NV5 Global Inc (NVEE) 2023 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss NV5's financial results for the second quarter 2023 ended July 1, 2023. Joining us today are Dickerson Wright, Chairman and CEO of NV5; Edward Codispoti, CFO of NV5; Alex Hockman, President and COO of NV5; Ben Heraud, COO of NV5; and Richard Tong, Executive Vice President and General Counsel at NV5. I would now like to turn the call over to Richard Tong.

大家下午好，感謝大家參加今天的電話會議，討論 NV5 截至 2023 年 7 月 1 日的 2023 年第二季度財務業績。今天加入我們的是 NV5 董事長兼首席執行官 Dickerson Wright； Edward Codispoti，NV5 首席財務官； Alex Hockman，NV5 總裁兼首席運營官； Ben Heraud，NV5 首席運營官；以及 NV5 執行副總裁兼總法律顧問 Richard Tong。我現在想把電話轉給理查德·唐。

Thank you, operator. Welcome, everyone, to NV5's Second Quarter 2023 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. These are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause results to differ materially from these statements are included in today's presentation slides and in our reports on file with the SEC.

謝謝你，接線員。歡迎大家參加 NV5 的 2023 年第二季度財報電話會議。在我們繼續之前，我想通知所有參與者，今天的演示文稿可以在 ir.nv5.com 上找到，並提醒大家，今天的討論包含有關公司未來業務和財務業績的前瞻性陳述。這些基於管理層當前的預期，並受到風險和不確定性的影響。可能導致結果與這些陳述存在重大差異的因素包含在今天的演示幻燈片和我們向 SEC 提交的報告中。

During this call, GAAP and non-GAAP financial measures will be discussed. A reconciliation between the 2 is available in today's earnings release and on the company's website at www.nv5.com. Please note that unless otherwise stated, all references to the second quarter 2023 comparisons are being made against the second quarter of 2022.

在本次電話會議期間，將討論公認會計原則和非公認會計原則財務指標。兩者之間的調節可在今天的收益報告和公司網站 www.nv5.com 上找到。請注意，除非另有說明，所有對 2023 年第二季度的比較都是針對 2022 年第二季度的。

In this presentation, NV5 has included certain non-GAAP financial measures as defined in Regulation G promulgated by the Securities and Exchange Act of 1934 as amended. The non-GAAP financial measures included in this presentation are adjusted earnings per share and adjusted EBITDA. NV5 provides non-GAAP financial measures to supplement GAAP measures as they provide additional insight into NV5's financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance or a substitute for GAAP.

在本演示文稿中，NV5 納入了 1934 年《證券交易法》修訂版頒布的 G 條例中定義的某些非 GAAP 財務指標。本演示文稿中包含的非公認會計準則財務指標是調整後每股收益和調整後 EBITDA。 NV5 提供非 GAAP 財務指標來補充 GAAP 指標，因為它們提供了對 NV5 財務業績的更多見解。然而，非公認會計原則措施作為分析工具存在局限性，不應孤立地考慮，也不符合或替代公認會計原則。

In addition, other companies may define non-GAAP measures differently, which limits the ability of investors to compare non-GAAP measures of NV5 to those used by peer companies.

此外，其他公司可能以不同的方式定義非 GAAP 衡量標準，這限制了投資者將 NV5 的非 GAAP 衡量標準與同行公司使用的非 GAAP 衡量標准進行比較的能力。

A webcast replay of this call and its accompanying presentation are also available via the link provided in today's news release and on the Investors section of the company's website. You may also find today's presentation, which will be referenced during this call on the Investors section of the company's website.

通過今天的新聞稿中提供的鏈接和公司網站的投資者部分也可以觀看本次電話會議的網絡廣播重播及其隨附的演示文稿。您還可以在公司網站的投資者部分找到今天的演示文稿，本次電話會議期間將參考該演示文稿。

We will begin the call with comments from Dickerson Wright, Chairman and CEO of NV5 and turning the call over to Ben Heraud, COO of NV5, then hearing from Alex Hockman, President and COO of NV5, before turning the call over to Ed Codispoti, Chief Financial Officer, for a review of the second quarter 2023 results. Dickerson Wright will then provide closing comments before we open the call for your questions. Dickerson, please go ahead.

我們將首先聽取 NV5 董事長兼首席執行官 Dickerson Wright 的評論，然後將電話轉交給 NV5 首席運營官 Ben Heraud，然後聽取 NV5 總裁兼首席運營官 Alex Hockman 的發言，然後將電話轉交給 Ed Codispoti，首席財務官，審查2023 年第二季度業績。然後，迪克森·賴特 (Dickerson Wright) 將在我們開始詢問您的問題之前提供總結評論。迪克森，請繼續。

Thank you, Richard, and thanks to everyone for joining us today for this call. The second quarter results exceeded our planned budget. We are on track to meet the guidance previously given for 2023.

謝謝理查德，也感謝大家今天加入我們的這次電話會議。第二季度的業績超出了我們的計劃預算。我們有望達到之前給出的 2023 年指導目標。

As you see turning to Page 5, not only was an improvement over quarter 1, but we finished the quarter above consensus. Results consisted of organic growth from our existing business but also revenue and organic growth of acquisitions made prior to and during quarter #1. In particular, the acquisitions of software and analytical services strengthens a stable foundation for growth and subscription-based and reoccurring revenue.

正如您翻到第 5 頁所看到的，不僅比第一季度有所改善，而且我們在本季度的完成情況高於共識。結果包括我們現有業務的有機增長，以及第一季度之前和期間進行的收購的收入和有機增長。特別是，對軟件和分析服務的收購增強了增長以及基於訂閱和經常性收入的穩定基礎。

We also announced some recent project wins that support and enhance a sustainable infrastructure and assist the existing utility power grid. We have begun to see the Federal Infrastructure bill materialize. We have recently begun to see green shoots for our real estate transactional business with revenue increasing but still not at prior rates. We have established organic growth initiatives that can provide additional resources for our clients. We have structured the organization to have our most senior people spend additional time with our clients. We feel that this will increase organic growth.

我們還宣布了最近贏得的一些項目，這些項目支持和增強可持續基礎設施並協助現有的公用電網。我們已經開始看到聯邦基礎設施法案的落實。我們最近開始看到我們的房地產交易業務出現萌芽，收入有所增加，但仍達不到之前的水平。我們制定了有機增長計劃，可以為我們的客戶提供額外的資源。我們對組織進行了結構調整，讓最資深的人員花更多的時間與客戶在一起。我們認為這將增加有機增長。

Perhaps we can now go to Slide 6, which highlights our technology expansion with the acquisition of -- which was announced yesterday of Red Technology in the Singapore. This increases our resources in the areas, strengthening our mission-critical data center support activity and promoting further organic growth in the Asia Pacific region. In fact, the acquisition will be a catalyst for further growth and adds to our existing employee base. The employee base now numbers over 250 full-time equivalents in the region.

也許我們現在可以轉到幻燈片 6，該幻燈片強調了我們通過收購 Red Technology 進行的技術擴張，這是昨天在新加坡宣布的。這增加了我們在這些地區的資源，加強了我們的關鍵任務數據中心支持活動，並促進亞太地區的進一步有機增長。事實上，此次收購將成為進一步增長的催化劑，並擴大我們現有的員工基礎。目前，該地區的全職員工人數超過 250 人。

I will now turn the presentation over to Ben Heraud and Alex Hockman to provide an update on the Buildings and Infrastructure businesses.

我現在將把演示文稿轉交給 Ben Heraud 和 Alex Hockman，以提供有關建築和基礎設施業務的最新信息。

Please turn to Slide 7. In 2020, we formed a highly focused division within our international team called NV5 Mission Critical. The idea was to provide a one-stop shop for blue chip clients that was highly outcome-driven. Our clients needed a consultant that could rapidly bring international standards to unskilled markets while adopting the local regulations and culture.

請參閱幻燈片 7。2020 年，我們在國際團隊中組建了一個高度專注的部門，稱為 NV5 Mission Critical。我們的想法是為藍籌客戶提供高度結果驅動的一站式服務。我們的客戶需要一位顧問能夠迅速將國際標準引入非技術市場，同時採用當地法規和文化。

Our mission-critical business has grown close to 400% since its founding and in the first half of the year, it has delivered 14% organic growth. The acquisition of Red Technologies expands both our client base and service offerings in the mission-critical space. Red Technologies provides IT and fiber optic consulting, which is both upstream and downstream of our systems design and commissioning services.

自成立以來，我們的關鍵任務業務增長了近 400%，今年上半年實現了 14% 的有機增長。收購 Red Technologies 擴大了我們在關鍵任務領域的客戶群和服務範圍。 Red Technologies 提供 IT 和光纖諮詢，這是我們系統設計和調試服務的上游和下游。

Having already worked together on a number of projects, we are very well positioned to vertically integrate our services and bring more recurring revenue into the business.

我們已經在多個項目上進行了合作，因此我們完全有能力垂直整合我們的服務，並為業務帶來更多的經常性收入。

In the domestic market, we're also seeing areas of very strong growth. The acquisition of Sage Energy in 2021 bolstered our clean energy group with expertise in renewables and the electric vehicle market, services that are in very high demand right now. As an owner's representative, we engage at the early phase of a project, which often leads to downstream engineering work in other NV5 verticals.

在國內市場，我們也看到了增長非常強勁的領域。 2021 年收購 Sage Energy 增強了我們的清潔能源集團在可再生能源和電動汽車市場方面的專業知識，這些服務目前需求量很大。作為業主代表，我們參與項目的早期階段，這通常會導致其他 NV5 垂直行業的下游工程工作。

At the beginning of this year, we formed a building digitization group, drawing from our expertise in geospatial, building analytics and information modeling to provide scan to BIM and digital twin platforms to our clients. This is now becoming a core part of our more traditional services such as MEP design and program management, bringing more value to our clients, allowing us to deliver projects more efficiently while growing our subscription-based revenue.

今年年初，我們成立了建築數字化團隊，利用我們在地理空間、建築分析和信息建模方面的專業知識，為客戶提供掃描到 BIM 和數字孿生平台。現在，這已成為我們更傳統的服務（例如機電設計和項目管理）的核心部分，為我們的客戶帶來更多價值，使我們能夠更有效地交付項目，同時增加基於訂閱的收入。

Our Technology and Acoustics Group is on track for a record year. We continue to be market leaders in higher education, a market which is currently seeing a strong rebound since the pandemic. We continue to diversify into other markets with recent master services agreements awarded with a large software and government entity. Alex Hockman will now give an update on the Infrastructure and Utilities businesses.

我們的技術和聲學團隊今年有望創紀錄。我們仍然是高等教育市場的領導者，該市場自大流行以來目前正在強勁反彈。我們最近與一家大型軟件和政府實體簽訂了主服務協議，繼續向其他市場多元化發展。 Alex Hockman 現在將介紹基礎設施和公用事業業務的最新情況。

Thank you, Ben, and good afternoon to everyone. Please turn to Slide 8. NV5 has been at the forefront of sustainable planning, design and construction to meet the demands of the population functionality and protecting our environment. We have participated in the Institute for Sustainable Infrastructure and have been active in the development of ENVISION.

謝謝你，本，祝大家下午好。請參閱幻燈片 8。NV5 一直走在可持續規劃、設計和建設的前沿，以滿足人口功能和保護環境的需求。我們參與了可持續基礎設施研究所，並積極參與 ENVISION 的開發。

ENVISION is a holistic sustainability framework and rating system that enables through a thorough examination of the sustainability and resiliency of all types of civil infrastructure. Examples of infrastructure investments that protect our environment include the recently announced $16 million New York City DEP greenwater stormwater project. This project will include the design of an interceptor sewer system to address the concerns with combined sewage outflow systems, also known as CSOs.

ENVISION 是一個整體可持續性框架和評級系統，可以對所有類型的民用基礎設施的可持續性和彈性進行徹底檢查。保護環境的基礎設施投資的例子包括最近宣布的價值 1600 萬美元的紐約市 DEP 綠水雨水項目。該項目將包括攔截下水道系統的設計，以解決組合污水流出系統（也稱為 CSO）的問題。

When treatment plants are overcapacity, untreated sewage is discharged directly into our waterways. The design and construction of interceptor systems reduces the demand on treatment centers and drastically improves the water quality of our rivers and oceans.

當處理廠產能過剩時，未經處理的污水會直接排入我們的水道。截流系統的設計和建造減少了對處理中心的需求，並大大改善了河流和海洋的水質。

We are also starting to see projects resulting from the Infrastructure Investment and Jobs Act, IIJA, which is also known as the Bipartisan Infrastructure law or BIL. The BIL will make available more than $1 trillion in funding for infrastructure programs across transportation, energy and water sectors through a combination of grants, loans and tax incentives.

我們還開始看到《基礎設施投資和就業法案》(IIJA) 產生的項目，該法案也稱為《兩黨基礎設施​​法》或 BIL。 BIL 將通過贈款、貸款和稅收優惠相結合的方式，為交通、能源和水務領域的基礎設施項目提供超過 1 萬億美元的資金。

Our Philadelphia office authored a successful raise grant application for Camden County, New Jersey announced in June 2023. Through this grant, Camden County [owned] $19 million for segments of the Camden County trail, a 34-mile trail through 17 municipalities, which NV5 is designing. RAISE is an acronym for Rebuilding American infrastructure with sustainability and equity. And our Long Island office has performed grant writing services for counties and towns and are awaiting results of the application for federal funds for pedestrian safety and nonmotorized Greenway programs.

我們的費城辦事處於2023 年6 月宣布成功為新澤西州卡姆登縣提交了一份籌集資金申請。通過這筆撥款，卡姆登縣[擁有] 1,900 萬美元用於卡姆登縣步道的路段，這條步道全長34 英里，穿過17 個市鎮，NV5正在設計。 RAISE 是“以可持續性和公平性重建美國基礎設施”的縮寫。我們的長島辦事處已為各縣和城鎮提供撥款寫作服務，並正在等待行人安全和非機動綠道項目聯邦資金的申請結果。

We are in the early stages but are well positioned to assist our public and private sector clients with grant writing, design and project management services for these important infrastructure projects. The multi-disciplined approach of our utility services group has us well positioned to assist throughout the life cycle of energy company's assets and capital improvement projects. We are seeing increased activity across all of our areas of expertise, including transmission and distribution lines, substations, gas, LNG and the rapidly growing demand for EV charging stations.

我們處於早期階段，但有能力協助我們的公共和私營部門客戶為這些重要的基礎設施項目提供撥款寫作、設計和項目管理服務。我們的公用事業服務團隊的多學科方法使我們能夠在能源公司資產和資本改善項目的整個生命週期中提供協助。我們看到我們所有專業領域的活動都在增加，包括輸電和配電線路、變電站、天然氣、液化天然氣以及對電動汽車充電站快速增長的需求。

Recently, a major West Coast utility reported that undergrounding lines was by far more effective in reducing outages and preventing fires than attempting to mitigate fires through forest management. NV5 has extensive expertise in all aspects and disciplines required to design and project manage these improvements and are projecting significant growth in the future. At this time, I will turn it back to Dickerson.

最近，西海岸一家主要公用事業公司報告稱，地下線路在減少停電和預防火災方面比通過森林管理來減輕火災要有效得多。 NV5 在設計和項目管理這些改進所需的各個方面和學科方面擁有豐富的專業知識，並預計未來將出現顯著增長。這個時候，我會把它轉回給迪克森。

Thank you, Alex. By turning to Slide 9, we will provide an update of our geospatial platform, and we'll speak about our continued success as well as our strategy for future growth. The geospatial platform provides 3 key solutions: one, it mitigates risk; two, it plans for growth; and three, manages our existing resources.

謝謝你，亞歷克斯。通過幻燈片 9，我們將提供地理空間平台的更新，我們將談論我們的持續成功以及我們的未來增長戰略。地理空間平台提供了3個關鍵解決方案：一是降低風險；第二，它有增長計劃；第三，管理我們現有的資源。

As Ed Codispoti will mention later, we are increasing our investments to provide the most updated technology and to better address new markets. Data acquisition requires updated aerial measurement equipment. Software solutions provide a competitive edge and embeds our relationship with clients with patented software solutions. NV5 is by far the leader in analytical solutions for our clients. These solutions tailor the acquired data to user-friendly solutions.

正如 Ed Codispoti 稍後將提到的，我們正在增加投資，以提供最新的技術並更好地應對新市場。數據採集​​需要更新的航空測量設備。軟件解決方案提供了競爭優勢，並通過專利軟件解決方案鞏固了我們與客戶的關係。 NV5 是迄今為止為客戶提供分析解決方案的領導者。這些解決方案將獲取的數據定制為用戶友好的解決方案。

Going to Slide 10, you'll see that we depict our backlog and key wins for the second quarter. You'll readily see that our backlog grew 70% over Q2 '22 or Q2 last year, all the way to $803 million over a rolling 12-month period. Our key wins touched most of our service offerings. Our geospatial wins provide data for our government agencies, including the Department of Defense. Our infrastructure wins enhances our delivery and energy efficiency for the existing utility grid. Our geospatial technology investments will support our geospatial wins.

轉到幻燈片 10，您會看到我們描述了第二季度的積壓工作和關鍵成果。您會很容易地看到，我們的積壓訂單比 2022 年第二季度或去年第二季度增長了 70%，在連續 12 個月期間一直達到 8.03 億美元。我們的主要勝利涉及我們的大部分服務產品。我們的地理空間勝利為我們的政府機構（包括國防部）提供數據。我們的基礎設施勝利提高了現有公用電網的交付和能源效率。我們的地理空間技術投資將支持我們的地理空間勝利。

We will now transition the presentation to our CFO, Ed Codispoti, to provide an overview of our second quarter performance. Go ahead, Ed.

現在，我們將向首席財務官 Ed Codispoti 進行演示，以概述我們第二季度的業績。繼續吧，艾德。

Thank you, Dickerson and good afternoon, everyone. If you would please turn to Slide 12 of the presentation, I'll review our second quarter 2023 financial results. Our gross revenues were $222.6 million compared to $202.7 million in the second quarter of last year. The 10% increase in growth was primarily fueled by our Axim & VIS acquisitions as well as organic growth in our geospatial business which combined, represented about $31.4 million.

謝謝迪克森，大家下午好。如果您願意，請參閱演示文稿的幻燈片 12，我將回顧我們 2023 年第二季度的財務業績。我們的總收入為 2.226 億美元，而去年第二季度為 2.027 億美元。 10% 的增長主要得益於我們的 Axim 和 VIS 收購以及地理空間業務的有機增長，總計約 3140 萬美元。

Our top line growth was partially offset by decreases in our real estate transactional business revenue of $8.3 million, driven by market reactions to interest rates and decreases in our LNG business revenue of $3 million, driven by the timing of project cycles.

我們的營收增長被市場對利率的反應導致的房地產交易業務收入減少 830 萬美元以及項目週期時間導致的液化天然氣業務收入減少 300 萬美元所部分抵消。

Gross profit was $110.3 million compared to $99.2 million in the second quarter of last year, an increase of $11.1 million or 11%. Gross margin also expanded by 50 basis points during this period.

毛利潤為 1.103 億美元，與去年第二季度的 9920 萬美元相比，增加了 1110 萬美元，即 11%。在此期間毛利率也擴大了 50 個基點。

Net income was $15.4 million in the quarter compared to $17.3 million in the second quarter of last year, a decrease of $1.9 million. Net income was impacted by amortization expense from acquisitions, which increased $3.2 million when compared to the second quarter of last year and interest expense which increased $2.8 million. Additionally, our net income this quarter was affected by profit margins in our real estate transactional business due to market reactions to interest rates and profit margins in our LNG business due to the timing of project cycles as well as the reduction of acquisition earn-out accruals.

本季度淨利潤為 1540 萬美元，與去年第二季度的 1730 萬美元相比，減少了 190 萬美元。淨利潤受到收購攤銷費用的影響，與去年第二季度相比增加了 320 萬美元，利息費用增加了 280 萬美元。此外，由於項目週期時間安排以及收購應計收益減少，市場對利率和液化天然氣業務利潤率的反應，我們本季度的淨利潤受到房地產交易業務利潤率的影響。

I'll note that we did see resiliency in our real estate business revenue as it increased 26% over the first quarter of this year.

我要指出的是，我們的房地產業務收入確實出現了彈性，比今年第一季度增長了 26%。

Our adjusted EBITDA was $35 million compared to $37.8 million in the second quarter of last year. As was the case with net income, adjusted EBITDA was impacted by the real estate business and timing of LNG projects.

我們調整後的 EBITDA 為 3500 萬美元，而去年第二季度為 3780 萬美元。與淨利潤一樣，調整後的 EBITDA 也受到房地產業務和液化天然氣項目時機的影響。

Our GAAP diluted earnings per share were $1 per share in the second quarter of 2023 compared to $1.13 per share in the second quarter of 2022. Our adjusted earnings per share, which excludes the impact of intangible amortization and acquisition-related costs were $1.29 per share in the second quarter of this year compared to $1.49 per share in the second quarter of last year.

2023 年第二季度我們的 GAAP 攤薄每股收益為 1 美元，而 2022 年第二季度為 1.13 美元。調整後每股收益（不包括無形攤銷和收購相關成本的影響）為每股 1.29 美元今年第二季度每股收益為1.49 美元，而去年第二季度為每股1.49 美元。

On Slide 13, you can see that our cash flows from operations during the second quarter were $14.2 million. Our cash flows from operations for the second quarter were impacted by working capital timing during the quarter, which, to a certain extent, was driven by the bringing on board of the Axim & VIS acquisitions.

在幻燈片 13 上，您可以看到我們第二季度的運營現金流為 1,420 萬美元。我們第二季度的運營現金流受到本季度營運資金時間的影響，這在一定程度上是由 Axim 和 VIS 收購的引入所推動的。

As of July 1, 2023, we had $28.8 million of cash on hand, and our net leverage was 1.4x. This net leverage includes the impact of the Axim & VIS acquisitions.

截至 2023 年 7 月 1 日，我們手頭有 2880 萬美元現金，淨槓桿率為 1.4 倍。該淨槓桿包括 Axim 和 VIS 收購的影響。

Turning now to Slide 14. We can see how we have invested CapEx in our future growth so far this year. When you look at the $10.2 million of CapEx investments we made in the first half of this year, about $8.4 million related to geospatial growth. Of this amount, $2 million was invested in our new geospatial vessel to expand the capacity of our fleet and which has already been engaged in active projects. Another $1.5 million went towards offshore wind equipment to support the offshore wind growth initiative and about $2.7 million was invested in topobathymetric LiDAR sensors for rivers and nearshore geospatial contracts.

現在轉向幻燈片 14。我們可以看到今年迄今為止我們如何在未來增長中投資資本支出。如果你看看我們今年上半年進行的 1020 萬美元資本支出投資，其中大約 840 萬美元與地理空間增長相關。其中，200 萬美元投資於我們的新地理空間船舶，以擴大我們船隊的容量，該船已經參與了積極的項目。另外 150 萬美元用於海上風電設備，以支持海上風電增長計劃，約 270 萬美元用於河流地形測深 LiDAR 傳感器和近岸地理空間合同。

We believe these investments, along with the strength of our balance sheet position us well for future growth. I'll now turn it back over to Dickerson for some closing comments.

我們相信這些投資以及我們的資產負債表實力使我們能夠為未來的增長做好準備。現在我將把它轉回迪克森以徵求一些結束語。

Thank you, Ed. What is our strategy and drivers for future growth? Let's now turn to Slide 15, and you will see mention 7 focus points to position NV5 for future growth.

謝謝你，艾德。我們未來增長的戰略和驅動力是什麼？現在讓我們轉到幻燈片 15，您將看到提到 7 個重點，以定位 NV5 的未來增長。

Number one, we'll expand our geospatial leadership, which approaches $300 million and makes us the leader at least in North America, for sure in the geospatial activity. As Ben mentioned, international data center expansion from new markets and M&A activity will also be a driver. We're going to capitalize on the federal infrastructure activity, which we are starting to see begin now in its infancy. There will always be utility improvements for power distribution and natural gas conversion to LNG and NV5 is positioned very well to capitalize on these opportunities.

第一，我們將擴大我們的地理空間領導地位，該投資接近 3 億美元，使我們至少在北美成為領導者，當然在地理空間活動方面。正如 Ben 提到的，新市場的國際數據中心擴張和併購活動也將是一個驅動力。我們將利用聯邦基礎設施活動，我們現在開始看到這些活動剛剛開始。配電和天然氣轉化為液化天然氣的公用事業總會得到改善，NV5 能夠很好地利用這些機會。

We will continue our public sector focus, which requires mandated in central services and it's not dependent on economic conditions. Clean energy and building efficiency will always be something that we focus on to grow. And last, but not least, is the sustainable infrastructure that Alex mentioned, not only in the civil area, but in every aspect of the infrastructure support services, we will look for sustainability.

我們將繼續關注公共部門，這需要中央服務的授權，並且不依賴於經濟狀況。清潔能源和建築效率將永遠是我們發展的重點。最後但並非最不重要的一點是Alex提到的可持續基礎設施，不僅是在民用領域，在基礎設施支持服務的各個方面，我們都會尋求可持續性。

So we remain optimistic and we'll continue to implement our strategy and stay nimble in our approach based upon market conditions. We maintain our 2023 guidance of $878 million to $915 million revenues, and our GAAP and adjusted EPS guidance will remain the same. Thank you.

因此，我們保持樂觀，我們將繼續實施我們的戰略，並根據市場狀況保持靈活的方法。我們維持 2023 年 8.78 億美元至 9.15 億美元收入的指引，我們的 GAAP 和調整後每股收益指引將保持不變。謝謝。

(Operator Instructions) And your first question comes from Chris Moore, CJS Securities.

（操作員說明）您的第一個問題來自 CJS 證券的 Chris Moore。

So revenue growth guide stays at roughly 14%. Just give me a sense how much of that is (inaudible) Versus M&A.

因此收入增長指引保持在 14% 左右。請讓我了解其中（聽不清）與併購的比例有多少。

Yes. We expect the organic to be in the high single digits, Chris. So around 7% or so is what we're planning for.

是的。克里斯，我們預計有機增長率將達到高個位數。所以我們的計劃是 7% 左右。

Got it. Very helpful. Backlog, $803 million, just roughly what percentage of that is geospatial? Has that changed significantly year-over-year?

知道了。很有幫助。積壓訂單 8.03 億美元，其中地理空間的比例大約是多少？與去年同期相比，情況有顯著變化嗎？

This is Dick. Thanks, Chris, for the question. Geospatial has been running about 50% of their turnover, and I think the turnover growth will be about $200 million this year. So not all of that $803 million, of course, is based on the geospatial activity. So I would say it's about 25%.

這是迪克。謝謝克里斯提出這個問題。 Geospatial 一直在運營其營業額的 50% 左右，我認為今年的營業額增長將約為 2 億美元。當然，這 8.03 億美元並非全部都是基於地理空間活動。所以我想說大約是25%。

Got it. Very helpful. And last one for me. Maybe I know LNG project cycle impacted the first half. Can you talk a little bit more about where you are in those project cycles and what the impact would be in the second half of the year?

知道了。很有幫助。最後一張給我。也許我知道液化天然氣項目週期影響了上半年。您能否多談談您在這些項目週期中所處的位置以及下半年會產生什麼影響？

Well, yes, LNG, of course, is billed as what we call a percentage of completion. So it's their estimate of the completion of that projects that they're working on will vastly impact the revenue that they choose to generate. So we always try to match up labor and revenue at the same time. So they are being more conservative in they're growing. And we think towards the second half of the year, the LNG business, because of the percentage of completion will be stronger or higher. But it doesn't depict any slowdown in the LNG process. It's just that how they're recognizing the revenue on a percent of completion basis.

嗯，是的，液化天然氣當然是按照我們所說的完成百分比來計費的。因此，他們對正在開展的項目完成情況的估計將極大地影響他們選擇產生的收入。所以我們總是試圖同時匹配勞動力和收入。所以他們在成長過程中變得更加保守。我們認為，下半年液化天然氣業務的完成百分比將會更強或更高。但它並沒有表明液化天然氣生產過程有任何放緩。這只是他們如何根據完成百分比來確認收入。

Got it. So the accounting related to that should be a little bit of a tailwind for the second half.

知道了。因此，與此相關的會計應該會為下半年帶來一點推動力。

Correct.

正確的。

Next question comes from Andy Wittmann from Baird.

下一個問題來自貝爾德 (Baird) 的安迪·維特曼 (Andy Wittmann)。

I guess I wanted to start just trying to understand the margin profile in the quarter, your G&A line was down pretty substantially in the quarter to $11.5 million. That number had been reliably running in the $17 million to -- gosh, just over $18 million per quarter run rate. So I was wondering what the difference was this quarter? Perhaps it was maybe accruals for incentive compensation or maybe did you take your, I guess, you'd call it a contra expense on the earn-out liability that you reversed and got to benefit from. Was that -- does that show up in G&A? And I was just hoping you could help us understand that item on the income statement.

我想我想開始只是想了解本季度的利潤狀況，您的 G&A 額度在本季度大幅下降至 1150 萬美元。這個數字一直可靠地保持在 1700 萬美元——天哪，每季度運行率剛剛超過 1800 萬美元。所以我想知道這個季度有什麼不同？也許這可能是激勵補償的應計費用，或者您是否將您的，我猜，您將其稱為您沖銷並從中受益的盈利負債的備抵費用。那是——這會出現在 G&A 中嗎？我只是希望你能幫助我們理解損益表上的該項目。

Absolutely, Andy. It's the latter of those that you just mentioned. It's the -- it's a reversal of an earnout accrual. And so if you refer to the reconciliation of GAAP to non-GAAP in the back of the earnings release, you'll see that our acquisition-related costs had a reversal of $5.3 million on a net basis during the quarter. So that's part of it. We have, as you know, earnout built into some of our acquisitions, and that was just an earnout that was not met that was reversed during the quarter.

絕對是，安迪。你剛才提到的就是後者。這是——這是應計報酬的逆轉。因此，如果您在收益發布後面參考 GAAP 與非 GAAP 的調節表，您會發現我們的收購相關成本在本季度淨額逆轉了 530 萬美元。這就是其中的一部分。如您所知，我們的一些收購中內置了收益，而這只是未滿足的收益，在本季度被逆轉。

It's milestone-based. There's segments of the earnout that depends on the acquisition and not specific to what Ed is mentioning. But the earnout does not indicate necessarily that they are not operating correctly revenue-wise, but it's that segment of time, they were supposed to meet -- and the acquisitions may have met a certain revenue base on a certain time frame according to the contract, and they may not have met it. Sometimes they'll catch up, sometimes they won't.

它是基於里程碑的。收益的某些部分取決於收購，而不是特定於埃德提到的內容。但盈利並不一定表明他們在收入方面運營不正確，但這是他們應該滿足的那段時間——並且根據合同，收購可能在特定時間範圍內達到了一定的收入基礎，而他們可能還沒有遇到過。有時他們會趕上，有時則不會。

Got it. Ed, you mentioned the $5.3 million net. I was wondering sometimes you do actually have positive expenses on that, you did some acquisitions in the quarter. So what was the gross number for the -- for now?

知道了。 Ed，您提到了 530 萬美元的淨收入。我想知道有時你確實在這方面有積極的支出，你在本季度進行了一些收購。那麼目前的總人數是多少？

$6.25 million was the reversal. And like you said, we had positive expense going the other way. So $6.25 million was a reversal and $5.3 million was the net.

625萬美元是逆轉。就像你說的，我們有相反的積極支出。因此 625 萬美元是逆轉，530 萬美元是淨額。

Yes. Okay. That's helpful. And then I was just wondering, just in terms of the cash flow because you did have some working capital build here. You talked about timing. I guess what are you guys now thinking for the year? And some of the things that got you in the quarter for working capital usage, have you collected those items here as it stands here in early August in the third quarter?

是的。好的。這很有幫助。然後我只是想知道，就現金流而言，因為你確實在這裡建立了一些營運資金。你談到了時機。我想你們現在對這一年有什麼想法？一些讓您在本季度使用營運資金的事情，您是否已按照第三季度八月初的情況收集了這些項目？

Yes. I would expect for working capital to -- the impact of working capital in terms of the cash flows in the second half to improve. What happens oftentimes when you have on acquisition, the size of Axim is that the weeks following and the first few months following the acquisition, the AR collections and certain working capital components may not fall into place during that immediate post acquisition post-closing period. And so I think that will recover during the second half, and we should see improvements in our cash flow from operations.

是的。我預計下半年營運資本對現金流的影響將會改善。當您進行收購時，經常發生的情況是，Axim 的規模在收購後的幾周和頭幾個月內，AR 集合和某些營運資金組成部分可能不會在收購後交割後的立即到位。因此，我認為下半年情況將會恢復，我們應該會看到運營現金流的改善。

Got it. Okay. Then just my final question. I guess I just want to try to understand the level of confidence you have here in the second half because for the first half of the year, earnings are down slightly, you guys talked about a 7% organic growth rate, which would suggest that your back half organic growth rate to make 7% for the year would have to be into the double digits given that your -- you started out a little down on the first half of the year. So what are the business lines that you're seeing accelerate to the degree needed to at these levels for the second half?

知道了。好的。然後是我的最後一個問題。我想我只是想嘗試了解你們對下半年的信心程度，因為今年上半年，盈利略有下降，你們談到了 7% 的有機增長率，這表明你們的考慮到今年上半年的開局略有下降，今年下半年的有機增長率必須達到兩位數，才能達到7%。那麼，您認為下半年哪些業務線會加速到這些水平所需的程度？

Well, this is Dick. Thanks, Andy. I think if you're just -- you're not just -- we're not just relying purely on organic growth, but total growth. So there will be some acquisitions also that will be part. It looks like it was going to be just pure organic, would have to be a growth rate of 13%, but we're not expecting that. It does not show any revenue or input from a recent acquisition we just read. And so it will look for us to depend both on the organic growth of the company and growth that we may do through acquisitions.

嗯，這是迪克。謝謝，安迪。我認為，如果你只是——你不只是——我們就不僅僅依賴於有機增長，而是依賴於總體增長。因此，也會有一些收購成為其中的一部分。看起來它只是純有機的，增長率必須達到 13%，但我們並不期望如此。它沒有顯示我們剛剛讀到的最近收購的任何收入或投入。因此，我們將依賴公司的有機增長和我們可能通過收購實現的增長。

As far as the specific areas that we're looking at, I don't want to get too specific, but we are still looking at -- we have phenomenal opportunities in technology for acquisitions and the geospatial area, technology areas such as Red and also, we are looking for some very good opportunities in our core business. So those we all anticipate not knowing if all of those will come in, but we certainly anticipate some of those to help the second half of the year.

就我們正在關注的具體領域而言，我不想說得太具體，但我們仍在關注——我們在收購技術和地理空間領域、諸如紅色和此外，我們正在我們的核心業務中尋找一些非常好的機會。因此，我們都預計不知道是否所有這些都會進來，但我們當然預計其中一些將有助於今年下半年。

Okay. I just want to make sure that I'm clear on that then. So just as it relates to the guidance, did I hear you say that Red is not in the guidance? And are there -- if that's right or wrong, but then comment on that. But did you also -- are you also suggesting that there are acquisitions in guidance that are not announced publicly? Is that what you're saying?

好的。我只是想確保我清楚這一點。那麼，正如它與指南相關一樣，我是否聽到您說紅色不在指南中？如果這是對或錯的話，然後對此發表評論。但您是否也暗示指導意見中存在未公開宣布的收購？你是這麼說的嗎？

I'm not saying neither. But what I -- so let me say what I did say. Red, of course, is included in our guidance because we have it. It was not included in the revenue that was reported because we didn't own it at the time. But it's certainly, the revenue we're expecting is in the guidance for the second half of the year. And we're assuming -- I'm just saying, if you look at the model and look at what we've done and look at the guidance, then you're assuming that all -- collectively, not you personally, but collectively, one would assume that it's just going to be organic growth. I'm saying that we are both active in acquisitions and organic growth. So you'd have to look at a combination of that, and that's why we have a little bit more of a comfort level with our guidance given for the rest of the year.

我也不是說。但我——所以讓我說一下我說過的話。當然，紅色包含在我們的指導中，因為我們有它。它沒有包含在報告的收入中，因為我們當時並不擁有它。但可以肯定的是，我們預期的收入在下半年的指導中。我們假設——我只是說，如果你看看模型，看看我們做了什麼，看看指南，那麼你假設所有的——集體的，不是你個人的，而是集體的，人們會認為這只是有機增長。我的意思是，我們都積極參與收購和有機增長。因此，你必須綜合考慮這些因素，這就是為什麼我們對今年剩餘時間給出的指導感到更加放心。

(Operator Instructions) Your next question comes from David Marsh, Singular Research. David, go ahead.

（操作員說明）您的下一個問題來自 Singular Research 的 David Marsh。大衛，繼續吧。

Just to follow up a little bit on that last question. Especially in regards to your top line guidance being maintained and how we think about the business and potential seasonality, would there still be an expectation that the fourth quarter would be a little bit lighter than the third quarter from a revenue perspective?

只是為了跟進最後一個問題。特別是在維持營收指引以及我們如何看待業務和潛在季節性方面，從收入角度來看，是否仍然預計第四季度會比第三季度略輕一些？

Well, if we were looking at things in the rearview mirror, and it's always been that our fourth quarter is not as strong as the third quarter. However, the fourth quarter can be -- is really -- is affected by many things. It's affected by weather, it's affected by what accruals we may have in place and what we've left but the fourth quarter in the -- it's not as weak as the first quarter, but it's certainly not usually as strong. We just -- but we can't make any assumptions.

好吧，如果我們回顧一下後視鏡，我們的第四季度總是不如第三季度那麼強勁。然而，第四季度確實受到很多因素的影響。它受到天氣的影響，它受到我們可能已經到位的應計項目和我們剩下的項目的影響，但第四季度的情況並不像第一季度那麼弱，但肯定不會通常那麼強勁。我們只是——但我們不能做出任何假設。

In this case, the growth -- this particular year, as Dick mentioned, the fourth quarter is always -- it could go either way, right? But in this particular year, the way we see the backlog rolling out, we see Q3 revenue and Q4 revenue very similar in terms of their run rate.

在這種情況下，增長——正如迪克提到的，第四季度總是這個特定的年份——可能會朝任何方向發展，對嗎？但在今年，我們看到積壓訂單的推出，我們看到第三季度的收入和第四季度的收入在運行率方面非常相似。

And it's also dependent on weather.

這也取決於天氣。

So I mean, to meet that top line number, as was alluded to by some of the previous callers, I mean, you're going to have to put up some pretty, pretty sizable numbers here in the second half. And I guess, I'd just like to understand where you get the confidence in terms of -- just in terms of the pipeline and the backlog that it's going to come through kind of this quickly in order to be able to help you meet those numbers. I just really don't want to see you guys have to use here in the future.

所以我的意思是，為了達到頂線數字，正如之前的一些來電者提到的那樣，我的意思是，你必須在下半場提出一些相當大的數字。我想，我只是想了解您從哪裡獲得信心——就管道和積壓工作而言，它將如此迅速地完成，以便能夠幫助您滿足這些要求數字。我只是真的不想看到你們以後必須使用這裡。

Well, obviously, we have more confidence that you seem to have. We work here, so we get to see things a little bit clearer than you may have seen things. But we expect -- we've had a history of meeting our guidance, and we feel comfortable with what can be expected. We certainly see things that perhaps you have -- you don't have the ability to see right now, and we may have an advantage there.

嗯，顯然，我們比你更有信心。我們在這里工作，所以我們看到的事情比你看到的更清楚一些。但我們期望——我們有滿足我們指導的歷史，並且我們對預期的結果感到滿意。我們當然看到了你們可能擁有的東西——你們現在沒有能力看到，而我們可能在這方面有優勢。

Sure. Sure. Absolutely. And then just kind of turning to the balance sheet a little bit. Obviously, you guys have a little bit of leverage here to make some of these recent acquisitions, particularly some of the bigger ones, would the expectation be that as you generate positive free cash flow, you'll pay down that debt. And what's kind of -- what would you say is your kind of ideal debt profile for the company?

當然。當然。絕對地。然後稍微轉向資產負債表。顯然，你們在這裡有一點槓桿作用來進行一些最近的收購，特別是一些較大的收購，預計當您產生正的自由現金流時，您將償還債務。您認為您對公司的理想債務狀況是什麼樣的？

Yes. I mean as I mentioned earlier, our leverage right now is 1.4x, which is relatively low versus some of our competitors. And so we feel very comfortable with that. As we add acquisitions to the balance sheet, some -- 2 things. First of all, some of those purchases may be funded through our cash from operations. And then just going forward, any excess cash that we've got coming in through our cash flows, we would try to pay down as much of that leverage as possible.

是的。我的意思是，正如我之前提到的，我們目前的槓桿率為 1.4 倍，與我們的一些競爭對手相比相對較低。所以我們對此感到非常滿意。當我們將收購添加到資產負債表時，有兩件事。首先，其中一些購買可能通過我們的運營現金提供資金。然後，展望未來，我們通過現金流獲得的任何多餘現金，我們都會嘗試盡可能多地償還槓桿。

Yes, I just noticed, obviously, a pretty sizable bump up sequential in interest expense. And so I'm sure that just in the current rate environment, there would probably be some desire to [shizzle] that down a little bit and get that back down to a lower number.

是的，我剛剛注意到，顯然，利息支出連續大幅上升。因此，我確信，在當前的利率環境下，可能會有一些人希望將其稍微降低一點，並將其恢復到較低的數字。

And by the way, we did pay down during the quarter. I mean if you don't consider the acquisitions, we actually paid down around $13 million or so, so far during this first half of the year. So we have been on that track of paying down the debt. And then when an acquisition comes along, we -- if there's a need to fund some of that through the facility, then we add to that as needed. But our focus is on good acquisitions in terms of return on capital, while at the same time, deleveraging as much as possible throughout that period.

順便說一句，我們確實在本季度支付了費用。我的意思是，如果你不考慮收購，我們實際上在今年上半年支付了大約 1300 萬美元左右。所以我們一直在償還債務的軌道上。然後，當進行收購時，如果需要通過該設施提供部分資金，我們會根據需要添加資金。但我們的重點是在資本回報率方面進行良好的收購，同時在此期間盡可能多地去槓桿化。

Right. Good luck for the second half, and I appreciate you taking the questions.

正確的。祝下半場好運，感謝您提出問題。

Next question comes from Rob Brown, Lake Street Capital Markets.

下一個問題來自 Lake Street Capital Markets 的 Rob Brown。

I just wanted to follow back up on the real estate transaction business. You had some pretty good stabilization in the quarter. How is that looking the back half of the year? And I guess what's sort of some of the dynamics there that's allowing it to stabilize?

我只是想跟進房地產交易業務。本季度的情況相當穩定。下半年情況如何？我想是什麼動力讓它穩定下來？

Well, it improved in this last reporting quarter, we're seeing some buildup in their backlog. And where we've seen some improvement, it's more in the government areas, that's where we have 2 groups in our transactional real estate. One of them primarily works with Fannie Mae and Ginnie Mae. And so we've seen some improvement in that area. And overall, we're just -- we're starting to see improvement. They continue to remain profitable. They're certainly under where they were last year by about $15 million, but we're starting to see some improvement in revenue, $15 million in revenue.

嗯，在上一個報告季度有所改善，我們看到他們的積壓有所增加。我們看到了一些改善，更多的是在政府領域，這就是我們在交易房地產中擁有兩個群體的地方。其中之一主要與房利美 (Fannie Mae) 和吉利美 (Ginnie Mae) 合作。所以我們看到了該領域的一些改進。總的來說，我們剛剛開始看到進步。他們繼續保持盈利。他們的收入確實比去年低了約 1500 萬美元，但我們開始看到收入有所改善，收入增加了 1500 萬美元。

Yes. Okay. Okay. Great. And then on the Red acquisition, it seems like a good fit in the building area, the -- how does that sort of fit in, in terms of cross-selling and in, I guess, synergies in the building area, just elaborate on how that fits with what you've been doing.

是的。好的。好的。偉大的。然後，關於紅色收購，它似乎非常適合建築領域，在交叉銷售方面以及我想建築領域的協同效應方面，這種契合度如何，請詳細說明這與你一直在做的事情是否相符。

Well, the cross-selling from any of our international operations has really been an offshoring work that they do work for our offices in the U.S. So we would hope that some of our increased capability with Red will improve on the cross-selling and offshoring work that they can be doing for our operations in the states.

好吧，我們任何國際業務的交叉銷售實際上都是一項離岸工作，他們為我們在美國的辦事處所做的工作。因此，我們希望我們與Red 合作的一些增強能力能夠改善交叉銷售和離岸工作他們可以為我們在美國的業務做些什麼。

Your next question comes from Jeff Martin from ROTH MKM.

您的下一個問題來自 ROTH MKM 的 Jeff Martin。

Dick, I apologize if some of these questions are ever done and I hopped on the call a bit late. What is the -- what was the impact from the LNG business? It sounds like it was more of a timing issue than end of project situation? What -- if you already covered that, if you could repeat it, that would be helpful. If not, then look forward to hearing more about it.

迪克，如果其中一些問題已經解決，並且我接電話的時間有點晚，我深表歉意。液化天然氣業務的影響是什麼？聽起來這更像是一個時間問題而不是項目結束情況？什麼——如果您已經介紹過這一點，如果您可以重複一遍，那將會很有幫助。如果沒有，那麼期待聽到更多相關信息。

Well, the LNG business as a percent of completion business. So they build on an estimate of where they think things are complete. And so the project -- although the projects are working on, we felt a steady buildup as it gets into the third and fourth quarter, they were recognizing their percentage of completion lower than they have done traditionally.

嗯，液化天然氣業務佔完工業務的百分比。因此，他們建立在對他們認為事情完成程度的估計之上。因此，該項目 - 儘管項目正在進行中，但隨著進入第三和第四季度，我們感到穩步增長，他們認識到其完成百分比低於傳統水平。

It's also -- Jeff, it's also thinking about it as -- these are larger contracts, lower volume. And so when you compare 1 year to the other, just any little timing differences in terms of when things get started, just kind of push things to the right, which is what happens. So there's a lot of demand and a strong backlog for the business. It's really more just a timing issue. And it really relates more to the first half of last year versus the first half of this year. I think the second half will be slightly up from what it was last year. So it's just a timing issue.

傑夫，它也認為這些是更大的合同，更低的交易量。因此，當你將一年與另一年進行比較時，只要事情開始的時間上有任何微小的差異，就會將事情推向正確的方向，這就是所發生的情況。因此，該業務有大量需求和大量積壓。這實際上只是一個時間問題。與今年上半年相比，這確實與去年上半年關係更大。我認為下半年會比去年略有上升。所以這只是一個時間問題。

Okay. And then on the real estate transaction side, my understanding was that the comparisons in the second half of this year gotten much easier relative to last year. Are you expecting that business to be above last year? Or are we still in that period of recovery mode where it may take a couple more quarters before the comps become sufficiently easy to post real estate transactions growth.

好的。然後在房地產交易方面，我的理解是，今年下半年的比較相對於去年變得容易得多。您預計該業務會高於去年嗎？或者我們是否仍處於復蘇模式，可能還需要幾個季度才能使比較變得足夠容易實現房地產交易增長。

Yes. We're not anticipating the real estate transaction business to be what it was last year. and it's slowly coming back. But it just -- it depends on interest rates and the appetite that -- the one side is a very large portfolio of business, and so they are very dependent on interest rates and the other piece of the business that I said with Fannie Mae or Ginnie Mae are also very dependent on mortgage rates that they can get.

是的。我們預計房地產交易業務不會像去年那樣。現在它正在慢慢恢復。但這只是 - 這取決於利率和胃口 - 一方面是一個非常大的業務組合，因此它們非常依賴於利率和我與房利美或房利美所說的另一項業務吉利美也非常依賴他們可以獲得的抵押貸款利率。

So we see a slow coming back. It's a profitable business. It's quite scalable but we don't anticipate this year to be what it was last year.

所以我們看到了緩慢的回歸。這是一項有利可圖的生意。它具有相當大的可擴展性，但我們預計今年不會像去年那樣。

Okay. Great. And then one more, if I could. With the new geospatial ocean vessel being delivered, what is the offshore wind opportunity look like in terms of -- start to see some revenue generation and some growth in geospatial related to the offshore wind opportunity. Is that a 2024 event or even further out?

好的。偉大的。如果可以的話，然後再來一張。隨著新的地理空間海洋船舶的交付，海上風電機會看起來是什麼樣的——開始看到與海上風電機會相關的一些收入產生和地理空間的一些增長。那是 2024 年的事件還是更久遠的事？

Yes. We just spoke to the people running the geo dynamics group, which has the vessel. That project has been delayed, but they're very enthusiastic about the growth of the wind farm. And so we're seeing much more of the revenue to be generated in 2024 than 2023.

是的。我們剛剛與擁有這艘船的地球動力學小組的負責人進行了交談。該項目已被推遲，但他們對風電場的發展非常熱衷。因此，我們預計 2024 年產生的收入將比 2023 年多得多。

Next question comes from Tate Sullivan, Maxim Group.

下一個問題來自 Maxim Group 的 Tate Sullivan。

You mentioned for 2023 initiatives, rare earth, minerals, geospatial work. Is that already a meaningful portion of what you do in geospatial or is it mostly U.S. geological survey. Can you give some more background on that.

您提到了 2023 年倡議、稀土、礦物、地理空間工作。這是否已經是您在地理空間領域所做的有意義的一部分，或者主要是美國地質調查。您能否提供更多背景信息？

It's an additive to our geospatial platform. We are just positioning ourselves now to take advantage of that market. So it's really -- and it's a very -- the genesis and beginning stage of that and the contribution to revenue. But we see an increase in our defense work through Axim, and we see a defense in the geospatial work from -- and Alex mentioned the ambition from software and so we think that they will be more of a contributor than the rare earth for this year. We will see some revenue from that piece of the business.

它是我們地理空間平台的補充。我們現在只是定位自己以利用該市場。所以這確實是——而且是非常——的起源和開始階段以及對收入的貢獻。但我們看到 Axim 的防禦工作有所增加，我們看到地理空間工作的防禦——亞歷克斯提到了軟件的雄心，所以我們認為今年它們將比稀土做出更多貢獻。我們將從該業務中看到一些收入。

Okay. And then the opportunity with BIM and digital twin, what is that? Did you refer to that in the Analyst Day as well?

好的。那麼 BIM 和數字孿生的機會是什麼？您在分析師日也提到過這一點嗎？

Well, I think I'm going to -- if Ben is on the call, I'm going to dispense the part of [BIM] -- what we see the opportunities with them. And Ben and Alex have been working much closer to that than I have been.

好吧，我想我會 - 如果 Ben 參加電話會議，我將放棄 [BIM] 的部分 - 我們看到他們的機會。本和亞歷克斯的工作比我更接近這個目標。

Yes, it's Ben here. Basically, with that side of the business, we are much more traditional services, for example, our MEP group. When we go in and do a tenant improvement job, we'll now scan this space using one of the geospatial scanners and create a digital twin from that, whereas more traditionally, we would do that with manual measurements. So that enables us to present a more comprehensive solution to the client and actually set us up for an ongoing contract off the back of what was more traditionally a one-off project.

是的，我是本。基本上，在業務方面，我們提供的是更傳統的服務，例如我們的 MEP 團隊。當我們進去進行租戶改進工作時，我們現在將使用一台地理空間掃描儀掃描這個空間，並從中創建一個數字孿生，而更傳統的是，我們會通過手動測量來完成此操作。因此，這使我們能夠向客戶提供更全面的解決方案，並實際上為我們在傳統上一次性項目的基礎上簽訂一份持續的合同奠定了基礎。

Next question comes from Marc Riddick, Sidoti.

下一個問題來自西多蒂的馬克·里迪克。

So a lot of my questions have been answered. I did want to start though, I wonder if you could talk a little bit about IIJA and sort of how that was initially sort of beginning to show up? Maybe you can talk a little bit about the -- what you're seeing relative to maybe what expectations may have been as to the types of -- what your types of projects you're seeing or the types of visibility that might be coming from that and then I had just one other follow-up.

所以我的很多問題都得到了解答。不過我確實想開始，我想知道您是否可以談談 IIJA 以及它最初是如何開始出現的？也許你可以談談你所看到的相對於你所看到的項目類型或可能來自的可見性類型的期望。然後我就進行了另一項後續行動。

So I think the expectation that we had is pretty much what we're seeing. I think the public expectation may have been that we have a waterfall of projects as a result of the bill. In fact, what we're seeing is the initial start is coming through some of the grant writing opportunities. And as those go into the design phase, we'll be in a position to perform design. When it goes to construction, will be there for the project management. So from our expectation, it's basically meeting our expectation.

所以我認為我們的期望與我們所看到的差不多。我認為公眾的期望可能是，由於該法案，我們將擁有大量項目。事實上，我們看到的是最初的開始是通過一些資助寫作機會來實現的。當這些進入設計階段時，我們將能夠執行設計。當它進入施工時，將進行項目管理。所以從我們的預期來看，它基本上達到了我們的預期。

Okay. And then just as a quick reminder, so earlier in the year, there was the weather impact on construction certainly. And that certainly wasn't just something that affected yourselves but many others, particularly in Northern California. I was wondering if you could talk a little bit about how that is -- is there expectation for some of that to have been delayed and flow through later? Or maybe you can sort of bring us up-to-date on maybe what's taking place specifically with that market?

好的。順便提醒一下，今年早些時候，天氣肯定對施工產生了影響。這當然不僅影響了你們自己，也影響了許多其他人，特別是在北加州。我想知道你是否可以談談這是怎麼回事——是否期望其中一些會被推遲並稍後再進行？或者您可以向我們介紹該市場具體發生的最新情況嗎？

So many of our projects were clearly impacted by weather. We felt that very strongly in Q1 and what it does is essentially just move the revenue to the right. The projects aren't terminated. They're not stopped, but they're delayed and sometimes the delay carried on a little further. And even when the weather is clear, there would still be some areas where excavations, for example, had already been done, but they are not filled with water.

我們的許多項目明顯受到天氣的影響。我們在第一季度非常強烈地感覺到這一點，它所做的本質上只是將收入向右移動。這些項目並未終止。它們沒有被阻止，但它們被延遲了，有時延遲會持續得更遠一些。即使天氣晴朗，仍然會有一些區域已經進行了挖掘，但沒有充滿水。

So there's a number of ripple effects that happened as a result of severe weather.

因此，惡劣天氣會產生許多連鎖反應。

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

好的。至此，我們的問答環節就結束了，我現在想將電話轉回給賴特先生做總結髮言。

Thank you, operator. I think if you see the tagline of NV5, there's a quote Effort beyond Engineering. What do we mean by that? Or what does it mean to be that we want to be beyond engineering. Let me mention a few examples and the reason for that strategy.

謝謝你，接線員。我想，如果您看到 NV5 的標語，就會看到一句“超越工程的努力”。我們這麼說是什麼意思？或者說我們想要超越工程學意味著什麼？讓我舉幾個例子以及該策略的原因。

As the Earth's population increases, we must deliver infrastructure and services in a more efficient manner. That is just understood. So our strategy is to have a natural intersection between technology and our traditional engineering services so that we can deliver the infrastructure services, that we can help deliver that in a more efficient basis and improve that delivery.

隨著地球人口的增加，我們必須以更有效的方式提供基礎設施和服務。這只是理解。因此，我們的戰略是在技術和傳統工程服務之間建立自然的交叉點，以便我們能夠提供基礎設施服務，我們可以幫助更有效地提供基礎設施服務並改進交付。

So let's mention a few specific technology and improvements that we make to go beyond the traditional engineering. We use geospatial services and software and all forms of artificial intelligence to improve infrastructure support. Examples of our geospatial mapping of transition lines improves the delivery of utility services. We use the latest geospatial technology to monitor coastline erosion in the delivery of clean water sources.

那麼，讓我們來談談我們為超越傳統工程而做出的一些具體技術和改進。我們使用地理空間服務和軟件以及各種形式的人工智能來改善基礎設施支持。我們的過渡線地理空間測繪示例改善了公用事業服務的提供。我們使用最新的地理空間技術來監測清潔水源輸送過程中的海岸線侵蝕情況。

Our mission-critical business delivers IT and fiber optics to improve system design for our commercial services. We formed a building digital group, which marries our building analytics, information modeling to deliver our BIM and digital twin platforms that we've mentioned previously.

我們的關鍵任務業務提供 IT 和光纖，以改進我們商業服務的系統設計。我們成立了一個建築數字化團隊，將我們的建築分析、信息建模結合起來，以提供我們之前提到的 BIM 和數字孿生平台。

This all becomes an integrated part of our transition to the MEP design and to all forms of infrastructure delivery. Our software technology develops a product named ENVISION, you've heard Alex mention that, which enables us to measure sustainable infrastructure delivery.

這一切都成為我們向 MEP 設計和所有形式的基礎設施交付過渡的一個組成部分。我們的軟件技術開發了一款名為 ENVISION 的產品，您已經聽過 Alex 提到過，它使我們能夠衡量可持續的基礎設施交付。

All of these technology helps us to strengthen our core platform and gives us a competitive edge. For this reason, we feel very optimistic about the future growth of NV5 and we feel it gives us a competitive advantage in the marketplace. So we look forward, this will complete our call for the quarter and what we've done, and we look forward to being with you in the second half of the year, and we're very optimistic about the future of NV5. Thank you.

所有這些技術都有助於我們加強我們的核心平台並賦予我們競爭優勢。因此，我們對 NV5 的未來增長感到非常樂觀，我們認為它給我們帶來了市場競爭優勢。所以我們期待，這將完成我們對本季度的呼籲以及我們所做的工作，我們期待在下半年與您合作，我們對 NV5 的未來非常樂觀。謝謝。

Thank you all for joining. You may now disconnect.

感謝大家的加入。您現在可以斷開連接。