Bowman Consulting reports record FY 2022 revenue of $261.7M; raises FY 2023 guidance

Bowman Consulting Group Ltd.

Q4 2022 gross revenue $75.6M (+80% YoY); net service billing $66.2M (+75% YoY).
FY 2022 gross revenue $261.7M (+74% YoY); net income $5.0M vs $0.3M prior year.
Adjusted EBITDA doubled to $34.0M from $16.5M; margin expanded to 14.5%.
FY 2023 Net Service Billing guidance raised to $280-295M; Adjusted EBITDA $43-49M.
Closed 8 acquisitions in 2022 representing >$60M annualized revenue; 3 in Q4.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Bowman Consulting Group Ltd. reported for the fourth quarter ended December 31, 2022 results: revenue $75.6 million, net income $0.5 million. Guidance raised.

Period: for the fourth quarter ended December 31, 2022
Revenue: $75.6 million
Net income: $0.5 million
Guidance: raised
Result: reported results

Exact text from the filing

to grow and deliver on our strategic plans for 2023.” Financial highlights for the three months ended December 31, 2022, compared to December 31, 2021: • Gross revenue of $75.6 million, compared to $41.9 million, an 80% increase • Year-over-year organic gross revenue growth 1 of 30% • Net service billing 2 of $66.2 million, compared to $37.8 million, a 75%

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Bowman Consulting Group Ltd. reported for the full year ended December 31, 2022 results: revenue $261.7 million, net income $5.0 million. Guidance raised.

Period: for the full year ended December 31, 2022
Revenue: $261.7 million
Net income: $5.0 million
Guidance: raised
Result: reported results

Exact text from the filing

2 of $243 million, compared to $167 million, a 46% increase Financial highlights for the twelve months ended December 31, 2022, compared to December 31, 2021: • Gross revenue of $261.7 million, compared to $150.0 million, a 74% increase • Year-over-year organic gross revenue growth of 31% • Net service revenue 1 of $235.2 million, compared to $134.9 million, 74%

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Source: SEC EDGAR

accession 0001193125-23-066906

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