On this page of StockholderLetter.com we present the latest annual shareholder letter from NV5 Global, Inc. — ticker symbol NVEE. Reading current and past NVEE letters to shareholders can bring important insights into the investment thesis.

 •  4/29/2024 Letter Continued (Full PDF)
 •  5/1/2023 NVEE Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  NVEE Benford's Law Stock Score = 63

NVEE Shareholder/Stockholder Letter Transcript:

2023 ANNUAL REPORT
TESTING, INSPECTION & CONSULTING    INFRASTRUCTURE    UTILITY SERVICES    ENVIRONMENTAL HEALTH SCIENCES    BUILDINGS & TECHNOLOGY    GEOSPATIAL TECHNOLOGY

NASDAQ GS: NVEE
ABOU T NV5
NV5 Global, Inc. (NASDAQ GS: 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, geospatial,
infrastructure engineering, buildings & technology, testing, inspection &
consulting, and environmental health sciences. NV5 operates out of more than
100 offices nationwide and abroad.
Additional information about NV5 and the services we provide can be found on
the Company   s website at www.NV5.com.
F O R WA R D - LO O K I N G S TAT E M E NT S
This report 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 report. 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.
You may obtain copies of NV5   s annual report and Form 10-K without charge by
contacting our Investor Relations Department via email at ir@nv5.com or via
phone at 954.637.8048.

D E A R S TO C K H O L D E R S,
NV5 delivered a record year in 2023, generating $862 million in gross revenues and $45 million in net income,
demonstrating the impact of NV5   s business model on our continued growth in revenue and profitability.
NV5 is pleased to lead the engineering and consulting sector in the adoption of tech-enabled solutions to meet
the infrastructure demands of a growing population. Through organic growth and strategic acquisitions, NV5
strengthened its position in mission critical data center services, and we know of no other firm that delivers more
MEP design, installation consulting, and commissioning of international data centers than NV5. NV5 also expanded
its position as the leading provider of geospatial data analytics and subscription-based software. We will continue
to identify technological innovations to meet the growing demands on infrastructure and provide competitive
advantages to NV5.
We operate in rapidly growing market sectors, and we are well-positioned to accelerate organic growth in our key
target markets, including utility services, sustainable infrastructure, mission critical data centers, clean energy, and
geospatial services.
Demand for resilient infrastructure that meets the challenges of increasing capacity for electrical transmission and
distribution, sea level rise, and intensifying environmental impacts continue to drive growth in NV5   s infrastructure
business, and NV5 is well-positioned to support sustainable infrastructure investments. Our technology and
buildings business is expected to continue benefiting from investments in clean energy and energy efficiency,
international data center expansion, and mega projects to support the economic transition in Saudi Arabia away
from its dependence on oil and gas. In the geospatial business, NV5 continues to deliver strong organic growth
and profitability as clientele expand the use of geospatial data for water and natural resource management,
defense and intelligence, climate change, and utility asset management applications.
We completed seven acquisitions in 2023, expanding our capabilities in geospatial technology and subscriptionbased software, data center services, and building technology offerings. Earlier in the year, we acquired a leader in
geospatial defense and intelligence data analytics and expanded subscription-based geospatial software offerings.
NV5   s information technology and utility infrastructure services for data centers were expanded, and we also
strengthened owner representation and structural engineering capabilities to support our high margin forensics
engineering business. Mergers and acquisitions activity continues to be strong in 2024, and we anticipate another
active year for acquisitions.
The NV5 business model continues to drive growth and profitability that exceeds the industry average. We are wellpositioned to accelerate our organic growth in 2024 through our tech-enabled service capabilities and high growth
sector focus.
NV5 Global, Inc. | 200 South Park Road, Suite 350 | Hollywood, Florida 33021 | Tel 954.495.2112 | Fax 954.495.2102

T H E N E X U S O F E N G I N E E R I N G & T E C H N O LO G Y
Since 1960, the world population has grown at a rate of one billion people every 12 years, placing ever
increasing demands on limited resources and aging infrastructure. We must adopt technology and innovation
for infrastructure to meet the challenges of a growing demand on resources. NV5 is leading the way in this
regard.
NV5 employs cutting-edge engineering and geospatial solutions to improve the efficiency, resilience, and
capacity of electrical distribution, transportation and water infrastructure, data center management and
storage, building and facility systems, and water and natural resources. Our technological innovations deliver
precise and reliable solutions to these global challenges.
In 2023, NV5 continued the expansion of its technology services through four tech-based acquisitions
in geospatial data analytics, software as a service, and data center information technology and utility
infrastructure services. We will continue to make investments in novel, high-tech solutions that are in high
demand, recurring in nature, and scalable.
Utility
Undergrounding
Over 1,000 miles of
utility underground
through techenabled proprietary
methodology
Utility Asset &
Vegetation
Management
Over 100,000
miles of electrical
transmission
scanned per year
Water
Conservation
Electric Vehicle
Charging Stations
Energy
Efficiency
Green
Infrastructure
Geospatial snow
cap, reservoir,
and groundwater
predictive analytics
to assess water
availability
Planning, design,
and oversight for
over 400 electric
vehicle projects
Real-time
monitoring of
5,000,000 data
points/minute on
over 30,000,000 ft2
of facilities
Over 2,000 green
infrastructure
installations
$1 B I L L I O N I N 2024
In 2021, we established a goal of $1 billion in gross revenue run rate by the end of 2024, and we are on track
to achieve this goal. We enter 2024 with a record backlog and a focus on generating organic growth across
all of our segments. NV5   s 4,500 employees are committed to achieving our growth target and are working
together toward our collective goal.
Acquisitions will continue to be an integral part of our growth strategy, and we will invest in high-margin
services that employ new technologies, strengthen our verticals, provide strong barriers to entry, and deliver
competitive advantages to accelerate NV5   s organic growth.
We are excited about the growth opportunities for NV5 in 2024 and beyond, and we thank you for your
continued support of NV5.
Sincerely,
Dickerson Wright, P.E.
Executive Chairman
NV5 Global, Inc. | 200 South Park Road, Suite 350 | Hollywood, Florida 33021 | Tel 954.495.2112 | Fax 954.495.2102



 4/29/2024 Letter Continued (Full PDF)