Business
Bowman Consulting Group Announces Fourth Quarter and Fiscal Year 2021 Financial Results
RESTON, Va.--(BUSINESS WIRE)-- Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering services firm supporting
About this update from Bowman Consulting Group Ltd.
[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nBowman 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.\n\n“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.”\n\nFinancial highlights of the three months ended December 31, 2021:\n\n\nGross revenue of $41.9 million, a year-over-year increase of 40%\n\n\nNet service billing1 of $37.8 million, a year-over-year increase of 44%\n\n\nNet loss of $0.6 million\n\n\nAdjusted EBITDA1 of $3.5 million\n\n\nAdjusted EBITDA margin, net 1 of 9.3%\n\n\nGross backlog1 of $167 million, an increase of 20% from September 30, 2021, and 48% as compared to December 31, 2020\n\n\nFinancial highlights of the year ended December 31, 2021:\n\n\nGross revenue of $150.0 million, a year-over-year increase of 23%\n\n\nNet service billing1 of $134.9 million, a year-over-year increase of 30%\n\n\nNet income of $0.3 million\n\n\nAdjusted EBITDA1 of $16.5 million, a year-over-year increase of 19%\n\n\nAdjusted EBITDA margin, net 1 of 12.2%\n\n\nAcquired revenue accounted for $11.8 million, or 8% of gross revenue\n\n\nOther Business Highlights During and Subsequent to the Fourth Quarter:\n\n\nClosed on six acquisitions during Q4 2021\n\n\nTriangle Site Design in Raleigh, NC\n\n\nPCD Engineering in Denver, CO\n\n\nBTM Engineering in Lou...