Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 142

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 142
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 any opportunity in the process of being reviewed will close but we expect over time to utilize a meaningful portion of our current liquidity and capital resources for acquisitions.

Cash Flows

The following table summarizes our cash flows for the periods presented: 

For the Three Months Ended March 31, Condensed Consolidated Statements of Cash Flows (amounts in thousands)20252024Net cash provided by operating activities$12,034 $2,519 Net cash used in investing activities(1,744)(2,739)Net cash used in financing activities(6,288)(8,794)Change in cash, cash equivalents and restricted cash4,002 (9,014)Cash and cash equivalents, end of period10,700 11,673 

Operating Activities

During the three months ended March 31, 2025, net cash provided by operating activities was $12.0 million, which primarily consisted of ($1.7) million net loss, adjusted for stock-based compensation expense of $6.6 million and depreciation and amortization expense of $6.5 million, offset by deferred taxes of $11.0 million and a net cash outflow of ($11.1) million from changes in operating assets and liabilities. The net outflow from changes in operating assets and liabilities was primarily due to a $1.9 million increase in accounts receivable resulting from a combination of acquired accounts receivable from acquisitions and an increased billing to our customers, a $2.6 million increase in contract assets and liabilities, and a $0.6 million increase in prepaid expenses and other assets, partially offset by a $14.9 million increase in accounts payable and accrued expenses.

Investing Activities

Net cash used in investing activities decreased by $1.0 million to $1.7 million for the three months ended March 31, 2025 as compared to $2.7 million for the three months ended March 31, 2024. The decrease in net cash used for investing is primarily attributable to the greater number of acquisitions that occurred in the first quarter of 2024 compared to 2025.

Financing Activities

Net cash used in financing activities during the three months ended March 31, 2025 was $6.3 million compared to $8.8 million for the three months ended March 31, 2024, a decrease of $2.5 million. The decrease in net cash used in financing is primarily attributable to the net proceeds of $8.0 million from borrowing