Bowman Q3 2022 Earnings Report
Key Takeaways
Bowman Consulting Group Ltd. reported a record third quarter with gross revenue of $71.2 million, a 79% increase compared to the previous year. Net income increased to $3.4 million, and the company raised its full-year outlook for Net Service Billing and Adjusted EBITDA.
Reported record quarter that exceeded estimates.
Generated growth across all markets and increased backlog through bookings.
Acquisitions program proven successful, leading to acquired revenue growth of 24% collectively since acquisition.
Increased full year outlook and introduced 2023 guidance, reflecting confidence in ability to continue to deliver industry leading results.
Bowman
Bowman
Bowman Revenue by Segment
Forward 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. 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income