Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 52

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 52
---
 30, 2025, as compared to $101.4 million for the three months ended September 30, 2024. Net service billing reconciles to gross contract revenue as follows (in thousands):

For the Three Months Ended September 30,20252024Gross contract revenue$126,033 $113,932 Less: sub-consultants and other direct expenses13,946 12,569 Net service billing$112,087 $101,363 

38

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 $1.3 million or 7.8% to $18.3 million for the three months ended September 30, 2025 as compared to $17.0 million for the three months ended September 30, 2024. Adjusted EBITDA reconciles to net income as follows (in thousands): 

For the Three Months Ended      September 30, 20252024$ Change % Change Net Service Billing$112,087 $101,363 $10,724 10.6 %Net Income$6,618 $771 $5,847 758.4 %+ interest expense2,242 1,938 304 15.7 %+ depreciation & amortization6,887 7,395 (508)(6.9)%  +  income tax benefit(3,344)(1,910)(1,434)75.1 %EBITDA$12,403 $8,194 $4,209 51.4 %+ non-cash stock compensation4,508 6,448 (1,940)(30.1)%+ settlements and other non-core expenses1,286 1,954 (668)(34.2)%+ acquisition expenses91 374 (283)(75.7)%Adjusted EBITDA$18,288 $16,970 $1,318 7.8 %Adjusted EBITDA margin, net16.3