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Thu. 11 Aug 2022, 4:05pm ET Benzinga Press Releases

Bowman Consulting Group Ltd. (NASDAQ:BWMN) ("Bowman" or the "Company"), a national engineering services firm supporting owners and developers of the built environment, today announced record revenue and results of operations for the three months ended June 30, 2022.

"We delivered another quarter of record results, building on our strong first quarter momentum," said Gary Bowman, Chairman and CEO of Bowman. "Our net service revenue increased 74% year-over-year, driven by both robust organic growth of 32% as well as by contributions from the ten acquisitions that we completed over the last year. Organic growth was largely driven by synergies realized from our acquisitions as well as by dynamic internal cross selling. Our growth is being generated across all of our end markets, with particular strength in transportation, power and utilities, and energy transition. During the quarter we completed two impactful acquisitions, including McMahon Associates, our largest to date, which expanded our work in the transportation market, adding further diversification to our revenue mix."

"As a result of our strong results year-to-date and our record backlog, we are once again increasing our full year outlook. Additionally, we continue to have a strong pipeline of acquisition opportunities. In July, we completed the acquisition of Project Design Consultants, headquartered in San Diego, California, establishing our presence in Southern California, a market where we look to expand, particularly with key public sector and utility clients. While we are mindful of the potential economic headwinds created by higher interest rates and volatile energy costs, we are confident that our diversified market mix shields us in the event of a downturn and we remain steadfast in our approach to disciplined growth and increasing shareholder value," Bowman concluded.

Financial Highlights for the three months ended June 30, 2022, compared to June 30, 2021:

  • Gross revenue of $62.4 million, compared to $36.5 million, a 71% increase
  • Year-over-year organic gross revenue growth of 27%
  • Net service billing1 of $56.4 million, compared to $32.5 million, a 74% increase
  • Year-over-year organic net service billing growth of 32%
  • Net loss of $0.3 million, compared to a net loss of $0.4 million
  • Adjusted EBITDA1 of $7.6 million, compared to $4.2 million, an 81% increase
  • Adjusted EBITDA margin, net 1 of 13.4%, compared to 12.9%, a 50 basis point increase
  • Gross backlog1 of $206 million, compared to $124 million, a 66% increase

Financial Highlights for the six months ended June 30, 2022, compared to June 30, 2021:

  • Gross revenue of $114.9 million, compared to $68.3 million, a 68% increase
  • Year-over-year organic gross revenue growth of 31%
  • Net service billing1 of $104.1 million, compared to $61.3 million, a 70% increase
  • Year-over-year organic net service billing growth of 34%
  • Net income of $1.1 million, compared to a net income of $0.5 million
  • Adjusted EBITDA1 of $15.0 million, compared to $8.3 million, an 81% increase
  • Adjusted EBITDA margin, net 1 of 14.4%, compared to 13.5%, a 90 basis point increase

Business Highlights during the Second Quarter:

  • Closed on the acquisition of McMahon Associates – May 2022
  • Closed on the acquisition of Fabre Engineering – June 2022

Business Highlights after the Second Quarter:

  • Closed on the acquisition of Project Design Consultants – July 2022

Fiscal Year 2022 Guidance

The Company is increasing its full year 2022 outlook for Net Service Billing to be in the range of $205 to $220 million and Adjusted EBITDA in the range of $29 to $33 million. This presents an increase from the previous guidance for Net Service Billing of $185 to $200 million and Adjusted EBITDA of $25 to $29 million. The current outlook for 2022 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions. The Company expects to continue making strategic and financially accretive acquisitions that are not yet reflected in this current outlook. Management will discuss the Company's acquisition pipeline during its upcoming earnings call.

FY 2022 Earnings Webcast

Bowman will host an earnings webcast to discuss the results of the quarter as follows:

Date:

August 12, 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 offer valuable 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 1,500 employees in more than 60 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.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation 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 and objectives 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 about future 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 are subject 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 important factors 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 private clients 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 our competitors; (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 trends discussed 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 these forward-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, with certain non-GAAP financial measures, as described below, to help represent, explain, and understand our operating performance. These non-GAAP financial measures 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 financial performance 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 assist investors 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 to other 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

Ended June 30,

 

For the Six Months

Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Gross Contract Revenue

 

$

62,399

 

$

36,524

 

$

114,860

 

$

68,326

Contract costs: (exclusive of depreciation and amortization below)

 

 

 

 

 

 

 

 

 

 

 

 

Direct payroll costs

 

 

25,071

 

 

14,123

 

 

45,746

 

 

27,345

Sub-consultants and expenses

 

 

5,983

 

 

4,065

 

 

10,743

 

 

6,999

Total contract costs

 

 

31,054

 

 

18,188

 

 

56,489

 

 

34,344

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

28,065

 

 

17,204

 

 

50,868

 

 

29,953

Depreciation and amortization

 

 

2,823

 

 

1,480

 

 

5,213

 

 

2,908

(Gain) on sale

 

 

(27)

 

 

(27)

 

 

(32)

 

 

(53)

Total operating expenses

 

 

30,861

 

 

18,657

 

 

56,049

 

 

32,808

Income (loss) from operations

 

 

484

 

 

(321)

 

 

2,322

 

 

1,174

Other expense

 

 

994

 

 

187

 

 

1,491

 

 

392

Income before tax expense

 

 

(510)

 

 

(508)

 

 

831

 

 

782

Income tax (benefit) expense

 

 

(190)

 

 

(69)

 

 

(306)

 

 

240

Net income (loss)

 

$

(320)

 

$

(439)

 

$

1,137

 

$

542

Earnings allocated to non-vested shares

 

 

 

 

 

 

191

 

 

93

Net income (loss) attributable to common shareholders

 

$

(320)

 

$

(439)

 

$

946

 

$

449

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.03)

 

$

(0.06)

 

$

0.09

 

$

0.07

Diluted

 

$

(0.03)

 

$

(0.06)

 

$

0.09

 

$

0.07

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

10,761,172

 

 

6,973,055

 

 

10,346,089

 

 

6,029,054

Diluted

 

 

10,761,172

 

 

6,973,055

 

 

10,427,602

 

 

6,029,054

BOWMAN CONSULTING GROUP LTD. AND AFFILIATES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except per share data)

 

 

June 30,

2022

 

December 31,

2021

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and equivalents

$

25,783

 

$

20,619

 

Accounts receivable, net

 

56,924

 

 

38,491

 

Contract assets

 

11,211

 

 

9,189

 

Notes receivable - officers, employees, affiliates, current portion

 

1,183

 

 

1,260

 

Prepaid and other current assets

 

10,020

 

 

4,850

 

Total current assets

 

105,121

 

 

74,409

 

Non-Current Assets

 

 

 

 

 

 

Property and equipment, net

 

21,752

 

 

20,202

 

Goodwill

 

39,613

 

 

28,471

 

Notes receivable

 

903

 

 

903

 

Notes receivable - officers, employees, affiliates, less current portion

 

1,195

 

 

1,218

 

Other intangible assets, net

 

15,035

 

 

12,286

 

Other assets

 

887

 

 

681

 

Total Assets

$

184,506

 

$

138,170

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable and accrued liabilities, current portion

 

28,050

 

 

17,921

 

Contract liabilities

 

7,612

 

 

4,623

 

Notes payable, current portion

 

6,067

 

 

4,450

 

Deferred rent, current portion

 

743

 

 

724

 

Capital lease obligation, current portion

 

5,752

 

 

5,136

 

Total current liabilities

 

48,224

 

 

32,854

 

Non-Current Liabilities

 

 

 

 

 

 

Other non-current obligations

 

200

 

 

-

 

Notes payable, less current portion

 

8,692

 

 

8,407

 

Deferred rent, less current portion

 

3,923

 

 

4,179

 

Capital lease obligation, less current portion

 

10,733

 

 

10,020

 

Deferred tax liability, net

 

4,290

 

 

4,290

 

Common shares subject to repurchase

 

-

 

 

7

 

Total liabilities

$

76,062

 

$

59,757

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares

issued and outstanding

 

 

 

 

Common stock, $0.01 par value; 30,000,000 shares authorized;

15,602,433 shares issued and 13,263,815 outstanding, and 13,690,868

shares issued and 11,489,579 outstanding, respectively

 

156

 

 

137

 

Additional paid-in-capital

 

152,039

 

 

120,842

 

Treasury stock, at cost; 2,338,618 and 2,201,289, respectively

 

(19,857

)

 

(17,488

)

Stock subscription notes receivable

 

(230

)

 

(277

)

Accumulated deficit

 

(23,664

)

 

(24,801

)

Total shareholders' equity

$

108,444

 

$

78,413

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

$

184,506

 

$

138,170

 

BOWMAN CONSULTING GROUP LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands except per share data)

(Unaudited)

 

 

 

For the Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net Income

 

$

1,137

 

 

$

542

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization - property, plant and equipment

 

 

3,971

 

 

 

2,771

 

Amortization of intangible assets

 

 

1,241

 

 

 

137

 

Gain on sale of assets

 

 

(32

)

 

 

(53

)

Bad debt

 

 

365

 

 

 

251

 

Stock based compensation

 

 

7,274

 

 

 

2,707

 

Deferred taxes

 

 

-

 

 

 

(1,340

)

Deferred rent

 

 

(237

)

 

 

9

 

Changes in operating assets and liabilities, net of acquisition of businesses

 

 

 

 

 

 

 

 

Accounts Receivable

 

 

(10,254

)

 

 

(9,391

)

Contract Assets

 

 

(510

)

 

 

(242

)

Prepaid expenses and other assets

 

 

(5,124

)

 

 

(1,182

)

Accounts payable and accrued expenses

 

 

5,877

 

 

 

5,764

 

Contract Liabilities

 

 

560

 

 

 

(445

)

Net cash provided by (used in) operating activities

 

 

4,268

 

 

 

(472

)

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(368

)

 

 

(757

)

Fixed assets converted to lease financing

 

 

22

 

 

 

-

 

Proceeds from sale of assets

 

 

32

 

 

 

53

 

Amounts advanced under loans to shareholders

 

 

-

 

 

 

(374

)

Payments received under loans to shareholders

 

 

118

 

 

 

81

 

Acquisitions of businesses, net of cash acquired

 

 

(7,950

)

 

 

(640

)

Collections under stock subscription notes receivable

 

 

47

 

 

 

67

 

Net cash used in investing activities

 

 

(8,099

)

 

 

(1,570

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from initial public offering, net of underwriting discounts and

commissions and other offering costs

 

 

-

 

 

 

47,104

 

Proceeds from common stock offering, net of underwriting discounts and

commissions and other offering costs

 

 

15,475

 

 

 

-

 

Net borrowings under revolving line of credit

 

 

-

 

 

 

(3,481

)

Repayments under fixed line of credit

 

 

(365

)

 

 

(359

)

Repayment under notes payable

 

 

(1,433

)

 

 

(454

)

Payments on capital leases

 

 

(2,921

)

 

 

(2,052

)

Payment of contingent consideration from acquisitions

 

 

-

 

 

 

(2

)

Payments for purchase of treasury stock

 

 

(2,368

)

 

 

(582

)

Proceeds from issuance of common stock

 

 

607

 

 

 

27

 

Net cash provided by financing activities

 

 

8,995

 

 

 

40,201

 

Net increase (decrease) in cash and cash equivalents

 

 

5,164

 

 

 

38,159

 

Cash and cash equivalents, beginning of period

 

 

20,619

 

 

 

386

 

Cash and cash equivalents, end of period

 

$

25,783

 

 

$

38,545

 

BOWMAN CONSULTING GROUP LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Amounts in thousands except per share data)

(Unaudited)

 

 

For the Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

713

 

 

$

435

 

Cash paid for income taxes

 

$

383

 

 

 

480

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Property and equipment acquired under capital lease

 

$

(4,262

)

 

$

(3,048

)

Stock redemption for exercise of stock option

 

 

-

 

 

$

139

 

Issuance of notes payable for acquisitions

 

$

(3,697

)

 

 

-

 

BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

 

 

 

For the Three Months Ended June 30,

 

 

 

For the Six Months Ended June 30,

 

(Amounts in thousands)

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

Gross contract revenue

 

$

62,399

 

 

$

36,524

 

 

 

$

114,860

 

 

$

68,326

 

Contract costs (exclusive of depreciation and amortization)

 

 

31,054

 

 

 

18,188

 

 

 

 

56,776

 

 

 

34,344

 

Operating expense

 

 

30,861

 

 

 

18,657

 

 

 

 

55,762

 

 

 

32,808

 

Income (loss) from operations

 

 

484

 

 

 

(321

)

 

 

 

2,322

 

 

 

1,174

 

Other (income) expense

 

 

994

 

 

 

187

 

 

 

 

1,491

 

 

 

392

 

Income tax expense (benefit)

 

 

(190

)

 

 

(69

)

 

 

 

(306

)

 

 

240

 

Net income (loss)

 

$

(320

)

 

$

(439

)

 

 

$

1,137

 

 

$

542

 

Net margin

 

 

(0.5

%)

 

 

(1.2

%)

 

 

 

1.0

%

 

 

0.8

%

Other financial information 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net service billing

 

$

56,416

 

 

$

32,459

 

 

 

$

104,117

 

 

$

61,327

 

Adjusted EBITDA

 

 

7,576

 

 

 

4,185

 

 

 

 

14,983

 

 

 

8,271

 

Adjusted EBITA margin, net

 

 

13.4

%

 

 

12.9

%

 

 

 

14.4

%

 

 

13.5

%

 

1 Represents non-GAAP financial measures. See Other Financial Information and Non-GAAP key performance indicators below in results of operations.

For the Three Months Ended June 30,

(Amounts in thousands)

 

2022

 

 

2021

Gross revenue

$

62,399

$

36,524

Less: sub-consultants and other direct expenses

 

5,983

 

4,065

Net services billing

$

56,416

$

32,459

For the Six Months Ended June 30,

(Amounts in thousands)

 

2022

 

 

2021

Gross revenue

$

114,860

$

68,326

Less: sub-consultants and other direct expenses

 

10,743

 

6,999

Net services billing

$

104,117

$

61,327

 

 

For the Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

2022

 

 

2021

 

 

 

$ Change

 

 

% Change

 

Net Income

 

$

(320

)

 

$

(439

)

 

 

$

119

 

 

 

27.1

%

+ interest expense

 

 

350

 

 

 

215

 

 

 

 

135

 

 

 

62.8

%

+ depreciation & amortization

 

 

2,823

 

 

 

1,480

 

 

 

 

1,343

 

 

 

90.7

%

+ tax expense

 

 

(190

)

 

 

(69

)

 

 

 

(121

)

 

 

175.4

%

EBITDA

 

$

2,663

 

 

$

1,187

 

 

 

$

1,476

 

 

 

124.3

%

+ non-cash stock compensation

 

 

4,038

 

 

 

1,558

 

 

 

 

2,480

 

 

 

159.2

%

+ transaction related expenses

 

 

-

 

 

 

1,440

 

 

 

 

(1,440

)

 

 

n/a

+ settlements and other non-core expenses

 

 

215

 

 

 

-

 

 

 

 

215

 

 

 

n/a

+ acquisition expenses

 

 

660

 

 

 

-

 

 

 

 

660

 

 

 

n/a

Adjusted EBITDA

 

$

7,576

 

 

$

4,185

 

 

 

$

3,391

 

 

 

81.0

%

Adjusted EBITDA margin, net

 

 

13.4

%

 

 

12.9

%

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

(Amounts in thousands)

 

2022

 

 

2021

 

 

 

$ Change

 

 

% Change

 

Net Income

 

$

1,137

 

 

$

542

 

 

 

$

595

 

 

 

109.8

%

+ interest expense

 

 

685

 

 

 

434

 

 

 

 

251

 

 

 

57.8

%

+ depreciation & amortization

 

 

5,213

 

 

 

2,908

 

 

 

 

2,305

 

 

 

79.3

%

+ tax (benefit) expense

 

 

(306

)

 

 

240

 

 

 

 

(546

)

 

 

(227.5

%)

EBITDA

 

$

6,729

 

 

$

4,124

 

 

 

$

2,605

 

 

 

63.2

%

+ non-cash stock compensation

 

 

7,274

 

 

 

2,707

 

 

 

 

4,567

 

 

 

168.7

%

+ transaction related expenses

 

 

-

 

 

 

1,440

 

 

 

 

(1,440

)

 

 

n/a

+ settlements and other non-core expenses

 

 

215

 

 

 

-

 

 

 

 

215

 

 

 

n/a

+ acquisition expenses

 

 

765

 

 

 

-

 

 

 

 

765

 

 

 

n/a

Adjusted EBITDA

 

$

14,983

 

 

$

8,271

 

 

 

$

6,712

 

 

 

81.2

%

Adjusted EBITDA margin, net

 

 

14.4

%

 

 

13.5

%

 

 

 

 

 

 

 

 

 

BOWMAN CONSULTING GROUP LTD.

GROSS CONTRACT REVENUE COMPOSITION

 

 

For the Three Months Ended June 30,

 

 

 

 

 

 

Consolidated Gross Contract Revenue – Amounts in thousands

2022

 

%GCR

 

2021

 

%GCR

 

Change

 

% Change

Building Infrastructure 1

$

42,571

 

 

68.2%

 

$

25,187

 

 

69.0%

 

$

17,384

 

 

69.0%

Transportation

 

9,276

 

 

14.9%

 

 

4,174

 

 

11.4%

 

 

5,102

 

 

122.2%

Power & Utilities

 

7,924

 

 

12.7%

 

 

6,184

 

 

16.9%

 

 

1,740

 

 

28.1%

Other emerging markets 2

 

2,628

 

 

4.2%

 

 

979

 

 

2.7%

 

 

1,649

 

 

168.4%

Total:

$

62,399

 

 

100.0%

 

$

36,524

 

 

100.0%

 

$

25,875

 

 

70.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Organic

$

46,331

 

 

74.3%

 

$

36,524

 

 

100.0%

 

$

9,807

 

 

26.9%

Acquired

 

16,068

 

 

25.7%

 

 

-

 

 

0.0%

 

 

16,068

 

n/a

Total:

$

62,399

 

 

100.0%

 

$

36,524

 

 

100.0%

 

$

25,875

 

 

70.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 formerly referred to as Communities, homes & buildings

2 represents renewable energy, mining, water resources and other

 

For the Six Months Ended June 30,

 

 

 

 

 

 

Consolidated Gross Contract Revenue – Amounts in thousands

2022

 

%GCR

 

2021

 

%GCR

 

Change

 

% Change

Building Infrastructure 1

$

81,329

 

 

70.8%

 

$

46,224

 

 

67.7%

 

$

35,105

 

 

75.9%

Transportation

 

13,246

 

 

11.5%

 

 

8,295

 

 

12.1%

 

 

4,951

 

 

59.7%

Power & Utilities

 

15,561

 

 

13.5%

 

 

11,230

 

 

16.4%

 

 

4,331

 

 

38.6%

Other emerging markets 2

 

4,724

 

 

4.1%

 

 

2,577

 

 

3.8%

 

 

2,147

 

 

83.3%

Total:

$

114,860

 

 

100.0%

 

$

68,326

 

 

100.0%

 

$

46,534

 

 

68.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Organic

$

89,260

 

 

77.7%

 

$

68,326

 

 

100.0%

 

$

20,934

 

 

30.6%

Acquired

 

25,600

 

 

22.3%

 

 

-

 

 

0.0%

 

 

25,600

 

n/a

Total:

$

114,860

 

 

100.0%

 

$

68,326

 

 

100.0%

 

$

46,534

 

 

68.1%

 

1 formerly referred to as Communities, homes & buildings

2 represents renewable energy, mining, water resources and other

BOWMAN CONSULTING GROUP LTD.

BACKLOG AT JUNE 30, 2022

(Unaudited)

 

(Amounts in thousands)

Gross Backlog

Building Infrastructure

 

109,365

Transportation

 

60,775

Power & Utilities

 

29,910

Emerging Markets

 

5,550

Total

$

205,600