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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