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Bowman Consulting (BWMN)

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 750 employees and more than 30 offices throughout the United Sates, 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.

BWMN stock data

Calendar

12 Aug 22
12 Aug 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 25.78M 25.78M 25.78M 25.78M 25.78M 25.78M
Cash burn (monthly) 3.05M 1.06M 170K 35K (no burn) (no burn)
Cash used (since last report) 4.43M 1.54M 246.78K 50.81K n/a n/a
Cash remaining 21.35M 24.24M 25.54M 25.73M n/a n/a
Runway (months of cash) 7.0 22.8 150.2 735.2 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
11 May 22 James P Laurito Common Stock Grant Acquire A No No 15.13 4,454 67.39K 15,366
11 May 22 Riddick Stephen A Common Stock Grant Acquire A No No 15.13 4,454 67.39K 15,366
11 May 22 Daniel Lefaivre Common Stock Grant Acquire A No No 15.13 4,454 67.39K 15,366
11 May 22 Michael Bruen Common Stock Payment of exercise Dispose F No No 15.13 8,791 133.01K 507,480
11 May 22 Bruce J Labovitz Common Stock Payment of exercise Dispose F No No 15.13 26,373 399.02K 298,629
58.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 26 29 -10.3%
Opened positions 6 9 -33.3%
Closed positions 9 4 +125.0%
Increased positions 14 4 +250.0%
Reduced positions 4 14 -71.4%
13F shares Current Prev Q Change
Total value 127.73M 108.29M +17.9%
Total shares 7.78M 5.44M +43.0%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
BAC Bank Of America 1.54M $25.37M NEW
Gary Bowman 1.54M $25.23M -4.6%
Polar Asset Management Partners 1.23M $20.21M +45.8%
Pembroke Management 712.91K $11.72M +244.9%
Wasatch Advisors 709.09K $11.66M +0.7%
Pacific Ridge Capital Partners 359.94K $5.92M +46.3%
Vanguard 353.45K $5.81M +37.5%
Kennedy Capital Management 254.99K $4.19M -2.2%
Grandeur Peak Global Advisors 188.14K $3.09M +39.8%
Millrace Asset 163.98K $2.7M +4.1%
Largest transactions Shares Bought/sold Change
BAC Bank Of America 1.54M +1.54M NEW
Pembroke Management 712.91K +506.22K +244.9%
Polar Asset Management Partners 1.23M +386.12K +45.8%
J. Goldman & Co 0 -214.2K EXIT
Pacific Ridge Capital Partners 359.94K +113.89K +46.3%
Vanguard 353.45K +96.47K +37.5%
Maven Securities 88.69K +88.69K NEW
Gary Bowman 1.54M -75K -4.6%
EAM Investors 0 -64.8K EXIT
Russell Investments 0 -60.97K EXIT

Financial report summary

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Risks
  • We engage in a highly competitive business. If we are unable to compete effectively, we could lose market share and our business and results of operations could be negatively impacted.
  • Our continued success is dependent upon our ability to hire, retain and utilize qualified personnel.
  • Our profitability could suffer if we are not able to maintain adequate utilization of our workforce due to slowdowns in the economy, reduced demand for our services or the impact of the COVID-19 pandemic.
  • If we are unable to integrate acquired businesses successfully, our business could be harmed.
  • There is no assurance that we will achieve synergies and cost savings in connection with prior or future acquisitions.
  • Demand from clients is cyclical and vulnerable to economic downturns. If the economy weakens or client spending declines, our financial results may be impacted.
  • Outbreaks of communicable diseases, including the on-going global pandemic related to COVID-19 and its variants may have, directly or indirectly, a material and adverse effect on our business, financial condition, and results of operations. The duration and extent to which this will impact our future financial condition and results of operations remains uncertain.
  • Our results of operations depend on the award of new contracts and the renewal of existing contracts and the timing of the performance of these contracts.
  • A significant decline in new home construction, and/or a deterioration in expectations regarding the homebuilding market, could have a material adverse impact on our business, financial condition and results of operations.
  • Construction, roadway, mining and maintenance sites are inherently dangerous workplaces. If we, the owner, or others working at such sites fail to maintain safe work conditions, we can be exposed to significant financial losses and reputational harm, as well as civil and criminal liabilities.
  • Our services expose us to significant risks of liability, and our insurance policies may not provide adequate coverage.
  • Unavailability or cancellation of third-party insurance coverage would increase our overall risk exposure as well as disrupt the management of our business operations.
  • The contracts in our backlog may be adjusted, cancelled, or suspended by our clients and, therefore, our backlog is not necessarily indicative of our future revenues or earnings. Additionally, even if fully performed, our backlog is not a good indicator of future gross profit.
  • We are dependent on third parties to complete certain elements of our contracts.
  • Weather conditions and seasonal revenue fluctuations may adversely impact our financial results.
  • We rely on third-party internal and outsourced software to run our critical accounting, project management and financial information systems. As a result, any sudden loss, disruption or unexpected costs to maintain these systems could significantly increase our operational expense and disrupt the management of our business operations.
  • Cyber security breaches of our systems and information technology could adversely impact our ability to operate.
  • Negative conditions in the credit and financial markets and delays in receiving client payments could result in liquidity problems, adversely affecting our cost of borrowing and our business.
  • Our quarterly results may fluctuate significantly, which could have a material negative effect on the price of our common stock.
  • An impairment charge on our goodwill could have a material adverse impact on our financial position and results of operations.
  • Rising inflation, interest rates, and/or construction costs could reduce the demand for our services as well as decrease our profit on existing contracts, particularly our fixed price contracts.
  • We are subject to professional standards, duties and statutory obligations on professional reports and opinions we issue, which could subject us to monetary damages.
  • Our credit agreement with Bank of America, N.A. contains several restrictive covenants, which could limit our ability to finance future operations, acquisitions or capital needs or engage in other business activities that may be in our interest.
  • Changes in the method of determining the London Inter-Bank Offered Rate, or LIBOR, or the replacement of LIBOR with an alternative reference rate, may adversely affect interest income or expense.
  • Governmental agencies may modify, curtail, or terminate our contracts at any time prior to their completion and, if we do not replace them, we may suffer a decline in revenue.
  • Because we provide services to municipalities and other public agencies, we are more susceptible to the unique risks associated with government contracts.
  • Legislation, policy, rules, or regulations may be enacted that limit or change the ability of state, regional or local agencies to contract for our privatized services. Such changes would affect our ability to obtain new contracts and may decrease the demand for our services.
  • State and other public employee unions may bring litigation that seeks to limit the ability of public agencies to contract with private firms to perform government employee functions relating to public improvements. Judicial determinations in favor of these unions could affect our ability to compete for contracts and may have an adverse effect on our financial results.
  • The outcome of pending and future claims and litigation could have a material adverse impact on our business, financial condition, and results of operations.
  • Employee, agent or partner misconduct or our overall failure to comply with laws or regulations may adversely impact our reputation and financial results as well as subject us to criminal and civil enforcement actions.
  • We may be subject to liabilities under environmental laws and regulations, including liabilities assumed in acquisitions for which we may not be indemnified.
  • We are subject to increased costs as a result of operating as a public company, and our management is required to devote substantial time to new compliance initiatives.
  • If we fail to develop or maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud. As a result, current and potential stockholders could lose confidence in our financial reporting, which would harm our business and the trading price of our common stock.
  • The price of our common stock has been, and may continue to be, volatile and the value of our common stock could decline.
  • An active trading market for our common stock may not continue to develop or be sustained.
  • There can be no assurance that we will be able to comply with the continued listing standards of Nasdaq.
  • If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our stock, the price of our stock could decline.
  • Raising additional capital may cause dilution to our stockholders, including purchasers of common stock in this offering.
  • Anti-takeover provisions under our charter documents and Delaware law could delay or prevent a change of control, which could limit the market price of our common stock and may prevent or frustrate attempts by our stockholders to replace or remove our current management.
  • Our amended and restated bylaws designate specific courts as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us.
  • We are an emerging growth company and a smaller reporting company, and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies and smaller reporting companies will make our common stock less attractive to investors.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
Management Discussion
  • Gross contract revenue for the three months ended June 30, 2022, increased $25.9 million or 71.0% to $62.4 million as compared to $36.5 million for the three months ended June 30, 2021. For the three months ended June 30, 2022, gross contract revenue attributable to work performed by our workforce increased $23.9 million, or 73.5% to $56.4 million or 90.4% of gross contract revenue as compared to $32.5 million or 88.9% for the three months ended June 30, 2021 (see Net service billing – non-GAAP). Of the $25.9 million increase in gross contract revenue during the three months ended June 30, 2022, acquisitions represented $16.1 million or 62.1% of the increase. Revenue from acquisitions is treated as acquired for a period of twelve months post-closing.

Content analysis

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H.S. sophomore Avg
New words: annum, bear, driven, Fabre, FL, forma, Fort, half, homebuilding, impermissible, installment, meant, Membership, PA, PDC, Pensacola, permissible, pro, requesting, reversal, simple, statutory, strong, Washington
Removed: client, depend, economy, experiencing, inflow, PPP, predicted, significantly, ultimately