Bowman(BWMN) - 2024 Q4 - Annual Results

Financial Performance - Gross contract revenue for Q4 2024 was $113.2 million, a 21.7% increase from$ 93.0 million in Q4 2023[5] - Net service billing for Q4 2024 reached $98.6 million, up 22.5% from$ 80.5 million in Q4 2023[5] - Adjusted EBITDA for Q4 2024 was $17.0 million, reflecting a 51.8% increase compared to$ 11.2 million in Q4 2023[5] - The company reported net income of $5.9 million for Q4 2024, compared to a net loss of$ 7.7 million in Q4 2023[5] - For the full year 2024, adjusted EBITDA was $59.5 million, a 26.6% increase from$ 47.0 million in 2023[5] - Net income for the year 2024 was $3.034 million, compared to a net loss of$ 6.624 million in 2023, marking a significant turnaround[23] - Adjusted earnings per share for Q4 2024 were $0.72, up from$ 0.33 in Q4 2023, reflecting a 118.2% increase[26] - Basic earnings per share for Q4 2024 were $0.34, compared to a loss of$ 0.59 in Q4 2023[26] Operational Metrics - Full-year 2024 gross backlog increased to $399.0 million, a 30.4% rise from$ 306.0 million in 2023[5] - Cash flows from operations for Q4 2024 were $11.9 million, compared to a negative cash flow of$ 0.5 million in Q4 2023[5] - Cash provided by operating activities for the year 2024 was $24.301 million, compared to$ 11.722 million in 2023, indicating a 107.3% increase[23] - The company reported a total gross revenue of $426.564 million for the year 2024, representing a 23.2% increase from$ 346.256 million in 2023[34] - The company’s organic growth for gross revenue in 2024 was 6.6%, with notable contributions from the Transportation segment, which grew by 16.7%[36] Strategic Initiatives - The company made eight strategic acquisitions in 2024, contributing approximately $60 million in run-rate net service billing[12] - Bowman is increasing its fiscal year 2025 guidance to a net revenue range of$ 428 - $440 million and adjusted EBITDA of$ 70 - $76 million[10] - The company incurred$ 24.450 million in acquisitions during 2024, slightly down from $25.687 million in 2023[23] Segment Performance - The Emerging Markets segment saw significant growth, with Q4 2024 revenue of$ 12.939 million, a 152.9% increase from $5.116 million in Q4 2023[34] - For the year ended December 31, 2024, the Building Infrastructure segment accounted for 51.4% of total gross revenue, while Emerging Markets contributed 10.4%[34] - The company’s gross backlog as of December 31, 2024, was composed of 41% Building Infrastructure, 35% Transportation, 15% Power and Utilities, and 9% Emerging Markets[42] Cash and Stock Management - The company repurchased$ 34.4 million of common stock during the twelve months ended December 31, 2024[6] - The company reported a decrease in cash and cash equivalents to $6.698 million at the end of 2024, down from$ 20.687 million at the beginning of the period[24] - The weighted average shares outstanding for Q4 2024 were 16,345,248, an increase from 13,043,111 in Q4 2023[21] - The company reported a net cash used in investing activities of $27.466 million for the year 2024, compared to$ 27.156 million in 2023[23] Expense Management - Total operating expenses for the year 2024 were $224.803 million, an increase from$ 176.689 million in 2023, representing a 27.2% rise[21]