RESTON, Va., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced financial results for the quarter ended June 30, 2025.
"We are experiencing strong momentum across the business as our teams continue to execute with discipline and deliver high-impact outcomes for our clients," said Gary Bowman, CEO of Bowman. "The second quarter marked another period of outpaced growth and strategic progress underpinned by strong demand across our core verticals. New orders were especially strong in transportation, renewables, and energy transmission - markets where our expertise and differentiated capabilities are driving increased client engagement and long-term opportunities. Our record Adjusted EBITDA margin and backlog reflect not only the strength of our value proposition but also the confidence of our clients in our ability to deliver. As we look ahead, we remain focused on scaling efficiently, investing in talent, and reinforcing our leadership position as a lifecycle infrastructure solutions provider."
Second Quarter 2025 Compared to Second Quarter 2024 Financial Results:
- Gross contract revenue of $122.1 million compared to $104.5 million, a 17% increase
- Net service billing1 of $108.0 million compared to $94.0 million, a 15% increase
- Organic net service billing2 growth of 8.4% compared to 5.8%
- Net income of $6.0 million compared to a net loss of $2.1 million
- Adjusted EBITDA1 of $20.2 million compared to $13.4 million, a 50.7% increase
- Adjusted EBITDA margin, net 1 of 18.7% compared to 14.3%, a 440-bps increase
- Cash flows from operations of $4.3 million compared to $3.1 million
First Six Months of 2025 Compared to First Six Months of 2024 Financial Results:
- Gross contract revenue of $235.0 million compared to $199.4 million, an 18% increase
- Net service billing1 of $208.1 million compared to $179.7 million, a 16% increase
- Organic net service billing2 growth of 9.8% compared to 9.6%
- Net income of $4.3 million compared to a net loss of $3.6 million
- Adjusted EBITDA1 of $34.7 million compared to $25.5 million, a 36.1% increase
- Adjusted EBITDA margin, net 1 of 16.7% compared to 14.2%, a 250-bps increase
- Cash flows from operations of $16.3 million compared to $5.6 million
- Gross backlog of $438.2 million compared to $351.4 million, a 24.7% increase
CFO Commentary
"Our continued improvement in second quarter performance demonstrates the strength and resilience of our business model," said Bruce Labovitz, CFO of Bowman. "We continue to deliver on our commitments to improve profitability and cash conversion, optimize capital allocation, and maintain an underleveraged and healthy balance sheet. During the early part of the quarter we deployed capital to provide liquidity in our stock and align with shareholders in our belief that our equity was undeservedly undervalued. Our recently introduced BIG Fund reflects our commitment to aggressively invest free cash flow into innovation that will expand our revenue sources, accelerate and optimize our processes, and improve our margins. The Fund is actively sponsoring several compelling innovation initiatives throughout the company, and we are excited about the return on investment we expect to achieve. Having delivered solid first half results, including nearly 10% organic net service billing growth, a 36% increase in Adjusted EBITDA and a 250-basis point improvement in Adjusted EBITDA Margin, we are entering the second half of the year with strong momentum and a high degree of optimism about our future."
"Given the changing dynamics associated with the evolving power demands inherent in data center design, we have elected to reclassify the revenue of that sub-vertical into our Power and Utilities category," continued Labovitz. "To represent consistency between periods, we have likewise reclassified data center revenue from 2024. We believe this classification better reflects the current profile of our work with our data center customers."
Stock Repurchase Activities
Bowman repurchased $6.7 million of common stock during the three months ended June 30, 2025, with $1.3 million from the repurchase of shares from employees in connection with the payment of taxes associated with vesting events and $5.4 million under an existing $35 million repurchase authorization (the "Authorization"). The average price paid during the three months was approximately $22.19 per share repurchased. Total shares outstanding on June 30, 2025, were 17.2 million. Subsequent to the end of the second quarter, no repurchases have been made under the Authorization.
On June 6, 2025, the board of directors authorized a new share program under which the Company may repurchase up to $25 million of its common stock over a 12-month period beginning June 9, 2025. This repurchase plan replaced the Authorization referred to above and which was scheduled to expire on July 31, 2025.
Non-GAAP Adjusted Earnings per Share3
In connection with the release of financial results, the Company reported the non-GAAP financial metric of Adjusted Earnings per Share as follows:
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||
| Adjusted Earnings Per Share (Non-GAAP) | 2025 | 2024 | 2025 | 2024 |
| Basic | $0.56 | $(0.03) | $0.63 | $0.17 |
| Diluted | $0.55 | $(0.03) | $0.62 | $0.16 |
Fiscal Year 2025 Guidance
The table below raises Bowman's guidance for fiscal year 2025:
| Date Issued | Net Revenue | Adjusted EBITDA |
| August 2025 | $430 - $442 MM | $71 - $77 MM |
The current outlook for 2025 is based on completed and definitively contracted acquisitions as of the date of this release and does not include contributions from any future acquisitions. Management discusses the Company's acquisition pipeline and its prospective impact during regularly scheduled earnings calls.
Conference Call Information
Bowman will host a conference call to discuss financial results tomorrow morning, August 7, 2025, at 9:00 a.m. ET. Access to a live webcast is available through the Investor Relations section of the Company's website at investors.bowman.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national engineering services firm offering infrastructure engineering, technical services and project management solutions to owners and operators of the built environment. With over 2,300 employees in more than 100 locations throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.
1 Non-GAAP financial metric the Company believes offers valuable perspective on results of operations (see non-GAAP tables below for reconciliations).
2 Organic growth for the three months ended 06/30/25 excludes revenue from acquisitions completed after June 30, 2024. Year over year growth rates only reflect revenue realized post-acquisition.
3 Basic Adjusted EPS and Diluted Adjusted EPS are all non-GAAP financial metrics the Company believes offer valuable perspectives on results of operations (see non-GAAP tables below for reconciliations). Adjusted EPS (Basic and Diluted) include addbacks for non-reoccurring expenses specific to acquisitions, non-cash stock compensation expense associated with pre-IPO grants, and other expenses not in the ordinary course of business. With respect to the elimination of any non-cash stock compensation expense, the Company computes an adjusted tax expense or benefit which accounts for the elimination of any periodic windfall or shortfall tax effects resulting from the difference between grant date fair value and vest date value. With respect to all other eliminations, the Company applies its average marginal statutory tax rate, currently 25.8%, to derive the tax adjustment associated with the elimination of expenses. A reconciliation of non-GAAP Adjusted EPS to GAAP EPS, both basic and diluted, is included with this press release for reference.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "will," "goal" and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the "Risk Factors" set forth in the Company's most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Investor Relations Contact:
Betsy Patterson
ir@bowman.com
| BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data) | |||||||
| June 30, 2025 | December 31, 2024 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 15,540 | $ | 6,698 | |||
| Accounts receivable, net | 113,131 | 105,105 | |||||
| Contract assets | 52,468 | 43,369 | |||||
| Notes receivable, current portion | 903 | - | |||||
| Notes receivable - officers, employees, affiliates, current portion | 443 | 1,889 | |||||
| Prepaid and other current assets | 14,240 | 19,560 | |||||
| Total current assets | 196,725 | 176,621 | |||||
| Non-Current Assets | |||||||
| Property and equipment, net | 45,163 | 42,011 | |||||
| Operating lease, right-of-use assets | 42,122 | 42,085 | |||||
| Goodwill | 135,929 | 134,653 | |||||
| Notes receivable, less current portion | - | 903 | |||||
| Notes receivable - officers, employees, affiliates, less current portion | 1,108 | 638 | |||||
| Other intangible assets, net | 61,403 | 65,409 | |||||
| Deferred tax asset, net | 54,225 | 42,040 | |||||
| Other assets | 1,570 | 1,521 | |||||
| Total Assets | $ | 538,245 | $ | 505,881 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Current Liabilities | |||||||
| Revolving credit facility | 59,516 | 37,000 | |||||
| Accounts payable and accrued liabilities, current portion | 42,954 | 51,626 | |||||
| Contract liabilities | 13,522 | 7,905 | |||||
| Notes payable, current portion | 15,316 | 17,075 | |||||
| Operating lease obligation, current portion | 11,142 | 10,979 | |||||
| Finance lease obligation, current portion | 13,113 | 10,394 | |||||
| Total current liabilities | 155,563 | 134,979 | |||||
| Non-Current Liabilities | |||||||
| Other non-current obligations | 55,705 | 45,079 | |||||
| Notes payable, less current portion | 16,003 | 19,992 | |||||
| Operating lease obligation, less current portion | 36,936 | 37,058 | |||||
| Finance lease obligation, less current portion | 19,721 | 17,940 | |||||
| Pension and post-retirement obligation, less current portion | 4,674 | 4,718 | |||||
| Total liabilities | $ | 288,602 | $ | 259,766 | |||
| Shareholders' Equity | |||||||
| Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024 | - | - | |||||
| Common stock, $0.01 par value; 30,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 21,706,804 shares issued and 17,240,980 outstanding, and 21,281,247 shares issued and 17,382,138 outstanding as of June 30, 2025 and December 31, 2024, respectively | 217 | 213 | |||||
| Additional paid-in-capital | 341,727 | 329,073 | |||||
| Accumulated other comprehensive income | 1,082 | 1,146 | |||||
| Treasury stock, at cost; 4,465,824 and 3,899,109 shares, respectively | (74,253 | ) | (60,901 | ) | |||
| Stock subscription notes receivable | (9 | ) | (30 | ) | |||
| Accumulated deficit | (19,121 | ) | (23,386 | ) | |||
| Total shareholders' equity | $ | 249,643 | $ | 246,115 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 538,245 | $ | 505,881 | |||
| BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) (Unaudited) | |||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Gross Contract Revenue | $ | 122,090 | $ | 104,501 | $ | 235,021 | $ | 199,409 | |||||||
| Contract costs:(exclusive of depreciation and amortization below) | |||||||||||||||
| Direct payroll costs | 42,425 | 39,096 | 84,390 | 76,776 | |||||||||||
| Sub-consultants and expenses | 14,093 | 10,520 | 26,971 | 19,738 | |||||||||||
| Total contract costs | 56,518 | 49,616 | 111,361 | 96,514 | |||||||||||
| Operating Expenses: | |||||||||||||||
| Selling, general and administrative | 49,759 | 49,154 | 100,239 | 93,874 | |||||||||||
| Depreciation and amortization | 6,544 | 7,181 | 13,065 | 13,177 | |||||||||||
| Loss (gain) on sale, net | 225 | (215 | ) | 176 | (311 | ) | |||||||||
| Total operating expenses | 56,528 | 56,120 | 113,480 | 106,740 | |||||||||||
| Income (loss) from operations | 9,044 | (1,235 | ) | 10,180 | (3,845 | ) | |||||||||
| Other expense | 1,636 | 2,027 | 3,746 | 4,428 | |||||||||||
| Income (loss) before tax benefit | 7,408 | (3,262 | ) | 6,434 | (8,273 | ) | |||||||||
| Income tax expense (benefit) | 1,399 | (1,180 | ) | 2,169 | (4,633 | ) | |||||||||
| Net income (loss) | $ | 6,009 | $ | (2,082 | ) | $ | 4,265 | $ | (3,640 | ) | |||||
| Earnings allocated to non-vested shares | 307 | - | 218 | - | |||||||||||
| Net income (loss) attributable to common shareholders | $ | 5,702 | $ | (2,082 | ) | $ | 4,047 | $ | (3,640 | ) | |||||
| Earnings (loss) per share | |||||||||||||||
| Basic | $ | 0.35 | $ | (0.13 | ) | $ | 0.25 | $ | (0.24 | ) | |||||
| Diluted | $ | 0.34 | $ | (0.13 | ) | $ | 0.24 | $ | (0.24 | ) | |||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 16,331,964 | 16,301,926 | 16,344,173 | 15,064,827 | |||||||||||
| Diluted | 16,583,034 | 16,301,926 | 16,589,787 | 15,064,827 | |||||||||||
| BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) | |||||||
| For the Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Cash Flows from Operating Activities: | |||||||
| Net income (loss) | $ | 4,265 | $ | (3,640 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||
| Depreciation and amortization - property, plant and equipment | 7,932 | 6,023 | |||||
| Amortization of intangible assets | 5,133 | 7,154 | |||||
| Loss (gain) on sale of assets | 176 | (311 | ) | ||||
| Credit losses | 745 | 656 | |||||
| Stock based compensation | 9,694 | 13,876 | |||||
| Deferred taxes | (12,185 | ) | 5,348 | ||||
| Accretion of discounts on notes payable | 404 | 307 | |||||
| Other | (35 | ) | - | ||||
| Changes in operating assets and liabilities | |||||||
| Accounts receivable | (8,112 | ) | (6,080 | ) | |||
| Contract assets | (8,656 | ) | (4,366 | ) | |||
| Prepaid expenses and other assets | 5,945 | 4,063 | |||||
| Accounts payable and accrued expenses | 5,573 | (15,633 | ) | ||||
| Contract liabilities | 5,414 | (1,809 | ) | ||||
| Net cash provided by operating activities | 16,293 | 5,588 | |||||
| Cash Flows from Investing Activities: | |||||||
| Purchases of property and equipment | (1,119 | ) | (600 | ) | |||
| Fixed assets converted to lease financing | - | (29 | ) | ||||
| Proceeds from sale of assets and disposal of leases | 102 | 317 | |||||
| Payments received under loans to shareholders | - | 54 | |||||
| Proceeds from notes receivable | 718 | - | |||||
| Acquisitions of businesses, net of cash acquired | (1,559 | ) | (20,347 | ) | |||
| Collections under stock subscription notes receivable | 21 | 23 | |||||
| Net cash used in investing activities | (1,837 | ) | (20,582 | ) | |||
| Cash Flows from Financing Activities: | |||||||
| Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs | - | 47,151 | |||||
| (Repayments) Borrowings under revolving credit facility | 22,515 | (17,441 | ) | ||||
| Repayments under fixed line of credit | - | (345 | ) | ||||
| Proceeds from notes payable | - | 6,209 | |||||
| Repayment under notes payable | (8,919 | ) | (7,464 | ) | |||
| Proceeds from finance leases | - | 4,567 | |||||
| Payments on finance leases | (5,600 | ) | (4,053 | ) | |||
| Payment of contingent consideration from acquisitions | (1,171 | ) | - | ||||
| Payments for purchase of treasury stock | (3,894 | ) | (10,037 | ) | |||
| Repurchases of common stock | (9,458 | ) | (2,084 | ) | |||
| Proceeds from issuance of common stock | 913 | 947 | |||||
| Net cash (used in) provided by financing activities | (5,614 | ) | 17,450 | ||||
| Net increase in cash and cash equivalents | 8,842 | 2,456 | |||||
| Cash and cash equivalents, beginning of period | 6,698 | 20,687 | |||||
| Cash and cash equivalents, end of period | $ | 15,540 | $ | 23,143 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Cash paid for interest | $ | 3,812 | $ | 3,457 | |||
| Cash paid for income taxes | $ | 681 | $ | 1,552 | |||
| Non-cash investing and financing activities | |||||||
| Property and equipment acquired under finance lease | $ | (10,144 | ) | $ | (6,755 | ) | |
| Note payable converted to common shares | $ | (434 | ) | $ | (2,696 | ) | |
| Issuance of notes payable for acquisitions | $ | (2,056 | ) | (13,636 | ) | ||
| Issuance of contingent considerations | $ | - | (1,504 | ) | |||
| Settlement of contingent consideration | $ | 2,338 | 567 | ||||
| BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income (loss) (GAAP) | $ | 6,009 | $ | (2,082 | ) | $ | 4,265 | $ | (3,640 | ) | ||||||
| + tax expense (benefit) (GAAP) | 1,399 | (1,180 | ) | 2,169 | (4,633 | ) | ||||||||||
| Income (loss) before tax expense (GAAP) | $ | 7,408 | $ | (3,262 | ) | $ | 6,434 | $ | (8,273 | ) | ||||||
| + acquisition related expenses | 1,149 | 1,936 | 1,744 | 3,286 | ||||||||||||
| + amortization of intangibles | 2,517 | 3,815 | 5,133 | 7,154 | ||||||||||||
| + non-cash stock comp related to pre-IPO | 330 | 1,121 | 824 | 2,678 | ||||||||||||
| + other non-core expenses | 188 | 414 | 331 | 813 | ||||||||||||
| Adjusted income before tax expense | $ | 11,592 | $ | 4,024 | $ | 14,466 | $ | 5,658 | ||||||||
| Adjusted income tax expense | 1,981 | 4,593 | 3,657 | 2,933 | ||||||||||||
| Adjusted net income (loss) | $ | 9,611 | $ | (569 | ) | $ | 10,809 | $ | 2,725 | |||||||
| Adjusted earnings allocated to non-vested shares | 491 | - | 553 | 229 | ||||||||||||
| Adjusted net income (loss) attributable to common shareholders | $ | 9,120 | $ | (569 | ) | $ | 10,256 | $ | 2,496 | |||||||
| Earnings (loss) per share (GAAP) | ||||||||||||||||
| Basic | $ | 0.35 | $ | (0.13 | ) | $ | 0.25 | $ | (0.24 | ) | ||||||
| Diluted | $ | 0.34 | $ | (0.13 | ) | $ | 0.24 | $ | (0.24 | ) | ||||||
| Adjusted earnings (loss) per share (Non-GAAP) | ||||||||||||||||
| Basic | $ | 0.56 | $ | (0.03 | ) | $ | 0.63 | $ | 0.17 | |||||||
| Diluted | $ | 0.55 | $ | (0.03 | ) | $ | 0.62 | $ | 0.16 | |||||||
| Weighted average shares outstanding | ||||||||||||||||
| Basic | 16,331,964 | 16,301,926 | 16,344,173 | 15,064,827 | ||||||||||||
| Diluted | 16,583,034 | 16,301,926 | 16,589,787 | 15,766,765 | ||||||||||||
| Basic Adjusted Earnings (Loss) Per Share Summary - Non-GAAP | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Income (loss) per share (GAAP) | $ | 0.35 | $ | (0.13 | ) | $ | 0.25 | $ | (0.24 | ) | ||||||
| Pre-tax basic per share adjustments | $ | 0.36 | $ | 0.38 | $ | 0.64 | $ | 0.62 | ||||||||
| Adjusted earnings per share before tax expense | $ | 0.71 | $ | 0.25 | $ | 0.89 | $ | 0.38 | ||||||||
| Tax expense per share adjustment | $ | 0.13 | $ | 0.28 | $ | 0.22 | $ | 0.19 | ||||||||
| Adjusted earnings (loss) per share - adjusted net income | $ | 0.59 | $ | (0.03 | ) | $ | 0.67 | $ | 0.19 | |||||||
| Adjusted earnings per share allocated to non-vested shares | $ | 0.03 | $ | - | $ | 0.04 | $ | 0.02 | ||||||||
| Adjusted earnings (loss) per share attributable to common shareholders | $ | 0.56 | $ | (0.03 | ) | $ | 0.63 | $ | 0.17 | |||||||
| Diluted Adjusted Earnings (Loss) Per Share Summary - Non-GAAP | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Income (loss) per share (GAAP) | $ | 0.34 | $ | (0.13 | ) | $ | 0.24 | $ | (0.24 | ) | ||||||
| Pre-tax diluted per share adjustments | $ | 0.36 | $ | 0.38 | $ | 0.63 | $ | 0.60 | ||||||||
| Adjusted earnings per share before tax expense | $ | 0.70 | $ | 0.25 | $ | 0.87 | $ | 0.36 | ||||||||
| Tax expense per share adjustment | $ | 0.12 | $ | 0.28 | $ | 0.22 | $ | 0.19 | ||||||||
| Adjusted earnings (loss) per share - adjusted net income | $ | 0.58 | $ | (0.03 | ) | $ | 0.65 | $ | 0.17 | |||||||
| Adjusted earnings per share allocated to non-vested shares | $ | 0.03 | $ | - | $ | 0.03 | $ | 0.01 | ||||||||
| Adjusted earnings (loss) per share attributable to common shareholders | $ | 0.55 | $ | (0.03 | ) | $ | 0.62 | $ | 0.16 | |||||||
| BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands except per share data) | ||||||||||||||||
| Condensed Combined Statement of Operations Reconciliation | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Gross contract revenue | $ | 122,090 | $ | 104,501 | $ | 235,021 | $ | 199,409 | ||||||||
| Contract costs (exclusive of depreciation and amortization) | 56,518 | 49,616 | 111,361 | 96,514 | ||||||||||||
| Operating expense | 56,528 | 56,120 | 113,480 | 106,740 | ||||||||||||
| Income (loss) from operations | 9,044 | (1,235 | ) | 10,180 | (3,845 | ) | ||||||||||
| Other expense | 1,636 | 2,027 | 3,746 | 4,428 | ||||||||||||
| Income tax expense (benefit) | 1,399 | (1,180 | ) | 2,169 | (4,633 | ) | ||||||||||
| Net income (loss) | $ | 6,009 | $ | (2,082 | ) | $ | 4,265 | $ | (3,640 | ) | ||||||
| Net margin | 4.9 | % | (2.0 | )% | 1.8 | % | (1.8 | )% | ||||||||
| Other financial information1 | ||||||||||||||||
| Net service billing | $ | 107,997 | $ | 93,981 | $ | 208,050 | $ | 179,671 | ||||||||
| Adjusted EBITDA | 20,203 | 13,412 | 34,708 | 25,541 | ||||||||||||
| Adjusted EBITDA margin, net | 18.7 | % | 14.3 | % | 16.7 | % | 14.2 | % | ||||||||
| Gross Contract Revenue to Net Service Billing Reconciliation | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Gross contract revenue | $ | 122,090 | $ | 104,501 | $ | 235,021 | $ | 199,409 | ||||||||
| Less: sub-consultants and other direct expenses | 14,093 | 10,520 | 26,971 | 19,738 | ||||||||||||
| Net service billing | $ | 107,997 | $ | 93,981 | $ | 208,050 | $ | 179,671 | ||||||||
| Adjusted EBITDA Reconciliation | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Service Billing | $ | 107,997 | $ | 93,981 | $ | 208,050 | $ | 179,671 | ||||||||
| Net income (loss) | $ | 6,009 | $ | (2,082 | ) | $ | 4,265 | $ | (3,640 | ) | ||||||
| + interest expense | 2,259 | 1,775 | 4,372 | 3,906 | ||||||||||||
| + depreciation & amortization | 6,544 | 7,181 | 13,065 | 13,177 | ||||||||||||
| + tax expense (benefit) | 1,399 | (1,180 | ) | 2,169 | (4,633 | ) | ||||||||||
| EBITDA | $ | 16,211 | $ | 5,694 | $ | 23,871 | $ | 8,810 | ||||||||
| + non-cash stock compensation | 3,093 | 6,077 | 9,734 | 13,938 | ||||||||||||
| + settlements and other non-core expenses | 188 | 414 | 331 | 813 | ||||||||||||
| + acquisition expenses | 711 | 1,227 | 772 | 1,980 | ||||||||||||
| Adjusted EBITDA | $ | 20,203 | $ | 13,412 | $ | 34,708 | $ | 25,541 | ||||||||
| Adjusted EBITDA margin, net | 18.7 | % | 14.3 | % | 16.7 | % | 14.2 | % | ||||||||
1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.
| BOWMAN CONSULTING GROUP LTD. GROSS CONTRACT REVENUE COMPOSITION (Unaudited) | |||||||||||||||||
| (dollars in thousands) | For the Three Months Ended June 30, | ||||||||||||||||
| Consolidated Gross Revenue | 2025 | % | 2024 | % | Change | % Change | |||||||||||
| Building Infrastructure1 | 56,561 | 46.3 | % | 52,442 | 50.2 | % | 4,119 | 7.9 | % | ||||||||
| Transportation | 24,611 | 20.2 | % | 19,233 | 18.4 | % | 5,378 | 28.0 | % | ||||||||
| Power and Utilities1 | 26,843 | 22.0 | % | 22,917 | 21.9 | % | 3,926 | 17.1 | % | ||||||||
| Natural Resources & Imaging2 | 14,075 | 11.5 | % | 9,909 | 9.5 | % | 4,166 | 42.0 | % | ||||||||
| Total | 122,090 | 100.0 | % | 104,501 | 100.0 | % | 17,589 | 16.8 | % | ||||||||
| Acquired3 | 6,459 | 5.3 | % | 17,429 | 16.7 | % | (10,970 | ) | (62.9 | )% | |||||||
| (dollars in thousands) | For the Six Months Ended June 30, | ||||||||||||||||
| Consolidated Gross Revenue | 2025 | % | 2024 | % | Change | % Change | |||||||||||
| Building Infrastructure1 | 108,593 | 46.2 | % | 101,844 | 51.1 | % | 6,749 | 6.6 | % | ||||||||
| Transportation | 48,340 | 20.6 | % | 37,361 | 18.7 | % | 10,979 | 29.4 | % | ||||||||
| Power and Utilities1 | 52,153 | 22.2 | % | 44,768 | 22.5 | % | 7,385 | 16.5 | % | ||||||||
| Natural Resources & Imaging2 | 25,935 | 11.0 | % | 15,436 | 7.7 | % | 10,499 | 68.0 | % | ||||||||
| Total | 235,021 | 100.0 | % | 199,409 | 100.0 | % | 35,612 | 17.9 | % | ||||||||
| Acquired3 | 11,476 | 4.9 | % | 26,435 | 13.3 | % | (14,959 | ) | (56.6 | )% | |||||||
1 Includes periodic reclassifications of revenue between categories from prior periods for consistency of presentation. For the three and six months ended June 30, 2024, $3.5 million and $6.8 million, respectively, of data center revenue were reclassified from Building Infrastructure to Power & Utilities.
2 Formerly Emerging Markets which represents environmental, mining, water resources, imaging and mapping, and other.
3 Acquired revenue in prior periods as previously reported; four quarters post-closing, acquired revenue is thereafter reclassified as organic for the purpose of calculating organic growth rates.
| BOWMAN CONSULTING GROUP LTD. | |||||||||||||||||
| ORGANIC GROWTH ANALYSIS | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| For the Three Months Ended June 30, | |||||||||||||||||
| (dollars in thousands) | 2025 | % | 2024 | % | Change | Organic +/- | |||||||||||
| Gross Revenue, Organic | 115,631 | 100.0 | % | 104,501 | 100.0 | % | 11,130 | 10.7 | % | ||||||||
| Building Infrastructure | 55,525 | 48.0 | % | 52,442 | 50.2 | % | 3,083 | 5.9 | % | ||||||||
| Transportation | 22,876 | 19.8 | % | 19,233 | 18.4 | % | 3,643 | 18.9 | % | ||||||||
| Power and Utilities | 24,495 | 21.2 | % | 22,917 | 21.9 | % | 1,578 | 6.9 | % | ||||||||
| Natural Resources & Imaging | 12,735 | 11.0 | % | 9,909 | 9.5 | % | 2,826 | 28.5 | % | ||||||||
| For the Six Months Ended June 30, | |||||||||||||||||
| (dollars in thousands) | 2025 | % | 2024 | % | Change | Organic +/- | |||||||||||
| Gross Revenue, Organic | 223,545 | 100.0 | % | 199,409 | 100.0 | % | 24,136 | 12.1 | % | ||||||||
| Building Infrastructure | 107,155 | 48.0 | % | 101,844 | 51.1 | % | 5,311 | 5.2 | % | ||||||||
| Transportation | 44,123 | 19.7 | % | 37,361 | 18.7 | % | 6,762 | 18.1 | % | ||||||||
| Power and Utilities | 48,041 | 21.5 | % | 44,768 | 22.5 | % | 3,273 | 7.3 | % | ||||||||
| Natural Resources & Imaging | 24,226 | 10.8 | % | 15,436 | 7.7 | % | 8,790 | 56.9 | % | ||||||||
| For the Three Months Ended June 30, | |||||||||||||||||
| (dollars in thousands) | 2025 | % | 2024 | % | Change | Organic +/- | |||||||||||
| Net Revenue, Organic | 101,890 | 100.0 | % | 93,981 | 100.0 | % | 7,909 | 8.4 | % | ||||||||
| Building Infrastructure | 50,398 | 49.4 | % | 48,533 | 51.6 | % | 1,865 | 3.8 | % | ||||||||
| Transportation | 18,724 | 18.4 | % | 15,507 | 16.5 | % | 3,217 | 20.7 | % | ||||||||
| Power and Utilities | 22,184 | 21.8 | % | 21,050 | 22.4 | % | 1,134 | 5.4 | % | ||||||||
| Natural Resources & Imaging | 10,584 | 10.4 | % | 8,891 | 9.5 | % | 1,693 | 19.0 | % | ||||||||
| For the Six Months Ended June 30, | |||||||||||||||||
| (dollars in thousands) | 2025 | % | 2024 | % | Change | Organic +/- | |||||||||||
| Net Revenue, Organic | 197,252 | 100.0 | % | 179,671 | 100.0 | % | 17,581 | 9.8 | % | ||||||||
| Building Infrastructure | 98,104 | 49.8 | % | 94,620 | 52.6 | % | 3,484 | 3.7 | % | ||||||||
| Transportation | 35,994 | 18.2 | % | 30,341 | 16.9 | % | 5,653 | 18.6 | % | ||||||||
| Power and Utilities | 43,540 | 22.1 | % | 40,704 | 22.7 | % | 2,836 | 7.0 | % | ||||||||
| Natural Resources & Imaging | 19,614 | 9.9 | % | 14,006 | 7.8 | % | 5,608 | 40.0 | % | ||||||||
| BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT JUNE 30, 2025 (Unaudited) | ||
| Category | Percentage | |
| Building Infrastructure1 | 40 | % |
| Transportation | 31 | % |
| Power and Utilities1 | 21 | % |
| Natural Resources & Imaging | 8 | % |
| TOTAL | 100 | % |
1 includes reclassification of data center effective June 30, 2025.
