Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 140

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 140
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 $10.5 million or 24.7% to $53.0 million for the nine months ended September 30, 2025 as compared to $42.5 million for the nine months ended September 30, 2024. Adjusted EBITDA reconciles to net income as follows (in thousands): 

For the Nine Months Ended September 30, 20252024$ Change % Change Net Service Billing$320,137 $281,033 $39,104 13.9 %Net Income (loss)$10,883 $(2,869)$13,752 (479.3)%+ interest expense6,614 5,844 770 13.2 %+ depreciation & amortization19,952 20,572 (620)(3.0)%  +  income tax benefit(1,175)(6,543)5,368 (82.0)%EBITDA$36,274 $17,004 $19,270 113.3 %+ non-cash stock compensation14,242 20,386 (6,144)(30.1)%+ settlements and other non-core expenses1,616 2,767 (1,151)(41.6)%+ acquisition expenses863 2,354 (1,491)(63.3)%Adjusted EBITDA$52,995 $42,511 $10,484 24.7 %Adjusted EBITDA margin, net16.6 %15.1 %

For the nine months ended September 30, 2025 and 2024, Adjusted EBITDA includes add backs of $14.2 million and $20.4 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 nine months ended September 30, 2025 and 2024, Adjusted EBITDA Margin, net was 16.6% and 15.1% respectively.

Backlog (other key performance metrics)

Our backlog increased $48.7 million or 12.2% to $447.7 million during the nine months ended September 30, 2025, as compared to $399.0 million at December 31,