Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 174

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 174
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 equity as a component of consideration in acquisitions. In addition, depending on market conditions, we may opportunistically access the public debts and equity markets.

We are actively pursuing acquisitions as part of our strategic growth initiative. At any given time, we are assessing multiple opportunities at varying stages of due diligence. These acquisition opportunities range in size, timing of closing, valuation, and composition of consideration. In connection with acquisitions, we use a combination of cash, bank financing, seller financing, and equity to satisfy the purchase price. Currently, we have several acquisitions under consideration. There can be no assurance that any opportunity in the process of being reviewed will close but we expect over time to utilize a meaningful portion of our current liquidity and capital resources for acquisitions.

Cash Flows

The following table summarizes our cash flows for the periods presented: 

For the Nine Months Ended    September 30, Condensed Consolidated Statements of Cash Flows (amounts in thousands)20252024Net cash provided by operating activities$26,471 $12,382 Net cash used in investing activities(1,427)(23,636)Net cash (used in) provided by financing activities(15,521)2,227 Change in cash, cash equivalents and restricted cash9,523 (9,027)Cash and cash equivalents, end of period16,221 11,660 

Operating Activities

During the nine months ended September 30, 2025, net cash provided by operating activities was $26.5 million, which primarily consisted of $10.9 million net income, adjusted for stock-based compensation expense of $14.2 million, depreciation and amortization expense of $20.0 million, and deferred taxes of $12.2 million, offset by a net cash outflow of $59.3 million from changes in operating assets and liabilities. The net outflow from changes in operating assets and liabilities was primarily due to a $18.9 million increase in accounts receivable resulting from a combination of acquired accounts receivable from acquisitions and increased billing to our customers, a $6.2 million increase in contract assets and liabilities, and a $35.4 million decrease in accounts payable and accrued expenses, partially offset by a $1.3 million decrease in prepaid expenses and other assets .

Investing Activities

Net cash used in investing activities decreased by $22.2 million to $1.4 million for the nine months ended September 30, 2025 as compared to $23.6 million for the nine months