Business
Bowman Announces Second Quarter 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 three and six months ended June 30, 2023.\n\n\n“We continue to execute on our strategic growth and revenue diversification plans,” said Gary Bowman, Chairman and CEO of Bowman. “We generated record revenue and adjusted EBITDA during a quarter where we closed on five acquisitions representing approximately $36 million of annualized revenue. Our orders were strong, and our backlog increased by nearly $90 million as compared to last year. During the second quarter we increased headcount by 17%, with the majority coming through acquisitions, where we believe there is a meaningful amount of utilization optimization to be achieved over time through both revenue synergies and work sharing. We continue to feel confident about our execution and performance as reflected by our increased financial guidance.”\n\n\nFinancial highlights for the three months ended June 30, 2023, compared to June 30, 2022:\n\n\n\nGross revenue of $82.8 million, compared to $62.4 million, a 33% increase\n\n\n\nYear-over-year organic gross revenue growth1 of 13%\n\n\n\nNet service billing2 of $73.8 million, compared to $56.4 million, a 31% increase\n\n\n\nYear-over-year organic net service billing growth of 12%\n\n\n\nNet loss of $(0.6) million, compared to a net loss of $(0.3) million\n\n\n\nAdjusted EBITDA2 of $11.1 million, compared to $7.6 million, a 46% increase\n\n\n\nAdjusted EBITDA margin, net 2 of 15.0% compared to 13.4%, a 160 bps increase\n\n\n\nGross backlog2 of $295 million, compared to $206 million, a 43% increase\n\n\n\nFinancial highlights for the six months ended June 30, 2023, compared to June 30, 2022:\n\n\n\nGross revenue of $158.9 million, compared to $114.9 million, a 38% increase\n\n\n\nYear-over-year organic gross revenue growth1 of 22%\n\n\n\nNet service billing2 of $141.4 million, compared to $104.1 million, a 36% increase\n\n\n\nYear-over-year organic net service billing growth of 20%\n\n\n\nNet loss of $(0.1) million, compared to a net income of $1.1 million\n\n\n\nAdjusted EBITDA2 of $20.7 million, compared to $15.0 million, a 38% increase\n\n\n\nAdjusted EBITDA margin, net 2 o...