Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 119

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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2025 and 2024:(in thousands)Three Months Ended June 30,Six Months Ended June 30,2025202420252024Gross contract revenue$122,090 $104,501 $235,021 $199,409 Less:Labor and fringe67,026 60,534 132,037 117,536 Other segment items114,093 10,520 26,971 19,738 General & administrative expenses19,737 18,862 38,178 34,374 Incentives5,351 8,876 14,297 18,729 Depreciation and amortization6,544 7,181 13,065 13,177 Interest expense2,259 1,775 4,372 3,906 Other (income) expense, net(328)15 (333)222 Income tax (benefit) expense1,399 (1,180)2,169 (4,633)Net income (loss)$6,009 $(2,082)$4,265 $(3,640)1Other segment items included in net income (loss) consists primarily of sub-consultants and other direct expenses.

17. Subsequent Events

Subsequent to June 30, 2025, the Company completed an acquisition, and paid total consideration of $2.7 million, subject to adjustments, through a combination of cash, promissory note, convertible note and assumed liabilities. No cash was acquired with this acquisition. Promissory notes bear a simple interest rate of 5.00% with payments of principal and interest beginning September 2025 and ending in June 2028. The convertible note bears a simple interest rate of 5.00% and may be convertible in whole or in part at any time to Bowman common stock and is subject to a six-month lock-up. The purchase agreement includes a contingent consideration provision that affords the sellers the opportunity to earn up to $2.8 million in additional consideration payable in the form of cash, a convertible note, and a promissory note, based on the achievement of certain financial performance thresholds.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains “forward-looking statements”