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Bowman Announces Third Quarter 2023 Financial Results

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 three and nine months ended September 30, 2023.

“I am extremely pleased with our strong third quarter results,” said Gary Bowman, Chairman and CEO of Bowman. “We delivered record gross revenue and demonstrated the margin leverage and operating cash flow our strategic growth initiative can deliver over time through increased scale. Tailwinds associated with transportation, energy and manufacturing funding are propelling infrastructure spending and continue to support our optimism about our ability to advance our revenue diversification efforts. Our backlog grew by 30% year-over-year, and we ended the quarter with a full pipeline of impactful new client assignments we expect to book during the fourth quarter. Acquisition activity has continued with two additional closings since the end of the third quarter with more expected by year-end. We feel confident about our markets, our employees, our positioning, and our prospects for a successful finish to 2023 and strong 2024.”

Financial highlights for the three months ended September 30, 2023, compared to September 30, 2022:

  • Gross revenue of $94.4 million, compared to $71.2 million, a 33% increase
  • Year-over-year organic gross revenue growth1 of 11%
  • Net service billing2 of $82.1 million, compared to $64.9 million, a 27% increase
  • Year-over-year organic net service billing growth of 9%
  • Net income of $1.2 million, compared to a net income of $3.4 million
  • Adjusted EBITDA2 of $15.1 million, compared to $9.6 million, a 57% increase
  • Adjusted EBITDA margin, net 2 of 18.3% compared to 14.8%, a 350 bps increase
  • Gross backlog2 of $299 million, compared to $230 million, a 30% increase

Financial highlights for the nine months ended September 30, 2023, compared to September 30, 2022:

  • Gross revenue of $253.3 million, compared to $186.1 million, a 36% increase
  • Year-over-year organic gross revenue growth1 of 22%
  • Net service billing2 of $223.5 million, compared to $169.0 million, a 32% increase
  • Year-over-year organic net service billing growth of 20%
  • Net income of $1.1 million, compared to a net income of $4.5 million
  • Adjusted EBITDA2 of $35.8 million, compared to $24.6 million, a 46% increase
  • Adjusted EBITDA margin, net 2 of 16.0% compared to 14.6%, a 140 bps increase

Activity Under Stock Repurchase Program:

In November 2022, the Company's Board of Directors authorized a stock repurchase program, ("Stock Repurchase Program") to repurchase up to $10.0 million of the Company’s common stock. Repurchases of stock to cover taxes upon vesting do not apply to the program. During and subsequent to the three months ended September 30, 2023, pursuant to the Stock Repurchase Program, the Company has so far repurchased a total of 28,704 shares of its common stock at an average price of $25.94. As of November 6, 2023, the Company has $9.3 million remaining under the Stock Repurchase Program.

Introducing 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 September 30, 2023, compared to September 30, 2022:

  • Basic Adjusted EPS was $0.36 compared to $0.48
  • Diluted Adjusted EPS was $0.34 compared to $0.46

For the nine months ended September 30, 2023, compared to September 30, 2022:

  • Basic Adjusted EPS was $0.79 compared to $1.02
  • Diluted Adjusted EPS was $0.73 compared to $0.98

Narrowing FY 2023 Guidance and Introducing FY 2024 Guidance

The Company is adjusting its full year 2023 outlook for Net Service Billing2 to be in the range of $306 to $312 million and Adjusted EBITDA2 in the range of $48 to $52 million. The Company is introducing its full year 2024 outlook for Net Service Billing2 to be in the range of $345 to $360 million and Adjusted EBITDA2 in the range of $56 to $62 million. The current outlook for 2023 and 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.

Q3 2023 Earnings Webcast

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

Date: November 7, 2023

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 Project Design Consultants and Anchor Engineering 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 80 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.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except per share data)

 

 

September 30,

2023

 

December 31,

2022

 

(Unaudited)

 

 

ASSETS

 

 

 

Current Assets

 

 

 

Cash and equivalents

$

14,431

 

 

$

13,282

 

Accounts receivable, net

 

85,229

 

 

 

64,443

 

Contract assets

 

28,904

 

 

 

16,321

 

Notes receivable - officers, employees, affiliates, current portion

 

934

 

 

 

1,016

 

Prepaid and other current assets

 

15,933

 

 

 

7,068

 

Total current assets

 

145,431

 

 

 

102,130

 

Non-Current Assets

 

 

 

Property and equipment, net

 

28,088

 

 

 

25,104

 

Operating lease, right-of-use assets

 

38,205

 

 

 

30,264

 

Goodwill

 

75,731

 

 

 

53,210

 

Notes receivable

 

903

 

 

 

903

 

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

 

1,383

 

 

 

1,417

 

Other intangible assets, net

 

38,177

 

 

 

27,950

 

Deferred tax asset, net

 

24,893

 

 

 

13,759

 

Other assets

 

1,149

 

 

 

1,020

 

Total Assets

$

353,960

 

 

$

255,757

 

LIABILITIES AND EQUITY

 

 

 

Current Liabilities

 

 

 

Revolving Credit Facility

$

22,379

 

 

$

 

Accounts payable and accrued liabilities

 

43,499

 

 

 

40,293

 

Contract liabilities

 

7,911

 

 

 

6,370

 

Notes payable, current portion

 

10,257

 

 

 

10,168

 

Operating lease obligation, current portion

 

8,289

 

 

 

6,949

 

Finance lease obligation, current portion

 

6,396

 

 

 

5,297

 

Total current liabilities

 

98,731

 

 

 

69,077

 

Non-Current Liabilities

 

 

 

Other non-current obligations

 

32,441

 

 

 

356

 

Notes payable, less current portion

 

13,157

 

 

 

16,276

 

Operating lease obligation, less current portion

 

35,670

 

 

 

28,087

 

Finance lease obligation, less current portion

 

14,880

 

 

 

14,254

 

Pension and post-retirement obligation, less current portion

 

4,880

 

 

 

4,848

 

Total liabilities

$

199,759

 

 

$

132,898

 

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; 17,164,788 shares issued and 14,634,602 outstanding, and 15,949,805 shares issued and 13,556,550 outstanding, respectively

 

171

 

 

 

159

 

Additional paid-in-capital

 

196,731

 

 

 

162,922

 

Accumulated other comprehensive income

 

546

 

 

 

578

 

Treasury stock, at cost; 2,530,186 and 2,393,255, respectively

 

(24,425

)

 

 

(20,831

)

Stock subscription notes receivable

 

(112

)

 

 

(173

)

Accumulated deficit

 

(18,710

)

 

 

(19,796

)

Total shareholders' equity

$

154,201

 

 

$

122,859

 

TOTAL LIABILITIES AND EQUITY

$

353,960

 

 

$

255,757

 

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED INCOME STATEMENT

(Amounts in thousands except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

For the Three Months

Ended September 30,

 

For the Nine Months

Ended September 30,

 

 

2023

 

2022

 

2023

 

2022

Gross Contract Revenue

 

$

94,434

 

 

$

71,246

 

 

$

253,290

 

 

$

186,105

 

Contract costs: (exclusive of depreciation and amortization below)

 

 

 

 

 

 

 

 

Direct payroll costs

 

 

33,383

 

 

 

27,641

 

 

 

94,287

 

 

 

73,353

 

Sub-consultants and expenses

 

 

12,310

 

 

 

6,343

 

 

 

29,811

 

 

 

17,086

 

Total contract costs

 

 

45,693

 

 

 

33,984

 

 

 

124,098

 

 

 

90,439

 

Operating Expenses:

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

41,735

 

 

 

31,916

 

 

 

113,717

 

 

 

82,819

 

Depreciation and amortization

 

 

4,500

 

 

 

3,138

 

 

 

12,785

 

 

 

8,350

 

(Gain) on sale

 

 

(110

)

 

 

(11

)

 

 

(347

)

 

 

(44

)

Total operating expenses

 

 

46,125

 

 

 

35,043

 

 

 

126,155

 

 

 

91,125

 

Income from operations

 

 

2,616

 

 

 

2,219

 

 

 

3,037

 

 

 

4,541

 

Other expense

 

 

1,495

 

 

 

595

 

 

 

3,852

 

 

 

2,086

 

Income (loss) before tax expense

 

 

1,121

 

 

 

1,624

 

 

 

(815

)

 

 

2,455

 

Income tax (benefit) expense

 

 

(62

)

 

 

(1,773

)

 

 

(1,901

)

 

 

(2,079

)

Net income

 

$

1,183

 

 

$

3,397

 

 

$

1,086

 

 

$

4,534

 

Earnings allocated to non-vested shares

 

 

146

 

 

 

504

 

 

$

140

 

 

$

731

 

Net income attributable to common shareholders

 

$

1,037

 

 

$

2,893

 

 

$

946

 

 

$

3,803

 

Earnings per share

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

 

$

0.26

 

 

$

0.08

 

 

$

0.36

 

Diluted

 

$

0.08

 

 

$

0.25

 

 

$

0.07

 

 

$

0.34

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

12,814,971

 

 

 

11,304,946

 

 

 

12,304,751

 

 

 

10,669,221

 

Diluted

 

 

13,793,120

 

 

 

11,768,411

 

 

 

13,437,841

 

 

 

11,129,478

 

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

For the Nine Months Ended

September 30,

 

2023

 

2022

Cash Flows from Operating Activities:

 

 

 

Net Income

$

1,086

 

 

$

4,534

 

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

 

 

 

Depreciation and amortization

 

7,172

 

 

 

6,366

 

Amortization of intangible assets

 

5,613

 

 

 

1,984

 

Gain on sale of assets

 

(347

)

 

 

(44

)

Bad debt

 

630

 

 

 

527

 

Stock based compensation

 

18,280

 

 

 

11,487

 

Accretion of discounts on notes payable

 

459

 

 

 

 

Deferred taxes

 

(11,134

)

 

 

(833

)

Deferred rent

 

 

 

 

(323

)

Changes in operating assets and liabilities, net of acquisition of businesses

 

 

 

Accounts receivable

 

(14,581

)

 

 

(12,356

)

Contract assets

 

(8,118

)

 

 

(104

)

Prepaid expenses and other assets

 

(4,370

)

 

 

(4,376

)

Accounts payable and accrued expenses

 

19,752

 

 

 

5,122

 

Contract liabilities

 

(2,171

)

 

 

186

 

Net cash provided by operating activities

 

12,271

 

 

 

12,170

 

Cash Flows from Investing Activities:

 

 

 

Purchases of property and equipment

 

(2,081

)

 

 

(901

)

Fixed assets converted to lease financing

 

 

 

 

196

 

Proceeds from sale of assets and disposal of leases

 

347

 

 

 

54

 

Payments received under loans to shareholders

 

115

 

 

 

151

 

Acquisitions of businesses, net of cash acquired

 

(15,442

)

 

 

(14,806

)

Collections under stock subscription notes receivable

 

62

 

 

 

75

 

Net cash used in investing activities

 

(16,999

)

 

 

(15,231

)

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

 

22,379

 

 

 

 

Repayments under fixed line of credit

 

(381

)

 

 

(547

)

Repayment under notes payable

 

(8,715

)

 

 

(2,720

)

Payments on finance leases

 

(4,989

)

 

 

(4,575

)

Payments for purchase of treasury stock

 

(3,594

)

 

 

(2,368

)

Proceeds from issuance of common stock

 

1,177

 

 

 

1,021

 

Net cash provided by financing activities

 

5,877

 

 

 

6,286

 

Net increase in cash and cash equivalents

 

1,149

 

 

 

3,225

 

Cash and cash equivalents, beginning of period

 

13,282

 

 

 

20,619

 

Cash and cash equivalents, end of period

$

14,431

 

 

$

23,844

 

Supplemental disclosures of cash flow information:

 

 

 

Cash paid for interest

$

2,815

 

 

$

1,131

 

Cash paid for income taxes

$

900

 

 

 

383

 

Non-cash investing and financing activities:

 

 

 

Property and equipment acquired under finance lease

$

(6,724

)

 

$

(6,623

)

Note payable converted to common shares

$

(672

)

 

$

 

Issuance of notes payable for acquisitions

$

(6,277

)

 

$

(16,059

)

BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF EPS TO ADJUSTED EPS

(amounts in thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

September 30,

 

For the Nine Months Ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Net Income (GAAP)

 

$

1,183

 

 

 

3,397

 

 

 

1,086

 

 

 

4,534

 

+ tax expense (benefit) (GAAP)

 

 

(62

)

 

 

(1,773

)

 

 

(1,901

)

 

 

(2,079

)

Income (loss) before tax expense (GAAP)

 

 

1,121

 

 

 

1,624

 

 

 

(815

)

 

 

2,455

 

+ acquisition related expenses

 

 

555

 

 

 

391

 

 

 

2,177

 

 

 

1,436

 

+ amortization of intangibles

 

 

1,948

 

 

 

743

 

 

 

5,613

 

 

 

1,984

 

+ non-cash stock comp related to pre-IPO

 

 

1,744

 

 

 

2,060

 

 

 

5,207

 

 

 

6,113

 

+ other non-core expenses

 

 

560

 

 

 

 

 

 

674

 

 

 

215

 

Adjusted income before tax expense

 

 

5,928

 

 

 

4,818

 

 

 

12,856

 

 

 

12,203

 

Adjusted income tax (benefit) expense

 

 

620

 

 

 

(1,555

)

 

 

1,665

 

 

 

(822

)

Adjusted net income

 

$

5,308

 

 

$

6,373

 

 

$

11,191

 

 

$

13,025

 

Adjusted earnings allocated to non-vested shares

 

 

655

 

 

 

947

 

 

 

1,438

 

 

 

2,100

 

Adjusted net income attributable to common shareholders

 

$

4,653

 

 

$

5,426

 

 

$

9,753

 

 

$

10,925

 

Earnings per share (GAAP)

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

 

$

0.26

 

 

$

0.08

 

 

$

0.36

 

Diluted

 

$

0.08

 

 

$

0.25

 

 

$

0.07

 

 

$

0.34

 

Adjusted earnings per share (Non-GAAP)

 

 

 

 

 

 

 

 

Basic

 

$

0.36

 

 

$

0.48

��

 

$

0.79

 

 

$

1.02

 

Diluted

 

$

0.34

 

 

$

0.46

 

 

$

0.73

 

 

$

0.98

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

12,814,971

 

 

 

11,304,946

 

 

 

12,304,751

 

 

 

10,669,221

 

Diluted

 

 

13,793,120

 

 

 

11,768,411

 

 

 

13,437,841

 

 

 

11,129,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Adjusted Earnings Per Share Summary - Non-GAAP

 

For the Three Months Ended

September 30,

 

For the Nine Months Ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Earnings per share (GAAP)

 

$

0.08

 

 

$

0.26

 

 

$

0.08

 

 

$

0.36

 

Pre-tax basic per share adjustments

 

$

0.38

 

 

$

0.16

 

 

$

0.97

 

 

$

0.78

 

Adjusted earnings per share before tax expense

 

$

0.46

 

 

$

0.42

 

 

$

1.05

 

 

$

1.14

 

Tax expense (benefit) per share adjustment

 

$

0.05

 

 

$

(0.14

)

 

$

0.14

 

 

$

(0.08

)

Adjusted earnings per share - adjusted net income

 

$

0.41

 

 

$

0.56

 

 

$

0.91

 

 

$

1.22

 

Adjusted earnings per share allocated to non-vested shares

 

$

0.05

 

 

$

0.08

 

 

$

0.12

 

 

$

0.20

 

Adjusted earnings per share attributable to common shareholders

 

$

0.36

 

 

$

0.48

 

 

$

0.79

 

 

$

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Adjusted Earnings Per Share Summary - Non-GAAP

 

For the Three Months Ended

September 30,

 

For the Nine Months Ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Earnings per share (GAAP)

 

$

0.08

 

 

$

0.25

 

 

$

0.07

 

 

$

0.34

 

Pre-tax diluted per share adjustments

 

$

0.35

 

 

$

0.16

 

 

$

0.89

 

 

$

0.76

 

Adjusted earnings per share before tax expense

 

$

0.43

 

 

$

0.41

 

 

$

0.96

 

 

$

1.10

 

Tax expense (benefit) per share adjustment

 

$

0.04

 

 

$

(0.13

)

 

$

0.12

 

 

$

(0.07

)

Adjusted earnings per share - adjusted net income

 

$

0.39

 

 

$

0.54

 

 

$

0.84

 

 

$

1.17

 

Adjusted earnings per share allocated to non-vested shares

 

$

0.05

 

 

$

0.08

 

 

$

0.11

 

 

$

0.19

 

Adjusted earnings per share attributable to common shareholders

 

$

0.34

 

 

$

0.46

 

 

$

0.73

 

 

$

0.98

 

BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(amounts in thousands except per share data)

 

 

 

 

 

 

 

 

 

Condensed Combined Statement of Operations Reconciliation

 

For the Three Months Ended

September 30,

 

For the Nine Months Ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Gross contract revenue

 

$

94,434

 

 

$

71,246

 

 

$

253,290

 

 

$

186,105

 

Contract costs (exclusive of depreciation and amortization)

 

 

45,693

 

 

 

33,984

 

 

 

124,098

 

 

 

90,439

 

Operating expense

 

 

46,125

 

 

 

35,043

 

 

 

126,155

 

 

 

91,125

 

Income from operations

 

 

2,616

 

 

 

2,219

 

 

 

3,037

 

 

 

4,541

 

Other expense

 

 

1,495

 

 

 

595

 

 

 

3,852

 

 

 

2,086

 

Income tax expense (benefit)

 

 

(62

)

 

 

(1,773

)

 

 

(1,901

)

 

 

(2,079

)

Net income

 

$

1,183

 

 

$

3,397

 

 

$

1,086

 

 

$

4,534

 

Net margin

 

 

1.3

%

 

 

4.8

%

 

 

0.4

%

 

 

2.4

%

 

 

 

 

 

 

 

 

 

Other financial information 1

 

 

 

 

 

 

 

 

Net service billing

 

$

82,124

 

 

$

64,903

 

 

$

223,479

 

 

$

169,019

 

Adjusted EBITDA

 

 

15,057

 

 

 

9,624

 

 

 

35,783

 

 

 

24,606

 

Adjusted EBITDA margin, net

 

 

18.3

%

 

 

14.8

%

 

 

16.0

%

 

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Revenue to Net Service Billing Reconciliation

 

For the Three Months Ended

September 30,

 

For the Nine Months Ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Gross contract revenue

 

$

94,434

 

 

$

71,246

 

 

$

253,290

 

 

$

186,105

 

Less: sub-consultants and other direct expenses

 

 

12,310

 

 

 

6,343

 

 

 

29,811

 

 

 

17,086

 

Net service billing

 

$

82,124

 

 

$

64,903

 

 

$

223,479

 

 

$

169,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Reconciliation

 

For the Three Months Ended

September 30,

 

For the Nine Months Ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Net Service Billing

 

$

82,124

 

 

$

64,903

 

 

$

223,479

 

 

$

169,019

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,183

 

 

$

3,397

 

 

$

1,086

 

 

$

4,534

 

+ interest expense

 

 

1,538

 

 

 

538

 

 

 

3,545

 

 

 

1,223

 

+ depreciation & amortization

 

 

4,500

 

 

 

3,138

 

 

 

12,785

 

 

 

8,350

 

+ tax (benefit) expense

 

 

(62

)

 

 

(1,773

)

 

 

(1,901

)

 

 

(2,079

)

EBITDA

 

$

7,159

 

 

$

5,300

 

 

$

15,515

 

 

$

12,028

 

+ non-cash stock compensation

 

 

7,158

 

 

 

4,214

 

 

 

18,480

 

 

 

11,487

 

+ transaction related expenses

 

 

63

 

 

 

 

 

 

186

 

 

 

 

+ settlements and other non-core expenses

 

 

560

 

 

 

 

 

 

674

 

 

 

215

 

+ acquisition expenses

 

 

117

 

 

 

110

 

 

 

928

 

 

 

876

 

Adjusted EBITDA

 

$

15,057

 

 

$

9,624

 

 

$

35,783

 

 

$

24,606

 

Adjusted EBITDA margin, net

 

 

18.3

%

 

 

14.8

%

 

 

16.0

%

 

 

14.6

%

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 September 30,

Consolidated Gross Revenue

2023

%

2022

%

Change

Change

Building Infrastructure

51,909

55.0

%

44,765

62.8

%

7,144

 

16.0

%

Transportation

19,769

20.9

%

13,218

18.6

%

6,551

 

49.6

%

Power and Utilities

18,586

19.7

%

8,809

12.4

%

9,777

 

111.0

%

Emerging Markets1

4,170

4.4

%

4,454

6.2

%

(284

)

(6.4

)%

Total

94,434

100.0

%

71,246

100.0

%

23,188

 

32.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

For the nine months ended September 30,

Consolidated Gross Revenue

2023

%

2022

%

Change

% Change

Building Infrastructure

144,862

57.2

%

126,093

67.8

%

18,769

 

14.9

%

Transportation

51,658

20.4

%

26,464

14.2

%

25,194

 

95.2

%

Power and Utilities

47,481

18.7

%

24,370

13.1

%

23,111

 

94.8

%

Emerging Markets1

9,289

3.7

%

9,178

4.9

%

111

 

1.2

%

Total

253,290

100.0

%

186,105

100.0

%

67,185

 

36.1

%

 

 

 

 

 

 

 

 

 

(dollars in thousands)

For the three months ended September 30,

Organic v Acquired Revenue 2

2023

%

2022

%

Change

% Change

Baseline organic revenue

79,003

83.7

%

71,078

99.8

%

7,925

 

11.1

%

Acquired revenue

15,431

16.3

%

168

0.2

%

15,263

 

n/a

 

Total

94,434

100.0

%

71,246

100.0

%

23,188

 

32.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

For the nine months ended September 30,

Organic v Acquired Revenue 2

2023

%

2022

%

Change

% Change

Baseline organic revenue

226,240

89.3

%

185,937

99.9

%

40,303

 

21.7

%

Acquired revenue

27,050

10.7

%

168

0.1

%

26,882

 

n/a

 

Total

253,290

100.0

%

186,105

100.0

%

67,185

 

36.1

%

 

 

 

 

 

 

 

1 Adjusted for change, represents mining, water resources and other. Effective 12/31/2022, we reclassified renewables as power & utilities. For nine months ended September 30, 2022, $4.4 million of renewables revenue was reclassified accordingly for consistency.

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 SEPTEMBER 30, 2023

(Unaudited)

 

 

Category

Percentage

Building Infrastructure

54 %

Transportation

25 %

Power and Utilities

19 %

Emerging Markets

2 %

TOTAL

100 %

 

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