Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 26

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 Total liabilities assumed:$19,744 Net assets acquired:$26,228 Cash flow reconciling items:Issuance of common stock as partial consideration$(17,780)Cash paid for acquisitions, net of cash acquired$8,448 For the six months ended June 30, 2025, the Company recorded measurement period adjustments of $0.1 million decrease to accounts receivable, net, and $0.1 million decrease in other non-current obligations. If the change in provisional amounts had been recorded at the acquisition date, it would not have resulted in a change in operating income in the prior periods.The condensed consolidated financial statements of the Company include the results of operations from any business acquired from their respective dates of acquisitions (excluding Surdex). The following table presents the results of operations of the other companies acquired during 2024 (excluding Surdex) from their respective dates of acquisition for the three and six months ended June 30, 2025 (in thousands):For the Three Months EndedFor the Six Months EndedJune 30, 2025June 30, 2025Gross Contract Revenue1$14,952 $21,690 Pre-tax Net Income2$5,263 $8,828 1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized.2Pre-tax Net Income excludes corporate overhead allocation. 

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The following table presents the unaudited pro forma condensed consolidated results of operations for the three and six months ended June 30, 2025 and 2024, assuming that the companies acquired in 2024 (excluding Surdex), discussed above, occurred on January 1, 2024. The pro forma information provided below is compiled from pre-acquisition information and includes pro forma adjustments for amortization and depreciation. The unaudited pro forma results are presented for informational purposes only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands):For the Three Months EndedFor the Six Months EndedJune 30, 2025June 30, 2024June 30, 2025June 30, 2024Gross Contract Revenue3$122,090 $111,390 $236,189 $214,258 Pre