Bowman Announces Authorization of an Increase in its Share Repurchase Program

Rhea-AI Summary

Bowman Consulting Group (NASDAQ:BWMN) announced its Board of Directors has increased its share repurchase program from $25 million to $35 million, with approximately $16 million remaining available. The program will end on July 31, 2025. The company maintains flexibility in timing and amount of repurchases based on factors including share price and market conditions. Shares may be bought through open market purchases, private transactions, or other means, including Rule 10b5-1 trading plans. The program can be suspended or modified at any time and doesn't commit to a specific number of shares.

Positive

• Board authorized $10 million increase in share repurchase program to $35 million
• $16 million still available for future share repurchases
• Company maintains commitment to organic and strategic growth initiatives alongside buyback

Negative

• None.

Insights

Financial Analyst

The $10 million increase in share repurchase authorization to $35 million signals management's confidence in Bowman's financial position and commitment to shareholder value. With $16 million remaining available, this program represents approximately 3.3% of the company's market cap. The extended timeline until July 2025 provides flexibility in execution.

The discretionary nature of the program and emphasis on organic growth and acquisitions suggests a balanced capital allocation strategy. This approach allows management to opportunistically repurchase shares while maintaining financial flexibility for growth initiatives. Given Bowman's engineering services focus, maintaining capital for potential acquisitions is important for expanding market presence and service offerings.

RESTON, Va.--(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 that on November 29, 2024 its Board of Directors authorized an increase to its previously announced share repurchase program from $25 million to up to $35 million (of which approximately $16 million remains available). The share repurchase program will terminate on July 31, 2025.

The Company intends to continue to invest in organic and strategic acquisitive growth initiatives. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities. Shares may be repurchased from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The share repurchase program does not obligate Bowman to acquire a specific number of shares of common stock and may be suspended, modified, or discontinued at any time without notice.

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 2,300 employees and more than 95 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 the date of commencement and expiry of the share repurchase program, the amount of shares to be repurchased, the methods of such repurchases, if any, pursuant to the share repurchase program and the anticipated execution of the repurchase program consistent with the Company’s strategic initiatives described above 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/20241201937092/en/

Investor Relations Contacts:

Bruce Labovitz

ir@bowman.com

(703) 787-3403

Betsy Patterson

ir@bowman.com

(310) 622-8227

Source: Bowman Consulting Group

FAQ

What is the new total amount of Bowman's (BWMN) share repurchase program?

Bowman's share repurchase program has been increased from $25 million to $35 million.

When does Bowman's (BWMN) share repurchase program expire?

The share repurchase program will terminate on July 31, 2025.

How much money remains available in Bowman's (BWMN) share repurchase program?

Approximately $16 million remains available in the share repurchase program.

How will Bowman (BWMN) execute its share repurchases?

Shares may be repurchased through open market purchases, privately negotiated transactions, or other means, including Rule 10b5-1 trading plans.