Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 34

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 34
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Other assets44 Total assets acquired:$97,142 Liabilities:Accounts payable and accrued liabilities, current portion$3,228 Contract liabilities4,891 Other non-current obligations24,222 Operating lease obligation, less current portion7,078 Deferred tax liability5,787 Total liabilities assumed:$45,206 Net assets acquired:$51,936 Cash flow reconciling items:Issuance of common stock as partial consideration(26,133)Cash paid for acquisitions, net of cash acquired$25,803 The amounts in the tables above represent the final purchase allocation for the 2023 acquisitions. The purchase price allocation has been completed and the amounts identified above are deemed final.Definite-lived intangible assets that were acquired through asset acquisitions or business combinations include customer relationships, contract rights, and favorable leaseholds. These intangible assets are amortized over their estimated useful lives ranging from two to thirteen years using a straight-line method as it approximates the accelerated method.The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2024 and 2023:2024Weighted-Average Life2023Weighted-Average LifeCustomer relationships$20,540 12.51$20,050 10.45Contract rights5,790 1.426,980 1.18Favorable leaseholds101 5.50331 7.76Total$26,431 $27,361 

5. Disaggregation of Revenue and Contract Balances

The Company disaggregates revenues by contract type, see Revenue Recognition in Note 2 for further details. For the year ended December 31, 2024 and 2023, the Company derived 90.8% and 89.4% of its revenue from contracts classified as lump sum, and 9.2% and 10.6% of its revenue from exclusively time and material contracts, respectively. The Company had approximately $290.0 million in remaining performance obligations on its fixed fee projects as of December 31, 2024 of which it expects to recognize approximately 83.4% within the next twelve months and the remaining 16.6% thereafter. 

F-22

Table of Content

Disaggregated revenues by contract type were as follows (in thousands):For the Twelve Months Ended December 31,20242023Fixed fee$387,328 90.8 %$309,703 89.4 %Time-and materials