Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 76

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 76
---
 past ten years is derived from investments in organic and non-organic 

4

Table of Content

growth initiatives, including synergy driven organic growth derived over time from businesses we acquire. We have accelerated our growth organically through technology investments that enhance our capacity and ability to share work across our company, an increase in our breadth of services and expand our geographic footprint, and a wholesale commitment to cross-selling, revenue capture and collaborative business development. For the year ended December 31, 2024, we had an increase in organic gross contract revenue of $37.9 million or 10.9%, compared to the year ended December 31, 2023. We have been able to achieve these growth rates while expanding our margin profile during this period. Our continued dedication to investment in our existing capabilities, coupled with our strong backlog of approximately $400 million as of December 31, 2024, consistent book-to-bill ratio for net service billing of greater than 1.0 for full years 2024 and 2023, and deep customer relationships, gives us confidence in our ability to maintain significant organic growth and an attractive margin profile for the foreseeable future. We calculate book-to-bill as bookings of new work, net of sub-contractor costs, divided by net service billing during the same period. Our executive leadership and senior managers are personally invested in our success through both cash and equity incentives that are targeted to reward organic growth and successful execution resulting in profitable operations and increasing shareholder value over time. We believe this compensation philosophy and ownership orientation aligns our leadership interest with those of our shareholders.

Proven track record of successful acquisitions, with demonstrated ability to integrate systems and operations to maximize synergies. Since our initial public offering in May 2021, we have acquired 34 different operating companies and three non-operating licensing companies as of December 31, 2024. Through these acquisitions, we have expanded our geographic reach, added service lines, increased our depth of leadership, broadened our end markets, enhanced our portfolio of experience, added technical capabilities, and significantly increased our revenue and profitability. Fundamental to our successful acquisition strategy has been our leadership team’s ability to identify, execute, and integrate strategic acquisitions of companies with workforces that align with our culture and are expected to provide synergies for our existing operations. Our complete acquisition integration approach rapidly facilitates cross-cultivation of experiences, employee collaboration and cross selling of services. Historically, we have been able to fully consolidate most of an acquired entity’s operations into ours within one year