8-K
Bowman Consulting Group Ltd. (BWMN)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 2022
Bowman Consulting Group Ltd.
(Exact name of registrant as specified in its charter)
| Delaware | 001-40371 | 54-1762351 |
|---|---|---|
| (State or other jurisdiction<br> <br>of incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification No.) |
12355 Sunrise Valley Drive, Suite 520
Reston, Virginia 20191
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (703) 464-1000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading<br> <br>Symbol(s) | Name of Each Exchange<br> <br>on Which Registered |
|---|---|---|
| Common stock, par value $0.01 per share | BWMN | Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
|---|
On November 10, 2022, Bowman Consulting Group Ltd. (“Bowman” or the “Company) issued a press release announcing its financial results for the third quarter ended September 30, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Report.
The information in this Report under this item, including the exhibit, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section. Furthermore, the information in this Report, including the exhibits, shall not be deemed to be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d) Exhibits
| Exhibit<br> <br>No. | Description |
|---|---|
| 99.1 | Bowman Consulting Group Ltd. press release dated November 10, 2022. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BOWMAN CONSULTING GROUP LTD. | ||
|---|---|---|
| Date: November 10, 2022 | By: | /s/ Bruce Labovitz |
| Bruce Labovitz | ||
| Chief Financial Officer |
EX-99.1
Exhibit 99.1
Bowman Announces Record Third Quarter Results; Exceeds Consensus Estimates and Raises Guidance
Reston, Va., November 10, 2022 (BUSINESS WIRE) – Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering services firm supporting owners and developers of the built environment, today released record financial results for the three months ended September 30, 2022.
“We have once again reported a record quarter that exceeded estimates,” said Gary Bowman, Chairman and CEO of Bowman. “We continue to generate growth across all our markets and increase our backlog through bookings that outpace deliveries. Our acquisitions program has proven successful as we continue to acquire strategic partners at attractive multiples and realize meaningful synergies, leading to acquired revenue growth of 24% collectively since acquisition. We are optimistic about the fourth quarter and expect continued growth in revenue, earnings, and operating cash flow into 2023. We are once again increasing our full year outlook and are introducing 2023 guidance that reflects confidence in our ability to continue to deliver these industry leading results.”
Financial Highlights for the three months ended September 30, 2022, compared to September 30, 2021:
| • | Gross revenue of $71.2 million, compared to $39.7 million, a 79% increase |
|---|---|
| • | Year-over-year organic gross revenue growth of 23% |
| --- | --- |
| • | Net service billing^1^ of $64.9 million, compared to<br>$35.7 million, an 82% increase |
| --- | --- |
| • | Year-over-year organic net service billing growth of 25% |
| --- | --- |
| • | Net income of $3.4 million, compared to a net income of $0.4 million |
| --- | --- |
| • | Adjusted EBITDA^1^ of $9.6 million, compared to<br>$4.4 million, a 118% increase |
| --- | --- |
| • | Adjusted EBITDA margin, net^1^of 14.8%, compared to 12.4%, a<br>240-basis point increase |
| --- | --- |
| • | Gross backlog^1^ of $230 million, compared to<br>$139 million, a 65% increase |
| --- | --- |
Financial Highlights for the nine months ended September 30, 2022, comparedto September 30, 2021:
| • | Gross revenue of $186.1 million, compared to $108.0 million, a 72% increase |
|---|---|
| • | Year-over-year organic gross revenue growth of 28% |
| --- | --- |
| • | Net service billing^1^ of $169.0 million, compared to<br>$97.1 million, a 74% increase |
| --- | --- |
| • | Year-over-year organic net service billing growth of 31% |
| --- | --- |
| • | Net income of $4.5 million, compared to a net income of $0.9 million |
| --- | --- |
| • | Adjusted EBITDA^1^ of $24.6 million, compared to<br>$12.7 million, a 94% increase |
| --- | --- |
| • | Adjusted EBITDA margin, net^1^of 14.6%, compared to 13.1%, a<br>150-basis point increase |
| --- | --- |
Business Highlights during the Third Quarter:
| • | Closed on the acquisition of Project Design Consultants – July 2022 |
|---|---|
| • | Closed on the acquisition of Anchor Engineering – August 2022 |
| --- | --- |
Business Highlights after the Third Quarter:
| • | Closed on the acquisition of Spatial Acuity – November 2022 |
|---|---|
| • | Closed on the acquisition of SEI Engineering – November 2022 |
| --- | --- |
Increasing FY 2022 Guidance and Introducing FY 2023 Guidance
The Company is increasing its full year 2022 outlook for Net Service Billing to be in the range of $230 to $234 million and Adjusted EBITDA in the range of $33 to $35 million. This represents an increase from the previous guidance for Net Service Billing of $205 to $220 million and Adjusted EBITDA of $29 to $33 million. The Company is introducing its full year 2023 outlook for Net Service Billing to be in the range of $270 to $290 million and Adjusted EBITDA in the range of $42 to $48 million. The current outlook for 2022 and 2023 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions. Management will discuss the Company’s acquisition pipeline during its upcoming earnings call.
Q3 2022 Earnings Webcast
Bowman will host an earnings webcast to discuss the results of the quarter as follows:
| Date: | November 11, 2022 |
|---|---|
| Time: | 9:00 a.m. Eastern Time |
| Hosts: | Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer |
| Where: | http://investors.bowman.com |
| ^1^ | Non-GAAP financial metrics the Company believes offervaluable perspective on results of operations. See Non-GAAP tables below for reconciliations. **** |
| --- | --- |
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 1,700 employees in more than 68 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. For more information, visit bowman.com or investors.bowman.com.
| Contact: | |
|---|---|
| Investor Relations | |
| Bruce Labovitz | Megan McGrath |
| ir@bowman.com | mmcgrath@finprofiles.com |
| (703) 787-3403 | (310) 622-8248 |
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private SecuritiesLitigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans andobjectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”,“intend”, “may”, “will”, “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections aboutfuture events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs, These forward-looking statements aresubject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by importantfactors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and privateclients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with ourcompetitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trendsdiscussed in this press release may not occur and actual results could differ materially and adversely from those anticipates or implied in any forward-looking statements. Except as required by law, we are under no obligation to update theseforward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Non-GAAP Financial Measures and Other Key Metrics
We supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, withcertain non-GAAP financial measures, as described below, to help represent, explain, and understand our operating performance. These non-GAAP financialmeasures may be different than similarly referenced measures used by other companies. The non-GAAP measures are intended to enhance investors’ overall understanding and evaluation of our financialperformance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We present these non-GAAP financial measures to assistinvestors in seeing our financial performance in a manner more aligned with management’s view and believe these measures provide additional tools by which investors can evaluate our core financial performance over multiple periods relative toother companies in our industry. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.
BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Amounts in thousands except per share data)
(Unaudited)
| For the Three Months<br>Ended September 30, | For the Nine Months<br>Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||||||
| Gross Contract Revenue | $ | 71,246 | $ | 39,715 | $ | 186,105 | $ | 108,041 | ||||
| Contract costs: (exclusive of depreciation and amortization below) | ||||||||||||
| Direct payroll costs | 27,641 | 15,531 | 73,353 | 42,873 | ||||||||
| Sub-consultants and expenses | 6,343 | 3,967 | 17,086 | 10,967 | ||||||||
| Total contract costs | 33,984 | 19,498 | 90,439 | 53,840 | ||||||||
| Operating Expenses: | ||||||||||||
| Selling, general and administrative | 31,916 | 18,373 | 82,819 | 48,328 | ||||||||
| Depreciation and amortization | 3,138 | 1,598 | 8,350 | 4,506 | ||||||||
| Gain on sale | (11 | ) | (46 | ) | (44 | ) | (99 | ) | ||||
| Total operating expenses | 35,043 | 19,925 | 91,125 | 52,735 | ||||||||
| Income from operations | 2,219 | 292 | 4,541 | 1,466 | ||||||||
| Other expense | 595 | 314 | 2,086 | 706 | ||||||||
| Income (loss) before tax expense | 1,624 | (22 | ) | 2,455 | 760 | |||||||
| Income tax (benefit) expense | (1,773 | ) | (379 | ) | (2,079 | ) | (139 | ) | ||||
| Net income | $ | 3,397 | **** | $ | 357 | **** | $ | 4,534 | **** | $ | 899 | **** |
| Earnings allocated to non-vested shares | 504 | 71 | 731 | 165 | ||||||||
| Net income attributable to common shareholders | $ | 2,893 | $ | 286 | $ | 3,803 | $ | 734 | ||||
| Earnings per share | ||||||||||||
| Basic | $ | 0.26 | $ | 0.03 | $ | 0.36 | $ | 0.10 | ||||
| Diluted | $ | 0.25 | $ | 0.03 | $ | 0.34 | $ | 0.10 | ||||
| Weighted average shares outstanding: | ||||||||||||
| Basic | 11,304,946 | 8,920,505 | 10,669,221 | 7,003,462 | ||||||||
| Diluted | 11,768,411 | 8,935,274 | 11,129,478 | 7,008,440 |
BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except per share data)
| December 31,2021 | |||||
|---|---|---|---|---|---|
| ASSETS | |||||
| Current Assets | |||||
| Cash and equivalents | 23,844 | $ | 20,619 | ||
| Accounts receivable, net | 61,550 | 38,491 | |||
| Contract assets | 11,772 | 9,189 | |||
| Notes receivable - officers, employees, affiliates, current portion | 1,162 | 1,260 | |||
| Prepaid and other current assets | 9,825 | 4,850 | |||
| Total current assets | 108,153 | 74,409 | |||
| Non-Current Assets | |||||
| Property and equipment, net | 22,683 | 20,202 | |||
| Goodwill | 55,264 | 28,471 | |||
| Notes receivable | 903 | 903 | |||
| Notes receivable - officers, employees, affiliates, less current portion | 1,183 | 1,218 | |||
| Other intangible assets, net | 15,734 | 12,286 | |||
| Other assets | 809 | 681 | |||
| Total Assets | 204,729 | **** | $ | 138,170 | **** |
| LIABILITIES AND EQUITY | |||||
| Current Liabilities | |||||
| Accounts payable and accrued liabilities | 28,541 | $ | 17,921 | ||
| Contract liabilities | 7,689 | 4,623 | |||
| Notes payable, current portion | 9,843 | 4,450 | |||
| Deferred rent, current portion | 729 | 724 | |||
| Capital lease obligation, current portion | 7,473 | 5,136 | |||
| Total current liabilities | 54,275 | 32,854 | |||
| Non-Current Liabilities | |||||
| Other non-current obligations | 522 | — | |||
| Notes payable, less current portion | 15,807 | 8,407 | |||
| Deferred rent, less current portion | 3,851 | 4,179 | |||
| Capital lease obligation, less current portion | 10,021 | 10,020 | |||
| Deferred tax liability, net | 3,456 | 4,290 | |||
| Common shares subject to repurchase | — | 7 | |||
| Total liabilities | 87,932 | **** | $ | 59,757 | **** |
| Shareholders’ Equity | |||||
| Preferred Stock, 0.01 par value; 5,000,000 shares authorized, no shares issued and<br>outstanding | — | $ | — | ||
| Common stock, 0.01 par value; 30,000,000 shares authorized; 15,723,109 shares issued and<br>13,384,491 outstanding, and 13,690,868 shares issued and 11,489,579 outstanding, respectively | 157 | 137 | |||
| Additional<br>paid-in-capital | 156,966 | 120,842 | |||
| Treasury stock, at cost; 2,338,618 and 2,201,289, respectively | (19,857 | ) | (17,488 | ) | |
| Stock subscription notes receivable | (202 | ) | (277 | ) | |
| Accumulated deficit | (20,267 | ) | (24,801 | ) | |
| Total shareholders’ equity | 116,797 | **** | $ | 78,413 | **** |
| TOTAL LIABILITIES AND EQUITY | 204,729 | **** | $ | 138,170 | **** |
All values are in US Dollars.
BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
| For the Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Cash Flows from Operating Activities: | ||||||
| Net Income | $ | 4,534 | $ | 899 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Depreciation and amortization - property, plant and equipment | 6,366 | 4,283 | ||||
| Amortization of intangible assets | 1,984 | 223 | ||||
| Gain on sale of assets | (44 | ) | (99 | ) | ||
| Bad debt | 527 | 266 | ||||
| Stock based compensation | 11,487 | 5,341 | ||||
| Deferred taxes | (833 | ) | (1,340 | ) | ||
| Deferred rent | (323 | ) | (6 | ) | ||
| Changes in operating assets and liabilities, net of acquisition of businesses | ||||||
| Accounts Receivable | (12,356 | ) | (10,015 | ) | ||
| Contract Assets | (104 | ) | (961 | ) | ||
| Prepaid expenses and other assets | (4,376 | ) | (1,462 | ) | ||
| Accounts payable and accrued expenses | 5,122 | 6,132 | ||||
| Contract Liabilities | 186 | (31 | ) | |||
| Net cash provided by operating activities | 12,170 | 3,230 | ||||
| Cash Flows from Investing Activities: | ||||||
| Purchases of property and equipment | (901 | ) | (609 | ) | ||
| Fixed assets converted to lease financing | 196 | — | ||||
| Proceeds from sale of assets and disposal of leases | 54 | 100 | ||||
| Amounts advanced under loans to shareholders | — | (473 | ) | |||
| Payments received under loans to shareholders | 151 | 88 | ||||
| Acquisitions of businesses, net of cash acquired | (14,806 | ) | (3,000 | ) | ||
| Collections under stock subscription notes receivable | 75 | 170 | ||||
| Net cash used in investing activities | (15,231 | ) | (3,724 | ) | ||
| Cash Flows from Financing Activities: | ||||||
| Proceeds from initial public offering, net of underwriting discounts and commissions and other<br>offering costs | — | 47,104 | ||||
| Proceeds from common stock offering, net of underwriting discounts and commissions and other<br>offering costs | 15,475 | — | ||||
| Net borrowings under revolving line of credit | — | (3,481 | ) | |||
| Repayments under fixed line of credit | (547 | ) | (540 | ) | ||
| Repayment under notes payable | (2,720 | ) | (735 | ) | ||
| Payments on capital leases | (4,575 | ) | (3,208 | ) | ||
| Payment of contingent consideration from acquisitions | — | (2 | ) | |||
| Payments for purchase of treasury stock | (2,368 | ) | (582 | ) | ||
| Proceeds from issuance of common stock | 1,021 | 297 | ||||
| Net cash provided by financing activities | 6,286 | 38,853 | ||||
| Net increase in cash and cash equivalents | 3,225 | 38,359 | ||||
| Cash and cash equivalents, beginning of period | 20,619 | 386 | ||||
| Cash and cash equivalents, end of period | $ | 23,844 | $ | 38,745 |
BOWMAN CONSULTING GROUP LTD. AND AFFILIATES
COMBINED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
| For the Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Supplemental disclosures of cash flow information: | ||||||
| Cash paid for interest | $ | 1,131 | $ | 647 | ||
| Cash paid for income taxes | $ | 383 | 1,040 | |||
| Non-cash investing and financingactivities: | ||||||
| Property and equipment acquired under capital lease | $ | (6,623 | ) | $ | (5,704 | ) |
| Stock redemption for exercise of stock option | — | $ | 139 | |||
| Issuance of notes payable for acquisitions | $ | (16,059 | ) | $ | (3,450 | ) |
BOWMAN CONSULTING GROUP LTD.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
Condensed Combined Statement of Operations Reconciliation
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||||||
| Gross contract revenue | $ | 71,246 | $ | 39,715 | $ | 186,105 | $ | 108,041 | ||||
| Contract costs (exclusive of depreciation and amortization) | 33,984 | 19,498 | 90,439 | 53,840 | ||||||||
| Operating expense | 35,043 | 19,925 | 91,125 | 52,735 | ||||||||
| Income from operations | 2,219 | 292 | 4,541 | 1,466 | ||||||||
| Other (income) expense | 595 | 314 | 2,086 | 706 | ||||||||
| Income tax expense (benefit) | (1,773 | ) | (379 | ) | (2,079 | ) | (139 | ) | ||||
| Net income | $ | 3,397 | $ | 357 | $ | 4,534 | $ | 899 | ||||
| Net margin | 4.8 | % | 0.9 | % | 2.4 | % | 0.8 | % | ||||
| Other financial information ^1^ | ||||||||||||
| Net service billing | $ | 64,903 | $ | 35,748 | $ | 169,019 | $ | 97,074 | ||||
| Adjusted EBITDA | 9,624 | 4,426 | 24,606 | 12,697 | ||||||||
| Adjusted EBITA margin, net | 14.8 | % | 12.4 | % | 14.6 | % | 13.1 | % |
Gross Revenue to Net Service Billing Reconciliation
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||
| Gross contract revenue | $ | 71,246 | $ | 39,715 | $ | 186,105 | $ | 108,041 |
| Less: sub-consultants and other direct expenses | 6,343 | 3,967 | 17,086 | 10,967 | ||||
| Net services billing | $ | 64,903 | $ | 35,748 | $ | 169,019 | $ | 97,074 |
Adjusted EBITDA Reconciliation
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||||||
| Net Income | $ | 3,397 | $ | 357 | $ | 4,534 | $ | 899 | ||||
| + interest expense | 538 | 216 | 1,223 | 650 | ||||||||
| + depreciation & amortization | 3,138 | 1,598 | 8,350 | 4,506 | ||||||||
| + tax expense | (1,773 | ) | (379 | ) | (2,079 | ) | (139 | ) | ||||
| EBITDA | $ | 5,300 | $ | 1,792 | $ | 12,028 | $ | 5,916 | ||||
| + non-cash stock compensation | 4,214 | 2,634 | 11,487 | 5,341 | ||||||||
| + transaction related expenses | — | — | — | 1,440 | ||||||||
| + settlements and other non-core expenses | — | — | 215 | — | ||||||||
| + acquisition expenses | 110 | — | 876 | — | ||||||||
| Adjusted EBITDA | $ | 9,624 | $ | 4,426 | $ | 24,606 | $ | 12,697 | ||||
| Adjusted EBITDA margin, net | 14.8 | % | 12.4 | % | 14.6 | % | 13.1 | % |
BOWMAN CONSULTING GROUP LTD.
GROSS CONTRACT REVENUE COMPOSITION
| For the Three Months Ended September 30, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Gross Contract Revenue | 2022 | %GCR | 2021 | %GCR | Change | % Change | |||||||||
| Building Infrastructure | $ | 44,765 | 62.8 | % | $ | 28,303 | 71.3 | % | $ | 16,462 | 58.2 | % | |||
| Transportation | 13,218 | 18.6 | % | 4,033 | 10.2 | % | 9,185 | 227.7 | % | ||||||
| Power & Utilities | 8,809 | 12.4 | % | 6,295 | 15.9 | % | 2,514 | 39.9 | % | ||||||
| Other emerging markets ^1^ | 4,454 | 6.2 | % | 1,084 | 2.6 | % | 3,370 | 310.8 | % | ||||||
| Total: | $ | 71,246 | **** | 100.0 | % | $ | 39,715 | **** | 100.0 | % | $ | 31,531 | **** | 79.4 | % |
| Organic | $ | 47,827 | 67.1 | % | $ | 38,853 | 97.8 | % | $ | 8,974 | 23.1 | % | |||
| Acquired ^2^ | 23,419 | 32.9 | % | 862 | 2.2 | % | 22,557 | n/a | |||||||
| Total: | $ | 71,246 | **** | 100.0 | % | $ | 39,715 | **** | 100.0 | % | $ | 31,531 | **** | 79.4 | % |
| For the Nine Months Ended September 30, | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated Gross Contract Revenue | 2022 | %GCR | 2021 | %GCR | Change | % Change | |||||||||
| Building Infrastructure | $ | 126,093 | 67.8 | % | $ | 74,511 | 69.0 | % | $ | 51,582 | 69.2 | % | |||
| Transportation | 26,464 | 14.2 | % | 12,344 | 11.4 | % | 14,120 | 114.4 | % | ||||||
| Power & Utilities | 24,370 | 13.1 | % | 17,524 | 16.2 | % | 6,846 | 39.1 | % | ||||||
| Other emerging markets ^1^ | 9,178 | 4.9 | % | 3,662 | 3.4 | % | 5,516 | 150.6 | % | ||||||
| Total: | $ | 186,105 | **** | 100.0 | % | $ | 108,041 | **** | 100.0 | % | $ | 78,064 | **** | 72.3 | % |
| Organic and Acquired Gross Contract Revenue | 2022 | %GCR | 2021 | %GCR | Change | % Change | |||||||||
| Organic | $ | 137,086 | 73.7 | % | $ | 107,179 | 99.2 | % | $ | 29,907 | 27.9 | % | |||
| Acquired ^2^ | 49,019 | 26.3 | % | 862 | 0.8 | % | 48,157 | n/a | |||||||
| Total: | $ | 186,105 | **** | 100.0 | % | $ | 108,041 | **** | 100.0 | % | $ | 78,064 | **** | 72.3 | % |
| 1. | represents renewable energy, mining, water resources and other | ||||||||||||||
| --- | --- | ||||||||||||||
| 2. | after four quarters post-closing, acquired revenue is classified as organic; this results in a change from<br>previously reported numbers | ||||||||||||||
| --- | --- |
BOWMAN CONSULTING GROUP LTD.
BACKLOG AT SEPTEMBER 30, 2022
(Unaudited)
| (Amounts in thousands) | Gross Backlog | |
|---|---|---|
| Building Infrastructure | 116,531 | |
| Transportation | 76,228 | |
| Power & Utilities | 30,216 | |
| Other Emerging Markets | 7,388 | |
| $ | 230,363 |