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Sep 30, 2024
Bowman Q3 2024 Earnings Report
Bowman exceeded $100 million in net revenue for the first time and focused on aligning labor with revenue during the third quarter.
Key Takeaways
Bowman Consulting Group Ltd. reported strong financial results for Q3 2024, exceeding $100 million in net revenue for the first time. The company focused on aligning labor with revenue, capitalizing on economies of scale, and increasing free cash flow generation.
Gross contract revenue increased by 21% to $113.9 million.
Net service billing increased by 23% to $101.4 million.
Organic net service billing growth was 8%.
Adjusted EBITDA increased by 13% to $17.0 million.
Revenue by Segment
Forward Guidance
Bowman is raising its full year 2024 guidance for net service billing to be in the range of $376 to $386 million and reaffirming its guidance for Adjusted EBITDA to be in the range of $58 to $63 million. The Company is introducing its full year 2025 outlook for net service billing to be in the range of $422 to $437 million and for Adjusted EBITDA to be in the range of $68 to $75 million.
Positive Outlook
- Net service billing to be in the range of $376 to $386 million for 2024.
- Adjusted EBITDA to be in the range of $58 to $63 million for 2024.
- Net service billing to be in the range of $422 to $437 million for 2025.
- Adjusted EBITDA to be in the range of $68 to $75 million for 2025.
- Guidance is based on completed and definitively contracted acquisitions as of the date of this release.
Challenges Ahead
- Outlook does not include contributions from any future acquisitions.
- Changes in demand from the local and state government and private clients
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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