Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 79

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 79
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ifications, sophisticated technical skills, expertise, financial resources, and scale are prerequisites for successful industry participation. Participants aspiring to enter the market must have sufficient skilled human capital to complete complex projects, and the financial resources to cover working capital and provide adequate risk management including professional liability, cyber liability and other insurance requirements. These factors serve as both a barrier to entry and a catalyst for consolidation. 

Our Markets 

We visualize our business as a grid with markets as the vertical columns and services as the horizontal intersects. Customer assignments are grouped by vertical, with each assignment consuming one or more of our services. Services are provided across verticals to all customers. This approach affords us the ability to efficiently manage across our platform with an emphasis on cross-selling and revenue capture.

We have strategically and deliberately diversified the markets that we serve to reduce our dependence on any single market segment and to dampen the effects of business cycles in our markets. While we are bullish on all the market spaces that we currently serve, we intend to especially focus our growth initiatives on markets that possess the following characteristics: 

•High potential for reoccurring revenue and multi-year assignments 

•Engagement with renewable energy, energy transitions and energy efficiency activities

•Aging and failing infrastructure in need of upgrade and replacement 

•Transformational investment paradigms such as privatization 

•Economic vitality and attractive growth in population and workforce

•Long-term public sector funding stability

•Prime for technology advancement with respect to delivery of our services

•Complex regulatory environments 

The markets we serve typically require participants to engage with several of our services, affording us the opportunity to cross sell, optimize revenue potential, and differentiate ourselves as a single source supplier. 

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Table of Content

We have a significant presence in each of the following markets we currently serve:

Transportation

We believe the current and future utilization of transportation infrastructure within the domestic and global built environment far exceeds its intended capacity. The aging of the current installed transportation base and increasing load usage are forcing public and quasi-public authorities to invest in repairs, increase the capacity of their systems or privatize the operation of their roads, bridges, and tollways. The Federal Highway Administration has estimated that nearly a quarter of the nation’s bridges are deficient and require replacement or rehabilitation. In recent years, the transportation market has experienced broad increases in federal funding from U.S. government and U.S. Department of Transportation infrastructure spending initiatives along with increased for-profit privatization referred to as private-public partnerships (PPPs). 

We believe that economic and population growth