Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 116

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 116
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benefit)769 (3,453)4,222 (122.3)%EBITDA$7,659 $3,115 $4,544 145.9 %+ non-cash stock compensation6,642 7,861 (1,219)(15.5)%+ settlements and other non-core expenses143 399 (256)(64.2)%+ acquisition expenses61 753 (692)(91.9)%Adjusted EBITDA$14,505 $12,128 $2,377 19.6 %Adjusted EBITDA margin, net14.5 %14.2 %

For the three months ended March 31, 2025 and 2024, Adjusted EBITDA includes add backs of $6.6 million and $7.9 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 percentage of net service billing (as defined above). For the three months ended March 31, 2025 and 2024, Adjusted EBITDA Margin, net was 14.5% and 14.2% respectively.

Backlog (other key performance metrics)

Our backlog increased $19.8 million or 5.0% to $418.8 million during the three months ended March 31, 2025, as compared to $399.0 million at December 31, 2024. At March 31, 2025 and December 31, 2024 our backlog was comprised as follows:

March 31, 2025December 31, 2024Building Infrastructure39 %41 %Transportation33 %35 %Power & Utilities20 %15 %Emerging Markets8 %9 %

Liquidity and Capital Resources

Our principal sources of liquidity are our cash and cash equivalents balances, cash flow from operations, borrowing capacity under our Revolving Credit Facility (as defined below), lease financing, proceeds from stock sales and other structured debt securities. Our principal uses of cash are operating expenses, working capital requirements, capital expenditures, repayment of debt, acquisitions, and acquisition related payments. On March 31, 2025, we maintained a $140.0 million Revolving Credit Facility with Bank of America, our primary lender. See -"