Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 54

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 54
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,462 Financing cash flows from finance leases9,010 6,782 Right-of-use assets obtained in exchange for new operating leases11,473 19,030 Right-of-use assets obtained in exchange for new finance leases16,458 8,245 

F-37

Table of Content

December 31, 2024December 31, 2023Weighted average remaining lease term (in years):Operating leases4.715.28Finance leases2.482.73Weighted average discount rates:Operating leases6.7 %7.1 %Finance leases6.7 %7.4 %Future minimum commitments under leases for the succeeding years are as follows (in thousands): (Amounts in thousands)Year ending December 31,Operating LeaseFinance Lease2025$13,629 $11,799 202611,780 8,290 202710,300 4,085 20289,243 1,367 20296,386 – Thereafter4,782 – Total lease payments$56,120 $25,541 Less: Amounts representing interest$(8,174)$(2,707)Total lease liabilities$47,946 $22,833 The future minimum commitments for operating leases are inclusive of the $0.1 million sub-lease income associated with the $48.0 million total liability to operating leases as presented on the consolidated balance sheet.

The future minimum commitments for finance leases are exclusive of the $5.5 million bargain purchase price associated with the $28.3 million total liability to finance leases as presented on the consolidated balance sheet. 

19. Segment Information

The Company operates as a single business segment represented by our core business of providing multi-disciplinary professional engineering solutions to customers. The Company primarily derives its revenue from its core business of providing engineering and related professional services to customers. While we evaluate revenue and other key performance indicators relating to various divisions of labor, our leadership neither manages the business nor deliberately allocates resources by service line, geography, or end market. The Company derives the majority of its revenue from domestic customers, and has no significant long-lived assets located outside the United States. No single customer accounted for 10% or more of the Company’s total revenue during the period.The Company’s Chief Operating Decision Maker (“CODM”) is Gary Bowman, who is the Chairman and Chief Executive Officer. The CODM assesses performance for the Company and decides