Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 109

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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 defined above. 

Results of Operations

Combined results of operations

The following represents our condensed consolidated results of operations for periods indicated (in thousands):

For the Three Months Ended  March 31,20252024Gross contract revenue$112,931 $94,907 Contract costs (exclusive of depreciation and amortization)54,834 46,905 Operating expense56,962 50,612 Income (loss) from operations1,135 (2,610)Other expense2,110 2,401 Income tax expense (benefit)769 (3,453)Net loss$(1,744)$(1,558)Net margin(1.5)%(1.6)%Other financial information 1Net service billing$100,053 $85,689 Adjusted EBITDA14,505 12,128 Adjusted EBITDA margin, net14.5 %14.2 %

1Represents non-GAAP financial measures. See Other Financial Information and Non-GAAP key performance indicators below. 

Three months ended March 31, 2025 as compared to the three months ended March 31, 2024

Gross Contract Revenue

Gross contract revenue for the three months ended March 31, 2025, increased $18.0 million or 19.0% to $112.9 million as compared to $94.9 million for the three months ended March 31, 2024. For the three months ended March 31, 2025, gross contract revenue attributable to work performed by our workforce increased $14.4 million, or 16.8% to $100.1 million or 88.6% of gross contract revenue as compared to $85.7 million or 90.3% for the three months ended March 31, 2024 (see Net service billing – non-GAAP). Of the $18.0 million increase in gross contract revenue during the three months ended March 31, 2025, acquisitions represented $11.8 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 and emerging end markets were as follows (in thousands other than percentages):

For the