Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 62

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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179,671 

41

Because sub-consultants and reimbursable expenses are most often pass-through items with little or no mark-up, they generally have a dilutive effect on gross, operating, and net margins while having little accretive effect on profitability. As such, where possible, we focus our resources and business development efforts principally on increasing revenue derived from our own workforce. Management primarily focuses its internal performance metrics on net service billing. 

Adjusted EBITDA (non-GAAP)

Adjusted EBITDA increased $9.2 million or 35.9% to $34.7 million for the six months ended June 30, 2025 as compared to $25.5 million for the six months ended June 30, 2024. Adjusted EBITDA reconciles to net income as follows (in thousands): 

For the Six Months Ended June 30, 20252024$ Change % Change Net Service Billing$208,050 $179,671 $28,379 15.8 %Net Income (loss)$4,265 $(3,640)$7,905 (217.2)%+ interest expense4,372 3,906 466 11.9 %+ depreciation & amortization13,065 13,177 (112)(0.8)%  +  tax expense (benefit)2,169 (4,633)6,802 (146.8)%EBITDA$23,871 $8,810 $15,061 171.0 %+ non-cash stock compensation9,734 13,938 (4,204)(30.2)%+ settlements and other non-core expenses331 813 (482)(59.3)%+ acquisition expenses772 1,980 (1,208)(61.0)%Adjusted EBITDA$34,708 $25,541 $9,167 35.9 %Adjusted EBITDA margin, net16.7 %14.2 %

For the six months ended June 30, 2025 and 2024, Adjusted EBITDA includes add backs of $9.7 million and $13.9 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