Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 108

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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2,718 2024 Acquisitions - adjustments(21)Balance as of September 30, 2025$137,350 There were no impairments of goodwill during the periods presented.

10. Intangible Assets

Total intangible assets consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):September 30, 2025December 31, 2024Gross AmountAccumulatedAmortization Net BalanceGross AmountAccumulatedAmortization Net BalanceCustomer relationships$66,232 $(15,815)$50,417 $64,164 $(11,172)$52,992 Contract rights20,730 (19,172)1,558 20,051 (16,393)3,658 Leasehold619 (246)373 619 (182)437 Domain name281 – 281 281 – 281 Licensing rights8,041 – 8,041 8,041 – 8,041 Total$95,903 $(35,233)$60,670 $93,156 $(27,747)$65,409 The following table summarizes the weighted average useful lives (in years) of intangible assets by asset class used for straight-line amortization expense purposes:September 30, 2025December 31, 2024Customer relationships11.4411.35Contract rights1.721.75Leasehold7.487.48Amortization expense for the three and nine months ended September 30, 2025 was $2.4 million and $7.5 million, respectively. Amortization expense for the three and nine months ended September 30, 2024 was $3.7 million and $10.8 million respectively.    Future amortization for the remainder of 2025 and for the succeeding years for intangible assets with definite useful lives is as follows (in thousands):20252,255 20267,109 20276,239 20285,710 20295,614 Thereafter25,421 Total$52,348 

11. Revolving Credit Facility 

22

On March 12, 2025, the Company and certain of its subsidiaries acting as guarantors, entered into a First Amendment to the Credit Agreement (defined below) which increased the maximum principal amount of the Revolving Credit Facility from $