Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 158

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 158
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1% to $8.9 million loss for the year ended December 31, 2024, as compared to a $6.4 million loss for the year ended December 31, 2023. Net income (loss) increased by $9.6 million or 145.5% to $3.0 million of income for the year ended December 31, 2024, as compared to ($6.6) million of loss for the year ended December 31, 2023.

Other financial information and non-GAAP key performance indicators 

Net service billing (non-GAAP)

Net service billing increased $75.7 million or 24.9% to $379.7 million for the year ended December 31, 2024, as compared to $304.0 million for the year ended December 31, 2023. Net service billing reconciles to gross contract revenue as follows (in thousands):

For The Year Ended December 31,20242023Gross revenue$426,564 $346,256 Less: sub-consultants and other direct expenses46,895 42,262 Net services billing$379,669 $303,994 

Net service billing increased by 1.2 percentage points to 89.0% of gross contract revenue for the year ended December 31, 2024, as compared to 87.8% for the year ended December 31, 2023. This change was within our expected range of 85% to 90% of gross contract revenue, and varies depending on contract mix.

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Table of Content

Adjusted EBITDA (non-GAAP)

Adjusted EBITDA increased $12.5 million or 26.6% to $59.5 million for the year ended December 31, 2024 as compared to $47.0 million for the year ended December 31, 2023. Adjusted EBITDA reconciles to net income as follows (in thousands): 

For The Year Ended December 31, 20242023$ Change % Change Net Service Billing$379,669 $303,994 $75,675 24.9 %Net Income (Loss)$3,034 $(6,624)$9,658 (145.8 %)+ interest expense7,951 5,340 2,611 48.9 %+ depreciation & amortization27,828 18,723 9,105