Bowman Q3 revenue up 33% to $94.4M; adjusted EBITDA up 57%; narrows FY2023 guidance, introduces FY2024 outlook

Bowman Consulting Group Ltd.

2023-Q3 EPS reported $0.07 revenue$253,290,000

Q3 gross revenue $94.4M (+33% YoY); net service billing $82.1M (+27%); net income $1.2M vs $3.4M prior year.
Adjusted EBITDA $15.1M (+57%); adjusted EBITDA margin net 18.3% (up 350 bps); backlog $299M (+30%).
Narrowing FY2023 net service billing guidance to $306-312M and adjusted EBITDA to $48-52M.
Introduced FY2024 guidance: net service billing $345-360M and adjusted EBITDA $56-62M.
Repurchased 28,704 shares at avg $25.94; $9.3M remaining under $10M buyback program.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.97

Bowman Consulting Group Ltd. reported nine months ended September 30, 2023 results: revenue $253.3 million, net income $1.1 million.

Period: nine months ended September 30, 2023
Revenue: $253.3 million
Net income: $1.1 million
Result: reported results

Exact text from the filing

2 of $299 million, compared to $230 million, a 30% increase Financial highlights for the nine months ended September 30, 2023, compared to September 30, 2022: • Gross revenue of $253.3 million, compared to $186.1 million, a 36% increase • Year-over-year organic gross revenue growth 1 of 22% • Net service billing 2 of $223.5 million, compared to $169.0 million, a 32%

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Earnings Releases SEC 8-K Item 2.02 confidence 0.97

Bowman Consulting Group Ltd. reported three months ended September 30, 2023 results: revenue $94.4 million, net income $1.2 million.

Period: three months ended September 30, 2023
Revenue: $94.4 million
Net income: $1.2 million
Result: reported results

Exact text from the filing

for a successful finish to 2023 and strong 2024.” Financial highlights for the three months ended September 30, 2023, compared to September 30, 2022: • Gross revenue of $94.4 million, compared to $71.2 million, a 33% increase • Year-over-year organic gross revenue growth 1 of 11% • Net service billing 2 of $82.1 million, compared to $64.9 million, a 27%

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Source: SEC EDGAR

accession 0001193125-23-271935

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