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- **Revenue milestone**: Surpassed $500M annualized gross revenue, up 11% YoY, with 18% YoY backlog growth to $448M.
- **Profitability**: GAAP net income $6.6M (Q3), doubling adjusted EBITDA to $18.3M (+8% YoY). Cash flow up 114% YoY to $26.5M.
- **Segment strength**: Transportation (+20%), Power & Utilities (+17%), Energy (+38%) lead growth, supported by M&A and tech investments.
- **2026 outlook**: $465-480M net revenue, 17-17.5% EBITDA margin, driven by overhead efficiency and strategic M&A.
- **Risks**: Government shutdown delays, private sector interest rate sensitivity, but strong public sector buffer.
- **Innovation focus**: AI, automation, and geospatial tech to improve margins and scalability.


**【CEO Summary Section】**
- Achieved $500 million annualized gross revenue, surpassing prior targets with 11% YoY growth in net revenue ($112 million) and 7.6% growth in adjusted EBITDA.
- Transportation, Power & Utilities, and Energy segments drove 20%+ growth, accounting for 40%+ of top line. Backlog reached $448 million (18% YoY), with book-to-bill ratio >1, indicating strong Q4 momentum.
- Emphasized recurring public sector work and private demand resilience, positioning for 2026 growth.

**【CFO Financial Commentary】**
- GAAP net income: $6.6 million (Q3) and $10.9 million (9M), up from $0.8 million and -$2.9 million YoY.
- Cash flow from operations: $26.5 million (9M), doubling YoY. Net leverage: 1.5x, with $150 million available liquidity post-revolver expansion.
- Organic net revenue growth: 6.6% Q3, 11% 9M. Overhead as % of net revenue: 89.5% (Q3), down 290bps YoY.
- Gross margins by segment: 56% (Building Infrastructure), 57% (Natural Resources), 46% (Transportation). Adjusted EBITDA: $18.3 million (Q3, +8%), $53 million (9M, +25%).
- Stock-based compensation: $14.2 million (9M, 4.4% of revenue), down from 7.3% YoY.

**【Q&A Highlights】**
- **Transportation growth**: 10% YoY, 25%+ IIJA funds remaining, multiyear DOT programs, ports/harbors expansion.
- **Power & Utilities**: 17% YoY growth, acquisitions (Sierra, ORCaS, Lazen) enhance renewables, grid modernization, and transmission capabilities.
- **M&A strategy**: Focused on strategic tuck-ins in transportation, power, and data centers; 2026 pipeline active, with $150M liquidity for deals.
- **Labor market**: Aggressive recruitment, leveraging innovation (BIG Fund) to reduce reliance on headcount growth.
- **Government shutdown impact**: Minimal direct exposure; state/local work buffers federal delays.
- **2026 guidance**: Net revenue $465-480M, EBITDA margin 17-17.5%, driven by overhead leverage, utilization, and tech adoption.
- **Data center trends**: Increased landowners pursuing data center projects, e3i acquisition expands opportunities.
- **Solar outlook**: Strong 2026 demand due to tax credits, cautious on 2027+.
- **Innovation**: AI tools for project lifecycle management, ORCaS automation, and geospatial tech upgrades.
- **BIG Fund spending**: $300K+ on AI, automation, and geospatial enhancements, with returns tracked rigorously.


Bowman Consulting Group Ltd. (BWMN) Q3 2025 Earnings Call Transcript

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BWMN

BWMN fundamentals

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