Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 133

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 133
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6 %Net Income$6,618 $771 $5,847 758.4 %+ interest expense2,242 1,938 304 15.7 %+ depreciation & amortization6,887 7,395 (508)(6.9)%  +  income tax benefit(3,344)(1,910)(1,434)75.1 %EBITDA$12,403 $8,194 $4,209 51.4 %+ non-cash stock compensation4,508 6,448 (1,940)(30.1)%+ settlements and other non-core expenses1,286 1,954 (668)(34.2)%+ acquisition expenses91 374 (283)(75.7)%Adjusted EBITDA$18,288 $16,970 $1,318 7.8 %Adjusted EBITDA margin, net16.3 %16.7 %

For the three months ended September 30, 2025 and 2024, Adjusted EBITDA includes add backs of $4.5 million and $6.4 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 three months ended September 30, 2025 and 2024, Adjusted EBITDA Margin, net was 16.3% and 16.7% respectively.

Nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

Gross Contract Revenue

Gross contract revenue for the nine months ended September 30, 2025, increased $47.8 million or 15.3% to $361.1 million as compared to $313.3 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, gross contract revenue attributable to work performed by our workforce increased $39.1 million, or 13.9% to $320.1 million or 88.6% of gross contract revenue as compared to $281.0 million or 89.7% for the nine months ended September 30, 2024 (