Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the
“Company”), a national engineering and infrastructure services firm
supporting owners and developers of the built environment, today
released financial results for the fiscal year ended December 31,
2023.
“This past year we surpassed $300 million in net service billing
representing nearly 30% year-over-year growth and approximately 31%
compound annual growth since 2020, the year before our May 2021
initial public offering,” said Gary Bowman, Chairman and CEO of
Bowman. “We remain focused on becoming one of the 50 largest
domestic engineering firms and are continually working to optimize
the utilization of our resources as we advance toward this goal.
Our pipeline of opportunities, including both new and existing
customer assignments and prospective acquisitions, is healthy, and
the significant public funding available for infrastructure
projects provides a positive outlook for the future.”
“During 2023 we completed 11 acquisitions representing
approximately $60 million in annualized net service billing,”
continued Bowman. “We added new customers and grew our
relationships with existing customers while expanding our
geographic footprint and increasing our ability to gain both
market-share and wallet-share through the introduction of adjacent
service offerings and leading-edge geospatial solutions. We remain
committed to our fully integrated operating model as we continue to
weave together a diverse mix of acquired organizations into one
common culture. We are confident about our long-term prospects and
believe our approach to growth will continue to deliver shareholder
value.”
Financial highlights for the three months ended December 31,
2023, compared to December 31, 2022:
- Gross contract revenue of $93.0 million, compared to $75.6
million, a 23% increase
- Year-over-year organic gross contract revenue growth1 of
6%
- Net service billing2 of $80.5 million, compared to $66.2
million, a 22% increase
- Year-over-year organic net service billing growth of 4%
- Net loss of $7.7 million, compared to net income of $0.5
million
- Adjusted EBITDA2 of $11.2 million, compared to $9.4 million, a
19% increase
- Adjusted EBITDA margin, net 2 of 14.0% compared to 14.2%, a 20
bps decrease
- Gross backlog2 of $306 million, compared to $243 million, a 26%
increase
Financial highlights for fiscal year 2023, compared to fiscal
year 2022:
- Gross contract revenue of $346.3 million, compared to $261.7
million, a 32% increase
- Year-over-year organic gross contract revenue growth1 of
21%
- Net service billing2 of $304.0 million, compared to $235.2
million, a 29% increase
- Year-over-year organic net service billing growth of 18%
- Net loss of $6.6 million, compared to a net income of $5.0
million
- Adjusted EBITDA2 of $47.0 million, compared to $34.0 million, a
38% increase
- Adjusted EBITDA margin, net 2 of 15.5% compared to 14.5%, a 100
bps increase
Impact of IRC Section 174 Research & Development Tax
Expense Deductibility
The Tax Cuts and Jobs Act (“TCJA”) drastically altered IRC
Section 174 and the treatment of Research and Experimental
(“R&E”) expenditures for tax years beginning after December 31,
2021. Prior to this alteration, under IRC Sec. 174 businesses were
permitted to deduct the full amount of R&E expenditures as an
expense in the taxable year in which they were incurred. As
amended, IRC Sec. 174 eliminated the ability for U.S. businesses to
deduct their R&E expenditures as an expense, instead requiring
businesses to capitalize these expenses and amortize them over a
period of five years resulting in acceleration of tax remittance.
The Company maintains an uncertain tax position (“UTP”) with
respect to its position that its R&E expenses are not subject
to the altered IRC Sec. 174 treatment based on specific facts and
circumstances. The Company’s tax expense for the three months ended
December 31, 2023 and full-year 2023 include a $4.6 million accrual
relating to the UTP and the Company is carrying approximately $38
million of associated deferred tax assets. On January 31, 2024, the
US House of Representatives passed HR 7024, the Tax Relief for
American Families and Workers Act of 2024, on a bi-partisan basis,
which, among other things, restores U.S. taxpayers’ ability to
deduct currently, and retroactively, domestic R&E costs paid or
incurred in tax years beginning after December 31, 2021, and before
January 1, 2026. If HR 7024 is adopted by the U.S. Senate and the
President, the Company would reverse its UTP related liability, tax
expense and deferred tax assets.
Activity Under Stock Repurchase Program:
In November 2022, the Company's Board of Directors authorized a
stock repurchase program ("2022 Stock Repurchase Program") to
repurchase up to $10.0 million of the Company’s common stock. As
previously disclosed, during the twelve months ended December 31,
2023 the Company repurchased a total of 28,704 shares of its common
stock at an average price of $25.94. The 2022 Stock Repurchase
Program expired on November 10, 2023. On November 17, 2023, the
Company’s Board of Directors authorized a new $10.0 million
repurchase program ("2023 Stock Repurchase Program"). As of March
11, 2024, the Company has $10.0 million remaining under the 2023
Stock Repurchase Program.
Non-GAAP Adjusted Earnings per Share:
In connection with the release of financial results for the
three and nine months ended September 30, 2023, the Company
introduced the new non-GAAP financial metric of adjusted earnings
per share (“Adjusted EPS”). To calculate Adjusted EPS, the Company
adds back non-reoccurring expenses specific to acquisitions,
non-cash stock compensation expense associated with pre-IPO grants,
and other expenses not in the ordinary course of business. With
respect to the elimination of any non-cash stock compensation
expense, the Company computes an adjusted tax expense or benefit
which accounts for the elimination of any periodic windfall or
shortfall tax effects resulting from the difference between grant
date fair value and vest date value. With respect to all other
eliminations, the Company applies its average marginal statutory
tax rate, currently 25.6%, to derive the tax adjustment associated
with the elimination of these expenses. A reconciliation of
non-GAAP Adjusted EPS to GAAP EPS, both basic and diluted, is
included with this press release for reference.
For the three months ended December 31, 2023, compared to
December 31, 2022:
- Basic Adjusted EPS was $0.33 compared to $0.44
- Diluted Adjusted EPS was $0.31 compared to $0.41
For the twelve months ended December 31, 2023, compared to
December 31, 2022:
- Basic Adjusted EPS was $1.12 compared to $1.46
- Diluted Adjusted EPS was $1.03 compared to $1.36
Updating FY 2024 Guidance
The Company is adjusting its full year 2024 outlook for net
service billing2 to be in the range of $363 to $378 million and
Adjusted EBITDA2 in the range of $59 to $65 million. The current
outlook for 2024 is based on completed acquisitions as of the date
of this release and does not include contributions from any future
acquisitions. Management discusses the Company’s acquisition
pipeline and its prospective impact during regularly scheduled
earnings calls.
“Our 2024 forecast assumes uneven growth in net service billing
from first to third quarter with an accommodation for a modest
seasonal impact during the fourth quarter,” said Bruce Labovitz,
Chief Financial Officer at Bowman. “Generally speaking, we have
found that it can take acquisitions a couple of months to return to
normal net service billing levels due to the unusual demands of
immediate post-closing integration. We reiterate that when
acquisitions are added to guidance, we include a pro-rated amount
of announced annualized net service billing run rate that is based
on the timing of closing and anticipated integration related
revenue disruptions.”
Q4 2023 Earnings Webcast
Bowman will host an earnings webcast to discuss the results of
the quarter as follows:
Date: March 12, 2024 Time: 9:00 a.m. Eastern
Time Hosts: Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief
Financial Officer Where: http://investors.bowman.com
1 Includes reclassification of 2022 Q4
acquisitions as organic revenue.
2 Non-GAAP financial metrics the Company
believes offer valuable perspective on results of operations. See
Non-GAAP tables below for reconciliations.
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 anticipates 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.
CONSOLIDATED BALANCE
SHEETS
(Amounts in thousands except
per share data)
December 31,
2023
December 31,
2022
ASSETS
Current
Assets
Cash and equivalents
$
20,687
$
13,282
Accounts receivable, net
87,565
64,443
Contract assets
33,520
16,321
Notes receivable - officers, employees,
affiliates, current portion
1,199
1,016
Prepaid and other current assets
11,806
7,068
Total current assets
154,777
102,130
Non-Current
Assets
Property and equipment, net
27,601
25,104
Operating lease, right-of-use assets
40,743
30,264
Goodwill
96,393
53,210
Notes receivable
903
903
Notes receivable - officers, employees,
affiliates, less current portion
1,119
1,417
Other intangible assets, net
46,294
27,950
Deferred tax asset, net
33,780
13,759
Other assets
1,175
1,020
Total Assets
$
402,785
$
255,757
LIABILITIES AND EQUITY
Current
Liabilities
Bank line of credit
45,290
–
Accounts payable and accrued liabilities,
current portion
44,394
40,293
Contract liabilities
7,481
6,370
Notes payable, current portion
13,989
10,168
Operating lease obligation, less current
portion
9,016
6,949
Finance lease obligation, current
portion
6,586
5,297
Total current liabilities
126,756
69,077
Non-Current
Liabilities
Other non-current obligations
42,288
356
Notes payable, less current portion
13,738
16,276
Operating lease obligation, less current
portion
37,660
28,087
Finance lease obligation, less current
portion
14,408
14,254
Pension and post-retirement obligation,
less current portion
4,654
4,848
Total liabilities
$
239,504
$
132,898
Shareholders' Equity
Preferred Stock, $0.01 par value;
5,000,000 shares authorized, no shares issued and outstanding as of
December 31, 2023 and 2022
-
-
Common stock, $0.01 par value; 30,000,000
shares authorized as of December 31, 2023 and 2022; 17,694,495
shares issued and 15,094,278 outstanding, and 15,949,805 shares
issued and 13,556,550 outstanding as of December 31, 2023 and 2022,
respectively
177
159
Additional paid-in-capital
215,420
162,922
Treasury stock, at cost; 2,393,255 and
2,201,289, respectively
(26,410
)
(20,831
)
Accumulated other comprehensive income
590
578
Stock subscription notes receivable
(76
)
(173
)
Accumulated deficit
(26,420
)
(19,796
)
Total shareholders' equity
$
163,281
$
122,859
TOTAL LIABILITIES AND EQUITY
$
402,785
$
255,757
BOWMAN CONSULTING GROUP
LTD.
CONSOLIDATED INCOME
STATEMENTS
(Amounts in thousands except
per share data)
For the Three Months
Ended December 31,
For the Year Ended
December 31,
2023
2022
2023
2022
Gross Contract Revenue
$
92,969
$
75,609
$
346,256
$
261,714
Contract costs: (exclusive of depreciation
and amortization below)
Direct payroll costs
33,679
26,753
127,961
100,076
Sub-consultants and expenses
12,453
9,424
42,262
26,510
Total contract costs
46,132
36,177
170,223
126,586
Operating Expenses:
Selling, general and administrative
44,655
34,993
158,377
117,839
Depreciation and amortization
5,939
3,901
18,723
12,251
Gain on sale
(64
)
(39
)
(411
)
(82
)
Total operating expenses
50,530
38,855
176,689
130,008
(Loss) Income from operations
(3,693
)
577
(656
)
5,120
Other expense
1,939
1,297
5,791
3,384
(Loss) Income before tax expense
(5,632
)
(720
)
(6,447
)
1,736
Income tax (benefit)
2,078
(1,190
)
177
(3,269
)
Net (loss) income
$
(7,710
)
$
470
$
(6,624
)
$
5,005
Earnings allocated to non-vested
shares
–
67
–
783
Net (loss) income attributable to common
shareholders
$
(7,710
)
$
403
$
(6,624
)
$
4,222
(Loss) Earnings per share
Basic
$
(0.59
)
$
0.03
$
(0.53
)
$
0.39
Diluted
$
(0.59
)
$
0.03
$
(0.53
)
$
0.37
Weighted average shares
outstanding:
Basic
13,043,111
11,538,128
12,490,914
10,887,620
Diluted
13,043,111
12,234,109
12,490,914
11,683,758
BOWMAN CONSULTING GROUP
LTD.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
For the Year Ended December
31,
2023
2022
Cash Flows from Operating
Activities:
Net (Loss) Income
$
(6,624
)
$
5,005
Adjustments to reconcile net income to net
cash provided by operating activities
Depreciation and amortization - property,
plant and equipment
9,732
8,363
Amortization of intangible assets
8,991
3,888
Gain on sale of assets
(411
)
(82
)
Bad debt
515
742
Stock based compensation
24,738
15,097
Deferred taxes
(25,529
)
(18,049
)
Accretion of discounts on notes
payable
642
258
Changes in operating assets and
liabilities
Accounts receivable
(13,559
)
(13,779
)
Contract assets
(10,866
)
(4,575
)
Prepaid expenses and other assets
143
(2,126
)
Accounts payable and accrued expenses
27,728
15,802
Contract liabilities
(3,778
)
(1,374
)
Net cash provided by operating
activities
11,722
9,170
Cash Flows from Investing
Activities:
Purchases of property and equipment
(2,093
)
(902
)
Proceeds from sale of assets
411
35
Amounts advanced under loans to
shareholders
–
(5
)
Payments received under loans to
shareholders
115
49
Acquisitions of businesses, net of cash
acquired
(25,687
)
(18,035
)
Collections under stock subscription notes
receivable
98
104
Net cash used in investing activities
(27,156
)
(18,754
)
Cash Flows from Financing
Activities:
Proceeds from common stock offering, net
of underwriting discounts and commissions and other offering
costs
–
15,475
Borrowings under revolving credit
facility
45,290
–
Repayments under fixed line of credit
(430
)
(734
)
Repayment under notes payable
(11,237
)
(4,595
)
Payments on finance leases
(6,782
)
(6,027
)
Payments for purchase of treasury
stock
(4,833
)
(3,343
)
Repurchases of common stock
(745
)
–
Proceeds from issuance of common stock
1,576
1,471
Net cash provided by financing
activities
22,839
2,247
Net increase (decrease) in cash and cash
equivalents
7,405
(7,337
)
Cash and cash equivalents, beginning of
period
13,282
20,619
Cash and cash equivalents, end of
period
$
20,687
$
13,282
Supplemental disclosures of cash flow
information:
Cash paid for interest
$
4,212
$
1,896
Cash paid for income taxes
$
1,133
$
400
Non-cash investing and financing
activities
Property and equipment acquired under
finance lease
$
(8,246
)
$
(8,118
)
Note payable converted to common
shares
$
(1,343
)
$
-
Issuance of notes payable for
acquisitions
$
(13,650
)
$
(19,089
)
Issuance of contingent consideration
$
(8,909
)
$
(487
)
BOWMAN CONSULTING GROUP
LTD.
RECONCILIATION OF EPS TO
ADJUSTED EPS
(Amounts in thousands except
per share data)
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
2023
2022
Net (loss) income (GAAP)
$
(7,710
)
$
470
$
(6,624
)
$
5,005
+ tax expense (benefit) (GAAP)
2,078
(1,190
)
177
(3,269
)
(Loss) Income before tax expense
(GAAP)
$
(5,632
)
$
(720
)
$
(6,447
)
$
1,736
+ acquisition related expenses
2,849
978
5,025
2,414
+ amortization of intangibles
3,378
1,904
8,991
3,888
+ non-cash stock comp related to
pre-IPO
1,747
1,879
6,955
7,992
+ other non-core expenses
249
439
923
654
Adjusted income before tax
expense
$
2,591
$
4,480
$
15,447
$
16,684
Adjusted income tax (benefit)
(2,285
)
(1,394
)
(620
)
(2,216
)
Adjusted net income
$
4,876
$
5,874
$
16,067
$
18,900
Adjusted earnings allocated to non-vested
shares
584
837
2,028
2,955
Adjusted net income attributable to common
shareholders
$
4,292
$
5,037
$
14,039
$
15,945
(Loss) Earnings per share
(GAAP)
Basic
$
(0.59
)
$
0.03
$
(0.53
)
$
0.39
Diluted
$
(0.59
)
$
0.03
$
(0.53
)
$
0.37
Adjusted earnings per share
(Non-GAAP)
Basic
$
0.33
$
0.44
$
1.12
$
1.46
Diluted
$
0.31
$
0.41
$
1.03
$
1.36
Weighted average shares
outstanding
Basic
13,043,111
11,538,128
12,490,914
10,887,620
Diluted
13,984,138
12,234,109
13,681,711
11,683,758
Basic Adjusted Earnings Per Share
Summary - Non-GAAP
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
2023
2022
(Loss) Earnings per share
(GAAP)
$
(0.59
)
$
0.03
$
(0.53
)
$
0.39
Pre-tax basic per share adjustments
$
0.79
$
0.35
$
1.78
$
1.14
Adjusted earnings per share before tax
expense
$
0.20
$
0.38
$
1.25
$
1.53
Tax (benefit) per share adjustment
$
(0.18
)
$
(0.12
)
$
(0.04
)
$
(0.20
)
Adjusted earnings per share - adjusted
net income
$
0.38
$
0.50
$
1.29
$
1.73
Adjusted earnings per share allocated to
non-vested shares
$
0.05
$
0.06
$
0.17
$
0.27
Adjusted earnings per share
attributable to common shareholders
$
0.33
$
0.44
$
1.12
$
1.46
Diluted Adjusted Earnings Per Share
Summary - Non-GAAP
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
2023
2022
(Loss) Earnings per share
(GAAP)
$
(0.59
)
$
0.03
$
(0.53
)
$
0.37
Pre-tax diluted per share adjustments
$
0.78
$
0.34
$
1.66
$
1.06
Adjusted earnings per share before tax
expense
$
0.19
$
0.37
$
1.13
$
1.43
Tax (benefit) per share adjustment
$
(0.16
)
$
(0.11
)
$
(0.05
)
$
(0.19
)
Adjusted earnings per share - adjusted
net income
$
0.35
$
0.48
$
1.18
$
1.62
Adjusted earnings per share allocated to
non-vested shares
$
0.04
$
0.07
$
0.15
$
0.26
Adjusted earnings per share
attributable to common shareholders
$
0.31
$
0.41
$
1.03
$
1.36
BOWMAN CONSULTING GROUP
LTD.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands except
per share data)
Combined Statement of Operations
Reconciliation
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
2023
2022
Gross contract revenue
$
92,969
$
75,609
$
346,256
$
261,714
Contract costs (exclusive of depreciation
and amortization)
46,132
36,177
170,223
126,586
Operating expense
50,530
38,855
176,689
130,008
(Loss) Income from operations
(3,693
)
577
(656
)
5,120
Other expense
1,939
1,297
5,791
3,384
Income tax expense (benefit)
2,078
(1,190
)
177
(3,269
)
Net (loss) income
$
(7,710
)
$
470
$
(6,624
)
$
5,005
Net margin
(8.3
) %
0.6
%
(1.9
) %
1.9
%
Other financial information 1
Net service billing
$
80,516
$
66,185
$
303,994
$
235,204
Adjusted EBITDA
11,249
9,415
47,031
34,022
Adjusted EBITDA margin, net
14.0
%
14.2
%
15.5
%
14.5
%
Gross Contract Revenue to Net Service
Billing Reconciliation
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
2023
2022
Gross contract revenue
$
92,969
$
75,609
$
346,256
$
261,714
Less: sub-consultants and other direct
expenses
12,453
9,424
42,262
26,510
Net service billing
$
80,516
$
66,185
$
303,994
$
235,204
Adjusted EBITDA Reconciliation
For the Three Months Ended
December 31,
For the Year Ended December
31,
2023
2022
2023
2022
Net Service Billing
$
80,516
$
66,185
$
303,994
$
235,304
Net (loss) income
$
(7,710
)
$
470
$
(6,624
)
$
5,005
+ interest expense
1,795
1,234
5,340
2,457
+ depreciation & amortization
5,939
3,901
18,723
12,251
+ tax (benefit) expense
2,078
(1,190
)
177
(3,269
)
EBITDA
$
2,102
$
4,415
$
17,616
$
16,444
+ non-cash stock compensation
6,504
3,922
24,984
15,409
+ settlements and other non-core
expenses
310
439
1,170
654
+ acquisition expenses
2,333
639
3,261
1,515
Adjusted EBITDA
$
11,249
$
9,415
$
47,031
$
34,022
Adjusted EBITDA margin, net
14.0
%
14.2
%
15.5
%
14.5
%
1 Non-GAAP financial metrics the Company
believes offer valuable perspective on results of operations. See
Non-GAAP tables below for reconciliations.
BOWMAN CONSULTING GROUP
LTD.
GROSS CONTRACT REVENUE
COMPOSITION
(Unaudited)
(dollars in thousands)
For the Three Months Ended
December 31,
Consolidated Gross Revenue
2023
%
2022
%
Change
% Change
Building Infrastructure
49,967
53.7 %
44,338
58.6 %
5,629
12.7 %
Transportation
21,202
22.8 %
18,382
24.3 %
2,820
15.3 %
Power and Utilities
16,684
17.9 %
8,302
11.0 %
8,382
101.0 %
Emerging Markets1
5,116
5.6 %
4,587
6.1 %
529
11.5 %
Total
92,969
100.0 %
75,609
100.0 %
17,360
23.0 %
(dollars in thousands)
For the Year Ended December
31,
Consolidated Gross Revenue
2023
%
2022
%
Change
% Change
Building Infrastructure
194,867
56.3 %
170,431
65.1 %
24,436
14.3 %
Transportation
72,829
21.0 %
44,846
17.1 %
27,983
62.4 %
Power and Utilities
64,156
18.5 %
32,672
12.5 %
31,484
96.4 %
Emerging Markets1
14,404
4.2 %
13,765
5.3 %
639
4.6 %
Total
346,256
100.0 %
261,714
100.0 %
84,542
32.3 %
(dollars in thousands)
For the Three Months Ended
December 31,
Organic v Acquired Revenue 2
2023
%
2022
%
Change
% Change
Baseline organic revenue
79,974
86.0 %
75,609
100.0 %
4,366
5.8 %
Acquired revenue
12,995
14.0 %
–
n/a
n/a
n/a
Total
92,969
100.0 %
75,609
100.0 %
4,366
5.8 %
(dollars in thousands)
For the Year Ended December
31,
Organic v Acquired Revenue 2
2023
%
2022
%
Change
% Change
Baseline organic revenue
315,759
91.2 %
261,714
100.0 %
54,045
20.7 %
Acquired revenue
30,497
8.8 %
–
n/a
n/a
n/a
Total
346,256
100.0 %
261,714
100.0 %
54,045
20.7 %
1 represents environmental, mining, water
resources and other.
2 After four quarters post-closing,
acquired revenue is reclassified as organic; this results in a
change from previously reported numbers
BOWMAN CONSULTING GROUP
LTD.
GROSS BACKLOG BY CATEGORY AT
DECEMBER 31, 2023
(Unaudited)
Category
Percentage
Building Infrastructure
55 %
Transportation
24 %
Power and Utilities
17 %
Emerging Markets
4 %
TOTAL
100 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240311475972/en/
Investor Relations Contacts: Bruce Labovitz ir@bowman.com
(703) 464-1029
Betsy Patterson ir@bowman.com (310) 622-8227
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