Business
Bowman Announces Record Third Quarter Results; Exceeds Consensus Estimates and Raises Guidance
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 three months ended September 30, 2022.\n\n“We have once again reported a record quarter that exceeded estimates,” said Gary Bowman, Chairman and CEO of Bowman. “We continue to generate growth across all our markets and increase our backlog through bookings that outpace deliveries. Our acquisitions program has proven successful as we continue to acquire strategic partners at attractive multiples and realize meaningful synergies, leading to acquired revenue growth of 24% collectively since acquisition. We are optimistic about the fourth quarter and expect continued growth in revenue, earnings, and operating cash flow into 2023. We are once again increasing our full year outlook and are introducing 2023 guidance that reflects confidence in our ability to continue to deliver these industry leading results.”\n\nFinancial Highlights for the three months ended September 30, 2022, compared to September 30, 2021:\n\n\nGross revenue of $71.2 million, compared to $39.7 million, a 79% increase\n\n\nYear-over-year organic gross revenue growth of 23%\n\n\nNet service billing1 of $64.9 million, compared to $35.7 million, an 82% increase\n\n\nYear-over-year organic net service billing growth of 25%\n\n\nNet income of $3.4 million, compared to a net income of $0.4 million\n\n\nAdjusted EBITDA1 of $9.6 million, compared to $4.4 million, a 118% increase\n\n\nAdjusted EBITDA margin, net 1 of 14.8%, compared to 12.4%, a 240-basis point increase\n\n\nGross backlog1 of $230 million, compared to $139 million, a 65% increase\n\n\nFinancial Highlights for the nine months ended September 30, 2022, compared to September 30, 2021:\n\n\nGross revenue of $186.1 million, compared to $108.0 million, a 72% increase\n\n\nYear-over-year organic gross revenue growth of 28%\n\n\nNet service billing1 of $169.0 million, compared to $97.1 million, a 74% increase\n\n\nYear-over-year organic net service billing growth of 31%\n\n\nNet income of $4.5 million, compared to a net income of $0.9 million\n\n\nAdjusted EBITDA1 of $24.6 million, compared to $12.7 million, a 94% increase\n\n\nAdjusted EBITDA margin, net 1 of 14.6%, com...