Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 73

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 73
---
 those associated with developing new customers. Our strategic focus is on expanding our presence in markets which best afford us opportunities to secure assignments that provide recurring revenue and multi-year customer assignments. These assignments typically produce dependable and predictable revenue streams resulting in high employee utilization which leads to increased profitability. Approximately 60% of our revenue for the year ended December 31, 2024 was derived from repeat customers, which we define as any customer from which revenue was earned in both the full years ended December 31, 2024 and 2023, excluding revenue derived from companies we acquired in 2024. Our customers are international, national, regional, and local in their focus. Our success in customer acquisition and retention is the result of our investment in relationships over time and the delivery of highly creative, technology-enabled and cost-effective solutions.

We are defined by our core values and purpose. Our culture revolves around a top to bottom commitment to the creation of opportunities for aspiring people to thrive and achieve their goals. We remain committed to promoting inclusion and engagement in our workplace, principles we believe are critical to our long-term success. We continue to focus on the hiring, retention, and advancement of a qualified representative workforce. We have focused our recent employee engagement efforts in five areas: inspiring innovation through an engaging culture; expanding our efforts to recruit and hire diverse talent; optimizing our total rewards profile with employees; advocating and facilitating employee-defined internal affinity groups; and identifying opportunities to implement sustainability initiatives.

We have a diversified business focus that is not dependent on any one customer, service line, geographic region, or end market. We are deliberate in our efforts to balance our sources of revenue and avoid reliance on any one significant customer, service line, geography, or end market concentration. As a result, we believe our business is resilient and less exposed to the impacts of political and economic cycles.

While we report our results of operations using General Accepted Accounting Principles (“GAAP”) including gross contract revenue and net income, we also utilize non-GAAP metrics to manage our business and provide what we believe are meaningful metrics to the investment community. These non-GAAP metrics include Net Service Billing (the amount of gross contract revenue generated by the direct efforts of our workforce), Adjusted EBITDA (our earnings before taxes, interest and depreciation and amortization with non-cash stock compensation and other non-recurring, non-core, and acquisition related costs added), and Backlog (the aggregate amount of undelivered gross contract revenue relating to assignment in place with customers) and Adjusted Earnings Per