Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 172

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 172
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 the six months ended June 30, 2024. Net income increased by $7.9 million to $4.3 million of net income for the six months ended June 30, 2025, as compared to ($3.6) million of net loss for the six months ended June 30, 2024. 

Other financial information and Non-GAAP key performance indicators 

Net service billing (non-GAAP)

Net service billing increased $28.4 million or 15.8% to $208.1 million for the six months ended June 30, 2025, as compared to $179.7 million for the six months ended June 30, 2024. Net service billing reconciles to gross contract revenue as follows (in thousands):

For the Six Months Ended June 30,20252024Gross contract revenue$235,021 $199,409 Less: sub-consultants and other direct expenses26,971 19,738 Net service billing$208,050 $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