On November 7, 2023, Bowman Consulting Group Ltd (BWMN, Financial) released its financial results for the third quarter and nine months ended September 30, 2023. The company reported record gross revenue and a significant increase in its backlog, demonstrating the success of its strategic growth initiative.
Financial Highlights
BWMN's Chairman and CEO, Gary Bowman, expressed his satisfaction with the company's Q3 performance. He stated,
We delivered record gross revenue and demonstrated the margin leverage and operating cash flow our strategic growth initiative can deliver over time through increased scale."He also highlighted the company's robust backlog, which grew by 30% year-over-year, and the continuation of acquisition activity with two additional closings since the end of Q3.
Stock Repurchase Program
In November 2022, BWMN's Board of Directors authorized a stock repurchase program to repurchase up to $10.0 million of the company's common stock. As of November 6, 2023, the company has repurchased a total of 28,704 shares of its common stock at an average price of $25.94, leaving $9.3 million remaining under the program.
Introduction of Adjusted EPS
In connection with the release of its Q3 2023 financial results, BWMN introduced a new non-GAAP financial metric, Adjusted EPS. This metric is calculated by adding back non-recurring expenses specific to acquisitions, non-cash stock compensation expense associated with pre-IPO grants, and other expenses not in the ordinary course of business.
Financial Outlook
BWMN adjusted its full year 2023 outlook for Net Service Billing to be in the range of $306 to $312 million and Adjusted EBITDA in the range of $48 to $52 million. The company also introduced its full year 2024 outlook for Net Service Billing to be in the range of $345 to $360 million and Adjusted EBITDA in the range of $56 to $62 million.
Company Overview
Headquartered in Reston, Virginia, Bowman Consulting Group Ltd is a national engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 2,000 employees and more than 80 offices throughout the United States, BWMN provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement, and other technical services to customers operating in a diverse set of regulated end markets.
Explore the complete 8-K earnings release (here) from Bowman Consulting Group Ltd for further details.
