter compared to $12.0 million in the fourth quarter of 2017.

 

 

Full Year 2018 Financial Highlights

 

 

2018 Total Revenues were $422.1 million, an increase of 25% from 2017 Total Revenues of $337.5 million. Gross Revenues – GAAP were $418.1 million for 2018, an increase of 26% from $333.0 million in 2017.

 

Net Revenues for 2018 were $334.3 million, an increase of 25% from $268.3 million in 2017.

 

Organic revenue growth for 2018 was 8%.

 

EBITDA for 2018 was $53.1 million, or 16% of Net Revenues, an increase of 34% from $39.7 million or 15% of Net Revenues in 2017.

 

Income before income tax expense for 2018 was $33.7 million, an increase of $9.1 million, or 37% compared to $24.6 million in 2017.

 

Net Income was $26.9 million in 2018. Excluding the impact of the 2017 Tax Reform, Net Income increased 48% from $18.1 million in 2017. Net Income, including the impact of the 2017 Tax Reform, was $24.0 million in 2017.

 

Adjusted EPS for 2018 was $3.24 per diluted share. Excluding the impact of the 2017 Tax Reform, Adjusted EPS increased 36% from $2.38 for 2017. Adjusted EPS for 2017, including the impact of the 2017 Tax Reform, was $2.93 per diluted share.

 

GAAP EPS for 2018 was $2.33 over 11.5 million shares. Excluding the impact of the 2017 Tax Reform, GAAP EPS increased 39% from $1.68 per share in 2017. GAAP EPS for 2017, including the impact of the 2017 Tax Reform, was $2.23 per diluted share over 10.8 million shares.

 

Cash flow from operating activities increased $17.4 million, or 99% to $35.0 million in 2018 compared to $17.6 million in 2017.

 

1

The following information was filed by Nv5 Global, Inc. (NVEE) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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