Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 152

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 152
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 (see Net service billing – non-GAAP). Of the $80.3 million increase in gross contract revenue during the year ended December 31, 2024, acquisitions completed in 2024 represented $42.5 million or 52.9% of the increase.

Changes in gross contract revenue (“GCR”) for the year ended December 31, 2024, disaggregated between our core and emerging end markets, were as follows (in thousands other than percentages): 

 For the Year Ended December 31,   Consolidated Gross Contract Revenue2024%GCR 2023%GCR Change % Change Building Infrastructure3 $219,596 51.4 %$194,867 56.3 %$24,729 12.7 %Transportation87,746 20.6 %72,829 21.0 %14,917 20.5 %Power & Utilities375,026 17.6 %64,156 18.5 %10,870 16.9 %Emerging Markets144,196 10.4 %14,404 4.2 %29,792 206.8 %Total:$426,564 100.0 %$346,256 100.0 %$80,308 23.2 %Acquired2$42,454 10.0 %$30,497 8.8 %$11,957 39.2 %

1 Represents environmental, mining, water resources, imaging and mapping and other.

2.Acquired revenue in prior periods is as previously reported; four quarters post-closing, acquired revenue is thereafter reclassified as organic for the purpose of calculating organic growth rates.

3 Includes periodic reclassifications of revenue between categories from prior periods for consistency of presentation.

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For the year ended December 31, 2024, gross contract revenue from our building infrastructure market increased $24.7 million or 12.7% as compared to the year ended December 31, 2023. Building Infrastructure includes commercial, municipal and residential infrastructure. The increase in building infrastructure revenue is the result of organic growth and acquisitions. Within the building infrastructure market, 36.0% of gross contract revenue was derived from residential assignments including single family, multi-family and mixed-use housing stock, 45.0% from commercial assignments including retail, hospitality and quick-serve restaurants (QSR