NV5 Announces $100 Million Share Repurchase Program

Rhea-AI Summary

NV5 Global, Inc. (NASDAQ: NVEE) has announced a share repurchase program worth up to $100 million, demonstrating the Board's and management's confidence in the company's robust financial health. This initiative is aligned with NV5's strategy to balance strong organic growth and maintain leadership in the mergers and acquisitions sector. Shares will be repurchased based on market conditions, with the program subject to cancellation or suspension. NV5 focuses on utility services, infrastructure, and consulting solutions across multiple sectors.

Positive

• Authorization of a $100 million share repurchase program to enhance shareholder value.
• Confidence from the Board and management in NV5's strong financial position.
• Continued focus on organic growth and leadership in mergers and acquisitions.

Negative

• None.

HOLLYWOOD, Fla., Aug. 29, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that its Board of Directors has authorized a share repurchase program of up to $100 million of NV5’s Class A common stock.

“This share repurchase program reflects the confidence that our Board of Directors and management team have in NV5’s strong financial position,” said Dickerson Wright, PE, Chairman and CEO of NV5. “Our company’s focus remains unchanged, creating a balance between strong organic growth and continued leadership in mergers and acquisitions. "We have a healthy pipeline of acquisition opportunities and expect our M&A program to continue to contribute to the growth of NV5.”

The Company’s shares may be repurchased from time to time, and the timing and number of shares repurchased under the program will depend on a number of factors including share price and market conditions. The execution of the repurchase program will be consistent with the Company’s capital allocation strategy, which prioritizes investments to grow the business. The share repurchase program does not obligate NV5 to acquire a specific number of shares of Class A common stock and may be cancelled or suspended at any time without notice.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: utility services, infrastructure engineering, testing, inspection & consulting, buildings & program management, environmental health sciences, and geospatial technology services. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc.

FAQ

What is the purpose of NVEE's $100 million share repurchase program?

The $100 million share repurchase program aims to enhance shareholder value and reflects the confidence of NV5's Board and management in the company's financial position.

How will NVEE's share repurchase program affect the stock price?

The share repurchase program could potentially increase NVEE's stock price by reducing the number of shares outstanding, thereby increasing earnings per share.

When was NVEE's share repurchase program announced?

The share repurchase program was announced on August 29, 2022.

Is there a specific timeline for NVEE's share repurchase program?

The timing and number of shares repurchased will depend on several factors, including share price and market conditions.