Bowman Announces Financial Results for Three and Nine Months Ended September 30, 2024
“I’m pleased to report that we are delivering on our commitment to profitable growth,” said
“During the third quarter, we focused our efforts on aligning labor with revenue, capitalizing on economies of scale, increasing free cash flow generation and achieving operational excellence,” continued Bowman. “Throughout the company we affected leadership and staffing changes that made immediate, sustainable and positive impacts on operations, business development and revenue visibility. I am pleased with our progress and remain steadfast in the belief that our strategy with respect to markets, services, technology and growth will continue to produce meaningful long-term value for our employees and shareholders.”
Financial Results for the Three Months Ended
-
Gross contract revenue of
$113.9 million , compared to$94.4 million , a 21% increase -
Net service billing1 of
$101.4 million , compared to$82.1 million , a 23% increase - Organic net service billing growth2 of 8%
-
Net income of
$0.8 million , compared to net income of$1.2 million -
Adjusted EBITDA1 of
$17.0 million , compared to$15.1 million , a 13% increase - Adjusted EBITDA margin, net 1 of 16.7% compared to 18.3%, a 160-bps decrease
-
Basic and Diluted EPS of
$0.04 compared to$0.08
Financial Results for the Nine Months Ended
-
Gross contract revenue of
$313.3 million , compared to$253.3 million , a 24% increase -
Net service billing1 of
$281.0 million , compared to$223.5 million , a 26% increase - Organic net service billing growth2 of 6%
-
Net loss of
$2.9 million , compared to net income of$1.1 million -
Adjusted EBITDA1 of
$42.5 million , compared to$35.8 million , a 19% increase - Adjusted EBITDA margin, net 1 of 15.1% compared to 16.0%, a 90-bps decrease
-
Basic and Diluted EPS of (
$0.18 ) compared to$0.08 and$0.07 , respectively -
Gross backlog1 of
$380 million , compared to$299 million , a 27% increase
Other Events of Note:
-
During the three months ended
September 30, 2024 , the Company repurchased 496,628 shares of its common stock for$11.9 million 3 -
On
October 31, 2024 , the Company entered into a definitive purchase agreement to acquireExeltech Consulting, Inc. , a bridge design and transportation engineering firm based inLacey, Washington , subject to usual and customary closing conditions.
Non-GAAP Adjusted Earnings per Share:
In connection with the release of financial results the Company reported the non-GAAP financial metric of Adjusted (Loss) Earnings per Share4 (“Adjusted EPS”) as follows:
For the three months ended
-
Adjusted Net Income1 was
$5.5 million compared to$5.3 million -
Basic and Diluted Adjusted EPS was
$0.31 and$0.30 , compared to$0.36 and$0.34 , respectively
For the nine months ended
-
Adjusted Net Income1 was
$8.2 million compared to$11.2 million -
Basic and Diluted Adjusted EPS was
$0.49 and$0.48 , compared to$0.79 and$0.73 , respectively
Updating FY 2024 Guidance and Introducing 2025 Outlook
The Company is raising its full year 2024 guidance for net service billing to be in the range of
Q3 2024 Earnings Webcast
| Bowman will host an earnings webcast to discuss the results of the quarter as follows: | |||
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Date: |
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Time: |
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About
Headquartered in
1 Non-GAAP financial metric the Company believes offers valuable perspective on results of operations (see non-GAAP tables below for reconciliations).
2 For the three months, trailing four quarters organic growth as of
3 Pursuant to the Company’s
4 Basic Adjusted EPS and Diluted Adjusted EPS are all non-GAAP financial metrics the Company believes offer valuable perspectives on results of operations (see non-GAAP tables below for reconciliations). Adjusted EPS (Basic and Diluted) include addbacks for non-reoccurring expenses specific to acquisitions, non-cash stock compensation expense associated with pre-IPO grants, and other expenses not in the ordinary course of business. With respect to the elimination of any non-cash stock compensation expense, the Company computes an adjusted tax expense or benefit which accounts for the elimination of any periodic windfall or shortfall tax effects resulting from the difference between grant date fair value and vest date value. With respect to all other eliminations, the Company applies its average marginal statutory tax rate, currently 25.6%, to derive the tax adjustment associated with the elimination of expenses. A reconciliation of non-GAAP Adjusted EPS to GAAP EPS, both basic and diluted, is included with this press release for reference.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the
Non-GAAP Financial Measures and Other Key Metrics
We supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, with certain non-GAAP financial measures, as described below, to help represent, explain, and understand our operating performance. These non-GAAP financial measures may be different than similarly referenced measures used by other companies. The non-GAAP measures are intended to enhance investors’ overall understanding and evaluation of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We present these non-GAAP financial measures to assist investors in seeing our financial performance in a manner more aligned with management’s view and believe these measures provide additional tools by which investors can evaluate our core financial performance over multiple periods relative to other companies in our industry. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.
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CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data) |
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(Unaudited) |
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||||
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ASSETS |
|
|
|
||||
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Current Assets |
|
|
|
||||
|
Cash and equivalents |
$ |
11,660 |
|
|
$ |
20,687 |
|
|
Accounts receivable, net |
|
105,406 |
|
|
|
87,565 |
|
|
Contract assets |
|
43,838 |
|
|
|
33,520 |
|
|
Notes receivable - officers, employees, affiliates, current portion |
|
1,146 |
|
|
|
1,199 |
|
|
Prepaid and other current assets |
|
10,869 |
|
|
|
11,806 |
|
|
Total current assets |
|
172,919 |
|
|
|
154,777 |
|
|
Non-Current Assets |
|
|
|
||||
|
Property and equipment, net |
|
43,983 |
|
|
|
27,601 |
|
|
Operating lease, right-of-use assets |
|
41,271 |
|
|
|
40,743 |
|
|
|
|
134,084 |
|
|
|
96,393 |
|
|
Notes receivable |
|
903 |
|
|
|
903 |
|
|
Notes receivable - officers, employees, affiliates, less current portion |
|
1,110 |
|
|
|
1,119 |
|
|
Other intangible assets, net |
|
59,524 |
|
|
|
46,294 |
|
|
Deferred tax asset, net |
|
41,682 |
|
|
|
33,780 |
|
|
Other assets |
|
1,481 |
|
|
|
1,175 |
|
|
Total Assets |
$ |
496,957 |
|
|
$ |
402,785 |
|
|
LIABILITIES AND EQUITY |
|
|
|
||||
|
Current Liabilities |
|
|
|
||||
|
Revolving credit facility |
|
32,332 |
|
|
|
45,290 |
|
|
Accounts payable and accrued liabilities |
|
43,983 |
|
|
|
44,394 |
|
|
Contract liabilities |
|
8,905 |
|
|
|
7,481 |
|
|
Notes payable, current portion |
|
15,134 |
|
|
|
13,989 |
|
|
Operating lease obligation, less current portion |
|
10,635 |
|
|
|
9,016 |
|
|
Finance lease obligation, current portion |
|
9,817 |
|
|
|
6,586 |
|
|
Total current liabilities |
|
120,806 |
|
|
|
126,756 |
|
|
Non-Current Liabilities |
|
|
|
||||
|
Other non-current obligations |
|
51,971 |
|
|
|
42,288 |
|
|
Notes payable, less current portion |
|
20,251 |
|
|
|
13,738 |
|
|
Operating lease obligation, less current portion |
|
36,681 |
|
|
|
37,660 |
|
|
Finance lease obligation, less current portion |
|
18,829 |
|
|
|
14,408 |
|
|
Pension and post-retirement obligation, less current portion |
|
5,213 |
|
|
|
4,654 |
|
|
Total liabilities |
$ |
253,751 |
|
|
$ |
239,504 |
|
|
|
|
|
|
||||
|
Shareholders' Equity |
|
|
|
||||
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Preferred Stock, |
|
- |
|
|
|
- |
|
|
Common stock, |
|
212 |
|
|
|
177 |
|
|
Additional paid-in-capital |
|
323,255 |
|
|
|
215,420 |
|
|
Accumulated other comprehensive income |
|
559 |
|
|
|
590 |
|
|
|
|
(51,489 |
) |
|
|
(26,410 |
) |
|
Stock subscription notes receivable |
|
(42 |
) |
|
|
(76 |
) |
|
Accumulated deficit |
|
(29,289 |
) |
|
|
(26,420 |
) |
|
Total shareholders' equity |
$ |
243,206 |
|
|
$ |
163,281 |
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY |
$ |
496,957 |
|
|
$ |
402,785 |
|
|
CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) (Unaudited) |
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For the Three Months
|
|
For the Nine Months
|
||||||||||||
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|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Gross Contract Revenue |
$ |
113,932 |
|
|
$ |
94,434 |
|
|
$ |
313,341 |
|
|
$ |
253,290 |
|
|
Contract costs: (exclusive of depreciation and amortization below) |
|
|
|
|
|
|
|
||||||||
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Direct payroll costs |
|
41,713 |
|
|
|
33,383 |
|
|
|
118,471 |
|
|
|
94,287 |
|
|
Sub-consultants and expenses |
|
12,569 |
|
|
|
12,310 |
|
|
|
32,308 |
|
|
|
29,811 |
|
|
Total contract costs |
|
54,282 |
|
|
|
45,693 |
|
|
|
150,779 |
|
|
|
124,098 |
|
|
Operating Expenses: |
|
|
|
|
|
|
|
||||||||
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Selling, general and administrative |
|
51,903 |
|
|
|
41,735 |
|
|
|
145,795 |
|
|
|
113,717 |
|
|
Depreciation and amortization |
|
7,395 |
|
|
|
4,500 |
|
|
|
20,572 |
|
|
|
12,785 |
|
|
(Gain) on sale |
|
(81 |
) |
|
|
(110 |
) |
|
|
(393 |
) |
|
|
(347 |
) |
|
Total operating expenses |
|
59,217 |
|
|
|
46,125 |
|
|
|
165,974 |
|
|
|
126,155 |
|
|
Income (loss) from operations |
|
433 |
|
|
|
2,616 |
|
|
|
(3,412 |
) |
|
|
3,037 |
|
|
Other expense |
|
1,572 |
|
|
|
1,495 |
|
|
|
6,000 |
|
|
|
3,852 |
|
|
(Loss) income before tax benefit |
|
(1,139 |
) |
|
|
1,121 |
|
|
|
(9,412 |
) |
|
|
(815 |
) |
|
Income tax (benefit) |
|
(1,910 |
) |
|
|
(62 |
) |
|
|
(6,543 |
) |
|
|
(1,901 |
) |
|
Net income (loss) |
$ |
771 |
|
|
$ |
1,183 |
|
|
$ |
(2,869 |
) |
|
$ |
1,086 |
|
|
Earnings allocated to non-vested shares |
|
53 |
|
|
|
146 |
|
|
|
– |
|
|
|
140 |
|
|
Net income (loss) attributable to common shareholders |
$ |
718 |
|
|
$ |
1,037 |
|
|
$ |
(2,869 |
) |
|
$ |
946 |
|
|
Earnings (loss) per share |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.08 |
|
|
Diluted |
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.07 |
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
16,537,472 |
|
|
|
12,814,971 |
|
|
|
15,559,279 |
|
|
|
12,304,751 |
|
|
Diluted |
|
16,835,337 |
|
|
|
13,793,120 |
|
|
|
15,559,279 |
|
|
|
13,437,841 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands except per share data) (Unaudited) |
|||||||
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|
For the Nine Months Ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
Cash Flows from Operating Activities: |
|
|
|
||||
|
Net (loss) income |
$ |
(2,869 |
) |
|
$ |
1,086 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
||||
|
Depreciation and amortization - property, plant and equipment |
|
9,722 |
|
|
|
7,172 |
|
|
Amortization of intangible assets |
|
10,850 |
|
|
|
5,613 |
|
|
Gain on sale of assets |
|
(393 |
) |
|
|
(347 |
) |
|
Credit losses |
|
1,043 |
|
|
|
630 |
|
|
Stock based compensation |
|
20,272 |
|
|
|
18,280 |
|
|
Accretion of discounts on notes payable |
|
486 |
|
|
|
459 |
|
|
Deferred taxes |
|
(18,351 |
) |
|
|
(11,134 |
) |
|
Changes in operating assets and liabilities |
|
|
|
||||
|
Accounts receivable |
|
(10,830 |
) |
|
|
(14,581 |
) |
|
Contract assets |
|
(5,229 |
) |
|
|
(8,118 |
) |
|
Prepaid expenses and other assets |
|
2,909 |
|
|
|
(4,370 |
) |
|
Accounts payable and accrued expenses |
|
6,438 |
|
|
|
19,752 |
|
|
Contract liabilities |
|
(1,666 |
) |
|
|
(2,171 |
) |
|
Net cash provided by operating activities |
|
12,382 |
|
|
|
12,271 |
|
|
Cash Flows from Investing Activities: |
|
|
|
||||
|
Purchases of property and equipment |
|
(819 |
) |
|
|
(2,081 |
) |
|
Fixed assets converted to lease financing |
|
17 |
|
|
|
- |
|
|
Proceeds from sale of assets and disposal of leases |
|
399 |
|
|
|
347 |
|
|
Payments received under loans to shareholders |
|
61 |
|
|
|
115 |
|
|
Acquisitions of businesses, net of cash acquired |
|
(23,327 |
) |
|
|
(15,442 |
) |
|
Collections under stock subscription notes receivable |
|
33 |
|
|
|
62 |
|
|
Net cash used in investing activities |
|
(23,636 |
) |
|
|
(16,999 |
) |
|
Cash Flows from Financing Activities: |
|
|
|
||||
|
Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs |
|
47,151 |
|
|
|
– |
|
|
(Repayments) Borrowings under revolving credit facility |
|
(12,958 |
) |
|
|
22,379 |
|
|
Repayments under fixed line of credit |
|
(345 |
) |
|
|
(381 |
) |
|
Proceeds from notes payable |
|
6,209 |
|
|
|
– |
|
|
Repayment under notes payable |
|
(10,951 |
) |
|
|
(8,715 |
) |
|
Proceeds from finance leases |
|
4,567 |
|
|
|
– |
|
|
Payments on finance leases |
|
(6,462 |
) |
|
|
(4,989 |
) |
| Payment of contingent consideration from acquisitions |
(1,357 |
) |
– |
||||
|
Payments for purchase of treasury stock |
|
(11,130 |
) |
|
|
(3,594 |
) |
|
Repurchases of common stock |
|
(13,950 |
) |
|
|
– |
|
|
Proceeds from issuance of common stock |
|
1,453 |
|
|
|
1,177 |
|
|
Net cash provided by financing activities |
|
2,227 |
|
|
|
5,877 |
|
|
Net (decrease) increase in cash and cash equivalents |
|
(9,027 |
) |
|
|
1,149 |
|
|
Cash and cash equivalents, beginning of period |
|
20,687 |
|
|
|
13,282 |
|
|
Cash and cash equivalents, end of period |
$ |
11,660 |
|
|
$ |
14,431 |
|
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
|
Cash paid for interest |
$ |
5,073 |
|
|
$ |
2,815 |
|
|
Cash paid for income taxes |
$ |
7,792 |
|
|
$ |
900 |
|
|
Non-cash investing and financing activities |
|
|
|
||||
|
Property and equipment acquired under finance lease |
$ |
(9,558 |
) |
|
$ |
(6,724 |
) |
|
Note payable converted to common shares |
$ |
(3,368 |
) |
|
$ |
(672 |
) |
|
Issuance of notes payable for acquisitions |
$ |
(15,291 |
) |
|
$ |
(6,277 |
) |
|
Issuance of contingent considerations |
$ |
(1,722 |
) |
|
$ |
(8,599 |
) |
|
Settlement of contingent consideration |
$ |
1,202 |
|
|
$ |
– |
|
|
RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data) |
||||||||||||||||
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net income (loss) (GAAP) |
|
$ |
771 |
|
|
$ |
1,183 |
|
|
$ |
(2,869 |
) |
|
$ |
1,086 |
|
|
+ tax (benefit) (GAAP) |
|
|
(1,910 |
) |
|
|
(62 |
) |
|
|
(6,543 |
) |
|
|
(1,901 |
) |
|
(Loss) income before tax expense (GAAP) |
|
$ |
(1,139 |
) |
|
$ |
1,121 |
|
|
$ |
(9,412 |
) |
|
$ |
(815 |
) |
|
+ acquisition related expenses |
|
|
1,064 |
|
|
|
555 |
|
|
|
4,349 |
|
|
|
2,177 |
|
|
+ amortization of intangibles |
|
|
3,696 |
|
|
|
1,948 |
|
|
|
10,850 |
|
|
|
5,613 |
|
|
+ non-cash stock comp related to pre-IPO |
|
|
796 |
|
|
|
1,744 |
|
|
|
3,473 |
|
|
|
5,207 |
|
|
+ other non-core expenses |
|
|
1,954 |
|
|
|
560 |
|
|
|
2,767 |
|
|
|
674 |
|
|
Adjusted income before tax expense |
|
$ |
6,371 |
|
|
$ |
5,928 |
|
|
$ |
12,027 |
|
|
$ |
12,856 |
|
|
Adjusted income tax expense |
|
|
858 |
|
|
|
620 |
|
|
|
3,791 |
|
|
|
1,665 |
|
|
Adjusted net income |
|
$ |
5,513 |
|
|
$ |
5,308 |
|
|
$ |
8,236 |
|
|
$ |
11,191 |
|
|
Adjusted earnings allocated to non-vested shares |
|
|
381 |
|
|
|
655 |
|
|
|
650 |
|
|
|
1,438 |
|
|
Adjusted net income attributable to common shareholders |
|
$ |
5,132 |
|
|
$ |
4,653 |
|
|
$ |
7,586 |
|
|
$ |
9,753 |
|
|
Earnings (loss) per share (GAAP) |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.08 |
|
|
Diluted |
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.07 |
|
|
Adjusted earnings per share (Non-GAAP) |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
0.31 |
|
|
$ |
0.36 |
|
|
$ |
0.49 |
|
|
$ |
0.79 |
|
|
Diluted |
|
$ |
0.30 |
|
|
$ |
0.34 |
|
|
$ |
0.48 |
|
|
$ |
0.73 |
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
16,537,472 |
|
|
|
12,814,971 |
|
|
|
15,559,279 |
|
|
|
12,304,751 |
|
|
Diluted |
|
|
16,835,337 |
|
|
|
13,793,120 |
|
|
|
15,904,025 |
|
|
|
13,437,841 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic Adjusted Earnings (Loss) Per Share Summary - Non-GAAP |
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Earnings (loss) per share (GAAP) |
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.08 |
|
|
Pre-tax basic per share adjustments |
|
$ |
0.35 |
|
|
$ |
0.38 |
|
|
$ |
0.95 |
|
|
$ |
0.97 |
|
|
Adjusted earnings per share before tax expense |
|
$ |
0.39 |
|
|
$ |
0.46 |
|
|
$ |
0.77 |
|
|
$ |
1.05 |
|
|
Tax expense per share adjustment |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.24 |
|
|
$ |
0.14 |
|
|
Adjusted earnings per share - adjusted net income |
|
$ |
0.34 |
|
|
$ |
0.41 |
|
|
$ |
0.53 |
|
|
$ |
0.91 |
|
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.12 |
|
|
Adjusted earnings per share attributable to common shareholders |
|
$ |
0.31 |
|
|
$ |
0.36 |
|
|
$ |
0.49 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted Adjusted Earnings (Loss) Per Share Summary - Non-GAAP |
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Earnings (loss) per share (GAAP) |
|
$ |
0.04 |
|
|
$ |
0.08 |
|
|
$ |
(0.18 |
) |
|
$ |
0.07 |
|
|
Pre-tax diluted per share adjustments |
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.94 |
|
|
$ |
0.89 |
|
|
Adjusted earnings per share before tax expense |
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.76 |
|
|
$ |
0.96 |
|
|
Tax expense per share adjustment |
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.24 |
|
|
$ |
0.12 |
|
|
Adjusted earnings per share - adjusted net income |
|
$ |
0.33 |
|
|
$ |
0.39 |
|
|
$ |
0.52 |
|
|
$ |
0.84 |
|
|
Adjusted earnings per share allocated to non-vested shares |
|
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.11 |
|
|
Adjusted earnings per share attributable to common shareholders |
|
$ |
0.30 |
|
|
$ |
0.34 |
|
|
$ |
0.48 |
|
|
$ |
0.73 |
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands except per share data) |
||||||||||||||
|
Combined Statement of Operations Reconciliation |
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||
|
|
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
|
Gross contract revenue |
|
$ |
113,932 |
|
$ |
94,434 |
|
|
$ |
313,341 |
|
$ |
253,290 |
|
|
Contract costs (exclusive of depreciation and amortization) |
|
|
54,282 |
|
|
45,693 |
|
|
|
150,779 |
|
|
124,098 |
|
|
Operating expense |
|
|
59,217 |
|
|
46,125 |
|
|
|
165,974 |
|
|
126,155 |
|
|
Income (loss) from operations |
|
|
433 |
|
|
2,616 |
|
|
$ |
(3,412 |
) |
$ |
3,037 |
|
|
Other expense |
|
|
1,572 |
|
|
1,495 |
|
|
|
6,000 |
|
|
3,852 |
|
|
Income tax (benefit) |
|
|
(1,910 |
) |
|
(62 |
) |
|
|
(6,543 |
) |
|
(1,901 |
) |
|
Net income (loss) |
|
$ |
771 |
|
$ |
1,183 |
|
|
$ |
(2,869 |
) |
$ |
1,086 |
|
|
Net margin |
|
|
0.7 |
% |
|
1.3 |
% |
|
|
(0.9 |
)% |
|
0.4 |
% |
|
Other financial information 1 |
|
|
|
|
|
|
||||||||
|
Net service billing |
|
$ |
101,363 |
|
$ |
82,124 |
|
|
$ |
281,033 |
|
$ |
223,479 |
|
|
Adjusted EBITDA |
|
|
16,970 |
|
|
15,057 |
|
|
|
42,511 |
|
|
35,783 |
|
|
Adjusted EBITDA margin, net |
|
|
16.7 |
% |
|
18.3 |
% |
|
|
15.1 |
% |
|
16.0 |
% |
|
|
|
|
|
|
|
|
||||||||
|
Gross Contract Revenue to Net Service Billing Reconciliation |
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||
|
|
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
|
Gross contract revenue |
|
$ |
113,932 |
|
$ |
94,434 |
|
|
$ |
313,341 |
|
$ |
253,290 |
|
|
Less: sub-consultants and other direct expenses |
|
|
12,569 |
|
|
12,310 |
|
|
|
32,308 |
|
|
29,811 |
|
|
Net service billing |
|
$ |
101,363 |
|
$ |
82,124 |
|
|
$ |
281,033 |
|
$ |
223,479 |
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted EBITDA Reconciliation |
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||
|
|
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
|
Net Service Billing |
|
$ |
101,363 |
|
$ |
82,124 |
|
|
$ |
281,033 |
|
$ |
223,479 |
|
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) |
|
$ |
771 |
|
$ |
1,183 |
|
|
$ |
(2,869 |
) |
$ |
1,086 |
|
|
+ interest expense |
|
|
1,938 |
|
|
1,538 |
|
|
|
5,844 |
|
|
3,545 |
|
|
+ depreciation & amortization |
|
|
7,395 |
|
|
4,500 |
|
|
|
20,572 |
|
|
12,785 |
|
|
+ tax (benefit) |
|
|
(1,910 |
) |
|
(62 |
) |
|
|
(6,543 |
) |
|
(1,901 |
) |
|
EBITDA |
|
$ |
8,194 |
|
$ |
7,159 |
|
|
$ |
17,004 |
|
$ |
15,515 |
|
|
+ non-cash stock compensation |
|
|
6,448 |
|
|
7,158 |
|
|
|
20,386 |
|
|
18,480 |
|
|
+ transaction related expenses |
|
|
– |
|
|
63 |
|
|
|
– |
|
|
186 |
|
|
+ settlements and other non-core expenses |
|
|
1,954 |
|
|
560 |
|
|
|
2,767 |
|
|
674 |
|
|
+ acquisition expenses |
|
|
374 |
|
|
117 |
|
|
|
2,354 |
|
|
928 |
|
|
Adjusted EBITDA |
|
$ |
16,970 |
|
$ |
15,057 |
|
|
$ |
42,511 |
|
$ |
35,783 |
|
|
Adjusted EBITDA margin, net |
|
|
16.7 |
% |
|
18.3 |
% |
|
|
15.1 |
% |
|
16.0 |
% |
|
|
|
|
|
|
|
|
||||||||
1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.
|
GROSS CONTRACT REVENUE COMPOSITION (Unaudited) |
|||||||||
|
|
|||||||||
|
(dollars in thousands) |
For the Three Months Ended |
||||||||
|
Consolidated Gross Revenue |
2024 |
% |
2023 |
% |
Change |
% |
|||
|
Building Infrastructure3 |
56,174 |
49.3 |
% |
51,909 |
55.0 |
% |
4,265 |
8.2 |
% |
|
Transportation |
21,851 |
19.2 |
% |
19,769 |
20.9 |
% |
2,082 |
10.5 |
% |
|
Power and Utilities3 |
20,041 |
17.6 |
% |
18,586 |
19.7 |
% |
1,455 |
7.8 |
% |
|
Other Emerging Markets1 |
15,866 |
13.9 |
% |
4,170 |
4.4 |
% |
11,696 |
280.5 |
% |
|
Total |
113,932 |
100.0 |
% |
94,434 |
100.0 |
% |
19,498 |
20.6 |
% |
|
|
|
|
|
|
|
|
|||
|
Acquired2 |
23,332 |
20.5 |
% |
15,431 |
16.3 |
% |
7,901 |
51.2 |
% |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
|
(dollars in thousands) |
For the Nine Months Ended |
||||||||
|
Consolidated Gross Revenue |
2024 |
% |
2023 |
% |
Change |
% |
|||
|
Building Infrastructure3 |
165,709 |
52.9 |
% |
144,862 |
57.2 |
% |
20,847 |
14.4 |
% |
|
Transportation |
60,145 |
19.2 |
% |
51,658 |
20.4 |
% |
8,487 |
16.4 |
% |
|
Power and Utilities3 |
56,229 |
17.9 |
% |
47,481 |
18.7 |
% |
8,748 |
18.4 |
% |
|
Other Emerging Markets1 |
31,258 |
10.0 |
% |
9,289 |
3.7 |
% |
21,969 |
236.5 |
% |
|
Total |
313,341 |
100.0 |
% |
253,290 |
100.0 |
% |
60,051 |
23.7 |
% |
|
|
|
|
|
|
|
|
|||
|
Acquired2 |
49,767 |
15.9 |
% |
27,050 |
10.7 |
% |
22,717 |
84.0 |
% |
1 Represents environmental, mining, water resources, imaging and mapping, and other.
2 Acquired revenue in prior periods is as previously reported; four quarters post-closing, acquired revenue is reclassified as organic for the purpose of calculating organic growth rates.
3 Includes certain reclassifications of revenue between categories from prior periods for consistency of presentation.
|
GROSS BACKLOG BY CATEGORY AT (Unaudited) |
||
|
Category |
Percentage |
|
|
Building Infrastructure |
46 |
% |
|
Transportation |
29 |
% |
|
Power and Utilities |
15 |
% |
|
Emerging Markets |
10 |
% |
|
TOTAL |
100 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105492396/en/
Investor Relations Contacts:
ir@bowman.com
(703) 464-1029
ir@bowman.com
(310) 622-8227
Source:
