Bowman Consulting Group Ltd. (NASDAQ: BWMN) has reported its financial results for the fiscal year ended December 31, 2023, showing significant growth and expansion. Headquartered in Reston, Virginia, Bowman is a national engineering services firm delivering infrastructure solutions to customers. With over 2,000 employees and more than 90 offices throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement, and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the NASDAQ under the symbol BWMN.
Here are the specific highlights and changes compared to the previous period:
- Gross contract revenue for the three months ended December 31, 2023, was $93.0 million, a 23% increase from $75.6 million in the same period in 2022.
- Year-over-year organic gross contract revenue growth was 6% for the same period.
- Net service billing for the same period was $80.5 million, compared to $66.2 million, marking a 22% increase.
- Year-over-year organic net service billing growth was 4% for the same period.
- The company reported a net loss of $7.7 million for the three months ended December 31, 2023, compared to a net income of $0.5 million in the same period in 2022.
- Adjusted EBITDA for the same period was $11.2 million, a 19% increase from $9.4 million in the same period in 2022.
- Gross backlog for the same period was $306 million, a 26% increase from $243 million in the same period in 2022.
Moving to the fiscal year 2023 compared to fiscal year 2022: Gross contract revenue for fiscal year 2023 was $346.3 million, a 32% increase from $261.7 million in fiscal year 2022. Year-over-year organic gross contract revenue growth was 21% for the same period. Net service billing for fiscal year 2023 was $304.0 million, compared to $235.2 million, marking a 29% increase. Year-over-year organic net service billing growth was 18% for the same period. The company reported a net loss of $6.6 million for fiscal year 2023, compared to a net income of $5.0 million in fiscal year 2022. Adjusted EBITDA for fiscal year 2023 was $47.0 million, a 38% increase from $34.0 million in fiscal year 2022. * The adjusted EBITDA margin for fiscal year 2023 was 15.5%, representing a 100 basis points increase from 14.5% in fiscal year 2022.
In terms of the stock repurchase program, the company repurchased a total of 28,704 shares of its common stock at an average price of $25.94 during the twelve months ended December 31, 2023, under the 2022 stock repurchase program. The board of directors authorized a new $10.0 million repurchase program ("2023 stock repurchase program") on November 17, 2023.
Additionally, the company introduced the non-GAAP financial metric of adjusted earnings per share ("adjusted EPS") for the three and nine months ended September 30, 2023. For the three months ended December 31, 2023, the basic adjusted EPS was $0.33 compared to $0.44, and the diluted adjusted EPS was $0.31 compared to $0.41. For the twelve months ended December 31, 2023, the basic adjusted EPS was $1.12 compared to $1.46, and the diluted adjusted EPS was $1.03 compared to $1.36.
Looking ahead, Bowman 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.
Today the company's shares have moved 19.9% to a price of $40.3. If you want to know more, read the company's complete 8-K report here.
