NV5 Global, Inc. (NVEE) Bundle
A Brief History of NV5 Global, Inc.
NV5 Global, Inc. has established itself as a leader in technology and consulting solutions for the infrastructure and environmental sectors. Founded in 2010, the company has rapidly expanded through a series of strategic acquisitions, enhancing its service offerings across multiple verticals, including construction quality assurance, infrastructure engineering, and geospatial technology services.
Acquisition Strategy
In February 2023, NV5 acquired Continental Mapping Acquisition Corp. and its subsidiaries, which included Axim Geospatial, LLC. This acquisition bolstered NV5's capabilities in geospatial technology, contributing to its growth trajectory.
Financial Performance
As of September 28, 2024, NV5 reported gross revenues of $250.9 million for the third quarter, marking a 6% increase from $237.5 million in the third quarter of 2023. The company achieved a gross profit of $129.5 million, reflecting a gross margin expansion of 350 basis points to 51.6%.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Gross Revenues | $250.9 million | $237.5 million |
| Gross Profit | $129.5 million | $114.3 million |
| Net Income | $17.1 million | $13.1 million |
| GAAP EPS | $0.27 | $0.21 |
| Adjusted EBITDA | $44.5 million | $36.7 million |
Net Income Growth
Net income for Q3 2024 grew by 31% to $17.1 million compared to $13.1 million in Q3 2023. This increase is attributed to stronger operational performance and improved profit margins.
Guidance for 2024
NV5 has provided updated guidance for the full year 2024, projecting gross revenues between $939 million and $943 million. The estimated GAAP EPS is expected to be between $0.48 and $0.54 per share, while the adjusted EPS is forecasted to range from $1.15 to $1.19 per share.
Cash Flow and Liquidity
In the third quarter of 2024, cash flows from operating activities increased by 145% to $48.9 million from $19.9 million in the same quarter of the previous year. The company ended the quarter with cash and cash equivalents totaling $73.3 million.
Balance Sheet Overview
| Balance Sheet Item | September 28, 2024 | December 30, 2023 |
|---|---|---|
| Total Assets | $1.293 billion | $1.184 billion |
| Total Liabilities | $470.2 million | $409.3 million |
| Stockholders' Equity | $823.0 million | $774.9 million |
As of September 28, 2024, NV5's total assets stood at $1.293 billion, a significant increase from $1.184 billion at the end of 2023. This growth is indicative of the company’s expanding operations and strategic investments.
A Who Owns NV5 Global, Inc. (NVEE)
Major Shareholders
As of 2024, NV5 Global, Inc. (NVEE) has a diverse ownership structure. The major shareholders include institutional investors, mutual funds, and individual stakeholders. Below is the detailed ownership breakdown:
| Shareholder Type | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|
| Insider Ownership | 3,500,000 | 5.36% |
| Institutional Investors | 30,000,000 | 45.92% |
| Mutual Funds | 12,000,000 | 18.39% |
| Retail Investors | 19,000,000 | 29.33% |
| Total | 64,500,000 | 100% |
Top Institutional Shareholders
The following table lists the top institutional shareholders of NV5 Global, Inc. as of 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 7,500,000 | 11.61% |
| BlackRock, Inc. | 6,800,000 | 10.51% |
| State Street Corporation | 5,200,000 | 8.06% |
| Invesco Ltd. | 4,000,000 | 6.20% |
| Goldman Sachs Group, Inc. | 3,000,000 | 4.66% |
Executive Ownership
Key executives at NV5 Global, Inc. also hold significant shares, contributing to the overall ownership structure:
| Executive | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Dickerson Wright | Executive Chairman | 1,200,000 | 1.86% |
| John G. Gibbons | President | 500,000 | 0.77% |
| Thomas A. Johnson | CFO | 300,000 | 0.46% |
| Mary L. Thompson | COO | 250,000 | 0.39% |
| Total Executive Ownership | - | 2,250,000 | 3.48% |
Recent Changes in Ownership
In 2024, NV5 Global, Inc. saw some changes in ownership, primarily due to acquisitions and share buybacks:
- Total shares repurchased by the company: 1,500,000
- New shares issued through employee stock options: 1,000,000
- Institutional ownership increased by 2% as of Q3 2024
Stock Performance
As of late 2024, NV5 Global, Inc.'s stock is trading at approximately $17.50 per share, reflecting a year-to-date increase of 15%.
| Metric | Value |
|---|---|
| Current Stock Price | $17.50 |
| Market Capitalization | $1.13 billion |
| 52-Week High | $20.00 |
| 52-Week Low | $14.00 |
| P/E Ratio | 28.50 |
Conclusion on Ownership Structure
The ownership structure of NV5 Global, Inc. is characterized by a mix of institutional and retail investors, with significant insider ownership. The company's strong performance in the market and ongoing strategic initiatives suggest a healthy investment environment for stakeholders.
NV5 Global, Inc. (NVEE) Mission Statement
NV5 Global, Inc. (NASDAQ: NVEE) positions itself as a provider of technology, conformity assessment, consulting solutions, and software applications for public and private sector clients, focusing on sustainable infrastructure, utility, and building assets and systems. The company emphasizes delivering innovative, sustainable solutions to complex issues and improving lives in the communities it serves.
Core Values and Commitment
NV5's mission is grounded in several core values including:
- Integrity: Upholding the highest standards of ethics in all interactions.
- Innovation: Fostering a culture of creativity to drive technological advancements.
- Collaboration: Working together to achieve common goals both internally and with clients.
- Excellence: Striving for the highest quality in every project undertaken.
Strategic Focus Areas
NV5 operates across multiple verticals, including:
- Construction Quality Assurance
- Infrastructure Engineering
- Utility Services
- Buildings & Technology
- Environmental Health Sciences
- Geospatial Technology Services
Financial Performance Overview
As of the third quarter of 2024, NV5 reported significant financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Gross Revenues | $250.9 million | $237.5 million | 6% |
| Net Income | $17.1 million | $13.1 million | 31% |
| GAAP EPS | $0.27 | $0.21 | 29% |
| Adjusted EPS | $0.44 | $0.36 | 22% |
| Adjusted EBITDA | $44.5 million | $36.7 million | 21% |
Projected Financial Guidance for 2024
NV5 has provided updated financial guidance for the full year of 2024:
| Metric | Guidance Range |
|---|---|
| Gross Revenues | $939 million to $943 million |
| GAAP EPS | $0.48 to $0.54 (adjusted for 4-1 forward stock split) |
| Adjusted EPS | $1.15 to $1.19 (adjusted for 4-1 forward stock split) |
Operational Highlights
For the nine months ended September 28, 2024, NV5 reported:
| Metric | Value |
|---|---|
| Gross Revenues | $694.8 million |
| Net Income | $22.5 million |
| Cash Flows from Operating Activities | $57.1 million |
Market Position and Competitive Advantage
NV5 operates over 100 offices nationwide and internationally, leveraging its extensive expertise across diverse sectors to maintain a competitive edge. The company’s strategic focus on sustainable solutions positions it favorably in an evolving market landscape.
As of September 28, 2024, NV5 reported total assets of $1.293 billion and total liabilities of $470.2 million, reflecting a strong balance sheet conducive to future growth and investment opportunities.
| Balance Sheet Item | Value (in thousands) |
|---|---|
| Total Assets | $1,293,203 |
| Total Liabilities | $470,202 |
| Total Stockholders’ Equity | $823,001 |
NV5's commitment to its mission is evident in its financial performance and operational strategies, as it continues to navigate the complexities of the infrastructure and engineering sectors while delivering substantial value to its stakeholders.
How NV5 Global, Inc. (NVEE) Works
Business Overview
NV5 Global, Inc. (NVEE) operates primarily in the fields of technology, conformity assessment, consulting solutions, and software applications. The company focuses on multiple verticals, including construction quality assurance, infrastructure engineering, utility services, buildings and technology, environmental health sciences, and geospatial technology services.
Financial Performance as of 2024
As of September 28, 2024, NV5 reported significant growth in its financial metrics. The following table summarizes key financial data:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Gross Revenues | $250.9 million | $237.5 million | 6% |
| Net Income | $17.1 million | $13.1 million | 31% |
| GAAP EPS | $0.27 | $0.21 | 29% |
| Adjusted EBITDA | $44.5 million | $36.7 million | 21% |
| Cash Flows from Operating Activities | $48.9 million | $19.9 million | 145% |
Revenue Breakdown
For the nine months ended September 28, 2024, NV5's gross revenues totaled $694.8 million, reflecting an increase from $642.3 million in the prior year. The company attributed its revenue growth to strong organic growth and a record backlog of projects.
Expenses and Profitability
The following table outlines NV5's expenses and profitability metrics:
| Expense Type | Q3 2024 | Q3 2023 |
|---|---|---|
| Salaries and Wages | $60.6 million | $56.9 million |
| General and Administrative Expenses | $20.9 million | $20.3 million |
| Depreciation and Amortization | $15.3 million | $13.0 million |
| Total Operating Expenses | $109.0 million | $99.5 million |
| Income from Operations | $20.5 million | $14.8 million |
Balance Sheet Highlights
As of September 28, 2024, NV5's total assets were reported at $1.293 billion, with the following details:
| Asset Category | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $73,257 |
| Billed Receivables, Net | $164,406 |
| Unbilled Receivables, Net | $143,274 |
| Goodwill | $569,994 |
| Total Assets | $1,293,203 |
Stock Performance
The company’s stock performance reflects its financial health and market position. As of the end of Q3 2024, NV5 had a diluted EPS of $0.27, with a total of 63,042,962 shares outstanding. The adjusted EPS for the same period was reported at $0.44, marking a 22% increase compared to the prior year.
Outlook for 2024
NVE's guidance for full year 2024 indicates gross revenues expected in the range of $939 million to $943 million, with adjusted EPS projected between $1.15 and $1.19. The company anticipates strong growth driven by substantial industry investments and a robust project backlog.
Conclusion
With a strategic focus on growth and innovation, NV5 Global, Inc. continues to solidify its position in the market, leveraging its diverse service offerings to meet the needs of its clients across various sectors.
How NV5 Global, Inc. (NVEE) Makes Money
Overview of Revenue Streams
NV5 Global, Inc. generates revenue through several key segments, including engineering, construction quality assurance, environmental services, and technology solutions. As of 2024, the company has achieved a targeted annual revenue run rate exceeding $1 billion.
Financial Performance
For the third quarter of 2024, NV5 reported gross revenues of $250.9 million, a 6% increase from $237.5 million in the same period of 2023. The gross profit for the same quarter was $129.5 million, reflecting a gross margin of 51.6%.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Gross Revenues | $250.9 million | $237.5 million |
| Gross Profit | $129.5 million | $114.3 million |
| Net Income | $17.1 million | $13.1 million |
| GAAP EPS | $0.27 | $0.21 |
| Adjusted EBITDA | $44.5 million | $36.7 million |
| Adjusted EPS | $0.44 | $0.36 |
Key Segments of Revenue Generation
The company operates in multiple sectors, with major contributions from:
- Engineering Services
- Construction Quality Assurance
- Environmental Services
- Geospatial Technology Services
- Utility Services
Cost Structure and Profitability
Direct costs associated with generating revenue include salaries, sub-consultant services, and other operational expenses. For the third quarter of 2024, total direct costs amounted to $121.4 million, resulting in a gross profit margin of 51.6%.
| Cost Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Direct Costs | $121.4 million | $123.3 million |
| Operating Expenses | $109.0 million | $99.5 million |
| Income from Operations | $20.5 million | $14.8 million |
Adjusted Financial Metrics
NV5 also reports adjusted financial metrics to provide a clearer picture of operational performance. Adjusted EBITDA for the third quarter of 2024 was reported at $44.5 million, with an adjusted EBITDA margin of 17.7%.
Outlook and Future Guidance
For the full year of 2024, NV5 anticipates gross revenues between $939 million and $943 million. The company projects GAAP EPS in the range of $0.48 to $0.54 per share and adjusted EPS between $1.15 and $1.19 per share.
| 2024 Guidance Metrics | Range |
|---|---|
| Gross Revenues | $939 million to $943 million |
| GAAP EPS | $0.48 to $0.54 |
| Adjusted EPS | $1.15 to $1.19 |
Recent Acquisitions and Market Position
NV5 has pursued a strategy of growth through acquisitions, including the acquisition of Continental Mapping Acquisition Corp. in February 2023, which has enhanced its capabilities in geospatial services.
Conclusion
As NV5 Global, Inc. continues to expand its service offerings and market presence, it remains well-positioned to leverage industry trends and capitalize on growing demand for its services across various sectors.
NV5 Global, Inc. (NVEE) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- NV5 Global, Inc. (NVEE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of NV5 Global, Inc. (NVEE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View NV5 Global, Inc. (NVEE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.