Bowman(US:BWMN)2023-11-10 03:13Financial Performance - Gross revenue approached $100 million, and the adjusted EBITDA margin on net revenue exceeded 18%[14] - Third quarter gross revenue increased 33% to $94.4 million compared to the same period last year, with organic growth of 11%[50] - Year-to-date gross revenue was up 36% to $253.3 million[52] - Adjusted EBITDA was up 57% to $15.1 million, with the adjusted EBITDA margin increasing 350 basis points to 18.3%[56] - Net debt decreased to just under $53 million from $61 million on June 30th[28] Revenue Diversification and Market Trends - Non-building infrastructure revenue reached 45% of total revenue, up from 30% in the year of the IPO[6] - Building infrastructure represented 55% of gross revenue, with transportation at 21% and power and utilities at 20%[51] - Nonresidential revenue represented nearly 66% of building infrastructure, or 36% of gross revenue, while residential revenue accounted for just under 19% of gross revenue[51] - The company estimates 10% to 12% organic growth is embedded in the 2024 guidance[83] Future Outlook - The company is initiating guidance for 2024 with net service billing between $345 million and $360 million, and adjusted EBITDA in the range of $56 million to $62 million[34] - Backlog at the end of the quarter was just under $300 million, with 54% in building infrastructure, 25% in transportation, 19% in power and utility, and 2% in other emerging revenue areas[57]