Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 20

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 Authorization was scheduled to expire on July 31, 2025, but was terminated on June 6, 2025, upon approval of the 2025 Repurchase Authorization.Under the 2024 Repurchase Authorization, the Company repurchased 1,368,576 shares of common stock at an average price of $23.97 per share. As of September 30, 2025, no repurchases have been made under the 2025 Repurchase Authorization, and the full $25 million remains available.

4. Acquisitions

Business Combinations2025 AcquisitionsDuring the nine months ended September 30, 2025, the Company completed three acquisitions in diverse geographic regions and service lines. The Company paid total consideration of $6.6 million, which was comprised of cash, promissory note, convertible note and assumed liabilities. No cash was acquired with these acquisitions. The promissory notes have a 5.00% interest rate, with equal quarterly payments beginning in May 2025 and ending in July 2028. One of the purchase agreements includes a contingent consideration provision that affords the seller the opportunity to earn up to $2.8 million in additional consideration payable in the form of cash, a promissory note and a convertible note, based on the achievement of certain financial performance thresholds.The purchase price allocation consists primarily of Goodwill and is based upon preliminary information that is subject to change when additional information is obtained.2024 AcquisitionsSurdex CorporationOn April 2, 2024, the Company entered into a merger agreement with Surdex Corporation (“Surdex”), a St. Louis-based geospatial and engineering services firm providing low, medium and high-altitude digital orthoimagery, advanced high-resolution LiDAR, intelligent digital mapping, 3D hydrography, and disaster mapping. The Company paid total consideration of $43.3 million, which was comprised of cash, promissory note, common stock and assumed liabilities. The shares are subject to a six-month lock up. The promissory note bears a simple interest rate fixed at 6.50%, and is payable in equal quarterly payments of principal and interest beginning July 2024 and ending July 2027. The merger agreement contains a contingent consideration feature which affords the sellers the opportunity to earn additional consideration in the form of the Company's common stock, depending on the average trading price of the Company's common stock for the 90 trading days post-acquisition. For