Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 101

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 101
---
 upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal 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:

25

As ofAs of(Amounts in thousands)Balance Sheet ClassificationMarch 31, 2025December 31, 2024Assets:Operating lease assetsOperating lease, right-of-use assets$43,119 $42,085 Finance lease assetsProperty and equipment, net$24,942 $25,981 Total lease assets$68,061 $68,066 Liabilities:Current:Operating lease liabilitiesOperating lease obligation, current portion$(11,121)$(10,979)Finance lease liabilitiesFinance lease obligation, current portion$(11,088)$(10,394)Total current lease liabilities$(22,209)$(21,373)Non-current:Operating lease liabilitiesOperating lease obligation, less current portion$(37,961)$(37,058)Finance lease liabilitiesFinance lease obligation, less current portion$(16,506)$(17,940)Total non-current lease liabilities$(54,467)$(54,998)The following tables present selected financial information:Three Months Ended(Amounts in thousands)March 31, 2025March 31, 2024Operating lease costAmortization of right-of-use assets$3,560 $3,088 Finance lease cost:Amortization of right-of-use assets2,996