Bowman Announces Financial Results for Three Months Ended March 31, 2024
Bowman Consulting Group (Nasdaq: BWMN) reported financial results for the three months ended March 31, 2024, with a 25% increase in gross contract revenue, a 27% increase in net service billing, and a 25% increase in Adjusted EBITDA. The company closed on an equity offering, secured a new credit facility, and refinanced assets. The adjusted FY 2024 guidance forecasts net service billing in the range of $382 to $397 million and Adjusted EBITDA in the range of $63 to $69 million.
25% increase in gross contract revenue year-over-year
27% increase in net service billing year-over-year
25% increase in Adjusted EBITDA year-over-year
Equity offering of approximately $51 million closed in April 2024
New $100 million credit facility closed with Bank of America and TD Bank
$11 million cash-out refinancing of Surdex aviation assets closed in April 2024
Adjusted FY 2024 guidance forecasts net service billing in the range of $382 to $397 million
Adjusted FY 2024 guidance forecasts Adjusted EBITDA in the range of $63 to $69 million
Net loss of $1.6 million reported for the three months ended March 31, 2024
Adjusted EBITDA margin decrease of 10 bps year-over-year
Basic Adjusted EPS decreased to $0.22 from $0.28 year-over-year
Diluted Adjusted EPS decreased to $0.20 from $0.26 year-over-year
Insights
Bowman Consulting Group's reported 25% increase in gross contract revenue and 27% rise in net service billing underscores a robust demand for their engineering services. Notably, the transportation sector emerges as a significant contributor to their backlog growth. However, a net loss of
The company’s impressive 31% increase in gross backlog implies a solid pipeline of future earnings, signaling confidence in sustained growth. Their proactive financing activities, including a
From a financial perspective, the mixed results—growth in revenue and backlog against a net loss—suggests that Bowman is in a transitional phase of investing for growth, with the expectation that these investments will result in increased profitability and economies of scale over time.
Bowman's strategy of frequent acquisitions, such as the recent addition of Surdex Corporation and Moore Consulting Engineers, reflects an aggressive expansion model. The diversification of services and widening of the client base could potentially create synergies, contributing to the top-line growth and enhanced service offerings. This may pave the way for Bowman to leverage cross-selling opportunities and improve market competitiveness.
However, investors should consider the inherent risks of rapid acquisitions, which could include integration challenges and dilution of shareholder value. Furthermore, while the company's increased guidance for both net service billing and Adjusted EBITDA is optimistic, the realization of these forecasts hinges on the effective management of the expanded operations and market conditions.
“The first quarter delivered the revenue rebound we were expecting,” said Gary Bowman, Chairman and CEO of Bowman. “Net service billing increased consecutively each month during the quarter in line with our expectations. Demand for engineering services remains strong and we generated healthy new orders during the quarter, especially in transportation which showed a meaningful increase as a percentage of total backlog. With the bulk of our organic growth anticipated to occur during the balance of 2024, we are confident we have sufficient revenue in backlog and a right-sized organizational infrastructure to deliver expanding margins as we realize the increasing benefits of scale throughout the year. We are pleased to increase our net service billing and adjusted EBITDA guidance once again for 2024.”
“In early April we closed on an equity offering that included approximately
Financial Highlights for the Three Months Ended March 31, 2024, Compared to March 31, 2023:
-
Gross contract revenue of
$94.9 million $76.1 million 25% increase -
Year-over-year organic gross contract revenue growth1 of
1% -
Net service billing2 of
$85.7 million $67.6 million 27% increase -
Year-over-year organic net service billing growth of
3% -
Net loss of
$1.6 million $0.5 million -
Adjusted EBITDA2 of
$12.1 million $9.7 million 25% increase -
Adjusted EBITDA margin, net 2 of
14.2% compared to14.3% , a 10 bps decrease -
Gross backlog2 of
$330 million $252 million 31% increase
Subsequent Events of Note:
-
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
Non-GAAP Adjusted Earnings per Share:
In connection with the release of financial results the Company reported the non-GAAP financial metric of adjusted earnings per share (“Adjusted EPS”) as follows:
For the three months ended March 31, 2024, compared to March 31, 2023:
-
Basic Adjusted EPS was
$0.22 $0.28 -
Diluted Adjusted EPS was
$0.20 $0.26
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
Updating FY 2024 Guidance
The Company is adjusting its full year 2024 outlook for net service billing2 to be in the range of
Q1 2024 Earnings Webcast
Bowman will host an earnings webcast to discuss the results of the quarter as follows:
Date: |
May 7, 2024 |
||
Time: |
9:00 a.m. Eastern Time |
||
Hosts: |
Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer |
||
Where: |
1 To the extent applicable, includes reclassification of acquisitions closed in same period of the prior year to organic revenue in the prior period. |
2 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations. |
3 Includes an additional |
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) |
|||||||
|
March 31, 2024 |
|
December 31, 2023 |
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and equivalents |
$ |
11,673 |
|
|
$ |
20,687 |
|
Accounts receivable, net |
|
95,975 |
|
|
|
87,565 |
|
Contract assets |
|
36,673 |
|
|
|
33,520 |
|
Notes receivable - officers, employees, affiliates, current portion |
|
1,181 |
|
|
|
1,199 |
|
Prepaid and other current assets |
|
17,365 |
|
|
|
11,806 |
|
Total current assets |
|
162,867 |
|
|
|
154,777 |
|
Non-Current Assets |
|
|
|
||||
Property and equipment, net |
|
28,122 |
|
|
|
27,601 |
|
Operating lease, right-of-use assets |
|
40,236 |
|
|
|
40,743 |
|
Goodwill |
|
102,538 |
|
|
|
96,393 |
|
Notes receivable |
|
903 |
|
|
|
903 |
|
Notes receivable - officers, employees, affiliates, less current portion |
|
1,116 |
|
|
|
1,119 |
|
Other intangible assets, net |
|
45,525 |
|
|
|
46,294 |
|
Deferred tax asset, net |
|
37,981 |
|
|
|
33,780 |
|
Other assets |
|
1,250 |
|
|
|
1,175 |
|
Total Assets |
$ |
420,538 |
|
|
$ |
402,785 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Revolving credit facility |
|
47,254 |
|
|
|
45,290 |
|
Accounts payable and accrued liabilities, current portion |
|
49,015 |
|
|
|
44,394 |
|
Contract liabilities |
|
7,955 |
|
|
|
7,481 |
|
Notes payable, current portion |
|
13,672 |
|
|
|
13,989 |
|
Operating lease obligation, less current portion |
|
9,567 |
|
|
|
9,016 |
|
Finance lease obligation, current portion |
|
7,271 |
|
|
|
6,586 |
|
Total current liabilities |
|
134,734 |
|
|
|
126,756 |
|
Non-Current Liabilities |
|
|
|
||||
Other non-current obligations |
|
50,095 |
|
|
|
42,288 |
|
Notes payable, less current portion |
|
12,177 |
|
|
|
13,738 |
|
Operating lease obligation, less current portion |
|
36,659 |
|
|
|
37,660 |
|
Finance lease obligation, less current portion |
|
14,987 |
|
|
|
14,408 |
|
Pension and post-retirement obligation, less current portion |
|
4,630 |
|
|
|
4,654 |
|
Total liabilities |
$ |
253,282 |
|
|
$ |
239,504 |
|
|
|
|
|
||||
Shareholders' Equity |
|
|
|
||||
Preferred Stock, |
|
- |
|
|
|
- |
|
Common stock, |
|
182 |
|
|
|
177 |
|
Additional paid-in-capital |
|
226,681 |
|
|
|
215,420 |
|
Accumulated other comprehensive income |
|
579 |
|
|
|
590 |
|
Treasury stock, at cost; 2,763,299 and 2,600,217, respectively |
|
(32,142 |
) |
|
|
(26,410 |
) |
Stock subscription notes receivable |
|
(66 |
) |
|
|
(76 |
) |
Accumulated deficit |
|
(27,978 |
) |
|
|
(26,420 |
) |
Total shareholders' equity |
$ |
167,256 |
|
|
$ |
163,281 |
|
|
|
|
|
||||
TOTAL LIABILITIES AND EQUITY |
$ |
420,538 |
|
|
$ |
402,785 |
|
BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) (Unaudited) |
|||||||
|
For the Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
Gross Contract Revenue |
$ |
94,907 |
|
|
$ |
76,100 |
|
Contract costs: (exclusive of depreciation and amortization below) |
|
|
|
||||
Direct payroll costs |
|
37,687 |
|
|
|
28,835 |
|
Sub-consultants and expenses |
|
9,218 |
|
|
|
8,538 |
|
Total contract costs |
|
46,905 |
|
|
|
37,373 |
|
Operating Expenses: |
|
|
|
||||
Selling, general and administrative |
|
44,713 |
|
|
|
33,636 |
|
Depreciation and amortization |
|
5,995 |
|
|
|
3,565 |
|
Gain on sale |
|
(96 |
) |
|
|
(11 |
) |
Total operating expenses |
|
50,612 |
|
|
|
37,190 |
|
(Loss) Income from operations |
|
(2,610 |
) |
|
|
1,537 |
|
Other expense |
|
2,401 |
|
|
|
1,213 |
|
(Loss) Income before tax expense |
|
(5,011 |
) |
|
|
324 |
|
Income tax (benefit) |
|
(3,453 |
) |
|
|
(213 |
) |
Net (loss) income |
$ |
(1,558 |
) |
|
$ |
537 |
|
Earnings allocated to non-vested shares |
|
– |
|
|
|
69 |
|
Net (loss) income attributable to common shareholders |
$ |
(1,558 |
) |
|
$ |
468 |
|
(Loss) Earnings per share |
|
|
|
||||
Basic |
$ |
(0.11 |
) |
|
$ |
0.04 |
|
Diluted |
$ |
(0.11 |
) |
|
$ |
0.04 |
|
Weighted average shares outstanding: |
|
|
|
||||
Basic |
|
13,827,728 |
|
|
|
11,800,308 |
|
Diluted |
|
13,827,728 |
|
|
|
12,669,581 |
|
BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||
|
For the Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
Cash Flows from Operating Activities: |
|
|
|
||||
Net (Loss) Income |
$ |
(1,558 |
) |
|
$ |
537 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
||||
Depreciation and amortization - property, plant and equipment |
|
2,656 |
|
|
|
2,196 |
|
Amortization of intangible assets |
|
3,339 |
|
|
|
1,369 |
|
Gain on sale of assets |
|
(96 |
) |
|
|
(11 |
) |
Credit losses |
|
402 |
|
|
|
222 |
|
Stock based compensation |
|
7,829 |
|
|
|
4,363 |
|
Accretion of discounts on notes payable |
|
117 |
|
|
|
140 |
|
Deferred taxes |
|
(4,201 |
) |
|
|
(3,669 |
) |
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable |
|
(7,946 |
) |
|
|
(2,943 |
) |
Contract assets |
|
(2,151 |
) |
|
|
(3,610 |
) |
Prepaid expenses and other assets |
|
(5,523 |
) |
|
|
(533 |
) |
Accounts payable and accrued expenses |
|
10,614 |
|
|
|
7,748 |
|
Contract liabilities |
|
(963 |
) |
|
|
469 |
|
Net cash provided by operating activities |
|
2,519 |
|
|
|
6,278 |
|
Cash Flows from Investing Activities: |
|
|
|
||||
Purchases of property and equipment |
|
(262 |
) |
|
|
(536 |
) |
Fixed assets converted to lease financing |
|
424 |
|
|
|
- |
|
Proceeds from sale of assets and disposal of leases |
|
96 |
|
|
|
11 |
|
Payments received under loans to shareholders |
|
20 |
|
|
|
105 |
|
Acquisitions of businesses, net of cash acquired |
|
(3,027 |
) |
|
|
- |
|
Collections under stock subscription notes receivable |
|
10 |
|
|
|
22 |
|
Net cash used in investing activities |
|
(2,739 |
) |
|
|
(398 |
) |
Cash Flows from Financing Activities: |
|
|
|
||||
Borrowings under revolving credit facility |
|
1,964 |
|
|
|
– |
|
Repayments under fixed line of credit |
|
(49 |
) |
|
|
(185 |
) |
Repayment under notes payable |
|
(3,734 |
) |
|
|
(2,685 |
) |
Payments on finance leases |
|
(1,716 |
) |
|
|
(1,687 |
) |
Payments for purchase of treasury stock |
|
(5,732 |
) |
|
|
(667 |
) |
Proceeds from issuance of common stock |
|
473 |
|
|
|
390 |
|
Net cash used in financing activities |
|
(8,794 |
) |
|
|
(4,834 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(9,014 |
) |
|
|
1,046 |
|
Cash and cash equivalents, beginning of period |
|
20,687 |
|
|
|
13,282 |
|
Cash and cash equivalents, end of period |
$ |
11,673 |
|
|
$ |
14,328 |
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash paid for interest |
$ |
1,962 |
|
|
$ |
757 |
|
Cash paid for income taxes |
$ |
11 |
|
|
$ |
- |
|
Non-cash investing and financing activities |
|
|
|
||||
Property and equipment acquired under finance lease |
$ |
(3,002 |
) |
|
$ |
(2,964 |
) |
Note payable converted to common shares |
$ |
(672 |
) |
|
$ |
- |
|
Issuance of notes payable for acquisitions |
$ |
(2,461 |
) |
|
$ |
- |
|
BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data) |
||||||||
|
|
For the Three Months Ended March 31, |
||||||
|
|
2024 |
|
2023 |
||||
Net (loss) income (GAAP) |
|
$ |
(1,558 |
) |
|
$ |
537 |
|
+ tax (benefit) (GAAP) |
|
|
(3,453 |
) |
|
|
(213 |
) |
(Loss) Income before tax expense (GAAP) |
|
$ |
(5,011 |
) |
|
$ |
324 |
|
+ acquisition related expenses |
|
|
1,350 |
|
|
|
849 |
|
+ amortization of intangibles |
|
|
3,339 |
|
|
|
1,369 |
|
+ non-cash stock comp related to pre-IPO |
|
|
1,557 |
|
|
|
1,722 |
|
+ other non-core expenses |
|
|
399 |
|
|
|
– |
|
Adjusted income before tax expense |
|
$ |
1,634 |
|
|
$ |
4,264 |
|
Adjusted income tax (benefit) expense |
|
|
(1,660 |
) |
|
|
496 |
|
Adjusted net income |
|
$ |
3,294 |
|
|
$ |
3,768 |
|
Adjusted earnings allocated to non-vested shares |
|
|
310 |
|
|
|
488 |
|
Adjusted net income attributable to common shareholders |
|
$ |
2,984 |
|
|
$ |
3,280 |
|
(Loss) Earnings per share (GAAP) |
|
|
|
|
||||
Basic |
|
$ |
(0.11 |
) |
|
$ |
0.04 |
|
Diluted |
|
$ |
(0.11 |
) |
|
$ |
0.04 |
|
Adjusted earnings per share (Non-GAAP) |
|
|
|
|
||||
Basic |
|
$ |
0.22 |
|
|
$ |
0.28 |
|
Diluted |
|
$ |
0.20 |
|
|
$ |
0.26 |
|
Weighted average shares outstanding |
|
|
|
|
||||
Basic |
|
|
13,827,728 |
|
|
|
11,800,308 |
|
Diluted |
|
|
14,561,032 |
|
|
|
12,669,581 |
|
|
|
|
|
|
||||
Basic Adjusted Earnings Per Share Summary - Non-GAAP |
|
For the Three Months Ended March 31, |
||||||
|
|
2024 |
|
2023 |
||||
(Loss) Earnings per share (GAAP) |
|
$ |
(0.11 |
) |
|
$ |
0.04 |
|
Pre-tax basic per share adjustments |
|
$ |
0.23 |
|
|
$ |
0.32 |
|
Adjusted earnings per share before tax expense |
|
$ |
0.12 |
|
|
$ |
0.36 |
|
Tax (benefit) expense per share adjustment |
|
$ |
(0.12 |
) |
|
$ |
0.04 |
|
Adjusted earnings per share - adjusted net income |
|
$ |
0.24 |
|
|
$ |
0.32 |
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
0.02 |
|
|
$ |
0.04 |
|
Adjusted earnings per share attributable to common shareholders |
|
$ |
0.22 |
|
|
$ |
0.28 |
|
|
|
|
|
|
||||
Diluted Adjusted Earnings Per Share Summary - Non-GAAP |
|
For the Three Months Ended March 31, |
||||||
|
|
2024 |
|
2023 |
||||
(Loss) Earnings per share (GAAP) |
|
$ |
(0.11 |
) |
|
$ |
0.04 |
|
Pre-tax diluted per share adjustments |
|
$ |
0.22 |
|
|
$ |
0.30 |
|
Adjusted earnings per share before tax expense |
|
$ |
0.11 |
|
|
$ |
0.34 |
|
Tax (benefit) expense per share adjustment |
|
$ |
(0.11 |
) |
|
$ |
0.03 |
|
Adjusted earnings per share - adjusted net income |
|
$ |
0.22 |
|
|
$ |
0.31 |
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
0.02 |
|
|
$ |
0.05 |
|
Adjusted earnings per share attributable to common shareholders |
|
$ |
0.20 |
|
|
$ |
0.26 |
|
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 March 31, |
|||||
|
|
2024 |
2023 |
||||
Gross contract revenue |
|
$ |
94,907 |
|
$ |
76,100 |
|
Contract costs (exclusive of depreciation and amortization) |
|
|
46,905 |
|
|
37,373 |
|
Operating expense |
|
|
50,612 |
|
|
37,190 |
|
(Loss) Income from operations |
|
|
(2,610 |
) |
|
1,537 |
|
Other expense |
|
|
2,401 |
|
|
1,213 |
|
Income tax (benefit) |
|
|
(3,453 |
) |
|
(213 |
) |
Net (loss) income |
|
$ |
(1,558 |
) |
$ |
537 |
|
Net margin |
|
|
(1.6 |
)% |
|
0.7 |
% |
|
|
|
|
||||
Other financial information 1 |
|
|
|
||||
Net service billing |
|
$ |
85,689 |
|
$ |
67,562 |
|
Adjusted EBITDA |
|
|
12,128 |
|
|
9,673 |
|
Adjusted EBITDA margin, net |
|
|
14.2 |
% |
|
14.3 |
% |
|
|
|
|
||||
Gross Contract Revenue to Net Service Billing Reconciliation |
|
For the Three Months Ended March 31, |
|||||
|
|
2024 |
2023 |
||||
Gross contract revenue |
|
$ |
94,907 |
|
$ |
76,100 |
|
Less: sub-consultants and other direct expenses |
|
|
9,218 |
|
|
8,538 |
|
Net service billing |
|
$ |
85,689 |
|
$ |
67,562 |
|
|
|
|
|
||||
Adjusted EBITDA Reconciliation |
|
For the Three Months Ended March 31, |
|||||
|
|
2024 |
2023 |
||||
Net Service Billing |
|
$ |
85,689 |
|
$ |
67,562 |
|
|
|
|
|
||||
Net (loss) income |
|
$ |
(1,558 |
) |
$ |
537 |
|
+ interest expense |
|
|
2,131 |
|
|
896 |
|
+ depreciation & amortization |
|
|
5,995 |
|
|
3,565 |
|
+ tax (benefit) |
|
|
(3,453 |
) |
|
(213 |
) |
EBITDA |
|
$ |
3,115 |
|
$ |
4,785 |
|
+ non-cash stock compensation |
|
|
7,861 |
|
|
4,434 |
|
+ settlements and other non-core expenses |
|
|
399 |
|
|
– |
|
+ acquisition expenses |
|
|
753 |
|
|
454 |
|
Adjusted EBITDA |
|
$ |
12,128 |
|
$ |
9,673 |
|
Adjusted EBITDA margin, net |
|
|
14.2 |
% |
|
14.3 |
% |
|
|
|
|
||||
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 March 31, |
|||||||||||
Consolidated Gross Revenue |
2024 |
% |
2023 |
% |
Change |
% Change |
||||||
Building Infrastructure |
52,785 |
55.6 |
% |
44,337 |
58.3 |
% |
8,448 |
19.1 |
% |
|||
Transportation |
18,128 |
|
19.1 |
% |
16,019 |
|
21.0 |
% |
2,109 |
|
13.2 |
% |
Power and Utilities |
18,467 |
|
19.5 |
% |
13,324 |
|
17.5 |
% |
5,143 |
|
38.6 |
% |
Other Emerging Markets1 |
5,527 |
|
5.8 |
% |
2,420 |
|
3.2 |
% |
3,107 |
|
128.4 |
% |
Total |
94,907 |
|
100.0 |
% |
76,100 |
|
100.0 |
% |
18,807 |
|
24.7 |
% |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
(dollars in thousands) |
For the Three Months Ended March 31, |
|||||||||||
Organic v Acquired Revenue |
2024 |
% |
2023 |
% |
Change |
% Change |
||||||
Organic |
76,433 |
|
80.5 |
% |
76,100 |
|
100.0 |
% |
333 |
|
0.4 |
% |
Acquired2 |
18,474 |
|
19.5 |
% |
– |
|
– |
% |
18,474 |
|
n/a |
|
Total |
94,907 |
|
100.0 |
% |
76,100 |
|
100.0 |
% |
18,807 |
|
24.7 |
% |
|
|
|
|
|
|
|
||||||
1 Represents environmental, mining, water resources and other. |
||||||||||||
2 After four quarters post-closing, acquired revenue is reclassified as organic; this results in a change from previously reported numbers. |
||||||||||||
BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT MARCH 31, 2024 (Unaudited) |
||
Category |
Percentage |
|
Building Infrastructure |
51 |
% |
Transportation |
28 |
% |
Power and Utilities |
17 |
% |
Emerging Markets |
4 |
% |
TOTAL |
100 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240506684225/en/
Investor Relations:
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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