Achieved record 2025 results driven by double-digit organic growth and a 28% increase in public contract capture rates.

Strategic shift toward power utilities, transportation, and natural resources is capitalizing on durable, long-term infrastructure demand.

Improved GAAP profitability and EPS growth resulted from enhanced labor utilization, increased scale, and a full integration strategy for acquisitions.

Revenue diversification successfully reduced building infrastructure to 44.9% of the mix, while increasing exposure to higher-growth public and utility sectors.

Geospatial services now represent 26% of gross revenue, acting as a high-margin 'pull-through' mechanism for engineering and advisory services.

The 'right to win' is being driven by technical depth and the ability to offer integrated end-to-end solutions, particularly in data centers and mission-critical practices.

Management is focused on decoupling revenue growth from headcount growth through technology investments to expand margins over time.

Increased 2026 net revenue guidance to $495-$510 million, reflecting the RPT Alliance acquisition and 12% projected organic growth.

Backlog of $479 million provides high visibility, with 70-80% typically converting to revenue within a twelve-month period.

Anticipate 2026 margin expansion of 50-80 basis points driven by process automation and optimized labor collection timing.

Prioritizing a 25% reduction in working capital investment through automation to significantly improve cash flow conversion.

Strategic M&A focus is shifting toward fewer, larger, and more consequential acquisitions while maintaining a target leverage ratio of 1.5x to 2.0x.

Founder Gary Bowman announced his upcoming retirement, with the board initiating a search for a successor to ensure cultural and strategic continuity.

Section 174 tax capitalization issues are resolved, leading to more normalized tax impacts and simplified working capital calculations moving forward.

The BIG Fund technology incubator is approximately 50% committed, focusing on AI and GIS tools to improve workforce efficiency without cannibalizing unit-based work.

Recent leverage of 2.45x reflects the all-cash RPT acquisition; management expects operational cash flow to reduce this throughout 2026.

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Integration is proceeding faster than previous deals, with the unit already operationally and financially aligned.

The acquisition extends Bowman's reach into the midstream natural gas and LNG sectors, creating immediate cross-selling opportunities for fire protection and mechanical services.

Management noted a developing trend toward growth in building infrastructure, potentially driven by state-level loosening of permitting for affordable housing.

While not yet ready to call a full market pivot, early indicators suggest a positive movement in specific geographical pockets.

CapEx may 'pop' slightly above the 3-4% average this year due to investments in high-resolution scanners and underwater LiDAR.

These are viewed as long-lived assets that create incumbency and technical differentiation in the utility and infrastructure life cycles.

The company is implementing economic retention packages for key leadership to ensure stability during the transition.

Gary Bowman remains the largest shareholder and emphasized that his personal legacy and economics are tied to a successful, non-disruptive handover.

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