0001193125-21-327721.txt : 20211112 0001193125-21-327721.hdr.sgml : 20211112 20211112121509 ACCESSION NUMBER: 0001193125-21-327721 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20211111 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211112 DATE AS OF CHANGE: 20211112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bowman Consulting Group Ltd. CENTRAL INDEX KEY: 0001847590 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 541762351 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-40371 FILM NUMBER: 211401849 BUSINESS ADDRESS: STREET 1: 12355 SUNRISE VALLEY DRIVE STREET 2: SUITE 520 CITY: RESTON STATE: VA ZIP: 20191 BUSINESS PHONE: 703-464-1000 MAIL ADDRESS: STREET 1: 12355 SUNRISE VALLEY DRIVE STREET 2: SUITE 520 CITY: RESTON STATE: VA ZIP: 20191 8-K 1 d195912d8k.htm 8-K 8-K
false 0001847590 0001847590 2021-11-11 2021-11-11

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 11, 2021

 

 

Bowman Consulting Group Ltd.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-40371   54-1762351

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

12355 Sunrise Valley Drive, Suite 520

Reston, Virginia 20191

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (703) 464-1000

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

  

Trading

Symbol(s)

  

Name of Each Exchange

on Which Registered

Common stock, par value $0.01 per share    BWMN    Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 

 


Item 2.02.

Results of Operations and Financial Condition.

On November 11, 2021, Bowman Consulting Group Ltd. issued a press release announcing its financial results for the third quarter ended September 30, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Report.

The information in this Report, including the exhibits, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in this Report, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
No.

  

Description

99.1    Bowman Consulting Group Ltd. earnings release for the third quarter 2021.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    BOWMAN CONSULTING GROUP LTD.
Date: November 12, 2021     By:  

/s/ Bruce Labovitz

      Bruce Labovitz
      Chief Financial Officer
EX-99.1 2 d195912dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Bowman Consulting Group Announces Third Quarter 2021 Financial Results

Reston, Va., November 10, 2021 (BUSINESS WIRE) – Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering services firm supporting owners and developers of the built environment, today announced results of operations for the three and nine months ended September 30, 2021, which include record revenue.

“The third quarter was the highest revenue quarter in company history, as we continue to experience strong demand across our end markets,” said Gary Bowman, Chairman and CEO of Bowman. “This was our first full quarter as a public company, and I could not be more pleased with how we have executed on our business strategy. Since becoming a public company, we have closed on four acquisitions, and we expect to close additional acquisitions by year end. Most importantly, our entire team has met the challenge of integrating new operations while continuing to serve the growing needs of our existing clients and develop new relationships. We continue to be steadfast in our commitment to increase shareholder value over time through a combination of organic growth and strategic acquisitions.”

Financial highlights of the three months ended September 30, 2021:

 

   

Gross revenue of $39.7 million, a year-over-year increase of 25%

 

   

Net service billing1 of $35.7 million, a year-over-year increase of 41%

 

   

Adjusted EBITDA1 of $4.4 million

 

   

Adjusted EBITDA margin, net 1 of 12.4%

 

   

Net income of $0.4 million

 

   

Acquired revenue accounted for $2.3 million, or 6%, of gross revenue

 

   

Backlog1 of $139 million, an increase of 13% from June 30, 2021

Financial highlights of the nine months ended September 30, 2021:

 

   

Gross revenue of $108.0 million, a year-over-year increase of 17%

 

   

Net service billing1 of $97.1 million, a year-over-year increase of 26%

 

   

Adjusted EBITDA1 of $12.7 million, a year-over-year increase of 20%

 

   

Adjusted EBITDA margin, net 1 of 13.1%

 

   

Net income of $0.9 million

 

   

Acquired revenue accounted for $6.8 million, or 6% of gross revenue

Other Recent Business Highlights:

 

   

Closed on the acquisition of Triangle Site Design in Raleigh, NC on October 1, 2021

 

   

Closed on the acquisition of PCD Engineering in Denver, CO on October 8, 2021

 

   

Closed on the acquisition of BTM Engineering in Louisville, KY on October 15, 2021

Year-End Guidance:

The Company is increasing its full year 2021 outlook for Net Service Billing to be in the range of $130 to $133 million and Adjusted EBITDA of approximately $16.5 million from previous guidance of $125 to $130 million of Net Service Billing and $15.0—$15.6 million of Adjusted EBITDA. The Company is introducing its 2022 outlook for Net Service Billing to be in the range of $150 to $170 million, with Adjusted EBITDA expected to be in the range of $20 – $24 million. The current outlook for


2021 and 2022 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions. The Company expects to continue making strategic and financially accretive acquisitions that are not yet reflected in this current outlook. Management will discuss the Company’s acquisition pipeline during its upcoming earnings call.

“We are updating our outlook for 2021 in part as a result of acquisitions closed since our last earnings call,” said Bruce Labovitz, Chief Financial Officer of Bowman. “As is our practice, our current outlook does not include future acquisitions, since we cannot offer assurance that they will close in a timely manner. We are generating free cash flow and anticipate our current capital being sufficient to meet our near-term acquisition needs. As we continue to deploy our capital and increase scale, we expect to achieve margin expansion with respect to Adjusted EBITDA, resulting in increased free cash flow from operations.”

 

1

Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.

Q3 2021 Earnings Webcast

Bowman will host an earnings webcast to discuss the results of the quarter as follows:

 

    Date:      November 11, 2021
    Time:      9:00 a.m. Eastern Time
    Hosts:      Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer
    Where:      http://investors.bowman.com

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 900 employees in more than 30 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $53.3 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit bowman.com.

Contact:

Investor Relations

Bruce Labovitz

ir@bowman.com

(703) 787-3403

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we


believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 424B4 dated May 6, 2021, which is available on the SEC’s website at sec.gov. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Non-GAAP Financial Measures and Other Key Metrics

We supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, with certain non-GAAP financial measures, as described below, to help represent, explain, and understand our operating performance. These non-GAAP financial measures may be different than similarly referenced measures used by other companies. The non-GAAP measures are intended to enhance investors’ overall understanding and evaluation of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We present these non-GAAP financial measures to assist investors in seeing our financial performance in a manner more aligned with management’s view and believe these measures provide additional tools by which investors can evaluate our core financial performance over multiple periods relative to other companies in our industry. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.


BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Amounts in thousands except per share data)

(Unaudited)

 

     For the Three Months
Ended September 30,
    For the Nine Months
Ended September 30,
 
     2021     2020     2021     2020  

Gross Contract Revenue

   $ 39,715     $ 31,766     $ 108,041     $ 92,126  

Contract costs: (exclusive of depreciation and amortization below)

        

Direct payroll costs

     15,531       13,035       42,873       36,768  

Sub-consultants and expenses

     3,967       6,354       10,967       14,814  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total contract costs

     19,498       19,389       53,840       51,582  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating Expenses:

        

Selling, general and administrative

     18,373       14,425       48,328       38,555  

Depreciation and amortization

     1,598       311       4,506       952  

(Gain) loss on sale

     (46     (30     (99     (45
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     19,925       14,706       52,735       39,462  

Income (loss) from operations

     292       (2,329     1,466       1,082  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other (income) expense

     314       (102     706       (179
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before tax expense

     (22     (2,227     760       1,261  

Income tax (benefit) expense

     (379     (979     (139     467  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 357     $ (1,248   $ 899     $ 794  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings allocated to non-vested shares

     71       —         165       41  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to common shareholders

   $ 286     $ (1,248   $ 734     $ 753  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per share

        

Basic

   $ 0.03     $ (0.22   $ 0.10     $ 0.14  

Diluted

   $ 0.03     $ (0.22   $ 0.10     $ 0.13  

Weighted average shares outstanding:

        

Basic

     8,920,505       5,567,523       7,003,462       5,569,177  

Diluted

     8,935,274       5,567,523       7,008,440       5,604,804  


BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except per share data)

 

     September 30,
2021
    December 31,
2020
 
     (unaudited)        

ASSETS

    

Current Assets

    

Cash and equivalents

   $ 38,745     $ 386  

Accounts Receivable, net

     34,964       24,183  

Contract assets

     8,668       7,080  

Notes receivable—officers, employees, affiliates, current portion

     1,120       1,182  

Prepaid and other current assets

     3,858       2,271  
  

 

 

   

 

 

 

Total current assets

     87,355       35,102  

Non-Current Assets

    

Property and equipment, net

     17,864       15,357  

Goodwill

     13,484       9,179  

Notes receivable

     903       903  

Notes receivable—officers, employees, affiliates, less current portion

     1,273       1,297  

Other intangible assets, net

     2,789       1,131  

Other assets

     687       669  
  

 

 

   

 

 

 

Total Assets

   $ 124,355     $ 63,638  
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

    

Current Liabilities

    

Bank line of credit

     —         3,481  

Accounts payable and accrued liabilities, current portion

     18,634       12,203  

Contract liabilities

     2,558       1,943  

Notes payable, current portion

     2,222       1,592  

Deferred rent, current portion

     674       619  

Capital lease obligation, current portion

     4,625       3,495  
  

 

 

   

 

 

 

Total current liabilities

     28,713       23,333  

Non-Current Liabilities

    

Other non-current obligations

     1,243       1,244  

Notes payable, less current portion

     4,377       2,829  

Deferred rent, less current portion

     4,217       4,278  

Capital lease obligation, less current portion

     8,855       7,503  

Deferred tax liability, net

     5,133       6,472  

Common shares subject to repurchase

     7       842  
  

 

 

   

 

 

 

Total liabilities

   $ 52,545     $ 46,501  
  

 

 

   

 

 

 

Shareholders’ Equity

    

Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding

     —         —    

Common stock, $0.01 par value; 30,000,000 shares authorized; 13,367,535 shares issued and 11,179,120 outstanding, and 7,840,244 shares issued and 5,744,594 outstanding, respectively

     134       2  

Additional paid-in-capital

     113,531       58,866  

Treasury Stock, at cost; 2,188,415 and 2,095,650, respectively

     (17,215     (16,022

Stock subscription notes receivable

     (439     (609

Accumulated deficit

     (24,201     (25,100
  

 

 

   

 

 

 

Total shareholders’ equity

   $ 71,810     $ 17,137  
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 124,355     $ 63,638  
  

 

 

   

 

 

 


BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

     For the Nine Months Ended
September 30,
 
     2021     2020  

Cash Flows from Operating Activities:

    

Net Income

   $ 899     $ 794  

Adjustments to reconcile net income to net cash provided by operating activities

    

Depreciation and amortization—property, plant and equipment

     4,283       762  

Amortization of intangible assets

     223       190  

Gain on sale of assets

     (99     (45

Bad debt

     266       2,507  

Stock based compensation

     5,341       4,055  

Deferred taxes

     (1,340     297  

Deferred rent

     (6     562  

Changes in operating assets and liabilities

    

Accounts Receivable

     (10,015     369  

Contract Assets

     (961     4,179  

Prepaid expenses

     (430     702  

Other Assets

     (1,032     (285

Accounts payable and accrued expenses

     6,132       819  

Contract Liabilities

     (31     (5,977
  

 

 

   

 

 

 

Net cash provided by operating activities

     3,230       8,929  

Cash Flows from Investing Activities:

    

Purchases of property and equipment

     (609     (930

Proceeds from sale of assets

     100       45  

Amounts advanced under loans to shareholders

     (473     (878

Payments received under loans to shareholders

     88       195  

Amounts advanced under notes receivable

     —         (414

Payments received under notes receivable

     —         4  

Acquisitions of businesses, net of cash acquired

     (3,000     —    

Collections under stock subscription notes receivable

     170       144  
  

 

 

   

 

 

 

Net cash used in investing activities

     (3,724     (1,834
  

 

 

   

 

 

 

Cash Flows from Financing Activities:

    

Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs

     47,104       —    

Net payments under revolving line of credit

     (3,481     (5,717

Repayments under fixed line of credit

     (540     (306

Borrowings under fixed line of credit

     —         1,985  

Repayment under notes payable

     (735     (1,496

Payments on capital leases

     (3,208     (189

Payment of contingent consideration from acquisitions

     (2     (104

Payments for purchase of treasury stock

     (582     (1,261

Proceeds from issuance of common stock

     297       45  
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     38,853       (7,043
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     38,359       52  
  

 

 

   

 

 

 

Cash and cash equivalents, beginning of period

     386       509  
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 38,745     $ 561  
  

 

 

   

 

 

 


BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands except per share data)

(Unaudited)

 

     For the Three Months Ended September 30,  
     2021      2020  

Gross revenue

   $ 39,715      $ 31,766  

Less: sub-consultants and other direct expenses

     3,967        6,354  
  

 

 

    

 

 

 

Net services billing

   $ 35,748      $ 25,412  

 

     For the Three Months Ended
September 30,
             
     2021     2020     $ Change     %Change  

Net Income

   $ 357     $ (1,248   $ 1,605       (128.6 %) 

+ interest expense

     216       118       98       83.1

+ depreciation & amortization

     1,598       311       1,287       413.5

+ tax expense

     (379     (979     600       (61.3 %) 
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

   $ 1,792     $ (1,798   $ 3,590       (199.6 %) 

+ non-recurring operating lease rent

     —         641       (641     (100.0 %) 

+ non-cash stock compensation

     2,634       3,546       (912     (25.7 %) 

+ transaction related expenses

     —         —         —         0.0

+ settlements and other non-core expenses

     —         1,461       (1,461     (100.0 %) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 4,426     $ 3,850     $ 576       15.0

Adjusted EBITDA margin, net

     12.4     15.2    

 

     For the Nine Months Ended September 30,  
     2021      2020  

Gross revenue

   $ 108,041      $ 92,126  

Less: sub-consultants and other direct expenses

     10,967        14,814  
  

 

 

    

 

 

 

Net services billing

   $ 97,074      $ 77,312  

 

     For the Nine Months Ended
September 30,
             
     2021     2020     $ Change     % Change  

Net Income

   $ 899     $ 794     $ 105       13.2

+ interest expense

     650       367       283       77.2

+ depreciation & amortization

     4,506       952       3,554       373.4

+ tax expense

     (139     467       (606     (129.8 %) 
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

   $ 5,916     $ 2,580     $ 3,336       129.3

+ non-recurring operating lease rent

     —         2,430       (2,430     (100.0 %) 

+ non-cash stock compensation

     5,341       4,082       1,259       30.9

+ transaction related expenses

     1,440       —         1,440       100.0

+ settlements and other non-core expenses

     —         1,461       (1,461     (100.0 %) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 12,697     $ 10,553     $ 2,144       20.3

Adjusted EBITDA margin, net

     13.1     13.6    


Backlog    September 30,
2021
    December 31,
2020
 

Building Infrastructure 1

     53     43

Transportation

     21     28

Power & Utilities

     22     25

Other Emerging Markets

     4     4

 

1 

formerly referred to as Communities, homes & buildings

BOWMAN CONSULTING GROUP LTD.

GROSS CONTRACT REVENUE COMPOSITION

(Amounts in thousands)

(Unaudited)

 

     For the Three Months Ended
September 30,
             
Consolidated Gross Contract Revenue    2021      %GCR     2020      %GCR     Change     % Change  

Building Infrastructure 1

   $ 28,303        71.3   $ 20,183        63.5   $ 8,120       40.2

Transportation

     4,033        10.2     5,929        18.7     (1,896     (32.0 %) 

Power & Utilities

     6,295        15.8     4,943        15.6     1,352       27.4

Other emerging markets 2

     1,084        2.7     711        2.2     373       52.5
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total:

   $ 39,715        100.0   $ 31,766        100.0   $ 7,949       25.0
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Organic

   $ 37,380        94.1   $ 31,766        100.0   $ 5,614       17.7

Acquired

     2,335        5.9     —          0.0     2,335       100.0
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

     For the Nine Months Ended September 30,              
Consolidated Gross Contract Revenue    2021      %GCR     2020      %GCR     Change     % Change  

Building Infrastructure 1

   $ 74,511        69.0   $ 56,191        61.0   $ 18,320       32.6

Transportation

     12,344        11.4     16,217        17.6     (3,873     (23.9 %) 

Power & Utilities

     17,524        16.2     16,133        17.5     1,391       8.6

Other emerging markets 2

     3,662        3.4     3,585        3.9     77       2.1
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total:

   $ 108,041        100.0   $ 92,126        100.0   $ 15,915       17.3
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Organic

   $ 101,216        93.7   $ 92,126        100.0   $ 9,090       9.9

Acquired

     6,825        6.3     —          0.0     6,825       100.0
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

1 

formerly referred to as Communities, homes & buildings

2

represents renewable energy, mining, water resources and other

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