Strength of new orders signals continued growth for 2025

RESTON, Va. — (BUSINESS WIRE) — March 11, 2025 — Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced record financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Versus Fourth Quarter 2023 Financial Results:

• Gross contract revenue of $113.2 million compared to $93.0 million, a 21.7% increase
• Net service billing¹ of $98.6 million compared to $80.5 million, a 22.5% increase
• Organic net service billing growth² of 9% compared to 4%
• Net income of $5.9 million compared to a net loss of $7.7 million
• Adjusted EBITDA¹ of $17.0 million compared to $11.2 million, a 51.8% increase
• Adjusted EBITDA margin, net ¹ of 17.2% compared to 14.0%, a 320-bps increase
• Cash flows from operations of $11.9 million compared to ($0.5 million)
• Basic and Diluted EPS of $0.34 and $0.33, respectively, compared to ($0.59)
• Gross backlog of $399.0 million compared to $306.0 million, a 30.4% increase

Full-Year 2024 Versus Full-Year 2023 Financial Results:

• Gross contract revenue of $426.6 million compared to $346.3 million, a 23.2% increase
• Net service billing¹ of $379.7 million compared to $304.0 million, a 24.9% increase
• Organic net service billing growth² of 13% compared to 18%
• Net income of $3.0 million compared to a net loss of $6.6 million
• Adjusted EBITDA¹ of $59.5 million compared to $47.0 million, a 26.6% increase
• Adjusted EBITDA margin, net ¹ of 15.7% compared to 15.5%, a 20-bps increase
• Cash flows from operations of $24.3 million compared to $11.7 million,
• Basic and Diluted EPS was $0.18 and $0.17, respectively, compared to ($0.53)

CEO Commentary

“Fiscal 2024, our third full year as a public company, was another successful year of growth for Bowman,” said Gary Bowman, chairman and CEO of Bowman. “We made eight strategic acquisitions which grew our presence across all our markets, expanded our geographic footprint, added significant new talent, deepened our technical services and laid a solid foundation for continued long-term organic revenue growth. We finished the year strong, producing as much operating cash flow in the fourth quarter as we did for all of 2023, and nearly doubling our cash flows from operations during the first nine months of 2024. For the year, we posted record results and delivered another year of meaningful backlog growth. Bookings were especially strong in the second half of 2024 generating a healthy book-to-burn ratio.

“This year’s off to a strong start with continued strong bookings pacing ahead of plan. Looking ahead, our objective in 2025 is to make investments in service line expansions and technology tools that will increase our wallet-share with customers, improve the delivery of our services and accelerate long-term organic growth. We believe the market for our services is as dynamic, technologically complex and economically viable as it has ever been, supported by continued demand for infrastructure expansion and improvement. To date, we have experienced minimal adverse impact from recent changes in government spending priorities and economic policies. We remain optimistic about our long-term trajectory and confident in our ability to create value for our shareholders.”

Stock Repurchase Activities

Bowman repurchased $34.4 million of common stock during the twelve months ended December 31, 2024, with $11.1 million from the repurchase of shares from employees in connection with the payment of taxes associated with stock vesting and $23.3 million under a Company repurchase authorization. The average price paid during the twelve months was approximately $26.56 per share repurchased.

After the end of the year, the Company has repurchased an additional $4.1 million of its common stock under its repurchase authorization. Approximately $11.0 million remains available under the Company’s current repurchase authorization.

Non-GAAP Adjusted Earnings per Share³

In connection with the release of financial results, the Company reported the non-GAAP financial metric of Adjusted Earnings per Share as follows:

Other Fiscal 2024 Highlights and Subsequent Events

• Acquired eight companies in 2024, representing approximately $60 million of run-rate net service billing; broadened services and sector expertise and expanded nationwide reach with additional bridge, transportation, utility services, sustainability, fire protection, electrical engineering, water/wastewater, utility rate studies and economic consulting and advanced high-altitude orthoimaging and geospatial capabilities.
• On February 14, 2025, the Company closed on the acquisition of UP Engineers in San Antonio, Texas.
• In March 2025, the Company received commitment from its bank syndicate participants to expand its Senior Secured Credit Facility by $40 million to $140 million.