0001847590FALSE00018475902025-03-112025-03-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 11, 2025
Bowman Consulting Group Ltd.
(Exact name of registrant as specified in its charter)
Delaware001-4037154-1762351
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
12355 Sunrise Valley Drive, Suite 520
Reston, Virginia 20191
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (703) 464-1000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbol(s)
Name of Each Exchange
on Which Registered
Common stock, par value $0.01 per shareBWMNNasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.    Results of Operations and Financial Condition.
On March 11, 2025, Bowman Consulting Group Ltd. (“Bowman” or the “Company) issued a press release announcing its financial results for the fourth quarter ended December 31, 2024 and full year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Report.
The information in this Report under this item, including the exhibit, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section. Furthermore, the information in this Report, including the exhibits, shall not be deemed to be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended.


Item 9.01    Financial Statements and Exhibits.
(d)Exhibits
Exhibit
No.
Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BOWMAN CONSULTING GROUP LTD.
Date: March 11, 2025By:/s/ Bruce Labovitz
Bruce Labovitz
Chief Financial Officer


bowman.jpg
FOR IMMEDIATE RELEASE
Bowman Announces Record Results for Fourth Quarter and Full Year 2024
Strength of new orders signals continued growth for 2025
March 11, 2025, Reston, VA - Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced record financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Versus Fourth Quarter 2023 Financial Results:
•Gross contract revenue of $113.2 million compared to $93.0 million, a 21.7% increase
•Net service billing1 of $98.6 million compared to $80.5 million, a 22.5% increase
•Organic net service billing growth2 of 9% compared to 4%
•Net income of $5.9 million compared to a net loss of $7.7 million
•Adjusted EBITDA1 of $17.0 million compared to $11.2 million, a 51.8% increase
•Adjusted EBITDA margin, net 1 of 17.2% compared to 14.0%, a 320-bps increase
•Cash flows from operations of $11.9 million compared to ($0.5 million)
•Basic and Diluted EPS of $0.34 and $0.33, respectively, compared to ($0.59)
•Gross backlog of $399.0 million compared to $306.0 million, a 30.4% increase
Full-Year 2024 Versus Full-Year 2023 Financial Results:
•Gross contract revenue of $426.6 million compared to $346.3 million, a 23.2% increase
•Net service billing1 of $379.7 million compared to $304.0 million, a 24.9% increase
•Organic net service billing growth2 of 13% compared to 18%
•Net income of $3.0 million compared to a net loss of $6.6 million
•Adjusted EBITDA1 of $59.5 million compared to $47.0 million, a 26.6% increase
•Adjusted EBITDA margin, net 1 of 15.7% compared to 15.5%, a 20-bps increase
•Cash flows from operations of $24.3 million compared to $11.7 million,
•Basic and Diluted EPS was $0.18 and $0.17, respectively, compared to ($0.53)

CEO Commentary
“Fiscal 2024, our third full year as a public company, was another successful year of growth for Bowman,” said Gary Bowman, chairman and CEO of Bowman. “We made eight strategic acquisitions which grew our presence across all our markets, expanded our geographic footprint, added significant new talent, deepened our technical services and laid a solid foundation for continued long-term organic revenue growth. We finished the year strong, producing as much operating cash flow in the fourth quarter as we did for all of 2023, and nearly doubling our cash flows from operations during the first nine months of 2024. For the year, we posted record results and delivered another year of meaningful backlog growth. Bookings were especially strong in the second half of 2024 generating a healthy book-to-burn ratio.
“This year’s off to a strong start with continued strong bookings pacing ahead of plan. Looking ahead, our objective in 2025 is to make investments in service line expansions and technology tools that will increase our wallet-share with customers, improve the delivery of our services and accelerate long-term organic growth. We believe the market for our services is as dynamic,


technologically complex and economically viable as it has ever been, supported by continued demand for infrastructure expansion and improvement. To date, we have experienced minimal adverse impact from recent changes in government spending priorities and economic policies. We remain optimistic about our long-term trajectory and confident in our ability to create value for our shareholders.”
Stock Repurchase Activities
Bowman repurchased $34.4 million of common stock during the twelve months ended December 31, 2024, with $11.1 million from the repurchase of shares from employees in connection with the payment of taxes associated with stock vesting and $23.3 million under a Company repurchase authorization. The average price paid during the twelve months was approximately $26.56 per share repurchased.
After the end of the year, the Company has repurchased an additional $4.1 million of its common stock under its repurchase authorization. Approximately $11.0 million remains available under the Company’s current repurchase authorization.
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 December 31,
For the Twelve Months Ended December 31,
Adjusted Earnings Per Share (Non-GAAP)
2024
2023
2024
2023
Basic
$0.72
$0.33
$1.23
$1.12
Diluted
$0.71
$0.31
$1.20
$1.03
Other Fiscal 2024 Highlights and Subsequent Events
•Acquired eight companies in 2024, representing approximately $60 million of run-rate net service billing; broadened services and sector expertise and expanded nationwide reach with additional bridge, transportation, utility services, sustainability, fire protection, electrical engineering, water/wastewater, utility rate studies and economic consulting and advanced high-altitude orthoimaging and geospatial capabilities.
•On February 14, 2025, the Company closed on the acquisition of UP Engineers in San Antonio, Texas.
•In March 2025, the Company received commitment from bank syndicate participants to expand its Senior Secured Credit Facility by $40 million to $140 million.
Fiscal Year 2025 Guidance
The Company is increasing its previously issued fiscal year 2025 guidance. The table below summarizes Bowman’s updated guidance for fiscal year 2025:
Date Issued
Net Revenue
Adjusted EBITDA
March 2025
$428 - $440 MM
$70 - $76 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, March 12, 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 and twelve months ended 12/31/24 excludes revenue from acquisitions completed on or after January 1, 2024. Year over year growth rates only reflect revenue recognized 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.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except per share data)

December 31,
2024
December 31,
2023

ASSETS
Current Assets
Cash and equivalents
$    6,698    
$    20,687    
Accounts receivable, net
    105,105    
    87,565    
Contract assets
    43,369    
    33,520    
Notes receivable - officers, employees, affiliates, current portion
    1,889    
    1,199    
Prepaid and other current assets
    19,560    
    11,806    
Total current assets
    176,621    
    154,777    
Non-Current Assets
Property and equipment, net
    42,011    
    27,601    
Operating lease, right-of-use assets
    42,085    
    40,743    
Goodwill
    134,653    
    96,393    
Notes receivable
    903    
    903    
Notes receivable - officers, employees, affiliates, less current portion
    638    
    1,119    
Other intangible assets, net
    65,409    
    46,294    
Deferred tax asset, net
    42,040    
    33,780    
Other assets
    1,521    
    1,175    
Total Assets
$    505,881    
$    402,785    
LIABILITIES AND EQUITY
Current Liabilities
Revolving credit facility
    37,000    
    45,290    
Accounts payable and accrued liabilities, current portion
    51,626    
    44,394    
Contract liabilities
    7,905    
    7,481    
Notes payable, current portion
    17,075    
    13,989    
Operating lease obligation, current portion
    10,979    
    9,016    
Finance lease obligation, current portion
    10,394    
    6,586    
Total current liabilities
    134,979    
    126,756    
Non-Current Liabilities
Other non-current obligations
    45,079    
    42,288    
Notes payable, less current portion
    19,992    
    13,738    
Operating lease obligation, less current portion
    37,058    
    37,660    
Finance lease obligation, less current portion
    17,940    
    14,408    
Pension and post-retirement obligation, less current portion
    4,718    
    4,654    
Total liabilities
$    259,766    
$    239,504    
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and 2023
    -    
    -    
Common stock, $0.01 par value; 30,000,000 shares authorized as of December 31, 2024 and 2023; 21,281,247 shares issued and 17,382,138 outstanding, and 17,694,495 shares issued and 15,094,278 outstanding as of December 31, 2024 and 2023, respectively
    213    
    177    
Additional paid-in-capital
    329,073    
    215,420    
Accumulated other comprehensive income
    1,146    
    590    
Treasury stock, at cost; 3,899,109 and 2,600,217, respectively
    (60,901)
    (26,410)
Stock subscription notes receivable
    (30)
    (76)
Accumulated deficit
    (23,386)
    (26,420)
Total shareholders' equity
$    246,115    
$    163,281    
TOTAL LIABILITIES AND EQUITY
$    505,881    
$    402,785    





BOWMAN CONSULTING GROUP LTD.
CONSOLIDATED INCOME STATEMENTS
(Amounts in thousands except per share data)

For the Three Months
Ended December 31,
For the Year
Ended December 31,
2024
2023
2024
2023
Gross Contract Revenue
$    113,224    
$    92,969    
$    426,564    
$    346,256    
Contract costs: (exclusive of depreciation and amortization below)
Direct payroll costs
    38,446    
    33,679    
    156,866    
    127,961    
Sub-consultants and expenses
    14,602    
    12,453    
    46,895    
    42,262    
Total contract costs
    53,048    
    46,132    
    203,761    
    170,223    
Operating Expenses:
Selling, general and administrative
    51,591    
    44,655    
    197,452    
    158,377    
Depreciation and amortization
    7,256    
    5,939    
    27,828    
    18,723    
(Gain) on sale
    (84)
    (64)
    (477)
    (411)
Total operating expenses
    58,763    
    50,530    
    224,803    
    176,689    
Income (loss) from operations
    1,413    
    (3,693)
    (2,000)
    (656)
Other expense
    946    
    1,939    
    6,946    
    5,791    
Income (loss) before tax benefit
    467    
    (5,632)
    (8,946)
    (6,447)
Income tax (benefit) expense
    (5,437)
    2,078    
    (11,980)
    177    
Net income (loss)
$    5,904    
$    (7,710)
$    3,034    
$    (6,624)
Earnings allocated to non-vested shares
    396    
    –    
    230    
    –    
Net income (loss) attributable to common shareholders
$    5,508    
$    (7,710)
$    2,804    
$    (6,624)
Earnings (loss) per share
Basic
$    0.34    
$    (0.59)
$    0.18    
$    (0.53)
Diluted
$    0.33    
$    (0.59)
$    0.17    
$    (0.53)
Weighted average shares outstanding:
Basic
16,345,248
13,043,111
15,754,344
12,490,914
Diluted
16,696,194
13,043,111
16,132,023
12,490,914



















BOWMAN CONSULTING GROUP LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands except per share data)
For the Year Ended December 31,
2024
2023
Cash Flows from Operating Activities:
Net income (loss)
$    3,034    
$    (6,624)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization - property and equipment
    14,463    
    9,732    
Amortization of intangible assets
    13,982    
    8,991    
Gain on sale of assets
    (477)
    (411)
Credit losses
    1,552    
    515    
Stock based compensation
    25,727    
    24,738    
Deferred taxes
    (20,005)

    (25,529)
Accretion of discounts on notes payable
    483    
    642    
Changes in operating assets and liabilities
Accounts receivable
    (9,282)
    (13,559)
Contract assets
    (4,068)
    (10,866)
Prepaid expenses and other assets
    (5,702)
    143    
Accounts payable and accrued expenses
    7,647    
    27,728    
Contract liabilities
    (3,053)
    (3,778)
Net cash provided by operating activities
    24,301    
    11,722    
Cash Flows from Investing Activities:
Purchases of property and equipment
    (626)
    (2,093)
Proceeds from sale of assets and disposal of leases
    478    
    411    
Payments received under loans to shareholders
    11    
    115    
Purchase of intangible asset
    (2,925)

    -    
Acquisitions of businesses, net of cash acquired
    (24,450)
    (25,687)
Collections under stock subscription notes receivable
    46    
    98    
Net cash used in investing activities
    (27,466)
    (27,156)
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
    (8,290)
    45,290    
Repayments under fixed line of credit
    (345)
    (430)
Proceeds from notes payable
    6,209    
    -    
Repayment under notes payable
    (16,267)
    (11,237)
Proceeds from finance leases
    4,569    
    -    
Payments on finance leases
    (9,010)
    (6,782)
Payment of contingent consideration from acquisitions
    (2,299)
    -    
Payments for purchase of treasury stock
    (11,143)
    (4,833)
Repurchases of common stock
    (23,348)
    (745)
Proceeds from issuance of common stock
    1,949    
    1,576    
Net cash (used) provided by financing activities
    (10,824)
    22,839    
Net (decrease) increase in cash and cash equivalents
    (13,989)
    7,405    
Cash and cash equivalents, beginning of period
    20,687    
    13,282    
Cash and cash equivalents, end of period
$    6,698    
$    20,687    
Supplemental disclosures of cash flow information:
Cash paid for interest
$    6,555    
$    4,212    
Cash paid for income taxes
$    8,454    
$    1,133    
Non-cash investing and financing activities
Property and equipment acquired under finance lease
$    (11,851)
$    (8,246)
Note payable converted to common shares
$    (3,368)
$    (1,343)
Issuance of notes payable for acquisitions
$    (21,625)
$    (13,650)
Issuance of contingent considerations
$    (2,030)
$    (10,379)
Settlement of contingent consideration
$    1,868    
$    -    



BOWMAN CONSULTING GROUP LTD.
RECONCILIATION OF EPS TO ADJUSTED EPS
(Amounts in thousands except per share data)

For the Three Months Ended December 31,
For the Year Ended December 31,
2024
2023
2024
2023
Net income (loss) (GAAP)
$    5,904    
$    (7,710)
$    3,034    
$    (6,624)
+ tax (benefit) expense (GAAP)
    (5,437)
    2,078    
    (11,980)
    177    
Income (loss) before tax expense (GAAP)
$    467    
$    (5,632)
$    (8,946)
$    (6,447)
+ acquisition related expenses
    2,078    
    2,849    
    6,426    
    5,025    
+ amortization of intangibles
    3,133    
    3,378    
    13,982    
    8,991    
+ non-cash stock comp related to pre-IPO
    907    
    1,747    
    4,381    
    6,955    
+ other non-core expenses
    234    
    249    
    3,000    
    923    
Adjusted income before tax expense
$    6,819    
$    2,591    
$    18,843    
$    15,447    
Adjusted income tax expense
    (5,904)
    (2,285)
    (2,113)
    (620)
Adjusted net income
$    12,723    
$    4,876    
$    20,956    
$    16,067    
Adjusted earnings allocated to non-vested shares
    940    
    584    
    1,590    
    2,028    
Adjusted net income attributable to common shareholders
$    11,783    
$    4,292    
$    19,366    
$    14,039    
Earnings (loss) per share (GAAP)
Basic
$    0.34    
$    (0.59)
$    0.18    
$    (0.53)
Diluted
$    0.33    
$    (0.59)
$    0.17    
$    (0.53)
Adjusted earnings per share (Non-GAAP)
Basic
$    0.72    
$    0.33    
$    1.23    
$    1.12    
Diluted
$    0.71    
$    0.31    
$    1.20    
$    1.03    
Weighted average shares outstanding
Basic
    16,345,248    
    13,043,111    
    15,754,344    
    12,490,914    
Diluted
    16,696,194    
    13,984,138    
    16,132,023    
    13,681,711    
Basic Adjusted Earnings (Loss) Per Share Summary - Non-GAAP
For the Three Months Ended December 31,
For the Year Ended December 31,
2024
2023
2024
2023
Earnings (loss) per share (GAAP)
$    0.34    
$    (0.59)
$    0.18    
$    (0.53)
Pre-tax basic per share adjustments
$    0.08    
$    0.79    
$    1.03    
$    1.78    
Adjusted earnings per share before tax expense
$    0.42    
$    0.20    
$    1.21    
$    1.25    
Tax expense per share adjustment
$    (0.36)
$    (0.18)
$    (0.13)
$    (0.04)
Adjusted earnings per share - adjusted net income
$    0.78    
$    0.38    
$    1.34    
$    1.29    
Adjusted earnings per share allocated to non-vested shares
$    0.06    
$    0.05    
$    0.11    
$    0.17    
Adjusted earnings per share attributable to common shareholders
$    0.72    
$    0.33    
$    1.23    
$    1.12    
Diluted Adjusted Earnings (Loss) Per Share Summary - Non-GAAP
For the Three Months Ended December 31,
For the Year Ended December 31,
2024
2023
2024
2023
Earnings (loss) per share (GAAP)
$    0.33    
$    (0.59)
$    0.17    
$    (0.53)
Pre-tax diluted per share adjustments
$    0.09    
$    0.78    
$    1.00    
$    1.66    
Adjusted earnings per share before tax expense
$    0.42    
$    0.19    
$    1.17    
$    1.13    
Tax expense per share adjustment
$    (0.35)
$    (0.16)
$    (0.13)
$    (0.05)
Adjusted earnings per share - adjusted net income
$    0.77    
$    0.35    
$    1.30    
$    1.18    
Adjusted earnings per share allocated to non-vested shares
$    0.06    
$    0.04    
$    0.10    
$    0.15    
Adjusted earnings per share attributable to common shareholders
$    0.71    
$    0.31    
$    1.20    
$    1.03    



BOWMAN CONSULTING GROUP LTD.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Amounts in thousands except per share data)

Combined Statement of Operations Reconciliation
For the Three Months Ended December 31,
For the Year Ended December 31,
2024
2023
2024
2023
Gross contract revenue
$    113,224    
$    92,969    
$    426,564    
$    346,256    
Contract costs (exclusive of depreciation and amortization)
    53,048    
    46,132    
    203,761    
    170,223    
Operating expense
    58,763    
    50,530    
    224,803    
    176,689    
Income (loss) from operations
    1,413    
    (3,693)    
$    (2,000)    
$    (656)    
Other expense
    946    
    1,939    
    6,946    
    5,791    
Income tax (benefit) expense
    (5,437)    
    2,078    
    (11,980)    
    177    
Net income (loss)
$    5,904    
$    (7,710)    
$    3,034    
$    (6,624)    
Net margin
    5.2    %
    (8.3)    %
    0.7    %
    (1.9)    %
Other financial information 1
Net service billing
$    98,622    
$    80,516    
$    379,669    
$    303,994    
Adjusted EBITDA
    17,012    
    11,249    
    59,520    
    47,031    
Adjusted EBITDA margin, net
    17.2    %
    14.0    %
    15.7    %
    15.5    %
Gross Contract Revenue to Net Service Billing Reconciliation
For the Three Months Ended December 31,
For the Year Ended December 31,
2024
2023
2024
2023
Gross contract revenue
$    113,224    
$    92,969    
$    426,564    
$    346,256    
Less: sub-consultants and other direct expenses
    14,602    
    12,453    
    46,895    
    42,262    
Net service billing
$    98,622    
$    80,516    
$    379,669    
$    303,994    
Adjusted EBITDA Reconciliation
For the Three Months Ended December 31,
For the Year Ended December 31,
2024
2023
2024
2023
Net Service Billing
$    98,622    
$    80,516    
$    379,669    
$    303,994    
Net income (loss)
$    5,904    
$    (7,710)    
$    3,034    
$    (6,624)    
+ interest expense
    2,107    
    1,795    
    7,951    
    5,340    
+ depreciation & amortization
    7,256    
    5,939    
    27,828    
    18,723    
  + tax (benefit) expense
    (5,437)    
    2,078    
    (11,980)    
    177    
EBITDA
$    9,830    
$    2,102    
$    26,833    
$    17,616    
+ non-cash stock compensation
    5,455    
    6,504    
    25,841    
    24,984    
 + settlements and other non-core expenses
    234    
    310    
    310    
    3,000    
    1,170    
+ acquisition expenses
    1,493    
    2,333    
    3,846    
    3,261    
Adjusted EBITDA
$    17,012    
$    11,249    
$    59,520    
$    47,031    
Adjusted EBITDA margin, net
    17.2    %
    14.0    %
    15.7    %
    15.5    %

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 December 31,
Consolidated Gross Revenue
2024
%
2023
%
Change
% Change
Building Infrastructure3
    54,012    
    47.7    %
    49,967    
    53.7    %
    4,045    
    8.1    %
Transportation
    27,476    
    24.3    %
    21,202    
    22.8    %
    6,274    
    29.6    %
Power and Utilities3
    18,797    
    16.6    %
    16,684    
    17.9    %
    2,113    
    12.7    %
Emerging Markets1
    12,939    
    11.4    %
    5,116    
    5.6    %
    7,823    
    152.9    %
Total
    113,224    
    100.0    %
    92,969    
    100.0    %
    20,255    
    21.8    %
Acquired2
    14,103    
    20.5    %
    12,995    
    16.3    %
    1,108    
    8.5    %
(dollars in thousands)
For the Year Ended December 31,
Consolidated Gross Revenue
2024
%
2023
%
Change
% Change
Building Infrastructure3
    219,596    
    51.4    %
    194,867    
    56.3    %
    24,729    
    12.7    %
Transportation
    87,746    
    20.6    %
    72,829    
    21.0    %
    14,917    
    20.5    %
Power and Utilities3
    75,026    
    17.6    %
    64,156    
    18.5    %
    10,870    
    16.9    %
Emerging Markets1
    44,196    
    10.4    %
    14,404    
    4.2    %
    29,792    
    206.8    %
Total
    426,564    
    100.0    %
    346,256    
    100.0    %
    80,308    
    23.2    %
Acquired2
    42,454    
    10.0    %
    30,497    
    10.7    %
    11,957    
    39.2    %


1 Represents environmental, mining, water resources, imaging and mapping, and other.

2 Acquired revenue in prior periods is as previously reported; four quarters post-closing, acquired revenue is reclassified as organic for the purpose of calculating organic growth rates.

3 Includes certain reclassifications of revenue between categories from prior periods for consistency of presentation.























BOWMAN CONSULTING GROUP LTD.
ORGANIC GROWTH ANALYSIS
(Unaudited)

For the Three Months Ended December 31,
(dollars in thousands)
2024
%
2023
%
Change
Organic +/-
Gross Revenue
    99,122    
    100.0    %
    92,970    
    100.0    %
    6,152    
    6.6    %
Building Infrastructure
    51,425    
    51.9    %
    49,821    
    53.6    %
    1,604    
    3.2    %
Transportation
    24,904    
    25.1    %
    21,349    
    23.0    %
    3,555    
    16.7    %
Power and Utilities
    16,382    
    16.5    %
    16,684    
    17.9    %
    (302)
    -1.8    %
Emerging Markets
    6,411    
    6.5    %
    5,116    
    5.5    %
    1,295    
    25.3    %

For the Year Ended December 31,
(dollars in thousands)
2024
%
2023
%
Change
Organic +/-
Gross Revenue
    384,110    
    100.0    %
    346,259    
    100.0    %
    37,851    
    10.9    %
Building Infrastructure
    210,603    
    54.8    %
    194,612    
    56.2    %
    15,991    
    8.2    %
Transportation
    81,928    
    21.3    %
    73,133    
    21.1    %
    8,795    
    12.0    %
Power and Utilities
    69,118    
    18.0    %
    64,157    
    18.5    %
    4,961    
    7.7    %
Emerging Markets
    22,461    
    5.9    %
    14,357    
    4.2    %
    8,104    
    56.4    %

For the Three Months Ended December 31,
(dollars in thousands)
2024
%
2023
%
Change
Organic +/-
Net Revenue
    87,357    
    100.0    %
    80,516    
    100.0    %
    6,841    
    8.5    %
Building Infrastructure
    47,410    
    54.3    %
    45,831    
    56.9    %
    1,579    
    3.4    %
Transportation
    19,159    
    21.9    %
    14,988    
    18.6    %
    4,171    
    27.8    %
Power and Utilities
    15,217    
    17.4    %
    15,327    
    19.0    %
    (110)
    -0.7    %
Emerging Markets
    5,571    
    6.4    %
    4,370    
    5.5    %
    1,201    
    27.5    %






















For the Year Ended December 31,
(dollars in thousands)
2024
%
2023
%
Change
Organic +/-
Net Revenue
    343,687    
    100.0    %
    303,994    
    100.0    %
    39,693    
    13.1    %
Building Infrastructure
    194,744    
    56.7    %
    179,964    
    59.2    %
    14,780    
    8.2    %
Transportation
    63,596    
    18.5    %
    52,690    
    17.3    %
    10,906    
    20.7    %
Power and Utilities
    65,022    
    18.9    %
    59,002    
    19.4    %
    6,020    
    10.2    %
Emerging Markets
    20,325    
    5.9    %
    12,338    
    4.1    %
    7,987    
    64.7    %













BOWMAN CONSULTING GROUP LTD.
GROSS BACKLOG BY CATEGORY AT DECEMBER 31, 2024
(Unaudited)

Category
Percentage
Building Infrastructure
    41    %
Transportation
    35    %
Power and Utilities
    15    %
Emerging Markets
     9    %
TOTAL
    100    %


v3.25.0.1
Cover
Mar. 11, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 11, 2025
Entity Registrant Name Bowman Consulting Group Ltd.
Entity Incorporation State Country Code DE
Entity File Number 001-40371
Entity Tax Identification Number 54-1762351
Entity Address, Address Line One 12355 Sunrise Valley Drive
Entity Address, Address Line Two Suite 520
Entity Address, City or Town Reston
Entity Address, State or Province VA
Entity Address, Postal Zip Code 20191
City Area Code 703
Local Phone Number 464-1000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common stock, par value $0.01 per share
Trading Symbol BWMN
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001847590
Amendment Flag false
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