BWMN Bowman Consulting Group Ltd

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, our backlog is growing, and our M&A pipeline remains robust,” said Gary Bowman, Chairman and CEO of Bowman. “We believe the infrastructure design and engineering market continues to present positive demand signals supported by significant funding as evidenced by our backlog being up nearly 5% from the end of last quarter and 19% year-over-year, excluding backlog acquired in Q2. We have been notified of selection on multiple large transportation projects which are taking longer than expected to work their way through the final contracting and notice to proceed process, delaying our ability to begin our work and earn the associated revenue. We remain optimistic that several of these will commence in earnest during the second half of the year. We continue to focus on sustainable, long-term organic revenue growth and margin improvement, and I am confident that adjustments we are making with respect to market focus and labor will benefit our ability to deliver improvements on both fronts throughout the remainder of this year and into 2025.”

“Acquisitive growth continues to be a significant ingredient in our long-term strategy,” continued Bowman. “Nonetheless, we recognize that organic growth remains a critical element of our success. Our diversification into transportation, power and utilities, water, mining and other emerging markets has contributed to a decreasing concentration of building infrastructure in our business and is paying dividends. Excluding all acquisitions closed during 2023 and 2024, year-over-year organic growth from non-building infrastructure verticals during the first half of 2024 was approximately 14% when compared to the same period last year. This gain was unfortunately offset by organic contraction of our building infrastructure vertical during the same period, excluding the same acquisitions. While we have continued to deliver strong nominal growth in our building infrastructure practice through acquisitions, we believe a lower interest rate environment will release sufficient pent-up demand to generate a rebound in organic growth.”

Financial Results for the Three Months Ended June 30, 2024, Compared to June 30, 2023:

Financial Results for the Six Months Ended June 30, 2024, Compared to June 30, 2023:

Items of Note During the Quarter:

Subsequent Events of Note:

Non-GAAP Adjusted Earnings per Share:

In connection with the release of financial results the Company reported the non-GAAP financial metric of Adjusted (Loss) Earnings per Share³ (“Adjusted EPS”) as follows:

For the three months ended June 30, 2024, compared to June 30, 2023:

For the six months ended June 30, 2024, compared to June 30, 2023:

Updating FY 2024 Guidance

The Company is adjusting its full year 2024 outlook for net service billing² to be in the range of $375 to $385 million and Adjusted EBITDA² to be in the range of $58 to $63 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.

Q2 2024 Earnings Webcast

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

¹ Calculation excludes revenue from acquisitions closed after 06/30/23 with revenue recognized from acquisitions closed on or before 06/30/23 reclassified as non-acquisition revenue in prior periods. Allocation of revenue to integrated acquired companies is based solely on performance of work. Calculation of organic growth does not include or contemplate any pro-forma normalization of revenue from acquisitions prior to closing.

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

³ 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.

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 2,200 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.

Investor Relations Contacts:

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.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except per share data)

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Amounts in thousands except per share data)

(Unaudited)

BOWMAN CONSULTING GROUP LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF EPS TO ADJUSTED EPS

(Amounts in thousands except per share data)

BOWMAN CONSULTING GROUP LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands except per share data)

BOWMAN CONSULTING GROUP LTD.

GROSS CONTRACT REVENUE COMPOSITION

(Unaudited)

BOWMAN CONSULTING GROUP LTD.

GROSS BACKLOG BY CATEGORY AT JUNE 30, 2024

(Unaudited)