Bowman Consulting Group Ltd. · NASDAQ:BWMN
Bowman Consulting — Q1 2023 Earnings Presentation
14 slides from Bowman Consulting's earnings presentation, May 9, 2023
Slide 1: Q1 2023 Earnings Call | May 9, 2023
Q1 2023 EARNINGS CALL | MAY 9, 2023 | NASDAQ: BWMN BUILDING INFRASTRUCT URE TRANSPORTATION POWER & U T I L I T I E S ENERGY WATER R E S O U R C E S
Slide 2: Disclaimer
Disclaimer Please note that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those express
Slide 3: Q1 2023 Highlights
Q1 2023 Conference Call Q1 2023 Highlights Gary Bowman • $67.6 Million Net Revenue, Up 45% Chairman & CEO • 12% Year-Over-Year Organic Growth • Adjusted EBITDA of $9.7 Million, Up 31% Bruce Labovitz • Successfully Diversifying Revenue Sources Chief Financial Officer • New Orders Ahead of Plan • Back
Slide 4: Gross Backlog
Gross Backlog 4% 13% Civil & Site Construction Energy Electrical Engineering Management Efficiency Engineering +46% Mar. 31, 2023 51% $252 Million Facility Geospatial Landscape Land/Easement Commissioning Engineering Architecture Procurement 32% 2% 15% Plumbing Structural Transportation Engineering
Slide 5: Financial Highlights
Financial Highlights Q1 2023 Compared To Q1 2022 Dollars in Millions For the Three Months Ended March 31 Dollars in Millions For the Three Months Ended March 31 2023 2022 Change 2023 2022 Change Gross Contract Revenue $76.1 $52.5 +45% Non-Cash Stock $4.4 $3.2 +38% Compensation Net Service Billing1 $
Slide 6: Q1 2023 Highlights
Q1 2023 Highlights Commercial % Gross 3% Revenue Residential 18% Municipal 7% • 45% Gross Revenue Growth Q1 2023 Building $76.1 MM Infrastructure 27% Gross Revenue $44.3 MM • 13% Organic Growth in Gross Revenue 21% 58% 24% Gross Revenue • 42% Net Revenue Growth 3% • 12% Organic Growth in Net Revenue
Slide 7: Balance Sheet & Capitalization
Balance Sheet & Capitalization • $14 Million Cash Position Cash & • $30 Million Net Debt Leverage • 0.8x Net Leverage Ratio • $6 Million Net from Operating Activities • Established UTP for Section 174 Tax Changes • $50 Million Bank of America Revolver – Undrawn at 3/31 Capital • Limited Exposure to
Slide 8: Guidance History
Guidance History Increasing FY 2023 Guidance Issued FY 2023 Net Revenue Adjusted EBITDA November 2022 $270 - $290 MM $42 - $48 MM March 2023 $280 - $295 MM $43 - $49 MM May 2023 $285 - $300 MM $44 - $50 MM Guidance Includes Acquisitions Completed to Date Only 8 DE LIV E R IN G INNOVATIVE E N G IN EE
Slide 9: Key Growth Drivers
Key Growth Drivers Significant Culture of Pent-up Demand Intra-company for Infrastructure Collaboration Entering Q2 Committed Public sector with $30 Million funding for transportation Driving revenue synergies from acquisitions in Un-Booked and infrastructure Optimizing utilization Awards Attractive
Slide 10: End Market Highlights
End Market Highlights Q1 2023 – % Gross Revenue | Change 58.3% |+$44.3 MM 21.0% | +$16.0 MM 17.5% | +$13.3 MM 3.2% | +$2.4 MM BUILDING TRANSPORTATION POWER & ENERGY MINING & WATER INFRASTRUCTURE INFRASTRUCTURE UTILITIES S E R V IC ES R E S OU RC ES • Commercial • Illinois Tollway • Undergrounding (P
Slide 11: Acquisition Overview
Acquisition Overview D RY U T I L I T I E S Acquisitions are focused on further diversifying our markets, services and geographies with the opportunity for value creation and through revenue synergies. • 18 acquisitions since IPO • YTD’23 bought >$5 million of net • Experiencing success with revenue
Slide 12: NASDAQ: BWMN
NAS DAQ: BWMN B O W MA N C O N S U L T I N G G R O U P L T D .
Slide 13: Appendix
APPEND IX
Slide 14: Reconciliation of GAAP to Non-GAAP Financials Measures
Reconciliation of GAAP to Non-GAAP Financials Measures Adjusted EBITDA Reconciliation (Dollars in Thousands) For the Three Months Ended March 31 2023 2022 Net Income $537 $1,457 +Interest Expense 896 334 +Depreciation & Amortization 3,565 2,389 +Tax (Benefit) Expense (213) (117) EBITDA $4,785 $4,063
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