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Jun 30, 2023
Bowman Q2 2023 Earnings Report
Bowman's Q2 2023 financial results were announced, featuring record revenue and adjusted EBITDA, driven by strategic growth and acquisitions.
Key Takeaways
Bowman Consulting Group Ltd. reported a 33% increase in gross revenue to $82.8 million and a 46% increase in adjusted EBITDA to $11.1 million for the second quarter of 2023. The company closed on five acquisitions during the quarter, contributing approximately $36 million of annualized revenue. Bowman increased its full year 2023 outlook for Net Service Billing to be in the range of $300 to $315 million and Adjusted EBITDA in the range of $47 to $52 million.
Gross revenue increased by 33% to $82.8 million compared to the same period last year.
Organic gross revenue growth was 13% year-over-year.
Adjusted EBITDA increased by 46% to $11.1 million compared to the same period last year.
Gross backlog increased by 43% to $295 million compared to the same period last year.
Revenue by Segment
Forward Guidance
The Company is increasing its full year 2023 outlook for Net Service Billing to be in the range of $300 to $315 million and Adjusted EBITDA in the range of $47 to $52 million. The current outlook for 2023 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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