Core Viewpoint - Bowman Consulting (BWMN) reported quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.44 per share, representing an earnings surprise of -31.82% [1]. Financial Performance - The company posted revenues of $113.93 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.51%, compared to year-ago revenues of $94.43 million [2]. - Over the last four quarters, Bowman Consulting has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2]. Stock Performance - Bowman Consulting shares have lost about 37.5% since the beginning of the year, while the S&P 500 has gained 21.2% [3]. - The current consensus EPS estimate for the coming quarter is $0.38 on revenues of $110.37 million, and for the current fiscal year, it is $0.92 on revenues of $424.3 million [7]. Industry Outlook - The Business - Services industry, to which Bowman Consulting belongs, is currently in the top 23% of over 250 Zacks industries, indicating a favorable outlook [8]. - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5].

Financial Performance - Gross contract revenue for Q2 2024 was $104.5 million, a year-over-year increase of 26.2% from $82.8 million in Q2 2023[127]. - For the first half of 2024, gross contract revenue reached $199.4 million, reflecting a 25.5% growth compared to $158.9 million in the same period of 2023[127]. - The net loss for Q2 2024 was ($2.1) million, compared to a net loss of ($0.6) million in Q2 2023[127]. - Adjusted EBITDA for Q2 2024 was $13.4 million, up from $11.1 million in Q2 2023[127]. - Adjusted EBITDA for Q2 2024 was $13.4 million, representing a margin of 14.3%, compared to $11.1 million and a margin of 15.0% in Q2 2023[157]. - Adjusted EBITDA increased by $2.4 million or 21.3% to $13.4 million for the three months ended June 30, 2024, compared to $11.1 million for the same period in 2023[168]. - Adjusted EBITDA increased by $4.8 million or 23.2% to $25.5 million for the six months ended June 30, 2024, compared to $20.7 million for the same period in 2023[188]. - Net loss increased by $3.5 million to ($3.6) million for the six months ended June 30, 2024, compared to ($0.1) million in 2023[185]. Revenue Breakdown - Hourly contracts accounted for 10% of gross contract revenue in Q2 2024, totaling approximately $10.5 million[134]. - Lump sum contracts represented 90% of gross contract revenue for both Q2 2024 and the first half of 2024, totaling approximately $94.0 million and $179.1 million, respectively[136]. - Revenue from acquisitions contributed $17.5 million to the increase in gross contract revenue for Q2 2024[151]. - Revenue from the building infrastructure market increased by $7.3 million or 15.0% in Q2 2024, with 33.2% derived from residential assignments[154]. - Revenue from power and utilities increased by $3.9 million or 24.8% in Q2 2024, primarily due to acquisitions and expansion of utility projects[154]. - Revenue from emerging markets surged by $7.2 million or 269.2% in Q2 2024, largely due to the acquisition of Surdex Corporation[155]. - Revenue from the building infrastructure market increased by $15.7 million or 16.9% for the six months ended June 30, 2024, compared to the same period in 2023[173]. - Revenue from power and utilities increased by $9.0 million or 31.2% for the six months ended June 30, 2024, compared to the same period in 2023[173]. - Revenue from emerging markets increased by $10.3 million or 202.4% for the six months ended June 30, 2024, compared to the same period in 2023, primarily due to the acquisition of Surdex Corporation[174]. Costs and Expenses - Total contract costs for Q2 2024 increased by $8.6 million or 21.0% to $49.6 million, representing 47.5% of total contract revenue[157]. - Direct payroll costs rose by $7.0 million or 21.8% to $39.1 million in Q2 2024, accounting for 78.8% of total contract costs[157]. - Operating expenses increased by $13.3 million or 31.1% to $56.1 million in Q2 2024, driven by higher selling, general, and administrative expenses[160]. - Total contract costs increased by $18.1 million or 23.1% to $96.5 million for the six months ended June 30, 2024, compared to $78.4 million for the same period in 2023[176]. - Direct payroll costs increased by $15.9 million or 26.1% to $76.8 million for the six months ended June 30, 2024, compared to $60.9 million for the same period in 2023[176]. - Total operating expenses increased by $26.7 million or 33.4% to $106.7 million for the six months ended June 30, 2024, compared to $80.0 million in 2023[180]. Cash Flow and Financing - Net cash provided by operating activities was $5.6 million for the six months ended June 30, 2024, compared to $2.1 million in 2023[195]. - Net cash used in investing activities increased by $5.0 million to $20.6 million for the six months ended June 30, 2024, compared to $15.6 million for the same period in 2023, primarily due to acquisitions[199]. - Net cash provided by financing activities during the six months ended June 30, 2024, was $17.5 million, an increase of $7.5 million from $10.0 million for the same period in 2023, mainly due to net proceeds of $47.2 million from a common stock offering[200]. - The Company entered into a new $100 million revolving credit facility on May 2, 2024, replacing the previous $70 million facility, with an outstanding balance of $27.8 million as of June 30, 2024[201]. - As of June 30, 2024, the interest rates on the Revolving Credit Facility ranged from 7.66% to 9.70%[201]. - The Company sold 1,502,942 shares of common stock for gross proceeds of approximately $51.1 million on April 1, 2024, under a shelf registration statement[204]. Tax and Losses - Income tax benefit decreased by $0.4 million to $1.2 million for the three months ended June 30, 2024, compared to $1.6 million for the same period in 2023, with an effective tax rate of 34.0%[164]. - Loss before tax increased by $1.0 million to a loss of $3.3 million for the three months ended June 30, 2024, compared to a loss of $2.3 million for the same period in 2023[165]. - Income tax benefit increased by $2.8 million to $4.6 million for the six months ended June 30, 2024, compared to a $1.8 million benefit in 2023[184]. Backlog and Future Outlook - Backlog increased by $45.7 million or 14.9% to $351.4 million during the six months ended June 30, 2024, compared to $305.7 million at December 31, 2023[190]. Compliance and Risk - The Company is required to comply with certain covenants under the New Credit Agreement, including maintaining a fixed charge coverage ratio and leverage ratio of debt to EBITDA[201]. - The Company has no material off-balance sheet arrangements or special purpose entities[205]. - The Company is not party to any litigation that would materially affect its results of operations or financial position as of the date of the report[216].

Financial Data and Key Metrics Changes - Gross revenue for Q2 2024 reached $104.5 million, marking a significant milestone as the first time surpassing $100 million in a single quarter [7] - Net revenue was $94 million, reflecting a 27% increase compared to Q2 2023, with a net to gross ratio of 90% [7] - Gross margin improved to 52% from 50% year-over-year, while SG&A expenses remained steady at around 52% of net revenue [7] - Adjusted EBITDA increased by 21% to $13.4 million, representing a 14.3% margin on net revenue [8] - For the first half of 2024, gross revenue totaled $199.4 million, with net revenue up 27% to $179.7 million compared to the first half of 2023 [8][9] Business Line Data and Key Metrics Changes - Revenue by vertical for Q2 2024 included building infrastructure at 53%, transportation at 18%, power at 19%, and emerging markets at 9% [10] - Organic growth rates for Q2 2024 were 33% for emerging markets, 17% for transportation, 10% for power, and effectively 0% for building infrastructure, resulting in a weighted average of around 6% [11] - For the first half of 2024, organic growth rates were 57% for emerging markets, 23% for power, 15% for transportation, and around 2% for building infrastructure, leading to a weighted average of approximately 10% [12] Market Data and Key Metrics Changes - Backlog increased by 19% year-over-year and 5% compared to the end of the previous quarter, with 48% in building infrastructure, 27% in transportation, 18% in power, and 9% in emerging markets [10] - The company noted a slowdown in the build-for-rent market, which is expected to reignite once interest rates decrease [31] Company Strategy and Development Direction - The company is focused on diversifying its services and expanding capabilities in renewable energy engineering and geospatial business [4] - Management emphasized the importance of post-closing integration of acquired firms to enhance operational efficiency and reporting accuracy [5] - The company is committed to maintaining a right-sized workforce and rationalized overhead to improve profitability [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the building infrastructure sector but remains optimistic about its long-term performance [29] - The company is adjusting its outlook for 2024 net service billing to a range of $375 million to $385 million and adjusted EBITDA to $58 million to $63 million, reflecting a conservative approach due to current market conditions [18] - Management expressed confidence in the transportation segment, anticipating that delayed projects will commence in the second half of the year [34] Other Important Information - Non-cash stock compensation decreased by nearly 12% year-over-year, with projections for 2024 expected to be between $24 million and $26 million [9] - The company had approximately $71 million in net debt at the end of the quarter, with a debt to adjusted EBITDA ratio of just under 1.4 times [14] Q&A Session Summary Question: Changes in Building Infrastructure Market - Management noted that while they believe in the long-term strength of the building infrastructure market, clients are currently holding off on projects due to interest rate concerns [29][30] Question: Delays in Transportation Projects - Delays in transportation projects are attributed to longer negotiation processes and personnel shortages, but management remains confident that these projects will commence in the second half of the year [32][34] Question: Free Cash Flow Expectations - Free cash flow conversion is expected to remain around 70%, but short-term impacts from tax changes may affect cash flow [39] Question: EBITDA Growth Analysis - The increase in EBITDA is constrained by not hitting expected revenue levels and the need to optimize the cost structure [43] Question: Market Focus and Labor Adjustments - The company is assessing labor utilization to improve margins without making drastic workforce changes [54]

Bowmar TRANSPORTATION POWER & UTILITIES ENERGY BUILDING INFRASTRUCTURE WATER RESOURCES Q2 2024 EARNINGS CALL | AUGUST 7, 2024 | NASDAQ: BWMN Presenters: Gary Bowman Chairman & CEO Bruce Labovitz Chief Financial Officer Safe Harbor Statement Please note that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ ...

Exhibit 99.1 Bowman Announces Financial Results for Three and Six Months Ended June 30, 2024 Reston, Va., August 6, 2024 (BUSINESS WIRE) – Bowman Consulting Group Ltd. (Nasdaq: BWMN) ("Bowman" or the "Company"), a national engineering and infrastructure services firm supporting owners and developers of the built environment, today released financial results for the three and six months ended June 30, 2024. "Despite challenges we faced this quarter with conversion of awards to revenue, our sales are strong, ...

Bowman Consulting (BWMN) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of $0.27. This compares to loss of $0.04 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -111.11%. A quarter ago, it was expected that this professional services firm would post earnings of $0.22 per share when it actually produced earnings of $0.20, delivering a surprise of -9.09%. Over the last four quarters, the co ...

TRANSPORTATION POWER & UTILITIES ENERGY BUILDING INFRASTRUCTURE WATER RESOURCES Q1 2024 EARNINGS CALL | MAY 7, 2024 | NASDAQ: BWMN Gary Bowman Chairman & CEO Safe Harbor Statement You can find this information, together with the reconciliations to the most directly comparable GAAP information, in our fourth quarter earnings press release and our 8-K filed with the SEC and on our website at bowman.com. Q1 Highlights & Insights • 27% YoY Growth in Net Service Billing Bowmar Presenters: Bruce Labovitz Chief Fi ...

Bowman Consulting Group Ltd. (NASDAQ:BWMN) Q1 2024 Earnings Conference Call May 7, 2024 9:00 AM ET Company Participants Bruce Labovitz - Chief Financial Officer Gary Bowman - Founder and Chief Executive Officer Conference Call Participants Aaron Spychalla - Craig-Hallum Jeff Martin - Roth Jean Ramirez - D.A. Davidson Operator Good morning, ladies and gentlemen. Welcome to the Bowman Consulting Group Ltd. Q1 2024 Earnings Conference Call and Webcast. My name is Jacquetta. I will be your moderator for today's ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _____________________________________________ OR BOWMAN CONSULTING GROUP LTD. (Exact Name of Registrant as Specified in its Charter) _____________________________________________ Registrant's telephone number, including area code: (703) 464-1000 _____________________________________________ Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant is a large accelerated fil ...

Reston, Va., May 6, 2024 (BUSINESS WIRE) – Bowman Consulting Group Ltd. (Nasdaq: BWMN) ("Bowman" or the "Company"), a national engineering and infrastructure services firm supporting owners and developers of the built environment, today released financial results for the three months ended March 31, 2024. • Gross backlog2 of $330 million, compared to $252 million, a 31% increase In connection with the release of financial results the Company reported the non-GAAP financial metric of adjusted earnings per sh ...