Business
Bowman Consulting Group Ltd Announces Q1 2023 Financial Results, Beats Estimates and Raises Guidance
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 released financial results for the three months ended March 31, 2023.\n\n\n“We started the year strong, exceeding estimates and building upon the solid foundation and excellent results we delivered in 2022,” said Gary Bowman, Chairman and CEO of Bowman. “During the first quarter, our net service revenue increased 42% year-over-year, driven both by strong organic growth of 12% and by contributions from the eight acquisitions that we completed over the last year. In keeping with our long-term strategic plan to diversify our revenue, our transportation services market outpaced our other markets with a nearly four-fold year-over-year increase in revenue and a nearly three-fold increase in its percentage of our total revenue mix.”\n\n\n“New order volume in the first quarter exceeded our goals and we entered the second quarter with a strong backlog and several awards in hand where contracts are not yet finalized, so the revenue is not yet included in our backlog. As such, we remain confident in our ability to continue to deliver growth in 2023 and are therefore increasing our full year guidance for net revenues and adjusted EBITDA,” Bowman continued. “Additionally, we continue to have a strong pipeline of acquisition opportunities. In April, we completed the acquisition of Richter & Associates, a Rockville, Maryland based professional services firm focused on dry utility infrastructure engineering, which continues our ongoing diversification effort to build our power and utility services revenue.”\n\n\nFinancial highlights for the three months ended March 31, 2023, compared to March 31, 2022:\n\n\n\nGross revenue of $76.1 million, compared to $52.5 million, a 45% increase\n\n\n\nYear-over-year organic gross revenue growth1 of 13%\n\n\n\nNet service billing1,2 of $67.6 million, compared to $47.7 million, a 42% increase\n\n\n\nYear-over-year organic net service billing growth of 12%\n\n\n\nNet income of $0.5 million, compared to a net income of $1.5 million\n\n\n\nAdjusted EBITDA2 of $9.7 million, compared to $7.4 million, a 31% increase\n\n\n\nAdjusted EBITDA margin, net2 of 14.3% compared to 15.5%, a 120 bps decrease\n\n\n\nGross ...