Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 53

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 53
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 in base rents. The Company's lease terms includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised.Operating and Finance LeasesThe Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the consolidated balance sheets. The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months.The following tables present our operating and finance leases as of December 31, 2024, and 2023:

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Table of Content

(Amounts in thousands)Balance Sheet ClassificationDecember 31, 2024December 31, 2023Assets:Operating lease assetsOperating lease, right-of-use assets$42,085 $40,743 Finance lease assetsProperty and equipment, net25,981 19,543 Total lease assets$68,066 $60,286 Liabilities:Current:Operating lease liabilitiesOperating lease obligation, current portion$(10,979)$(9,016)Finance lease liabilitiesFinance lease obligation, current portion(10,394)(6,586)Total current lease liabilities$(21,373)$(15,602)Non-current:Operating lease liabilitiesOperating lease obligation, less current portion$(37,058)$(37,660)Finance lease liabilitiesFinance lease obligation, less current portion(17,940)(14,408)Total non-current lease liabilities$(54,998)$(52,068)The following tables present selected financial information for the year ended December 31, 2024, and 2023:(Amounts in thousands)December 31, 2024December 31, 2023Operating lease costAmortization of right-of-use assets$13,219 $11,192 Short-term and variable lease cost1 9 Finance lease cost:Amortization of right-of-use assets9,9057,262Interest on lease liabilities1,7141,464Sublease income(106)(75)Total lease cost$24,733 $19,852 (Amounts in thousands)December 31, 2024December 31, 2023Cash paid for amounts included in the measurements of lease liabilities:Operating cash flows from operating leases$13,264 $10,445 Operating cash flows from finance leases1,712 1