Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 31

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 31
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 operations of the acquired company. The payout amounts range between $0 and $1.0 million. See Note 2 Fair Value Measurements for additional information regarding the fair value of contingent consideration.The following summarizes the preliminary calculations of the fair values of the other 2024 acquisition assets acquired and liabilities assumed as of the acquisition date (in thousands):

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Table of Content

(in thousands)2024Assets:Accounts Receivable, net$5,757 Contract assets2,468 Prepaid and other current assets201 Property and equipment, net685 Operating lease, right-of-use assets2,681 Goodwill20,623 Other intangible assets13,531 Other assets118 Total assets acquired:$46,064 Liabilities:Accounts payable and accrued liabilities, current portion$1,370 Contract liabilities$2,705 Other non-current obligations$9,954 Operating lease obligation, less current portion$2,681 Deferred tax liability3,126 Total liabilities assumed:$19,836 Net assets acquired:$26,228 Cash flow reconciling items:Issuance of common stock as partial consideration(17,780)Cash paid for acquisitions, net of cash acquired$8,448 For the year ended December 31, 2024, the Company recorded measurement period adjustments of $0.1 million increase to prepaid and other current assets, $0.5 million increase to intangible assets, $0.1 million increase to accrued liabilities, $0.1 increase to other non-current obligations offset by $0.6 million decrease in goodwill and $0.2 million decrease to deferred tax liability. If the change in provisional amounts had been recorded at the acquisition date, it would not have resulted in a change in operating income in the prior periods.The consolidated financial statements of the Company include the results of operations from any business acquired from their respective dates of acquisition. The following table presents the results of operations of companies acquired during 2024 (excluding Surdex) from their respective dates of acquisition for the year ended December 31, 2024 (in thousands):For the Year Ended December 31, 2024Gross Contract Revenue1$21,741 Pre-tax Net Income2$3,973 1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet