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Exhibit 99.1
Bowman Consulting Group Announces Third Quarter 2021 Financial Results
Reston, Va., November 10, 2021 (BUSINESS WIRE) – 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 results of operations for the three and nine months ended September 30, 2021, which include record revenue.
“The third quarter was the highest revenue quarter in company history, as we continue to experience strong demand across our end markets,” said Gary Bowman, Chairman and CEO of Bowman. “This was our first full quarter as a public company, and I could not be more pleased with how we have executed on our business strategy. Since becoming a public company, we have closed on four acquisitions, and we expect to close additional acquisitions by year end. Most importantly, our entire team has met the challenge of integrating new operations while continuing to serve the growing needs of our existing clients and develop new relationships. We continue to be steadfast in our commitment to increase shareholder value over time through a combination of organic growth and strategic acquisitions.”
Financial highlights of the three months ended September 30, 2021:
| • | Gross revenue of $39.7 million, a year-over-year increase of 25% |
| • | Net service billing1 of $35.7 million, a year-over-year increase of 41% |
| • | Adjusted EBITDA1 of $4.4 million |
| • | Adjusted EBITDA margin, net 1 of 12.4% |
| • | Net income of $0.4 million |
| • | Acquired revenue accounted for $2.3 million, or 6%, of gross revenue |
| • | Backlog1 of $139 million, an increase of 13% from June 30, 2021 |
Financial highlights of the nine months ended September 30, 2021:
| • | Gross revenue of $108.0 million, a year-over-year increase of 17% |
| • | Net service billing1 of $97.1 million, a year-over-year increase of 26% |
| • | Adjusted EBITDA1 of $12.7 million, a year-over-year increase of 20% |
| • | Adjusted EBITDA margin, net 1 of 13.1% |
| • | Net income of $0.9 million |
| • | Acquired revenue accounted for $6.8 million, or 6% of gross revenue |
Other Recent Business Highlights:
| • | Closed on the acquisition of Triangle Site Design in Raleigh, NC on October 1, 2021 |
| • | Closed on the acquisition of PCD Engineering in Denver, CO on October 8, 2021 |
| • | Closed on the acquisition of BTM Engineering in Louisville, KY on October 15, 2021 |
Year-End Guidance:
The Company is increasing its full year 2021 outlook for Net Service Billing to be in the range of $130 to $133 million and Adjusted EBITDA of approximately $16.5 million from previous guidance of $125 to $130 million of Net Service Billing and $15.0—$15.6 million of Adjusted EBITDA. The Company is introducing its 2022 outlook for Net Service Billing to be in the range of $150 to $170 million, with Adjusted EBITDA expected to be in the range of $20 – $24 million. The current outlook for
2021 and 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.
“We are updating our outlook for 2021 in part as a result of acquisitions closed since our last earnings call,” said Bruce Labovitz, Chief Financial Officer of Bowman. “As is our practice, our current outlook does not include future acquisitions, since we cannot offer assurance that they will close in a timely manner. We are generating free cash flow and anticipate our current capital being sufficient to meet our near-term acquisition needs. As we continue to deploy our capital and increase scale, we expect to achieve margin expansion with respect to Adjusted EBITDA, resulting in increased free cash flow from operations.”
| 1 | Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations. |
Q3 2021 Earnings Webcast
Bowman will host an earnings webcast to discuss the results of the quarter as follows:
| Date: | November 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 900 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.
Contact:
Investor Relations
Bruce Labovitz
ir@bowman.com
(703) 787-3403
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
(Amounts in thousands except per share data)
(Unaudited)
| For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
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| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Gross Contract Revenue |
$ | 39,715 | $ | 31,766 | $ | 108,041 | $ | 92,126 | ||||||||
| Contract costs: (exclusive of depreciation and amortization below) |
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| Direct payroll costs |
15,531 | 13,035 | 42,873 | 36,768 | ||||||||||||
| Sub-consultants and expenses |
3,967 | 6,354 | 10,967 | 14,814 | ||||||||||||
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| Total contract costs |
19,498 | 19,389 | 53,840 | 51,582 | ||||||||||||
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| Operating Expenses: |
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| Selling, general and administrative |
18,373 | 14,425 | 48,328 | 38,555 | ||||||||||||
| Depreciation and amortization |
1,598 | 311 | 4,506 | 952 | ||||||||||||
| (Gain) loss on sale |
(46 | ) | (30 | ) | (99 | ) | (45 | ) | ||||||||
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| Total operating expenses |
19,925 | 14,706 | 52,735 | 39,462 | ||||||||||||
| Income (loss) from operations |
292 | (2,329 | ) | 1,466 | 1,082 | |||||||||||
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| Other (income) expense |
314 | (102 | ) | 706 | (179 | ) | ||||||||||
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| Income (loss) before tax expense |
(22 | ) | (2,227 | ) | 760 | 1,261 | ||||||||||
| Income tax (benefit) expense |
(379 | ) | (979 | ) | (139 | ) | 467 | |||||||||
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| Net income (loss) |
$ | 357 | $ | (1,248 | ) | $ | 899 | $ | 794 | |||||||
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| Earnings allocated to non-vested shares |
71 | — | 165 | 41 | ||||||||||||
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| Net income (loss) attributable to common shareholders |
$ | 286 | $ | (1,248 | ) | $ | 734 | $ | 753 | |||||||
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| Earnings (loss) per share |
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| Basic |
$ | 0.03 | $ | (0.22 | ) | $ | 0.10 | $ | 0.14 | |||||||
| Diluted |
$ | 0.03 | $ | (0.22 | ) | $ | 0.10 | $ | 0.13 | |||||||
| Weighted average shares outstanding: |
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| Basic |
8,920,505 | 5,567,523 | 7,003,462 | 5,569,177 | ||||||||||||
| Diluted |
8,935,274 | 5,567,523 | 7,008,440 | 5,604,804 | ||||||||||||
BOWMAN CONSULTING GROUP LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except per share data)
| September 30, 2021 |
December 31, 2020 |
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| (unaudited) | ||||||||
| ASSETS |
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| Current Assets |
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| Cash and equivalents |
$ | 38,745 | $ | 386 | ||||
| Accounts Receivable, net |
34,964 | 24,183 | ||||||
| Contract assets |
8,668 | 7,080 | ||||||
| Notes receivable—officers, employees, affiliates, current portion |
1,120 | 1,182 | ||||||
| Prepaid and other current assets |
3,858 | 2,271 | ||||||
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| Total current assets |
87,355 | 35,102 | ||||||
| Non-Current Assets |
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| Property and equipment, net |
17,864 | 15,357 | ||||||
| Goodwill |
13,484 | 9,179 | ||||||
| Notes receivable |
903 | 903 | ||||||
| Notes receivable—officers, employees, affiliates, less current portion |
1,273 | 1,297 | ||||||
| Other intangible assets, net |
2,789 | 1,131 | ||||||
| Other assets |
687 | 669 | ||||||
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| Total Assets |
$ | 124,355 | $ | 63,638 | ||||
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| LIABILITIES AND EQUITY |
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| Current Liabilities |
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| Bank line of credit |
— | 3,481 | ||||||
| Accounts payable and accrued liabilities, current portion |
18,634 | 12,203 | ||||||
| Contract liabilities |
2,558 | 1,943 | ||||||
| Notes payable, current portion |
2,222 | 1,592 | ||||||
| Deferred rent, current portion |
674 | 619 | ||||||
| Capital lease obligation, current portion |
4,625 | 3,495 | ||||||
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| Total current liabilities |
28,713 | 23,333 | ||||||
| Non-Current Liabilities |
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| Other non-current obligations |
1,243 | 1,244 | ||||||
| Notes payable, less current portion |
4,377 | 2,829 | ||||||
| Deferred rent, less current portion |
4,217 | 4,278 | ||||||
| Capital lease obligation, less current portion |
8,855 | 7,503 | ||||||
| Deferred tax liability, net |
5,133 | 6,472 | ||||||
| Common shares subject to repurchase |
7 | 842 | ||||||
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| Total liabilities |
$ | 52,545 | $ | 46,501 | ||||
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| Shareholders’ Equity |
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| 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; 13,367,535 shares issued and 11,179,120 outstanding, and 7,840,244 shares issued and 5,744,594 outstanding, respectively |
134 | 2 | ||||||
| Additional paid-in-capital |
113,531 | 58,866 | ||||||
| Treasury Stock, at cost; 2,188,415 and 2,095,650, respectively |
(17,215 | ) | (16,022 | ) | ||||
| Stock subscription notes receivable |
(439 | ) | (609 | ) | ||||
| Accumulated deficit |
(24,201 | ) | (25,100 | ) | ||||
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| Total shareholders’ equity |
$ | 71,810 | $ | 17,137 | ||||
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| TOTAL LIABILITIES AND EQUITY |
$ | 124,355 | $ | 63,638 | ||||
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BOWMAN CONSULTING GROUP LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For the Nine Months Ended September 30, |
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| 2021 | 2020 | |||||||
| Cash Flows from Operating Activities: |
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| Net Income |
$ | 899 | $ | 794 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities |
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| Depreciation and amortization—property, plant and equipment |
4,283 | 762 | ||||||
| Amortization of intangible assets |
223 | 190 | ||||||
| Gain on sale of assets |
(99 | ) | (45 | ) | ||||
| Bad debt |
266 | 2,507 | ||||||
| Stock based compensation |
5,341 | 4,055 | ||||||
| Deferred taxes |
(1,340 | ) | 297 | |||||
| Deferred rent |
(6 | ) | 562 | |||||
| Changes in operating assets and liabilities |
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| Accounts Receivable |
(10,015 | ) | 369 | |||||
| Contract Assets |
(961 | ) | 4,179 | |||||
| Prepaid expenses |
(430 | ) | 702 | |||||
| Other Assets |
(1,032 | ) | (285 | ) | ||||
| Accounts payable and accrued expenses |
6,132 | 819 | ||||||
| Contract Liabilities |
(31 | ) | (5,977 | ) | ||||
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| Net cash provided by operating activities |
3,230 | 8,929 | ||||||
| Cash Flows from Investing Activities: |
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| Purchases of property and equipment |
(609 | ) | (930 | ) | ||||
| Proceeds from sale of assets |
100 | 45 | ||||||
| Amounts advanced under loans to shareholders |
(473 | ) | (878 | ) | ||||
| Payments received under loans to shareholders |
88 | 195 | ||||||
| Amounts advanced under notes receivable |
— | (414 | ) | |||||
| Payments received under notes receivable |
— | 4 | ||||||
| Acquisitions of businesses, net of cash acquired |
(3,000 | ) | — | |||||
| Collections under stock subscription notes receivable |
170 | 144 | ||||||
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| Net cash used in investing activities |
(3,724 | ) | (1,834 | ) | ||||
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| Cash Flows from Financing Activities: |
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| Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs |
47,104 | — | ||||||
| Net payments under revolving line of credit |
(3,481 | ) | (5,717 | ) | ||||
| Repayments under fixed line of credit |
(540 | ) | (306 | ) | ||||
| Borrowings under fixed line of credit |
— | 1,985 | ||||||
| Repayment under notes payable |
(735 | ) | (1,496 | ) | ||||
| Payments on capital leases |
(3,208 | ) | (189 | ) | ||||
| Payment of contingent consideration from acquisitions |
(2 | ) | (104 | ) | ||||
| Payments for purchase of treasury stock |
(582 | ) | (1,261 | ) | ||||
| Proceeds from issuance of common stock |
297 | 45 | ||||||
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| Net cash provided by (used in) financing activities |
38,853 | (7,043 | ) | |||||
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| Net increase in cash and cash equivalents |
38,359 | 52 | ||||||
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| Cash and cash equivalents, beginning of period |
386 | 509 | ||||||
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| Cash and cash equivalents, end of period |
$ | 38,745 | $ | 561 | ||||
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BOWMAN CONSULTING GROUP LTD.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Amounts in thousands except per share data)
(Unaudited)
| For the Three Months Ended September 30, | ||||||||
| 2021 | 2020 | |||||||
| Gross revenue |
$ | 39,715 | $ | 31,766 | ||||
| Less: sub-consultants and other direct expenses |
3,967 | 6,354 | ||||||
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| Net services billing |
$ | 35,748 | $ | 25,412 | ||||
| For the Three Months Ended September 30, |
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| 2021 | 2020 | $ Change | %Change | |||||||||||||
| Net Income |
$ | 357 | $ | (1,248 | ) | $ | 1,605 | (128.6 | %) | |||||||
| + interest expense |
216 | 118 | 98 | 83.1 | % | |||||||||||
| + depreciation & amortization |
1,598 | 311 | 1,287 | 413.5 | % | |||||||||||
| + tax expense |
(379 | ) | (979 | ) | 600 | (61.3 | %) | |||||||||
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| EBITDA |
$ | 1,792 | $ | (1,798 | ) | $ | 3,590 | (199.6 | %) | |||||||
| + non-recurring operating lease rent |
— | 641 | (641 | ) | (100.0 | %) | ||||||||||
| + non-cash stock compensation |
2,634 | 3,546 | (912 | ) | (25.7 | %) | ||||||||||
| + transaction related expenses |
— | — | — | 0.0 | % | |||||||||||
| + settlements and other non-core expenses |
— | 1,461 | (1,461 | ) | (100.0 | %) | ||||||||||
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| Adjusted EBITDA |
$ | 4,426 | $ | 3,850 | $ | 576 | 15.0 | % | ||||||||
| Adjusted EBITDA margin, net |
12.4 | % | 15.2 | % | ||||||||||||
| For the Nine Months Ended September 30, | ||||||||
| 2021 | 2020 | |||||||
| Gross revenue |
$ | 108,041 | $ | 92,126 | ||||
| Less: sub-consultants and other direct expenses |
10,967 | 14,814 | ||||||
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| Net services billing |
$ | 97,074 | $ | 77,312 | ||||
| For the Nine Months Ended September 30, |
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| 2021 | 2020 | $ Change | % Change | |||||||||||||
| Net Income |
$ | 899 | $ | 794 | $ | 105 | 13.2 | % | ||||||||
| + interest expense |
650 | 367 | 283 | 77.2 | % | |||||||||||
| + depreciation & amortization |
4,506 | 952 | 3,554 | 373.4 | % | |||||||||||
| + tax expense |
(139 | ) | 467 | (606 | ) | (129.8 | %) | |||||||||
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| EBITDA |
$ | 5,916 | $ | 2,580 | $ | 3,336 | 129.3 | % | ||||||||
| + non-recurring operating lease rent |
— | 2,430 | (2,430 | ) | (100.0 | %) | ||||||||||
| + non-cash stock compensation |
5,341 | 4,082 | 1,259 | 30.9 | % | |||||||||||
| + transaction related expenses |
1,440 | — | 1,440 | 100.0 | % | |||||||||||
| + settlements and other non-core expenses |
— | 1,461 | (1,461 | ) | (100.0 | %) | ||||||||||
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| Adjusted EBITDA |
$ | 12,697 | $ | 10,553 | $ | 2,144 | 20.3 | % | ||||||||
| Adjusted EBITDA margin, net |
13.1 | % | 13.6 | % | ||||||||||||
| Backlog | September 30, 2021 |
December 31, 2020 |
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| Building Infrastructure 1 |
53 | % | 43 | % | ||||
| Transportation |
21 | % | 28 | % | ||||
| Power & Utilities |
22 | % | 25 | % | ||||
| Other Emerging Markets |
4 | % | 4 | % | ||||
| 1 | formerly referred to as Communities, homes & buildings |
BOWMAN CONSULTING GROUP LTD.
GROSS CONTRACT REVENUE COMPOSITION
(Amounts in thousands)
(Unaudited)
| For the Three Months Ended September 30, |
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| Consolidated Gross Contract Revenue | 2021 | %GCR | 2020 | %GCR | Change | % Change | ||||||||||||||||||
| Building Infrastructure 1 |
$ | 28,303 | 71.3 | % | $ | 20,183 | 63.5 | % | $ | 8,120 | 40.2 | % | ||||||||||||
| Transportation |
4,033 | 10.2 | % | 5,929 | 18.7 | % | (1,896 | ) | (32.0 | %) | ||||||||||||||
| Power & Utilities |
6,295 | 15.8 | % | 4,943 | 15.6 | % | 1,352 | 27.4 | % | |||||||||||||||
| Other emerging markets 2 |
1,084 | 2.7 | % | 711 | 2.2 | % | 373 | 52.5 | % | |||||||||||||||
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| Total: |
$ | 39,715 | 100.0 | % | $ | 31,766 | 100.0 | % | $ | 7,949 | 25.0 | % | ||||||||||||
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| Organic |
$ | 37,380 | 94.1 | % | $ | 31,766 | 100.0 | % | $ | 5,614 | 17.7 | % | ||||||||||||
| Acquired |
2,335 | 5.9 | % | — | 0.0 | % | 2,335 | 100.0 | % | |||||||||||||||
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| For the Nine Months Ended September 30, | ||||||||||||||||||||||||
| Consolidated Gross Contract Revenue | 2021 | %GCR | 2020 | %GCR | Change | % Change | ||||||||||||||||||
| Building Infrastructure 1 |
$ | 74,511 | 69.0 | % | $ | 56,191 | 61.0 | % | $ | 18,320 | 32.6 | % | ||||||||||||
| Transportation |
12,344 | 11.4 | % | 16,217 | 17.6 | % | (3,873 | ) | (23.9 | %) | ||||||||||||||
| Power & Utilities |
17,524 | 16.2 | % | 16,133 | 17.5 | % | 1,391 | 8.6 | % | |||||||||||||||
| Other emerging markets 2 |
3,662 | 3.4 | % | 3,585 | 3.9 | % | 77 | 2.1 | % | |||||||||||||||
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| Total: |
$ | 108,041 | 100.0 | % | $ | 92,126 | 100.0 | % | $ | 15,915 | 17.3 | % | ||||||||||||
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| Organic |
$ | 101,216 | 93.7 | % | $ | 92,126 | 100.0 | % | $ | 9,090 | 9.9 | % | ||||||||||||
| Acquired |
6,825 | 6.3 | % | — | 0.0 | % | 6,825 | 100.0 | % | |||||||||||||||
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| 1 | formerly referred to as Communities, homes & buildings |
| 2 | represents renewable energy, mining, water resources and other |
