NVEE - Earnings call transcript Q3 2024

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Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss NV5's Financial Results for the Third Quarter 2024 Ended in July 29, 2024 (sic) [ September 28, 2024 ].

Joining us today are Dickerson Wright, Executive Chairman of NV5; Edward Codispoti, CFO of NV5; Alex Hockman, CEO of NV5 Infrastructure; Ben Heraud, CEO of NV5 Buildings and Technology; Kurt Allen, Senior Vice President, Geospatial at NV5; and Richard Tong, Executive Vice President and General Counsel at NV5. I would now like to turn the call over to Richard Tong.

Richard Tong

Thank you, operator. Welcome, everyone, to NV5's third quarter 2024 earnings call.

Before we proceed, I would like to notify all participants that today's presentation can be found on ir.nv5.com, and remind everyone that today's discussion contains forward-looking statements about the company's future business and financial performance. management's and on risks subject based uncertainties. and are current are expectations to These cause to and actual these could SEC. that Factors results included on with today's reports statements differ in presentation our slides in file the are from materially

and the call, measures financial XXXX www.nvX.com. unless third note company's between website GAAP A this included under are share today's earnings per adjusted otherwise will measures the additional has available that XXXX, references quarter X at comparisons measures adjusted as is EBITDA. In During made promulgated in discussed. Exchange to and stated, release non-GAAP reconciliation against NVX's non-GAAP financial provide of they this NVX and quarter be GAAP Regulation insight the in Act this results. being supplement and third of all NVX G into on financial financial presentation, measures are financial Please presentation the non-GAAP Securities as non-GAAP to as earnings defined certain amended. The provides in included measures XXXX.

analytical measures or and GAAP. non-GAAP for a as in in tools are limitations have considered substitute should not accordance isolation and However, be not

companies release ability today's used non-GAAP may are in the company's available measures In Investors addition, and accompanying webcast call to its provided peer limits measures website. via the link news the presentation replay also non-GAAP other companies. A section which of of differently, by NVX define the those compare investors on to of of this

Financial before the go over then call ahead. Dickerson please quarter of before of provide to the XXXX review your Dickerson, will results. Codispoti, from call Chairman Chief closing the NVX, for a will questions. Wright, the with Dickerson open comments comments Officer, third begin we for call Executive Wright Edward turning We

Dickerson Wright

Thank thank for and wish we call. everyone you, to us this joining Richard,

the of Page year. to X of quarter X provide presentation, this performance record we for turn where Let's our

period same XXXX. a comparison We use of the in quarter will as X

You we organic that had increased growth by see X%. will

an increase profit Our gross increased XX% XX%. of income showed net and

also profitability adjusted an margin in of EBITDA We an XX% quarter. in delivered the adjusted increased increase EBITDA XX% had and with

of revenue $X by us of gives rate we the goal of this million billion backlog confidence will achieve run of year. end our Our $XXX that

X We business in create Geospatial will by the new be more and a achieve record our How As Infrastructure, that Buildings results? and target Those consists And verticals. will did segments, X providing opportunities. future are even us? of supported XXXX know, X segments hold these and our does Technology. you what for growth we service

to listen of these Let's the progress and segments. growth

our Let's begin with Alex? Alex Hockman, who vertical. leads Infrastructure

Alexander Hockman

which for include of segment our Dickerson. and Infrastructure presentation. Please turn business this assurance units XX%; were a $XXX and design that X X reporting in verticals survey, services, QX, of The to XX% provide that segment quality construction QX you, comprise services, accounted representing XX% Thank revenues; utility engineering strong QX the generated growth. organic revenue. Slide were as million of which which

awards due ensuring are in electrical more projects that sought strategic specializes lines, reputation also our in design Department by our utility vertical, added of directly specialties segments and are project engineering, of highlights QX. expertise. group for the Carolina by growth winning and aging $XX compounded multimodal Department and demand backlog. or in Some services. Also, to are management undergrounding electrical grid million a sustainable include In a initiatives firms and our surveying infrastructure, of resilient out as with other won segment design our wins insistence Transportation million $XX each the our North the record infrastructure from in of transportation Transportation our niche increasing of Population public such project

transportation our our aircraft to in our geospatial how include demand, [ opportunities UAS utility for winged group aircraft construction from utility resulted with is During from is rotary team for a allowing of contracts have services increased and environmental mentioned to see also support that centers. has quality operations. Also, The These the addition true quarter's to call, our us unmanned captured the services. same dedicated last cross-selling fixed engineering, utilizes are cross-selling data services. services to our data assurance continuing its substation to I in The services our systems. providing team increased and ] demand expertise

cross-selling give opportunities our this advantage infrastructure. offerings allow expertise. processes to abroad support nationally are in-house competitive effort of and clients' These and critical us and our our pursuing are with NVX for service a We integrated manage examples how projects all to

has Our construction XXXX. line had quality in strong which service mandated in organic growth operates a assurance vertical,

our nuclear NQA-X, One maintains has certification, be for awarded $X.X over was $X.X million a projects a of of quality that contract, already funded years. to the next labs assurance X million been which completed

and users infrastructure through contracts. NVX's and end position enhancing service operations segments CQA for Dickerson? team for with market in growth. our Our continued to integrated success have addition utility all offering our multidisciplinary contracting services

Dickerson Wright

Alex. you, Thank

Allen, we our go please the will from ahead. Kurt on Kurt, will who report business. Next, hear of Geospatial segment

Kurt Allen

major Please X to water, natural national in areas. and Slide defense. They what turn do of Dickerson. our Geospatial fits the of business Thanks, into resources are Most presentation. we X infrastructure,

worth and from is from revenue natural It provides advantage and with X being the all these quarter coming in on As the resources coming third $XX recognized general, in XX% areas focuses at competitive Slide categories XX% of this to state geospatial from our market. these in clients. sticky us on federal of Geospatial government. Revenue and unique utilities NVX with defense. each remain the the national I in million XX% mentioned, and in the you the revenue government, scale X a remaining water, revenue major allows with can of local client chart areas see of just X, capabilities from Having infrastructure, coming

geospatial and infrastructure us groups and our expertise building capabilities work for building seeing technologies and and our differentiator technologies are bring a the we are reporting new addition, infrastructures group. In And versa. more often vice

analytics to including system initiatives, asset continue programs, see mapping our asset encroachment implementations. transportation management on management and geospatially focused and like asset We and demand vegetation based in utilities mostly

experienced have a both year hydrospatial beginning from to market last nice strategies We and Hydrospatial in for exceeded we of a This a end XXXX. and the providing result a where backlog changes. change bookings QX now. are market for organizational into of well the and the year this in year, our rebound our of budget is nice

for sub-X expanded aperture have as opportunities We and crossing our mapping. supporting cable programs such geographic commercial included

aircraft we into vessel We logistics. our have operational transitioned also for management model the same use

of has up. gone utilization our a this, vessel result As

and and stimulate Additionally, processing forestry our resources collection, resources-related in Western capabilities water work, analytics our data and United unique States continue the natural Alaska. to primarily

of were private to ability that our capabilities. was at some the and A Geospatial-Intelligence million aware had XXXX. The the Agency past a contract wins gather have sector analytics for and data from to multi-award Agency speed. useful quarter provide We is help the our We insightful to deep going award National scale pipeline $XXX build the rest at leverage Luna nice better learning transition National this and into year and recognition to of Geospatial-Intelligence

past the work, paying So investments which we over ourselves have is made to for year off. software the position this

the awarded awards support grid $XX U.S. million to successfully also reliability. management We were in power directly related over of asset in

scale, acquisition underway. federal the analytics and awarded natural sector the government, data of of resources $XX over addition, and million were In landscape are

across through Our markets includes grow our power traditional thought and position our these and around life position transportation, influence leadership. expanding Geospatial technologic growing and to the for see and markets area XXXX of leveraging asset vision delivery beyond and as defense water an our in We the growth. trends building management our markets cycle prowess

bearing geospatial which are presence hydrospatial already We expanding fruit. our are our assets, of

political to we the expect and opportunities to to placed damage as support state large and contract assessment funding commitments Southeast reality, this to requirements the our the of you, existing mitigation efforts in season. Dickerson. see experienced on will large damage expect in If we hurricanes become areas. Back bills significant made Finally, both at assist part level result has that a federal be by the caused severe the have geospatial supplemental across

Dickerson Wright

Thank you, Kurt.

an and in will activity Technology Our ahead, Ben. is Service provide latest our Group. Go of our third segment. Building update segment this Ben Heraud

Ben Heraud

Dickerson. to quarters, spoken you, services, presentation. our and continue we of be In have the with lot space. growth X you Would we past the Slide to data pleased center please very Thank our turn a this in about

grow a commissioning projects. and this business were hyperscalers the are by to to U.S. in strategy biggest of relationships expand will with project Our confident hyperscalers the is awarded international one that our off. strong this other paying with global recently domestically We leveraging

and clients of were the projects. of pipeline they And We subject they They will X as bring up which new acquisitions this expertise, deliver teams small, also to data announced organic space. we hyperscale our center on while key very strategic. scale matter growth our support in were

We in to Asia continue is growth space strong continue. here the anticipated to organic leaders Pacific region, be and in this our

and Our EBITDA. revenue Group quarter in Technology organic had growth, and a terms of Acoustics record

the sectors, line in aviation higher the other actively for leader be and to and continue are in space We service ed hospitality. the including growing care, health

that in of with terms we large development for awarded also other with lot several stores very and recurring nationwide. the a expertise line, both growth business additional within QX, services, we're to team has a locations for NVX, digitization how the our it's We revenue. In XX,XXX driving about leveraging project expand along scan business, of excited are groups our its building delivery. the retail and potential efficiencies X,XXX were an support and projects program This management to contract potential of its has to aggressive time including to of

the expect ahead, group this Looking XXXX. in of we revenue double to

this, impressive growth do And for large play Our centers international continues it's here. a driver data trajectory. not its growth our part the while organic in group only

A actively drive We're high-growth make acquisitions for example the market ASG recent fronts: of strategy our to growth. on increase the and acquisition in bringing growth existing several our geographically this to provides they support into all services. share is regions where Our locations, is regions all clients Dubai, structural which great now expertise strategy. expand engineering in across strategic further

continue had in operations pipeline where year. this projects Dubai the and also some to rates a player. It's seen of some a areas our of region business. affected has larger mega parts that this ahead projects significant strong are of moving worth impacted businesses CapEx headwinds sectors, in of MEP some Our have we number have the Interest the see noting

we the and centers, including have with deploying decarbonization resources adapt challenge, we any to data doing As where market we the and and our into pharmaceuticals need are clean energy to areas growth, space. in are the seeing been work

emissions. a been of assessing expect the projects, including new a map, investment worth NVX decarbonization a projects that client. solution turnkey energy we strong proposal this will these hold go example, in chip efficiency the CapEx and providing do larger road implementation manufacturer to team and many projects, recently early carbon will commission return that For activity you, we costs our have projects awarded for oversee design, on see project the was reduce It's develop noting CapEx to operating on Dickerson. and for will a with year. Back ahead that for

Dickerson Wright

Thanks, Ben.

Let's now to move [Technical Difficulty]. Codispoti Ed

Edward Codispoti

third results. [Technical quarter financial Difficulty]

these Before that should our XX-Q. note begin of review we I Form file until considered my be the preliminary I will numbers, results

release. previous Additionally, these our amounts to that for affected press in include note as adjustments that discussed periods out-of-period I will prior also misstatements periods

prior Our year. grew in to a compared gross quarter million revenues to record the the $XXX.X in $XXX.X X% million quarter third the of third

to increase the expanded XXX to $XXX.X Our last from Therefore, year. compared in gross an third third gross in XX.X% this of margins our the the points profit year XX.X% $XXX.X was of XX%. basis in prior quarter million of quarter million year,

$XX.X $X.XX in year, $X.XX diluted quarter the a income compared was share third the year net was of per the a of to XX% And million quarter earnings our period, prior in Our last XX% $XX.X increase. increase. million in XXXX third GAAP versus

prior to as Our in increased versus XX.X%. was adjusted year. expansion points our million of represented million basis EBITDA record This margin $XX.X a $XX.X margin XXX the a

$X.XX year, was EPS adjusted XX% prior $X.XX compared the a to Our in increase.

the we $XX.X the quarter. to last XX, turn million same you for now company period of would operations you XXX% a in have will and the cash year. If was a flows see over from Slide increase record This third

at net closing it for remains Dickerson comments. leverage turn Our low some now to over back X.Xx. I'll

Dickerson Wright

to turn where XX, quarter. activities we report acquisition for the Please Ed. you, on will Thank Slide

We providing worked while them resources from existing offering closely As and solidify, the expand acquisition Weston know we're for that we create group with to us a entry. Solutions. to having Resources In California services. our This will look able our our services of acquired the to the greater continues our past. will resources in service quarter, the barrier of Group with allows strengthen platform acquisitions synergies hopefully water Water water higher

also also myBIMteam, expand our We on our speak and acquired to NVX offering. I digitization provider subscription-based building of for is will also service a service strengthen that which Slide would like current XX. vision

improvement, We will will existing our platform. profit continuing which on focused accelerate be growth the of

We to offerings our will nimble service continue to stay opportunistic and expand growth. future support and

the side notice are our basis. $X right and budgeting on for on revenue per share will of gross the GAAP we continuing You page, goal billion adjusted of while earnings a Thank you. approaching

Operator

first from Moore Chris Securities. of with comes question line [Operator the Instructions] The CJS

Christopher Moore

when a filed. XX-Q to of Yes, be the revised might was hoping little a and as the more us to I kind go financials able actually give into will bit on maybe, be detail Ed, you sense

Edward Codispoti

with if that single we do acquired last February year. And XX-Q in outlined we is Tuesday we've of don't -- should a to recall, if believe what in sooner. which had the release impact just week, Axim, it Yes, not next be by you at Chris. material. the press filed And which was, customer of Sure, the

Christopher Moore

from understand how this I'm mechanics on K the came up here a 'XX? trying to Got say, little just maybe more you. versus, of -- the the

Edward Codispoti

Right. in basically it just a it's thing. We'll the Q, provide more but timing information --

I not will revenue, the the breakdown prior it's press a And right? -- be within see and was on it as revenue reported the you the in of matter going revenues release, of the was material. it's which earned gross earnings, could periods. So impact So just it's recognized forward, where said, as

Christopher Moore

sure? Got you. for leave I'm number there. sure, All not one right. I'll the not I Dickerson, miss that backlog did I'm QX,

Dickerson Wright

corner look I it. said I'm the and Chris, the think it, you didn't don't on X it's top on backlog, backlog. it's I if the deck, to Slide I [indiscernible] -- right-hand say in in but sorry, the

Christopher Moore

Got it. $XXX million.

Okay.

Dickerson Wright

I didn't out, point Yes. it I apologize.

Christopher Moore

missed on. mix -- I just of No, it. Too in going changed no, many segments? things terms X the all good. much Has the from

Dickerson Wright

-- segments the Well, this, organically. are all all of fortunately, growing I say

We are or our be business tend And seeing subscription-based international to those a higher revenue. more our in business. growth more and in stable geospatial

these area. the we're be that in than we our with So able And different in pleased more growth as much to platform segments, competitive X are many solidifies geographies.

Operator

Capital. of comes Rob Brown Lake with The from next line question the Street

Robert Brown

working or out center I couple more. a maybe us and the projects for of about you guess commissioning of some the of talked -- revenue bit You little opportunities give Could a there, of of some data you're of kind centers that on size maybe what opportunity? sense opportunities are number

Dickerson Wright

involved -- let all because address probably his -- involved Building domestically centers, been Technology centers. the has he's are NVX much of data with group think I -- I'll group, and his Services that company internationally had data although Ben are with the work segments involves of

-- that can can maybe Ben So answer question.

Ben Heraud

high in we're the There's working degree that we've actual obviously now a expanded can to players yes, can't Yes, confidentiality. themselves. of U.S., I talk in. the major about X weigh with. We clients But

quite side volume, the pleased with we're established the of domestic that. relationships we're So a lot more and with do leveraging lot the international seeing we're internationally. those things, more but on ramp-up a side, And

You assess release have a of talked data where about year. would surpassing seen a load this press center we gigawatt recent

the and seeing growth pleased we're we're there. so that really the that doing with volume And we're

Dickerson Wright

the all confident the can't they to just Yes. by client because these add, hyperscaler are names, household we And well-established client base and is in hyperscalers. but We the of they very Rob, them base are clients. name, mention specifically are company with Western

Robert Brown

some seeing or And a little I headwinds that talked elaborate on you the Could see... it. think in geographies where you side. maybe then the Okay. that, on about that, MEP you're -- bit Got you verticals

Ben Heraud

Northeast has I I being on is, sciences in over can been down recently of I major we just had the told did projects. there the last a The which that. the putting for is we a talk States, of our lot to while cases, clients sign have the of ground-up good a some mean we obviously, seen out, life in slide And slowing we're since these now. Yes, we're space, But the awarded no. casino here in impacted largest the a year, the news commercial some not think it was and deck can is just the good ones -- one proposals in see we Fontainebleau project. and were we've of

projects early a on new we the year. we've cases, that some of ahead think of hold, move But and have lot the do been the areas here seen them that's in expect impacted. in I to been So

Operator

comes of Blair. William with McFadden question next Luke line The from the

Benjamin Luke McFadden

is his guess Mulrooney. and particularly win, McFadden was with of businesses maybe to business and first lines Trump of any be election Luke under then I change the there the did a on well by any on just term This for environment? your well in flip Trump might your perform if if here, Tim administration? maybe wondering to start I impacted priorities are you'd expect to that this which thrive And side, continue in from

Dickerson Wright

that regulations the allows higher change. that But try to Well, I overall business how have that's did government be some jump an heads each will ease -- there and us if wish market awful we're projects. tale macro could of the question, But the is a the speak also I the has effect change. sides of will of situation in work tremendous capitalize X the it's agencies. due amount I good But feel really, with very they and if I environment. answer the that what of cities. do -- yesterday could to and best that non-regulatory permitting is on the we regulation to wish regulatory -- specificity. a of requirements of for eased, lot a have of picture do we and We segment answer -- of and that how and But you Luke, on But just maybe higher both we political let begin

so, that? be Alex, by And feel how affected will how you about do the infrastructure

Alexander Hockman

I that rely will see that we've the CQA the market. demand that still that still we'll down, utility our the still environmental, improvements transaction other see real to as in for To a come we including extent rebound think such been don't infrastructure interest well a development, increase. rates experiencing. work change tailwinds That's estate see I as our any in works as well on going -- as there's

Dickerson Wright

do you. now took And process -- But me projects that Thank awarded. you've infrastructure, of say do will heard what see that? speed calls the change with you start so Maybe, How administration it be previous process was geospatial for in maybe we're is long that earnings could to permitting the and side, see the permitting difficult the the many the Kurt, how up. hoping from change? you that

Kurt Allen

Yes.

I federal the particular, is kind and we think for that of bipartisan. work government, we do view the geospatial in

so this support typically through work. companies Biden legacy And during well. saw of Trump that a aisle as the our with And administration, the continuation sides administration both of we first the

see So really, I a don't change.

Dickerson Wright

is side, what of always projects Luke, have are we we've projects experienced. is geospatial but that's on moved those what some to continue, -- the right, previous said And and on that and the recordings, at worst, that the

how -- see did you politics And so Building who Technology comment can any -- I changing you group. Ben, maybe the on now maybe

Ben Heraud

Yes.

or either they I hold decision of lot have one -- made way looking on in certainty And for until projects I been way. a our clients just to think clients, our talking was think this another. were

work to that interest we'll that cases, the think what we And just a ahead. said actually we'll to no. hold told of do some been of had I lot I haven't So move the rates, activity we've that's told been about there, proposal on some on see out be I sort adding of start yes that in and expect

yes, So view it. that's on my

Dickerson Wright

can Luke, best comment, the So concerning that's we that environment. that concerning political the --

Benjamin Luke McFadden

to maybe Ben quickly, or that's from color one data everyone. appreciate just No, perhaps then maybe great. another centers here for anyone really And just I related the else.

have You've clients about design MEP efficiency, the energy talked need power for commissioning. delivery, and

if As you particular $XXX or where particularly within any those I million area just you'd perhaps mention mark, be grow that this like maybe that to curious focused. business one didn't there's towards categories

Just any be color there would great?

Ben Heraud

services mentioned you full Yes. are I ahead. mean steam all

is where for lot a more I see think on side. had one delivery Alex We to also and the today growth and just getting we'll Obviously, huge us side. these an issue and actually of power I a engineering the is the sites note internal ahead. power a call, opportunity few others

MEP have their our and of closely commissioning group help. team So technical expertise a and power screaming delivery clients very out be we are strong where our will working very for with our sort

so So all side, that international delivery. don't something services, that's that on power we much the have

we'll our be bring looking to to clients there out So that also.

that So very in our yes, services high think right now. are I demand space that in

Dickerson Wright

offices That's music certainly because and that and the ears, to my feel we cross-selling advantage ears broad an offices having of such to -- that music base to see what And segments the that's various we'd Ben, is we really a operations. is have. my love between to

Ben Heraud

unique, and being our be quite to turnkey. it's really enjoy able clients that Yes,

Operator

comes Jeff Capital from The the Martin Partners. of with ROTH question next line

Jeff Martin

the on comment really that your to in guidance discussed wasn't you could remarks? Ed, revision prepared

Edward Codispoti

-- you Sure. quarter. from can strong as -- our numbers, a I mean you third we know, as tell we we had very really, had

record We a gross matter cash EPS EBITDA, profit, we fact, of adjusted flow. of As record number revenue, a records. record had had record adjusted a and

end But strong just very quarter. the caution, we're we into heading the year. very, sure conservative want of that make abundance to of So in an

the so business that. see lot of opportunities to we And and for for revised forward. But going really a accommodate tailwinds

Dickerson Wright

-- unfortunately Beach. have Newport we I of was don't being going say, luxury the to just Jeff, unfortunately, in And

weather and winter have face. that some quarter, we have we third to the delays things have So we

a little wanted we conservative or to the be on So bit the guidance. projection

Jeff Martin

Beach, Newport think to [indiscernible] geographically. although business the move to welcome I You're you

so Axim that the think client, half out accounts I of the revised one $X.XX pointing for guidance to I [Technical in roughly right? revision change, So your your due it's Difficulty] out. worth change, think pointing

Dickerson Wright

correct, That's correct. That's Jeff.

Jeff Martin

any provide XX-Q? Okay. that down the might other come will may [indiscernible] guess is And in that And you I restatement, as clients concern road? there then quarter-by-quarter appear in this the well

Edward Codispoti

We've basis. that it don't quarter-by-quarter yes, No, on a have we detail And at no, looked Q have concern. the will thoroughly. the

Jeff Martin

then the Okay. good, to your just outlined back was expectations some of growth July organic presentation, jumping And the by you in way. very Day which Investor

Just maybe anything curious if to you months And back? are point going shifted, you those still we that targets has good which feel of segments out forward? relative a the if couple see discussions had any change

Dickerson Wright

Great is you Investor and group. Jeff. it's A know, promote goal of it's question, our enthusiasm And as Day and aspirational that to oriented,

a earnings on sometimes and saying disparity that between so And what we're calls. there's these

So to confident really the that exceed people want and those our growth organic we keep these in goals. projected to through is earnings calls, up fired we are

Jeff Martin

Yes.

on in than government you in other Okay. anything I renewals? political seeing the the going are don't or would on And landscape flow landscape think then geospatial, the decision-making really side... commercial of maybe budget of and normal there's delayed that some contract contracts

Dickerson Wright

sounds That Kurt. a for good like question

Kurt Allen

will now, Yes. are are be think fiscal it that on a with the we and strong of into was we about but They confident guarantee that continuing of commentary going say backlog a -- we have we whereas confident year, resolution right period, I'm is just federal now. But 'XX period the can't in year think the fairly ago I backlog, some were think quiet we're strong area lame-duck we kind in done No, probably certainly in finished are their that do not it. there one a right our our as we're clients. very we I'd year that I as the I

-- think pretty bullish. we're I we're very So

Operator

The America. next Bank comes Feniger of Michael from of with question the line

Nandita Nayar

This is Nandita Nayar on for Mike.

you're guess provide like shoots I real officially cycle, just rate transactions? easing in given update you an a there? seeing could estate that Any on So now we're green

Dickerson Wright

just rates, Alex sure it. will the be the ask question, your we seeing the we question? activity want the to Federal about lowering understand that of Was since increased that today Did you rates I to Was interest think interest question? I heard because but Reserve from best that? some again. answer we're Do make that

Nandita Nayar

shoots easing green in the transactions Any are Yes. rates? there Yes. of real you given seeing estate guys

Alexander Hockman

Yes.

when easing that the is real of to anticipate dependent loans we'll are our on things, to growth It's absolutely right? with continue balloon. transaction estate we X in So rates, going business. very see One

the as The transaction we actual rates and increases decrease. place, that that absolutely takes other is business have

Dickerson Wright

Yes. we've report directly I operating from strong both or an our there don't of of And transactional Clark. it watch results, anecdotally, me, Global seen estate some those. really & real the very improvement Bock both on both and groups, Realty I results but can to see quite

direction real going. So market we estate are that the very is encouraged with the

Operator

comes line question from The next with Andy of the Wittmann Baird.

Andrew J. Wittmann

of the second in thought In of the way other for year? an have does first the rest you I you about this first year, second guess for would half the the there the factor year, than guidance? that it half half forecasted just a impact the for half words, restatement the Is of in of a the terms couple the year? of of clarifications is $X.XX more anything the here. way the change Does

Edward Codispoti

year because at that year We guidance on it of going anticipate to full the we're into the factored -- end the guidance. full it day, we landing

factored that revised that we've in So guidance. $X.XX

Andrew J. Wittmann

is change way have some accounting addressed Or of to the that a consideration? the -- would that a Yes. you new fact the in like I but old is is not accounting the there there's I guidance, change the due understand, guidance -- change it to -- second is half? the in your did guess -- that the the

Edward Codispoti

you still think half. it when first in Well, account into But anticipate takes QX, QX. a the the adjustments strong we about

earlier, trying how said just we cautious I quarter. we're forecast be that to in As

Andrew J. Wittmann

kind I ask the And months but little in Okay. bit I the quarter? you XX last that I'm were understand Can I way. the in to a think different closed was question revenue from then, the us tell just of this, going revenue guess, what acquisitions organic gross

Edward Codispoti

second, Sure. Andy. Give me one

you're that with, filings. So -- familiar right, and the Andy, this disclosure, in our is

about in the for contributed -- XXXX in they acquired what And far million. X $XX.X those million. think the So months, contributed so we've in you months, X $XX.X when the

Andrew J. Wittmann

the Okay. I'm just then that's fourth have So publicly quarter? it curious, you is Appreciate is not everything this that is... call that. would announced here, guidance been in been any Or again contribution reflected in announced? just the And from there acquisitions

Edward Codispoti

is announced reflected guidance. that's Everything been that in

Operator

At now like session. this concludes our back time, to remarks. the for Wright call this would to closing over Mr. I question-and-answer turn

Dickerson Wright

operator. you, Thank you. Thank

-- can more and last see, you this of the encouragement quarter a even As to leads we for had we strong very our year. quarter,

conservative We see 'XX, we you And anticipate because quarter from that how for increased, of the good we and what reporting we we we see under-promise of fourth and a like it's if can conservatism, backlog the therefore, In if are to do want always And a bit company. this to absolutely sign strong We over-deliver. you backlog, see can the all things see contributions forward. going segments. has is a say.

the revenue. a Let's about little talk type of bit

Now starting the subscription-based the see to revenue, we're and revenue. we're really continuous dependent

for software we're that. our continues revenue, and SaaS-based contribute, receive looking group to As we're starting to

right now, that providing in do what those by we And our lot are now, up share and what very and segments receiving detail just I as we a are reporting come all wanted of The very the to we're budgets. we're from really encouraged XXXX. -- from by those. things that of from encouraged 'XX. Right ground for research budgets seeing our for conclude budgets So we we see

we're we for to how very finish even the anticipate the So that we're more we are going encouraged XXXX. and year, in growth on encouraged

to looking the is few the looking for mention new so I next thing be be one that think not much months guidance. like I'd in other

As as at XXXX go in at $XXX everyone project billion, we you did $X into of We it we million. We forward. we always we're it did end 'XX it what did in on know, at which the entering tell 'XX. revenue right that in $XXX at think we We million. now XXXX

that be guidance year. there'll And the we're a do going so new for following will to -- that

to contributes of are indicator appreciative robust us So that look And that company an that. it. it's really, forward it's that we for growing for very a everybody

promise all very so can have that we organization, a to flat want hard very deliver our We we what of us to and work investors.

as everyone thank look to today, the conclude and to fourth forward you to us the time want I again gave So speaking for you we quarter. we

you, thank everyone. So

NV5 Global (NVEE) 7 Nov 242024 Q3 Earnings call transcript