Press Release: Bowman Announces Record Results for Fourth Quarter and Full Year 2024

Dow Jones
12 Mar

Bowman Announces Record Results for Fourth Quarter and Full Year 2024

Strength of new orders signals continued growth for 2025

RESTON, Va.--(BUSINESS WIRE)--March 11, 2025-- 

Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced record financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Versus Fourth Quarter 2023 Financial Results:

   -- Gross contract revenue of $113.2 million compared to $93.0 million, a 
      21.7% increase 
 
   -- Net service billing1 of $98.6 million compared to $80.5 million, a 22.5% 
      increase 
 
   -- Organic net service billing growth2 of 9% compared to 4% 
 
   -- Net income of $5.9 million compared to a net loss of $7.7 million 
 
   -- Adjusted EBITDA1 of $17.0 million compared to $11.2 million, a 51.8% 
      increase 
 
   -- Adjusted EBITDA margin, net 1 of 17.2% compared to 14.0%, a 320-bps 
      increase 
 
   -- Cash flows from operations of $11.9 million compared to ($0.5 million) 
 
   -- Basic and Diluted EPS of $0.34 and $0.33, respectively, compared to 
      ($0.59) 
 
   -- Gross backlog of $399.0 million compared to $306.0 million, a 30.4% 
      increase 

Full-Year 2024 Versus Full-Year 2023 Financial Results:

   -- Gross contract revenue of $426.6 million compared to $346.3 million, a 
      23.2% increase 
 
   -- Net service billing1 of $379.7 million compared to $304.0 million, a 
      24.9% increase 
 
   -- Organic net service billing growth2 of 13% compared to 18% 
 
   -- Net income of $3.0 million compared to a net loss of $6.6 million 
 
   -- Adjusted EBITDA1 of $59.5 million compared to $47.0 million, a 26.6% 
      increase 
 
   -- Adjusted EBITDA margin, net 1 of 15.7% compared to 15.5%, a 20-bps 
      increase 
 
   -- Cash flows from operations of $24.3 million compared to $11.7 million, 
 
   -- Basic and Diluted EPS was $0.18 and $0.17, respectively, compared to 
      ($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 $34.4 million of common stock during the twelve months ended December 31, 2024, with $11.1 million from the repurchase of shares from employees in connection with the payment of taxes associated with stock vesting and $23.3 million under a Company repurchase authorization. The average price paid during the twelve months was approximately $26.56 per share repurchased.

After the end of the year, the Company has repurchased an additional $4.1 million of its common stock under its repurchase authorization. Approximately $11.0 million remains available under the Company's current repurchase authorization.

Non-GAAP Adjusted Earnings per Share(3)

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 
                                 Ended December 31,       Ended December 31, 
-----------------------------  ----------------------  ----------------------- 
Adjusted Earnings Per Share 
(Non-GAAP)                        2024        2023        2024         2023 
-----------------------------  ----------  ----------  -----------  ---------- 
Basic                            $0.72       $0.33        $1.23       $1.12 
Diluted                          $0.71       $0.31        $1.20       $1.03 
-----------------------------  ----------  ----------  -----------  ---------- 
 

Other Fiscal 2024 Highlights and Subsequent Events

   -- Acquired eight companies in 2024, representing approximately $60 million 
      of run-rate net service billing; broadened services and sector expertise 
      and expanded nationwide reach with additional bridge, transportation, 
      utility services, sustainability, fire protection, electrical engineering, 
      water/wastewater, utility rate studies and economic consulting and 
      advanced high-altitude orthoimaging and geospatial capabilities. 
 
   -- 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 
      to $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   $428 - $440 MM   $70 - $76 MM 
------------  --------------  --------------- 
 

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 Reston, Virginia, Bowman is a national engineering services firm offering infrastructure engineering, technical services and project management solutions to owners and operators of the built environment. With over 2,300 employees in more than 100 locations throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

(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 25.8%, to derive the tax adjustment associated with the elimination of expenses. A reconciliation of non-GAAP Adjusted EPS to GAAP EPS, both basic and diluted, is included with this press release for reference.

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 anticipated 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.

 
                       BOWMAN CONSULTING GROUP LTD. 
                       CONSOLIDATED BALANCE SHEETS 
               (Amounts in thousands except per share data) 
 
                                         December 31,      December 31, 
                                              2024              2023 
                                        ---------------  ----------------- 
 
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, $0.01 par 
      value; 5,000,000 shares 
      authorized, no shares issued and 
      outstanding as of December 31, 
      2024 and 2023                                  -                - 
      Common stock, $0.01 par value; 
       30,000,000 shares authorized as 
       of December 31, 2024 and 2023; 
       21,281,247 shares issued and 
       17,382,138 outstanding, and 
       17,694,495 shares issued and 
       15,094,278 outstanding as of 
       December 31, 2024 and 2023, 
       respectively                                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 
                         Ended December 31,           Ended December 31, 
                     --------------------------  ---------------------------- 
                         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 
                          December 31,                 December 31, 
                   --------------------------  ---------------------------- 
                       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 -          For the Three Months Ended       For the Year Ended 
Non-GAAP                  December 31,                 December 31, 
                   --------------------------  ---------------------------- 
                       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 -          For the Three Months Ended       For the Year Ended 
Non-GAAP                  December 31,                 December 31, 
                   --------------------------  ---------------------------- 
                       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           For the Three Months         For the Year Ended 
Reconciliation        Ended December 31,             December 31, 
                   -------------------------  -------------------------- 
                     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      For the Three Months         For the Year Ended 
Reconciliation        Ended December 31,             December 31, 
                   -------------------------  -------------------------- 
                     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      For the Three Months         For the Year Ended 
Reconciliation        Ended December 31,             December 31, 
                   -------------------------  -------------------------- 
                     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 
 Infrastructure(3)        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 Utilities(3)    18,797   16.6%      16,684   17.9%      2,113    12.7% 
Emerging Markets(1)       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% 
 
Acquired(2)               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 
 Infrastructure(3)       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 Utilities(3)    75,026   17.6%      64,156   18.5%     10,870    16.9% 
Emerging Markets(1)       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% 
 
Acquired(2)               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, 
                         ---------------------------------------------------------- 
                                                                           Organic 
(dollars in thousands)    2024        %       2023        %      Change      +/- 
                         -------  ---------  -------  ---------  -------  --------- 
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, 
                         ---------------------------------------------------------- 
                                                                           Organic 
(dollars in thousands)    2024        %       2023        %      Change      +/- 
                         -------  ---------  -------  ---------  -------  --------- 
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, 
                         ---------------------------------------------------------- 
                                                                           Organic 
(dollars in thousands)    2024        %       2023        %      Change      +/- 
                         -------  ---------  -------  ---------  -------  --------- 
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, 
                         ---------------------------------------------------------- 
                                                                           Organic 
(dollars in thousands)    2024        %       2023        %      Change      +/- 
                         -------  ---------  -------  ---------  -------  --------- 
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/

 
    CONTACT:    Investor Relations Contact: 

Betsy Patterson

ir@bowman.com

 
 

(END) Dow Jones Newswires

March 11, 2025 16:01 ET (20:01 GMT)

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