Loading...
•
Mar 31, 2024
Bowman Q1 2024 Earnings Report
Bowman's first quarter delivered the revenue rebound and the company increased its net service billing and adjusted EBITDA guidance for 2024.
Key Takeaways
Bowman Consulting Group reported a 25% increase in gross contract revenue, reaching $94.9 million, and a 27% increase in net service billing, totaling $85.7 million. The company's adjusted EBITDA increased by 25% to $12.1 million, while experiencing a net loss of $1.6 million. The company closed on an equity offering that included approximately $51 million of gross proceeds and a new $100 million revolving credit facility.
Gross contract revenue increased by 25% year-over-year, reaching $94.9 million.
Net service billing increased by 27% year-over-year, amounting to $85.7 million.
Adjusted EBITDA increased by 25% year-over-year, totaling $12.1 million.
Gross backlog increased by 31% year-over-year, reaching $330 million.
Bowman
Bowman
Bowman Revenue by Segment
Revenue by Segment
Building Infrastructure Revenue
CapyFin.comTransportation Revenue
CapyFin.comPower and Utilities Revenue
CapyFin.com Forward Guidance
The Company is adjusting its full year 2024 outlook for net service billing to be in the range of $382 to $397 million and Adjusted EBITDA in the range of $63 to $69 million. The current outlook for 2024 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income