Bowman Announces Financial Results for Three and Six Months Ended June 30, 2024
Bowman Consulting Group (Nasdaq: BWMN) released financial results for Q2 2024. Despite challenges in revenue conversion, the company reported strong sales and growing backlog. Key highlights include:
- Gross contract revenue of $104.5 million, up 26% year-over-year
- Net service billing of $94.0 million, a 27% increase
- Adjusted EBITDA of $13.4 million, up 21%
- Gross backlog of $352 million, a 19% increase
The company updated its FY 2024 guidance, projecting net service billing between $375-385 million and Adjusted EBITDA of $58-63 million. Bowman continues to focus on sustainable growth and margin improvement, with acquisitions playing a significant role in its long-term strategy.
Il Bowman Consulting Group (Nasdaq: BWMN) ha pubblicato i risultati finanziari per il secondo trimestre del 2024. Nonostante le sfide nella conversione dei ricavi, l'azienda ha registrato forti vendite e un backlog in crescita. Tra i punti salienti ci sono:
- Ricavi da contratti lordi di 104,5 milioni di dollari, con un incremento del 26% rispetto all'anno precedente
- Fatturazione netta dei servizi di 94,0 milioni di dollari, un aumento del 27%
- EBITDA rettificato di 13,4 milioni di dollari, in salita del 21%
- Backlog lordo di 352 milioni di dollari, un incremento del 19%
L'azienda ha aggiornato le previsioni per l'anno fiscale 2024, prevedendo una fatturazione netta dei servizi tra 375 e 385 milioni di dollari e un EBITDA rettificato tra 58 e 63 milioni di dollari. Bowman continua a concentrarsi su crescita sostenibile e miglioramento dei margini, con acquisizioni che giocano un ruolo significativo nella sua strategia a lungo termine.
El Bowman Consulting Group (Nasdaq: BWMN) publicó los resultados financieros para el segundo trimestre de 2024. A pesar de los desafíos en la conversión de ingresos, la compañía informó sobre fuertes ventas y un aumento en el backlog. Los aspectos más destacados incluyen:
- Ingresos brutos por contrato de 104,5 millones de dólares, un aumento del 26% interanual
- Facturación neta de servicios de 94,0 millones de dólares, un incremento del 27%
- EBITDA ajustado de 13,4 millones de dólares, un aumento del 21%
- Backlog bruto de 352 millones de dólares, un incremento del 19%
La compañía actualizó su orientación para el año fiscal 2024, proyectando una facturación neta de servicios entre 375 y 385 millones de dólares y un EBITDA ajustado de entre 58 y 63 millones de dólares. Bowman sigue enfocándose en crecimiento sostenible y mejora de márgenes, con adquisiciones que desempeñan un papel clave en su estrategia a largo plazo.
보우만 컨설팅 그룹 (Nasdaq: BWMN)이 2024년 2분기 재무 결과를 발표했습니다. 매출 전환에 어려움이 있었음에도 불구하고, 이 회사는 강력한 매출과 증가하는 백로그를 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 총 계약 매출 1억 450만 달러, 전년 대비 26% 증가
- 순 서비스 청구 9천4백만 달러, 27% 증가
- 조정된 EBITDA 1천3백40만 달러, 21% 증가
- 총 백로그 3억 5천2백만 달러, 19% 증가
회사는 2024회계연도 지침을 업데이트하며, 순 서비스 청구가 3억 7천5백만 달러에서 3억 8천5백만 달러 사이, 조정된 EBITDA가 5천8백만 달러에서 6천3백만 달러 사이가 될 것으로 예상하고 있습니다. 보우만은 지속 가능한 성장과 마진 개선에 중점을 두고 있으며, 인수합병이 장기 전략에서 중요한 역할을 하고 있습니다.
Le Bowman Consulting Group (Nasdaq: BWMN) a publié ses résultats financiers pour le deuxième trimestre 2024. Malgré des défis dans la conversion des revenus, l'entreprise a enregistré de fortes ventes et un carnet de commandes en croissance. Les points forts incluent :
- Revenu brut des contrats de 104,5 millions de dollars, en hausse de 26 % par rapport à l'année précédente
- Facturation nette des services de 94,0 millions de dollars, une augmentation de 27 %
- EBITDA ajusté de 13,4 millions de dollars, en hausse de 21 %
- Carnet de commandes brut de 352 millions de dollars, en hausse de 19 %
L'entreprise a révisé ses prévisions pour l'exercice 2024, s'attendant à une facturation nette des services entre 375 et 385 millions de dollars et un EBITDA ajusté entre 58 et 63 millions de dollars. Bowman continue de se concentrer sur la croissance durable et l'amélioration des marges, les acquisitions jouant un rôle important dans sa stratégie à long terme.
Die Bowman Consulting Group (Nasdaq: BWMN) veröffentlichte die Finanzergebnisse für das zweite Quartal 2024. Trotz Herausforderungen bei der Umsatzumwandlung berichtete das Unternehmen von starken Verkaufszahlen und einem wachsenden Auftragsbestand. Zu den wichtigsten Highlights gehören:
- Bruttogewinn aus Verträgen von 104,5 Millionen Dollar, ein Anstieg von 26% im Jahresvergleich
- Nettorechnungsbetrag für Dienstleistungen von 94,0 Millionen Dollar, ein Anstieg von 27%
- Bereinigtes EBITDA von 13,4 Millionen Dollar, ein Anstieg von 21%
- Brutto-Auftragsbestand von 352 Millionen Dollar, ein Anstieg von 19%
Das Unternehmen hat seine Prognose für das Geschäftsjahr 2024 aktualisiert und rechnet mit Nettoregnungsbeträgen zwischen 375-385 Millionen Dollar und einem bereinigten EBITDA von 58-63 Millionen Dollar. Bowman konzentriert sich weiterhin auf nachhaltiges Wachstum und Margenverbesserung, wobei Übernahmen eine wichtige Rolle in der langfristigen Strategie spielen.
- Gross contract revenue increased 26% year-over-year to $104.5 million
- Net service billing grew 27% to $94.0 million
- Adjusted EBITDA rose 21% to $13.4 million
- Gross backlog increased 19% to $352 million
- Organic growth from non-building infrastructure verticals was approximately 14% in H1 2024
- Closed $51 million equity offering and new $100 million revolving credit facility
- Net loss of $2.0 million in Q2 2024, compared to $0.6 million loss in Q2 2023
- Adjusted EBITDA margin decreased 70 basis points to 14.3%
- Organic contraction in building infrastructure vertical
- Delays in commencing work on large transportation projects
- Adjusted FY 2024 guidance, potentially indicating lower expectations
Insights
Bowman's Q2 2024 results present a mixed picture. While gross contract revenue increased by
The company's Adjusted EBITDA grew
Bowman's revised FY 2024 guidance, with net service billing now expected between
Bowman's Q2 results reflect broader market trends in the infrastructure sector. The company's diversification strategy, particularly into non-building infrastructure verticals, is yielding results with
However, the contraction in the building infrastructure vertical highlights the impact of higher interest rates on commercial real estate development. Bowman's expectation that lower interest rates will release pent-up demand in this sector is plausible but depends on macroeconomic factors beyond their control.
The company's robust M&A pipeline and focus on emerging markets like transportation, power, utilities and water position it well for long-term growth. However, the delays in large transportation projects underscore the complexities and uncertainties in government-funded infrastructure initiatives. Investors should watch for improvements in project commencement rates and organic growth in the second half of 2024.
Bowman's strategy of growth through acquisitions, coupled with diversification into various infrastructure sectors, demonstrates a proactive approach to market challenges. The
However, the company faces execution challenges, evident in the widening net loss and decreased Adjusted EBITDA margin. The delay in converting awards to revenue, particularly in large transportation projects, highlights the need for improved operational efficiency and project management.
The recent equity offering of
“Despite challenges we faced this quarter with conversion of awards to revenue, our sales are strong, our backlog is growing, and our M&A pipeline remains robust,” said Gary Bowman, Chairman and CEO of Bowman. “We believe the infrastructure design and engineering market continues to present positive demand signals supported by significant funding as evidenced by our backlog being up nearly
“Acquisitive growth continues to be a significant ingredient in our long-term strategy,” continued Bowman. “Nonetheless, we recognize that organic growth remains a critical element of our success. Our diversification into transportation, power and utilities, water, mining and other emerging markets has contributed to a decreasing concentration of building infrastructure in our business and is paying dividends. Excluding all acquisitions closed during 2023 and 2024, year-over-year organic growth from non-building infrastructure verticals during the first half of 2024 was approximately
Financial Results for the Three Months Ended June 30, 2024, Compared to June 30, 2023:
-
Gross contract revenue of
$104.5 million $82.8 million 26% increase -
Year-over-year increase in organic gross revenue1 of
5% -
Net service billing2 of
$94.0 million $73.8 million 27% increase -
Year-over-year increase in organic net service billing1 of
6% -
Net loss of
$2.0 million $0.6 million -
Adjusted EBITDA2 of
$13.4 million $11.1 million 21% increase -
Adjusted EBITDA margin, net 2 of
14.3% compared to15.0% , a 70-bps decrease
Financial Results for the Six Months Ended June 30, 2024, Compared to June 30, 2023:
-
Gross contract revenue of
$199.4 million $158.9 million 25% increase -
Year-over-year increase in organic gross revenue1 of
9% -
Net service billing2 of
$179.7 million $141.4 million 27% increase -
Year-over-year increase in organic net service billing1 of
10% -
Net loss of
$3.6 million $0.1 million -
Adjusted EBITDA2 of
$25.5 million $20.7 million 23% increase -
Adjusted EBITDA margin, net 2 of
14.2% compared to14.7% , a 50-bps decrease -
Gross backlog2 of
$352 million $295 million 19% increase
Items of Note During the Quarter:
-
On April 1, 2024, the Company closed on a
$51 million - On April 4, 2024, the Company closed on the acquisition of Surdex Corporation
- On April 17, 2024, the Company closed on the acquisition of Moore Consulting Engineers
-
On May 2, 2024, the Company closed on a new
$100 million $70 million -
On May 3, 2024, the Company closed on a new
$11 million - Reversed uncertain tax position (UTP) with respect to changes to Section 174 R&D expense deductibility
Subsequent Events of Note:
- On July 11, 2024, the Company closed on the acquisition of Element Engineering
- On July 17, 2024, the Company closed on the acquisition of FCS Group
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 Share3 (“Adjusted EPS”) as follows:
For the three months ended June 30, 2024, compared to June 30, 2023:
-
Basic Adjusted EPS was (
$0.03 $0.15 -
Diluted Adjusted EPS was (
$0.03 $0.13
For the six months ended June 30, 2024, compared to June 30, 2023:
-
Basic Adjusted EPS was
$0.17 $0.43 -
Diluted Adjusted EPS was
$0.16 $0.39
Updating FY 2024 Guidance
The Company is adjusting its full year 2024 outlook for net service billing2 to be in the range of
Q2 2024 Earnings Webcast
Bowman will host an earnings webcast to discuss the results of the quarter as follows:
Date: August 7, 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 Calculation excludes revenue from acquisitions closed after 06/30/23 with revenue recognized from acquisitions closed on or before 06/30/23 reclassified as non-acquisition revenue in prior periods. Allocation of revenue to integrated acquired companies is based solely on performance of work. Calculation of organic growth does not include or contemplate any pro-forma normalization of revenue from acquisitions prior to closing. |
2 Non-GAAP financial metric the Company believes offers valuable perspective on results of operations. See Non-GAAP tables below for reconciliations. |
3 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 |
About Bowman Consulting Group Ltd.
Headquartered in
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) |
|||||||
|
June 30,
|
|
December 31,
|
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and equivalents |
$ |
23,143 |
|
|
$ |
20,687 |
|
Accounts receivable, net |
|
99,368 |
|
|
|
87,565 |
|
Contract assets |
|
42,193 |
|
|
|
33,520 |
|
Notes receivable - officers, employees, affiliates, current portion |
|
1,151 |
|
|
|
1,199 |
|
Prepaid and other current assets |
|
9,544 |
|
|
|
11,806 |
|
Total current assets |
|
175,399 |
|
|
|
154,777 |
|
Non-Current Assets |
|
|
|
||||
Property and equipment, net |
|
44,636 |
|
|
|
27,601 |
|
Operating lease, right-of-use assets |
|
40,316 |
|
|
|
40,743 |
|
Goodwill |
|
123,587 |
|
|
|
96,393 |
|
Notes receivable |
|
903 |
|
|
|
903 |
|
Notes receivable - officers, employees, affiliates, less current portion |
|
1,113 |
|
|
|
1,119 |
|
Other intangible assets, net |
|
55,840 |
|
|
|
46,294 |
|
Deferred tax asset, net |
|
20,166 |
|
|
|
33,780 |
|
Other assets |
|
1,427 |
|
|
|
1,175 |
|
Total Assets |
$ |
463,387 |
|
|
$ |
402,785 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Revolving credit facility |
|
27,848 |
|
|
|
45,290 |
|
Accounts payable and accrued liabilities |
|
69,163 |
|
|
|
44,394 |
|
Contract liabilities |
|
7,873 |
|
|
|
7,481 |
|
Notes payable, current portion |
|
15,169 |
|
|
|
13,989 |
|
Operating lease obligation, less current portion |
|
10,059 |
|
|
|
9,016 |
|
Finance lease obligation, current portion |
|
9,182 |
|
|
|
6,586 |
|
Total current liabilities |
|
139,294 |
|
|
|
126,756 |
|
Non-Current Liabilities |
|
|
|
||||
Other non-current obligations |
|
5,353 |
|
|
|
42,288 |
|
Notes payable, less current portion |
|
22,541 |
|
|
|
13,738 |
|
Operating lease obligation, less current portion |
|
36,332 |
|
|
|
37,660 |
|
Finance lease obligation, less current portion |
|
19,099 |
|
|
|
14,408 |
|
Pension and post-retirement obligation, less current portion |
|
5,184 |
|
|
|
4,654 |
|
Total liabilities |
$ |
227,803 |
|
|
$ |
239,504 |
|
|
|
|
|
||||
Shareholders' Equity |
|
|
|
||||
Preferred Stock, |
|
- |
|
|
|
- |
|
Common stock, |
|
206 |
|
|
|
177 |
|
Additional paid-in-capital |
|
303,453 |
|
|
|
215,420 |
|
Accumulated other comprehensive income |
|
569 |
|
|
|
590 |
|
Treasury stock, at cost; 2,971,867 and 2,600,217, respectively |
|
(38,531 |
) |
|
|
(26,410 |
) |
Stock subscription notes receivable |
|
(53 |
) |
|
|
(76 |
) |
Accumulated deficit |
|
(30,060 |
) |
|
|
(26,420 |
) |
Total shareholders' equity |
$ |
235,584 |
|
|
$ |
163,281 |
|
|
|
|
|
||||
TOTAL LIABILITIES AND EQUITY |
$ |
463,387 |
|
|
$ |
402,785 |
|
BOWMAN CONSULTING GROUP LTD. |
|||||||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENTS |
|||||||||||||||
(Amounts in thousands except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
For the Three Months
|
|
For the Six Months
|
||||||||||||
|
2024 |
|
2023 |
|
2023 |
|
2022 |
||||||||
Gross Contract Revenue |
$ |
104,501 |
|
|
$ |
82,755 |
|
|
$ |
199,409 |
|
|
$ |
158,855 |
|
Contract costs: (exclusive of depreciation and amortization below) |
|
|
|
|
|
|
|
||||||||
Direct payroll costs |
|
39,096 |
|
|
|
32,075 |
|
|
|
76,776 |
|
|
|
60,919 |
|
Sub-consultants and expenses |
|
10,520 |
|
|
|
8,963 |
|
|
|
19,738 |
|
|
|
17,501 |
|
Total contract costs |
|
49,616 |
|
|
|
41,038 |
|
|
|
96,514 |
|
|
|
78,420 |
|
Operating Expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
49,154 |
|
|
|
38,340 |
|
|
|
93,874 |
|
|
|
71,965 |
|
Depreciation and amortization |
|
7,181 |
|
|
|
4,719 |
|
|
|
13,177 |
|
|
|
8,285 |
|
(Gain) on sale |
|
(215 |
) |
|
|
(226 |
) |
|
|
(311 |
) |
|
|
(237 |
) |
Total operating expenses |
|
56,120 |
|
|
|
42,833 |
|
|
|
106,740 |
|
|
|
80,013 |
|
(Loss) Income from operations |
|
(1,235 |
) |
|
|
(1,116 |
) |
|
|
(3,845 |
) |
|
|
422 |
|
Other expense |
|
2,027 |
|
|
|
1,143 |
|
|
|
4,428 |
|
|
|
2,358 |
|
Loss before tax expense |
|
(3,262 |
) |
|
|
(2,259 |
) |
|
|
(8,273 |
) |
|
|
(1,936 |
) |
Income tax (benefit) |
|
(1,180 |
) |
|
|
(1,625 |
) |
|
|
(4,633 |
) |
|
|
(1,839 |
) |
Net loss |
$ |
(2,082 |
) |
|
$ |
(634 |
) |
|
$ |
(3,640 |
) |
|
$ |
(97 |
) |
Earnings allocated to non-vested shares |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Net loss attributable to common shareholders |
$ |
(2,082 |
) |
|
$ |
(634 |
) |
|
$ |
(3,640 |
) |
|
$ |
(97 |
) |
Loss per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.01 |
) |
Diluted |
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.01 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
16,301,926 |
|
|
|
12,276,173 |
|
|
|
15,064,827 |
|
|
|
12,022,550 |
|
Diluted |
|
16,301,926 |
|
|
|
12,276,173 |
|
|
|
15,064,827 |
|
|
|
12,022,550 |
|
BOWMAN CONSULTING GROUP LTD. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Unaudited) |
|||||||
|
For the Six Months Ended June 30, |
||||||
|
2024 |
|
2023 |
||||
Cash Flows from Operating Activities: |
|
|
|
||||
Net Loss |
$ |
(3,640 |
) |
|
$ |
(97 |
) |
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
||||
Depreciation and amortization - property, plant and equipment |
|
6,023 |
|
|
|
4,620 |
|
Amortization of intangible assets |
|
7,154 |
|
|
|
3,665 |
|
Gain on sale of assets |
|
(311 |
) |
|
|
(237 |
) |
Credit losses |
|
656 |
|
|
|
289 |
|
Stock based compensation |
|
13,876 |
|
|
|
11,169 |
|
Accretion of discounts on notes payable |
|
307 |
|
|
|
264 |
|
Deferred taxes |
|
5,348 |
|
|
|
(7,339 |
) |
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable |
|
(6,080 |
) |
|
|
(10,885 |
) |
Contract assets |
|
(4,366 |
) |
|
|
(5,267 |
) |
Prepaid expenses and other assets |
|
4,063 |
|
|
|
(4,174 |
) |
Accounts payable and accrued expenses |
|
(15,633 |
) |
|
|
9,535 |
|
Contract liabilities |
|
(1,809 |
) |
|
|
523 |
|
Net cash provided by operating activities |
|
5,588 |
|
|
|
2,066 |
|
Cash Flows from Investing Activities: |
|
|
|
||||
Purchases of property and equipment |
|
(600 |
) |
|
|
(632 |
) |
Fixed assets converted to lease financing |
|
(29 |
) |
|
|
- |
|
Proceeds from sale of assets and disposal of leases |
|
317 |
|
|
|
237 |
|
Payments received under loans to shareholders |
|
54 |
|
|
|
108 |
|
Acquisitions of businesses, net of cash acquired |
|
(20,347 |
) |
|
|
(15,408 |
) |
Collections under stock subscription notes receivable |
|
23 |
|
|
|
48 |
|
Net cash used in investing activities |
|
(20,582 |
) |
|
|
(15,647 |
) |
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 |
|
(17,441 |
) |
|
|
21,189 |
|
Repayments under fixed line of credit |
|
(345 |
) |
|
|
(283 |
) |
Proceeds from notes payable |
|
6,209 |
|
|
|
– |
|
Repayment under notes payable |
|
(7,464 |
) |
|
|
(4,743 |
) |
Proceeds from finance leases |
|
4,567 |
|
|
|
– |
|
Payments on finance leases |
|
(4,053 |
) |
|
|
(3,309 |
) |
Payments for purchase of treasury stock |
|
(10,037 |
) |
|
|
(3,586 |
) |
Repurchases of common stock |
|
(2,084 |
) |
|
|
– |
|
Proceeds from issuance of common stock |
|
947 |
|
|
|
777 |
|
Net cash used in financing activities |
|
17,450 |
|
|
|
10,045 |
|
Net increase (decrease) in cash and cash equivalents |
|
2,456 |
|
|
|
(3,536 |
) |
Cash and cash equivalents, beginning of period |
|
20,687 |
|
|
|
13,282 |
|
Cash and cash equivalents, end of period |
$ |
23,143 |
|
|
$ |
9,746 |
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash paid for interest |
$ |
3,457 |
|
|
$ |
1,547 |
|
Cash paid for income taxes |
$ |
1,552 |
|
|
$ |
745 |
|
Non-cash investing and financing activities |
|
|
|
||||
Property and equipment acquired under finance lease |
$ |
(6,755 |
) |
|
$ |
(4,385 |
) |
Note payable converted to common shares |
$ |
(2,696 |
) |
|
$ |
– |
|
Issuance of notes payable for acquisitions |
$ |
(13,636 |
) |
|
$ |
(7,825 |
) |
Issuance of contingent considerations |
$ |
(1,504 |
) |
|
$ |
– |
|
Settlement of contingent consideration |
$ |
567 |
|
$ |
– |
|
|
BOWMAN CONSULTING GROUP LTD. |
||||||||||||||||
RECONCILIATION OF EPS TO ADJUSTED EPS |
||||||||||||||||
(Amounts in thousands except per share data) |
||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss (GAAP) |
|
$ |
(2,082 |
) |
|
$ |
(634 |
) |
|
$ |
(3,640 |
) |
|
$ |
(97 |
) |
+ tax (benefit) (GAAP) |
|
|
(1,180 |
) |
|
|
(1,625 |
) |
|
|
(4,633 |
) |
|
|
(1,839 |
) |
Loss before tax expense (GAAP) |
|
$ |
(3,262 |
) |
|
$ |
(2,259 |
) |
|
$ |
(8,273 |
) |
|
$ |
(1,936 |
) |
+ acquisition related expenses |
|
|
1,936 |
|
|
|
772 |
|
|
|
3,286 |
|
|
|
1,621 |
|
+ amortization of intangibles |
|
|
3,815 |
|
|
|
2,296 |
|
|
|
7,154 |
|
|
|
3,665 |
|
+ non-cash stock comp related to pre-IPO |
|
|
1,121 |
|
|
|
1,742 |
|
|
|
2,678 |
|
|
|
3,464 |
|
+ other non-core expenses |
|
|
414 |
|
|
|
113 |
|
|
|
813 |
|
|
|
113 |
|
Adjusted income before tax expense |
|
$ |
4,024 |
|
|
$ |
2,664 |
|
|
$ |
5,658 |
|
|
$ |
6,927 |
|
Adjusted income tax expense |
|
|
4,593 |
|
|
|
550 |
|
|
|
2,933 |
|
|
|
1,046 |
|
Adjusted net (loss) income |
|
$ |
(569 |
) |
|
$ |
2,114 |
|
|
$ |
2,725 |
|
|
$ |
5,881 |
|
Adjusted earnings allocated to non-vested shares |
|
|
– |
|
|
|
285 |
|
|
|
229 |
|
|
|
773 |
|
Adjusted net (loss) income attributable to common shareholders |
|
$ |
(569 |
) |
|
$ |
1,829 |
|
|
$ |
2,496 |
|
|
$ |
5,108 |
|
Loss per share (GAAP) |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.01 |
) |
Diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.01 |
) |
Adjusted (loss) earnings per share (Non-GAAP) |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.03 |
) |
|
$ |
0.15 |
|
|
$ |
0.17 |
|
|
$ |
0.43 |
|
Diluted |
|
$ |
(0.03 |
) |
|
$ |
0.13 |
|
|
$ |
0.16 |
|
|
$ |
0.39 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
16,301,926 |
|
|
|
12,276,173 |
|
|
|
15,064,827 |
|
|
|
12,022,550 |
|
Diluted |
|
|
16,301,926 |
|
|
|
13,176,766 |
|
|
|
15,766,765 |
|
|
|
12,930,018 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic Adjusted (Loss) Earnings Per Share Summary - Non-GAAP |
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Loss per share (GAAP) |
|
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.01 |
) |
Pre-tax basic per share adjustments |
|
$ |
0.38 |
|
|
$ |
0.27 |
|
|
$ |
0.62 |
|
|
$ |
0.59 |
|
Adjusted earnings per share before tax expense |
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.38 |
|
|
$ |
0.58 |
|
Tax expense per share adjustment |
|
$ |
0.28 |
|
|
$ |
0.04 |
|
|
$ |
0.19 |
|
|
$ |
0.08 |
|
Adjusted (loss) earnings per share - adjusted net income |
|
$ |
(0.03 |
) |
|
$ |
0.18 |
|
|
$ |
0.19 |
|
|
$ |
0.50 |
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
– |
|
|
$ |
0.03 |
|
|
$ |
0.02 |
|
|
$ |
0.07 |
|
Adjusted (loss) earnings per share attributable to common shareholders |
|
$ |
(0.03 |
) |
|
$ |
0.15 |
|
|
$ |
0.17 |
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted Adjusted (Loss) Earnings Per Share Summary - Non-GAAP |
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Loss per share (GAAP) |
|
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.01 |
) |
Pre-tax diluted per share adjustments |
|
$ |
0.38 |
|
|
$ |
0.25 |
|
|
$ |
0.60 |
|
|
$ |
0.55 |
|
Adjusted earnings per share before tax expense |
|
$ |
0.25 |
|
|
$ |
0.20 |
|
|
$ |
0.36 |
|
|
$ |
0.54 |
|
Tax expense per share adjustment |
|
$ |
0.28 |
|
|
$ |
0.05 |
|
|
$ |
0.19 |
|
|
$ |
0.09 |
|
Adjusted (loss) earnings per share - adjusted net (loss) income |
|
$ |
(0.03 |
) |
|
$ |
0.15 |
|
|
$ |
0.17 |
|
|
$ |
0.45 |
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
– |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.06 |
|
Adjusted (loss) earnings per share attributable to common shareholders |
|
$ |
(0.03 |
) |
|
$ |
0.13 |
|
|
$ |
0.16 |
|
|
$ |
0.39 |
|
| 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 Six Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
2023 |
|
|
2022 |
|
||
Gross contract revenue |
|
$ |
104,501 |
|
$ |
82,755 |
|
|
$ |
199,409 |
|
$ |
158,855 |
|
||
Contract costs (exclusive of depreciation and amortization) |
|
|
49,616 |
|
|
41,038 |
|
|
|
96,514 |
|
|
78,420 |
|
||
Operating expense |
|
|
56,120 |
|
|
42,833 |
|
|
|
106,740 |
|
|
80,013 |
|
||
(Loss) Income from operations |
|
|
(1,235 |
) |
|
(1,116 |
) |
|
$ |
(3,845 |
) |
$ |
422 |
|
||
Other expense |
|
|
2,027 |
|
|
1,143 |
|
|
|
4,428 |
|
|
2,358 |
|
||
Income tax (benefit) |
|
|
(1,180 |
) |
|
(1,625 |
) |
|
|
(4,633 |
) |
|
(1,839 |
) |
||
Net loss |
|
$ |
(2,082 |
) |
$ |
(634 |
) |
|
$ |
(3,640 |
) |
$ |
(97 |
) |
||
Net margin |
|
|
(2.0 |
)% |
|
(0.8 |
)% |
|
|
(1.8 |
)% |
|
(0.1 |
)% |
||
|
|
|
|
|
|
|
||||||||||
Other financial information 1 |
|
|
|
|
|
|
||||||||||
Net service billing |
|
$ |
93,981 |
|
$ |
73,792 |
|
|
$ |
179,671 |
|
$ |
141,354 |
|
||
Adjusted EBITDA |
|
|
13,412 |
|
|
11,053 |
|
|
|
25,541 |
|
|
20,725 |
|
||
Adjusted EBITDA margin, net |
|
|
14.3 |
% |
|
15.0 |
% |
|
|
14.2 |
% |
|
14.7 |
% |
||
|
|
|
|
|
|
|
||||||||||
Gross Contract Revenue to Net Service Billing Reconciliation |
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Gross contract revenue |
|
$ |
104,501 |
|
$ |
82,755 |
|
|
$ |
199,409 |
|
$ |
158,855 |
|
||
Less: sub-consultants and other direct expenses |
|
|
10,520 |
|
|
8,963 |
|
|
|
19,738 |
|
|
17,501 |
|
||
Net service billing |
|
$ |
93,981 |
|
$ |
73,792 |
|
|
$ |
179,671 |
|
$ |
141,354 |
|
||
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA Reconciliation |
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
Net Service Billing |
|
$ |
93,981 |
|
$ |
73,792 |
|
|
$ |
179,671 |
|
$ |
141,354 |
|
||
|
|
|
|
|
|
|
||||||||||
Net loss |
|
$ |
(2,082 |
) |
$ |
(634 |
) |
|
$ |
(3,640 |
) |
$ |
(97 |
) |
||
+ interest expense |
|
|
1,775 |
|
|
1,112 |
|
|
|
3,906 |
|
|
2,007 |
|
||
+ depreciation & amortization |
|
|
7,181 |
|
|
4,719 |
|
|
|
13,177 |
|
|
8,285 |
|
||
+ tax (benefit) |
|
|
(1,180 |
) |
|
(1,625 |
) |
|
|
(4,633 |
) |
|
(1,839 |
) |
||
EBITDA |
|
$ |
5,694 |
|
$ |
3,572 |
|
|
$ |
8,810 |
|
$ |
8,356 |
|
||
+ non-cash stock compensation |
|
|
6,077 |
|
|
6,888 |
|
|
|
13,938 |
|
|
11,322 |
|
||
+ transaction related expenses |
|
|
– |
|
|
123 |
|
|
– |
|
|
123 |
|
|||
+ settlements and other non-core expenses |
|
|
414 |
|
|
113 |
|
|
813 |
|
|
113 |
|
|||
+ acquisition expenses |
|
|
1,227 |
|
|
357 |
|
|
|
1,980 |
|
|
811 |
|
||
Adjusted EBITDA |
|
$ |
13,412 |
|
$ |
11,053 |
|
|
$ |
25,541 |
|
$ |
20,725 |
|
||
Adjusted EBITDA margin, net |
|
|
14.3 |
% |
|
15.0 |
% |
|
|
14.2 |
% |
|
14.7 |
% |
||
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 June 30, |
||||||||
Consolidated Gross Revenue |
2024 |
% |
2023 |
% |
Change |
% Change |
|||
Building Infrastructure |
55,903 |
53.5 |
% |
48,616 |
58.7 |
% |
7,287 |
15.0 |
% |
Transportation |
19,233 |
18.4 |
% |
15,870 |
19.2 |
% |
3,363 |
21.2 |
% |
Power and Utilities |
19,456 |
18.6 |
% |
15,585 |
18.8 |
% |
3,871 |
24.8 |
% |
Other Emerging Markets1 |
9,909 |
9.5 |
% |
2,684 |
3.3 |
% |
7,225 |
269.2 |
% |
Total |
104,501 |
100.0 |
% |
82,755 |
100.0 |
% |
21,746 |
26.3 |
% |
|
|
|
|
|
|
|
|||
(dollars in thousands) |
For the Three Months Ended June 30, |
||||||||
Organic v Acquired Revenue |
2024 |
% |
2023 |
% |
Change |
% Change |
|||
Organic |
87,072 |
83.3 |
% |
82,755 |
100.0 |
% |
4,317 |
5.2 |
% |
Acquired2 |
17,429 |
16.7 |
% |
– |
– |
% |
17,429 |
n/a |
|
Total |
104,501 |
100.0 |
% |
82,755 |
100.0 |
% |
21,746 |
26.3 |
% |
|
|
|
|
|
|
|
|||
(dollars in thousands) |
For the Six Months Ended June 30, |
||||||||
Consolidated Gross Revenue |
2024 |
% |
2023 |
% |
Change |
% Change |
|||
Building Infrastructure |
108,689 |
54.5 |
% |
92,953 |
58.5 |
% |
15,736 |
16.9 |
% |
Transportation |
37,361 |
18.7 |
% |
31,889 |
20.1 |
% |
5,472 |
17.2 |
% |
Power and Utilities |
37,923 |
19.0 |
% |
28,909 |
18.2 |
% |
9,014 |
31.2 |
% |
Emerging Markets1 |
15,436 |
7.8 |
% |
5,104 |
3.2 |
% |
10,332 |
202.4 |
% |
Total |
199,409 |
100.0 |
% |
158,855 |
100.0 |
% |
40,554 |
25.5 |
% |
|
|
|
|
|
|
|
|||
(dollars in thousands) |
For the Six Months Ended June 30, |
||||||||
Organic v Acquired Revenue 2 |
2024 |
% |
2023 |
% |
Change |
% Change |
|||
Organic |
172,974 |
86.7 |
% |
158,855 |
100.0 |
% |
14,119 |
8.9 |
% |
Acquired2 |
26,435 |
13.3 |
% |
– |
– |
% |
26,435 |
n/a |
|
Total |
199,409 |
100.0 |
% |
158,855 |
100.0 |
% |
40,554 |
25.5 |
% |
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 JUNE 30, 2024 |
||
(Unaudited) |
||
Category |
Percentage |
|
Building Infrastructure |
48 |
% |
Transportation |
27 |
% |
Power and Utilities |
16 |
% |
Emerging Markets |
9 |
% |
TOTAL |
100 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805650683/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
What was Bowman's (BWMN) gross contract revenue for Q2 2024?
How much did Bowman's (BWMN) net service billing grow in Q2 2024?
What was Bowman's (BWMN) Adjusted EBITDA for Q2 2024?
How much did Bowman's (BWMN) gross backlog increase in Q2 2024?
What is Bowman's (BWMN) updated guidance for FY 2024 net service billing?
