Bowman Announces Financial Results for Three and Nine Months Ended September 30, 2024
Bowman Consulting Group (Nasdaq: BWMN) announced financial results for Q3 and the first nine months of 2024. The company reported a 21% increase in gross contract revenue to $113.9 million for Q3 and a 24% increase to $313.3 million for the first nine months. Net service billing grew by 23% to $101.4 million in Q3 and 26% to $281.0 million for the nine months. Net income for Q3 was $0.8 million, down from $1.2 million, and adjusted EBITDA rose 13% to $17.0 million. However, net income for the nine months turned into a loss of $2.9 million from a prior income of $1.1 million. Adjusted EBITDA for the nine months increased by 19% to $42.5 million. EPS for Q3 dropped to $0.04 from $0.08, and for the nine months, it was ($0.18) compared to $0.07. Bowman raised its 2024 guidance for net service billing to $376-$386 million and introduced 2025 outlook with net service billing of $422-$437 million and adjusted EBITDA of $68-$75 million.
Bowman Consulting Group (Nasdaq: BWMN) ha annunciato i risultati finanziari per il terzo trimestre e i primi nove mesi del 2024. L'azienda ha registrato un aumento del 21% dei ricavi lordi da contratti, che ammontano a $113,9 milioni per il terzo trimestre, e un aumento del 24% a $313,3 milioni per i primi nove mesi. La fatturazione netta dei servizi è cresciuta del 23% a $101,4 milioni nel terzo trimestre e del 26% a $281,0 milioni per i nove mesi. L'utile netto per il terzo trimestre è stato di $0,8 milioni, in calo rispetto a $1,2 milioni, mentre l'EBITDA rettificato è aumentato del 13% a $17,0 milioni. Tuttavia, l'utile netto per i nove mesi è risultato in perdita di $2,9 milioni rispetto a un precedente utile di $1,1 milioni. L'EBITDA rettificato per i nove mesi è aumentato del 19% a $42,5 milioni. L'EPS per il terzo trimestre è sceso a $0,04 da $0,08, e per i nove mesi è stato di ($0,18) rispetto a $0,07. Bowman ha elevato le previsioni per il 2024 relative alla fatturazione netta dei servizi a $376-$386 milioni e ha introdotto le previsioni per il 2025, con fatturazione netta dei servizi di $422-$437 milioni e un EBITDA rettificato di $68-$75 milioni.
Bowman Consulting Group (Nasdaq: BWMN) anunció los resultados financieros para el tercer trimestre y los primeros nueve meses de 2024. La compañía reportó un aumento del 21% en los ingresos brutos por contratos, alcanzando los $113,9 millones en el tercer trimestre, y un aumento del 24% a $313,3 millones en los primeros nueve meses. La facturación neta de servicios creció un 23% hasta $101,4 millones en el tercer trimestre y 26% hasta $281,0 millones para los nueve meses. Las ganancias netas del tercer trimestre fueron de $0,8 millones, frente a $1,2 millones, y el EBITDA ajustado aumentó un 13% a $17,0 millones. Sin embargo, la ganancia neta de los nueve meses se convirtió en una pérdida de $2,9 millones frente a unas ganancias previas de $1,1 millones. El EBITDA ajustado para los nueve meses creció un 19% a $42,5 millones. El EPS para el tercer trimestre cayó a $0,04 de $0,08, y para los nueve meses fue de ($0,18) en comparación con $0,07. Bowman elevó su guía para 2024 en cuanto a la facturación neta de servicios a $376-$386 millones e introdujo una perspectiva para 2025 con facturación neta de servicios de $422-$437 millones y un EBITDA ajustado de $68-$75 millones.
보우먼 컨설팅 그룹 (Nasdaq: BWMN)은 2024년 3분기 및 9개월 동안의 재무 결과를 발표했습니다. 회사는 3분기 계약 총 수익이 $113.9 백만으로 21% 증가했으며, 첫 9개월 동안에는 $313.3 백만으로 24% 증가했다고 보고했습니다. 3분기 순 서비스 청구는 $101.4 백만으로 23% 증가했고, 9개월 동안에는 $281.0 백만으로 26% 증가했습니다. 3분기 순이익은 $0.8 백만으로 $1.2 백만에서 감소하였으며, 조정된 EBITDA는 13% 증가하여 $17.0 백만에 달했습니다. 그러나 9개월 동안 순이익은 $1.1 백만에서 $2.9 백만의 손실로 전환되었습니다. 9개월 동안 조정된 EBITDA는 19% 증가하여 $42.5 백만에 이르렀습니다. 3분기 EPS는 $0.08에서 $0.04로 감소하였고, 9개월 동안은 $0.07과 비교하여 ($0.18)였습니다. 보우먼은 2024년 순 서비스 청구에 대한 가이던스를 $376-$386 백만으로 상향 조정했으며, 2025년 전망을 소개하면서 순 서비스 청구는 $422-$437 백만, 조정된 EBITDA는 $68-$75 백만으로 설정했습니다.
Bowman Consulting Group (Nasdaq: BWMN) a annoncé les résultats financiers pour le troisième trimestre et les neuf premiers mois de 2024. L'entreprise a signalé une augmentation de 21% des revenus bruts de contrats, atteignant 113,9 millions de dollars pour le troisième trimestre, et une augmentation de 24% à 313,3 millions de dollars pour les neuf premiers mois. La facturation nette de services a augmenté de 23% pour atteindre 101,4 millions de dollars au troisième trimestre et de 26% à 281,0 millions de dollars pour les neuf mois. Le bénéfice net pour le troisième trimestre était de 0,8 million de dollars, en baisse par rapport à 1,2 million de dollars, et l'EBITDA ajusté a augmenté de 13% pour atteindre 17,0 millions de dollars. Cependant, le bénéfice net pour les neuf mois est devenu une perte de 2,9 millions de dollars alors que le bénéfice antérieur était de 1,1 million de dollars. L'EBITDA ajusté pour les neuf mois a augmenté de 19% pour atteindre 42,5 millions de dollars. Le BPA pour le troisième trimestre est tombé à 0,04 $ contre 0,08 $, et pour les neuf mois, il était de ($0,18) comparé à 0,07 $. Bowman a relevé ses prévisions pour 2024 concernant la facturation nette de services à 376-386 millions de dollars et a introduit les prévisions pour 2025 avec une facturation nette de services de 422-437 millions de dollars et un EBITDA ajusté de 68-75 millions de dollars.
Die Bowman Consulting Group (Nasdaq: BWMN) hat die finanziellen Ergebnisse für das dritte Quartal und die ersten neun Monate des Jahres 2024 bekannt gegeben. Das Unternehmen berichtete von einem 21% Anstieg der brutto Vertragsumsätze auf 113,9 Millionen USD im dritten Quartal und einem 24% Anstieg auf 313,3 Millionen USD in den ersten neun Monaten. Die Nettodienstleistungsabrechnung stieg im dritten Quartal um 23% auf 101,4 Millionen USD und um 26% auf 281,0 Millionen USD für die neun Monate. Der Nettogewinn im dritten Quartal betrug 0,8 Millionen USD, ein Rückgang von 1,2 Millionen USD, während das bereinigte EBITDA um 13% auf 17,0 Millionen USD stieg. Der Nettogewinn für die neun Monate wuchs jedoch von einem früheren Gewinn von 1,1 Millionen USD auf einen Verlust von 2,9 Millionen USD. Das bereinigte EBITDA für die neun Monate stieg um 19% auf 42,5 Millionen USD. Der EPS für das dritte Quartal fiel auf 0,04 USD von 0,08 USD, und für die neun Monate betrug er ($0,18) verglichen mit 0,07 USD. Bowman hob die Prognose für 2024 für die Nettodienstleistungsabrechnung auf 376 bis 386 Millionen USD an und führte die Aussichten für 2025 mit einer Nettodienstleistungsabrechnung von 422 bis 437 Millionen USD und einem bereinigten EBITDA von 68 bis 75 Millionen USD ein.
- Gross contract revenue increased by 21% in Q3 and 24% for the nine months.
- Net service billing grew by 23% in Q3 and 26% for the nine months.
- Adjusted EBITDA rose by 13% in Q3 and 19% for the nine months.
- Gross backlog increased by 27% to $380 million.
- Net income decreased to $0.8 million in Q3 from $1.2 million.
- Net loss for the nine months was $2.9 million compared to net income of $1.1 million.
- Adjusted EBITDA margin decreased by 160 bps in Q3 and 90 bps for the nine months.
- EPS dropped to $0.04 in Q3 from $0.08, and to ($0.18) for the nine months compared to $0.07.
Insights
The Q3 2024 results show mixed performance. While gross contract revenue grew
The company's backlog growth of
The infrastructure services sector positioning remains favorable despite macroeconomic headwinds. Bowman's organic growth of
The introduced 2025 outlook of
“I’m pleased to report that we are delivering on our commitment to profitable growth,” said Gary Bowman, Chairman and CEO of Bowman. “For the first time in our history, we exceeded
“During the third quarter, we focused our efforts on aligning labor with revenue, capitalizing on economies of scale, increasing free cash flow generation and achieving operational excellence,” continued Bowman. “Throughout the company we affected leadership and staffing changes that made immediate, sustainable and positive impacts on operations, business development and revenue visibility. I am pleased with our progress and remain steadfast in the belief that our strategy with respect to markets, services, technology and growth will continue to produce meaningful long-term value for our employees and shareholders.”
Financial Results for the Three Months Ended September 30, 2024, Compared to September 30, 2023:
-
Gross contract revenue of
$113.9 million $94.4 million 21% increase -
Net service billing1 of
$101.4 million $82.1 million 23% increase -
Organic net service billing growth2 of
8% -
Net income of
$0.8 million $1.2 million -
Adjusted EBITDA1 of
$17.0 million $15.1 million 13% increase -
Adjusted EBITDA margin, net 1 of
16.7% compared to18.3% , a 160-bps decrease -
Basic and Diluted EPS of
$0.04 $0.08
Financial Results for the Nine Months Ended September 30, 2024, Compared to September 30, 2023:
-
Gross contract revenue of
$313.3 million $253.3 million 24% increase -
Net service billing1 of
$281.0 million $223.5 million 26% increase -
Organic net service billing growth2 of
6% -
Net loss of
$2.9 million $1.1 million -
Adjusted EBITDA1 of
$42.5 million $35.8 million 19% increase -
Adjusted EBITDA margin, net 1 of
15.1% compared to16.0% , a 90-bps decrease -
Basic and Diluted EPS of (
$0.18 $0.08 $0.07 -
Gross backlog1 of
$380 million $299 million 27% increase
Other Events of Note:
-
During the three months ended September 30, 2024, the Company repurchased 496,628 shares of its common stock for
$11.9 million -
On October 31, 2024, the Company entered into a definitive purchase agreement to acquire Exeltech Consulting, Inc., a bridge design and transportation engineering firm based in
Lacey, Washington , subject to usual and customary closing conditions.
Non-GAAP Adjusted Earnings per Share:
In connection with the release of financial results the Company reported the non-GAAP financial metric of Adjusted (Loss) Earnings per Share4 (“Adjusted EPS”) as follows:
For the three months ended September 30, 2024, compared to September 30, 2023:
-
Adjusted Net Income1 was
$5.5 million $5.3 million -
Basic and Diluted Adjusted EPS was
$0.31 $0.30 $0.36 $0.34
For the nine months ended September 30, 2024, compared to September 30, 2023:
-
Adjusted Net Income1 was
$8.2 million $11.2 million -
Basic and Diluted Adjusted EPS was
$0.49 $0.48 $0.79 $0.73
Updating FY 2024 Guidance and Introducing 2025 Outlook
The Company is raising its full year 2024 guidance for net service billing to be in the range of
Q3 2024 Earnings Webcast
| Bowman will host an earnings webcast to discuss the results of the quarter as follows: | |||
Date: |
November 7, 2024 |
||
Time: |
9:00 a.m. Eastern Time |
||
Hosts: |
Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer |
||
Where: |
|||
About Bowman Consulting Group Ltd.
Headquartered in
1 Non-GAAP financial metric the Company believes offers valuable perspective on results of operations (see non-GAAP tables below for reconciliations).
2 For the three months, trailing four quarters organic growth as of September 30, 2024, and September 30, 2023, respectively. For the nine months, trailing three quarters organic growth as of September 30, 2024, and September 30, 2023, respectively. In both cases, excludes revenue from acquisitions completed after September 30, 2023.
3 Pursuant to the Company’s
4 Basic Adjusted EPS and Diluted Adjusted EPS are all non-GAAP financial metrics the Company believes offer valuable perspectives on results of operations (see non-GAAP tables below for reconciliations). Adjusted EPS (Basic and Diluted) include addbacks for 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
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the
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,
|
|
December 31,
|
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and equivalents |
$ |
11,660 |
|
|
$ |
20,687 |
|
Accounts receivable, net |
|
105,406 |
|
|
|
87,565 |
|
Contract assets |
|
43,838 |
|
|
|
33,520 |
|
Notes receivable - officers, employees, affiliates, current portion |
|
1,146 |
|
|
|
1,199 |
|
Prepaid and other current assets |
|
10,869 |
|
|
|
11,806 |
|
Total current assets |
|
172,919 |
|
|
|
154,777 |
|
Non-Current Assets |
|
|
|
||||
Property and equipment, net |
|
43,983 |
|
|
|
27,601 |
|
Operating lease, right-of-use assets |
|
41,271 |
|
|
|
40,743 |
|
Goodwill |
|
134,084 |
|
|
|
96,393 |
|
Notes receivable |
|
903 |
|
|
|
903 |
|
Notes receivable - officers, employees, affiliates, less current portion |
|
1,110 |
|
|
|
1,119 |
|
Other intangible assets, net |
|
59,524 |
|
|
|
46,294 |
|
Deferred tax asset, net |
|
41,682 |
|
|
|
33,780 |
|
Other assets |
|
1,481 |
|
|
|
1,175 |
|
Total Assets |
$ |
496,957 |
|
|
$ |
402,785 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Revolving credit facility |
|
32,332 |
|
|
|
45,290 |
|
Accounts payable and accrued liabilities |
|
43,983 |
|
|
|
44,394 |
|
Contract liabilities |
|
8,905 |
|
|
|
7,481 |
|
Notes payable, current portion |
|
15,134 |
|
|
|
13,989 |
|
Operating lease obligation, less current portion |
|
10,635 |
|
|
|
9,016 |
|
Finance lease obligation, current portion |
|
9,817 |
|
|
|
6,586 |
|
Total current liabilities |
|
120,806 |
|
|
|
126,756 |
|
Non-Current Liabilities |
|
|
|
||||
Other non-current obligations |
|
51,971 |
|
|
|
42,288 |
|
Notes payable, less current portion |
|
20,251 |
|
|
|
13,738 |
|
Operating lease obligation, less current portion |
|
36,681 |
|
|
|
37,660 |
|
Finance lease obligation, less current portion |
|
18,829 |
|
|
|
14,408 |
|
Pension and post-retirement obligation, less current portion |
|
5,213 |
|
|
|
4,654 |
|
Total liabilities |
$ |
253,751 |
|
|
$ |
239,504 |
|
|
|
|
|
||||
Shareholders' Equity |
|
|
|
||||
Preferred Stock, |
|
- |
|
|
|
- |
|
Common stock, |
|
212 |
|
|
|
177 |
|
Additional paid-in-capital |
|
323,255 |
|
|
|
215,420 |
|
Accumulated other comprehensive income |
|
559 |
|
|
|
590 |
|
Treasury stock, at cost; 3,504,073 and 2,600,217, respectively |
|
(51,489 |
) |
|
|
(26,410 |
) |
Stock subscription notes receivable |
|
(42 |
) |
|
|
(76 |
) |
Accumulated deficit |
|
(29,289 |
) |
|
|
(26,420 |
) |
Total shareholders' equity |
$ |
243,206 |
|
|
$ |
163,281 |
|
|
|
|
|
||||
TOTAL LIABILITIES AND EQUITY |
$ |
496,957 |
|
|
$ |
402,785 |
|
BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) (Unaudited) |
|||||||||||||||
|
For the Three Months
|
|
For the Nine Months
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross Contract Revenue |
$ |
113,932 |
|
|
$ |
94,434 |
|
|
$ |
313,341 |
|
|
$ |
253,290 |
|
Contract costs: (exclusive of depreciation and amortization below) |
|
|
|
|
|
|
|
||||||||
Direct payroll costs |
|
41,713 |
|
|
|
33,383 |
|
|
|
118,471 |
|
|
|
94,287 |
|
Sub-consultants and expenses |
|
12,569 |
|
|
|
12,310 |
|
|
|
32,308 |
|
|
|
29,811 |
|
Total contract costs |
|
54,282 |
|
|
|
45,693 |
|
|
|
150,779 |
|
|
|
124,098 |
|
Operating Expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
51,903 |
|
|
|
41,735 |
|
|
|
145,795 |
|
|
|
113,717 |
|
Depreciation and amortization |
|
7,395 |
|
|
|
4,500 |
|
|
|
20,572 |
|
|
|
12,785 |
|
(Gain) on sale |
|
(81 |
) |
|
|
(110 |
) |
|
|
(393 |
) |
|
|
(347 |
) |
Total operating expenses |
|
59,217 |
|
|
|
46,125 |
|
|
|
165,974 |
|
|
|
126,155 |
|
Income (loss) from operations |
|
433 |
|
|
|
2,616 |
|
|
|
(3,412 |
) |
|
|
3,037 |
|
Other expense |
|
1,572 |
|
|
|
1,495 |
|
|
|
6,000 |
|
|
|
3,852 |
|
(Loss) income before tax benefit |
|
(1,139 |
) |
|
|
1,121 |
|
|
|
(9,412 |
) |
|
|
(815 |
) |
Income tax (benefit) |
|
(1,910 |
) |
|
|
(62 |
) |
|
|
(6,543 |
) |
|
|
(1,901 |
) |
Net income (loss) |
$ |
771 |
|
|
$ |
1,183 |
|
|
$ |
(2,869 |
) |
|
$ |
1,086 |
|
Earnings allocated to non-vested shares |
|
53 |
|
|
|
146 |
|
|
|
– |
|
|
|
140 |
|
Net income (loss) attributable to common shareholders |
$ |
718 |
|
|
$ |
1,037 |
|
|
$ |
(2,869 |
) |
|
$ |
946 |
|
Earnings (loss) per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.08 |
|
Diluted |
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.07 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
16,537,472 |
|
|
|
12,814,971 |
|
|
|
15,559,279 |
|
|
|
12,304,751 |
|
Diluted |
|
16,835,337 |
|
|
|
13,793,120 |
|
|
|
15,559,279 |
|
|
|
13,437,841 |
|
BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands except per share data) (Unaudited) |
|||||||
|
For the Nine Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash Flows from Operating Activities: |
|
|
|
||||
Net (loss) income |
$ |
(2,869 |
) |
|
$ |
1,086 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
||||
Depreciation and amortization - property, plant and equipment |
|
9,722 |
|
|
|
7,172 |
|
Amortization of intangible assets |
|
10,850 |
|
|
|
5,613 |
|
Gain on sale of assets |
|
(393 |
) |
|
|
(347 |
) |
Credit losses |
|
1,043 |
|
|
|
630 |
|
Stock based compensation |
|
20,272 |
|
|
|
18,280 |
|
Accretion of discounts on notes payable |
|
486 |
|
|
|
459 |
|
Deferred taxes |
|
(18,351 |
) |
|
|
(11,134 |
) |
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable |
|
(10,830 |
) |
|
|
(14,581 |
) |
Contract assets |
|
(5,229 |
) |
|
|
(8,118 |
) |
Prepaid expenses and other assets |
|
2,909 |
|
|
|
(4,370 |
) |
Accounts payable and accrued expenses |
|
6,438 |
|
|
|
19,752 |
|
Contract liabilities |
|
(1,666 |
) |
|
|
(2,171 |
) |
Net cash provided by operating activities |
|
12,382 |
|
|
|
12,271 |
|
Cash Flows from Investing Activities: |
|
|
|
||||
Purchases of property and equipment |
|
(819 |
) |
|
|
(2,081 |
) |
Fixed assets converted to lease financing |
|
17 |
|
|
|
- |
|
Proceeds from sale of assets and disposal of leases |
|
399 |
|
|
|
347 |
|
Payments received under loans to shareholders |
|
61 |
|
|
|
115 |
|
Acquisitions of businesses, net of cash acquired |
|
(23,327 |
) |
|
|
(15,442 |
) |
Collections under stock subscription notes receivable |
|
33 |
|
|
|
62 |
|
Net cash used in investing activities |
|
(23,636 |
) |
|
|
(16,999 |
) |
Cash Flows from Financing Activities: |
|
|
|
||||
Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs |
|
47,151 |
|
|
|
– |
|
(Repayments) Borrowings under revolving credit facility |
|
(12,958 |
) |
|
|
22,379 |
|
Repayments under fixed line of credit |
|
(345 |
) |
|
|
(381 |
) |
Proceeds from notes payable |
|
6,209 |
|
|
|
– |
|
Repayment under notes payable |
|
(10,951 |
) |
|
|
(8,715 |
) |
Proceeds from finance leases |
|
4,567 |
|
|
|
– |
|
Payments on finance leases |
|
(6,462 |
) |
|
|
(4,989 |
) |
| Payment of contingent consideration from acquisitions | (1,357 |
) | – |
||||
Payments for purchase of treasury stock |
|
(11,130 |
) |
|
|
(3,594 |
) |
Repurchases of common stock |
|
(13,950 |
) |
|
|
– |
|
Proceeds from issuance of common stock |
|
1,453 |
|
|
|
1,177 |
|
Net cash provided by financing activities |
|
2,227 |
|
|
|
5,877 |
|
Net (decrease) increase in cash and cash equivalents |
|
(9,027 |
) |
|
|
1,149 |
|
Cash and cash equivalents, beginning of period |
|
20,687 |
|
|
|
13,282 |
|
Cash and cash equivalents, end of period |
$ |
11,660 |
|
|
$ |
14,431 |
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash paid for interest |
$ |
5,073 |
|
|
$ |
2,815 |
|
Cash paid for income taxes |
$ |
7,792 |
|
|
$ |
900 |
|
Non-cash investing and financing activities |
|
|
|
||||
Property and equipment acquired under finance lease |
$ |
(9,558 |
) |
|
$ |
(6,724 |
) |
Note payable converted to common shares |
$ |
(3,368 |
) |
|
$ |
(672 |
) |
Issuance of notes payable for acquisitions |
$ |
(15,291 |
) |
|
$ |
(6,277 |
) |
Issuance of contingent considerations |
$ |
(1,722 |
) |
|
$ |
(8,599 |
) |
Settlement of contingent consideration |
$ |
1,202 |
|
|
$ |
– |
|
BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data) |
||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) (GAAP) |
|
$ |
771 |
|
|
$ |
1,183 |
|
|
$ |
(2,869 |
) |
|
$ |
1,086 |
|
+ tax (benefit) (GAAP) |
|
|
(1,910 |
) |
|
|
(62 |
) |
|
|
(6,543 |
) |
|
|
(1,901 |
) |
(Loss) income before tax expense (GAAP) |
|
$ |
(1,139 |
) |
|
$ |
1,121 |
|
|
$ |
(9,412 |
) |
|
$ |
(815 |
) |
+ acquisition related expenses |
|
|
1,064 |
|
|
|
555 |
|
|
|
4,349 |
|
|
|
2,177 |
|
+ amortization of intangibles |
|
|
3,696 |
|
|
|
1,948 |
|
|
|
10,850 |
|
|
|
5,613 |
|
+ non-cash stock comp related to pre-IPO |
|
|
796 |
|
|
|
1,744 |
|
|
|
3,473 |
|
|
|
5,207 |
|
+ other non-core expenses |
|
|
1,954 |
|
|
|
560 |
|
|
|
2,767 |
|
|
|
674 |
|
Adjusted income before tax expense |
|
$ |
6,371 |
|
|
$ |
5,928 |
|
|
$ |
12,027 |
|
|
$ |
12,856 |
|
Adjusted income tax expense |
|
|
858 |
|
|
|
620 |
|
|
|
3,791 |
|
|
|
1,665 |
|
Adjusted net income |
|
$ |
5,513 |
|
|
$ |
5,308 |
|
|
$ |
8,236 |
|
|
$ |
11,191 |
|
Adjusted earnings allocated to non-vested shares |
|
|
381 |
|
|
|
655 |
|
|
|
650 |
|
|
|
1,438 |
|
Adjusted net income attributable to common shareholders |
|
$ |
5,132 |
|
|
$ |
4,653 |
|
|
$ |
7,586 |
|
|
$ |
9,753 |
|
Earnings (loss) per share (GAAP) |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.08 |
|
Diluted |
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.07 |
|
Adjusted earnings per share (Non-GAAP) |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.31 |
|
|
$ |
0.36 |
|
|
$ |
0.49 |
|
|
$ |
0.79 |
|
Diluted |
|
$ |
0.30 |
|
|
$ |
0.34 |
|
|
$ |
0.48 |
|
|
$ |
0.73 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
16,537,472 |
|
|
|
12,814,971 |
|
|
|
15,559,279 |
|
|
|
12,304,751 |
|
Diluted |
|
|
16,835,337 |
|
|
|
13,793,120 |
|
|
|
15,904,025 |
|
|
|
13,437,841 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic Adjusted Earnings (Loss) Per Share Summary - Non-GAAP |
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Earnings (loss) per share (GAAP) |
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.08 |
|
Pre-tax basic per share adjustments |
|
$ |
0.35 |
|
|
$ |
0.38 |
|
|
$ |
0.95 |
|
|
$ |
0.97 |
|
Adjusted earnings per share before tax expense |
|
$ |
0.39 |
|
|
$ |
0.46 |
|
|
$ |
0.77 |
|
|
$ |
1.05 |
|
Tax expense per share adjustment |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.24 |
|
|
$ |
0.14 |
|
Adjusted earnings per share - adjusted net income |
|
$ |
0.34 |
|
|
$ |
0.41 |
|
|
$ |
0.53 |
|
|
$ |
0.91 |
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.12 |
|
Adjusted earnings per share attributable to common shareholders |
|
$ |
0.31 |
|
|
$ |
0.36 |
|
|
$ |
0.49 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted Adjusted Earnings (Loss) Per Share Summary - Non-GAAP |
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Earnings (loss) per share (GAAP) |
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.07 |
|
Pre-tax diluted per share adjustments |
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.94 |
|
|
$ |
0.89 |
|
Adjusted earnings per share before tax expense |
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.76 |
|
|
$ |
0.96 |
|
Tax expense per share adjustment |
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.24 |
|
|
$ |
0.12 |
|
Adjusted earnings per share - adjusted net income |
|
$ |
0.33 |
|
|
$ |
0.39 |
|
|
$ |
0.52 |
|
|
$ |
0.84 |
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.11 |
|
Adjusted earnings per share attributable to common shareholders |
|
$ |
0.30 |
|
|
$ |
0.34 |
|
|
$ |
0.48 |
|
|
$ |
0.73 |
|
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
|
|
For the Nine Months Ended
|
||||||||||
|
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
Gross contract revenue |
|
$ |
113,932 |
|
$ |
94,434 |
|
|
$ |
313,341 |
|
$ |
253,290 |
|
Contract costs (exclusive of depreciation and amortization) |
|
|
54,282 |
|
|
45,693 |
|
|
|
150,779 |
|
|
124,098 |
|
Operating expense |
|
|
59,217 |
|
|
46,125 |
|
|
|
165,974 |
|
|
126,155 |
|
Income (loss) from operations |
|
|
433 |
|
|
2,616 |
|
|
$ |
(3,412 |
) |
$ |
3,037 |
|
Other expense |
|
|
1,572 |
|
|
1,495 |
|
|
|
6,000 |
|
|
3,852 |
|
Income tax (benefit) |
|
|
(1,910 |
) |
|
(62 |
) |
|
|
(6,543 |
) |
|
(1,901 |
) |
Net income (loss) |
|
$ |
771 |
|
$ |
1,183 |
|
|
$ |
(2,869 |
) |
$ |
1,086 |
|
Net margin |
|
|
0.7 |
% |
|
1.3 |
% |
|
|
(0.9 |
)% |
|
0.4 |
% |
Other financial information 1 |
|
|
|
|
|
|
||||||||
Net service billing |
|
$ |
101,363 |
|
$ |
82,124 |
|
|
$ |
281,033 |
|
$ |
223,479 |
|
Adjusted EBITDA |
|
|
16,970 |
|
|
15,057 |
|
|
|
42,511 |
|
|
35,783 |
|
Adjusted EBITDA margin, net |
|
|
16.7 |
% |
|
18.3 |
% |
|
|
15.1 |
% |
|
16.0 |
% |
|
|
|
|
|
|
|
||||||||
Gross Contract Revenue to Net Service Billing Reconciliation |
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||
|
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
Gross contract revenue |
|
$ |
113,932 |
|
$ |
94,434 |
|
|
$ |
313,341 |
|
$ |
253,290 |
|
Less: sub-consultants and other direct expenses |
|
|
12,569 |
|
|
12,310 |
|
|
|
32,308 |
|
|
29,811 |
|
Net service billing |
|
$ |
101,363 |
|
$ |
82,124 |
|
|
$ |
281,033 |
|
$ |
223,479 |
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA Reconciliation |
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||
|
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
Net Service Billing |
|
$ |
101,363 |
|
$ |
82,124 |
|
|
$ |
281,033 |
|
$ |
223,479 |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
$ |
771 |
|
$ |
1,183 |
|
|
$ |
(2,869 |
) |
$ |
1,086 |
|
+ interest expense |
|
|
1,938 |
|
|
1,538 |
|
|
|
5,844 |
|
|
3,545 |
|
+ depreciation & amortization |
|
|
7,395 |
|
|
4,500 |
|
|
|
20,572 |
|
|
12,785 |
|
+ tax (benefit) |
|
|
(1,910 |
) |
|
(62 |
) |
|
|
(6,543 |
) |
|
(1,901 |
) |
EBITDA |
|
$ |
8,194 |
|
$ |
7,159 |
|
|
$ |
17,004 |
|
$ |
15,515 |
|
+ non-cash stock compensation |
|
|
6,448 |
|
|
7,158 |
|
|
|
20,386 |
|
|
18,480 |
|
+ transaction related expenses |
|
|
– |
|
|
63 |
|
|
|
– |
|
|
186 |
|
+ settlements and other non-core expenses |
|
|
1,954 |
|
|
560 |
|
|
|
2,767 |
|
|
674 |
|
+ acquisition expenses |
|
|
374 |
|
|
117 |
|
|
|
2,354 |
|
|
928 |
|
Adjusted EBITDA |
|
$ |
16,970 |
|
$ |
15,057 |
|
|
$ |
42,511 |
|
$ |
35,783 |
|
Adjusted EBITDA margin, net |
|
|
16.7 |
% |
|
18.3 |
% |
|
|
15.1 |
% |
|
16.0 |
% |
|
|
|
|
|
|
|
||||||||
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 |
2024 |
% |
2023 |
% |
Change |
% |
|||
Building Infrastructure3 |
56,174 |
49.3 |
% |
51,909 |
55.0 |
% |
4,265 |
8.2 |
% |
Transportation |
21,851 |
19.2 |
% |
19,769 |
20.9 |
% |
2,082 |
10.5 |
% |
Power and Utilities3 |
20,041 |
17.6 |
% |
18,586 |
19.7 |
% |
1,455 |
7.8 |
% |
Other Emerging Markets1 |
15,866 |
13.9 |
% |
4,170 |
4.4 |
% |
11,696 |
280.5 |
% |
Total |
113,932 |
100.0 |
% |
94,434 |
100.0 |
% |
19,498 |
20.6 |
% |
|
|
|
|
|
|
|
|||
Acquired2 |
23,332 |
20.5 |
% |
15,431 |
16.3 |
% |
7,901 |
51.2 |
% |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
(dollars in thousands) |
For the Nine Months Ended September 30, |
||||||||
Consolidated Gross Revenue |
2024 |
% |
2023 |
% |
Change |
% |
|||
Building Infrastructure3 |
165,709 |
52.9 |
% |
144,862 |
57.2 |
% |
20,847 |
14.4 |
% |
Transportation |
60,145 |
19.2 |
% |
51,658 |
20.4 |
% |
8,487 |
16.4 |
% |
Power and Utilities3 |
56,229 |
17.9 |
% |
47,481 |
18.7 |
% |
8,748 |
18.4 |
% |
Other Emerging Markets1 |
31,258 |
10.0 |
% |
9,289 |
3.7 |
% |
21,969 |
236.5 |
% |
Total |
313,341 |
100.0 |
% |
253,290 |
100.0 |
% |
60,051 |
23.7 |
% |
|
|
|
|
|
|
|
|||
Acquired2 |
49,767 |
15.9 |
% |
27,050 |
10.7 |
% |
22,717 |
84.0 |
% |
1 Represents environmental, mining, water resources, imaging and mapping, and other.
2 Acquired revenue in prior periods is as previously reported; four quarters post-closing, acquired revenue is reclassified as organic for the purpose of calculating organic growth rates.
3 Includes certain reclassifications of revenue between categories from prior periods for consistency of presentation.
BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT SEPTEMBER 30, 2024 (Unaudited) |
||
Category |
Percentage |
|
Building Infrastructure |
46 |
% |
Transportation |
29 |
% |
Power and Utilities |
15 |
% |
Emerging Markets |
10 |
% |
TOTAL |
100 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105492396/en/
Investor Relations Contacts:
Bruce Labovitz
ir@bowman.com
(703) 464-1029
Betsy Patterson
ir@bowman.com
(310) 622-8227
Source: Bowman Consulting Group
FAQ
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