UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.02. | Results of Operations and Financial Condition. |
On May 11, 2022, Bowman Consulting Group Ltd. (“Bowman” or the “Company) issued a press release announcing its financial results for the first quarter ended March 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Report. The information in this Report under this item, including the exhibit, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section. Furthermore, the information in this Report, including the exhibits, shall not be deemed to be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Election of New Director
On May 11, 2022, Bowman announced that, at the recommendation of the Nominating and Corporate Governance Committee, the Board of Directors (the “Board”), effective as of May 11, 2022, increased its size from six to seven directors and elected Mr. Raymond Vicks, Jr. to serve as a Class III director whose term will expire at the 2024 annual meeting of stockholders. In addition, based on the recommendation of the Nominating and Corporate Governance Committee, the Board determined to appoint Mr. Vicks to the Audit Committee and Nominating and Corporate Governance Committee effective upon the filing of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “ Form 10-Q”).
The Board determined that Mr. Vicks is independent under Nasdaq Stock Market (“Nasdaq”) rules and satisfies the additional independence criteria for members of the audit committee under applicable rules and regulations of the Securities and Exchange Commission (“SEC”) and Nasdaq. The Board also determined that Mr. Vicks qualifies as an “audit committee financial expert” within the meaning of applicable SEC regulations. There is no arrangement or understanding between Mr. Vicks and any other person pursuant to which he was selected as a director of the Company, and there is no family relationship between Mr. Vicks and any of the Company’s other directors or executive officers. The Company is not aware of any transaction involving Mr. Vicks requiring disclosure under Item 404(a) of Regulation S-K.
Mr. Vicks, age 62, previously served as managing partner at The BMV Group, a position he held from August 2017 until his retirement in 2019. Mr. Vicks also served as senior vice president and chief financial officer of The HSC Health Care System from 2015 to 2019. Prior to that, Mr. Vicks served in roles of increasing responsibility at PricewaterhouseCoopers LLP from 1995 to 2014, including sixteen years as a partner. Mr. Vicks is a certified public accountant and received his B.S. in Accounting from Virginia Tech and his M.P.H. from the George Washington University. He currently serves as a director of Tenable Holdings, Inc. In December 2021, Mr. Vicks was appointed to serve a five-year term as a member of the Federal Accounting Standards Advisory Board beginning July 1, 2022.
Upon commencement of his service as a director on May 11, 2022, the Board granted Mr. Vicks a one-time initial stock award of 4,454 shares of restricted stock valued at $75,000, which shares vest one year from the grant date subject to Mr. Vicks’ continued service as a director. Mr. Vicks will receive the same fees, which consist of stock and cash, for his service as a director and committee member as the Company’s other non-employee directors, which fees were disclosed in the Company’s proxy statement for the 2022 annual meeting of stockholders.
Mr. Vicks has also entered into the Company’s standard form of indemnification agreement.
Resignation of Director
On May 11, 2022, Mr. Dan Lefaivre notified the Board of his resignation from the Board, the Audit Committee and the Nominating and Corporate Governance Committee, effective after the filing of the Company’s Form 10-Q. Mr. Lefaivre’s decision to leave the Board was not the result of any disagreement between the Company and Mr. Lefaivre on any matter relating to the Company’s operations, policies, or practices.
The Board also determined that effective as of Mr. Lefaivre’s retirement, Mr. Vicks shall be appointed as chair of the Audit Committee and that the size of the Board shall be decreased from seven to six directors.
On May 12, 2022, the Company issued a press release relating to the appointment of Mr. Vicks to the Board. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 Financial | Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Bowman Consulting Group Ltd. press release dated May 11, 2022. | |
| 99.2 | Bowman Consulting Group Ltd. press release dated May 12, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BOWMAN CONSULTING GROUP LTD. | ||||||
| Date: May 12, 2022 | By: | /s/ Bruce Labovitz | ||||
| Bruce Labovitz | ||||||
| Chief Financial Officer | ||||||
Exhibit 99.1
Bowman Consulting Group Announces Record First Quarter Results and Increases 2022 Outlook
Reston, Va., May 11, 2022 (BUSINESS WIRE) – 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 record revenue and results of operations for the three months ended March 31, 2022.
“We are starting the year strong with a terrific first quarter”, said Gary Bowman, Chairman and CEO of Bowman. “It was a busy three months and things are not slowing down. During the quarter we acquired Perry Engineering, raised $17 million of additional equity for growth, continued the process of integrating our acquisitions from last year and delivered record net service revenue that exceeded estimates. At the same time, we grew backlog and increased our full year outlook. Last week we announced the acquisition of McMahon Associates, our largest to date, demonstrating our continuing commitment to strategic diversification. We remain steadfast in our approach to disciplined growth and increasing shareholder value.”
Financial Highlights for the three months ended March 31, 2022, compared to March 31, 2021:
| • | Gross revenue of $52.5 million, compared to $31.8 million, a 65% increase |
| • | Net service billing1 of $47.7 million, compared to $28.9 million, a 65% increase |
| • | Net income of $1.5 million, compared to $1.0 million, a 50% increase |
| • | Adjusted EBITDA1 of $7.4 million, compared to $4.1 million, an 81% increase |
| • | Adjusted EBITDA margin, net 1 of 15.5%, compared to 14.2% million, a 130 basis point increase |
| • | Gross backlog1 of $173 million, compared to $116 million, a 49% increase and a $6 million, or 4%, increase from December 31, 2021 |
Business Highlights during the First Quarter:
| • | Closed on the acquisition of Perry Engineering – Jan 2022 |
| • | Closed on $16.9 million equity raise – Feb 2022 |
Business Highlights subsequent to the First Quarter:
| • | Closed on the acquisition of McMahon Associates – May 2022 |
Fiscal Year 2022 Guidance
The Company is increasing its full year 2022 outlook for Net Service Billing to be in the range of $185 to $200 million and Adjusted EBITDA in the range of $25 to $29 million. This presents an increase from the previous guidance of $170 to $185 million of Net Service Billing and $23 to $27 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.
FY 2022 Earnings Webcast
Bowman will host an earnings webcast to discuss the results of the quarter as follows:
Date: May 12, 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
| 1 | Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations. |
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 1,400 employees in more than 60 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.
Contact:
Investor Relations
Bruce Labovitz
(703) 787-3403
Megan McGrath
(310) 622-8248
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. 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”, “goal” 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. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. 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 anticipates 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 are included in the financial tables accompanying this press release.
BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
CONDENSED CONSOLIDATED INCOME STATEMENTS
| For the Three Months Ended March 31, |
||||||||
| (Amounts in thousands except per share data) | 2022 | 2021 | ||||||
| Gross Contract Revenue |
$ | 52,461 | $ | 31,802 | ||||
| Contract costs: (exclusive of depreciation and amortization below) |
||||||||
| Direct payroll costs |
20,659 | 13,222 | ||||||
| Sub-consultants and expenses |
4,760 | 2,934 | ||||||
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|||||
| Total contract costs |
25,419 | 16,156 | ||||||
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|
|||||
| Operating Expenses: |
||||||||
| Selling, general and administrative |
22,821 | 12,749 | ||||||
| Depreciation and amortization |
2,389 | 1,428 | ||||||
| (Gain) on sale |
(6 | ) | (26 | ) | ||||
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|
|
|||||
| Total operating expenses |
25,204 | 14,151 | ||||||
|
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|
|
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| Income from operations |
1,838 | 1,495 | ||||||
|
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|
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|
|||||
| Other (income) expense |
498 | 205 | ||||||
|
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|
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|
|||||
| Income before tax expense |
1,340 | 1,290 | ||||||
| Income tax expense |
(117 | ) | 309 | |||||
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|
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| Net income |
$ | 1,457 | $ | 981 | ||||
|
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|
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|
|||||
| Earnings allocated to non-vested shares |
254 | 124 | ||||||
|
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|
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| Net income attributable to common shareholders |
$ | 1,203 | $ | 857 | ||||
|
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|
|
|||||
| Earnings per share |
||||||||
| Basic |
$ | 0.12 | $ | 0.17 | ||||
| Diluted |
$ | 0.12 | $ | 0.17 | ||||
| Weighted average shares outstanding: |
||||||||
| Basic |
9,926,395 | 5,083,470 | ||||||
| Diluted |
10,043,794 | 5,096,597 | ||||||
BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, 2022 |
December 31, 2021 |
|||||||
| (Amounts in thousands except per share data) | (Unaudited) | |||||||
| ASSETS |
||||||||
| Current Assets |
||||||||
| Cash and equivalents |
$ | 34,938 | $ | 20,619 | ||||
| Accounts receivable, net |
45,372 | 38,491 | ||||||
| Contract assets |
10,396 | 9,189 | ||||||
| Notes receivable - officers, employees, affiliates, current portion |
1,207 | 1,260 | ||||||
| Prepaid and other current assets |
5,440 | 4,850 | ||||||
|
|
|
|
|
|||||
| Total current assets |
97,353 | 74,409 | ||||||
| Non-Current Assets |
||||||||
| Property and equipment, net |
20,745 | 20,202 | ||||||
| Goodwill |
29,148 | 28,471 | ||||||
| Notes receivable |
903 | 903 | ||||||
| Notes receivable - officers, employees, affiliates, less current portion |
1,200 | 1,218 | ||||||
| Other intangible assets, net |
11,819 | 12,286 | ||||||
| Other assets |
721 | 681 | ||||||
|
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|
|
|||||
| Total Assets |
$ | 161,889 | $ | 138,170 | ||||
|
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|
|||||
| LIABILITIES AND EQUITY |
||||||||
| Current Liabilities |
||||||||
| Accounts payable and accrued liabilities, current portion |
21,026 | 17,921 | ||||||
| Contract liabilities |
5,551 | 4,623 | ||||||
| Notes payable, current portion |
4,572 | 4,450 | ||||||
| Deferred rent, current portion |
721 | 724 | ||||||
| Capital lease obligation, current portion |
5,491 | 5,136 | ||||||
|
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|
|
|||||
| Total current liabilities |
37,361 | 32,854 | ||||||
| Non-Current Liabilities |
||||||||
| Notes payable, less current portion |
7,399 | 8,407 | ||||||
| Deferred rent, less current portion |
4,063 | 4,179 | ||||||
| Capital lease obligation, less current portion |
10,705 | 10,020 | ||||||
| Deferred tax liability, net |
4,290 | 4,290 | ||||||
| Common shares subject to repurchase |
— | 7 | ||||||
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|||||
| Total liabilities |
$ | 63,818 | $ | 59,757 | ||||
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| 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; 14,809,363 shares issued and 12,562,009 outstanding, and 13,690,868 shares issued and 11,489,579 outstanding, respectively |
148 | 137 | ||||||
| Additional paid-in-capital |
139,996 | 120,842 | ||||||
| Treasury stock, at cost; 2,247,354 and 2,201,289, respectively |
(18,476 | ) | (17,488 | ) | ||||
| Stock subscription notes receivable |
(253 | ) | (277 | ) | ||||
| Accumulated deficit |
(23,344 | ) | (24,801 | ) | ||||
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|||||
| Total shareholders’ equity |
$ | 98,071 | $ | 78,413 | ||||
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| TOTAL LIABILITIES AND EQUITY |
$ | 161,889 | $ | 138,170 | ||||
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BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Three Months Ended March 31, | ||||||||
| (Amounts in thousands except per share data) | 2022 | 2021 | ||||||
| Cash Flows from Operating Activities: |
||||||||
| Net Income |
$ | 1,457 | $ | 981 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities |
||||||||
| Depreciation and amortization - property, plant and equipment |
1,922 | 1,360 | ||||||
| Amortization of intangible assets |
468 | 68 | ||||||
| Gain on sale of assets |
(6 | ) | (26 | ) | ||||
| Bad debt |
152 | 92 | ||||||
| Stock based compensation |
3,236 | 1,149 | ||||||
| Deferred taxes |
— | 109 | ||||||
| Deferred rent |
(119 | ) | (95 | ) | ||||
| Changes in operating assets and liabilities |
||||||||
| Accounts Receivable |
(6,945 | ) | (3,608 | ) | ||||
| Contract Assets |
(721 | ) | (100 | ) | ||||
| Prepaid expenses and other assets |
(630 | ) | (169 | ) | ||||
| Accounts payable and accrued expenses |
2,960 | 698 | ||||||
| Contract Liabilities |
640 | (414 | ) | |||||
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|||||
| Net cash provided by operating activities |
2,414 | 45 | ||||||
| Cash Flows from Investing Activities: |
||||||||
| Purchases of property and equipment |
(198 | ) | (438 | ) | ||||
| Fixed assets converted to lease financing |
278 | — | ||||||
| Proceeds from sale of assets |
6 | 26 | ||||||
| Amounts advanced under loans to shareholders |
— | (364 | ) | |||||
| Payments received under loans to shareholders |
70 | 75 | ||||||
| Acquisitions of businesses, net of cash acquired |
(550 | ) | (640 | ) | ||||
| Collections under stock subscription notes receivable |
24 | 33 | ||||||
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| Net cash used in investing activities |
(370 | ) | (1,308 | ) | ||||
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| Cash Flows from Financing Activities: |
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| Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs |
15,475 | — | ||||||
| Net borrowings under revolving line of credit |
— | 3,460 | ||||||
| Repayments under fixed line of credit |
(182 | ) | (179 | ) | ||||
| Repayment under notes payable |
(905 | ) | (151 | ) | ||||
| Payments on capital leases |
(1,414 | ) | (975 | ) | ||||
| Payment of contingent consideration from acquisitions |
— | (1 | ) | |||||
| Payment of offering costs |
— | (417 | ) | |||||
| Payments for purchase of treasury stock |
(988 | ) | (559 | ) | ||||
| Proceeds from issuance of common stock |
289 | 18 | ||||||
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| Net cash provided by financing activities |
12,275 | 1,196 | ||||||
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| Net increase (decrease) in cash and cash equivalents |
14,319 | (67 | ) | |||||
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| Cash and cash equivalents, beginning of period |
20,619 | 386 | ||||||
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| Cash and cash equivalents, end of period |
$ | 34,938 | $ | 319 | ||||
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BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| For the Three Months Ended March 31, | ||||||||
| (Amounts in thousands except per share data) | 2022 | 2021 | ||||||
| Supplemental disclosures of cash flow information: |
||||||||
| Cash paid for interest |
$ | 344 | $ | 203 | ||||
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| Cash paid for income taxes |
$ | 279 | — | |||||
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| Non-cash investing and financing activities |
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| Property and equipment acquired under capital lease |
$ | (2,456 | ) | $ | (1,330 | ) | ||
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| Stock redemption for exercise of stock option |
— | $ | 139 | |||||
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| Issuance of notes payable for acquisitions |
$ | (200 | ) | — | ||||
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BOWMAN CONSULTING GROUP LTD.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
| For the Three Months Ended March 31, | ||||||||
| (Amounts in thousands except per share data) | 2022 | 2021 | ||||||
| Gross contract revenue |
$ | 52,461 | $ | 31,802 | ||||
| Contract costs (exclusive of depreciation and amortization) |
25,419 | 16,156 | ||||||
| Operating expense |
25,204 | 14,151 | ||||||
|
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|
|||||
| Income from operations |
1,838 | 1,495 | ||||||
| Other (income) expense |
498 | 205 | ||||||
| Income tax expense (benefit) |
(117 | ) | 309 | |||||
|
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|
|||||
| Net income |
$ | 1,457 | $ | 981 | ||||
|
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| Net margin |
2.8 | % | 3.1 | % | ||||
| Other financial information 1 |
||||||||
| Net service billing |
$ | 47,701 | $ | 28,868 | ||||
| Adjusted EBITDA |
7,404 | 4,086 | ||||||
| Adjusted EBITA margin, net |
15.5 | % | 14.2 | % | ||||
| For the Three Months Ended March 31, | ||||||||
| (Amounts in thousands except per share data) | 2022 | 2021 | ||||||
| Gross revenue |
$ | 52,461 | $ | 31,802 | ||||
| Less: sub-consultants and other direct expenses |
4,760 | 2,934 | ||||||
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|
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| Net services billing |
$ | 47,701 | $ | 28,868 | ||||
BOWMAN CONSULTING GROUP LTD.
GROSS CONTRACT REVENUE COMPOSITION
| For the Three Months Ended March 31, | ||||||||||||||||||||||||
| (Amounts in thousands) | 2022 | %GCR | 2021 | %GCR | Change | % Change | ||||||||||||||||||
| Building Infrastructure 1 |
$ | 38,762 | 73.9 | % | $ | 21,037 | 66.1 | % | $ | 17,725 | 84.3 | % | ||||||||||||
| Transportation |
3,970 | 7.6 | % | 4,122 | 13.0 | % | (152 | ) | (3.7 | %) | ||||||||||||||
| Power & Utilities |
7,637 | 14.5 | % | 5,045 | 15.9 | % | 2,592 | 51.4 | % | |||||||||||||||
| Other emerging markets 2 |
2,092 | 4.0 | % | 1,598 | 5.0 | % | 494 | 30.9 | % | |||||||||||||||
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| Total: |
$ | 52,461 | 100.0 | % | $ | 31,802 | 100.0 | % | $ | 20,659 | 65.0 | % | ||||||||||||
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| Organic |
$ | 42,910 | 81.6 | % | $ | 29,879 | 94.0 | % | $ | 13,031 | 43.6 | % | ||||||||||||
| Acquired |
9,551 | 18.4 | % | 1,923 | 6.0 | % | 7,628 | 21.3 | % | |||||||||||||||
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| Total: |
$ | 52,461 | 100.0 | % | $ | 31,802 | 100.0 | % | $ | 20,659 | 65.0 | % | ||||||||||||
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| 1 | formerly referred to as Communities, homes & buildings |
| 2 | represents renewable energy, mining, water resources and other |
BOWMAN CONSULTING GROUP LTD.
BACKLOG AT MARCH 31, 2022
(Unaudited)
| (Amounts in thousands) | Gross Backlog | |||
| Building Infrastructure |
112,450 | |||
| Transportation |
31,140 | |||
| Power & Utilities |
25,950 | |||
| Emerging Markets |
3,460 | |||
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|
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| Total |
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Exhibit 99.2
Bowman Consulting Group Announces Addition of Ray Vicks to Board of Directors
Reston, Va., May 12, 2022 (BUSINESS WIRE) – 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 it increased the size of its board of directors and appointed Ray Vicks as an independent director, effective May 11, 2022.
“Ray is a seasoned executive and financial expert with more than forty years of experience working with companies like Bowman”, said Gary Bowman, Chair and CEO of Bowman. “Ray’s voice will no doubt be a valuable addition to the governance and oversight of the company. As we continue to execute on our strategic growth plan, I am confident that Ray’s insights and knowledge will positively impact our success. I am thrilled to be welcoming Ray on behalf of everyone at Bowman.”
Vicks spent more than 33 years in public accounting, including sixteen years as a partner at PricewaterhouseCoopers (PwC), where he focused on the external audit and advisory risk management practice areas. Vicks is a qualified financial expert and CPA with broad experience in multiple industries. He served as senior vice president and chief financial officer for the HSC Healthcare System, a Washington, D.C.-based integrated healthcare organization. He currently serves on the boards of directors and audit committees of Tenable, a Nasdaq-listed cyber exposure company (TENB) and Access Clinical Partners, LLC. In December 2021, Vicks was appointed to serve a five-year term as a member of the Federal Accounting Standards Advisory Board beginning July 1, 2022. Prior to these appointments, Vicks served on the boards of directors of multiple organizations, including CareFirst Blue Cross Blue Shield, where he was chairman of the audit and compliance committee and member of the finance and executive committees; National Association of Corporate Directors (NACD) Capital Area Chapter, where he served as treasurer; and Take Stock in Children Manatee, where he served as treasurer. Vicks earned a bachelor’s in accounting from Virginia Tech.
“I’m excited to be joining this board and to be working with such a dynamic, growth-oriented executive management team,” said Vicks. “The amount of investment that will be going into infrastructure over the next few years positions Bowman to be very successful in executing its strategic initiatives with respect to growth. I look forward to helping the company realize its goals and deliver increasing value to the shareholders.”
The board accepted the resignation of Dan Lefaivre as a director effective immediately after the filing of the Company’s 10-Q. Mr. Vicks will assume the role of Chair of the board’s audit committee and will become a member of the board’s nominating and governance committee.
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 1,400 employees in more than 60 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.
Investor Relations Contacts:
Bruce Labovitz Megan McGrath
[email protected] [email protected]
(703) 787-3403 (310) 622-8248