Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 23

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 43,941 Less: accumulated amortization on leased assets(20,885)(17,960)Finance Leased Assets, net$24,942 $25,981 Amortization expense for finance leased assets for the three months ended March 31, 2025 and 2024 was $3.0 million and $2.0 million, respectively.

9. Goodwill 

Changes in the carrying amount of goodwill were as follows (in thousands):GoodwillBalance as of December 31, 2024$134,653 2025 Acquisitions - additions1,263 2024 Acquisitions - adjustments(20)Balance as of March 31, 2025$135,896 There were no impairments of goodwill during the periods presented.

19

10. Intangible Assets

Total intangible assets consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):March 31, 2025December 31, 2024Gross AmountAccumulatedAmortization Net BalanceGross AmountAccumulatedAmortization Net BalanceCustomer relationships$64,643 $(12,701)$51,942 $64,164 $(11,172)$52,992 Contract rights20,671 (17,458)3,213 20,051 (16,393)3,658 Leasehold619 (204)415 619 (182)437 Domain name281 – 281 281 – 281 Licensing rights8,041 – 8,041 8,041 – 8,041 Total$94,255 $(30,363)$63,892 $93,156 $(27,747)$65,409 The following table summarizes the weighted average useful lives (in years) of intangible assets by asset class used for straight-line amortization expense purposes:March 31, 2025December 31, 2024Customer relationships11.3111.35Contract rights1.721.75Leasehold7.487.48Amortization expense for the three months ended March 31, 2025 and 2024 was $2.6 million and $3.3 million, respectively.Future amortization for the remainder of 2025 and for the succeeding years for intangible assets with definite useful lives is as follows (in thousands):20257,001 20267,017