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Bowman Consulting Group Announces Fourth Quarter and Fiscal Year 2021 Financial Results

Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering services firm supporting owners and developers of the built environment, today announced results of operations for the three and twelve months ended December 31, 2021.

“We finished the year strong, generating record revenue in 2021 and ending the year with gross backlog of $167 million, up 48% year-over-year”, said Gary Bowman, Chairman and CEO of Bowman. “Consistent with our business strategy of expanding our geographic footprint, service offerings and customer base, we completed six acquisitions in the fourth quarter, bringing our total for the year to eight. Our integration process, combined with the addition of experienced team members, is creating immediate revenue synergies, and is resulting in economies of scale that we expect will positively impact our margins. We are well capitalized to continue executing on our growth initiatives and given our current pipeline of acquisition opportunities we expect to close on additional transactions this year at valuations that meet our target objectives. We remain focused on building shareholder value and delivering on our commitment to generate profitable growth.”

Financial highlights of the three months ended December 31, 2021:

  • Gross revenue of $41.9 million, a year-over-year increase of 40%
  • Net service billing1 of $37.8 million, a year-over-year increase of 44%
  • Net loss of $0.6 million
  • Adjusted EBITDA1 of $3.5 million
  • Adjusted EBITDA margin, net 1 of 9.3%
  • Gross backlog1 of $167 million, an increase of 20% from September 30, 2021, and 48% as compared to December 31, 2020

Financial highlights of the year ended December 31, 2021:

  • Gross revenue of $150.0 million, a year-over-year increase of 23%
  • Net service billing1 of $134.9 million, a year-over-year increase of 30%
  • Net income of $0.3 million
  • Adjusted EBITDA1 of $16.5 million, a year-over-year increase of 19%
  • Adjusted EBITDA margin, net 1 of 12.2%
  • Acquired revenue accounted for $11.8 million, or 8% of gross revenue

Other Business Highlights During and Subsequent to the Fourth Quarter:

  • Closed on six acquisitions during Q4 2021
    • Triangle Site Design in Raleigh, NC
    • PCD Engineering in Denver, CO
    • BTM Engineering in Louisville, KY
    • Kibart in Towson, MD
    • 1519 Surveying in Waco, TX
    • Terra Associates in Houston, TX
  • Closed on the acquisition of Perry Engineering in Tucson, AZ in Q1 2022

Year-End Guidance:

The Company is increasing and narrowing its full year 2022 outlook for Net Service Billing to be in the range of $170 to $185 million and Adjusted EBITDA in the range of $23 to $27 million. This presents an increase from previous guidance of $150 to $170 million of Net Service Billing and $20 to $24 million of Adjusted EBITDA. The current outlook for 2022 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions. The Company expects to continue making strategic and financially accretive acquisitions that are not yet reflected in this current outlook. Management will discuss the Company’s acquisition pipeline during its upcoming earnings call.

-----------------------

1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.

FY 2022 Earnings Webcast

Bowman will host an earnings webcast to discuss the results of the quarter as follows:

Date: March 22, 2022

Time: 9:00 a.m. Eastern Time

Hosts: Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer

Where: http://investors.bowman.com

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 1,200 employees in more than 45 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. For more information, visit bowman.com or investors.bowman.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the "safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our final prospectus Form 424B4 dated February 8, 2022, which is available on the SEC's website at sec.gov, and other documents we have filed, or may file, with the SEC. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Non-GAAP Financial Measures and Other Key Metrics

We supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, with certain non-GAAP financial measures, as described below, to help represent, explain, and understand our operating performance. These non-GAAP financial measures may be different than similarly referenced measures used by other companies. The non-GAAP measures are intended to enhance investors’ overall understanding and evaluation of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We present these non-GAAP financial measures to assist investors in seeing our financial performance in a manner more aligned with management’s view and believe these measures provide additional tools by which investors can evaluate our core financial performance over multiple periods relative to other companies in our industry. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and other information about certain of these non-GAAP financial measures are included in the financial tables accompanying this press release.

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Amounts in thousands except per share data)

 
For the Three Months Ended December 31, For the Twelve Months Ended December 31,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Gross Contract Revenue

$

41,929

 

$

29,894

 

$

149,970

 

$

122,020

 

 
Contract costs: (exclusive of depreciation and amortization below)
Direct payroll costs

 

16,527

 

 

11,384

 

 

59,416

 

 

48,152

 

Sub-consultants and expenses

 

4,149

 

 

3,546

 

 

15,116

 

 

18,360

 

Total contract costs

 

20,676

 

 

14,930

 

 

74,532

 

 

66,512

 

 
Operating Expenses:
Selling, general and administrative

 

20,717

 

 

12,914

 

 

69,029

 

 

51,469

 

Depreciation and amortization

 

1,865

 

 

1,325

 

 

6,371

 

 

2,277

 

(Gain) loss on sale

 

(23

)

 

(62

)

 

(122

)

 

(107

)

Total operating expenses

 

22,559

 

 

14,177

 

 

75,278

 

 

53,639

 

 
Income (loss) from operations

 

(1,306

)

 

787

 

 

160

 

 

1,869

 

 
Other (income) expense

 

734

 

 

69

 

 

1,440

 

 

(110

)

Income (loss) before tax expense

 

(2,040

)

 

718

 

 

(1,280

)

 

1,979

 

Income tax (benefit) expense

 

(1,441

)

 

522

 

 

(1,579

)

 

989

 

Net income (loss)

$

(599

)

$

196

 

$

299

 

$

990

 

 
Earnings allocated to nonvested shares

 

-

 

 

14

 

 

56

 

 

55

 

Net income (loss) attributable to common shareholders

$

(599

)

$

182

 

$

243

 

$

935

 

 
Earnings (loss) per share
Basic

$

(0.07

)

$

0.04

 

$

0.03

 

$

0.17

 

Diluted

$

(0.07

)

$

0.04

 

$

0.03

 

$

0.17

 

 
Weighted average shares outstanding:
Basic

 

9,073,424

 

 

4,893,615

 

 

7,525,206

 

 

5,399,356

 

Diluted

 

9,073,424

 

 

4,906,478

 

 

7,635,615

 

 

5,412,218

 

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except per share data)

 

December 31,

December 31,

2021

 

2020

 

ASSETS
Current Assets
Cash and equivalents

 

20,619

 

 

386

 

Accounts Receivable, net

 

38,491

 

 

24,183

 

Contract assets

 

9,189

 

 

7,080

 

Notes receivable - officers, employees, affiliates, current portion

 

1,260

 

 

1,182

 

Prepaid and other current assets

 

4,850

 

 

2,271

 

Total current assets

 

74,409

 

 

35,102

 

Non-Current Assets
Property and equipment, net

 

20,202

 

 

15,357

 

Goodwill

 

28,471

 

 

9,179

 

Notes receivable

 

903

 

 

903

 

Notes receivable - officers, employees, affiliates, less current portion

 

1,218

 

 

1,297

 

Other intangible assets, net

 

12,286

 

 

1,131

 

Other assets

 

681

 

 

669

 

Total Assets

$

138,170

 

$

63,638

 

 
LIABILITIES AND EQUITY
Current Liabilities
Bank line of credit

 

-

 

 

3,481

 

Accounts payable and accrued liabilities, current portion

 

17,921

 

 

12,203

 

Contract liabilities

 

4,623

 

 

1,943

 

Notes payable, current portion

 

4,450

 

 

1,592

 

Deferred rent, current portion

 

724

 

 

619

 

Capital lease obligation, current portion

 

5,136

 

 

3,495

 

Total current liabilities

 

32,854

 

 

23,333

 

Non Current Liabilities
Other non-current obligations

 

-

 

 

1,244

 

Notes payable, less current portion

 

8,407

 

 

2,829

 

Deferred rent, less current portion

 

4,179

 

 

4,278

 

Capital lease obligation, less current portion

 

10,020

 

 

7,503

 

Deferred tax liability, net

 

4,290

 

 

6,472

 

Common shares subject to repurchase

 

7

 

 

842

 

Total liabilities

$

59,757

 

$

46,501

 

 
 
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding

-

-

Common stock, $0.01 par value; 30,000,000 shares authorized; 13,690,868 shares issued and 11,489,579 outstanding, and 7,840,244 shares issued and 5,744,594 outstanding, respectively

 

137

 

 

2

 

Additional paid-in-capital

 

120,842

 

 

58,866

 

Treasury Stock, at cost; 2,201,289 and 2,095,650, respectively

 

(17,488

)

 

(16,022

)

Stock subscription notes receivable

 

(277

)

 

(609

)

Accumulated deficit

 

(24,801

)

 

(25,100

)

Total shareholders' equity (deficit)

$

78,413

 

$

17,137

 

TOTAL LIABILITIES AND EQUITY

$

138,170

 

$

63,638

 

 

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

 
For the Twelve Months Ended December 31,

 

2021

 

 

2020

 

Cash Flows from Operating Activities:
Net Income

$299

 

$990

 

Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization - property, plant and equipment

 

5,974

 

 

2,036

 

Amortization of intangible assets

 

397

 

 

241

 

Gain on sale of assets

 

(122

)

 

(110

)

Bad debt

 

496

 

 

3,008

 

Stock based compensation

 

8,217

 

 

5,085

 

Deferred taxes

 

(2,183

)

 

326

 

Deferred rent

 

5

 

 

530

 

Changes in operating assets and liabilities
Accounts Receivable

 

(8,802

)

 

1,506

 

Contract Assets

 

(387

)

 

3,028

 

Prepaid expenses

 

(2,251

)

 

623

 

Other assets

 

(31

)

 

(28

)

Accounts payable and accrued expenses

 

3,297

 

 

(520

)

Contract Liabilities

 

(192

)

 

(5,945

)

 
Net cash provided by operating activities

 

4,717

 

 

10,770

 

 
Cash Flows from Investing Activities:
Purchases of property and equipment

 

(905

)

 

(924

)

Proceeds from sale of assets

 

127

 

 

110

 

Amounts advanced under loans to shareholders

 

(779

)

 

(1,207

)

Payments received under loans to shareholders

 

36

 

 

228

 

Amounts advanced under notes receivable

 

(0

)

 

(420

)

Payments received under notes receivable

 

-

 

 

19

 

Acquisitions of businesses, net of cash acquired

 

(20,345

)

 

(416

Collections under stock subscription notes receivable

 

332

 

 

196

 

 
Net cash used in investing activities

 

(21,534

)

 

(2,414

)

 
Cash Flows from Financing Activities:
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs

 

47,104

 

 

-

 

Net repayments under revolving line of credit

 

(3,481

)

 

(4,867

)

Repayments under fixed line of credit

 

(722

)

 

(485

)

Borrowings under fixed line of credit

 

-

 

 

1,985

 

Repayment under notes payable

 

(1,084

)

 

(1,800

)

Payments on capital leases

 

(4,663

)

 

(1,088

)

Payment of contingent consideration from acquisitions

 

(2

)

 

(106

)

Payment of subsequent common stock offering costs

 

(75

)

 

(920

)

Payments for purchase of treasury stock

 

(582

)

 

(1,261

)

Proceeds from issuance of common stock

 

555

 

 

63

 

 
Net cash provided by (used in) financing activities

 

37,050

 

 

(8,479

)

.
Net increase (decrease) in cash and cash equivalents

 

20,233

 

 

(123

)

 
Cash and cash equivalents, beginning of period

 

386

 

 

509

 

 
Cash and cash equivalents, end of period

$20,619

 

$386

 

 
 
COMBINED STATEMENT OF CASH FLOWS
 
For the Twelve Months Ended December 31,

 

2021

 

 

2020

 

Supplemental disclosures of cash flow information:
 
Cash paid for interest

$887

 

$609

 

 
Cash paid for income taxes

$1,921

 

$543

 

 
Non-cash investing and financing activities
Property and equipment acquired under capital lease

($8,877

)

($11,370

)

 
Settlement of redeemable common stock

$0

 

$36,927

 

 
Stock redemption for exercise of stock option

$139

 

$0

 

 
Issuance of common stock for a note receivable

$0

 

($533

)

 
Stock redemption for payment of shareholder loans

$0

 

$1,457

 

 
Stock redemption for payment on note receivable

$0

 

$6,130

 

 
Issuance of notes payable for purchase of intangible asset

$0

 

($165

)

 
Issuance of notes payable for acquisitions

($10,200

)

$0

 

 
Issuance of notes payable for redemption of stock

$0

 

($900

)

 

BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands except per share data)

 
For the Three Months Ended December 31, For the Twelve Months Ended December 31,

 

2021

 

2020

 

2021

 

2020

Gross revenue

$

41,929

$

29,894

$

149,970

$

122,020

Less: sub-consultants and other direct expenses

 

4,149

 

3,547

 

15,116

 

18,360

Net service billing

$

37,780

$

26,347

$

134,854

$

103,660

 
For the Three Months Ended December 31, For the Twelve Months Ended December 31,

 

2021

 

 

2020

 

2021

 

 

2020

Net Income (loss)

$

(599

)

$

196

$

299

 

$

990

+ interest expense

 

268

 

 

198

 

918

 

 

565

+ depreciation & Amortization

 

1,865

 

 

1,325

 

6,371

 

 

2,277

+ tax (benefit) expense

 

(1,441

)

 

522

 

(1,579

)

 

989

EBITDA

$

93

 

$

2,241

$

6,009

 

$

4,821

+ non-recurring operating lease rent

 

-

 

 

91

 

-

 

 

2,521

+ non-cash stock compensation

 

2,876

 

 

1,003

 

8,217

 

 

5,085

+ transaction related expenses

 

-

 

 

-

 

1,555

 

 

-

+ settlements and other non-core expenses

 

-

 

 

-

 

-

 

 

1,461

+ acquisition expenses

 

565

 

 

-

 

704

 

 

-

Adjusted EBITDA

$

3,534

 

$

3,335

$

16,485

 

$

13,888

BOWMAN CONSULTING GROUP LTD.

GROSS CONTRACT REVENUE COMPOSITION

(Amounts in thousands)

 
For the three months ended December 31,
Consolidated Gross Revenue

 

2021

%CGR

 

2020

%CGR

Change

% Change

Building Infrastructure

$

31,559

75.3

%

$

19,589

65.5

%

$

11,970

 

61.1

%

Transportation

 

3,845

9.2

%

 

4,975

16.6

%

 

(1,130

)

-22.7

%

Power and Utilities

 

4,925

11.7

%

 

4,375

14.6

%

 

550

 

12.6

%

Emerging Markets

 

1,600

3.8

%

 

956

3.2

%

 

644

 

67.4

%

Total

$

41,929

100.0

%

$

29,894

100.0

%

$

12,035

 

40.3

%

Organic

$

36,836

87.9

%

$

29,894

100.0

%

$

6,942

 

23.2

%

Acquired

 

5,093

12.1

%

 

-

0.0

 

5,093

 

-

 

 
For the Year ended December 31,
Consolidated Gross Revenue

 

2021

%CGR

 

2020

%CGR

Change

% Change

Building Infrastructure1

$

105,242

70.2

%

$

76,873

63.0

%

$

28,369

 

36.9

%

Transportation

 

16,537

11.0

%

 

19,157

15.7

%

 

(2,620

)

(13.7

%)

Power & Utilities

 

22,525

15.0

%

 

20,377

16.7

%

 

2,148

 

10.5

%

Other emerging markets2

 

5,666

3.8

%

 

5,613

4.6

%

 

53

 

0.9

%

Total:

$

149,970

100.0

%

$

122,020

100.0

%

$

27,950

 

22.9

%

Organic

$

138,136

92.1

%

$

122,020

100.0

%

$

16,116

 

13.2

%

Acquired

 

11,834

7.9

%

 

-

0.0

 

11,834

 

-
 

1 formerly referred to as Communities, homes & buildings

2 represents renewable energy, mining, water resources and other

BOWMAN CONSULTING GROUP LTD.

GROSS BACKLOG AT DECEMBER 31, 2021

       

 

 

2021

 

 2020

Building Infrastructure

 

62.3%

 

 42.7%

Transportation

 

19.0%

 

 28.0%

Power & Utilities

 

16.2%

 

 24.8%

Emerging Markets

 

2.5%

 

  4.5%

 

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