Business
Bowman Consulting Group Announces Third 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 nine months ended September 30, 2021, which include record revenue.\n\n“The third quarter was the highest revenue quarter in company history, as we continue to experience strong demand across our end markets,” said Gary Bowman, Chairman and CEO of Bowman. “This was our first full quarter as a public company, and I could not be more pleased with how we have executed on our business strategy. Since becoming a public company, we have closed on four acquisitions, and we expect to close additional acquisitions by year end. Most importantly, our entire team has met the challenge of integrating new operations while continuing to serve the growing needs of our existing clients and develop new relationships. We continue to be steadfast in our commitment to increase shareholder value over time through a combination of organic growth and strategic acquisitions.”\n\nFinancial highlights of the three months ended September 30, 2021:\n\n\nGross revenue of $39.7 million, a year-over-year increase of 25%\n\n\nNet service billing1 of $35.7 million, a year-over-year increase of 41%\n\n\nAdjusted EBITDA1 of $4.4 million\n\n\nAdjusted EBITDA margin, net 1 of 12.4%\n\n\nNet income of $0.4 million\n\n\nAcquired revenue accounted for $2.3 million, or 6%, of gross revenue\n\n\nBacklog1 of $139 million, an increase of 13% from June 30, 2021\n\n\nFinancial highlights of the nine months ended September 30, 2021:\n\n\nGross revenue of $108.0 million, a year-over-year increase of 17%\n\n\nNet service billing1 of $97.1 million, a year-over-year increase of 26%\n\n\nAdjusted EBITDA1 of $12.7 million, a year-over-year increase of 20%\n\n\nAdjusted EBITDA margin, net 1 of 13.1%\n\n\nNet income of $0.9 million\n\n\nAcquired revenue accounted for $6.8 million, or 6% of gross revenue\n\n\nOther Recent Business Highlights:\n\n\nClosed on the acquisition of Triangle Site Design in Raleigh, NC on October 1, 2021\n\n\nClosed on the acquisition of PCD Engineering in Denver, CO on October 8, 2021\n\n\nClosed on the acquisition of BTM Engineering in Louisville, KY on October 15, 2021\n\n\nYear-End Guidance:\n\nThe Com...