Business
Bowman Consulting Group Announces Second 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 results of operations for the three and six months ended June 30, 2021, which include record revenue.\n\n“I am extremely pleased with our results for the second quarter and the progress we are making as we execute on our commitment to deliver long-term shareholder value,” said Gary Bowman, Chairman and CEO of Bowman. “In May we completed our IPO and once again turned our attention to achieving increased scale through organic growth and acquisitions. We delivered record revenue in the second quarter and continue to expand backlog with a strong pace of new contracts and assignments. We recently closed on our first acquisition as a public company and are encouraged by our current pipeline of M&A opportunities.”\n\nFinancial highlights of the three months ended June 30, 2021:\n\n\nGross revenue of $36.5 million, a year-over-year increase of 15%\n\n\nNet service billing1 of $32.5 million, a year-over-year increase of 20%\n\n\nAdjusted EBITDA1of $4.2 million\n\n\nAdjusted EBITDA margin, net1 of 12.9%\n\n\nNet loss of $0.4 million\n\n\nNet income of $1.0 million as adjusted for $1.4 million one-time IPO expenses\n\n\nAcquisitions contributed $2.6 million, or 7%, of gross revenue\n\n\nBacklog1 increased to $124 million, an increase of 7% from March 31, 2021\n\n\nFinancial highlights of the six months ended June 30, 2021:\n\n\nGross revenue of $68.3 million, a year-over-year increase of 13%\n\n\nNet service billing1 of $61.3 million, a year-over-year increase of 18%\n\n\nAdjusted EBITDA1of $8.3 million, a year-over-year increase of 23%\n\n\nAdjusted EBITDA margin, net1 of 13.5%, up from 12.9% in the first six months of 2020\n\n\nNet income of $0.5 million\n\n\nNet income of $1.9 million as adjusted for $1.4 million one-time IPO expenses\n\n\nAcquisitions contributed $4.5 million, or 7% of gross revenue\n\n\nOther Recent Business Highlights:\n\n\nClosed on McFarland-Dyer & Associates acquisition in Atlanta on August 3, 2021\n\n\nRenewed revolving credit facility with Bank of America on favorable terms\n\n\nYear-End Guidance:\n\nThe Company is introducing its full year 2021 outlook for Net Service Billing1 to be in the range ...