Bowman Consulting Group (BWMN) ROTH London Conference Presentation summary

Business overview and market positioning

• Provides engineering and environmental consulting services across transportation, power, utilities, energy, infrastructure, and natural resources sectors, focusing on innovative, sustainability-oriented solutions for owners and operators of the built environment.

• Operates a low-risk, asset-light business model with no construction exposure and a diversified client base in secular end markets.

• Maintains a broad service offering covering the entire project lifecycle, including civil/site design, environmental sciences, geospatial/survey, project management, MEP & energy engineering, and right-of-way procurement.

• Serves over 4,750 customers with more than 11,500 active projects, including major corporations and public sector clients.

Financial performance and growth

• Achieved 43% CAGR in net service billing and 50% CAGR in adjusted EBITDA from 2020 to 2023, with consistent gross margin improvement to 51% in 2023.

• Q1 2024 gross contract revenue grew 24.7% YoY to $94.9M, with net service billing up 26.8% and adjusted EBITDA up 25.4%.

• Gross margin remained stable at 50.6% in Q1 2024, while adjusted EBITDA margin was 14.2%.

• FY 2023 saw 32% gross contract revenue growth, 21% organic growth, and 29% net service billing growth.

Revenue composition and backlog

• Revenue is diversified across building infrastructure, power/utilities/energy, transportation, emerging markets, and commercial sectors.

• Q1 2024 revenue mix included 20% data centers, 16% office/industrial, 12% transportation, and 10% energy transition/renewables.

• 78% of FY 2023 gross revenue came from repeat customers.

• Gross backlog reached $330M in Q1 2024, up 32% YoY, providing strong forward visibility.