Business
Bowman Consulting Group Announces Record First Quarter Results and Increases 2022 Outlook
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 record revenue and results of operations for the three months ended March 31, 2022.\n\n“We are starting the year strong with a terrific first quarter”, said Gary Bowman, Chairman and CEO of Bowman. “It was a busy three months and things are not slowing down. During the quarter we acquired Perry Engineering, raised $17 million of additional equity for growth, continued the process of integrating our acquisitions from last year and delivered record net service revenue that exceeded estimates. At the same time, we grew backlog and increased our full year outlook. Last week we announced the acquisition of McMahon Associates, our largest to date, demonstrating our continuing commitment to strategic diversification. We remain steadfast in our approach to disciplined growth and increasing shareholder value.”\n\nFinancial Highlights for the three months ended March 31, 2022, compared to March 31, 2021:\n\n\nGross revenue of $52.5 million, compared to $31.8 million, a 65% increase\n\n\nNet service billing1 of $47.7 million, compared to $28.9 million, a 65% increase\n\n\nNet income of $1.5 million, compared to $1.0 million, a 50% increase\n\n\nAdjusted EBITDA1 of $7.4 million, compared to $4.1 million, an 81% increase\n\n\nAdjusted EBITDA margin, net 1 of 15.5%, compared to 14.2% million, a 130 basis point increase\n\n\nGross backlog1 of $173 million, compared to $116 million, a 49% increase and a $6 million, or 4%, increase from December 31, 2021\n\n\nBusiness Highlights during the First Quarter:\n\n\nClosed on the acquisition of Perry Engineering – Jan 2022\n\n\nClosed on $16.9 million equity raise – Feb 2022\n\n\nBusiness Highlights subsequent to the First Quarter:\n\n\nClosed on the acquisition of McMahon Associates – May 2022\n\n\nFiscal Year 2022 Guidance\n\nThe Company is increasing its full year 2022 outlook for Net Service Billing to be in the range of $185 to $200 million and Adjusted EBITDA in the range of $25 to $29 million. This presents an increase from the previous guidance of $170 to $185 million of Net Service Billing and $23 to $27 million of Adjusted EBITDA. The current outlook for 2022 is based on complet...