Bowman Consulting Group Ltd. reported record financial results for the full year 2022, ending December 31, 2022. The company generated record revenue, doubled its adjusted EBITDA, added nearly 700 new professionals, and made meaningful progress on margin expansion. Bowman closed on eight acquisitions representing over $60 million of annual revenue in 2022. Moreover, demand for infrastructure-related design and engineering continues to be strong across markets, giving the company continued optimism for growth in 2023. Bowman increased its outlook for 2023, with net service billing expected to be in the range of $280 to $295 million and adjusted EBITDA in the range of $43 to $49 million. The company cautions that its outlook is based on completed acquisitions as of the date of this release and is subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances beyond the company's control that could affect its financial results. The company is well-positioned in the market and poised for growth according to CEO Gary Bowman.
Quotes: "During 2022, our first full year as a public company, we exceeded expectations and delivered on our commitment to strategic growth" - Gary Bowman, Chairman and CEO of Bowman.
Forward-looking statements: Bowman states that its outlook is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions. There are several assumptions and risks and uncertainties that could affect financial results.
Recommendation: Bowman Consulting Group Ltd. had a positive financial performance for the full year 2022 with growth in revenue, EBITDA, and workforce expansion. Despite its optimistic outlook on its strategic plans and the demand for infrastructure-related design and engineering, there are potential risks and uncertainties that could impact financial results. It is recommended that potential investors take these factors into consideration before making any investment decisions.