Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 62

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 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 ended September 30, 2024. The decrease in net cash used for investing is primarily attributable to the greater number of acquisitions that occurred in the first quarter of 2024 compared to 2025.

Financing Activities

Net cash used in financing activities during the nine months ended September 30, 2025 was $15.5 million compared to $2.2 million provided by financing activities during the nine months ended September 30, 2024, an increase of $17.7 million. The increase in net cash used in financing is primarily attributable to the net proceeds of $20.0 million from borrowing on the Revolving Credit Facility, offset by $9.2 million from payments on finance leases, $9.5 million for repurchase of common stock, $12.6 million used for repayment of notes and $4.2 million used to purchase treasury shares.

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Credit Facilities and Other Financing

As of September 30, 2025, we maintained a $140.0 million revolving credit facility (the “Revolving Credit Facility”) pursuant to a credit agreement with lenders, Bank of America N.A., as Administrative Agent, the Swingline Lender and L/C Issuer, and TD Bank, N.A. as syndication agent (as amended, the “Credit Agreement”). The Revolving Credit Facility has a maturity date of May 2, 2029. Under the terms of the Revolving Credit Facility, available cash in our primary operating account sweeps against the outstanding balance every evening. As of September 30, 2025, the