Business
Bowman Announces Fiscal Year 2023 Financial Results
RESTON, Va.--(BUSINESS WIRE)-- Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering and infrastructure services
About this update from Bowman Consulting Group Ltd.
[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nBowman 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 fiscal year ended December 31, 2023.\n\n\n“This past year we surpassed $300 million in net service billing representing nearly 30% year-over-year growth and approximately 31% compound annual growth since 2020, the year before our May 2021 initial public offering,” said Gary Bowman, Chairman and CEO of Bowman. “We remain focused on becoming one of the 50 largest domestic engineering firms and are continually working to optimize the utilization of our resources as we advance toward this goal. Our pipeline of opportunities, including both new and existing customer assignments and prospective acquisitions, is healthy, and the significant public funding available for infrastructure projects provides a positive outlook for the future.”\n\n\n“During 2023 we completed 11 acquisitions representing approximately $60 million in annualized net service billing,” continued Bowman. “We added new customers and grew our relationships with existing customers while expanding our geographic footprint and increasing our ability to gain both market-share and wallet-share through the introduction of adjacent service offerings and leading-edge geospatial solutions. We remain committed to our fully integrated operating model as we continue to weave together a diverse mix of acquired organizations into one common culture. We are confident about our long-term prospects and believe our approach to growth will continue to deliver shareholder value.”\n\n\nFinancial highlights for the three months ended December 31, 2023, compared to December 31, 2022:\n\n\n\nGross contract revenue of $93.0 million, compared to $75.6 million, a 23% increase\n\n\n\nYear-over-year organic gross contract revenue growth1 of 6%\n\n\n\nNet service billing2 of $80.5 million, compared to $66.2 million, a 22% increase\n\n\n\nYear-over-year organic net service billing growth of 4%\n\n\n\nNet loss of $7.7 million, compared to net income of $0.5 million\n\n\n\nAdjusted EBITDA2 of $11.2 million, compared to $9.4 million, a 19% increase\n\n\n\nAdjusted EBITDA margin, net 2 of 14.0% compared to 14.2%, a 20 bps decrease\n\n\n\nGross b...