Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 37

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 37
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43,644 $(5,643)$38,001 Contract rights20,051 (16,393)3,658 14,261 (8,036)6,225 Favorable leaseholds619 (182)437 518 (105)413 Domain name281 – 281 281 – 281 Licensing rights8,041 – 8,041 1,374 – 1,374 Total$93,156 $(27,747)$65,409 $60,078 $(13,784)$46,294 On July 1, 2024, the Company acquired licensing rights with an indefinite useful life to perform engineering services in the state of New York for a total of $5.0 million before any tax adjustments. The licensing rights are considered to have an indefinite useful life and, as such, are not subject to amortization. The acquired licensing right has a weighted average period of 2.25 years until the next renewal.The following table summarizes the total weighted average useful lives of intangible assets by asset class used for expense purposes: December 31, 2024December 31, 2023Customer relationships11.3511.27Contract rights1.751.84Leaseholds7.487.86Amortization expense for the years ended December 31, 2024 and 2023 was $14.0 million and $9.0 million, respectively. Future amortization is as follows for the years ending December 31 (in thousands): Year ending December 31,2025$8,925 20266,937 20276,067 20285,538 20295,442 Thereafter24,178 Total$57,087 

11. Revolving Credit Facility and Fixed Credit Facility

On May 2, 2024, the Company and certain of its subsidiaries as guarantors entered into a new credit agreement with lenders, Bank of America N.A., as Administrative Agent, the Swingline Lender and L/C Issuer, and TD Bank, N.A. as syndication agent for a new $100 million revolving credit facility (the “Revolving Credit Facility 2024”). The Revolving Credit Facility 2024 replaced the Company’s previous $70 million revolving credit facility (the "2022 Revolving Credit Facility"), and its non-revolving fixed line of credit ("Fixed Line #2") with Bank of America, N