Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 140

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 140
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DA (non-GAAP)

Adjusted EBITDA increased $2.4 million or 19.6% to $14.5 million for the three months ended March 31, 2025 as compared to $12.1 million for the three months ended March 31, 2024. Adjusted EBITDA reconciles to net loss as follows (in thousands): 

For the Three Months Ended March 31, 20252024$ Change % Change Net Service Billing$100,053 $85,689 $14,364 16.8 %Net Loss$(1,744)$(1,558)$(186)11.9 %+ interest expense2,113 2,131 (18)(0.8)%+ depreciation & amortization6,521 5,995 526 8.8 %  +  tax expense (benefit)769 (3,453)4,222 (122.3)%EBITDA$7,659 $3,115 $4,544 145.9 %+ non-cash stock compensation6,642 7,861 (1,219)(15.5)%+ settlements and other non-core expenses143 399 (256)(64.2)%+ acquisition expenses61 753 (692)(91.9)%Adjusted EBITDA$14,505 $12,128 $2,377 19.6 %Adjusted EBITDA margin, net14.5 %14.2 %

For the three months ended March 31, 2025 and 2024, Adjusted EBITDA includes add backs of $6.6 million and $7.9 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 March 31, 2025 and 2024, Adjusted EBITDA Margin, net was 14.5% and 14.2% respectively.

Backlog (other key performance metrics)

Our backlog increased $19.8 million or 5.0% to $418.8 million during the three months ended March 31, 2025, as compared to $399.0 million at December 31,