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Bowman Announces Second Quarter 2023 Financial Results

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BWMN - Bowman Consulting Group Ltd. Releases Strong Financial Results for Q2 2023
Positive
  • Record revenue and adjusted EBITDA in Q2 2023
  • Closed five acquisitions with $36 million annualized revenue
  • Strong orders and backlog increased by nearly $90 million compared to last year
  • Increased headcount by 17% in Q2 2023
Negative
  • None.

RESTON, Va.--(BUSINESS WIRE)-- Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering and infrastructure services firm supporting owners and developers of the built environment, today released financial results for the three and six months ended June 30, 2023.

“We continue to execute on our strategic growth and revenue diversification plans,” said Gary Bowman, Chairman and CEO of Bowman. “We generated record revenue and adjusted EBITDA during a quarter where we closed on five acquisitions representing approximately $36 million of annualized revenue. Our orders were strong, and our backlog increased by nearly $90 million as compared to last year. During the second quarter we increased headcount by 17%, with the majority coming through acquisitions, where we believe there is a meaningful amount of utilization optimization to be achieved over time through both revenue synergies and work sharing. We continue to feel confident about our execution and performance as reflected by our increased financial guidance.”

Financial highlights for the three months ended June 30, 2023, compared to June 30, 2022:

  • Gross revenue of $82.8 million, compared to $62.4 million, a 33% increase
  • Year-over-year organic gross revenue growth1 of 13%
  • Net service billing2 of $73.8 million, compared to $56.4 million, a 31% increase
  • Year-over-year organic net service billing growth of 12%
  • Net loss of $(0.6) million, compared to a net loss of $(0.3) million
  • Adjusted EBITDA2 of $11.1 million, compared to $7.6 million, a 46% increase
  • Adjusted EBITDA margin, net 2 of 15.0% compared to 13.4%, a 160 bps increase
  • Gross backlog2 of $295 million, compared to $206 million, a 43% increase

Financial highlights for the six months ended June 30, 2023, compared to June 30, 2022:

  • Gross revenue of $158.9 million, compared to $114.9 million, a 38% increase
  • Year-over-year organic gross revenue growth1 of 22%
  • Net service billing2 of $141.4 million, compared to $104.1 million, a 36% increase
  • Year-over-year organic net service billing growth of 20%
  • Net loss of $(0.1) million, compared to a net income of $1.1 million
  • Adjusted EBITDA2 of $20.7 million, compared to $15.0 million, a 38% increase
  • Adjusted EBITDA margin, net 2 of 14.7% compared to 14.4%, a 30 bps increase

Business combinations and acquisitions during the second quarter 2023:

  • Closed on the acquisition of Richter & Associates – April 2023
  • Closed on the acquisition of Fisher Engineering – May 2023
  • Closed on the acquisition of Hole Montes – May 2023
  • Closed on the acquisition of MTX Surveying – June 2023
  • Closed on the acquisition of Infrastructure Engineers – June 2023

Financing Activities during and subsequent to the second quarter 2023:

On August 2, 2023, the Company announced that it had entered into a First Amendment to its Amended and Restated Credit Agreement (the “Revolving Credit Facility”). The amendment increased the maximum allowable borrowing under the Revolving Credit Facility to $70 million from $50 million, adjusted certain provisions relating to interest rate spreads and unused fees, and extended the term of the Revolver to July 31, 2025. Other general terms of the Revolving Credit Facility remained unchanged.

Increasing FY 2023 Guidance

The Company is increasing its full year 2023 outlook for Net Service Billing to be in the range of $300 to $315 million and Adjusted EBITDA in the range of $47 to $52 million. The current outlook for 2023 is based on completed 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.

Q2 2023 Earnings Webcast

Bowman will host an earnings webcast to discuss the results of the quarter as follows:

Date:

August 8, 2023

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 Includes reclassification of McMahon Associates and Perry Engineering acquisitions as organic revenue.

2 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 1,900 employees more than 75 locations throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. For more information, visit bowman.com or investors.bowman.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs, These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipates or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

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,
2023

 

December 31,
2022

 

(Unaudited)

 

 

ASSETS

 

 

 

Current Assets

 

 

 

Cash and equivalents

$

9,746

 

 

$

13,282

 

Accounts receivable, net

 

81,874

 

 

 

64,443

 

Contract assets

 

26,050

 

 

 

16,321

 

Notes receivable - officers, employees, affiliates, current portion

 

938

 

 

 

1,016

 

Prepaid and other current assets

 

11,723

 

 

 

7,068

 

Total current assets

 

130,331

 

 

 

102,130

 

Non-Current Assets

 

 

 

Property and equipment, net

 

26,874

 

 

 

25,104

 

Operating lease, right-of-use assets

 

39,476

 

 

 

30,264

 

Goodwill

 

77,106

 

 

 

53,210

 

Notes receivable

 

903

 

 

 

903

 

Notes receivable - officers, employees, affiliates, less current portion

 

1,387

 

 

 

1,417

 

Other intangible assets, net

 

39,763

 

 

 

27,950

 

Deferred tax asset, net

 

21,098

 

 

 

13,759

 

Other assets

 

1,082

 

 

 

1,020

 

Total Assets

$

338,020

 

 

$

255,757

 

LIABILITIES AND EQUITY

 

 

 

Current Liabilities

 

 

 

Revolving Credit Facility

$

21,189

 

 

$

 

Accounts payable and accrued liabilities

 

32,878

 

 

 

40,293

 

Contract liabilities

 

10,046

 

 

 

6,370

 

Notes payable, current portion

 

12,438

 

 

 

10,168

 

Operating lease obligation, current portion

 

8,153

 

 

 

6,949

 

Finance lease obligation, current portion

 

6,001

 

 

 

5,297

 

Total current liabilities

 

90,705

 

 

 

69,077

 

Non-Current Liabilities

 

 

 

Other non-current obligations

 

28,827

 

 

 

356

 

Notes payable, less current portion

 

16,734

 

 

 

16,276

 

Operating lease obligation, less current portion

 

36,610

 

 

 

28,087

 

Finance lease obligation, less current portion

 

14,619

 

 

 

14,254

 

Pension and post-retirement obligation, less current portion

 

4,881

 

 

 

4,848

 

Total liabilities

$

192,376

 

 

$

132,898

 

 

 

 

 

Shareholders' Equity

 

 

 

Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding

$

 

 

$

 

Common stock, 0.01 par value; 30,000,000 shares authorized; 17,130,179 shares issued and 14,600,293 outstanding, and 15,949,805 shares issued and 13,556,550 outstanding, respectively

 

171

 

 

 

159

 

Additional paid-in-capital

 

189,351

 

 

 

162,922

 

Accumulated other comprehensive income

 

557

 

 

 

578

 

Treasury stock, at cost; 2,529,886 and 2,393,255, respectively

 

(24,417

)

 

 

(20,831

)

Stock subscription notes receivable

 

(125

)

 

 

(173

)

Accumulated deficit

 

(19,893

)

 

 

(19,796

)

Total shareholders' equity

$

145,644

 

 

$

122,859

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

$

338,020

 

 

$

255,757

 

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED INCOME STATEMENT

(Amounts in thousands except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

For the Three Months
Ended June 30,

 

For the Six Months
Ended June 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Gross Contract Revenue

 

$

82,755

 

 

$

62,399

 

 

$

158,855

 

 

$

114,860

 

Contract costs: (exclusive of depreciation and amortization below)

 

 

 

 

 

 

 

 

Direct payroll costs

 

 

32,075

 

 

 

25,071

 

 

 

60,919

 

 

 

45,746

 

Sub-consultants and expenses

 

 

8,963

 

 

 

5,983

 

 

 

17,501

 

 

 

10,743

 

Total contract costs

 

 

41,038

 

 

 

31,054

 

 

 

78,420

 

 

 

56,489

 

Operating Expenses:

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

38,340

 

 

 

28,065

 

 

 

71,965

 

 

 

50,868

 

Depreciation and amortization

 

 

4,719

 

 

 

2,823

 

 

 

8,285

 

 

 

5,213

 

(Gain) on sale

 

 

(226

)

 

 

(27

)

 

 

(237

)

 

 

(32

)

Total operating expenses

 

 

42,833

 

 

 

30,861

 

 

 

80,013

 

 

 

56,049

 

Income (loss) from operations

 

 

(1,116

)

 

 

484

 

 

 

422

 

 

 

2,322

 

Other expense

 

 

1,143

 

 

 

994

 

 

 

2,358

 

 

 

1,491

 

Income (loss) before tax expense

 

 

(2,259

)

 

 

(510

)

 

 

(1,936

)

 

 

831

 

Income tax (benefit) expense

 

 

(1,625

)

 

 

(190

)

 

 

(1,839

)

 

 

(306

)

Net income (loss)

 

$

(634

)

 

$

(320

)

 

$

(97

)

 

$

1,137

 

Earnings allocated to non-vested shares

 

 

 

 

 

 

 

$

 

 

$

191

 

Net income (loss) attributable to common shareholders

 

$

(634

)

 

$

(320

)

 

$

(97

)

 

$

946

 

Earnings (loss) per share

 

 

 

 

 

 

 

 

Basic

 

$

(0.05

)

 

$

(0.03

)

 

$

(0.01

)

 

$

0.09

 

Diluted

 

$

(0.05

)

 

$

(0.03

)

 

$

(0.01

)

 

$

0.09

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

12,276,173

 

 

 

10,761,172

 

 

 

12,022,550

 

 

 

10,346,089

 

Diluted

12,276,173

 

10,761,172

 

 

12,022,550

 

10,427,602

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

 

 

 

 

 

For the Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

Cash Flows from Operating Activities:

 

 

 

Net Income (loss)

$

(97

)

 

$

1,137

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities

 

 

 

Depreciation and amortization

 

4,620

 

 

 

3,971

 

Amortization of intangible assets

 

3,665

 

 

 

1,241

 

Gain on sale of assets

 

(237

)

 

 

(32

)

Bad debt

 

289

 

 

 

365

 

Stock based compensation

 

11,169

 

 

 

7,274

 

Accretion of discounts on notes payable

 

264

 

 

 

 

Deferred taxes

 

(7,339

)

 

 

 

Deferred rent

 

 

 

 

(237

)

Changes in operating assets and liabilities, net of acquisition of businesses

 

 

 

Accounts receivable

 

(10,885

)

 

 

(10,254

)

Contract assets

 

(5,267

)

 

 

(510

)

Prepaid expenses and other assets

 

(4,174

)

 

 

(5,124

)

Accounts payable and accrued expenses

 

9,535

 

 

 

5,877

 

Contract liabilities

 

523

 

 

 

560

 

Net cash provided by operating activities

 

2,066

 

 

 

4,268

 

Cash Flows from Investing Activities:

 

 

 

Purchases of property and equipment

 

(632

)

 

 

(368

)

Fixed assets converted to lease financing

 

 

 

 

22

 

Proceeds from sale of assets and disposal of leases

 

237

 

 

 

32

 

Payments received under loans to shareholders

 

108

 

 

 

118

 

Acquisitions of businesses, net of cash acquired

 

(15,408

)

 

 

(7,950

)

Collections under stock subscription notes receivable

 

48

 

 

 

47

 

Net cash used in investing activities

 

(15,647

)

 

 

(8,099

)

Cash Flows from Financing Activities:

 

 

 

Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs

 

 

 

 

15,475

 

Borrowings under revolving credit facility

 

21,189

 

 

 

 

Repayments under fixed line of credit

 

(283

)

 

 

(365

)

Repayment under notes payable

 

(4,743

)

 

 

(1,433

)

Payments on finance leases

 

(3,309

)

 

 

(2,921

)

Payments for purchase of treasury stock

 

(3,586

)

 

 

(2,368

)

Proceeds from issuance of common stock

 

777

 

 

 

607

 

Net cash provided by financing activities

 

10,045

 

 

 

8,995

 

Net increase (decrease) in cash and cash equivalents

 

(3,536

)

 

 

5,164

 

Cash and cash equivalents, beginning of period

 

13,282

 

 

 

20,619

 

Cash and cash equivalents, end of period

$

9,746

 

 

$

25,783

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

Cash paid for interest

$

1,547

 

 

$

713

 

Cash paid for income taxes

$

745

 

 

 

383

 

Non-cash investing and financing activities:

 

 

 

Property and equipment acquired under capital lease

$

(4,385

)

 

$

(4,262

)

Issuance of notes payable for acquisitions

$

(7,825

)

 

$

(3,697

)

BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(amounts in thousands except per share data)

 

 

 

 

 

 

 

 

 

Condensed Combined Statement of Operations Reconciliation

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Gross contract revenue

 

$

82,755

 

 

$

62,399

 

 

$

158,855

 

 

$

114,860

 

Contract costs (exclusive of depreciation and amortization)

 

$

41,038

 

 

$

31,054

 

 

$

78,420

 

 

$

56,489

 

Operating expense

 

$

42,833

 

 

$

30,861

 

 

$

80,013

 

 

$

56,049

 

Income (loss) from operations

 

$

(1,116

)

 

$

484

 

 

$

422

 

 

$

2,322

 

Other expense

 

$

1,143

 

 

$

994

 

 

$

2,358

 

 

$

1,491

 

Income tax expense (benefit)

 

$

(1,625

)

 

$

(190

)

 

$

(1,839

)

 

$

(306

)

Net income (loss)

 

$

(634

)

 

$

(320

)

 

$

(97

)

 

$

1,137

 

Net margin

 

 

(0.8

)%

 

 

(0.5

)%

 

 

(0.1

)%

 

 

1.0

%

 

 

 

 

 

 

 

 

 

Other financial information 1

 

 

 

 

 

 

 

 

Net service billing

 

$

73,792

 

 

$

56,416

 

 

$

141,354

 

 

$

104,117

 

Adjusted EBITDA

 

 

11,053

 

 

 

7,576

 

 

 

20,725

 

 

 

14,983

 

Adjusted EBITDA margin, net

 

 

15.0

%

 

 

13.4

%

 

 

14.7

%

 

 

14.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Revenue to Net Service Billing Reconciliation

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Gross contract revenue

 

$

82,755

 

 

$

62,399

 

 

$

158,855

 

 

$

114,860

 

Less: sub-consultants and other direct expenses

 

 

8,963

 

 

 

5,983

 

 

 

17,501

 

 

 

10,743

 

Net service billing

 

$

73,792

 

 

$

56,416

 

 

$

141,354

 

 

$

104,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Reconciliation

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net Service Billing

 

$

73,792

 

 

$

56,416

 

 

$

141,354

 

 

$

104,117

 

 

 

 

 

 

 

 

 

 

Net Income (loss)

 

$

(634

)

 

$

(320

)

 

$

(97

)

 

$

1,137

 

+ interest expense

 

 

1,112

 

 

 

350

 

 

 

2,007

 

 

 

685

 

+ depreciation & amortization

 

 

4,719

 

 

 

2,823

 

 

 

8,285

 

 

 

5,213

 

+ tax (benefit) expense

 

 

(1,625

)

 

 

(190

)

 

 

(1,839

)

 

 

(306

)

EBITDA

 

$

3,572

 

 

$

2,663

 

 

$

8,356

 

 

$

6,729

 

+ non-cash stock compensation

 

 

6,888

 

 

 

4,038

 

 

 

11,322

 

 

 

7,274

 

+ transaction related expenses

 

 

123

 

 

 

 

 

 

123

 

 

 

 

+ settlements and other non-core expenses

 

 

113

 

 

 

215

 

 

 

113

 

 

 

215

 

+ acquisition expenses

 

 

357

 

 

 

660

 

 

 

811

 

 

 

765

 

Adjusted EBITDA

 

$

11,053

 

 

$

7,576

 

 

$

20,725

 

 

$

14,983

 

Adjusted EBITDA margin, net

 

 

15.0

%

 

 

13.4

%

 

 

14.7

%

 

 

14.4

%

 

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

2023

%

2022

%

Change

Change

Building Infrastructure

48,616

58.7%

42,571

68.2%

6,045

14.2%

Transportation

15,870

19.2%

9,276

14.9%

6,594

71.1%

Power and Utilities

15,585

18.8%

9,326

14.9%

6,259

67.1%

Emerging Markets1

2,684

3.3%

1,226

2.0%

1,458

118.9%

Total

82,755

100.0%

62,399

100.0%

20,356

32.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

For the three months ended June 30,

Organic v Acquired Revenue 2

2023

%

2022

%

Change

Change

Baseline organic revenue

70,414

85.1%

62,249

99.8%

8,165

13.1%

Acquired revenue

12,341

14.9%

150

0.2%

12,191

n/a

Total

82,755

100.0%

62,399

100.0%

20,356

32.6%

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

For the six months ended June 30,

Consolidated Gross Revenue

2023

%

2022

%

Change

Change

Building Infrastructure

92,953

58.5%

81,332

70.8%

11,621

14.3%

Transportation

31,889

20.1%

13,247

11.5%

18,642

140.7%

Power and Utilities

28,909

18.2%

18,075

15.7%

10,834

59.9%

Emerging Markets1

5,104

3.2%

2,206

2.0%

2,898

131.4%

Total

158,855

100.0%

114,860

100.0%

43,995

38.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

For the six months ended June 30,

Organic v Acquired Revenue 2

2023

%

2022

%

Change

Change

Baseline organic revenue

139,857

88.0%

114,710

99.9%

25,147

21.9%

Acquired revenue

18,998

12.0%

150

0.1%

18,848

16.4%

Total

158,855

100.0%

114,860

100.0%

43,995

38.3%

 

1 Adjusted for change, represents mining, water resources and other. Effective 12/31/2022, we reclassified renewables as power & utilities. For six months ended June 30, 2022, $2.5 million of renewables revenue was reclassified accordingly for consistency.

 

2 Revenue from acquired companies is reclassified as organic revenue in the first full quarter following the 12-month anniversary of closing. This results in a change from previously reported numbers.

BOWMAN CONSULTING GROUP LTD.

GROSS BACKLOG BY CATEGORY AT JUNE 30, 2023

(Unaudited)

 

 

Category

Percentage

Building Infrastructure

56.0

%

Transportation

25.0

%

Power and Utilities

16.0

%

Emerging Markets

3.0

%

TOTAL

100.0

%

 

Investor Relations Contacts:

Bruce Labovitz

ir@bowman.com

(703) 787-3403

Larry Clark

lclark@bowman.com

(310) 622-8223

Source: Bowman Consulting Group

FAQ

What are Bowman Consulting Group Ltd.'s financial results for Q2 2023?

Bowman Consulting Group Ltd. released financial results for the three and six months ended June 30, 2023, showing record revenue and adjusted EBITDA, along with strong orders and an increased backlog compared to the previous year.

What is the strategic growth plan of Bowman Consulting Group Ltd.?

Bowman Consulting Group Ltd. continues to execute on its strategic growth and revenue diversification plans, as stated by Gary Bowman, the Chairman and CEO of the company.

How much did Bowman Consulting Group Ltd. increase headcount by in Q2 2023?

The company increased headcount by 17% in Q2 2023, with the majority coming through acquisitions, aiming for utilization optimization and revenue synergies.

How many acquisitions did Bowman Consulting Group Ltd. close in Q2 2023?

Bowman Consulting Group Ltd. closed five acquisitions in Q2 2023, representing approximately $36 million of annualized revenue.

Bowman Consulting Group Ltd.

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