Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 60

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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$17,004 $19,270 113.3 %+ non-cash stock compensation14,242 20,386 (6,144)(30.1)%+ settlements and other non-core expenses1,616 2,767 (1,151)(41.6)%+ acquisition expenses863 2,354 (1,491)(63.3)%Adjusted EBITDA$52,995 $42,511 $10,484 24.7 %Adjusted EBITDA margin, net16.6 %15.1 %

For the nine months ended September 30, 2025 and 2024, Adjusted EBITDA includes add backs of $14.2 million and $20.4 million, respectively, relating to non-cash stock compensation expenses from 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 nine months ended September 30, 2025 and 2024, Adjusted EBITDA Margin, net was 16.6% and 15.1% respectively.

Backlog (other key performance metrics)

Our backlog increased $48.7 million or 12.2% to $447.7 million during the nine months ended September 30, 2025, as compared to $399.0 million at December 31, 2024. At September 30, 2025 and December 31, 2024 our backlog was comprised as follows:

September 30, 2025December 31, 2024Building Infrastructure38 %41 %Transportation30 %35 %Power & Utilities23 %15 %Natural Resources & Imaging9 %9 %

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. On September 30, 2025, we maintained a $140.0 million Revolving Credit Facility with Bank of America, our primary lender. See -"Credit Facilities and Other Financing" below for more information on our Revolving Credit Facility