Business
Bowman Announces Record Full Year 2022 Revenue and Adjusted EBITDA
RESTON, Va.--(BUSINESS WIRE)-- Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering services firm supporting
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 services firm supporting owners and developers of the built environment, today released record financial results for the year ended December 31, 2022.\n\n“During 2022, our first full year as a public company, we exceeded expectations and delivered on our commitment to strategic growth,” said Gary Bowman, Chairman and CEO of Bowman. “We generated record revenue, doubled our adjusted EBITDA, added close to 700 professionals, and made meaningful progress on margin expansion. During the year we closed on eight acquisitions representing over $60 million of annualized revenue as of closing. Demand for infrastructure related design and engineering continues to be strong across our markets, providing us continued optimism about our ability to grow and deliver on our strategic plans for 2023.”\n\nFinancial highlights for the three months ended December 31, 2022, compared to December 31, 2021:\n\n\nGross revenue of $75.6 million, compared to $41.9 million, an 80% increase\n\n\nYear-over-year organic gross revenue growth1 of 30%\n\n\nNet service billing2 of $66.2 million, compared to $37.8 million, a 75% increase\n\n\nYear-over-year organic net service billing growth of 24%\n\n\nNet income of $0.5 million, compared to a net loss of ($0.6) million\n\n\nAdjusted EBITDA2 of $9.4 million, compared to $3.5 million, a 169% increase\n\n\nAdjusted EBITDA margin, net 2 of 14.2%, compared to 9.4%, a 480 bps increase\n\n\nGross backlog2 of $243 million, compared to $167 million, a 46% increase\n\n\nFinancial highlights for the twelve months ended December 31, 2022, compared to December 31, 2021:\n\n\nGross revenue of $261.7 million, compared to $150.0 million, a 74% increase\n\n\nYear-over-year organic gross revenue growth of 31%\n\n\nNet service revenue1 of $235.2 million, compared to $134.9 million, 74% increase\n\n\nYear-over-year organic net service billing growth of 26%\n\n\nNet income of $5.0 million, compared to a net income of $0.3 million\n\n\nAdjusted EBITDA1 of $34.0 million, compared to $16.5 million, a 106% increase\n\n\nAdjusted EBITDA margin, net 1 of 14.5%, compared to 12.2%, a 230 bps increase\n\n\nBusiness highlights during the fourth quarter 2022:\n\n\nClosed on the acquisition of Spatial Acuity – Novembe...