Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering services firm supporting owners and developers of the built environment, today released record financial results for the three months ended September 30, 2022.
“We have once again reported a record quarter that exceeded estimates,” said Gary Bowman, Chairman and CEO of Bowman. “We continue to generate growth across all our markets and increase our backlog through bookings that outpace deliveries. Our acquisitions program has proven successful as we continue to acquire strategic partners at attractive multiples and realize meaningful synergies, leading to acquired revenue growth of 24% collectively since acquisition. We are optimistic about the fourth quarter and expect continued growth in revenue, earnings, and operating cash flow into 2023. We are once again increasing our full year outlook and are introducing 2023 guidance that reflects confidence in our ability to continue to deliver these industry leading results.”
Financial Highlights for the three months ended September 30, 2022, compared to September 30, 2021:
- Gross revenue of $71.2 million, compared to $39.7 million, a 79% increase
- Year-over-year organic gross revenue growth of 23%
- Net service billing1 of $64.9 million, compared to $35.7 million, an 82% increase
- Year-over-year organic net service billing growth of 25%
- Net income of $3.4 million, compared to a net income of $0.4 million
- Adjusted EBITDA1 of $9.6 million, compared to $4.4 million, a 118% increase
- Adjusted EBITDA margin, net 1 of 14.8%, compared to 12.4%, a 240-basis point increase
- Gross backlog1 of $230 million, compared to $139 million, a 65% increase
Financial Highlights for the nine months ended September 30, 2022, compared to September 30, 2021:
- Gross revenue of $186.1 million, compared to $108.0 million, a 72% increase
- Year-over-year organic gross revenue growth of 28%
- Net service billing1 of $169.0 million, compared to $97.1 million, a 74% increase
- Year-over-year organic net service billing growth of 31%
- Net income of $4.5 million, compared to a net income of $0.9 million
- Adjusted EBITDA1 of $24.6 million, compared to $12.7 million, a 94% increase
- Adjusted EBITDA margin, net 1 of 14.6%, compared to 13.1%, a 150-basis point increase
Business Highlights during the Third Quarter:
- Closed on the acquisition of Project Design Consultants – July 2022
- Closed on the acquisition of Anchor Engineering – August 2022
Business Highlights after the Third Quarter:
- Closed on the acquisition of Spatial Acuity – November 2022
- Closed on the acquisition of SEI Engineering – November 2022
Increasing FY 2022 Guidance and Introducing FY 2023 Guidance
The Company is increasing its full year 2022 outlook for Net Service Billing to be in the range of $230 to $234 million and Adjusted EBITDA in the range of $33 to $35 million. This represents an increase from the previous guidance for Net Service Billing of $205 to $220 million and Adjusted EBITDA of $29 to $33 million. The Company is introducing its full year 2023 outlook for Net Service Billing to be in the range of $270 to $290 million and Adjusted EBITDA in the range of $42 to $48 million. The current outlook for 2022 and 2023 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions. Management will discuss the Company’s acquisition pipeline during its upcoming earnings call.
Q3 2022 Earnings Webcast
Bowman will host an earnings webcast to discuss the results of the quarter as follows:
Date: |
|
November 11, 2022 |
Time: |
|
9:00 a.m. Eastern Time |
Hosts: |
|
Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer |
Where: |
|
1 |
|
Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations. |
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 1,700 employees in more than 68 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. For more information, visit bowman.com or investors.bowman.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs, These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipates or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
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.
| BOWMAN CONSULTING GROUP LTD. AND AFFILIATES | ||||||||||||||||
| CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED) | ||||||||||||||||
| (Amounts in thousands except per share data) | ||||||||||||||||
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
| Gross Contract Revenue | $ |
71,246 |
|
$ |
39,715 |
|
$ |
186,105 |
|
$ |
108,041 |
|
||||
| Contract costs: (exclusive of depreciation and amortization below) | ||||||||||||||||
Direct payroll costs |
|
27,641 |
|
|
15,531 |
|
|
73,353 |
|
|
42,873 |
|
||||
Sub-consultants and expenses |
|
6,343 |
|
|
3,967 |
|
|
17,086 |
|
|
10,967 |
|
||||
Total contract costs |
|
33,984 |
|
|
19,498 |
|
|
90,439 |
|
|
53,840 |
|
||||
| Operating Expenses: | ||||||||||||||||
Selling, general and administrative |
|
31,916 |
|
|
18,373 |
|
|
82,819 |
|
|
48,328 |
|
||||
Depreciation and amortization |
|
3,138 |
|
|
1,598 |
|
|
8,350 |
|
|
4,506 |
|
||||
Gain on sale |
|
(11 |
) |
|
(46 |
) |
|
(44 |
) |
|
(99 |
) |
||||
Total operating expenses |
|
35,043 |
|
|
19,925 |
|
|
91,125 |
|
|
52,735 |
|
||||
| Income from operations |
|
2,219 |
|
|
292 |
|
|
4,541 |
|
|
1,466 |
|
||||
| Other expense |
|
595 |
|
|
314 |
|
|
2,086 |
|
|
706 |
|
||||
| Income (loss) before tax expense |
|
1,624 |
|
|
(22 |
) |
|
2,455 |
|
|
760 |
|
||||
| Income tax (benefit) expense |
|
(1,773 |
) |
|
(379 |
) |
|
(2,079 |
) |
|
(139 |
) |
||||
| Net income | $ |
3,397 |
|
$ |
357 |
|
$ |
4,534 |
|
$ |
899 |
|
||||
| Earnings allocated to non-vested shares |
|
504 |
|
|
71 |
|
|
731 |
|
|
165 |
|
||||
| Net income attributable to common shareholders | $ |
2,893 |
|
$ |
286 |
|
$ |
3,803 |
|
$ |
734 |
|
||||
Earnings per share |
||||||||||||||||
Basic |
$ |
0.26 |
|
$ |
0.03 |
|
$ |
0.36 |
|
$ |
0.10 |
|
||||
Diluted |
$ |
0.25 |
|
$ |
0.03 |
|
$ |
0.34 |
|
$ |
0.10 |
|
||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
|
11,304,946 |
|
|
8,920,505 |
|
|
10,669,221 |
|
|
7,003,462 |
|
||||
Diluted |
|
11,768,411 |
|
|
8,935,274 |
|
|
11,129,478 |
|
|
7,008,440 |
|
||||
BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
|
||||||
| September 30, 2022 |
December 31, 2021 |
|||||
| (Unaudited) | ||||||
| ASSETS | ||||||
Current Assets |
||||||
Cash and equivalents |
$ |
23,844 |
|
$ |
20,619 |
|
Accounts receivable, net |
|
61,550 |
|
|
38,491 |
|
Contract assets |
|
11,772 |
|
|
9,189 |
|
Notes receivable - officers, employees, affiliates, current portion |
|
1,162 |
|
|
1,260 |
|
Prepaid and other current assets |
|
9,825 |
|
|
4,850 |
|
Total current assets |
|
108,153 |
|
|
74,409 |
|
Non-Current Assets |
||||||
Property and equipment, net |
|
22,683 |
|
|
20,202 |
|
Goodwill |
|
55,264 |
|
|
28,471 |
|
Notes receivable |
|
903 |
|
|
903 |
|
Notes receivable - officers, employees, affiliates, less current portion |
|
1,183 |
|
|
1,218 |
|
Other intangible assets, net |
|
15,734 |
|
|
12,286 |
|
Other assets |
|
809 |
|
|
681 |
|
| Total Assets | $ |
204,729 |
|
$ |
138,170 |
|
| LIABILITIES AND EQUITY | ||||||
Current Liabilities |
||||||
Accounts payable and accrued liabilities |
$ |
28,541 |
|
$ |
17,921 |
|
Contract liabilities |
|
7,689 |
|
|
4,623 |
|
Notes payable, current portion |
|
9,843 |
|
|
4,450 |
|
Deferred rent, current portion |
|
729 |
|
|
724 |
|
Capital lease obligation, current portion |
|
7,473 |
|
|
5,136 |
|
Total current liabilities |
|
54,275 |
|
|
32,854 |
|
Non-Current Liabilities |
||||||
Other non-current obligations |
|
522 |
|
|
- |
|
Notes payable, less current portion |
|
15,807 |
|
|
8,407 |
|
Deferred rent, less current portion |
|
3,851 |
|
|
4,179 |
|
Capital lease obligation, less current portion |
|
10,021 |
|
|
10,020 |
|
Deferred tax liability, net |
|
3,456 |
|
|
4,290 |
|
Common shares subject to repurchase |
|
- |
|
|
7 |
|
Total liabilities |
$ |
87,932 |
|
$ |
59,757 |
|
| Shareholders' Equity | ||||||
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares
|
$ |
- |
|
$ |
- |
|
Common stock, $0.01 par value; 30,000,000 shares authorized;
|
|
157 |
|
|
137 |
|
Additional paid-in-capital |
|
156,966 |
|
|
120,842 |
|
Treasury stock, at cost; 2,338,618 and 2,201,289, respectively |
|
(19,857 |
) |
|
(17,488 |
) |
Stock subscription notes receivable |
|
(202 |
) |
|
(277 |
) |
Accumulated deficit |
|
(20,267 |
) |
|
(24,801 |
) |
Total shareholders' equity |
$ |
116,797 |
|
$ |
78,413 |
|
| TOTAL LIABILITIES AND EQUITY | $ |
204,729 |
|
$ |
138,170 |
|
BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
|
||||||||
| For the Nine Months Ended September 30, | ||||||||
2022 |
2021 |
|||||||
| Cash Flows from Operating Activities: | ||||||||
Net Income |
$ |
4,534 |
|
$ |
899 |
|
||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization - property, plant and equipment |
|
6,366 |
|
|
4,283 |
|
||
Amortization of intangible assets |
|
1,984 |
|
|
223 |
|
||
Gain on sale of assets |
|
(44 |
) |
|
(99 |
) |
||
Bad debt |
|
527 |
|
|
266 |
|
||
Stock based compensation |
|
11,487 |
|
|
5,341 |
|
||
Deferred taxes |
|
(833 |
) |
|
(1,340 |
) |
||
Deferred rent |
|
(323 |
) |
|
(6 |
) |
||
Changes in operating assets and liabilities, net of acquisition of businesses |
||||||||
Accounts Receivable |
|
(12,356 |
) |
|
(10,015 |
) |
||
Contract Assets |
|
(104 |
) |
|
(961 |
) |
||
Prepaid expenses and other assets |
|
(4,376 |
) |
|
(1,462 |
) |
||
Accounts payable and accrued expenses |
|
5,122 |
|
|
6,132 |
|
||
Contract Liabilities |
|
186 |
|
|
(31 |
) |
||
Net cash provided by operating activities |
|
12,170 |
|
|
3,230 |
|
||
| Cash Flows from Investing Activities: | ||||||||
Purchases of property and equipment |
|
(901 |
) |
|
(609 |
) |
||
Fixed assets converted to lease financing |
|
196 |
|
|
- |
|
||
Proceeds from sale of assets and disposal of leases |
|
54 |
|
|
100 |
|
||
Amounts advanced under loans to shareholders |
|
- |
|
|
(473 |
) |
||
Payments received under loans to shareholders |
|
151 |
|
|
88 |
|
||
Acquisitions of businesses, net of cash acquired |
|
(14,806 |
) |
|
(3,000 |
) |
||
Collections under stock subscription notes receivable |
|
75 |
|
|
170 |
|
||
Net cash used in investing activities |
|
(15,231 |
) |
|
(3,724 |
) |
||
| Cash Flows from Financing Activities: | ||||||||
Proceeds from initial public offering, net of underwriting discounts and
|
|
- |
|
|
47,104 |
|
||
Proceeds from common stock offering, net of underwriting discounts and
|
|
15,475 |
|
|
- |
|
||
Net borrowings under revolving line of credit |
|
- |
|
|
(3,481 |
) |
||
Repayments under fixed line of credit |
|
(547 |
) |
|
(540 |
) |
||
Repayment under notes payable |
|
(2,720 |
) |
|
(735 |
) |
||
Payments on capital leases |
|
(4,575 |
) |
|
(3,208 |
) |
||
Payment of contingent consideration from acquisitions |
|
- |
|
|
(2 |
) |
||
Payments for purchase of treasury stock |
|
(2,368 |
) |
|
(582 |
) |
||
Proceeds from issuance of common stock |
|
1,021 |
|
|
297 |
|
||
Net cash provided by financing activities |
|
6,286 |
|
|
38,853 |
|
||
Net increase in cash and cash equivalents |
|
3,225 |
|
|
38,359 |
|
||
Cash and cash equivalents, beginning of period |
|
20,619 |
|
|
386 |
|
||
Cash and cash equivalents, end of period |
$ |
23,844 |
|
$ |
38,745 |
|
||
BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
|
||||||||
| For the Nine Months Ended September 30, | ||||||||
2022 |
2021 |
|||||||
| Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest |
$ |
1,131 |
|
$ |
647 |
|
||
Cash paid for income taxes |
$ |
383 |
|
|
1,040 |
|
||
| Non-cash investing and financing activities: | ||||||||
Property and equipment acquired under capital lease |
$ |
(6,623 |
) |
$ |
(5,704 |
) |
||
Stock redemption for exercise of stock option |
|
- |
|
$ |
139 |
|
||
Issuance of notes payable for acquisitions |
$ |
(16,059 |
) |
$ |
(3,450 |
) |
||
BOWMAN CONSULTING GROUP LTD.
Condensed Combined Statement of Operations Reconciliation |
||||||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|||||||||||||
| Gross contract revenue | $ |
71,246 |
|
$ |
39,715 |
|
$ |
186,105 |
|
$ |
108,041 |
|
||||||||
| Contract costs (exclusive of depreciation and amortization) |
|
33,984 |
|
|
19,498 |
|
|
90,439 |
|
|
53,840 |
|
||||||||
| Operating expense |
|
35,043 |
|
|
19,925 |
|
|
91,125 |
|
|
52,735 |
|
||||||||
| Income from operations |
|
2,219 |
|
|
292 |
|
|
4,541 |
|
|
1,466 |
|
||||||||
| Other (income) expense |
|
595 |
|
|
314 |
|
|
2,086 |
|
|
706 |
|
||||||||
| Income tax expense (benefit) |
|
(1,773 |
) |
|
(379 |
) |
|
(2,079 |
) |
|
(139 |
) |
||||||||
| Net income | $ |
3,397 |
|
$ |
357 |
|
$ |
4,534 |
|
$ |
899 |
|
||||||||
| Net margin |
|
4.8 |
% |
|
0.9 |
% |
|
2.4 |
% |
|
0.8 |
% |
||||||||
| Other financial information 1 | ||||||||||||||||||||
| Net service billing | $ |
64,903 |
|
$ |
35,748 |
|
$ |
169,019 |
|
$ |
97,074 |
|
||||||||
| Adjusted EBITDA |
|
9,624 |
|
|
4,426 |
|
|
24,606 |
|
|
12,697 |
|
||||||||
| Adjusted EBITA margin, net |
|
14.8 |
% |
|
12.4 |
% |
|
14.6 |
% |
|
13.1 |
% |
||||||||
Gross Revenue to Net Service Billing Reconciliation |
|||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||
| Gross contract revenue | $ |
71,246 |
$ |
39,715 |
$ |
186,105 |
$ |
108,041 |
|||||
| Less: sub-consultants and other direct expenses |
|
6,343 |
|
3,967 |
|
17,086 |
|
10,967 |
|||||
| Net services billing | $ |
64,903 |
$ |
35,748 |
$ |
169,019 |
$ |
97,074 |
|||||
Adjusted EBITDA Reconciliation |
||||||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|||||||||||||
| Net Income | $ |
3,397 |
|
$ |
357 |
|
$ |
4,534 |
|
$ |
899 |
|
||||||||
+ interest expense |
|
538 |
|
|
216 |
|
|
1,223 |
|
|
650 |
|
||||||||
+ depreciation & amortization |
|
3,138 |
|
|
1,598 |
|
|
8,350 |
|
|
4,506 |
|
||||||||
+ tax expense |
|
(1,773 |
) |
|
(379 |
) |
|
(2,079 |
) |
|
(139 |
) |
||||||||
| EBITDA | $ |
5,300 |
|
$ |
1,792 |
|
$ |
12,028 |
|
$ |
5,916 |
|
||||||||
+ non-cash stock compensation |
|
4,214 |
|
|
2,634 |
|
|
11,487 |
|
|
5,341 |
|
||||||||
+ transaction related expenses |
|
- |
|
|
- |
|
|
- |
|
|
1,440 |
|
||||||||
+ settlements and other non-core expenses |
|
- |
|
|
- |
|
|
215 |
|
|
- |
|
||||||||
+ acquisition expenses |
|
110 |
|
|
- |
|
|
876 |
|
|
- |
|
||||||||
| Adjusted EBITDA | $ |
9,624 |
|
$ |
4,426 |
|
$ |
24,606 |
|
$ |
12,697 |
|
||||||||
| Adjusted EBITDA margin, net |
|
14.8 |
% |
|
12.4 |
% |
|
14.6 |
% |
|
13.1 |
% |
||||||||
BOWMAN CONSULTING GROUP LTD.
|
||||||||||||||||||||
|
For the Three Months Ended September 30, |
|||||||||||||||||||
| Consolidated Gross Contract Revenue | 2022 |
|
%GCR |
|
2021 |
|
%GCR |
|
Change |
|
% Change |
|||||||||
| Building Infrastructure | $ |
44,765 |
62.8 |
% |
$ |
28,303 |
71.3 |
% |
$ |
16,462 |
58.2 |
% |
||||||||
| Transportation |
|
13,218 |
18.6 |
% |
|
4,033 |
10.2 |
% |
|
9,185 |
227.7 |
% |
||||||||
| Power & Utilities |
|
8,809 |
12.4 |
% |
|
6,295 |
15.9 |
% |
|
2,514 |
39.9 |
% |
||||||||
| Other emerging markets 1 |
|
4,454 |
6.2 |
% |
|
1,084 |
2.6 |
% |
|
3,370 |
310.8 |
% |
||||||||
| Total: | $ |
71,246 |
100.0 |
% |
$ |
39,715 |
100.0 |
% |
$ |
31,531 |
79.4 |
% |
||||||||
| Organic | $ |
47,827 |
67.1 |
% |
$ |
38,853 |
97.8 |
% |
$ |
8,974 |
23.1 |
% |
||||||||
| Acquired 2 |
|
23,419 |
32.9 |
% |
|
862 |
2.2 |
% |
|
22,557 |
n/a |
|||||||||
| Total: | $ |
71,246 |
100.0 |
% |
$ |
39,715 |
100.0 |
% |
$ |
31,531 |
79.4 |
% |
||||||||
1 |
Represents renewable energy, mining, water resources and other. | ||||||||||||||
2 |
After four quarters post-closing, acquired revenue is reclassified as organic; this results in a change from previously reported numbers. | ||||||||||||||
| For the Nine Months Ended September 30, | ||||||||||||||||||
| Consolidated Gross Contract Revenue | 2022 |
|
%GCR |
|
|
2021 |
|
%GCR |
|
Change |
|
% Change |
||||||
| Building Infrastructure | $ |
126,093 |
67.8 |
% |
$ |
74,511 |
69.0 |
% |
$ |
51,582 |
69.2 |
% |
||||||
| Transportation |
|
26,464 |
14.2 |
% |
|
12,344 |
11.4 |
% |
|
14,120 |
114.4 |
% |
||||||
| Power & Utilities |
|
24,370 |
13.1 |
% |
|
17,524 |
16.2 |
% |
|
6,846 |
39.1 |
% |
||||||
| Other emerging markets 1 |
|
9,178 |
4.9 |
% |
|
3,662 |
3.4 |
% |
|
5,516 |
150.6 |
% |
||||||
| Total: | $ |
186,105 |
100.0 |
% |
$ |
108,041 |
100.0 |
% |
$ |
78,064 |
72.3 |
% |
||||||
| Organic and Acquired Gross Contract Revenue | 2022 |
%GCR |
2021 |
%GCR |
Change |
% Change |
||||||||||||
| Organic | $ |
137,086 |
73.7 |
% |
$ |
107,179 |
99.2 |
% |
$ |
29,907 |
27.9 |
% |
||||||
| Acquired 2 |
|
49,019 |
26.3 |
% |
|
862 |
0.8 |
% |
|
48,157 |
n/a |
|||||||
| Total: | $ |
186,105 |
100.0 |
% |
$ |
108,041 |
100.0 |
% |
$ |
78,064 |
72.3 |
% |
||||||
1 |
Represents renewable energy, mining, water resources and other. | ||||||
2 |
After four quarters post-closing, acquired revenue is reclassified as organic; this results in a change from previously reported numbers. | ||||||
BOWMAN CONSULTING GROUP LTD.
|
|||
| (Amounts in thousands) | Gross Backlog | ||
| Building Infrastructure |
|
116,531 |
|
| Transportation |
|
76,228 |
|
| Power & Utilities |
|
30,216 |
|
| Other Emerging Markets |
|
7,388 |
|
$ |
230,363 |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221110005937/en/
Contacts
Investor Relations
Bruce Labovitz
ir@bowman.com
(703) 787-3403
Megan McGrath
mmcgrath@finprofiles.com
(310) 622-8248
