Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 151

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7
Chunk 151
---
 both current and deferred tax expense along with all available tax incentives and credits. 

The Organization for Economic Cooperation and Development has released Pillar Two Model Rules, a 15% minimum effective tax rate designed to ensure that large multinational enterprises pay a minimum level of tax on the income arising in each jurisdiction where they operate and mandates sharing of certain company information with taxing authorities on a local and global basis. Certain jurisdictions have enacted, and others have proposed, legislation to implement certain provisions of Pillar Two. We are continuing to monitor the implications resulting from the potential enactment of Pillar Two rules in the jurisdictions where we operate, and do not currently anticipate a material impact. 

48

Table of Content

Results of Operations

Consolidated results of operations 

The following represents our consolidated results of operations for periods indicated (in thousands): 

For The Year Ended December 31, 20242023Gross contract revenue$426,564 $346,256 Contract costs (exclusive of depreciation and amortization)203,761 170,223 Operating expense224,803 176,689 (Loss) Income from operations(2,000)(656)Other expense6,946 5,791 Income tax (benefit) expense(11,980)177 Net income (loss)$3,034 $(6,624)Net margin0.7 %(1.9)%Other financial information 1Net service billing$379,669 $303,994 Adjusted EBITDA59,520 47,031 Adjusted EBITDA margin, net15.7 %15.5 %

1Represents non-GAAP financial measures. See Other Financial Information and Non-GAAP key performance indicators below in results of operations. 

Year ended December 31, 2024 as compared to the year ended December 31, 2023

Gross Contract Revenue

Gross contract revenue for the year ended December 31, 2024 increased $80.3 million or 23.2% to $426.6 million as compared to $346.3 million for the year ended December 31, 2023. For the year ended December 31, 2024, gross contract revenue attributable to work performed by our workforce increased $75.7 million, or 24.9% to $379.7 million or 89.0% of gross contract revenue as compared to $304.0 million or 87.8% for year ended December 31, 2023