Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 23

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 performance thresholds. The final settlement amount will depend on ongoing operations of the acquired company. The payout amounts range between $0 and $1.0 million and for the nine months ended September 30, 

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2025, the Company paid $1.4 million in cash as settlement of contingent consideration. See Note 2 Fair Value Measurements for additional information regarding the fair value of contingent consideration.The following summarizes the preliminary calculations of the fair values of the other 2024 acquisition assets acquired and liabilities assumed as of the acquisition date (in thousands):(in thousands)2024Assets:Accounts receivable, net$5,685 Contract assets2,468 Prepaid and other current assets201 Property and equipment, net685 Operating lease, right-of-use assets2,681 Goodwill20,603 Other intangible assets13,531 Other assets 118 Total assets acquired:$45,972 Liabilities:Accounts payable and accrued liabilities, current portion$1,373 Contract liabilities2,705 Other non-current obligations9,859 Operating lease obligation, less current portion2,681 Deferred tax liability3,126 Total liabilities assumed:$19,744 Net assets acquired:$26,228 Cash flow reconciling items:Issuance of common stock as partial consideration$(17,780)Cash paid for acquisitions, net of cash acquired$8,448 For the nine months ended September 30, 2025, the Company recorded measurement period adjustments of $0.1 million decrease to accounts receivable, net, and $0.1 million decrease in other non-current obligations. If the change in provisional amounts had been recorded at the acquisition date, it would not have resulted in a change in operating income in the prior periods.The condensed consolidated financial statements of the Company include the results of operations from any business acquired from their respective dates of acquisitions (excluding Surdex). The following table presents the results of operations of the other companies acquired during 2024 (excluding Surdex) from their respective dates of acquisition for the three and nine months ended September 30, 2025 (in thousands):For the Three Months EndedFor the Nine Months EndedSeptember 30, 2025September 30, 2025Gross Contract Revenue1$12,065 $32,110 Pre-tax Net Income2$3,230 $8,587 1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening