Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 39

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 39
---
ization, plus expenses associated with discontinued operations, legal settlements not related to our general course of business professional services, and other costs not in the ordinary course of business, non-cash stock-based compensation (inclusive of expenses associated with the adjustment of our liability for common shares subject to redemption), and other adjustments such as costs associated with raising equity and other forms of capital. Our peers may define Adjusted EBITDA differently.

Adjusted EBITDA Margin, net 

Adjusted EBITDA Margin, net, which is a non-GAAP financial measure, represents Adjusted EBITDA, as defined above, as a percentage of net service billings, as defined above. 

Results of Operations

Combined results of operations

The following represents our condensed consolidated results of operations for periods indicated (in thousands):

For the Three Months Ended  March 31,20252024Gross contract revenue$112,931 $94,907 Contract costs (exclusive of depreciation and amortization)54,834 46,905 Operating expense56,962 50,612 Income (loss) from operations1,135 (2,610)Other expense2,110 2,401 Income tax expense (benefit)769 (3,453)Net loss$(1,744)$(1,558)Net margin(1.5)%(1.6)%Other financial information 1Net service billing$100,053 $85,689 Adjusted EBITDA14,505 12,128 Adjusted EBITDA margin, net14.5 %14.2 %

1Represents non-GAAP financial measures. See Other Financial Information and Non-GAAP key performance indicators below. 

Three months ended March 31, 2025 as compared to the three months ended March 31, 2024

Gross Contract Revenue

Gross contract revenue for the three months ended March 31, 2025, increased $18.0 million or 19.0% to $112.9 million as compared to $94.9 million for the three months ended March 31, 2024. For the three months ended March 31, 2025, gross contract revenue attributable to work performed by our workforce increased $14.4 million, or 16.8% to $100.1 million or 88.6% of gross contract revenue as compared to $85.7 million or 90.3% for the three months ended March 31,