Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 45

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 45
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 million, respectively. These entities were billed $0.3 million and $0.1 million, respectively.In August of 2022, the Company agreed to reimburse Mr. Bowman at a fixed hourly rate for the business use of an aircraft owned by Sunrise Asset Management, a company owned 100% by Mr. Bowman. The Company paid $0.3 million and $0.4 million for the years ended December 31, 2024 and 2023, respectively.

15. Income Taxes

The provision (benefit) for income taxes consisted of the following (in thousands):December 31,2024December 31,2023Current expense (benefit):Federal$4,418 $20,694 State3,242 5,001 Foreign24 24 Total7,684 25,719 Deferred expense (benefit):  Federal(16,512)(21,454)State(3,152)(4,088)Foreign– – Total(19,665)(25,542)Provision (benefit) for income taxes$(11,980)$177 

F-30

Table of Content

The Company measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Company’s deferred tax asset and liability are as follows (in thousands):December 31,2024December 31,2023Deferred tax assets:Lease liabilities$12,379 $12,119 Bad debt reserve795 608 Accrued employee related expenses2,633 1,029 Capitalized research and development costs52,040 37,957 Restricted stock units2,965 3,052 Performance stock units1,878 1,738 Acquisition related transaction costs818 890 73,508 57,393 Deferred tax liabilities:  Fixed asset depreciation(7,579)(4,833)Lease assets(10,833)(10,387)Intangible asset amortization(6,782)(1,775)Prepaid expenses(1,442)(1,102)Section 481(a) adjustment(1,580)(3,343)Goodwill amortization(3,136)(2,175)Other(115)2 (31,467)(23,613)Net deferred tax assets (liabilities)$42,040 $33,780 Beginning January 1