Business
Bowman Consulting Group Announces First Quarter 2021 Financial Results
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 announced financial results for the quarter ended March 31, 2021 which included year-over-year increases of 11% in gross revenue and 157% in adjusted EBITDA.\n\n“The first quarter was our final quarter as a private company and it was clearly a busy period for us,” said Gary Bowman, Chairman and CEO of Bowman. “We booked over $36 million of new work while generating just under $32 million of gross revenue. In January we closed on the KTA acquisition and we have already integrated operations and started cross selling services. We strengthened our leadership with people who bring significant industry experience and extensive client relationships. At the same time, our team worked tirelessly on our $53 million IPO which closed in May. So far, the second quarter has been in line with our expectations for new bookings and gross contract revenue. I am very proud of our accomplishments and look forward to delivering growth and value to shareholders.”\n\nFinancial Highlights of First Quarter 2021:\n\n\nGross revenue increased 11% to $31.8 million\n\n\nNet service billing increased 17% to $28.9 million 1\n\n\nNet income increased 130% to $1.0 million\n\n\nAdjusted EBITDA increased 157% to $4.1 million 1\n\n\nAdjusted EBITDA margin, net increased 120% to 14.2% 1\n\n\nAcquisitions contributed $1.9 million or 6% of gross revenue\n\n\nBacklog increased by $3 million to $116 million 1\n\n\nOther Reported Business Highlights:\n\n\nClosed on KTA Group acquisition and commenced cross-selling initiatives\n\n\nHired Michael Ginsberg to launch national energy transition services practice\n\n\nAdded impactful senior operations and business development leadership\n\n\nHired Tim Vaughn to lead and accelerate M&A efforts\n\n\n_____________________________\n\n1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations\n\nQ1 2021 Earnings Webcast\n\nBowman will host an earnings webcast to discuss first quarter 2021 financial results:\n\n\n\nDate:\n\n\n\n\n\n \n\n\n\nJune 11, 2021\n\n\n\n\n\nTime:\n\n\n\n\n\n \n\n\n\n9:00 a.m. Eastern Time\n\n\n\n\n\nHosts:\n\n\n\n\n\n \n\n\n\nGary Bowman, Chairman and CEO and ...