Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Bowman Consulting Group Announces First Quarter 2021 Financial Results By: Bowman Consulting Group Ltd. via Business Wire June 10, 2021 at 16:01 PM EDT 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 financial results for the quarter ended March 31, 2021 which included year-over-year increases of 11% in gross revenue and 157% in adjusted EBITDA. “The first quarter was our final quarter as a private company and it was clearly a busy period for us,” said Gary Bowman, Chairman and CEO of Bowman. “We booked over $36 million of new work while generating just under $32 million of gross revenue. In January we closed on the KTA acquisition and we have already integrated operations and started cross selling services. We strengthened our leadership with people who bring significant industry experience and extensive client relationships. At the same time, our team worked tirelessly on our $53 million IPO which closed in May. So far, the second quarter has been in line with our expectations for new bookings and gross contract revenue. I am very proud of our accomplishments and look forward to delivering growth and value to shareholders.” Financial Highlights of First Quarter 2021: Gross revenue increased 11% to $31.8 million Net service billing increased 17% to $28.9 million 1 Net income increased 130% to $1.0 million Adjusted EBITDA increased 157% to $4.1 million 1 Adjusted EBITDA margin, net increased 120% to 14.2% 1 Acquisitions contributed $1.9 million or 6% of gross revenue Backlog increased by $3 million to $116 million 1 Other Reported Business Highlights: Closed on KTA Group acquisition and commenced cross-selling initiatives Hired Michael Ginsberg to launch national energy transition services practice Added impactful senior operations and business development leadership Hired Tim Vaughn to lead and accelerate M&A efforts _____________________________ 1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations Q1 2021 Earnings Webcast Bowman will host an earnings webcast to discuss first quarter 2021 financial results: Date: June 11, 2021 Time: 9:00 a.m. Eastern Time Hosts: Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer Where: http://investors.bowman.com 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 750 employees in more than 30 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. On May 11, 2021, Bowman completed its $53.3 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit bowman.com. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the "safe harbor” provisions of the 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” 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. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 424B4 dated May 6, 2021, which is available on the SEC's website at sec.gov. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. 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 anticipated 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. CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) For the Three Months Ended March 31, (in thousands except share data) 2021 2020 Gross Contract Revenue $ 31,802 $ 28,611 Contract costs: (exclusive of depreciation and amortization below) Direct payroll costs 13,222 11,652 Sub-consultants and expenses 2,934 3,878 Total contract costs 16,156 15,530 Operating Expenses: Selling, general and administrative 12,749 12,069 Depreciation and amortization 1,428 320 (Gain) loss on sale (26 ) (15 ) Total operating expenses 14,151 12,374 Income from operations 1,495 707 Other (income) expense 205 (9 ) Income before tax expense 1,290 716 Income tax expense 309 290 Net income $ 981 $ 426 Earnings allocated to non-vested shares 124 14 Net income attributable to common shareholders $ 857 $ 412 Earnings per share Basic $ 0.17 $ 0.07 Diluted $ 0.17 $ 0.07 Weighted average shares outstanding: Basic 5,083,470 5,584,321 Diluted 5,096,597 5,622,700 BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2021 December 31, 2020 (in thousands) (unaudited) ASSETS Current Assets Cash and equivalents 319 386 Accounts Receivable, net 27,699 24,183 Contract assets 7,396 7,080 Notes receivable - officers, employees, affiliates, current portion 1,116 1,182 Prepaid and other current assets 2,825 2,271 Total current assets 39,355 35,102 Non-Current Assets Property and equipment, net 16,218 15,357 Goodwill 11,723 9,179 Notes receivable, less current portion 903 903 Notes receivable - officers, employees, affiliates, less current portion 1,289 1,297 Other intangible assets, net 1,934 1,131 Other assets 718 669 Total Assets $ 72,140 $ 63,638 LIABILITIES AND EQUITY Current Liabilities Bank line of credit 6,941 3,481 Accounts payable and accrued liabilities, current portion 13,200 12,203 Contract liabilities 1,945 1,943 Notes payable, current portion 2,124 1,592 Deferred rent, current portion 654 619 Capital lease obligation, current portion 3,797 3,495 Total current liabilities 28,661 23,333 Non Current Liabilities Other non-current obligations 1,243 1,244 Notes payable, less current portion 4,167 2,829 Deferred rent, less current portion 4,148 4,278 Capital lease obligation, less current portion 7,556 7,503 Deferred tax liability, net 6,581 6,472 Common shares subject to repurchase 1,401 842 Total liabilities $ 53,757 $ 46,501 Shareholders' Equity Common stock 2 2 Additional paid-in-capital 60,161 58,866 Treasury Stock (17,085 ) (16,022 ) Stock subscription notes receivable (576 ) (609 ) Accumulated deficit (24,119 ) (25,100 ) Total shareholders' equity $ 18,383 $ 17,137 TOTAL LIABILITIES AND EQUITY $ 72,140 $ 63,638 BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Three Months Ended March 31, (in thousands) 2021 2020 Cash Flows from Operating Activities: Net Income $ 981 $ 426 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - property, plant and equipment 1,360 250 Amortization of intangible assets 68 70 Gain on sale of assets (26 ) (15 ) Bad debt 92 122 Stock based compensation 1,149 (543 ) Deferred taxes 109 75 Deferred rent (95 ) 176 Changes in operating assets and liabilities Accounts Receivable (3,608 ) (3,082 ) Contract Assets (100 ) 4,815 Prepaid expenses (148 ) 831 Deposits and other assets (21 ) (16 ) Accounts payable and accrued expenses 698 (1,751 ) Contract Liabilities (414 ) (2,874 ) Net cash provided by (used in) operating activities 45 (1,516 ) Cash Flows from Investing Activities: Purchases of property and equipment (438 ) (183 ) Proceeds from sale of assets and disposal of leases 26 15 Amounts advanced under loans to shareholders (364 ) (337 ) Payments received under loans to shareholders 75 57 Amounts advanced under notes receivable - (140 ) Acquisitions of businesses, net of cash acquired (640 ) - Collections under stock subscription notes receivable 33 47 Net cash used in investing activities (1,308 ) (541 ) Cash Flows from Financing Activities: Net repayments under revolving line of credit 3,460 456 Repayments under fixed line of credit (179 ) (49 ) Borrowings under fixed line of credit - 1,985 Repayment under notes payable (151 ) (407 ) Payments on capital leases (975 ) (71 ) Payment of contingent consideration from acquisitions (1 ) (17 ) Payment of offering costs (417 ) - Payments for purchase and retirement of common stock (559 ) - Proceeds from issuance of common stock 18 15 Net cash provided by financing activities 1,196 1,912 Net decrease in cash and cash equivalents (67 ) (145 ) Cash and cash equivalents, beginning of period 386 509 Cash and cash equivalents, end of period $ 319 $ 364 BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands) For the Three Months Ended March 31, Net Service Billing 2021 2020 Gross revenue $ 31,802 $ 28,611 Less: sub-consultants and other direct expenses 2,934 3,878 Net services billing $ 28,868 $ 24,733 (in thousands) For the Three Months Ended March 31, Adjusted EBITDA and Adjusted EBITDA Margin, net 2021 2020 Net Income $ 981 $ 426 + interest expense 219 149 + depreciation & Amortization 1,428 320 + tax expense 309 290 EBITDA $ 2,937 $ 1,185 + non-reoccurring operating lease rent - 947 + non-cash stock compensation 1,149 (543 ) Adjusted EBITDA $ 4,086 $ 1,589 Adjusted EBITDA margin, net 14.2% 6.4% (in thousands) For the Three Months Ended March 31, Gross Margin, gross and Gross Margin, net 2021 2020 Gross revenue $ 31,802 $ 28,611 Less: sub-consultants and other direct expenses 2,934 3,878 Net service billing $ 28,868 $ 24,733 Direct payroll 13,222 11,652 Gross profit (excluding depreciation and amortization) $ 15,646 $ 13,081 Gross margin, gross 49.2% 45.7% Gross margin, net 54.2% 52.9% BOWMAN CONSULTING GROUP LTD. GROSS CONTRACT REVENUE COMPOSITION (Unaudited) (dollars in millions) For the three months ended March 31, Consolidated Gross Revenue 2021 %GCR 2020 %GCR Change % of Change Communities, Homes & Buildings $21,037 66.2% $16,437 57.5% $4,600 28.0% Transportation 4,122 13.0% 4,882 17.1% (760) -15.6% Power and Utilities 5,045 15.8% 5,712 19.9% (667) -11.7% Emerging Markets 1,598 5.0% 1,580 5.5% 18 1.1% Total $31,802 100.0% 28,611 100.0% 3,191 11.2% For the three months ended March 31, Organic v Acquired Revenue 2,021 %GCR 2,020 %GCR Change % of Change Organic Growth $29,879 94.0% $28,611 100.0% $1,268 39.7% Acquired Growth - KTA Group 1,923 6.0% - 0.0% 1,923 60.3% Total $31,802 100.0% $28,611 100.0% $3,191 100.0% View source version on businesswire.com: https://www.businesswire.com/news/home/20210610005882/en/Contacts Investor Relations Bruce Labovitz ir@bowman.com (703) 787-3403 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Bowman Consulting Group Announces First Quarter 2021 Financial Results By: Bowman Consulting Group Ltd. via Business Wire June 10, 2021 at 16:01 PM EDT 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 financial results for the quarter ended March 31, 2021 which included year-over-year increases of 11% in gross revenue and 157% in adjusted EBITDA. “The first quarter was our final quarter as a private company and it was clearly a busy period for us,” said Gary Bowman, Chairman and CEO of Bowman. “We booked over $36 million of new work while generating just under $32 million of gross revenue. In January we closed on the KTA acquisition and we have already integrated operations and started cross selling services. We strengthened our leadership with people who bring significant industry experience and extensive client relationships. At the same time, our team worked tirelessly on our $53 million IPO which closed in May. So far, the second quarter has been in line with our expectations for new bookings and gross contract revenue. I am very proud of our accomplishments and look forward to delivering growth and value to shareholders.” Financial Highlights of First Quarter 2021: Gross revenue increased 11% to $31.8 million Net service billing increased 17% to $28.9 million 1 Net income increased 130% to $1.0 million Adjusted EBITDA increased 157% to $4.1 million 1 Adjusted EBITDA margin, net increased 120% to 14.2% 1 Acquisitions contributed $1.9 million or 6% of gross revenue Backlog increased by $3 million to $116 million 1 Other Reported Business Highlights: Closed on KTA Group acquisition and commenced cross-selling initiatives Hired Michael Ginsberg to launch national energy transition services practice Added impactful senior operations and business development leadership Hired Tim Vaughn to lead and accelerate M&A efforts _____________________________ 1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations Q1 2021 Earnings Webcast Bowman will host an earnings webcast to discuss first quarter 2021 financial results: Date: June 11, 2021 Time: 9:00 a.m. Eastern Time Hosts: Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer Where: http://investors.bowman.com 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 750 employees in more than 30 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. On May 11, 2021, Bowman completed its $53.3 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit bowman.com. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the "safe harbor” provisions of the 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” 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. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 424B4 dated May 6, 2021, which is available on the SEC's website at sec.gov. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. 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 anticipated 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. CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) For the Three Months Ended March 31, (in thousands except share data) 2021 2020 Gross Contract Revenue $ 31,802 $ 28,611 Contract costs: (exclusive of depreciation and amortization below) Direct payroll costs 13,222 11,652 Sub-consultants and expenses 2,934 3,878 Total contract costs 16,156 15,530 Operating Expenses: Selling, general and administrative 12,749 12,069 Depreciation and amortization 1,428 320 (Gain) loss on sale (26 ) (15 ) Total operating expenses 14,151 12,374 Income from operations 1,495 707 Other (income) expense 205 (9 ) Income before tax expense 1,290 716 Income tax expense 309 290 Net income $ 981 $ 426 Earnings allocated to non-vested shares 124 14 Net income attributable to common shareholders $ 857 $ 412 Earnings per share Basic $ 0.17 $ 0.07 Diluted $ 0.17 $ 0.07 Weighted average shares outstanding: Basic 5,083,470 5,584,321 Diluted 5,096,597 5,622,700 BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2021 December 31, 2020 (in thousands) (unaudited) ASSETS Current Assets Cash and equivalents 319 386 Accounts Receivable, net 27,699 24,183 Contract assets 7,396 7,080 Notes receivable - officers, employees, affiliates, current portion 1,116 1,182 Prepaid and other current assets 2,825 2,271 Total current assets 39,355 35,102 Non-Current Assets Property and equipment, net 16,218 15,357 Goodwill 11,723 9,179 Notes receivable, less current portion 903 903 Notes receivable - officers, employees, affiliates, less current portion 1,289 1,297 Other intangible assets, net 1,934 1,131 Other assets 718 669 Total Assets $ 72,140 $ 63,638 LIABILITIES AND EQUITY Current Liabilities Bank line of credit 6,941 3,481 Accounts payable and accrued liabilities, current portion 13,200 12,203 Contract liabilities 1,945 1,943 Notes payable, current portion 2,124 1,592 Deferred rent, current portion 654 619 Capital lease obligation, current portion 3,797 3,495 Total current liabilities 28,661 23,333 Non Current Liabilities Other non-current obligations 1,243 1,244 Notes payable, less current portion 4,167 2,829 Deferred rent, less current portion 4,148 4,278 Capital lease obligation, less current portion 7,556 7,503 Deferred tax liability, net 6,581 6,472 Common shares subject to repurchase 1,401 842 Total liabilities $ 53,757 $ 46,501 Shareholders' Equity Common stock 2 2 Additional paid-in-capital 60,161 58,866 Treasury Stock (17,085 ) (16,022 ) Stock subscription notes receivable (576 ) (609 ) Accumulated deficit (24,119 ) (25,100 ) Total shareholders' equity $ 18,383 $ 17,137 TOTAL LIABILITIES AND EQUITY $ 72,140 $ 63,638 BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Three Months Ended March 31, (in thousands) 2021 2020 Cash Flows from Operating Activities: Net Income $ 981 $ 426 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - property, plant and equipment 1,360 250 Amortization of intangible assets 68 70 Gain on sale of assets (26 ) (15 ) Bad debt 92 122 Stock based compensation 1,149 (543 ) Deferred taxes 109 75 Deferred rent (95 ) 176 Changes in operating assets and liabilities Accounts Receivable (3,608 ) (3,082 ) Contract Assets (100 ) 4,815 Prepaid expenses (148 ) 831 Deposits and other assets (21 ) (16 ) Accounts payable and accrued expenses 698 (1,751 ) Contract Liabilities (414 ) (2,874 ) Net cash provided by (used in) operating activities 45 (1,516 ) Cash Flows from Investing Activities: Purchases of property and equipment (438 ) (183 ) Proceeds from sale of assets and disposal of leases 26 15 Amounts advanced under loans to shareholders (364 ) (337 ) Payments received under loans to shareholders 75 57 Amounts advanced under notes receivable - (140 ) Acquisitions of businesses, net of cash acquired (640 ) - Collections under stock subscription notes receivable 33 47 Net cash used in investing activities (1,308 ) (541 ) Cash Flows from Financing Activities: Net repayments under revolving line of credit 3,460 456 Repayments under fixed line of credit (179 ) (49 ) Borrowings under fixed line of credit - 1,985 Repayment under notes payable (151 ) (407 ) Payments on capital leases (975 ) (71 ) Payment of contingent consideration from acquisitions (1 ) (17 ) Payment of offering costs (417 ) - Payments for purchase and retirement of common stock (559 ) - Proceeds from issuance of common stock 18 15 Net cash provided by financing activities 1,196 1,912 Net decrease in cash and cash equivalents (67 ) (145 ) Cash and cash equivalents, beginning of period 386 509 Cash and cash equivalents, end of period $ 319 $ 364 BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands) For the Three Months Ended March 31, Net Service Billing 2021 2020 Gross revenue $ 31,802 $ 28,611 Less: sub-consultants and other direct expenses 2,934 3,878 Net services billing $ 28,868 $ 24,733 (in thousands) For the Three Months Ended March 31, Adjusted EBITDA and Adjusted EBITDA Margin, net 2021 2020 Net Income $ 981 $ 426 + interest expense 219 149 + depreciation & Amortization 1,428 320 + tax expense 309 290 EBITDA $ 2,937 $ 1,185 + non-reoccurring operating lease rent - 947 + non-cash stock compensation 1,149 (543 ) Adjusted EBITDA $ 4,086 $ 1,589 Adjusted EBITDA margin, net 14.2% 6.4% (in thousands) For the Three Months Ended March 31, Gross Margin, gross and Gross Margin, net 2021 2020 Gross revenue $ 31,802 $ 28,611 Less: sub-consultants and other direct expenses 2,934 3,878 Net service billing $ 28,868 $ 24,733 Direct payroll 13,222 11,652 Gross profit (excluding depreciation and amortization) $ 15,646 $ 13,081 Gross margin, gross 49.2% 45.7% Gross margin, net 54.2% 52.9% BOWMAN CONSULTING GROUP LTD. GROSS CONTRACT REVENUE COMPOSITION (Unaudited) (dollars in millions) For the three months ended March 31, Consolidated Gross Revenue 2021 %GCR 2020 %GCR Change % of Change Communities, Homes & Buildings $21,037 66.2% $16,437 57.5% $4,600 28.0% Transportation 4,122 13.0% 4,882 17.1% (760) -15.6% Power and Utilities 5,045 15.8% 5,712 19.9% (667) -11.7% Emerging Markets 1,598 5.0% 1,580 5.5% 18 1.1% Total $31,802 100.0% 28,611 100.0% 3,191 11.2% For the three months ended March 31, Organic v Acquired Revenue 2,021 %GCR 2,020 %GCR Change % of Change Organic Growth $29,879 94.0% $28,611 100.0% $1,268 39.7% Acquired Growth - KTA Group 1,923 6.0% - 0.0% 1,923 60.3% Total $31,802 100.0% $28,611 100.0% $3,191 100.0% View source version on businesswire.com: https://www.businesswire.com/news/home/20210610005882/en/Contacts Investor Relations Bruce Labovitz ir@bowman.com (703) 787-3403
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 financial results for the quarter ended March 31, 2021 which included year-over-year increases of 11% in gross revenue and 157% in adjusted EBITDA. “The first quarter was our final quarter as a private company and it was clearly a busy period for us,” said Gary Bowman, Chairman and CEO of Bowman. “We booked over $36 million of new work while generating just under $32 million of gross revenue. In January we closed on the KTA acquisition and we have already integrated operations and started cross selling services. We strengthened our leadership with people who bring significant industry experience and extensive client relationships. At the same time, our team worked tirelessly on our $53 million IPO which closed in May. So far, the second quarter has been in line with our expectations for new bookings and gross contract revenue. I am very proud of our accomplishments and look forward to delivering growth and value to shareholders.” Financial Highlights of First Quarter 2021: Gross revenue increased 11% to $31.8 million Net service billing increased 17% to $28.9 million 1 Net income increased 130% to $1.0 million Adjusted EBITDA increased 157% to $4.1 million 1 Adjusted EBITDA margin, net increased 120% to 14.2% 1 Acquisitions contributed $1.9 million or 6% of gross revenue Backlog increased by $3 million to $116 million 1 Other Reported Business Highlights: Closed on KTA Group acquisition and commenced cross-selling initiatives Hired Michael Ginsberg to launch national energy transition services practice Added impactful senior operations and business development leadership Hired Tim Vaughn to lead and accelerate M&A efforts _____________________________ 1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations Q1 2021 Earnings Webcast Bowman will host an earnings webcast to discuss first quarter 2021 financial results: Date: June 11, 2021 Time: 9:00 a.m. Eastern Time Hosts: Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer Where: http://investors.bowman.com 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 750 employees in more than 30 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. On May 11, 2021, Bowman completed its $53.3 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit bowman.com. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the "safe harbor” provisions of the 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” 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. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 424B4 dated May 6, 2021, which is available on the SEC's website at sec.gov. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. 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 anticipated 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. CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) For the Three Months Ended March 31, (in thousands except share data) 2021 2020 Gross Contract Revenue $ 31,802 $ 28,611 Contract costs: (exclusive of depreciation and amortization below) Direct payroll costs 13,222 11,652 Sub-consultants and expenses 2,934 3,878 Total contract costs 16,156 15,530 Operating Expenses: Selling, general and administrative 12,749 12,069 Depreciation and amortization 1,428 320 (Gain) loss on sale (26 ) (15 ) Total operating expenses 14,151 12,374 Income from operations 1,495 707 Other (income) expense 205 (9 ) Income before tax expense 1,290 716 Income tax expense 309 290 Net income $ 981 $ 426 Earnings allocated to non-vested shares 124 14 Net income attributable to common shareholders $ 857 $ 412 Earnings per share Basic $ 0.17 $ 0.07 Diluted $ 0.17 $ 0.07 Weighted average shares outstanding: Basic 5,083,470 5,584,321 Diluted 5,096,597 5,622,700 BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2021 December 31, 2020 (in thousands) (unaudited) ASSETS Current Assets Cash and equivalents 319 386 Accounts Receivable, net 27,699 24,183 Contract assets 7,396 7,080 Notes receivable - officers, employees, affiliates, current portion 1,116 1,182 Prepaid and other current assets 2,825 2,271 Total current assets 39,355 35,102 Non-Current Assets Property and equipment, net 16,218 15,357 Goodwill 11,723 9,179 Notes receivable, less current portion 903 903 Notes receivable - officers, employees, affiliates, less current portion 1,289 1,297 Other intangible assets, net 1,934 1,131 Other assets 718 669 Total Assets $ 72,140 $ 63,638 LIABILITIES AND EQUITY Current Liabilities Bank line of credit 6,941 3,481 Accounts payable and accrued liabilities, current portion 13,200 12,203 Contract liabilities 1,945 1,943 Notes payable, current portion 2,124 1,592 Deferred rent, current portion 654 619 Capital lease obligation, current portion 3,797 3,495 Total current liabilities 28,661 23,333 Non Current Liabilities Other non-current obligations 1,243 1,244 Notes payable, less current portion 4,167 2,829 Deferred rent, less current portion 4,148 4,278 Capital lease obligation, less current portion 7,556 7,503 Deferred tax liability, net 6,581 6,472 Common shares subject to repurchase 1,401 842 Total liabilities $ 53,757 $ 46,501 Shareholders' Equity Common stock 2 2 Additional paid-in-capital 60,161 58,866 Treasury Stock (17,085 ) (16,022 ) Stock subscription notes receivable (576 ) (609 ) Accumulated deficit (24,119 ) (25,100 ) Total shareholders' equity $ 18,383 $ 17,137 TOTAL LIABILITIES AND EQUITY $ 72,140 $ 63,638 BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Three Months Ended March 31, (in thousands) 2021 2020 Cash Flows from Operating Activities: Net Income $ 981 $ 426 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization - property, plant and equipment 1,360 250 Amortization of intangible assets 68 70 Gain on sale of assets (26 ) (15 ) Bad debt 92 122 Stock based compensation 1,149 (543 ) Deferred taxes 109 75 Deferred rent (95 ) 176 Changes in operating assets and liabilities Accounts Receivable (3,608 ) (3,082 ) Contract Assets (100 ) 4,815 Prepaid expenses (148 ) 831 Deposits and other assets (21 ) (16 ) Accounts payable and accrued expenses 698 (1,751 ) Contract Liabilities (414 ) (2,874 ) Net cash provided by (used in) operating activities 45 (1,516 ) Cash Flows from Investing Activities: Purchases of property and equipment (438 ) (183 ) Proceeds from sale of assets and disposal of leases 26 15 Amounts advanced under loans to shareholders (364 ) (337 ) Payments received under loans to shareholders 75 57 Amounts advanced under notes receivable - (140 ) Acquisitions of businesses, net of cash acquired (640 ) - Collections under stock subscription notes receivable 33 47 Net cash used in investing activities (1,308 ) (541 ) Cash Flows from Financing Activities: Net repayments under revolving line of credit 3,460 456 Repayments under fixed line of credit (179 ) (49 ) Borrowings under fixed line of credit - 1,985 Repayment under notes payable (151 ) (407 ) Payments on capital leases (975 ) (71 ) Payment of contingent consideration from acquisitions (1 ) (17 ) Payment of offering costs (417 ) - Payments for purchase and retirement of common stock (559 ) - Proceeds from issuance of common stock 18 15 Net cash provided by financing activities 1,196 1,912 Net decrease in cash and cash equivalents (67 ) (145 ) Cash and cash equivalents, beginning of period 386 509 Cash and cash equivalents, end of period $ 319 $ 364 BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands) For the Three Months Ended March 31, Net Service Billing 2021 2020 Gross revenue $ 31,802 $ 28,611 Less: sub-consultants and other direct expenses 2,934 3,878 Net services billing $ 28,868 $ 24,733 (in thousands) For the Three Months Ended March 31, Adjusted EBITDA and Adjusted EBITDA Margin, net 2021 2020 Net Income $ 981 $ 426 + interest expense 219 149 + depreciation & Amortization 1,428 320 + tax expense 309 290 EBITDA $ 2,937 $ 1,185 + non-reoccurring operating lease rent - 947 + non-cash stock compensation 1,149 (543 ) Adjusted EBITDA $ 4,086 $ 1,589 Adjusted EBITDA margin, net 14.2% 6.4% (in thousands) For the Three Months Ended March 31, Gross Margin, gross and Gross Margin, net 2021 2020 Gross revenue $ 31,802 $ 28,611 Less: sub-consultants and other direct expenses 2,934 3,878 Net service billing $ 28,868 $ 24,733 Direct payroll 13,222 11,652 Gross profit (excluding depreciation and amortization) $ 15,646 $ 13,081 Gross margin, gross 49.2% 45.7% Gross margin, net 54.2% 52.9% BOWMAN CONSULTING GROUP LTD. GROSS CONTRACT REVENUE COMPOSITION (Unaudited) (dollars in millions) For the three months ended March 31, Consolidated Gross Revenue 2021 %GCR 2020 %GCR Change % of Change Communities, Homes & Buildings $21,037 66.2% $16,437 57.5% $4,600 28.0% Transportation 4,122 13.0% 4,882 17.1% (760) -15.6% Power and Utilities 5,045 15.8% 5,712 19.9% (667) -11.7% Emerging Markets 1,598 5.0% 1,580 5.5% 18 1.1% Total $31,802 100.0% 28,611 100.0% 3,191 11.2% For the three months ended March 31, Organic v Acquired Revenue 2,021 %GCR 2,020 %GCR Change % of Change Organic Growth $29,879 94.0% $28,611 100.0% $1,268 39.7% Acquired Growth - KTA Group 1,923 6.0% - 0.0% 1,923 60.3% Total $31,802 100.0% $28,611 100.0% $3,191 100.0% View source version on businesswire.com: https://www.businesswire.com/news/home/20210610005882/en/