Bowman Consulting Group Ltd. (NASDAQ:BWMN) Q4 2022 Earnings Conference Call March 10, 2023 9:00 AM ET

Company Participants

Gary Bowman – Founder and Chief Executive Officer

Bruce Labovitz – Chief Financial Officer

Conference Call Participants

Brent Thielman – D.A. Davidson

Alex Rygiel – B. Riley

Operator

Good morning. My name is Adam and I will be your conference operator today. At this time, I would like to welcome everyone to the Bowman Consulting Group Fourth Quarter and Full Year 2022 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Please note that many of the comments made today are considered forward-looking statements under federal securities laws. As described in the company's filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and the company is not obligated to publicly update or revise these forward-looking statements. In addition, on today's call, the company will discuss certain non-GAAP financial information such as adjusted EBITDA and net service billing. You can find this information together with the reconciliations to the most directly comparable GAAP information at the company's earnings press release, and 8-K filed with the SEC, and on the Company's investor website at investors.bowman.com.

Management will deliver prepared remarks, after which they will be taking live questions from public research analysts. Throughout the call, attendees on the webcast may post questions for management to answer on the call or in subsequent communications, but there will be no live Q&A from the webcast attendees. Replays of the call will be available on the company's investor website.

Mr. Bowman, you may begin your prepared remarks.

Gary Bowman

Thank you. Good morning. Thank you for joining us today. I'm pleased to welcome everyone to our 2022 year-end earnings call, especially welcome all Bowman employees and employees' shareholders, whose dedication and hard work produces the successful results that we're reporting on this morning. Ownership is a critical element of our employee engagement proposition and our commitment to that value is reflected in our unique and exceptional culture. As Bruce and I outlined this morning, 2022, our first full year as a public company, was active and eventful time at Bowman. We increased both gross and net revenue by 74% and more than doubled our adjusted EBITDA. Diligent execution of our strategic growth plans enabled us to lever scale thus increasing our adjusted EBITDA margin by over 200 basis points. During 2022, we closed on eight acquisitions bringing our post IPO total to 17. We now have close to 1,700 employees in nearly 70 locations across the U.S. and in Mexico.