Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 53

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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%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 (see Net service billing – non-GAAP). Of the $47.8 million increase in gross contract revenue during the nine months ended September 30, 2025, acquisitions represented $10.1 million of the increase. To evaluate the Company’s growth, revenue from acquisitions is treated as acquired for a period of four quarters post-closing, after which it is considered organic. For each measurement and comparison period, historical balances of acquired and organic revenue bases are adjusted to reflect revenue accordingly.

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Changes in gross contract revenue disaggregated between our core end markets were as follows (in thousands other than percentages):

For the Nine Months Ended September 30,Consolidated Gross Contract Revenue2025%GCR2024%GCRChange% ChangeBuilding Infrastructure1$165,430 45.8 %$155,245 49.5 %$10,185 6.6 %Transportation74,611 20.7 %60,145 19.2 %