Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 36

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease.Operating and Finance LeasesThe Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets. The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months.The following tables present our balance sheet information related to leases:

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As ofAs of(Amounts in thousands)Balance Sheet ClassificationSeptember 30, 2025December 31, 2024Assets:Operating lease assetsOperating lease, right-of-use assets$43,468 $42,085 Finance lease assetsProperty and equipment, net$31,718 $25,981 Total lease assets$75,186 $68,066 Liabilities:Current:Operating lease liabilitiesOperating lease obligation, current portion$(11,441)$(10,979)Finance lease liabilitiesFinance lease obligation, current portion$(13,518)$(10,394)Total current lease liabilities$(24,959)$(21,373)Non-current:Operating lease liabilitiesOperating lease obligation, less current portion$(38,614)$(37,058)Finance lease liabilitiesFinance lease obligation, less current portion$(21,222)$(17,940)Total non-current lease liabilities$(59,836)$(54,998)The following tables present selected financial information:Three Months EndedNine Months Ended(Amounts in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024Operating lease costAmortization of right-of-use assets$3,673 $3,376 $10,791 $9,691 Finance lease cost:Amortization of right-of-use assets3,693 2,737 9,818 7,024 Interest on lease liabilities540 470 1,431 1,245 Sublease income(34)(27)(91)(80)Total lease cost$7,