Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 21

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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51Contract rights620 0.925,790 1.42Favorable leaseholds- n/a101 5.50Total$1,100 $26,431 

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 three months ended March 31, 2025 and 2024, the Company derived 90.9% and 89.7% of its revenue from contracts classified as lump sum, and 9.1% and 10.3% of its revenue from time and material contracts, respectively. The Company had approximately $312.8 million in remaining performance obligations as of March 31, 2025 of which it expects to recognize approximately 85.1% within the next twelve months and the remaining 14.9% in the next twelve to twenty-four months.Disaggregated revenues by contract type were as follows (in thousands):For the Three Months Ended March 31,20252024Fixed fee$102,605 90.9 %$85,124 89.7 %Time-and-materials10,326 9.1 %9,783 10.3 %Gross contract revenue$112,931 100.0 %$94,907 100.0 %The Company recognized $3.5 million of revenue for the three months ended March 31, 2025, which was included in the contract liabilities balance as of December 31, 2024, and $2.6 million of revenue for the three months ended March 31, 2024, which were included in the contract liabilities balance as of December 31, 2023.

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6. Contracts in Progress

The following table reflects the calculation of the net balance of contract assets and contract liabilities. Costs and estimated earnings on contracts in progress consist of the following (in thousands): March 31, 2025December 31, 2024Costs incurred on uncompleted contracts$405,098 $388,531 Estimated contract earnings in excess of costs incurred620,702 600,147 Estimated contract earnings to date1,025,800 988,678 Less: billed to date(987,532)(953,214)Net contract assets$38,268 $35,464 

7. Notes Receivable

The Company has unsecured notes rece