NV5 Global (NVEE) 3 Nov 222022 Q3 Earnings call transcript

Good afternoon, everyone, and thank you for participating in today's conference call to discuss NV5's financial results for the third quarter 2022 ended October 1, 2022.

Joining us today are Dickerson Wright, Chairman and CEO of NV5; Edward Codispoti, CFO 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.

Thank you, operator. Welcome everyone to NV5's Third Quarter 2022 Earnings Call.

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

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

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

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

call will find be the today's on website. company's presentation, this You may Investors section also of the during referenced which

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

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

gone X For website to now Slides X financial the to third discuss our those and let's NVX that business turn our you earnings QX view and to deck, results. overview of to have investor quarter

in delivered XX% We a and achieved all is gross the was million for XXXX. XX% which million XXXX also growth $X.XX over increase measurements. of increase in is $XX versus and in for QX QX quarter. EBITDA financial We third revenues, adjusted quarter, quarter grew a EPS $XXX share which an Adjusted the in the

organic driven and these verticals, results in Although our we X Services again experienced record were building technology exceptional growth all once vertical. across Geospatial

significant will solid contracts to for our organic a in growth. third backlog continued the million be awarded are grew quarter, We which $XXX and foundation

activity in hospitality M&A building numerous solidify will We opportunities and care, convention which continues health Our our strengthen our the technology offerings with in pipeline. service work. Technologies, acquired center KMK and vertical

X. to Turning Page

economic The cycles. from core position is service reliable of LNG is increasing gas utility provides investment solely on growing. The that NVX natural not strength to also the discuss conversion Let's are utility our our business. and delivery dependent through in and energy of ongoing services offerings

business Clean has owners, a growth due physical partially and Sciences we for to been to significant expected has for by Environmental damage demand. increased environmental improvements which well. as efficiency required has Health energy has accelerated become NVX a and engine see services structures. Ian inflicted and what's buildings Energy Hurricane existing

construction to or also Our is there forensic growing opportunistic. defect work positioned NVX is and be

and record record Geospatial quarter Services. the update $XX service prior for exceeding an secured new We provide $XX will federal in grown government XXXX. third line, we to the this contracts that state since wind our XXX% million. X, activities Page period including has March XXXX. provide grown entities farm million our Geospatial, same has Offshore a versus XX% On on during of The of in services we

which construction to opportunistic perform building of be We XXXX. and evidenced and seagoing is anticipate evaluations, vessel the in and specialized commissioning in -- a by deepwater we which service use are in being will Geospatial

The and commercial integration utility business. a are of sector services and continued new of Geospatial organic the through service core to be driver this of anticipated to revenue growth

Page X. to Turning

synergies. earnings X and ensure technology, and also We enhance business will and pillars sustainable NVX which acquisition scalability in discuss growth, on growth, of both model activity add NVX's is drive and to revenue focus and merger

Let's referenced of Public support awards, educational of wins for go to U.S. was design; facility New million park utility $XX and including City the page. some X also which York Survey and $X the support to our wildfire as key for from discuss $XX services. North Page Carolina transportation million on this million York, and Geological to in mitigation; million improvements; and $X service New

our planned of see has X right $XXX for you'll total activity. XX-month over represents budget backlogs quarter of side the XX% in page, our On which a the of ongoing grown million,

also Page cross-selling to like XX. our would update I through on QX

inter-office know, of our to XXX offices represents you given been work NVX subconsultants. otherwise have for As that cross-selling would

we the new another program, wins. also the awards of of You'll of and brought activity all to of profitability cross-selling offices serves growth participate of million NVX million, notice allows Since date platform. historical It $XX.X have and in $XXX the our Cross-selling to represents purpose. in-house. which inception

provide to of transition to our quarter now Financial Go third overview Codispoti, Chief our We'll Officer, Ed presentation performance. Ed. the ahead, an

Dickerson, you, Thank and good everyone. afternoon,

quarter the $XX.X our had compared the growth as our We compared third the to quarter presentation, to the million of the Slide to results. in last to XX% strong XXXX in XX% third XXXX. Net third income gross would revenues million increased quarter $XXX.X million third $XXX.X to $XX.X in of you in If year. third quarter turn I'll of review of increased please financial quarter million XX

period million the $XX $XX.X in in to third last quarter X% the from XXXX increased EBITDA adjusted year. of Our same million

per quarter, increase. diluted share per increased quarter Our the per third in share XXXX XX% earnings of $X.XX $X.XX from a to XXXX GAAP share in the third

$X.XX per share increased per cash XX% from share to the third XXXX operations in million the quarter of XX% earnings year. $X.XX of flows to in our $XX.X in And adjusted million from $XX.X Our quarter. the XXXX increased per last third from quarter share third

Slide see our continue we you On XX, can sheet. to balance strengthen

million year, to of million our of increased at year. cash and January $XXX.X to Our as X from beginning million of $XX.X from is the million $XX debt $XX.X down this the

beginning X.XXx outstanding Moreover, $XXX.X had As our of third result, the $XXX is credit the a of at with facility, our the we quarter. of year. down as to of million X.XXx $XX.X from million million capacity the net under leverage end just

leverage Our capacity larger increased We as continues position strong opportunities for have to balance future flows growth. arise. transactions and cash to cash with fund sheet lower us well complete and most the acquisitions can position, combined flows from

As today, the momentum we of a result, makes the NVX. combined organic very strong excited our with about have M&A positioning future us for

turn over to some it back now comments. Dickerson closing for I'll

Why Ed. turn Thanks, we don't to XX. Slide

there that our believe results has that see we will growth profitability, performance and and for You'll year-to-date strong record continue. NVX delivered

and increased offshore tailwinds strong utility fire We power anticipate for spending. We opportunities from mitigation have infrastructure services, increased generation.

organic international Our have driven offices growth. over XX%

M&A and forward. gives our see, us increased record and profitability for confidence pipeline growth strong backlog can you As going

full everyone of and reaffirming thank year I first $X.XX million $X.XX. X per gross to revenues XXXX for million strong want full $XXX the year, to $XXX share a the these performance for results. factors As a our and adjusted to the are earnings QX we guidance of quarters participation for in year of result XXXX XXXX of your throughout

of proud concludes of the very accomplishments remarks. people. This our prepared are We our

And of Moore come [Operator our the with from first Securities. Chris CJS Instructions] question will line

there guide still the good at midpoint. -- the that for revenue 'XX? looks of you you're about that organic thinking growth what's growth quarter. the Congrats is Can at roughly on It M&A another versus kind just like Right. XX% split

be and X%, XXXX. not preliminary, growth from least we're does for of budget have But to going what with at include still that closing in anticipating pipeline acquisitions in in we Well, up growth come seeing Organically, the hard the we're process. the it's what is company. anticipate and M&A organic number. we think We're we to a not the

Geospatial a a big that's exciting but you off. begin Got Can just terms to it's taken there? with, like in little is was bit talk further quarters. it. record And -- seeing it looks jump about maybe really It of you're what

Yes.

activities that will from anticipating As new delayed still you Geospatial that know, some growth Chris, in XXXX, spilled they had We projects over 'XX. our in a awarded. be larger projects to are

core utility aerial more really activity, each I a to doing our work. phenomenal and starting they and where a think we're day it's acquisition see them developed team doing opportunity of exposing cross-selling, a for through more the we're what survey, more is existing have and they're with our really to and integration Geospatial we've they're Geospatial business, of lot

the though, been a our strength, will and to arena. our we analytic in think in -- And real the has Geospatial going to in I think the moves company hope strengthen see capability. this is make XXXX, year us the in The more coming competitors to really, you're is this analytics. differentiator Geospatial that And from

activity. utility Geospatial about we're excited significant opportunities as forward. our cross-selling looking looking integration, we for we're We're So go more for our and business with

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

quarter. my add nice I'll And congratulations on a

the recovery were Could you little that projects in a next think little federal activity and go bigger Just were on quickly coming into those are on I business. the of and delayed into the a and bit color in what 'XX? year more Geospatial the projects some state that

Yes.

Rob, be -- not increased -- not that and are for our clients the looking know, business all have rates to mandated not and to business As activities we to particularly elective try to we've really of core to in activities. subject you interest Geospatial are always we tried or positioned,

now. So -- that some delayed starting -- see were we're that were we're to projects recuperated that defense those there spending

quite seeing our projects projects the their you're We've new good into our for we offerings quarter now will XXXX over significant clients, fruition that that we're you've a growth this announce that and can the with new also of not integration in some and wins combination looking of anticipating last were through ready yet XXXX our and the that we're were utility and the year. service into It's in mentioned last we of you're to the Geospatial with of that next into quarter hopefully and core and seeing state But come go we is to we see that agencies could federal really spill XXXX. year analytics things. business, starting think full to X we're -- what had in that delay traditional opportunities that the -- to very

delayed from was you really with their where would our projects business. one-off a that's in growth core if with So activities Geospatial see and organic cross-selling

And the some think business, in contract. Could of on give macro you the sort recent color LNG the some and services a developments then that drivers on of market Okay. utility I you there? us won maybe

we're you're probably Yes. that that That and very we're utility conversion in which we're what construction. Well, doing only and everything installation year. gas this mentioning an or a the million facility. procurement, storage our that It's LNG to not doing the one -- EPIC. traditional defined LNG was $XX design appreciative award. is, but doing is business And as natural are doing we from project, the is The of a is referencing

project anticipate conversion $XX have greater getting so can store that is that we're to we the they And X and LNG over so full years. more a capacity. more that particular utility you million for And that and this see seeing this work

and percent more That's very work, So it's projects. our that related group our of happy. from coming with does we're completion LNG

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

a clarification. Sorry, just

sounded question have rate. might think organic at just X%, And want X%. to answered that outlook on it for -- was I 'XX? like I you're but the a least growth the expecting first 'XX question that your confirm was then you growth organic

Andy. Well, yes, thanks,

in we're we're process and that We be is know budget every And come the for don't now clear. XXXX. greater organic we're from a for bit me middle right specific through growth our X% from seeing of growth the the But unit. budgeting little budgets in XXXX. ground seeing, anticipating or up the organic process what more Let we're

growth but than we've that XXXX. for least in we're think better anticipating X% I XXXX, organic had at

bigger asking here be than into it just I That reason would X%. -- up, representative organic that rate any and the that of could that fourth rate to would -- reason lot to quarter, makes a imply? backlog it the is the backlog implicit that. take I that are to plus revenue therefore revenue not sense. convert obviously, Okay. mean I'm wouldn't believe be? backlog guide quarter somewhat with backlog that's XX%, guess, XX% same believe there fourth it or the what And I for to But is like if today's the burn XX%. wanted what, -- in projects the to longer specifically, for, confirm the revenue level And the quite not XX% growth what growth of larger looks burn any necessarily

Geospatial delayed, another are Okay. Well, to the to a the to backlog as of absolute. maybe we that for And is recorded as envision budget time. pushed what win reason XX% many as process of different that a because backlog we've in over turning XX% or maybe period use never so be we projects over barometer, reasons, seen in

fully count the backlog. can't in we that So

But backlog the is But record sometimes And is we that pushed anticipate delayed and defense the XX-month federal that delays doing. and in record others don't we seen and a in work we some only Geospatial in that that over. work doing -- -- period. work we've

I canceled. I'll obviously, we're only going the have business, we and see, some competitors things I speak concluding that can't the is Andy, so that we anything the I amount mention can't project tremendous are those -- know But of have our particular but particular that's happen. rates. now right see But backlog, on, try have steer in and thoughts backlog commercial anticipating rate in the be interest would project that And not we right also our would softness, of anticipating forward. sensitive. these a the any name to rate what We that interest work tend to I interest to we're backlog. delay or that not tendency I of delayed a so maybe a from And be many from don't that In on much in dependent. of dependent don't very now

margins. actually down but the to Geospatial confused against why profit guess, strong for be guess Okay. down. on I'm always a just profit some Year-over-year, I a little be would they the your really high, your case. work, are are mean, tends guess year-over-year. that I as they're margins highest of quarter I very which margin to bit I

the the this what that either quarter's about talk business that you it or could maybe Dick, So Ed the quarter? -- or the in mix of it margins year was was to led for decline in third prior comparison, led to year-over-year

is Sure, Andy. This Ed.

that right, So quarter. this you're temporary -- appear number of impact I reality, a way. say that margins more it's of a we've the particular reasons. that do because And for had in But

nonrecurring. G&A example, costs you this For about have acquisition-related million do that expenses of in which embedded for quarter, is $X op

really we that this You third not third also have have quarter. project quarter for that some various that suite are the particular and travel expenses discrete are to recurring professional fees that in are

you when adjust XX.X%. should those XX% it very year out, at where if so. adjust back those When margin the close be, look be was about you or you things last operating So to they to should

so So look I wouldn't much. that at wouldn't into I much. look too it

you went the from operating If months, XX.X% look margin XX.X%. margin to at -- the X the

quarter period than it. some in noise look So year-to-date the the the quarter has at because more

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

revenue on up was only a up EBITDA XX%, Andy's Just question. -- X%. was follow-up The gross EBITDA

line that in Just in kind QX guys QX. X% was explaining quarter in kind the EPS XX% nonrecurring Does pressures. on think fourth quarter this of in up guess fourth revenue guide about trying we grow the EBITDA fourth the trying some on to up I'm year-over-year were that basis. then in a half first of basis. quarter? to because well? gross of the see Do assess just your temporary impact revenues quarter You of I in with a the and in EBITDA as some you

-- No, reality, a phenomenon. as QX this more it I of in see

those expect was it QX, really Again, normalize For we timing. to margins.

for are impact per we you adding for the case, I value on acquisition-related share. So income But face share. as earnings mentioned earlier. back that costs look going In add those we those margins, operating back, per you guide we of it's at to example, but said, purposes if adjusted adjusted using statement, that earnings

a nonrecurring had that QX of number again, So that in items created it noise.

We expect going margins to resume normalized more forward.

some Having margins. said that, lines fluctuations are that, some in there reasons, have for had timing business their of again,

in following the margins those course QX QX we year, equalizes continue that it's year. in whether expand the to a next so expect of or over matter of time. of to And But

if just we do how know we next next M&A, X% much you carries year do just of these how curious some at M&A, But much next year. revenue about over I no growth helpful. into year? get And from organic least any did you this closing year? if That's just more incremental talked this acquisitions don't more

you nature. that completed more this year at When we strategic XXXX, in really were the look acquisitions

from material, financials, to the the with be perspective weren't So of they very you. honest

use achieve. always of So the the next we as minimum month but Dick basis. process target so, least at as We we'd here a said, could And more, that's like target budget know we kind over you we'll -- that or X% the consolidated complete that basis. would on to like a

acquisition Mike, Dick. can't -- And active we is when -- to this going And time unfortunately, is specific a certain very still but We're choose close. M&A. very in a

have in process not, now, acquisitions. budget right our we not So we have anticipated any

will that are we some -- happen. they Although confident

the anticipated process. not have in anything We budget

happen by supported acquisitions So total Ed purely that will mentioned, growth, are organic is that XXXX. has the that the to intended be in growth X% our and

squeeze I Perfect. could in. one just If more

wind, really what the some seeing flat, is seeing offshore are in momentum of guess rates in lagging? really the in portfolio, attractive What in opportunity. you're like robust I growth LNG strong to -- guys Dickerson, utilities, these growth Geospatial, You areas. these

other portfolio much are the holding from stronger. that in growth if back curious there's Just pockets being the total

That's a very question, good Michael.

I verticals, or have is to of think and the say to not everything strategy NVX that basket. is in it's would these I -- X with place have -- X

So dependent. of have sector we towards structure public our so -- to work is not first XX% economic we the that try are the really

XXXX. we're However, area somewhat in estate real of as see our contributions from rates. see interest that estate the anticipating softening not rise in because had we've the transaction and significant business, we nominal rates in we the started and real softening to interest And rise

in And confident so don't anything feel probably sensitive seeing going some we that has has to growth although pretty where we the been -- interest rates. budget been forward, lack you're of

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

was us a Day there's I an any Western are so, at Investor if from I discussion your just you to business XX,XXX May wondering if on And of a opportunity? utility if that a could you that? undergrounding material of give development was There distribution amount about miles Dick, lines. curious positioned was update. capture

more we've But you, people are I I think I really focused all that have can we than tell you're curious particular -- Jeff. we don't yes, Well, hired utility. We've think additional am, on X direct. that

assured will and all our revenue Alex, Officer, Operating initiative to be underground the with So these that utility. the of me from very President contributing people that has

had, They've there. focused hired a I been that. strategic a recently, for in mitigation fire really And reading we initiatives, the our to more we doing. want this. and one the through of they're really but mention person what effort things X don't and put people knowing we And key hired name, you've doing

that in Day. even we're we're quarter, of in specific the a we did but mention that But a XXXX. Investor so that is the fourth anticipating contribution contribution And utility in thinking more

a Jeff. good got You've memory,

Okay.

some Is So it like developments. that sounds positive some...

I traction. believe getting making me. every but ask XX it's seconds, It's traction, only about No. it And certainly

transaction-related probably excellent. I wanted Ed quarter benefit nature onetime thank color M&A. to Excellent, in And then were that future on the that for the in the costs

the I believe the perhaps interest you higher I based rate How side? lines M&A, trigger rate environment. into variable same -- larger making does than to BofA on on transaction thoughts wanted on of do facility. is facility get pulling the with Along come a normally play your your the rising a rate acquisition

things, of couple A Jeff.

our been quarter-over-quarter as expense we're while we've and down if have rates you to of you positioned lot. all, gone that bring -- leverage sequentially look First interest that so a down ironically, our gone luckily, helps has well. at so We able saw up,

M&A for perspective, appetite in the way. same view really, an From we M&A

the borrowing leverage sense now, continue Xx. to at Our -- that below at the we're at will costs be [indiscernible] low in they're we're we're leverage relatively

are LIBOR X%. rates plus Our

a basis, too so significant. not, on really they're And relative again,

shy so And wouldn't any good that way. from away come it have would a opportunities our

are rates. expecting an we Jeff, interest increase in And

a little we leveraged sensitive Maybe good but mention that. Now because be that in of for And not reason to in we I'll fees. concluding are question. because a of very to try our very borrowing this bit that more it's increase comments,

And it's the quarter okay. between M&A, a million, I future, easy could number getting then much in into million in doing the X/X Yes, that disclose probably a non-Geospatial. that bookings imply the was if book-to-bill. you would I'm request $XXX is backlog. about just When of change not put you're to back in which $XXX I or of off somewhere quarterly curious in bookings

that in bookings Just from? where of chunks the quarter came the bigger wondering

recommendation will that. include -- well a at the It's received, is taken we and

you question So what on -- we quarter is find... asking were trying your core in I'm much business? this the question a booked how to

quarter that $XXX right, the were I'm the by Am around quarter, of doing backlog $XXX revenue a I the backing into basis backing in plus the way bookings sequential And changing the into in that million. on it. number, million,

million of. bookings Or your was that it quarter? vertical lot the $XXX And million, your larger just any was a what a of the then there had consisted Was utility, verticals? typical grouping Geospatial close if was within $XXX that I was curious in to other different

in the in bookings specific our fourth quarter, announced think the quarter I I Well, the think LNG though. we

that We was did, one.

announce We which could is may But energy project, and until activity have a the quarter. not our we a booking third won coming was it. conversion of in actually the significant whole. recognized the our and We as from from utilities that lot gas Yes. LNG business

suspect majority I mention the can would any came that in There isn't work work. work areas. specific any of our So our that specific business. I huge And that work, project But bookings, -- X that LNG, have services the core gas of from forensic those we our our in energy in it was business. CQA continued utility and really natural in ongoing and then our

of we were bookings quarter, that the in University and did majority look of And mentioning some or But Survey. X, of the was a utility California USGS go -- -- that core can the what in work energy. were million, if to business. that about $XX you was Geospatial and Geological back of Page and about you'll the lot see $XX you primarily kind -- is of million in of we're California all There see business, that to core million, the booking $XX those those majority and were transportation, that, the

the comes question next David Marsh line Our of Instructions] [Operator Research. from Singular with

is kind the generally continue recap investors when on guys what acquisitive. you maybe just terms be outlook And comment like you Obviously, the what broadly at of landscape you the that of could think perhaps I for acquisition pretty if opportunities you looks considering wondering just acquisitions. more was seeing you're and look that front. criteria some on and to of then in

Thanks, David.

we're purpose the for can we in strategy what but acquisition, specific the any of speak we see areas and space. and speak can't acquisition the certainly we of looking know, you As

service work. we've will that I We on been are will but think our -- we technology. think really offerings, enhance of enhance all focused technology our Geospatial particularly

anticipate -- some would you're I technology. involving acquisitions So seeing we're so

build now where related. we maybe luxury do are projects, also have and representation work, our with up much owner's you'll more but program. facilities want see owner's acquisitions related that. I We'll that so various on But to acquisition think the and building we we on rep our not transportation the

verticals, pretty established. Our platforms our are

acquisition So platforms. would we're support those looking for any existing that

focus that support will technology huge, organic technology so, enhance and acquisitions, platform and stability we with huge consider increase acquisitions the their will not a any for we existing -- acquisitions $XXX platforms So looking on or technology that the for million we're but the have growth. of that being

So the I -- those think areas that general looking at. we're are

say I very And robust. this, is can pipeline the

right be number now that due forward. we're We that hopefully, we being much opportunities work selective able going have support of a now, think of But we our that opportunities to areas those would in very announce a we'll I in mentioned. diligence, acquisitions number more soon, and the

everybody some in I mean, the holding are with of available at terms competitive? steady pretty And it any moderation seeing is much it's pretty Or rising terms in pricing, all rates? you because has liquidity and still

things. to Well, a I now. going to X in right aversion But and with We've less with think anecdotal competitive that us And why I'm them it's better increased or makes better target. the either noticed that to mention from position. X looking puts or our money debt rates, some softening who That up financial somewhere. for makes borrow they're need investors terms interest

it's of see still to the any starting we're too see but So some of acquisitions. sea price changes in early that to

to think certainly I increasing. rates be interest going as I borrowing is to complete tell. become levered I and are more they think less people prudent be time less or it's more to acquisition, an levered, likely when having it's less think think better And and would -- we

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

fight the of and is conditions overall seen the asked. line the against We've lot from the really economy a public I mention and disruptions Thank in and questions disruption you, because of a couple all to market inflation just in operator. were wanted that of it. things in the

of many be to allowing ideal But business. focused selectively an thought cash that for we at of the the in business driver the leverage. It business. a debt in subscribe allowed profits of We NVX, And we've to the be on we'd growth. was effort our -- out to was had The historically to interest way years low theory grow grow leverage rates was believe very never company previously see, debt pursuing thought at of debt decreasing that and can to for as opportunistic really you grow or used be company. always a the or debt amount to flow our to

day. at forward fast a let's good in So position. are We to NVX present very

minimal and not many just are And of fact, of leverage. will we And to down debt continue see do. or in other to or to firms X.XX% know as That's that. QX, leverage you'll Xx reduce financial what EBITDA. leverage XX% have we debt in try high over We go we reduction as

think heard So debt that for has put both future grow our fund future for doing, that projects do financial lack dependence to design in project we're a our robust that. activity, we're an surveying company and our for me to on we and or projects comments. excellent going completely of specifically deepwater funding in to us that Geospatial a mention M&A do my that initiatives really We're to you with ship

front So cycles. things focused, that opportunities distracted we that have are in on with not to the us advantage this infrastructure economic us, has being dependent staying of on the do opportunities caused of have -- and to not nation improvements, has

and look optimistic focus our a And sheet, very quarter our to our remain to -- continued We of XXXX. this growth, balance continued optimistic year, support and lack fourth the so strength our we of forward about positive remain debt the our we the on of business about performance.

and thanking without And what we our of do it company our for by course, our business. your employees everyone and impassioned leaders in I'd like of support doing. could not we're close to the wonderful

the prudent thank your we continued support again, in our you. to company. be be want of we We and once So stewards want and growth to appreciate

to you talking fourth you. Thank quarter. to positive about have things forward the And our report. more look hopefully, to in we'll we results So

concludes This today's conference call.

disconnect. now may You