Bowman Announces Fiscal Year 2023 Financial Results

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 fiscal year ended December 31, 2023.

“This past year we surpassed $300 million in net service billing representing nearly 30% year-over-year growth and approximately 31% compound annual growth since 2020, the year before our May 2021 initial public offering,” said Gary Bowman, Chairman and CEO of Bowman. “We remain focused on becoming one of the 50 largest domestic engineering firms and are continually working to optimize the utilization of our resources as we advance toward this goal. Our pipeline of opportunities, including both new and existing customer assignments and prospective acquisitions, is healthy, and the significant public funding available for infrastructure projects provides a positive outlook for the future.”

“During 2023 we completed 11 acquisitions representing approximately $60 million in annualized net service billing,” continued Bowman. “We added new customers and grew our relationships with existing customers while expanding our geographic footprint and increasing our ability to gain both market-share and wallet-share through the introduction of adjacent service offerings and leading-edge geospatial solutions. We remain committed to our fully integrated operating model as we continue to weave together a diverse mix of acquired organizations into one common culture. We are confident about our long-term prospects and believe our approach to growth will continue to deliver shareholder value.”

Financial highlights for the three months ended December 31, 2023, compared to December 31, 2022:

• Gross contract revenue of $93.0 million, compared to $75.6 million, a 23% increase
• Year-over-year organic gross contract revenue growth¹ of 6%
• Net service billing² of $80.5 million, compared to $66.2 million, a 22% increase
• Year-over-year organic net service billing growth of 4%
• Net loss of $7.7 million, compared to net income of $0.5 million
• Adjusted EBITDA² of $11.2 million, compared to $9.4 million, a 19% increase
• Adjusted EBITDA margin, net ² of 14.0% compared to 14.2%, a 20 bps decrease
• Gross backlog² of $306 million, compared to $243 million, a 26% increase

Financial highlights for fiscal year 2023, compared to fiscal year 2022:

• Gross contract revenue of $346.3 million, compared to $261.7 million, a 32% increase
• Year-over-year organic gross contract revenue growth¹ of 21%
• Net service billing² of $304.0 million, compared to $235.2 million, a 29% increase
• Year-over-year organic net service billing growth of 18%
• Net loss of $6.6 million, compared to a net income of $5.0 million
• Adjusted EBITDA² of $47.0 million, compared to $34.0 million, a 38% increase
• Adjusted EBITDA margin, net ² of 15.5% compared to 14.5%, a 100 bps increase

Impact of IRC Section 174 Research & Development Tax Expense Deductibility

The Tax Cuts and Jobs Act (“TCJA”) drastically altered IRC Section 174 and the treatment of Research and Experimental (“R&E”) expenditures for tax years beginning after December 31, 2021. Prior to this alteration, under IRC Sec. 174 businesses were permitted to deduct the full amount of R&E expenditures as an expense in the taxable year in which they were incurred. As amended, IRC Sec. 174 eliminated the ability for U.S. businesses to deduct their R&E expenditures as an expense, instead requiring businesses to capitalize these expenses and amortize them over a period of five years resulting in acceleration of tax remittance. The Company maintains an uncertain tax position (“UTP”) with respect to its position that its R&E expenses are not subject to the altered IRC Sec. 174 treatment based on specific facts and circumstances. The Company’s tax expense for the three months ended December 31, 2023 and full-year 2023 include a $4.6 million accrual relating to the UTP and the Company is carrying approximately $38 million of associated deferred tax assets. On January 31, 2024, the US House of Representatives passed HR 7024, the Tax Relief for American Families and Workers Act of 2024, on a bi-partisan basis, which, among other things, restores U.S. taxpayers’ ability to deduct currently, and retroactively, domestic R&E costs paid or incurred in tax years beginning after December 31, 2021, and before January 1, 2026. If HR 7024 is adopted by the U.S. Senate and the President, the Company would reverse its UTP related liability, tax expense and deferred tax assets.

Activity Under Stock Repurchase Program:

In November 2022, the Company's Board of Directors authorized a stock repurchase program ("2022 Stock Repurchase Program") to repurchase up to $10.0 million of the Company’s common stock. As previously disclosed, during the twelve months ended December 31, 2023 the Company repurchased a total of 28,704 shares of its common stock at an average price of $25.94. The 2022 Stock Repurchase Program expired on November 10, 2023. On November 17, 2023, the Company’s Board of Directors authorized a new $10.0 million repurchase program ("2023 Stock Repurchase Program"). As of March 11, 2024, the Company has $10.0 million remaining under the 2023 Stock Repurchase Program.

Non-GAAP Adjusted Earnings per Share:

In connection with the release of financial results for the three and nine months ended September 30, 2023, the Company introduced the new non-GAAP financial metric of adjusted earnings per share (“Adjusted EPS”). To calculate Adjusted EPS, the Company adds back non-reoccurring expenses specific to acquisitions, non-cash stock compensation expense associated with pre-IPO grants, and other expenses not in the ordinary course of business. With respect to the elimination of any non-cash stock compensation expense, the Company computes an adjusted tax expense or benefit which accounts for the elimination of any periodic windfall or shortfall tax effects resulting from the difference between grant date fair value and vest date value. With respect to all other eliminations, the Company applies its average marginal statutory tax rate, currently 25.6%, to derive the tax adjustment associated with the elimination of these expenses. A reconciliation of non-GAAP Adjusted EPS to GAAP EPS, both basic and diluted, is included with this press release for reference.

For the three months ended December 31, 2023, compared to December 31, 2022:

• Basic Adjusted EPS was $0.33 compared to $0.44
• Diluted Adjusted EPS was $0.31 compared to $0.41

For the twelve months ended December 31, 2023, compared to December 31, 2022:

• Basic Adjusted EPS was $1.12 compared to $1.46
• Diluted Adjusted EPS was $1.03 compared to $1.36

Updating FY 2024 Guidance

The Company is adjusting its full year 2024 outlook for net service billing² to be in the range of $363 to $378 million and Adjusted EBITDA² in the range of $59 to $65 million. The current outlook for 2024 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions. Management discusses the Company’s acquisition pipeline and its prospective impact during regularly scheduled earnings calls.

“Our 2024 forecast assumes uneven growth in net service billing from first to third quarter with an accommodation for a modest seasonal impact during the fourth quarter,” said Bruce Labovitz, Chief Financial Officer at Bowman. “Generally speaking, we have found that it can take acquisitions a couple of months to return to normal net service billing levels due to the unusual demands of immediate post-closing integration. We reiterate that when acquisitions are added to guidance, we include a pro-rated amount of announced annualized net service billing run rate that is based on the timing of closing and anticipated integration related revenue disruptions.”

Q4 2023 Earnings Webcast

Bowman will host an earnings webcast to discuss the results of the quarter as follows:

Date: March 12, 2024
Time: 9:00 a.m. Eastern Time
Hosts: Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer
Where: http://investors.bowman.com

1 Includes reclassification of 2022 Q4 acquisitions as organic revenue.

2 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is a national engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 2,000 employees and more than 90 offices throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. 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”, “goal” 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. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. 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 anticipates 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. CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data)
	December 31, 2023				December 31, 2022
ASSETS
Current Assets
Cash and equivalents	$	20,687			$	13,282
Accounts receivable, net		87,565				64,443
Contract assets		33,520				16,321
Notes receivable - officers, employees, affiliates, current portion		1,199				1,016
Prepaid and other current assets		11,806				7,068
Total current assets		154,777				102,130
Non-Current Assets
Property and equipment, net		27,601				25,104
Operating lease, right-of-use assets		40,743				30,264
Goodwill		96,393				53,210
Notes receivable		903				903
Notes receivable - officers, employees, affiliates, less current portion		1,119				1,417
Other intangible assets, net		46,294				27,950
Deferred tax asset, net		33,780				13,759
Other assets		1,175				1,020
Total Assets	$	402,785			$	255,757
LIABILITIES AND EQUITY
Current Liabilities
Bank line of credit		45,290				–
Accounts payable and accrued liabilities, current portion		44,394				40,293
Contract liabilities		7,481				6,370
Notes payable, current portion		13,989				10,168
Operating lease obligation, less current portion		9,016				6,949
Finance lease obligation, current portion		6,586				5,297
Total current liabilities		126,756				69,077
Non-Current Liabilities
Other non-current obligations		42,288				356
Notes payable, less current portion		13,738				16,276
Operating lease obligation, less current portion		37,660				28,087
Finance lease obligation, less current portion		14,408				14,254
Pension and post-retirement obligation, less current portion		4,654				4,848
Total liabilities	$	239,504			$	132,898
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and 2022		-				-
Common stock, $0.01 par value; 30,000,000 shares authorized as of December 31, 2023 and 2022; 17,694,495 shares issued and 15,094,278 outstanding, and 15,949,805 shares issued and 13,556,550 outstanding as of December 31, 2023 and 2022, respectively		177				159
Additional paid-in-capital		215,420				162,922
Treasury stock, at cost; 2,393,255 and 2,201,289, respectively		(26,410	)			(20,831	)
Accumulated other comprehensive income		590				578
Stock subscription notes receivable		(76	)			(173	)
Accumulated deficit		(26,420	)			(19,796	)
Total shareholders' equity	$	163,281			$	122,859
TOTAL LIABILITIES AND EQUITY	$	402,785			$	255,757

BOWMAN CONSULTING GROUP LTD.
CONSOLIDATED INCOME STATEMENTS
(Amounts in thousands except per share data)
	For the Three Months Ended December 31,							For the Year Ended December 31,
	2023				2022			2023				2022
Gross Contract Revenue	$	92,969			$	75,609		$	346,256			$	261,714
Contract costs: (exclusive of depreciation and amortization below)
Direct payroll costs		33,679				26,753			127,961				100,076
Sub-consultants and expenses		12,453				9,424			42,262				26,510
Total contract costs		46,132				36,177			170,223				126,586
Operating Expenses:
Selling, general and administrative		44,655				34,993			158,377				117,839
Depreciation and amortization		5,939				3,901			18,723				12,251
Gain on sale		(64	)			(39	)		(411	)			(82	)
Total operating expenses		50,530				38,855			176,689				130,008
(Loss) Income from operations		(3,693	)			577			(656	)			5,120
Other expense		1,939				1,297			5,791				3,384
(Loss) Income before tax expense		(5,632	)			(720	)		(6,447	)			1,736
Income tax (benefit)		2,078				(1,190	)		177				(3,269	)
Net (loss) income	$	(7,710	)		$	470		$	(6,624	)		$	5,005
Earnings allocated to non-vested shares		–				67			–				783
Net (loss) income attributable to common shareholders	$	(7,710	)		$	403		$	(6,624	)		$	4,222
(Loss) Earnings per share
Basic	$	(0.59	)		$	0.03		$	(0.53	)		$	0.39
Diluted	$	(0.59	)		$	0.03		$	(0.53	)		$	0.37
Weighted average shares outstanding:
Basic		13,043,111				11,538,128			12,490,914				10,887,620
Diluted		13,043,111				12,234,109			12,490,914				11,683,758

BOWMAN CONSULTING GROUP LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS
	For the Year Ended December 31,
		2023				2022
Cash Flows from Operating Activities:
Net (Loss) Income	$	(6,624	)		$	5,005
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization - property, plant and equipment		9,732				8,363
Amortization of intangible assets		8,991				3,888
Gain on sale of assets		(411	)			(82	)
Bad debt		515				742
Stock based compensation		24,738				15,097
Deferred taxes		(25,529	)			(18,049	)
Accretion of discounts on notes payable		642				258
Changes in operating assets and liabilities
Accounts receivable		(13,559	)			(13,779	)
Contract assets		(10,866	)			(4,575	)
Prepaid expenses and other assets		143				(2,126	)
Accounts payable and accrued expenses		27,728				15,802
Contract liabilities		(3,778	)			(1,374	)
Net cash provided by operating activities		11,722				9,170
Cash Flows from Investing Activities:
Purchases of property and equipment		(2,093	)			(902	)
Proceeds from sale of assets		411				35
Amounts advanced under loans to shareholders		–				(5	)
Payments received under loans to shareholders		115				49
Acquisitions of businesses, net of cash acquired		(25,687	)			(18,035	)
Collections under stock subscription notes receivable		98				104
Net cash used in investing activities		(27,156	)			(18,754	)
Cash Flows from Financing Activities:
Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs		–				15,475
Borrowings under revolving credit facility		45,290				–
Repayments under fixed line of credit		(430	)			(734	)
Repayment under notes payable		(11,237	)			(4,595	)
Payments on finance leases		(6,782	)			(6,027	)
Payments for purchase of treasury stock		(4,833	)			(3,343	)
Repurchases of common stock		(745	)			–
Proceeds from issuance of common stock		1,576				1,471
Net cash provided by financing activities		22,839				2,247
Net increase (decrease) in cash and cash equivalents		7,405				(7,337	)
Cash and cash equivalents, beginning of period		13,282				20,619
Cash and cash equivalents, end of period	$	20,687			$	13,282
Supplemental disclosures of cash flow information:
Cash paid for interest	$	4,212			$	1,896
Cash paid for income taxes	$	1,133			$	400
Non-cash investing and financing activities
Property and equipment acquired under finance lease	$	(8,246	)		$	(8,118	)
Note payable converted to common shares	$	(1,343	)		$	-
Issuance of notes payable for acquisitions	$	(13,650	)		$	(19,089	)
Issuance of contingent consideration	$	(8,909	)		$	(487	)

BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data)
		For the Three Months Ended December 31,								For the Year Ended December 31,
			2023				2022				2023				2022
Net (loss) income (GAAP)		$	(7,710	)		$	470			$	(6,624	)		$	5,005
+ tax expense (benefit) (GAAP)			2,078				(1,190	)			177				(3,269	)
(Loss) Income before tax expense (GAAP)		$	(5,632	)		$	(720	)		$	(6,447	)		$	1,736
+ acquisition related expenses			2,849				978				5,025				2,414
+ amortization of intangibles			3,378				1,904				8,991				3,888
+ non-cash stock comp related to pre-IPO			1,747				1,879				6,955				7,992
+ other non-core expenses			249				439				923				654
Adjusted income before tax expense		$	2,591			$	4,480			$	15,447			$	16,684
Adjusted income tax (benefit)			(2,285	)			(1,394	)			(620	)			(2,216	)
Adjusted net income		$	4,876			$	5,874			$	16,067			$	18,900
Adjusted earnings allocated to non-vested shares			584				837				2,028				2,955
Adjusted net income attributable to common shareholders		$	4,292			$	5,037			$	14,039			$	15,945
(Loss) Earnings per share (GAAP)
Basic		$	(0.59	)		$	0.03			$	(0.53	)		$	0.39
Diluted		$	(0.59	)		$	0.03			$	(0.53	)		$	0.37
Adjusted earnings per share (Non-GAAP)
Basic		$	0.33			$	0.44			$	1.12			$	1.46
Diluted		$	0.31			$	0.41			$	1.03			$	1.36
Weighted average shares outstanding
Basic			13,043,111				11,538,128				12,490,914				10,887,620
Diluted			13,984,138				12,234,109				13,681,711				11,683,758
Basic Adjusted Earnings Per Share Summary - Non-GAAP		For the Three Months Ended December 31,								For the Year Ended December 31,
			2023				2022				2023				2022
(Loss) Earnings per share (GAAP)		$	(0.59	)		$	0.03			$	(0.53	)		$	0.39
Pre-tax basic per share adjustments		$	0.79			$	0.35			$	1.78			$	1.14
Adjusted earnings per share before tax expense		$	0.20			$	0.38			$	1.25			$	1.53
Tax (benefit) per share adjustment		$	(0.18	)		$	(0.12	)		$	(0.04	)		$	(0.20	)
Adjusted earnings per share - adjusted net income		$	0.38			$	0.50			$	1.29			$	1.73
Adjusted earnings per share allocated to non-vested shares		$	0.05			$	0.06			$	0.17			$	0.27
Adjusted earnings per share attributable to common shareholders		$	0.33			$	0.44			$	1.12			$	1.46
Diluted Adjusted Earnings Per Share Summary - Non-GAAP		For the Three Months Ended December 31,								For the Year Ended December 31,
			2023				2022				2023				2022
(Loss) Earnings per share (GAAP)		$	(0.59	)		$	0.03			$	(0.53	)		$	0.37
Pre-tax diluted per share adjustments		$	0.78			$	0.34			$	1.66			$	1.06
Adjusted earnings per share before tax expense		$	0.19			$	0.37			$	1.13			$	1.43
Tax (benefit) per share adjustment		$	(0.16	)		$	(0.11	)		$	(0.05	)		$	(0.19	)
Adjusted earnings per share - adjusted net income		$	0.35			$	0.48			$	1.18			$	1.62
Adjusted earnings per share allocated to non-vested shares		$	0.04			$	0.07			$	0.15			$	0.26
Adjusted earnings per share attributable to common shareholders		$	0.31			$	0.41			$	1.03			$	1.36

BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands except per share data)
Combined Statement of Operations Reconciliation		For the Three Months Ended December 31,							For the Year Ended December 31,
			2023			2022				2023				2022
Gross contract revenue		$	92,969		$	75,609			$	346,256			$	261,714
Contract costs (exclusive of depreciation and amortization)			46,132			36,177				170,223				126,586
Operating expense			50,530			38,855				176,689				130,008
(Loss) Income from operations			(3,693	)		577				(656	)			5,120
Other expense			1,939			1,297				5,791				3,384
Income tax expense (benefit)			2,078			(1,190	)			177				(3,269	)
Net (loss) income		$	(7,710	)	$	470			$	(6,624	)		$	5,005
Net margin			(8.3	) %		0.6	%			(1.9	) %			1.9	%
Other financial information 1
Net service billing		$	80,516		$	66,185			$	303,994			$	235,204
Adjusted EBITDA			11,249			9,415				47,031				34,022
Adjusted EBITDA margin, net			14.0	%		14.2	%			15.5	%			14.5	%
Gross Contract Revenue to Net Service Billing Reconciliation		For the Three Months Ended December 31,							For the Year Ended December 31,
			2023			2022				2023				2022
Gross contract revenue		$	92,969		$	75,609			$	346,256			$	261,714
Less: sub-consultants and other direct expenses			12,453			9,424				42,262				26,510
Net service billing		$	80,516		$	66,185			$	303,994			$	235,204
Adjusted EBITDA Reconciliation		For the Three Months Ended December 31,							For the Year Ended December 31,
			2023			2022				2023				2022
Net Service Billing		$	80,516		$	66,185			$	303,994			$	235,304
Net (loss) income		$	(7,710	)	$	470			$	(6,624	)		$	5,005
+ interest expense			1,795			1,234				5,340				2,457
+ depreciation & amortization			5,939			3,901				18,723				12,251
+ tax (benefit) expense			2,078			(1,190	)			177				(3,269	)
EBITDA		$	2,102		$	4,415			$	17,616			$	16,444
+ non-cash stock compensation			6,504			3,922				24,984				15,409
+ settlements and other non-core expenses			310			439				1,170				654
+ acquisition expenses			2,333			639				3,261				1,515
Adjusted EBITDA		$	11,249		$	9,415			$	47,031			$	34,022
Adjusted EBITDA margin, net			14.0	%		14.2	%			15.5	%			14.5	%

1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.

BOWMAN CONSULTING GROUP LTD. GROSS CONTRACT REVENUE COMPOSITION (Unaudited)
(dollars in thousands)		For the Three Months Ended December 31,
Consolidated Gross Revenue		2023		%		2022		%		Change		% Change
Building Infrastructure		49,967		53.7 %		44,338		58.6 %		5,629		12.7 %
Transportation		21,202		22.8 %		18,382		24.3 %		2,820		15.3 %
Power and Utilities		16,684		17.9 %		8,302		11.0 %		8,382		101.0 %
Emerging Markets1		5,116		5.6 %		4,587		6.1 %		529		11.5 %
Total		92,969		100.0 %		75,609		100.0 %		17,360		23.0 %
(dollars in thousands)		For the Year Ended December 31,
Consolidated Gross Revenue		2023		%		2022		%		Change		% Change
Building Infrastructure		194,867		56.3 %		170,431		65.1 %		24,436		14.3 %
Transportation		72,829		21.0 %		44,846		17.1 %		27,983		62.4 %
Power and Utilities		64,156		18.5 %		32,672		12.5 %		31,484		96.4 %
Emerging Markets1		14,404		4.2 %		13,765		5.3 %		639		4.6 %
Total		346,256		100.0 %		261,714		100.0 %		84,542		32.3 %
(dollars in thousands)		For the Three Months Ended December 31,
Organic v Acquired Revenue 2		2023		%		2022		%		Change		% Change
Baseline organic revenue		79,974		86.0 %		75,609		100.0 %		4,366		5.8 %
Acquired revenue		12,995		14.0 %		–		n/a		n/a		n/a
Total		92,969		100.0 %		75,609		100.0 %		4,366		5.8 %
(dollars in thousands)		For the Year Ended December 31,
Organic v Acquired Revenue 2		2023		%		2022		%		Change		% Change
Baseline organic revenue		315,759		91.2 %		261,714		100.0 %		54,045		20.7 %
Acquired revenue		30,497		8.8 %		–		n/a		n/a		n/a
Total		346,256		100.0 %		261,714		100.0 %		54,045		20.7 %

1 represents environmental, mining, water resources and other.

2 After four quarters post-closing, acquired revenue is reclassified as organic; this results in a change from previously reported numbers

BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT DECEMBER 31, 2023 (Unaudited)
Category	Percentage
Building Infrastructure	55 %
Transportation	24 %
Power and Utilities	17 %
Emerging Markets	4 %
TOTAL	100 %

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240311475972/en/

The Bowman Consulting Group Stock at the time of publication of the news with a fall of -1,25 % to 33,87USD on Nasdaq stock exchange (11. März 2024, 20:54 Uhr).