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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.
Revenue by Segment
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
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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