Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 172

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 172
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,308 Net service billing$320,137 $281,033 

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. 

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Adjusted EBITDA (non-GAAP)

Adjusted EBITDA increased $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