Earnings call transcript Q4 2022

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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. you. Thank Instructions] [Operator

many under comments federal that considered today forward-looking statements securities of note made the are Please laws.

that numerous As with described expressed, publicly and and to obligated is from forward-looking statements. update the filings future uncertainties risks to SEC, these the to in statements are those the differ could cause company's or not these results company subject revise

non-GAAP today's and financial the discuss billing. information net as on company call, addition, certain In EBITDA such adjusted service will

together the and website company's and reconciliations information with most this comparable GAAP the Company's the at SEC, find at directly earnings can You investor with on the the X-K to investors.bowman.com. information release, press filed

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

Bowman, your may begin prepared remarks. you Mr.

Gary Bowman

value produces reflected is reporting Thank whose our that and the morning. our in successful of on work year-end welcome you results earnings our Bowman especially joining employees' that Ownership I'm pleased us Good critical hard is to our welcome call, you. culture. a and exceptional Thank to all we're commitment element and this employees XXXX morning. dedication today. and employee everyone proposition shareholders, unique to engagement for

We of growth thus XX% adjusted over than increasing net scale and EBITDA eventful our by as EBITDA. more XXXX, increased first us points. lever Bowman. year active public plans this XXX doubled Diligent a company, morning, outlined I to at and and was strategic adjusted execution basis revenue both our gross and margin our enabled our Bruce As by time full

employees We bringing to now we XXXX, XX. Mexico. across the post to total X,XXX closed in have locations During our nearly U.S. in IPO close on XX and eight acquisitions

by We've grown of of revenue at of XX%, while the firms the XXXX well closing. in XX% that retaining professional staff place acquired an average in we over

to Our get those under similar to into and year report The as the manner, their in concentration resilient they reducing expansion, XXXX of a diversifying sources increasing become our on year infrastructure as made created which during and geographic well revenue transportation. comparable in to Bowman. are building. of the including acquisitions inroads progress revenue, have a fully saw building continue XXXX the belt contribution as we're past we growing from The significant advances a integrated foundation looking from

other to Now and the call on developments. to markets Bruce to closing last results turn which comments after few on I'm we expand our I'll return financial over reported a for going the Bruce? night, recent

Bruce Labovitz

organic QX been to last billing represents $XX.X revenue their It XX% $XX.X QX growth as increase including XX% also of $XX.X growth XX%. over last transportation year building accounting, last and equally year. I $XX.X for markets infrastructure to was of multiple It's with over million a increasing Most year, year-over-year XX% XXXX. for million net by referred Gary. XX%. out over represents or my QX $XX.X our infrastructure million, was revenue, efforts. growth, which HR, start teams tireless also million for accelerated of increase between a QX the organic X% increasing acknowledging million. $XX.X of represented service represents XX% gross including Net which transportation, accounted two from increase, increase building the revenue explosive want today dedicated QX thanks, efforts integrations up and approximately increase came the which from audit of relatively of million, the Great, reporting Transportation and Gross IT, of requirements. and year, comments a split

internal from a the generated revenue workforce. represents revenue reminder, net As our

which was the building the organic increase For XX%. million, represents of revenue the infrastructure, revenue accounted XX% at roughly time Most increase for gross last growth from percentage over year-over-year year which approximately came or $XXX.X of $XXX.X year, including in a a XXXX. decreased from of million XX% XX% increase, $XX.X over infrastructure while of million the same as gross building to little

These revenue increases $XX.X our initiatives our power sources. and revenue line increased with or $XX.X million. increased or And utilities by strategic to are XXX% Transportation diversify revenue XX% in million.

of year, Net service last billing was organic XX% growth XX%. over increase including million, $XXX.X a which represents

for to time same the margin remained gross revenue, in XX%. and flat margin low Gross expect fifties increased points while engagements. the we XXX what current basis of around our net-to-gross ratio the on would is our XX.X% mix given services subcontractor markets, Gross year at at

decreased general revenue gross the as to Selling, and in administrative to percentage modestly prior year. of a XX% XX% compared

roughly grew profit Gross year-over-year. XX%

margin stock which operating operating the and non-cash of model. to in XX% business year-over-year, roughly grew And positive comp led expansion our demonstrates leverage SG&A net

for XXXX. or EBITDA net as $X.X EBITDA increase to an Adjusted quarter XXX% Adjusted compared million, margin the XX.X% as before. was the a $X.X to of fourth million X.X% compared was fourth year quarter of

EBITDA shareholders $XX.X Adjusted XX.X% or points to scale, increased to year For compared diversification year net deliver EBITDA the XX.X% million, commitment XXXX. service mix. This to is and with for expansion the adjusted to of to margin over XXX% an was through $XX compared full margin our in line for XXXX. basis improvement million as time XXX increase as

said, to EBITDA as years adjusted previously we've but of teens our always goal we're won't As high a during first be positioned company. public five our margin a line, a straight stated it we believe meet well

I'm XX% the Broken sorry, year respectively. for-sale building residential and and further building represented revenue X.X% – respectively. revenue bit estate infrastructure XX.X% For XX represented full a down QX residential XX% represented real residential revenue infrastructure and

approximately was XX% our revenue in growth periods. the inflation both is for which that over utilization, the our economy. building year, and workload commercial We improved and quarter consistent both power. percentage at For inflation to XX% fourth coming with balance increased largest wage from pricing, organic the general of derived pricing estimate year increased represented of full in the with the infrastructure across slightly approximately the This equates from X%

I not we clients, while services and mind are necessarily direct generating – think important revenue that in projects of applicable accordingly. it's not the we're so the periods, that not be mix and to generating evaluated are pricing comparisons keep from same should between

time, grants are to relates Total vesting to employee over from valued $X.X questions expense purchase $XXX,XXX the and made stock expensed the stock million in mind million expense. was of the I composition long-term to term with $X.X received the grants on was non-cash non-cash stock all programs. rateably and our $X.X retention IPO of stock $XX.X in made about From grants award. long-term acquisitions; which time for associated IPO; incentive expense grant residual XXXX with program to date post GAAP, which connection our and was Keep our compensation with GAAP get compensation million in for proceeds; was that of sale of prior related issued we connection for million

the million sheet, for XX is units, outstanding was December million were The our which X.X next December count XXX,XXX approximately unvested $XX.X preferred of vesting million, realization are years. share included the on balance million outstanding in of which section in is XX, that five equity On the of and shares of $XX.X return shares subject the targeted, the shares future total grant were grants. of restricted awards outstanding X.X which there stock pre-IPO unvested the expense remaining shareholders expense to of of stock GAAP over

balance strong The and well sheet positioned to support remains growth.

December on at million and $XX As disposal. XX, of all million we our hand of of $XX our had over revolver cash

including adjusted around of Xx million, $XX lease adjusted notes net guided trailing capital and was Xx substantially debt EBITDA. forward less and Our EBITDA than obligations

generally reported QX not the rate our and As rate results, interest fixed is was we case existing to volatility. subject debt when

with In certain here, expense. lease ups, related obligations. these which price research capitalization for a example, a fixed of R&D it's for changes resulted in the connection in the reporting additional we're tax statements, for balance change way for gross operating qualify just code services, year-end resulted as And assets adopted the new our and lease up rules obligations. with There's gross standards, therefore right-of-use financial sheet and development associated accounting engineering tax qualify expense nothing Recent new accounting new at-risk the credits. by contracts to in R&D we

different R&D The to have expenses the in remember, tax these impact new be such, there tax expense, is this qualified clear, To no are as deductibility of the cash impacts does change, the rules tax changed. timing rules, – other and not under the the P&L their timing change and newly timing. book rule deduction the just rule of new of

accounts our in the cash through this accrued You rule statement our of deferred can change and see GAAP on tax liabilities. sheet and of impact flows balance increased

stock I'll tax our by stock from IRS. vesting taxes timing just shares million is be large statement deductions. change activity Don't the recording flows. treasury confused to the a withheld in of this associated respect to events. with reiterate through an check We With all capital, equity $XX connection related with cash issue not to of is employees running rule write cover did the to

board purchased any not November. have our last program that under authorized buyback the We shares

CapEx nearly from service, working just operations over million During nearly We in XXXX, including for cash generated acquisitions in million a $XX.X $XX and $X of for $X million $XX cash and of was of which increase we million million flow after essentially receivable. $XX accounts used million before capital changes spending. debt

XX% which On XX% markets XX% of of of December and booked of utilities, roughly year. period, backlog, given estimate $XXX at XX% meaning the power revenue We backlog and $XXX time, had water the approximately nearly month XXXX of emerging turn infrastructure, beginning that XX% X% at and resources, XX energy. any mining, million will XX, a was to was comprised including we within million building our already transportation,

we and we we $XX to closed increasing reported to adjusted last and call, $XX we $XXX acquisition initiated XX% to million guidance our are Today of the EBITDA our to $XXX million $XX million at $XX this adjusted XX% revenue XXX and EBITDA. XXXX Since At narrowing on revenue November of net HXH EBITDA During and November, million adjusted million increasing one revenue net represents midpoint, guidance to in to growth, growth. million. net XXX guidance Geoscience.

this on always, include you I'll week. next file does SEC our know XX-K the As early should letting with that close future any by not acquisitions. be

turn going to And the I'm call Gary. to back now over

Gary Bowman

spending of transportation and backlog We I XXXX, a report XXXX Bruce. book-to-burn which see than to to year, strong. infrastructure healthy that from we order generated started led greater throughout By the you, as our country. for the ratio Thank new growth remains services of of am one demand pleased the the end substantially volume to year. momentum XX% for it bill to the tangible relates in

Recently announced Massachusetts Turnpike wins the Transportation with and Bay Authority the Pennsylvania Authority.

Florida to the Illinois not addition related funding are Tollway other In transportation. collectively the activity in from we in agencies IDOT, DOT, transportation and to experiencing PennDOT Authority, reflect IIJA all bookings directly uptick

and innovative We're service state an designed corridor DOT a of also them. first introduced one of management our kind for excited management implementation customers, to transportation have to its

As a corridor. corridor coordination all a contracts, providing consultants transportation on of by we designated manager, of resources working optimize and contractors staff a portion limited multiple agency

now broadening demand approach of benefit coordination. we a type believe transportation to this We’re this cross-selling project and from approach will for

in since With our about a million of two announced we acquisition services, respect transition energy SEI orders renewable weeks new our $X of ago, energy November. to

related far XX% strong in our of continue all represent related to utility our This boost quarter, position including services So orders is that new and markets. nearly indicative the orders. total momentum will energy first power the in of energy

pipelines to resilience Extreme weather aging advance utility fortification facility continue demand events and and for services. the

new a the business and year. existing we’re meaningful that quarter, this looking and first of commitments into to we’ve During geographies booked clients, amount cross-sell with underground aggressively

gas continues work mapping and Ohio, replacement and sustained promise pipeline for Arizona, to Our growth. elsewhere, show in remediation Illinois,

concern monetary all and building continues Given policy over breakout business. renewable despite macroeconomic is to this energy, for The this activity, year our services a market and power, going to be infrastructure we believe headwinds. grow

in a by the On two years. one we over that announced of long-standing our five up it ground are Amazon multiplier centers XXXX. mention, customers alone markets $XX front, with encouraged strong we billion a as publicly data This have serve. time to that’s us market. Virginia Virginia invest meaningful January, Center investment projects box by first many Not in in In for the have plans by commercial beginning Data will effect big on to foothold the we in

residential infrastructure market, market residential talent uniquely of dedicated confident sustainability of pockets Serving sale and inventory for see residential not in practice. planning resources. the we the we While softening our remain require does creation

residential, designers, seamlessly planners municipal of between most are move customers. able to and fact, serving and engineers our In commercial,

deploy committed oftentimes As our connection flow, execution labor growth cyclically, we these our ebb back to efficiently. markets IPO. and to of with the the plan resources of XXXX continue counters outlined we strategic that We remain in our

a affording leverage sharing to within maintain to maximizing us healthy to and of way, inquisitive continue disciplined We and organic work a growth utilization. fair our our a and well-defined ability mix culture, the approach

a Through a to intensified commitment anytime limitations. success. independent with for that investment facilitates which and hiring technology cross-selling work synergy and ingredient long-standing in drive our in adoption We best significant Bowman’s long-term production that be practices, available believe continue optimize alignment been sharing, broadened always anywhere, customer and platform, increased an revenue to and has we will collaboration, key of facilitates and needs, and geographic of

we last closed extremely a the of pipeline large our Bruce as Geoscience. conference active since remain HXH acquisition of M&A, on noted, call, with opportunities Regarding we

During and transportation, XXXX, waterfront mining. modeling mapping, marine hydrologic solar we and planning, design, consulting, of aggregates management, and capture, geologic added acquisitions infrastructure services both underwater reality stockpile significant inventory LiDAR and survey, XD engineering, including markets depth municipal and through

We QX last this forward at new allocation similar year’s expect year, to strategy outpace for employing continue $XX look endeavored our revenue closing reporting million. during and acquisition, annualized roughly I being of to we acquired a on closings call. acquisitive capital

executed and as on we’ve strategic that deliver rewarding work our the high and company year together, a for plan growth successfully our was to XXXX our quality of continued clients conclusion, In demand. remarkable

ahead, confidence the in have straight achievement deliver objectives said, Bruce ability look not this we to well long-term. line, our the as path is As over of our as as a to tremendous year, but we

dedication resulted entire the ongoing key efforts record our success. and that want the Operator, to thank for and growth over open I and their questions. past Their earnings and to always, team revenue are hard the certainly commitment in As Bowman work performance year. let’s now to call

Operator

first Thielman ahead. [Operator please go Thank D.A. Instructions] Brent you. question And our Davidson. comes today Brent, from from

Your line open. is

Brent Thielman

Good morning, Bruce. thanks. Gary, Hey,

Gary Bowman

Good morning, Brent.

Bruce Labovitz

Good morning.

Brent Thielman

is completed those guidance the guess, early and Okay. XXXX, organic digit this low rate you just you’ve growth. I of realize if imperfect, I that? double Just like. for take top through implies end deals year? sort organic I agree it would but contributions expectations like The Bruce, of looks run next something with sort

Bruce Labovitz

That’s yes. way we growth, Yeah. the model

Brent Thielman

acquisitions expectation at Okay. in good what you do XX% of businesses when What’s some also that your your XXXX sort call to businesses? able deals growth. and then, you kind revenue transactions? XXXX. What look talent it the with you’ve to And at Gary, been the recruiting ability – know to is synergies then these you’ve done And in for the eight attribute it look those was when do interesting notable, plan the but to annualized of growth to support markets, you for XXXX that your what

Gary Bowman

acquired very to our successful in integration, but proud the look on from successful – We’ve to you the in organic the successful top be always companies of answered due and line integrating success question. been we companies. really synergies revenue the the growth It’s kind and something is of. challenging, of synergies. back as acquired it’s our very very of – We quite Brent, companies recognizing

of we those growth. looking to say same Looking I’d acquired at in we’re the XXXX, type

kind to we sort actively need we We work our some bring them of outstanding are with standards. performance on we the are of diligently a and of to – some out of up bring performing gates – mix – that it’s a them to

good looking top contribution even good margin. to line growth better and we So at are

Brent Thielman

Appreciate that Gary. Okay.

on I hand the underlined some markets, M&A targets. strategy, some on of have benefiting strong pretty also the that’s sort Just of one you guess end presumably acquisition your

targets, your hand, multiple other maybe what changing, of standalones. also compared average, ambitions the Xx less curious them? guess, And that hindrance to than paid their any kind maybe be be might of I’d environment’s discussions willing On dramatically you’re growth influencing in XXXX? to is this pay with you year just financing is the that in to I a how

Gary Bowman

interesting That’s an Brent. question,

talking the to not them the environment challenge targets we’re we challenging the to, are bringing hearing table. With a –

So to the forward paying. multiples moving looking what we’ve similar in near-term we’re been is at what

As to targets. it see those We look are of we a likely multiple result more go pricing firms, multiples acquisition we toward as larger environment, moving than down, for I but of up say, see EBITDA or that environment. that economic don’t don’t environment

Brent Thielman

Okay. end I’ll expanding, as you maybe growing, of just you’re Appreciate top XX might is size in about transactions that now your well. success look of the I as months? queue. get is so what like? back then, that. had larger last in potential appetite here the talk the targets And liquidity imagine terms in revenue you’ve much for is target that maybe last Could And one higher

Gary Bowman

where is higher. say I’ll that are deal, well of some to or a I’ve a million. I’d $XX The engaged there, continues say, that see a of million, But think the out targets guardrail it numbers If of doing could sense on $XX of it thrown top here It’s continuum lot the out put I south – end like million. I a north of $XX get us gives neighborhood. would you a seriously but certainly higher be always we’re $XXX I $XX there a to – appetite million million the with,

Bruce Labovitz

outlier, with we’ve more the lately. of of that mindset doing end line in that’s be our that I the high it’s been mean the sort the in think median would

the we’re did going last gooses put that number for with this over say do that, again, year. to just to and total is But the that target is median a year to that our for something year. ambition we So, out grow to not probably last year X the what XXs potentially the

Brent Thielman

guys. back congrats on Understood. impressive in Thanks get I’ll a really queue. Well, year.

Gary Bowman

Thank you, Brent.

Operator

comes from Alex B. Rygiel Alex, question next from Riley. The go ahead. please

is line open. Your

Alex Rygiel

gentlemen. Good Great quarter, morning, year. great

Gary Bowman

Thank you.

Alex Rygiel

As interested your future acquisition nicely your shares in could stocks consideration. of you more suspect I appreciated using be as part here. real

So maybe and you exactly talk might could consideration. into about play that that how

Bruce Labovitz

a notes. more Certainly every Less stock third, said, impact we’ve do, is formula a valuable more in to would Alex, stock a of, use us require, we cash, third a with acquisitions. a and would about certainly general start deal that appealing And between we dilution. third, to

has it our So influenced thinking more. certainly

was like try mechanism we inclined away less wanting for were stay more do. was what with when stock Is and is to ability holdback, which a cash have to the it. the it every lower, needing still us we’re from and deal So sellers notes us for taxes to to the issues there afford

So, I see going to No. a say you’re Never don’t dramatic change. think never.

Bruce Labovitz

is to more notably was months stock targets today Our attractive it than ago. eight

you, Thank are, say, targets our using looking for, as receptive. much So consideration. I’d I’m to word just our more stock

them have sometimes stock a guidance. In bit. fact, we beat little enough away There’s

Alex Rygiel

Fair EBITDA few improve list maybe quantify then can the enough. to to a or about bigger a more it talk contributors of margins the forward? And opportunity broadly you expansion speaking, and going margin

Bruce Labovitz

Yes.

gross So think how teens revenue. exceeds a some It’s revenue the adjusted slope is first transformational add change – looking are expansion. process. the of we’re scale in growth overtime, North think say into growth years. be mind, that the necessarily probably it’s of We can of about that slope there the getting a sort And at single Star of the as introduced not have my dynamic divergence are I on services can and creating of high some generate creates talked margin EBITDA we but margin we margin, of in a some we that five over here, there beginning fair lever The the biggest that technology from [ph] course overhead. to of

deliver scale So, of into there’s technology and of revenue. introduced operating sort prime I two the would the think how drivers be efficiency we some

Alex Rygiel

different in a fair then a power there’s unique the been how benefited and I’d how over out services playing pricing last a of over for see the how that economy marketplace lot out of the last the of And you economy from you year about next benefit pricing we’ve just had the or kind and talk years, call products. two how so years, there over what of couple lastly, helpful. of power Can market amount that you general That’s and the you from could power? sort pricing and

Gary Bowman

run power in softer we’ve And I threw strong fourth being coming the do some were my we’ve pricing cycles. Things would in we as had XX seen, years that, seen, of two public. half during and in as business. of that that returned And the months of to of is during that of a I’ve got say we I’d different up first on something clearly, as last cycle probably normal second pandemic things power. say, in as seen amount pricing the has, just time quarter general year,

of forward market looking power to in. it work being months had year, have flip has a XX of to the away all But to sudden giving have this less little it’s start a in taken XX – first pricing public. So come than not not we where got the a the bit we’ll months we’ve

near that. like Nowhere

it’s a labor in as tandem. not There and a in speaking, and move industry not – commodity service cost pricing Generally commodity our of input.

sale It’s of you that economic So cap do can also and goes of reprice still rationale house for change. the their there’s overnight. working a day. a an that return. a developers – where can gradual it doesn’t housing enterprises we’re for shortage charge and not business But to supply something. This irrationally There’s rationalize It’s up how agencies firms is have work. much every to price with

of we able just to pricing. have been I’d sort we’ve grab take than is market lot more to share. done more win and say been a So work what it’s able

Alex Rygiel

much. Very helpful. you very Thank

Gary Bowman

Thank you.

Operator

ahead. Thielman have a please Davidson. from Brent, Brent follow-up go from D.A. We

is line Your open.

Brent Thielman

clear, wanted technology margins. from perspective? Hey, there, accretive out thanks. could sort sort gross are there examples most of transactions you of things Hey, acquisitions types capabilities the technical to to just of that Bruce, to a or those guess talked things are recent I gross accretive that you capabilities, three some be I about margin

Bruce Labovitz

Yes.

being of Spatial some got very and capabilities record, wasn’t I geospatial to was a brand talked here. It So advanced do change augmenting of similar line some We’ve time the a do, Acuity new on we us. the being those, what for not it of necessarily entirely CAD new [indiscernible]. mean, the how This and geospatial impact the group about on a can of impact over us. acquisition adding period and of we’ve to one we what of for those to and instance, dynamics.

of of So imaging capabilities, scanning in some yes, some the underwater advancements modeling. the and XD

collected data to the have data asset work those I data sometimes them as think, have we of leverage things that would are we and on have the Officer about I beneficial. through find the monetize we clients how utilization, to organization – a we and the and the addition to a we can add recent of the for on Chief digital focus to to of be addition position, capitalize more of of that technologies. is within that what management to ability people’s And assess new the meant and Digital when think kinds that, sort ways ancillary empower that’s the you announced, do

stream revenue a as that see you’ll margin. could higher have that So

Brent Thielman

transactions maybe are or areas That’s then, pipeline, types at you’re where the helpful. these on? when acquisition the really skewed is focused look And more of you it towards

Gary Bowman

Chief guardrails of But focus, transportation services been. but place than I would focus. that broad advances. say is optimize, But the and coming something particular always It that more our is digital focuses. fairway mix, Officer a around we're energy-related before a Ryan, open-minded have be to would on services energy are remain we in transportation they could Digital the our as certainly With

Bruce Labovitz

the per But so in to technologist not than creation a technology more looking into to right the utilization of. of be se invest

Gary Bowman

board Right, not signaled Officer bringing strategy. our our on has Chief any to change Digital

Brent Thielman

your it of And just one just some announcements. on Okay. looking to the occurs at me backlog,

meaningful services sizable the significant. fairly Awards, energy contract, the awards, Massachusetts had all here of You've sort Pennsylvania anticipate uptick backlog Turnpike, look some Authority Would quarter? in it in a Bay first you fairly

Bruce Labovitz

at Keep also time. we're growing in mind the same

So, happened of backlog concurrently. generation and consumption backlog of

don't some right? backlog, know got towards be going more continue I would can of than which we're in greater because we'd sell that stick be obviously one, selling you book But, indicates burn So, to expect you've hockey we to than thinking that to to to delivering. see guide there's a I to eat,

Gary Bowman

I'd And large lot extended long a a also time. note, projects really of of period these over are

We into what are fairly conservative we report backlog. in

So forward as maybe XX or into have of a if think months it's, I or XX to months XX so, backlog. we of visibility standard four, opposed booking five years

Bruce Labovitz

And is book but commitment, master Underneath don't it issued. services that we orders a if the get contract we receive backlog orders until work it, has the work themselves.

the the come of comes $X So, at in a orders. program that as accreted chunks in million that years $X time, only would million be backlogs $XX three a million over chunks of

Brent Thielman

Right.

one. Last Okay.

if it what, guidance, of that that gross, backlog Is looks guys. fair? your like I I relative to XX% at cover of look guidance. Sorry some sort mean, estimate But million around would in $XXX that XX%,

Bruce Labovitz

Yes, on that? about math that quick my right. Do sounds

Gary Bowman

is Which is… probably, which eight months, about Yes.

Bruce Labovitz

not but I percentage. in that's percentages, yes, did right numbers, it the

Gary Bowman

in it months, think that's and as I healthy. Yes, of

Bruce Labovitz

Yes.

Brent Thielman

That's Yes. great.

Okay. Thanks guys. Appreciate it.

Gary Bowman

Thanks, Brent.

Operator

questions further no at I'll are There time, back call this you. Mr. turn to over Bowman, the

Gary Bowman

thanks and for And faith thanks Thanks, and who thoughtful everyone to listening. us us. in questions. by continues Brent operator in investing Thanks, Alex and everyone for show participating

Bruce Labovitz

you to talk again early in May. We'll

Gary Bowman

Bye-Bye. care. Take

Operator

attendance. concludes Thank your you call. much for This very today's

lines. disconnect now may You your

Bowman Consulting (BWMN) 10 Mar 232022 Q4 Earnings call transcript