Bowman Consulting Group Ltd · Q1 2024 earnings

Briefing

Bowman's first quarter delivered the revenue rebound and the company increased its net service billing and adjusted EBITDA guidance for 2024.

Bowman Consulting Group reported a 25% increase in gross contract revenue, reaching $94.9 million, and a 27% increase in net service billing, totaling $85.7 million. The company's adjusted EBITDA increased by 25% to $12.1 million, while experiencing a net loss of $1.6 million. The company closed on an equity offering that included approximately $51 million of gross proceeds and a new $100 million revolving credit facility.

• Gross contract revenue increased by 25% year-over-year, reaching $94.9 million.
• Net service billing increased by 27% year-over-year, amounting to $85.7 million.
• Adjusted EBITDA increased by 25% year-over-year, totaling $12.1 million.
• Gross backlog increased by 31% year-over-year, reaching $330 million.

Headline financials

Revenue & EPS history

The Company is adjusting its full year 2024 outlook for net service billing to be in the range of $382 to $397 million and Adjusted EBITDA in the range of $63 to $69 million. The current outlook for 2024 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions.