Bowman(BWMN) - 2025 Q1 - Quarterly Results

Financial Performance - Gross contract revenue for Q1 2025 was $112.9 million, a 19.0$94.9 million in Q1 2024[7] - Net service billing reached $100.1 million, reflecting a 16.8$85.7 million in the same quarter last year[7] - Adjusted EBITDA for Q1 2025 was $14.5 million, a 19.6$12.1 million in Q1 2024[7] - Organic net service billing growth was 6% in Q1 2025, compared to 3% in Q1 2024[7] - Adjusted net income attributable to common shareholders decreased to $1,135,000 in Q1 2025 from$2,984,000 in Q1 2024[23] - Basic adjusted earnings per share (Non-GAAP) for Q1 2025 was $0.07, down from$0.22 in Q1 2024[24] Cash Flow and Operations - Cash flows from operations improved significantly to $12.0 million, up from$2.5 million in the prior year[7] - The company reported a net cash provided by operating activities of $12,034,000 in Q1 2025, significantly higher than$2,519,000 in Q1 2024[21] - Cash and cash equivalents at the end of Q1 2025 were $10,700,000, compared to$11,673,000 at the end of Q1 2024[21] Backlog and Orders - The company reported a gross backlog of $418.8 million, which is a 26.9$329.9 million[7] - New orders in Q2 2025 are currently outpacing those in Q1 2025, indicating strong momentum[4] - The company’s gross backlog by category as of March 31, 2025, was 39% Building Infrastructure, 33% Transportation, 20% Power and Utilities, and 8% Emerging Markets[34] Guidance and Projections - The company maintained its fiscal year 2025 guidance, projecting net revenue between $428 million and$440 million and adjusted EBITDA between $70 million and$76 million[9] Losses - The net loss for Q1 2025 was $1.7 million, slightly higher than the net loss of$1.6 million in Q1 2024[7] - Net loss for Q1 2025 was $1,744,000, compared to a net loss of$1,558,000 in Q1 2024, representing an increase in loss of 11.9%[23] Revenue Growth - Gross contract revenue increased by 19.0% to $112,931,000 in Q1 2025 from$94,907,000 in Q1 2024[28] - Net service billing rose to $100,053,000 in Q1 2025, a 16.7$85,689,000 in Q1 2024[26] - Organic growth in gross revenue was 6.5% for Q1 2025, with notable increases in Transportation (16.2%) and Emerging Markets (12.9%) compared to Q1 2024[30] Stock Repurchase - The company repurchased $6.7 million of common stock during Q1 2025, with an average price of approximately$25.10 per share[5]