Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 159

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 159
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48.6 %  + tax (benefit) expense(11,980)177 (12,157)(6868.4 %)EBITDA$26,833 $17,616 $9,217 52.3 %+ non-cash stock compensation25,841 24,984 857 3.4 %+ settlements and other non-core expenses3,000 1,170 1,830 156.4 %+ acquisition expenses3,846 3,261 585 17.9 %Adjusted EBITDA$59,520 $47,031 $12,489 26.6 %Adjusted EBITDA margin, net15.7 %15.5 %

For the years ended December 31, 2024 and 2023, Adjusted EBITDA includes $25.8 million and $25.0 million, respectively, relating to non-cash stock compensation expenses resulting from the on-going vesting of restricted stock awards.

Adjusted EBITDA Margin, net (non-GAAP)

Adjusted EBITDA Margin, net represents Adjusted EBITDA (as defined above) as a percentage of net service billing (as defined above). For the years ended December 31, 2024 and 2023, Adjusted EBITDA Margin, net was 15.7% and 15.5% respectively. 

Backlog (other key performance metrics)

Our backlog increased $93 million or 30.5% to approximately $399 million during the year ended December 31, 2024, as compared to $306 million at December 31, 2023. At December 31, 2024 and 2023, our backlog was comprised as follows: 

December 31, 2024December 31, 2023Building Infrastructure 41.1 %54.7 %Transportation34.5 %24.2 %Power & Utilities15.4 %17.4 %Emerging Markets9.0 %3.7 %

Liquidity and Capital Resources

Our principal sources of liquidity are our cash and cash equivalents balances, cash flow from operations, borrowing capacity under our Revolving Credit Facility (as defined below), lease financing, proceeds from stock sales and other structured debt securities. Our principal uses of cash are operating expenses, working capital requirements, capital expenditures, repayment of debt, acquisitions, and acquisition related payments.