Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 27

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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$14,464 $16,030 1Assets acquired which will be re-financed under the Company's finance lease facilitiesDepreciation expense for fixed assets for the three and nine months ended September 30, 2025 was $0.9 million and $2.7 million, respectively. Depreciation expense for fixed assets for the three and nine months ended September 30, 2024 was $1.0 million and $2.7 million, respectively. Property and equipment for finance leased assets are as follows (in thousands):September 30, 2025December 31, 2024Equipment$44,559 $33,654 Vehicles13,982 10,287 Total:58,542 43,941 Less: accumulated amortization on leased assets(26,824)(17,960)Finance leased assets, net$31,718 $25,981 Amortization expense for finance leased assets for the three and nine months ended September 30, 2025 was $3.7 million and $9.8 million, respectively. Amortization expense for finance leased assets for the three and nine months ended September 30, 2024 was $2.7 million and $7.0 million, respectively.

21

9. Goodwill 

Changes in the carrying amount of goodwill were as follows (in thousands):GoodwillBalance as of December 31, 2024$134,653 2025 Acquisitions - additions2,718 2024 Acquisitions - adjustments(21)Balance as of September 30, 2025$137,350 There were no impairments of goodwill during the periods presented.

10. Intangible Assets

Total intangible assets consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):September 30, 2025December 31, 2024Gross AmountAccumulatedAmortization Net BalanceGross AmountAccumulatedAmortization Net BalanceCustomer relationships$66,232 $(15,815)$50,417 $64,164 $(11,172)$52,992 Contract rights20,730 (19,172)1,558 20,051 (16,393)3,658 Leasehold619 (246)373 619 (182)437 Domain name281 – 281 281 – 281 Licensing rights8