Bowman Consulting Group Ltd. (NASDAQ:BWMN) Q1 2024 Earnings Call Transcript

Gary Bowman: Yeah. Probably in the low-teens or high single digits is what we ‘re looking at for organic growth rate in 2024.

Bruce Labovitz: Yeah. We look at our backlog. We know where backlog is coming from. And as companies we’ve acquired roll through their annual — through their anniversary date, their revenue becomes organic revenue. So, there’s sort of two ways we know that it’s going to improve, because we know we ‘ve had organic growth inside the acquired revenue that will convert to organic growth over the remainder of the year. And with the backlog and knowing where the delivery of the guided revenue is coming from and knowing that by the end of this year, it will all — but what we have acquired this year, will be treated as organic growth. We’re confident that we will achieve the same kinds of numbers we have historically.

Jean Ramirez: And just to clarify, according to that conversion or transition, what was your exit organic growth rate for March?

Bruce Labovitz: I’m sorry. What’s that?

Jean Ramirez: I guess, just like so exiting March, the organic growth rate, you said it was 4% earlier, if they had converted — previous acquisitions had converted in Q1? Is that correct?

Bruce Labovitz: There was additional organic growth that was embedded in the acquired revenue, that would have been the pro forma end of March. Yeah.

Jean Ramirez: Got it. Thank you. Appreciate the time.

Gary Bowman: Thanks, Jean.

Operator: Thank you. There are no additional questions waiting at this time. So, I would now like to pass the conference back to management for any additional or closing remarks.

End of Q&A:

Gary Bowman: Thank you, operator. I just want to close by thanking everybody for participating in the call this morning and certainly for bearing through our technical difficulties here. And thanks again for your attention and for all the hard work for those who are part of the company and for investing in us for those of our shareholders. Have a good morning.

Operator: That concludes today’s conference call. Thank you for your participation. You may now disconnect your lines.