Bowman(US:BWMN)2022-03-25 20:19Financial Performance - FY 2021 - Bowman's Net Service Billing for FY 2021 was $134.9 million, a 30% increase compared to $103.7 million in 2020[20, 23] - The company's Gross Contract Revenue for FY 2021 reached $150 million, up 23% from $122 million in 2020[20] - Adjusted EBITDA for FY 2021 was $16.5 million, a 19% increase from $13.9 million in 2020[23] - Gross Margin for FY 2021 was 50%, a 500 bps increase compared to 45% in 2020[20] Q4 2021 Highlights - Net Service Billing for Q4 2021 was $37.8 million, a 44% increase compared to $26.3 million in Q4 2020[20, 22] - Gross Contract Revenue for Q4 2021 was $41.9 million, a 40% increase compared to $29.9 million in Q4 2020[20] - Adjusted EBITDA for Q4 2021 was $3.5 million, a 6% increase compared to $3.3 million in Q4 2020[22] Acquisitions and Growth Strategy - Bowman identified $200 million of acquirable annual revenue and is substantively engaged in M&A activities [11] - The company is targeting $75 million in acquisitions for 2022, with an average acquisition size of >$10 million in annual revenue [11] - Bowman completed acquisitions with a total estimated 2021 revenue of $36.2 million, issuing 326,134 shares [9] - The company projects FY22 Net Service Billing of $170 to $185 million and Adjusted EBITDA of $23 to $27 million [29]