Bowman Consulting Group Ltd. Files 2023 Annual Report

TL;DR

<b>Bowman Consulting Group Ltd. has submitted its 2023 10-K filing detailing its annual financial performance and operations.</b>

AI Summary

Bowman Consulting Group Ltd. (BWMN) filed a Annual Report (10-K) with the SEC on March 12, 2024. Bowman Consulting Group Ltd. filed its 10-K annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 12355 Sunrise Valley Drive, Suite 520, Reston, VA 20191. The filing was made on March 12, 2024. Bowman Consulting Group Ltd. operates within the Management Consulting Services industry (SIC code 8742).

Why It Matters

For investors and stakeholders tracking Bowman Consulting Group Ltd., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bowman Consulting Group's financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing performance. The detailed financial data within the report allows stakeholders to analyze trends, profitability, and operational efficiency, informing investment decisions.

Risk Assessment

Risk Level: low — Bowman Consulting Group Ltd. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Bowman Consulting Group's performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Reporting Period End Date (The 10-K report covers the fiscal year ending on this date.)
• 2024-03-12 — Filing Date (The date the 10-K was officially filed with the SEC.)
• 001-40371 — SEC File Number (The SEC file number assigned to Bowman Consulting Group Ltd.)
• 0001847590 — Central Index Key (The unique identifier for Bowman Consulting Group Ltd. in the SEC EDGAR system.)

Key Players & Entities

• Bowman Consulting Group Ltd. (company) — Filer of the 10-K report.
• 2023-12-31 (date) — End of the reporting period for the 10-K.
• 2024-03-12 (date) — Filing date of the 10-K.
• 12355 Sunrise Valley Drive, Suite 520, Reston, VA 20191 (address) — Business and mailing address of Bowman Consulting Group Ltd.
• 8742 (industry_code) — Standard Industrial Classification code for Management Consulting Services.

FAQ

Industry Context

Bowman Consulting Group Ltd. operates in the Management Consulting Services sector, providing professional services to clients.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators for FY 2023.
2. Review any disclosed risk factors to understand potential challenges facing the company.
3. Examine executive compensation details if available in the full filing.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-12: 10-K Filing Date — The date the annual report was submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Bowman Consulting Group Ltd. as a public company, providing the first comprehensive annual overview.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value BWMN The Nasdaq Global Market
• $346 million — d increase in gross contract revenue to $346 million for the year ended December 31, 2023 (w
• $54.0 million — se in organic gross contract revenue of $54.0 million or 20.7%, compared to the year ended De
• $306 million — ies, coupled with our strong backlog of $306 million as of December 31, 2023, consistent boo
• $3 million — h annual net service revenue of between $3 million and $30 million, with the largest being
• $30 m — rvice revenue of between $3 million and $30 million, with the largest being $28 milli
• $28 million — and $30 million, with the largest being $28 million. Our disciplined acquisition objectives
• $1.6 — the aggregate provide for approximately $1.6 trillion in funding and incentives that

Filing Documents

• bwmn-20231231.htm (10-K) — 1912KB
• exhibit211-10xksubsidiarie.htm (EX-21.1) — 7KB
• exhibit231-bcgconsent.htm (EX-23.1) — 4KB
• bwmn-20231231xex311.htm (EX-31.1) — 10KB
• bwmn-20231231xex312.htm (EX-31.2) — 10KB
• bwmn-20231231xex321.htm (EX-32.1) — 7KB
• exhibit971-10x30x23_bowman.htm (EX-97) — 54KB
• bwmn-20231231_g1.jpg (GRAPHIC) — 32KB
• 0001628280-24-010652.txt (&nbsp;) — 10798KB
• bwmn-20231231.xsd (EX-101.SCH) — 95KB
• bwmn-20231231_cal.xml (EX-101.CAL) — 143KB
• bwmn-20231231_def.xml (EX-101.DEF) — 346KB
• bwmn-20231231_lab.xml (EX-101.LAB) — 1006KB
• bwmn-20231231_pre.xml (EX-101.PRE) — 703KB
• bwmn-20231231_htm.xml (XML) — 1436KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 38 Item 1C. C ybersecurity 38 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56 Item 9A.

Controls and Procedures

Controls and Procedures 56 Item 9B. Other Information 57 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 57 PART III Item 10. Directors, Executive Officers and Corporate Governance 58 Item 11.

Executive Compensation

Executive Compensation 58 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 58 Item 13. Certain Relationships and Related Party Transactions, and Director Independence 58 Item 14. Principal Accounting Fees and Services 58 PART IV Item 15. Exhibits, Financial Statement Schedules 59 Item 16. Form 10-K Summary 61

SIGNATURES

SIGNATURES 62 i Table of Content Cautionary Statement about Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that express plans, anticipation, intent, contingencies, goals, targets or future development and/or otherwise are not statements of historical fact. In some cases, you can identify forward-looking statements by terminology, such as "expects," "anticipates," "intends," "estimates," "plans," "believes," "seeks," "may," "should," "could" or the negative of such terms or similar expressions. The absence of these words does not mean that a statement is not forward-looking. Accordingly, these statements involve estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, our expectations regarding our acquisitions and the anticipated impact on such acquisitions on our business, our intentions regarding integration of our acquired companies, including timing for such integrations; our intentions regarding our growth strategies and the focus of our acquisitions and resources, including the markets in which we intend to focus our growth initiatives; our expectations regarding opportunities for future growth and expansion; our expectations regarding organic growth in sales and strategies to expand our operating margins; our expectations regarding the use of our current liquidity and capital resources for acquisitions; our beliefs regarding our backlog growth as an indicator of our success; our belief regarding the resilience of our business; our belief that our sourc

Business

Item 1. Business Bowman is a professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. We provide planning, engineering, construction management, commissioning, environmental consulting, geospatial, survey, land procurement and other technical services to customers operating in a diverse set of end markets. Gary Bowman, our President, Chairman, Chief Executive Officer, and largest individual stockholder, founded Bowman in 1995. Over the past 10 years, we have experienced a roughly five-fold increase in gross contract revenue to $346 million for the year ended December 31, 2023 (we interchangeably refer to gross contract revenue as "revenue" or "gross contract revenue"). We have achieved this increase in revenue through both organic growth and acquisitions. In 2023, we ranked 87 th on the ENR Top 500 Design Firms list, up from 144 th in 2021, the year of our initial public offering. As of December 31, 2023, we have a work force of over 2,000 employees that provides services to thousands of customer projects both big and small, as well as both short- and long-term, from more than 90 offices throughout the United States and two offices in Mexico. As of December 31, 2023, we have approximately 11,500 active projects and more than 4,750 customers with active projects. We work as both a prime and sub-consultant for a broad base of public and private sector customers that generally operate in regulated environments. Our public sector assignments originate from customers that are transportation departments, utilities, government agencies (federal, state, and local), military branches, school systems, water authorities and other general infrastructure operators. Our private sector customers include owners and operators from multiple industries such as investor-owned utilities, participants in the renewable energy and decarbonization marketplace, wastewater treatment operations, data center ope

View Full Filing

View this 10-K filing on SEC EDGAR