Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 55

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 income as follows (in thousands): 

For the Three Months Ended      June 30, 20252024$ Change % Change Net Service Billing$107,997 $93,981 $14,016 14.9 %Net Income (loss)$6,009 $(2,082)$8,091 (388.6)%+ interest expense2,259 1,775 484 27.3 %+ depreciation & amortization6,544 7,181 (637)(8.9)%  +  tax expense (benefit)1,399 (1,180)2,579 (218.6)%EBITDA$16,211 $5,694 $10,517 184.7 %+ non-cash stock compensation3,093 6,077 (2,984)(49.1)%+ settlements and other non-core expenses188 414 (226)(54.6)%+ acquisition expenses711 1,227 (516)(42.1)%Adjusted EBITDA$20,203 $13,412 $6,791 50.6 %Adjusted EBITDA margin, net18.7 %14.3 %

For the three months ended June 30, 2025 and 2024, Adjusted EBITDA includes add backs of $3.1 million and $6.1 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 June 30, 2025 and 2024, Adjusted EBITDA Margin, net was 18.7% and 14.3% respectively.

38

Six months ended June 30, 2025 as compared to the six months ended June 30, 2024

Gross Contract Revenue

Gross contract revenue for the six months ended June 30, 2025, increased $35.6 million or 17.9% to $235.0 million as compared to $199.4 million for the six months ended June 30, 2024. For the six months ended June 30, 2025, gross contract revenue attributable to work performed by our workforce increased $28.4 million