Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 16

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 dilutive contingently earned shares––Dilutive average shares outstanding16,356,33113,827,728Basic earnings (loss) per share$(0.11)$(0.11)Dilutive earnings (loss) per share$(0.11)$(0.11)Share RepurchasesOn August 15, 2024, the board of directors authorized a $25 million share repurchase program under which the Company may repurchase up to $25 million of our common stock. On November 29, 2024, the board of directors authorized an increase to this repurchase authorization from $25 million to $35 million (collectively referred to as the "2024 Repurchase Authorization"). The authorization is effective through July 31, 2025. The execution of the repurchase program is expected to be consistent with the Company’s strategic initiatives which prioritize investments in organic and acquisitive growth. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities. Shares may be repurchased from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions. The share repurchase program does not obligate Bowman to acquire a specific number of shares of common stock and may be suspended, modified, or discontinued at any time without notice.Through March 31, 2025, the Company repurchased 1,120,942 shares of common stock at an average price per share of $24.48, and has $7.6 million remaining under the 2024 Repurchase Authorization.

4. Acquisitions

Business Combinations2025 AcquisitionIn the first quarter of 2025, the Company signed an asset purchase agreement to acquire UP Engineering, LLC (“UP”), with an effective date of February 14, 2025. UP is a civil engineering and surveying firm based in San Antonio, TX. The Company paid total consideration of $3.5 million, which was comprised of cash, promissory note, convertible note and assumed liabilities. The promissory note has a 5.00% interest rate with equal quarterly payments beginning on May 2025 and ending February 2028.

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The purchase price allocation consists primarily of Goodwill and is based upon preliminary information that is subject to