Bowman Q2 2024 Earnings Report
Key Takeaways
Bowman Consulting Group reported a net loss of $2.0 million for the quarter ended June 30, 2024, despite a 26% increase in gross contract revenue to $104.5 million. The company faced challenges with the conversion of awards to revenue due to delays in project commencement, but backlog grew by nearly 5% from the end of last quarter and 19% year-over-year, excluding backlog acquired in Q2. The company is optimistic about improvements in the second half of the year and into 2025.
Gross contract revenue increased by 26% to $104.5 million compared to the same period last year.
Organic gross revenue increased by 5% year-over-year.
Net loss was $2.0 million, compared to a net loss of $0.6 million in the prior year.
Adjusted EBITDA increased by 21% to $13.4 million, but adjusted EBITDA margin decreased by 70 bps to 14.3%.
Bowman
Bowman
Bowman Revenue by Segment
Forward Guidance
The Company is adjusting its full year 2024 outlook for net service billing to be in the range of $375 to $385 million and Adjusted EBITDA to be in the range of $58 to $63 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