Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 36

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 36
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31, 2023Computer equipment$2,867 $2,321 Survey equipment5,944 5,711 Vehicles2,425 2,127 Furniture and fixtures2,581 2,498 Leasehold improvements9,469 8,870 Software396 389 Camera equipment891 – Aircraft7,829 – Aircraft engine & GPS1,517 – Fixed assets pending lease financing 1715 960 Total:34,634 22,876 Less: accumulated depreciation(18,604)(14,818)Property and Equipment, net of finance lease assets$16,030 $8,058 1assets acquired which will be re-financed under the Company's finance lease facilitiesDepreciation expense for fixed assets for the years ended December 31, 2024 and 2023 was $4.0 million and $2.5 million, respectively.Property and equipment for finance leased assets are as follows (in thousands): December 31, 2024December 31, 2023Equipment$33,654 $20,435 Vehicles10,287 8,540 Total:43,941 28,975 Less: accumulated amortization on leased assets(17,960)(9,432)Finance lease assets, net$25,981 $19,543 Amortization expense for finance leased assets for the years ended December 31, 2024 and 2023 was $9.9 million and $7.3 million, respectively.

9. Goodwill

The following is a summary of goodwill resulting from business acquisitions held by the Company at December 31, 2024 (in thousands): GoodwillBalance as of December 31, 2023$96,393 2024 Acquisitions - additions37,985 2024 Acquisitions - adjustments(114)2023 Acquisitions - adjustments389 Balance as of December 31, 2024$134,653 

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Table of Content

10. Intangible Assets

Total intangible assets consisted of the following at December 31, 2024 and December 31, 2023 (in thousands):December 31, 2024December 31, 2023Gross AmountAccumulated AmortizationNet BalanceGross AmountAccumulated AmortizationNet BalanceCustomer relationships$64,164 $(11,172)$52,992 $