Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 29

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 29
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 no corresponding tax goodwill, and therefore no tax goodwill to be amortized or otherwise deductible.The following summarizes the preliminary calculations of the fair values of Surdex assets acquired and liabilities assumed as of the acquisition date (in thousands):(in thousands)SurdexAssets:Accounts Receivable, net$4,052 Contract assets3,312 Prepaid and other current assets2,174 Property and equipment, net15,085 Operating lease, right-of-use assets1,030 Goodwill17,248 Other intangible assets12,900 Total assets acquired:$55,801 Liabilities:Accounts payable and accrued liabilities, current portion$3,938 Contract liabilities772 Other non-current obligations10,689 Operating lease obligation, less current portion1,030 Deferred tax liability6,952 Total liabilities assumed:$23,381 Net assets acquired:$32,420 Cash flow reconciling items:Issuance of common stock as partial consideration(16,536)Cash paid for acquisition, net of cash acquired$15,884 The consolidated financial statements of the Company include the results of operations since the date Surdex was acquired. The following table presents the results of operations of Surdex since the date of acquisition for the year ended December 31, 2024 (in thousands):For the Year Ended December 31, 2024Gross Contract Revenue1$20,708 Pre-tax Net Loss2$66 1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired company. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized.2 Pre-tax Net Income excludes corporate overhead allocation. The following table presents the unaudited, pro forma consolidated results of operations for the year ended December 31, 2024 and December 31, 2023 assuming that the Surdex acquisition, discussed above, occurred on January 1, 2023. The pro forma information provided below is compiled from pre-acquisition information and includes pro forma adjustments for amortization and depreciation. The unaudited pro forma results are presented for informational purposes only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands):

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For the Year EndedDecember 31, 2024December 31, 2023Gross Contract Revenue 3$432