Loading...
•
Dec 31, 2023
Bowman Q4 2023 Earnings Report
Bowman's Q4 2023 performance reflected growth in gross contract revenue and net service billing, but a net loss was reported.
Key Takeaways
Bowman Consulting Group Ltd. reported a 23% increase in gross contract revenue and a 22% increase in net service billing for Q4 2023. However, the company experienced a net loss of $7.7 million compared to a net income of $0.5 million in the same period last year.
Gross contract revenue increased by 23% to $93.0 million.
Net service billing increased by 22% to $80.5 million.
Organic gross contract revenue growth was 6%.
The company reported a net loss of $7.7 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 $363 to $378 million and Adjusted EBITDA in the range of $59 to $65 million.
Positive Outlook
- Net service billing2 to be in the range of $363 to $378 million
- Adjusted EBITDA2 in the range of $59 to $65 million
- The current outlook for 2024 is based on completed acquisitions as of the date of this release
- The current outlook does not include contributions from any future acquisitions
- Management discusses the Company’s acquisition pipeline and its prospective impact during regularly scheduled earnings calls
Challenges Ahead
- 2024 forecast assumes uneven growth in net service billing from first to third quarter
- An accommodation for a modest seasonal impact during the fourth quarter
- It can take acquisitions a couple of months to return to normal net service billing levels due to the unusual demands of immediate post-closing integration
- When acquisitions are added to guidance, we include a pro-rated amount of announced annualized net service billing run rate that is based on the timing of closing
- Anticipated integration related revenue disruptions
Revenue & Expenses
Visualization of income flow from segment revenue to net income