Core Insights - NV5 has been awarded a two-year, $10 million contract by the North Carolina Department of Transportation (NCDOT) for geospatial and utility services to support statewide infrastructure planning and development [1][2] Group 1: Contract Details - The contract includes a comprehensive suite of advanced data collection and mapping solutions such as GPS services, high-density laser scanning, aerial image collection using unmanned aerial systems (UAS), and elevation data acquisition [2] - Additional services will encompass aerial mapping control, route location surveys, and subsurface utility engineering (SUE) to aid in the design and planning of critical transportation projects [2] Group 2: Operational Capabilities - NV5 will provide dedicated UAS operators and management to ensure quality and consistency in aerial data operations, which is essential for enhancing infrastructure accuracy, safety, and project efficiency across North Carolina [3] - The company's focus on essential infrastructure services and advanced data solutions positions it to support large-scale projects that are critical regardless of economic conditions [3] Group 3: Company Background - NV5 Global, Inc. is a leading provider of tech-enabled engineering, testing, inspection, and consulting solutions, specializing in engineering design, asset management, and geospatial data analytics [5] - The company operates from over 100 offices nationwide and abroad, emphasizing infrastructure resilience and building systems performance throughout the asset lifecycle [5]

Core Insights - NV5 is strategically expanding into the South Korean data center market by acquiring SA Bricks, enhancing its capabilities in commissioning and energy marshalling for data center infrastructure [1][2] - The South Korean data center market is experiencing robust growth due to investments from both local and international technology companies, driven by increasing demand for cloud computing and AI [2] - NV5's data center business now operates in 15 countries, reflecting its global reach and commitment to high-growth regions [2] Company Overview - NV5 Global, Inc. is a leading provider of tech-enabled engineering, testing, inspection, and consulting solutions, specializing in engineering design, asset management, and geospatial data analytics [4] - The company operates from over 100 offices worldwide, indicating a strong operational presence [4] Leadership Statements - Ben Heraud, CEO of NV5, emphasized the strong demand for data center design and commissioning services, particularly in hyperscale data centers, and highlighted the importance of the South Korean market for future growth [3] - Gary Hui, COO of NV5 Data Center Division, noted that the expansion into South Korea is a response to requests from U.S. technology clients, positioning NV5 to support their investments in hyperscale data centers [3]

Group 1 - Halper Sadeh LLC is investigating Foot Locker, Inc. for potential violations related to its sale to DICK'S Sporting Goods, Inc., where shareholders can choose between $24.00 in cash or 0.1168 shares of DICK'S common stock for each share of Foot Locker [1] - NV5 Global, Inc. is being investigated for its sale to Acuren Corporation, with shareholders set to receive approximately $23.00 per share, consisting of $10.00 in cash and an estimated $13.00 in Acuren common stock [2] - The firm may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options regarding the proposed transactions [4] - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4]

Summary of Akron Corporation's First Quarter Earnings and Merger Announcement Call Company and Industry - **Company**: Akron Corporation - **Industry**: Testing, Inspection, and Certification (TIC) and Engineering Services Core Points and Arguments 1. **Merger Announcement**: Akron Corporation has signed a definitive merger agreement with NV5, which will enhance their service offerings and market reach [2][18][19]. 2. **First Quarter Performance**: Akron reported a revenue of $234 million, a 5% increase from $223 million year-over-year, with organic growth at 7.2% [13][16]. 3. **Market Conditions**: The company experienced growth despite macroeconomic volatility and tariff uncertainties, maintaining a disciplined pricing strategy [6][7][11]. 4. **Service Offerings**: Key services include run and maintain work (over 40% of business) and call out services, both of which showed strong performance [9][10]. 5. **Operational Resilience**: Akron's operational exposure to tariffs is minimal, primarily due to local labor costs and low material exposure [11]. 6. **Financial Metrics**: Adjusted EBITDA for Q1 was $25.9 million, down from $35.5 million the previous year, reflecting a decrease in adjusted EBITDA margin from 15.9% to 11% [15][16]. 7. **Full Year Guidance**: The company reaffirms its full-year revenue growth expectations in the low to mid-single-digit range, with flat adjusted EBITDA year-over-year [16]. Merger Details 1. **Transaction Structure**: Akron will acquire NV5 for approximately $1.7 billion, with NV5 shareholders receiving $23 per share, consisting of $10 in cash and $13 in common equity [20]. 2. **Market Expansion**: The merger is expected to create an industry-leading TIC and engineering platform, unlocking new geographies and end markets [18][19]. 3. **Shareholder Benefits**: The transaction is anticipated to be immediately accretive to Akron shareholders, with NV5 shareholders owning approximately 40% of the combined business [20][21]. 4. **Operational Efficiencies**: The merger is expected to yield significant operational efficiencies and a larger service platform [19][21]. Additional Insights 1. **Geospatial Services**: NV5's capabilities in geospatial data and analytics will complement Akron's services, enhancing asset management and inspection processes [28][29]. 2. **Infrastructure Focus**: Both companies see strong growth potential in infrastructure services, driven by aging assets and increased investment in essential infrastructure [26][62]. 3. **Cross-Selling Opportunities**: The merger will facilitate cross-selling of services between the two companies, particularly in new end markets such as infrastructure and industrial sectors [88][90]. 4. **M&A Strategy**: The combined entity will continue to pursue M&A opportunities, leveraging a robust pipeline and the strengths of both companies [108][110]. Conclusion The merger between Akron Corporation and NV5 is positioned to create a stronger entity in the TIC and engineering services industry, with significant growth potential and operational efficiencies. The first quarter results indicate a solid foundation for future performance, despite current economic challenges.

Core Points - NV5 announced the winners of the 2025 NSBE scholarship awards, recognizing ten scholars for their academic excellence in engineering and related fields [1][2] - The NSBE scholarship program supports undergraduate and graduate students pursuing careers in civil, electrical, and mechanical engineering, geomatics, and computer science [2] - The National Society of Black Engineers, founded in 1975, is one of the largest student-governed organizations in the U.S., promoting diversity and inclusion in the engineering field [3] Company Overview - NV5 Global, Inc. is a leading provider of tech-enabled engineering, testing, inspection, and consulting solutions for the built environment, specializing in engineering design, asset management, and geospatial data analytics [6] - The company operates over 100 offices nationwide and internationally, supporting infrastructure resilience and building systems performance throughout the asset lifecycle [6] Scholarship Selection Criteria - Scholarship recipients were selected based on personal essays, academic achievements, community involvement, and professional endorsements, reflecting NSBE's values and commitment to academic excellence [5]

Financial Performance - Gross Revenues increased to $234 million, compared to $212.6 million in Q1'24[9, 17] - Adjusted EBITDA increased to $29.7 million, compared to $27.6 million in Q1'24[9, 17] - Gross Profit increased to $123.2 million, compared to $111.7 million in Q1'24[9, 17] - Adjusted EPS increased to $0.17, compared to $0.15 in Q1'24[17] - Cash Flows from Operations increased significantly, with Q1'25 reaching $38.4 million[20] Business Segments - Infrastructure segment experienced a 12% growth in backlog compared to Q1'24[11] - Buildings & Technology segment experienced a 17% growth in backlog compared to Q1'24[11] - Geospatial segment experienced flat growth due to temporary federal delays, but growth acceleration is anticipated in Q2[8] Strategic Initiatives - The company is targeting $40 million in revenue from cross-selling between Q2'25 and Q1'26[12] - Margin expansion is targeted at +150bps compared to FY'24[12, 56] - The company is aiming for a cash flow conversion rate of 60%+[12, 19] Future Outlook - The company projects 2025 Gross Revenues between $1.026 billion and $1.045 billion[72] - The company projects 2025 Adjusted EPS between $1.27 and $1.37[72]

Financial Data and Key Metrics Changes - Gross revenues for Q1 2025 increased by 10% to $234 million compared to $212.6 million in Q1 2024, marking record first-quarter results for the company [14] - Gross profit rose to $123.2 million, a 10% increase from $111.7 million in the prior year [14] - Net income was $428,000 in Q1 2025, up from $77,000 in Q1 2024, with GAAP diluted earnings per share at $0.10 compared to $0.00 in the prior year [15] - Adjusted EBITDA increased by 8% to $29.7 million from $27.6 million in the previous year, while adjusted EPS rose by 13% to $0.17 from $0.15 [15][16] - Strong cash flows from operations reached $38.4 million, representing a 96% increase over the first quarter of last year [15] Business Line Data and Key Metrics Changes - Infrastructure segment grew by 12% in Q1 2025 compared to the same period last year, driven by strong investments in utilities and transportation [23] - Buildings and Technology segment reported a 17% revenue growth in Q1 2025 versus Q1 2024, with data centers now comprising 15% of buildings revenues [28] - Geospatial segment experienced slower growth due to delays in federal contract awards, but is expected to accelerate as the year progresses [11][33] Market Data and Key Metrics Changes - The infrastructure sector is seeing robust investments, particularly in the Northeast and Southeast, with funding secured before project initiation [24] - The Geospatial segment is witnessing high growth in utilities, transportation, and forestry, with a focus on asset management [33] - Coastal infrastructure projects are expected to grow due to challenges like sea level rise and storms, enhancing the demand for geospatial applications [34] Company Strategy and Development Direction - The company aims for organic growth of 5% to 9% in 2025, with a target of $40 million in revenues from cross-selling initiatives [12][47] - Strategic acquisitions are being pursued to densify the platform and accelerate organic growth, with three acquisitions completed in Q1 2025 [13][39] - The focus remains on mandated services that are essential and not subject to economic fluctuations, ensuring stability in revenue streams [8][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to economic uncertainties, emphasizing the non-discretionary nature of their services [8][50] - The outlook for 2025 remains positive, with reaffirmed guidance of $1.026 billion to $1.045 billion in gross revenues and adjusted EPS of $1.27 to $1.37 [47][110] - Management highlighted strong cash flow conversion and a reduced net leverage ratio, indicating a solid financial position for future growth [16][110] Other Important Information - The company has implemented margin improvement initiatives aimed at increasing EBITDA margins by 150 basis points throughout 2025 [42] - Significant investments in technology and software are expected to enhance growth and profitability in the Geospatial segment [44] Q&A Session Summary Question: What is the outlook for the Geospatial segment in Q2 and beyond? - Management indicated that the Geospatial segment faced internal integration challenges but expects improvements in efficiency and profitability moving forward [55][57] Question: What is the typical size of commissioning service contracts in the data center business? - Typical contracts range from $1 million to $2 million, often executed in phases as data centers expand [66] Question: How are funding sources for infrastructure projects distributed? - Funding varies by state, with significant reliance on gas taxes in some areas, while other projects may be funded through federal sources [73] Question: What are the profit margin expectations for the year? - Management remains confident in achieving the 150 basis points margin expansion goal, with gradual improvements expected in the second half of the year [78][81] Question: Is stock buyback considered in the capital allocation strategy? - The company announced a $20 million buyback plan and intends to utilize cash for acquisitions while maintaining flexibility in capital allocation [88][90]

Financial Data and Key Metrics Changes - Gross revenues for Q1 2025 increased by 10% to $234 million compared to $212.6 million in Q1 2024, marking record first-quarter results for the company [14] - Gross profit rose to $123.2 million, a 10% increase from $111.7 million in the prior year [14] - Net income was $428,000 in Q1 2025, up from $77,000 in Q1 2024, with GAAP diluted earnings per share at $0.10 compared to $0.00 in the prior year [15] - Adjusted EBITDA increased by 8% to $29.7 million from $27.6 million in the previous year [15] - Strong cash flows from operations reached $38.4 million, representing a 96% increase over the first quarter of last year [15] Business Line Data and Key Metrics Changes - Infrastructure segment grew by 12% in Q1 2025 compared to the same period last year, driven by strong performance in utilities and transportation [23] - Buildings and Technology segment reported a 17% revenue growth in Q1 2025 versus Q1 2024, with data centers now comprising 15% of buildings revenues [28] - Geospatial segment growth was slowed due to delays in federal contract awards, but is expected to accelerate as the year progresses [11][33] Market Data and Key Metrics Changes - The infrastructure sector is seeing robust investments, particularly in the Northeast and Southeast, with funding secured before project initiation [24] - The Geospatial segment is experiencing high growth in utilities, transportation, and forestry, with a focus on asset management [34] Company Strategy and Development Direction - The company aims for organic growth of 5% to 9% in 2025, with margin expansion of 150 basis points and free cash flow conversion of 60% of adjusted EBITDA [12][48] - Strategic acquisitions are being pursued to densify the platform and accelerate organic growth, with three acquisitions completed in Q1 2025 [13][39] - The company is focusing on cross-selling initiatives with a target of $40 million in revenues over the next twelve months [12][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to economic conditions, emphasizing the non-discretionary nature of their services [8][51] - The outlook for the remainder of the year remains positive, with reaffirmed guidance of $1.026 billion to $1.045 billion in gross revenues [48][112] - Management noted that the impact of federal spending changes has been minimal, with opportunities arising from increased defense spending [36][64] Other Important Information - The company has a strong balance sheet with net leverage reduced to 1.3 times and over $53 million in cash on hand [16][110] - Significant investments in technology and software are expected to drive growth and profitability in 2025 and beyond [45] Q&A Session Summary Question: What is the outlook for the Geospatial segment in Q2 and beyond? - Management indicated that the slow start in Q1 was primarily due to internal integration issues rather than market conditions, with expectations for improvement in Q2 [57][59] Question: What is the typical size of commissioning service contracts in the data center business? - Typical contracts range from $1 million to $2 million, often done in phases as data centers grow [68] Question: How are funding sources for infrastructure projects distributed? - Funding varies by state, with significant reliance on gas taxes in some areas, while other projects may be funded through federal sources [75] Question: What are the profit margin expectations for the year? - Management reaffirmed the goal of 150 basis points margin expansion, with gradual improvements expected in the second half of the year [78][82] Question: Is stock buyback considered in the capital allocation strategy? - The company announced a $20 million buyback plan and intends to utilize cash for acquisitions while maintaining flexibility in capital allocation [90][92]

Financial Data and Key Metrics Changes - Gross revenues for Q1 2025 increased by 10% to $234 million compared to $212.6 million in Q1 2024, marking record first-quarter results for the company [12] - Gross profit rose to $123.2 million, a 10% increase from $111.7 million in the prior year [12] - Net income was $428,000, up from $77,000 in the same quarter last year, with GAAP diluted earnings per share at $0.10 compared to $0.00 previously [13] - Adjusted EBITDA increased by 8% to $29.7 million from $27.6 million year-over-year [13] - Strong cash flows from operations reached $38.4 million, representing a 96% increase over the first quarter of last year [13] Business Line Data and Key Metrics Changes - Infrastructure segment grew by 12% in Q1 2025 compared to the same period last year, driven by strong investments in utilities and transportation [21] - Buildings and Technology segment reported a 17% revenue growth in Q1 2025 versus Q1 2024, with data centers now comprising 15% of buildings revenues [26] - Geospatial segment growth was slowed due to delays in federal contract awards, but is expected to accelerate as the year progresses [9][32] Market Data and Key Metrics Changes - The company noted robust investments in infrastructure across the Northeast and Southeast regions of the U.S., with funding for projects secured before commencement [22] - The Geospatial segment is seeing high growth in utilities, transportation, and forestry, with a focus on asset management applications [31] Company Strategy and Development Direction - The company aims for organic growth of 5% to 9% in 2025, with margin expansion of 150 basis points and free cash flow conversion of 60% of adjusted EBITDA [10][46] - Strategic acquisitions are being pursued to enhance the service platform and accelerate organic growth, with three acquisitions completed in Q1 2025 [11][38] - The company is focusing on integrating geospatial capabilities with engineering expertise to create scalable and efficient solutions [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to economic uncertainties, emphasizing the non-discretionary nature of their services [6][49] - The outlook for the remainder of 2025 remains positive, with reaffirmed guidance of $1.026 billion to $1.045 billion in gross revenues [46][110] - Management highlighted strong cash flow conversion and a reduced net leverage ratio, indicating a solid financial position for future growth [14][109] Other Important Information - The company has implemented margin improvement initiatives, including reductions in indirect labor and office consolidations, expected to yield benefits in the second half of the year [40][80] - The Geospatial software segment has shown double-digit growth and improved profitability, attributed to significant development investments made in 2024 [32][44] Q&A Session Summary Question: What is the outlook for the Geospatial segment in Q2 and beyond? - Management indicated that the Geospatial segment faced internal integration challenges but expects improvements in efficiency and profitability as the year progresses [54][56] Question: How does the federal work split in the Geospatial segment look? - Approximately 48% of Geospatial revenues come from federal contracts, with expectations for growth in the commercial space as well [57][58] Question: What are the profit margin expectations for the year? - The company is targeting a 150 basis points margin expansion, with gradual improvements expected as efficiency measures take effect [75][80] Question: How will tariffs impact client projects? - The company has limited exposure to tariffs, and no significant disruptions have been reported in project timelines due to tariff-related issues [94][100] Question: What is the status of fire hardening services following recent disasters? - While it is still early for contracts to be finalized, there is increased activity in fire hardening services, particularly in municipalities affected by fires [101][102]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) NV5 Global, Inc. reported strong first quarter 2025 financial results, driven by organic growth and strategic acquisitions, leading to reaffirmed full-year guidance [First Quarter 2025 Performance Overview](index=1&type=section&id=First%20Quarter%202025%20Performance%20Overview) NV5 Global, Inc. reported strong first quarter 2025 financial results, demonstrating significant year-over-year growth in gross revenues, profitability, and cash flows from operations, leading to reaffirmed full-year guidance - Gross revenues increased **10%** over the first quarter of 2024, representing **5% organic growth**[2](index=2&type=chunk) - Cash flows from operations totaled **$38 million**, a **96% increase** over the first quarter in 2024[2](index=2&type=chunk) - Three acquisitions completed in the first quarter had minimal immediate financial impact but position the company for expansion in key geographies and accelerated organic growth[2](index=2&type=chunk) - CEO Ben Heraud stated, "NV5 delivered strong first quarter results for revenue and profitability, positioning us for an excellent 2025"[2](index=2&type=chunk) [Full-Year 2025 Guidance Reaffirmed](index=1&type=section&id=Full-Year%202025%20Guidance%20Reaffirmed) NV5 reaffirmed its full-year 2025 financial guidance for gross revenues, GAAP EPS, and Adjusted EPS, reflecting confidence in strong first-quarter performance and pipeline Full-Year 2025 Guidance | Metric | Range | | :----------------- | :-------------------------- | | Gross revenues | $1.026 billion - $1.045 billion | | GAAP EPS | $0.52 per share - $0.62 per share | | Adjusted EPS | $1.27 per share - $1.37 per share | [Notes on Prior Period Adjustments and Stock Split](index=1&type=section&id=Notes%20on%20Prior%20Period%20Adjustments%20and%20Stock%20Split) Prior period financial data has been adjusted to reflect a 4-for-1 forward stock split effective October 2024, ensuring comparability of per-share amounts - Prior periods presented in the press release have been adjusted as described in the Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2024[6](index=6&type=chunk) - A **4-for-1 forward stock split** was announced on September 25, 2024, with trading on a split-adjusted basis commencing October 11, 2024[6](index=6&type=chunk) - All prior year data impacted by the Stock Split, including number of shares and per share amounts, have been revised to reflect its effect[6](index=6&type=chunk) [Detailed Financial Performance](index=1&type=section&id=Detailed%20Financial%20Performance) This section details NV5's first quarter 2025 financial results, analyzing revenue, profit, net income, cash flow, and adjusted non-GAAP metrics [First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) NV5's first quarter 2025 financial results show robust growth in gross revenues, gross profit, net income, GAAP and Adjusted EPS, and strong cash flow generation [Revenue and Gross Profit Analysis](index=1&type=section&id=Revenue%20and%20Gross%20Profit%20Analysis) This section analyzes NV5's first quarter 2025 gross revenues, gross profit, and gross margins, highlighting year-over-year changes Q1 2025 Revenue and Gross Profit (in millions) | Metric | Q1 2025 | Q1 2024 | YoY Change | | :---------------- | :------ | :------ | :--------- | | Gross revenues | $234.0 | $212.6 | +10% | | Gross profit | $123.2 | $111.74 | +10% | | Gross margins | 52.6% | 52.6% | Consistent | [Net Income and GAAP Earnings Per Share](index=1&type=section&id=Net%20Income%20and%20GAAP%20Earnings%20Per%20Share) This section details NV5's first quarter 2025 net income and GAAP earnings per share, including the impact of amortization expenses Q1 2025 Net Income and GAAP EPS | Metric | Q1 2025 | Q1 2024 | YoY Change | | :---------------- | :------ | :------ | :--------- | | Net income | $0.4 million | $0.1 million | +456% | | GAAP EPS | $0.01 per share | $0.00 per share | N/A | - Net income includes **$1.4 million** of higher amortization expense in Q1 2025 due to acquisitions completed since Q1 2024[4](index=4&type=chunk) [Cash Flow from Operating Activities](index=1&type=section&id=Cash%20Flow%20from%20Operating%20Activities) This section presents NV5's first quarter 2025 cash flows from operating activities, highlighting significant year-over-year growth Q1 2025 Cash Flow from Operating Activities (in millions) | Metric | Q1 2025 | Q1 2024 | YoY Change | | :-------------------------- | :------ | :------ | :--------- | | Cash flows from operations | $38.4 | $19.6 | +96% | [Adjusted Non-GAAP Metrics (EBITDA & EPS)](index=1&type=section&id=Adjusted%20Non-GAAP%20Metrics%20%28EBITDA%20%26%20EPS%29) This section provides an overview of NV5's first quarter 2025 Adjusted EBITDA and Adjusted EPS, showcasing year-over-year improvements Q1 2025 Adjusted Non-GAAP Metrics | Metric | Q1 2025 | Q1 2024 | YoY Change | | :------------- | :-------- | :-------- | :--------- | | Adjusted EBITDA | $29.7 million | $27.6 million | +8% | | Adjusted EPS | $0.17 per share | $0.15 per share | +13% | [Non-GAAP Financial Measures Explanation](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) This section explains NV5's use of non-GAAP financial measures, including their definitions, rationale, and supplementary role to GAAP metrics [Definition and Rationale](index=3&type=section&id=Definition%20and%20Rationale) NV5 uses non-GAAP measures like Adjusted EBITDA and EPS to provide a clearer view of core performance by excluding non-cash or acquisition-related expenses, supplementing GAAP metrics - Adjusted EBITDA reflects adjustments to EBITDA to eliminate stock-based compensation expense and acquisition-related costs[8](index=8&type=chunk) - Adjusted EPS reflects adjustments to GAAP EPS to eliminate amortization expense of intangible assets from acquisitions and acquisition-related costs, net of tax benefits[9](index=9&type=chunk) - Management believes these non-GAAP measures are useful indicators of financial and operating performance and the ability to generate cash flows from operations[8](index=8&type=chunk) - These measures should be considered in addition to, and not as a substitute for, or superior to, other GAAP measures like Net Income and Diluted Earnings per Share[10](index=10&type=chunk) [Corporate Information and Investor Resources](index=3&type=section&id=Corporate%20Information%20and%20Investor%20Resources) This section provides essential corporate information about NV5 Global, Inc., including its business overview, conference call details, and investor relations contact [About NV5 Global, Inc.](index=3&type=section&id=About%20NV5%20Global%2C%20Inc.) NV5 Global, Inc. is a leading international provider of tech-enabled engineering, testing, inspection, and consulting solutions for infrastructure resilience and building systems performance - NV5 Global, Inc. is a leading provider of tech-enabled engineering, testing, inspection, and consulting solutions for the built environment[13](index=13&type=chunk) - The Company specializes in engineering design, asset management, and geospatial data analytics to support infrastructure resilience and building systems performance[13](index=13&type=chunk) - NV5 operates out of more than **100 offices** nationwide and abroad[13](index=13&type=chunk) [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) NV5 hosted a conference call on May 1, 2025, to discuss first quarter 2025 financial results, with details for dial-in and webcast access - Conference call held on Thursday, May 1, 2025, at **4:30 p.m. Eastern Time**[11](index=11&type=chunk) - Webcast available live and for replay via the "Investors" section of the NV5 website at http://ir.nv5.com[11](index=11&type=chunk)[12](index=12&type=chunk) [Forward-Looking Statements and Investor Contact](index=3&type=section&id=Forward-Looking%20Statements%20and%20Investor%20Contact) This news release contains forward-looking statements subject to risks and uncertainties, and provides investor relations contact information - Forward-looking statements are qualified by important factors that could cause actual results to differ materially, including changes in demand, economic conditions, competitive pressures, and regulatory changes[14](index=14&type=chunk) - The company assumes no obligation to update forward-looking statements, except as required by law[14](index=14&type=chunk) - Investor Relations Contact: Jack Cochran, Vice President, Marketing & Investor Relations, at ir@nv5.com[15](index=15&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents NV5's consolidated financial statements, including balance sheets, statements of net income, and cash flows for specified periods [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets provide a snapshot of NV5's financial position, detailing assets, liabilities, and stockholders' equity as of March 29, 2025, and December 28, 2024 Consolidated Balance Sheet Highlights (in thousands) | Metric | March 29, 2025 | December 28, 2024 | | :-------------------------- | :--------------- | :---------------- | | Total Assets | $1,312,031 | $1,315,356 | | Total Liabilities | $469,051 | $482,342 | | Total Stockholders' Equity | $842,980 | $833,014 | [Consolidated Statements of Net Income and Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Net%20Income%20and%20Comprehensive%20Income%20%28Loss%29) This statement outlines NV5's financial performance for the three months ended March 29, 2025, and March 30, 2024, showing revenues, expenses, net income, and comprehensive income Consolidated Statements of Net Income Highlights (Three Months Ended, in thousands) | Metric | March 29, 2025 | March 30, 2024 | | :------------------------------------ | :--------------- | :--------------- | | Gross revenues | $234,045 | $212,558 | | Gross profit | $123,201 | $111,740 | | Income from operations | $4,375 | $4,301 | | Net income | $428 | $77 | | Diluted EPS | $0.01 | $0.00 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows detail cash generated and used by NV5 across operating, investing, and financing activities for the three months ended March 29, 2025, and March 30, 2024 Consolidated Statements of Cash Flows Highlights (Three Months Ended, in thousands) | Metric | March 29, 2025 | March 30, 2024 | | :-------------------------------- | :--------------- | :--------------- | | Net cash provided by operating activities | $38,372 | $19,554 | | Net cash used in investing activities | $(15,208) | $(48,985) | | Net cash (used) provided by financing activities | $(20,389) | $29,595 | | Cash and cash equivalents – end of period | $53,212 | $44,766 | [Non-GAAP Reconciliations](index=8&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of GAAP financial measures to their corresponding non-GAAP counterparts, specifically for Net Income to Adjusted EBITDA and GAAP EPS to Adjusted EPS [Reconciliation of GAAP Net Income to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Adjusted%20EBITDA) This section provides a detailed reconciliation of GAAP Net Income to Adjusted EBITDA, outlining specific adjustments for interest, tax, depreciation, amortization, stock-based compensation, and acquisition costs Reconciliation of GAAP Net Income to Adjusted EBITDA (Three Months Ended, in thousands) | Metric | March 29, 2025 | March 30, 2024 | | :-------------------------- | :--------------- | :--------------- | | Net Income | $428 | $77 | | Add: Interest expense | $3,545 | $4,191 | | Add: Income tax expense | $402 | $33 | | Add: Depreciation and amortization | $17,377 | $15,363 | | Add: Stock-based compensation | $6,770 | $6,666 | | Add: Acquisition-related costs* | $1,213 | $1,312 | | **Adjusted EBITDA** | **$29,735** | **$27,642** | * Acquisition-related costs include contingent consideration fair value adjustments [Reconciliation of GAAP EPS to Adjusted EPS](index=8&type=section&id=Reconciliation%20of%20GAAP%20EPS%20to%20Adjusted%20EPS) This reconciliation details adjustments to GAAP EPS to arrive at Adjusted EPS, primarily by adding back amortization expense of intangible assets and acquisition-related costs, and adjusting for income tax Reconciliation of GAAP EPS to Adjusted EPS (Three Months Ended) | Metric | March 29, 2025 | March 30, 2024 | | :-------------------------------------------------- | :--------------- | :--------------- | | Net Income - per diluted share (GAAP EPS) | $0.01 | $0.00 | | Add: Amortization expense of intangible assets and acquisition-related costs* | $0.21 | $0.20 | | Income tax expense | $(0.05) | $(0.05) | | **Adjusted EPS** | **$0.17** | **$0.15** | * Acquisition-related costs include contingent consideration fair value adjustments