Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 90

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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 being finalized.2Pre-tax Net Income excludes corporate overhead allocation. 

16

The following table presents the unaudited pro forma condensed consolidated results of operations for the three months ended March 31, 2025 and 2024, assuming that the companies acquired in 2024 (excluding Surdex), discussed above, occurred on January 1, 2024. 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):For the Three Months EndedMarch 31, 2025March 31, 2024Gross Contract Revenue 3$112,242 $102,220 Pre-tax Net Loss$456 $5,986 3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts with Customers, as it is impracticable to obtain the historical information necessary to apply this accounting standard. The historical estimates required to be able to accurately determine the percent complete accounting on the contracts that comprise the revenue is not available for the required periods.In connection with all of the 2024 acquisitions, the Company recognized $0.1 million of acquisition related expenses within Other Income and Expenses in the condensed consolidated statement of income for the three months ended March 31, 2025, including legal fees, consulting fees, and other miscellaneous expenses associated with acquisitions.The following table summarizes the purchase price allocation at fair value for identifiable intangible assets acquired in 2025 and 2024 (in thousands):2025Weighted-Average Life2024Weighted-Average LifeCustomer relationships$480 6.00$20,540 12.51Contract 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