Call Start: 09:00 January 1, 0000 9:45 AM ET

Bowman Consulting Group Ltd. (NASDAQ:BWMN)
Q3 2024 Earnings Conference Call
November 07, 2024 09:00 AM ET

Company Participants

Gary Bowman - Chairman & Chief Executive Officer
Bruce Labovitz - Chief Financial Officer

Conference Call Participants

Jeff Martin - ROTH Capital Partners
Aaron Spychalla - Craig Hallum
Andy Wittmann - Baird
Brent Thielman - D.A. Davidson & Company
Alex Rygiel - B. Riley

Operator

Good morning. My name is Tia and I will be your conference operator today. At this time, I would like to welcome everyone to the Bowman Consulting Group Third Quarter 2024 Conference Call. [Operator's Instructions]

Please note that many of the comments made today are considered forward-looking statements under Federal Securities laws. As described in the company's filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed and the company is not obligated to publicly update or revise these forward-looking statements.

In addition, on today's call, the company will discuss certain non-GAAP financial information such as adjusted EBITDA, adjusted net income and net service billing. You can find this information together with the reconciliations to the most directly comparable GAAP information in the company's earnings press release and 8-K filed with the SEC and on the company's investor website at investors.bowman.com.

Management will deliver prepared remarks, after which they will take live questions from published research analysts. Throughout the call, attendees on the webcast, may post questions for management to answer on the call or in subsequent communications. But there will be no live Q&A from the webcast attendees. Replays of the call will be available on the company's investor website.

Mr. Bowman, you may begin your prepared remarks.

Gary Bowman

Thank you, Tia. Good morning. Thank you for joining the Bowman Consulting Group's third quarter 2024 earnings call. With me this morning is Bruce Labovitz, our CFO. I want to take a moment now to welcome all our new employees including everyone who is joining us from Exeltech Consulting in Washington State.

This morning, I'm going to start off with some introductory comments, after which Bruce will discuss our financial results. Then I'll come back for some additional remarks about our trajectory into 2025 and we'll end with Q&A. You'll find our quarterly highlights on slide 3.

For the third quarter, we reported over $100 million of net revenue, a first in the firm's history. This is a noteworthy accomplishment given that our revenue in 2020 that was the last full year prior to our IPO was $103 million. This is an exciting time for us as we continue to advance toward our frequently discussed goal of reaching $500 million in gross revenue annual run rate within our first five years as a public company.