Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 173

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 173
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(146.8)%EBITDA$23,871 $8,810 $15,061 171.0 %+ non-cash stock compensation9,734 13,938 (4,204)(30.2)%+ settlements and other non-core expenses331 813 (482)(59.3)%+ acquisition expenses772 1,980 (1,208)(61.0)%Adjusted EBITDA$34,708 $25,541 $9,167 35.9 %Adjusted EBITDA margin, net16.7 %14.2 %

For the six months ended June 30, 2025 and 2024, Adjusted EBITDA includes add backs of $9.7 million and $13.9 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 six months ended June 30, 2025 and 2024, Adjusted EBITDA Margin, net was 16.7% and 14.2% respectively.

Backlog (other key performance metrics)

Our backlog increased $39.2 million or 9.8% to $438.2 million during the six months ended June 30, 2025, as compared to $399.0 million at December 31, 2024. At June 30, 2025 and December 31, 2024 our backlog was comprised as follows:

June 30, 2025December 31, 2024Building Infrastructure40 %41 %Transportation31 %35 %Power & Utilities21 %15 %Natural Resources & Imaging8 %9 %

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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 June 30, 2025, we maintained a $140.0 million Revolving Credit Facility with Bank of America, our primary lender. See -"Credit Facilities and Other Financing" below