Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ:BWMN), a national engineering services firm delivering
infrastructure solutions to customers who own, develop, and
maintain the built environment, today issued additional commentary
regarding its February 16, 2024 pre-release of 2023 non-GAAP
financial metrics (the “Pre-Release”) and announced the acquisition
of Speece Lewis Engineers (“Speece Lewis”), a transportation,
bridge design, surveying, and hydraulics focused engineering firm
based in Lincoln, Nebraska.
Additional Commentary Regarding 2023
Pre-Release
The Company noted that it was not withdrawing its 2024 guidance
in connection with the Pre-Release announcement but rather it was
affirming its November 6, 2023 guidance with a reminder that the
guidance does not include what is now six acquisitions closed since
its issuance. In connection with its upcoming earnings release, the
Company will update its 2024 guidance to include all acquisitions
completed after November 6, 2023.
“We continue to experience strong demand for our services,” said
Gary Bowman, chairman and CEO of Bowman. “To be clear, our backlog
of contracted work continues to increase, our opportunities are
plentiful, our January results were in line with our plan, and our
confidence in our ability to post meaningful growth again in 2024
is unabated. We look forward to discussing our 2023 results and our
outlook for continued growth in connection with our upcoming
earnings call.”
Speece Lewis Acquisition
Since 1974, Speece Lewis has been supporting the improvement of
infrastructure throughout the midwestern United States through
quality engineering, committed customer service, and innovation.
Led by current principals Tim Farmer, P.E. and Chris Lane, P.E.,
the firm partners with a variety of clients, including natural
resource districts; federal, state, county, and municipal
governments; as well as private and commercial entities. Employing
advanced, state-of-the-art technologies, Speece Lewis’ experienced
engineers and technical experts deliver solutions that reflect
precise analytics and exceptional designs. Speece Lewis practice
specialties include transportation planning, bridge design, survey
and geospatial services, hydraulics engineering, and field
oversight services. All Speece Lewis employees have joined Bowman
in connection with the acquisition.
“The acquisition of Speece Lewis is a reflection of our
continuing commitment to the growth of our national transportation
engineering practice,” said Gary Bowman, chairman and CEO of
Bowman. “With Speece Lewis, we add a terrific team of skilled
transportation and bridge design experts along with an impressive
depth of clients. But we also add an extraordinary collection of
hydraulics, surveying and geospatial, and field services experience
that will create additional revenue synergies beyond
transportation. This is an extremely opportunistic combination of
companies, and we are excited to be expanding our presence into the
Midwest by joining with such a prestigious firm and talented
collection of professionals.”
“Bowman’s commitment to growing their business in areas where we
are most focused was a huge appeal to all of us at Speece Lewis,”
said Tim Farmer, president of Speece Lewis. “We have built the
company through an unwavering dedication to our people, our
clients, and our communities. We believe Bowman’s culture and
approach to growth is very much aligned with our vision for our
future. We are ready to start adding value to Bowman and capitalize
on the many synergies we will undoubtedly realize as we combine
workforces, clients, technologies, operations, and
opportunities.”
Financed with a combination of cash, seller notes, and equity,
the acquisition falls within previously discussed target multiples
and operating metric ranges and is expected to be immediately
accretive. The Company anticipates the acquisition will initially
operate at an annualized net service billing run rate of
approximately $4.0 million. More detailed information on M&A
activities, pipeline, and guidance updates are provided in
connection with scheduled quarterly and annual communications.
About Speece Lewis Engineers
Since 1974, Speece Lewis has brought depth of experience and
expertise to each assignment it has successfully completed. Focused
on surveying, transportation, bridge design, and hydraulics, Speece
Lewis has been consistently supporting the improvement of
infrastructure throughout the midwestern United States through
quality engineering. Proudly partnering with a variety of clients,
including natural resource districts; federal, state, county, and
municipal governments; as well as private and commercial entities,
Speece Lewis maintains a consistent and relentless approach to each
project and engagement. No matter how simple or complex the
challenge, the firm’s experienced engineers, state-of the art
equipment, and rigorous processes combine to ensure a successful
outcome. For more information on Speece Lewis, their projects, and
their services, visit www.speecelewis.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national
engineering services firm delivering infrastructure solutions to
customers who own, develop, and maintain the built environment.
With over 2,000 employees and more than 90 offices throughout the
United States, Bowman provides a variety of planning, engineering,
geospatial, construction management, commissioning, environmental
consulting, land procurement, and other technical services to
customers operating in a diverse set of regulated end markets.
Bowman trades on the Nasdaq under the symbol BWMN. For more
information, visit bowman.com or investors.bowman.com.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the safe harbor provisions of the U.S.
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”, “goal” 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. The Company
cautions that these statements are qualified by important factors
that could cause actual results to differ materially from those
reflected by the forward-looking statements contained in this news
release. Such factors include: (a) changes in demand from the local
and state government and private clients that we serve; (b) general
economic conditions, nationally and globally, and their effect on
the market for our services; (c) competitive pressures and trends
in our industry and our ability to successfully compete with our
competitors; (d) changes in laws, regulations, or policies; and (e)
the “Risk Factors” set forth in the Company’s most recent SEC
filings. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240219337532/en/
General Media Contact: Christina Nichols
cnichols@bowman.com
Investor Relations Contacts: Bruce Labovitz
ir@bowman.com
Larry Clark, CFA lclark@bowman.com
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