Bowman Announces Record Results for Fourth Quarter and Full Year 2024
Bowman Consulting Group (NASDAQ: BWMN) reported strong financial results for Q4 and full-year 2024. Q4 highlights include gross contract revenue of $113.2M (up 21.7% YoY), net income of $5.9M (vs -$7.7M), and Adjusted EBITDA of $17.0M (up 51.8%).
Full-year 2024 showed gross contract revenue of $426.6M (up 23.2%), net income of $3.0M (vs -$6.6M loss), and operating cash flows of $24.3M (vs $11.7M). The company completed eight strategic acquisitions, expanding its market presence and technical services.
The company's backlog grew 30.4% to $399.0M, with strong bookings in H2 2024. Bowman repurchased $34.4M of common stock during 2024 at an average price of $26.56 per share, with $11.0M remaining under current authorization.
Bowman Consulting Group (NASDAQ: BWMN) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. I punti salienti del Q4 includono ricavi da contratti lordi di 113,2 milioni di dollari (in aumento del 21,7% rispetto all'anno precedente), un reddito netto di 5,9 milioni di dollari (rispetto a -7,7 milioni di dollari) e un EBITDA rettificato di 17,0 milioni di dollari (in aumento del 51,8%).
Per l'anno intero 2024, i ricavi da contratti lordi sono stati di 426,6 milioni di dollari (in aumento del 23,2%), un reddito netto di 3,0 milioni di dollari (rispetto a una perdita di 6,6 milioni di dollari) e flussi di cassa operativi di 24,3 milioni di dollari (rispetto a 11,7 milioni di dollari). L'azienda ha completato otto acquisizioni strategiche, espandendo la sua presenza nel mercato e i servizi tecnici.
Il portafoglio ordini dell'azienda è cresciuto del 30,4% raggiungendo i 399,0 milioni di dollari, con forti prenotazioni nel secondo semestre del 2024. Bowman ha riacquistato 34,4 milioni di dollari di azioni ordinarie durante il 2024 a un prezzo medio di 26,56 dollari per azione, con 11,0 milioni di dollari rimanenti sotto l'attuale autorizzazione.
Bowman Consulting Group (NASDAQ: BWMN) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los aspectos destacados del Q4 incluyen ingresos brutos por contratos de 113,2 millones de dólares (un aumento del 21,7% interanual), un ingreso neto de 5,9 millones de dólares (frente a -7,7 millones de dólares) y un EBITDA ajustado de 17,0 millones de dólares (un aumento del 51,8%).
El año completo 2024 mostró ingresos brutos por contratos de 426,6 millones de dólares (un aumento del 23,2%), un ingreso neto de 3,0 millones de dólares (frente a una pérdida de 6,6 millones de dólares) y flujos de efectivo operativos de 24,3 millones de dólares (frente a 11,7 millones de dólares). La empresa completó ocho adquisiciones estratégicas, ampliando su presencia en el mercado y sus servicios técnicos.
El backlog de la empresa creció un 30,4% hasta alcanzar los 399,0 millones de dólares, con fuertes reservas en la segunda mitad de 2024. Bowman recompró 34,4 millones de dólares en acciones comunes durante 2024 a un precio promedio de 26,56 dólares por acción, con 11,0 millones de dólares restantes bajo la autorización actual.
Bowman Consulting Group (NASDAQ: BWMN)은 2024년 4분기 및 전체 연도에 대해 강력한 재무 결과를 보고했습니다. 4분기 하이라이트에는 1억 1,320만 달러의 총 계약 수익(전년 대비 21.7% 증가), 590만 달러의 순이익(대비 -770만 달러), 조정된 EBITDA 1,700만 달러(51.8% 증가)가 포함됩니다.
2024년 전체의 총 계약 수익은 4억 2,660만 달러(23.2% 증가), 순이익은 300만 달러(대비 -660만 달러 손실), 운영 현금 흐름은 2,430만 달러(대비 1,170만 달러)로 나타났습니다. 회사는 8건의 전략적 인수를 완료하여 시장 존재감과 기술 서비스를 확장했습니다.
회사의 백로그는 30.4% 증가하여 3억 9,900만 달러에 달했으며, 2024년 하반기 강력한 예약이 있었습니다. Bowman은 2024년 동안 평균 26.56달러의 가격으로 3,440만 달러의 보통주를 재매입했으며, 현재 승인된 금액 중 1,100만 달러가 남아 있습니다.
Bowman Consulting Group (NASDAQ: BWMN) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024. Les points forts du Q4 incluent un chiffre d'affaires brut de contrats de 113,2 millions de dollars (en hausse de 21,7 % par rapport à l'année précédente), un bénéfice net de 5,9 millions de dollars (contre -7,7 millions de dollars) et un EBITDA ajusté de 17,0 millions de dollars (en hausse de 51,8 %).
Pour l'année entière 2024, le chiffre d'affaires brut de contrats s'est élevé à 426,6 millions de dollars (en hausse de 23,2 %), un bénéfice net de 3,0 millions de dollars (contre une perte de 6,6 millions de dollars) et des flux de trésorerie d'exploitation de 24,3 millions de dollars (contre 11,7 millions de dollars). L'entreprise a réalisé huit acquisitions stratégiques, élargissant sa présence sur le marché et ses services techniques.
Le carnet de commandes de l'entreprise a augmenté de 30,4 % pour atteindre 399,0 millions de dollars, avec de fortes réservations au second semestre 2024. Bowman a racheté pour 34,4 millions de dollars d'actions ordinaires en 2024 à un prix moyen de 26,56 dollars par action, avec 11,0 millions de dollars restant sous l'autorisation actuelle.
Bowman Consulting Group (NASDAQ: BWMN) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Die Höhepunkte des Q4 umfassen einen Bruttovertragsumsatz von 113,2 Millionen Dollar (21,7% im Jahresvergleich gestiegen), einen Nettogewinn von 5,9 Millionen Dollar (im Vergleich zu -7,7 Millionen Dollar) und ein bereinigtes EBITDA von 17,0 Millionen Dollar (51,8% gestiegen).
Für das gesamte Jahr 2024 wurde ein Bruttovertragsumsatz von 426,6 Millionen Dollar (23,2% gestiegen), ein Nettogewinn von 3,0 Millionen Dollar (im Vergleich zu einem Verlust von 6,6 Millionen Dollar) und operative Cashflows von 24,3 Millionen Dollar (im Vergleich zu 11,7 Millionen Dollar) verzeichnet. Das Unternehmen hat acht strategische Akquisitionen abgeschlossen und damit seine Marktpräsenz und technischen Dienstleistungen erweitert.
Der Auftragsbestand des Unternehmens wuchs um 30,4% auf 399,0 Millionen Dollar, mit starken Buchungen im zweiten Halbjahr 2024. Bowman hat 34,4 Millionen Dollar an Stammaktien im Jahr 2024 zu einem Durchschnittspreis von 26,56 Dollar pro Aktie zurückgekauft, wobei noch 11,0 Millionen Dollar unter der aktuellen Genehmigung verbleiben.
- Turned profitable with $3.0M net income in 2024 vs $6.6M loss in 2023
- Q4 Adjusted EBITDA increased 51.8% to $17.0M
- Gross contract revenue up 23.2% to $426.6M for full-year
- Backlog grew 30.4% to $399.0M
- Operating cash flow doubled to $24.3M from $11.7M
- Strong organic growth of 13% in net service billing
- Adjusted EBITDA margin showed minimal improvement (20-bps increase)
- Organic growth declined from 18% in 2023 to 13% in 2024
Insights
Bowman's Q4 and FY 2024 results showcase remarkable financial improvement and growth trajectory. The 21.7% increase in Q4 gross contract revenue to
The
Backlog growth of
The eight acquisitions completed in 2024 (adding ~
The guidance increase for 2025 and strong bookings indicate continued momentum, with minimal adverse impact from government spending changes suggesting resilience in their business model.
Bowman's strategic approach reveals a well-executed growth playbook combining targeted acquisitions with improving organic performance. The eight 2024 acquisitions have strategically diversified their capabilities beyond traditional engineering into higher-margin specialized services like sustainability, fire protection, utility rate studies, and advanced geospatial capabilities.
The
Management's decision to secure an additional
Bowman's commentary about minimal adverse impact from government spending changes is noteworthy given infrastructure engineering firms' typical sensitivity to public sector budget fluctuations. This suggests successful diversification across funding sources and service types.
The improvement in cash flow generation (
The substantial share repurchases (
Strength of new orders signals continued growth for 2025
Fourth Quarter 2024 Versus Fourth Quarter 2023 Financial Results:
-
Gross contract revenue of
$113.2 million $93.0 million 21.7% increase -
Net service billing1 of
$98.6 million $80.5 million 22.5% increase -
Organic net service billing growth2 of
9% compared to4% -
Net income of
$5.9 million $7.7 million -
Adjusted EBITDA1 of
$17.0 million $11.2 million 51.8% increase -
Adjusted EBITDA margin, net 1 of
17.2% compared to14.0% , a 320-bps increase -
Cash flows from operations of
$11.9 million $0.5 million -
Basic and Diluted EPS of
$0.34 $0.33 $0.59 -
Gross backlog of
$399.0 million $306.0 million 30.4% increase
Full-Year 2024 Versus Full-Year 2023 Financial Results:
-
Gross contract revenue of
$426.6 million $346.3 million 23.2% increase -
Net service billing1 of
$379.7 million $304.0 million 24.9% increase -
Organic net service billing growth2 of
13% compared to18% -
Net income of
$3.0 million $6.6 million -
Adjusted EBITDA1 of
$59.5 million $47.0 million 26.6% increase -
Adjusted EBITDA margin, net 1 of
15.7% compared to15.5% , a 20-bps increase -
Cash flows from operations of
$24.3 million $11.7 million -
Basic and Diluted EPS was
$0.18 $0.17 $0.53
CEO Commentary
“Fiscal 2024, our third full year as a public company, was another successful year of growth for Bowman,” said Gary Bowman, chairman and CEO of Bowman. “We made eight strategic acquisitions which grew our presence across all our markets, expanded our geographic footprint, added significant new talent, deepened our technical services and laid a solid foundation for continued long-term organic revenue growth. We finished the year strong, producing as much operating cash flow in the fourth quarter as we did for all of 2023, and nearly doubling our cash flows from operations during the first nine months of 2024. For the year, we posted record results and delivered another year of meaningful backlog growth. Bookings were especially strong in the second half of 2024 generating a healthy book-to-burn ratio.
“This year’s off to a strong start with continued strong bookings pacing ahead of plan. Looking ahead, our objective in 2025 is to make investments in service line expansions and technology tools that will increase our wallet-share with customers, improve the delivery of our services and accelerate long-term organic growth. We believe the market for our services is as dynamic, technologically complex and economically viable as it has ever been, supported by continued demand for infrastructure expansion and improvement. To date, we have experienced minimal adverse impact from recent changes in government spending priorities and economic policies. We remain optimistic about our long-term trajectory and confident in our ability to create value for our shareholders.”
Stock Repurchase Activities
Bowman repurchased
After the end of the year, the Company has repurchased an additional
Non-GAAP Adjusted Earnings per Share3
In connection with the release of financial results, the Company reported the non-GAAP financial metric of Adjusted Earnings per Share as follows:
|
For the Three Months
|
For the Twelve Months
|
||
Adjusted Earnings Per Share (Non-GAAP) |
2024 |
2023 |
2024 |
2023 |
Basic |
|
|
|
|
Diluted |
|
|
|
|
Other Fiscal 2024 Highlights and Subsequent Events
-
Acquired eight companies in 2024, representing approximately
$60 million -
On February 14, 2025, the Company closed on the acquisition of UP Engineers in
San Antonio, Texas . -
In March 2025, the Company received commitment from its bank syndicate participants to expand its Senior Secured Credit Facility by
$40 million $140 million
Fiscal Year 2025 Guidance
The Company is increasing its previously issued fiscal year 2025 guidance. The table below summarizes Bowman’s updated guidance for fiscal year 2025:
Date Issued |
Net Revenue |
Adjusted EBITDA |
March 2025 |
|
|
The current outlook for 2025 is based on completed and definitively contracted acquisitions as of the date of this release and does not include contributions from any future acquisitions. Management discusses the Company’s acquisition pipeline and its prospective impact during regularly scheduled earnings calls.
Conference Call Information
Bowman will host a conference call to discuss financial results tomorrow morning, March 12, 2025, at 9:00 a.m. ET. Access to a live webcast is available through the Investor Relations section of the Company’s website at investors.bowman.com.
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 Organic growth for the three and twelve months ended 12/31/24 excludes revenue from acquisitions completed on or after January 1, 2024. Year over year growth rates only reflect revenue recognized post-acquisition.
3 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
BOWMAN CONSULTING GROUP LTD. CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data) |
|||||||
|
December 31,
|
|
December 31,
|
||||
|
|
|
|
||||
ASSETS |
|
|
|
||||
Current Assets |
|
|
|
||||
Cash and equivalents |
$ |
6,698 |
|
|
$ |
20,687 |
|
Accounts receivable, net |
|
105,105 |
|
|
|
87,565 |
|
Contract assets |
|
43,369 |
|
|
|
33,520 |
|
Notes receivable - officers, employees, affiliates, current portion |
|
1,889 |
|
|
|
1,199 |
|
Prepaid and other current assets |
|
19,560 |
|
|
|
11,806 |
|
Total current assets |
|
176,621 |
|
|
|
154,777 |
|
Non-Current Assets |
|
|
|
||||
Property and equipment, net |
|
42,011 |
|
|
|
27,601 |
|
Operating lease, right-of-use assets |
|
42,085 |
|
|
|
40,743 |
|
Goodwill |
|
134,653 |
|
|
|
96,393 |
|
Notes receivable |
|
903 |
|
|
|
903 |
|
Notes receivable - officers, employees, affiliates, less current portion |
|
638 |
|
|
|
1,119 |
|
Other intangible assets, net |
|
65,409 |
|
|
|
46,294 |
|
Deferred tax asset, net |
|
42,040 |
|
|
|
33,780 |
|
Other assets |
|
1,521 |
|
|
|
1,175 |
|
Total Assets |
$ |
505,881 |
|
|
$ |
402,785 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Revolving credit facility |
|
37,000 |
|
|
|
45,290 |
|
Accounts payable and accrued liabilities, current portion |
|
51,626 |
|
|
|
44,394 |
|
Contract liabilities |
|
7,905 |
|
|
|
7,481 |
|
Notes payable, current portion |
|
17,075 |
|
|
|
13,989 |
|
Operating lease obligation, current portion |
|
10,979 |
|
|
|
9,016 |
|
Finance lease obligation, current portion |
|
10,394 |
|
|
|
6,586 |
|
Total current liabilities |
|
134,979 |
|
|
|
126,756 |
|
Non-Current Liabilities |
|
|
|
||||
Other non-current obligations |
|
45,079 |
|
|
|
42,288 |
|
Notes payable, less current portion |
|
19,992 |
|
|
|
13,738 |
|
Operating lease obligation, less current portion |
|
37,058 |
|
|
|
37,660 |
|
Finance lease obligation, less current portion |
|
17,940 |
|
|
|
14,408 |
|
Pension and post-retirement obligation, less current portion |
|
4,718 |
|
|
|
4,654 |
|
Total liabilities |
$ |
259,766 |
|
|
$ |
239,504 |
|
|
|
|
|
||||
Shareholders' Equity |
|
|
|
||||
Preferred Stock, |
|
- |
|
|
|
- |
|
Common stock, |
|
213 |
|
|
|
177 |
|
Additional paid-in-capital |
|
329,073 |
|
|
|
215,420 |
|
Accumulated other comprehensive income |
|
1,146 |
|
|
|
590 |
|
Treasury stock, at cost; 3,899,109 and 2,600,217, respectively |
|
(60,901 |
) |
|
|
(26,410 |
) |
Stock subscription notes receivable |
|
(30 |
) |
|
|
(76 |
) |
Accumulated deficit |
|
(23,386 |
) |
|
|
(26,420 |
) |
Total shareholders' equity |
$ |
246,115 |
|
|
$ |
163,281 |
|
|
|
|
|
||||
TOTAL LIABILITIES AND EQUITY |
$ |
505,881 |
|
|
$ |
402,785 |
|
BOWMAN CONSULTING GROUP LTD. CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) |
|||||||||||||||
|
For the Three Months
|
|
For the Year
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross Contract Revenue |
$ |
113,224 |
|
|
$ |
92,969 |
|
|
$ |
426,564 |
|
|
$ |
346,256 |
|
Contract costs: (exclusive of depreciation and amortization below) |
|
|
|
|
|
|
|
||||||||
Direct payroll costs |
|
38,446 |
|
|
|
33,679 |
|
|
|
156,866 |
|
|
|
127,961 |
|
Sub-consultants and expenses |
|
14,602 |
|
|
|
12,453 |
|
|
|
46,895 |
|
|
|
42,262 |
|
Total contract costs |
|
53,048 |
|
|
|
46,132 |
|
|
|
203,761 |
|
|
|
170,223 |
|
Operating Expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
51,591 |
|
|
|
44,655 |
|
|
|
197,452 |
|
|
|
158,377 |
|
Depreciation and amortization |
|
7,256 |
|
|
|
5,939 |
|
|
|
27,828 |
|
|
|
18,723 |
|
(Gain) on sale |
|
(84 |
) |
|
|
(64 |
) |
|
|
(477 |
) |
|
|
(411 |
) |
Total operating expenses |
|
58,763 |
|
|
|
50,530 |
|
|
|
224,803 |
|
|
|
176,689 |
|
Income (loss) from operations |
|
1,413 |
|
|
|
(3,693 |
) |
|
|
(2,000 |
) |
|
|
(656 |
) |
Other expense |
|
946 |
|
|
|
1,939 |
|
|
|
6,946 |
|
|
|
5,791 |
|
Income (loss) before tax benefit |
|
467 |
|
|
|
(5,632 |
) |
|
|
(8,946 |
) |
|
|
(6,447 |
) |
Income tax (benefit) expense |
|
(5,437 |
) |
|
|
2,078 |
|
|
|
(11,980 |
) |
|
|
177 |
|
Net income (loss) |
$ |
5,904 |
|
|
$ |
(7,710 |
) |
|
$ |
3,034 |
|
|
$ |
(6,624 |
) |
Earnings allocated to non-vested shares |
|
396 |
|
|
|
– |
|
|
|
230 |
|
|
|
– |
|
Net income (loss) attributable to common shareholders |
$ |
5,508 |
|
|
$ |
(7,710 |
) |
|
$ |
2,804 |
|
|
$ |
(6,624 |
) |
Earnings (loss) per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.34 |
|
|
$ |
(0.59 |
) |
|
$ |
0.18 |
|
|
$ |
(0.53 |
) |
Diluted |
$ |
0.33 |
|
|
$ |
(0.59 |
) |
|
$ |
0.17 |
|
|
$ |
(0.53 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
16,345,248 |
|
|
|
13,043,111 |
|
|
|
15,754,344 |
|
|
|
12,490,914 |
|
Diluted |
|
16,696,194 |
|
|
|
13,043,111 |
|
|
|
16,132,023 |
|
|
|
12,490,914 |
|
BOWMAN CONSULTING GROUP LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands except per share data) |
|||||||
|
For the Year Ended December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash Flows from Operating Activities: |
|
|
|
||||
Net income (loss) |
$ |
3,034 |
|
|
$ |
(6,624 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
|
|
||||
Depreciation and amortization - property and equipment |
|
14,463 |
|
|
|
9,732 |
|
Amortization of intangible assets |
|
13,982 |
|
|
|
8,991 |
|
Gain on sale of assets |
|
(477 |
) |
|
|
(411 |
) |
Credit losses |
|
1,552 |
|
|
|
515 |
|
Stock based compensation |
|
25,727 |
|
|
|
24,738 |
|
Deferred taxes |
|
(20,005 |
) |
|
|
(25,529 |
) |
Accretion of discounts on notes payable |
|
483 |
|
|
|
642 |
|
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable |
|
(9,282 |
) |
|
|
(13,559 |
) |
Contract assets |
|
(4,068 |
) |
|
|
(10,866 |
) |
Prepaid expenses and other assets |
|
(5,702 |
) |
|
|
143 |
|
Accounts payable and accrued expenses |
|
7,647 |
|
|
|
27,728 |
|
Contract liabilities |
|
(3,053 |
) |
|
|
(3,778 |
) |
Net cash provided by operating activities |
|
24,301 |
|
|
|
11,722 |
|
Cash Flows from Investing Activities: |
|
|
|
||||
Purchases of property and equipment |
|
(626 |
) |
|
|
(2,093 |
) |
Proceeds from sale of assets and disposal of leases |
|
478 |
|
|
|
411 |
|
Payments received under loans to shareholders |
|
11 |
|
|
|
115 |
|
Purchase of intangible asset |
|
(2,925 |
) |
|
|
- |
|
Acquisitions of businesses, net of cash acquired |
|
(24,450 |
) |
|
|
(25,687 |
) |
Collections under stock subscription notes receivable |
|
46 |
|
|
|
98 |
|
Net cash used in investing activities |
|
(27,466 |
) |
|
|
(27,156 |
) |
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 |
|
(8,290 |
) |
|
|
45,290 |
|
Repayments under fixed line of credit |
|
(345 |
) |
|
|
(430 |
) |
Proceeds from notes payable |
|
6,209 |
|
|
|
- |
|
Repayment under notes payable |
|
(16,267 |
) |
|
|
(11,237 |
) |
Proceeds from finance leases |
|
4,569 |
|
|
|
- |
|
Payments on finance leases |
|
(9,010 |
) |
|
|
(6,782 |
) |
Payment of contingent consideration from acquisitions |
|
(2,299 |
) |
|
|
- |
|
Payments for purchase of treasury stock |
|
(11,143 |
) |
|
|
(4,833 |
) |
Repurchases of common stock |
|
(23,348 |
) |
|
|
(745 |
) |
Proceeds from issuance of common stock |
|
1,949 |
|
|
|
1,576 |
|
Net cash (used) provided by financing activities |
|
(10,824 |
) |
|
|
22,839 |
|
Net (decrease) increase in cash and cash equivalents |
|
(13,989 |
) |
|
|
7,405 |
|
Cash and cash equivalents, beginning of period |
|
20,687 |
|
|
|
13,282 |
|
Cash and cash equivalents, end of period |
$ |
6,698 |
|
|
$ |
20,687 |
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash paid for interest |
$ |
6,555 |
|
|
$ |
4,212 |
|
Cash paid for income taxes |
$ |
8,454 |
|
|
$ |
1,133 |
|
Non-cash investing and financing activities |
|
|
|
||||
Property and equipment acquired under finance lease |
$ |
(11,851 |
) |
|
$ |
(8,246 |
) |
Note payable converted to common shares |
$ |
(3,368 |
) |
|
$ |
(1,343 |
) |
Issuance of notes payable for acquisitions |
$ |
(21,625 |
) |
|
$ |
(13,650 |
) |
Issuance of contingent considerations |
$ |
(2,030 |
) |
|
$ |
(10,379 |
) |
Settlement of contingent consideration |
$ |
1,868 |
|
|
$ |
- |
|
BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data) |
||||||||||||||||
|
|
For the Three Months Ended
|
|
For the Year Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) (GAAP) |
|
$ |
5,904 |
|
|
$ |
(7,710 |
) |
|
$ |
3,034 |
|
|
$ |
(6,624 |
) |
+ tax (benefit) expense (GAAP) |
|
|
(5,437 |
) |
|
|
2,078 |
|
|
|
(11,980 |
) |
|
|
177 |
|
Income (loss) before tax expense (GAAP) |
|
$ |
467 |
|
|
$ |
(5,632 |
) |
|
$ |
(8,946 |
) |
|
$ |
(6,447 |
) |
+ acquisition related expenses |
|
|
2,078 |
|
|
|
2,849 |
|
|
|
6,426 |
|
|
|
5,025 |
|
+ amortization of intangibles |
|
|
3,133 |
|
|
|
3,378 |
|
|
|
13,982 |
|
|
|
8,991 |
|
+ non-cash stock comp related to pre-IPO |
|
|
907 |
|
|
|
1,747 |
|
|
|
4,381 |
|
|
|
6,955 |
|
+ other non-core expenses |
|
|
234 |
|
|
|
249 |
|
|
|
3,000 |
|
|
|
923 |
|
Adjusted income before tax expense |
|
$ |
6,819 |
|
|
$ |
2,591 |
|
|
$ |
18,843 |
|
|
$ |
15,447 |
|
Adjusted income tax expense |
|
|
(5,904 |
) |
|
|
(2,285 |
) |
|
|
(2,113 |
) |
|
|
(620 |
) |
Adjusted net income |
|
$ |
12,723 |
|
|
$ |
4,876 |
|
|
$ |
20,956 |
|
|
$ |
16,067 |
|
Adjusted earnings allocated to non-vested shares |
|
|
940 |
|
|
|
584 |
|
|
|
1,590 |
|
|
|
2,028 |
|
Adjusted net income attributable to common shareholders |
|
$ |
11,783 |
|
|
$ |
4,292 |
|
|
$ |
19,366 |
|
|
$ |
14,039 |
|
Earnings (loss) per share (GAAP) |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.34 |
|
|
$ |
(0.59 |
) |
|
$ |
0.18 |
|
|
$ |
(0.53 |
) |
Diluted |
|
$ |
0.33 |
|
|
$ |
(0.59 |
) |
|
$ |
0.17 |
|
|
$ |
(0.53 |
) |
Adjusted earnings per share (Non-GAAP) |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.72 |
|
|
$ |
0.33 |
|
|
$ |
1.23 |
|
|
$ |
1.12 |
|
Diluted |
|
$ |
0.71 |
|
|
$ |
0.31 |
|
|
$ |
1.20 |
|
|
$ |
1.03 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
16,345,248 |
|
|
|
13,043,111 |
|
|
|
15,754,344 |
|
|
|
12,490,914 |
|
Diluted |
|
|
16,696,194 |
|
|
|
13,984,138 |
|
|
|
16,132,023 |
|
|
|
13,681,711 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic Adjusted Earnings (Loss) Per Share Summary - Non-GAAP |
|
For the Three Months Ended
|
|
For the Year Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Earnings (loss) per share (GAAP) |
|
$ |
0.34 |
|
|
$ |
(0.59 |
) |
|
$ |
0.18 |
|
|
$ |
(0.53 |
) |
Pre-tax basic per share adjustments |
|
$ |
0.08 |
|
|
$ |
0.79 |
|
|
$ |
1.03 |
|
|
$ |
1.78 |
|
Adjusted earnings per share before tax expense |
|
$ |
0.42 |
|
|
$ |
0.20 |
|
|
$ |
1.21 |
|
|
$ |
1.25 |
|
Tax expense per share adjustment |
|
$ |
(0.36 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.04 |
) |
Adjusted earnings per share - adjusted net income |
|
$ |
0.78 |
|
|
$ |
0.38 |
|
|
$ |
1.34 |
|
|
$ |
1.29 |
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.11 |
|
|
$ |
0.17 |
|
Adjusted earnings per share attributable to common shareholders |
|
$ |
0.72 |
|
|
$ |
0.33 |
|
|
$ |
1.23 |
|
|
$ |
1.12 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted Adjusted Earnings (Loss) Per Share Summary - Non-GAAP |
|
For the Three Months Ended
|
|
For the Year Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Earnings (loss) per share (GAAP) |
|
$ |
0.33 |
|
|
$ |
(0.59 |
) |
|
$ |
0.17 |
|
|
$ |
(0.53 |
) |
Pre-tax diluted per share adjustments |
|
$ |
0.09 |
|
|
$ |
0.78 |
|
|
$ |
1.00 |
|
|
$ |
1.66 |
|
Adjusted earnings per share before tax expense |
|
$ |
0.42 |
|
|
$ |
0.19 |
|
|
$ |
1.17 |
|
|
$ |
1.13 |
|
Tax expense per share adjustment |
|
$ |
(0.35 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.05 |
) |
Adjusted earnings per share - adjusted net income |
|
$ |
0.77 |
|
|
$ |
0.35 |
|
|
$ |
1.30 |
|
|
$ |
1.18 |
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
0.06 |
|
|
$ |
0.04 |
|
|
$ |
0.10 |
|
|
$ |
0.15 |
|
Adjusted earnings per share attributable to common shareholders |
|
$ |
0.71 |
|
|
$ |
0.31 |
|
|
$ |
1.20 |
|
|
$ |
1.03 |
|
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 Year Ended
|
|||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Gross contract revenue |
|
$ |
113,224 |
|
$ |
92,969 |
|
|
$ |
426,564 |
|
$ |
346,256 |
|
Contract costs (exclusive of depreciation and amortization) |
|
|
53,048 |
|
|
46,132 |
|
|
|
203,761 |
|
|
170,223 |
|
Operating expense |
|
|
58,763 |
|
|
50,530 |
|
|
|
224,803 |
|
|
176,689 |
|
Income (loss) from operations |
|
|
1,413 |
|
|
(3,693 |
) |
|
$ |
(2,000 |
) |
$ |
(656 |
) |
Other expense |
|
|
946 |
|
|
1,939 |
|
|
|
6,946 |
|
|
5,791 |
|
Income tax (benefit) expense |
|
|
(5,437 |
) |
|
2,078 |
|
|
|
(11,980 |
) |
|
177 |
|
Net income (loss) |
|
$ |
5,904 |
|
$ |
(7,710 |
) |
|
$ |
3,034 |
|
$ |
(6,624 |
) |
Net margin |
|
|
5.2 |
% |
|
(8.3 |
)% |
|
|
0.7 |
% |
|
(1.9 |
)% |
|
|
|
|
|
|
|
||||||||
Other financial information 1 |
|
|
|
|
|
|
||||||||
Net service billing |
|
$ |
98,622 |
|
$ |
80,516 |
|
|
$ |
379,669 |
|
$ |
303,994 |
|
Adjusted EBITDA |
|
|
17,012 |
|
|
11,249 |
|
|
|
59,520 |
|
|
47,031 |
|
Adjusted EBITDA margin, net |
|
|
17.2 |
% |
|
14.0 |
% |
|
|
15.7 |
% |
|
15.5 |
% |
|
|
|
|
|
|
|
||||||||
Gross Contract Revenue to Net Service Billing Reconciliation |
|
For the Three Months Ended
|
For the Year Ended
|
|||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Gross contract revenue |
|
$ |
113,224 |
|
$ |
92,969 |
|
|
$ |
426,564 |
|
$ |
346,256 |
|
Less: sub-consultants and other direct expenses |
|
|
14,602 |
|
|
12,453 |
|
|
|
46,895 |
|
|
42,262 |
|
Net service billing |
|
$ |
98,622 |
|
$ |
80,516 |
|
|
$ |
379,669 |
|
$ |
303,994 |
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA Reconciliation |
|
For the Three Months Ended
|
For the Year Ended
|
|||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Net Service Billing |
|
$ |
98,622 |
|
$ |
80,516 |
|
|
$ |
379,669 |
|
$ |
303,994 |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
$ |
5,904 |
|
$ |
(7,710 |
) |
|
$ |
3,034 |
|
$ |
(6,624 |
) |
+ interest expense |
|
|
2,107 |
|
|
1,795 |
|
|
|
7,951 |
|
|
5,340 |
|
+ depreciation & amortization |
|
|
7,256 |
|
|
5,939 |
|
|
|
27,828 |
|
|
18,723 |
|
+ tax (benefit) expense |
|
|
(5,437 |
) |
|
2,078 |
|
|
|
(11,980 |
) |
|
177 |
|
EBITDA |
|
$ |
9,830 |
|
$ |
2,102 |
|
|
$ |
26,833 |
|
$ |
17,616 |
|
+ non-cash stock compensation |
|
|
5,455 |
|
|
6,504 |
|
|
|
25,841 |
|
|
24,984 |
|
+ settlements and other non-core expenses |
|
|
234 |
|
|
310 |
|
|
3,000 |
|
|
1,170 |
|
|
+ acquisition expenses |
|
|
1,493 |
|
|
2,333 |
|
|
|
3,846 |
|
|
3,261 |
|
Adjusted EBITDA |
|
$ |
17,012 |
|
$ |
11,249 |
|
|
$ |
59,520 |
|
$ |
47,031 |
|
Adjusted EBITDA margin, net |
|
|
17.2 |
% |
|
14.0 |
% |
|
|
15.7 |
% |
|
15.5 |
% |
|
|
|
|
|
|
|
||||||||
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 December 31, |
||||||||
Consolidated Gross Revenue |
2024 |
% |
2023 |
% |
Change |
% Change |
|||
Building Infrastructure3 |
54,012 |
47.7 |
% |
49,967 |
53.7 |
% |
4,045 |
8.1 |
% |
Transportation |
27,476 |
24.3 |
% |
21,202 |
22.8 |
% |
6,274 |
29.6 |
% |
Power and Utilities3 |
18,797 |
16.6 |
% |
16,684 |
17.9 |
% |
2,113 |
12.7 |
% |
Emerging Markets1 |
12,939 |
11.4 |
% |
5,116 |
5.6 |
% |
7,823 |
152.9 |
% |
Total |
113,224 |
100.0 |
% |
92,969 |
100.0 |
% |
20,255 |
21.8 |
% |
|
|
|
|
|
|
|
|||
Acquired2 |
14,103 |
20.5 |
% |
12,995 |
16.3 |
% |
1,108 |
8.5 |
% |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
(dollars in thousands) |
For the Year Ended December 31, |
||||||||
Consolidated Gross Revenue |
2024 |
% |
2023 |
% |
Change |
% Change |
|||
Building Infrastructure3 |
219,596 |
51.4 |
% |
194,867 |
56.3 |
% |
24,729 |
12.7 |
% |
Transportation |
87,746 |
20.6 |
% |
72,829 |
21.0 |
% |
14,917 |
20.5 |
% |
Power and Utilities3 |
75,026 |
17.6 |
% |
64,156 |
18.5 |
% |
10,870 |
16.9 |
% |
Emerging Markets1 |
44,196 |
10.4 |
% |
14,404 |
4.2 |
% |
29,792 |
206.8 |
% |
Total |
426,564 |
100.0 |
% |
346,256 |
100.0 |
% |
80,308 |
23.2 |
% |
|
|
|
|
|
|
|
|||
Acquired2 |
42,454 |
10.0 |
% |
30,497 |
10.7 |
% |
11,957 |
39.2 |
% |
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. |
||||||||||
ORGANIC GROWTH ANALYSIS |
||||||||||
(Unaudited) |
||||||||||
|
|
|
|
|
|
|
||||
|
For the Three Months Ended December 31, |
|||||||||
(dollars in thousands) |
2024 |
% |
2023 |
% |
Change |
Organic +/- |
||||
Gross Revenue |
99,122 |
100.0 |
% |
92,970 |
100.0 |
% |
6,152 |
|
6.6 |
% |
Building Infrastructure |
51,425 |
51.9 |
% |
49,821 |
53.6 |
% |
1,604 |
|
3.2 |
% |
Transportation |
24,904 |
25.1 |
% |
21,349 |
23.0 |
% |
3,555 |
|
16.7 |
% |
Power and Utilities |
16,382 |
16.5 |
% |
16,684 |
17.9 |
% |
(302 |
) |
-1.8 |
% |
Emerging Markets |
6,411 |
6.5 |
% |
5,116 |
5.5 |
% |
1,295 |
|
25.3 |
% |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
For the Year Ended December 31, |
|||||||||
(dollars in thousands) |
2024 |
% |
2023 |
% |
Change |
Organic +/- |
||||
Gross Revenue |
384,110 |
100.0 |
% |
346,259 |
100.0 |
% |
37,851 |
|
10.9 |
% |
Building Infrastructure |
210,603 |
54.8 |
% |
194,612 |
56.2 |
% |
15,991 |
|
8.2 |
% |
Transportation |
81,928 |
21.3 |
% |
73,133 |
21.1 |
% |
8,795 |
|
12.0 |
% |
Power and Utilities |
69,118 |
18.0 |
% |
64,157 |
18.5 |
% |
4,961 |
|
7.7 |
% |
Emerging Markets |
22,461 |
5.9 |
% |
14,357 |
4.2 |
% |
8,104 |
|
56.4 |
% |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
For the Three Months Ended December 31, |
|||||||||
(dollars in thousands) |
2024 |
% |
2023 |
% |
Change |
Organic +/- |
||||
Net Revenue |
87,357 |
100.0 |
% |
80,516 |
100.0 |
% |
6,841 |
|
8.5 |
% |
Building Infrastructure |
47,410 |
54.3 |
% |
45,831 |
56.9 |
% |
1,579 |
|
3.4 |
% |
Transportation |
19,159 |
21.9 |
% |
14,988 |
18.6 |
% |
4,171 |
|
27.8 |
% |
Power and Utilities |
15,217 |
17.4 |
% |
15,327 |
19.0 |
% |
(110 |
) |
-0.7 |
% |
Emerging Markets |
5,571 |
6.4 |
% |
4,370 |
5.5 |
% |
1,201 |
|
27.5 |
% |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
For the Year Ended December 31, |
|||||||||
(dollars in thousands) |
2024 |
% |
2023 |
% |
Change |
Organic +/- |
||||
Net Revenue |
343,687 |
100.0 |
% |
303,994 |
100.0 |
% |
39,693 |
|
13.1 |
% |
Building Infrastructure |
194,744 |
56.7 |
% |
179,964 |
59.2 |
% |
14,780 |
|
8.2 |
% |
Transportation |
63,596 |
18.5 |
% |
52,690 |
17.3 |
% |
10,906 |
|
20.7 |
% |
Power and Utilities |
65,022 |
18.9 |
% |
59,002 |
19.4 |
% |
6,020 |
|
10.2 |
% |
Emerging Markets |
20,325 |
5.9 |
% |
12,338 |
4.1 |
% |
7,987 |
|
64.7 |
% |
BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT DECEMBER 31, 2024 (Unaudited) |
|
Category |
Percentage |
Building Infrastructure |
41 % |
Transportation |
35 % |
Power and Utilities |
15 % |
Emerging Markets |
9 % |
TOTAL |
100 % |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250311841100/en/
Investor Relations Contact:
Betsy Patterson
ir@bowman.com
Source: Bowman Consulting Group
FAQ
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