Bowman Consulting (NASDAQ:BWMN) Q1 2022 Earnings Conference Call May 12, 2022 9:00 AM ET
Company Participants
Gary Bowman - Chairman and CEO
Bruce Labovitz - CFO
Conference Call Participants
Brent Thielman - D.A. Davidson
Alex Rygiel - B. Riley Financial
Operator
Good morning. My name is Candice, and I will be the conference operator today. At this time, I would like to welcome everyone to the Bowman Consulting Group First Quarter 2022 Conference Call. [Operator Instructions] Thank you.
Please note, many of the comments made today are considered forward-looking statements under federal security law. 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 direct comparable GAAP information, the company's earnings press release and 8-K filed with the SEC and the company's investor website at www.investors.sbowman.com.
Management will deliver prepared remarks after which they will be taking live questions from published research analysts. Throughout the call attendees on the webcast may pose questioned 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 now begin your prepared remarks.
Gary Bowman
Thank you, Candice, and welcome to the Bowman Consulting Group’s First Quarter 2022 Earnings Call. I'm Gary Bowman, Chairman and CEO of Bowman. joined here this morning by Bruce Labovitz, our Chief Financial Officer.
Before we get started, I want to welcome everyone from McMahon Associates, the most recent addition to Bowman. The addition is committed team of talented professionals and is going to be transformative for our transportation practice as well as to our business overall. We're excited to have this transaction completed, and we're really looking forward to the great work we're going to be doing together.
The first quarter of 2022 picked up where 2021 left off generating record results for sales revenue and adjusted EBITDA. And the Q1 momentum continues on the [indiscernible] into the second quarter. During the quarter, we closed on a $17 million equity raise, we booked over $60 million in net new orders, and we produced record gross and net revenue.