Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 93

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 93
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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 20276,147 20285,618 20295,522 Thereafter24,265 Total$55,570 

11. Revolving Credit Facilities 

On March 12, 2025, the Company and certain of its subsidiaries acting as guarantors, entered into a First Amendment to the Credit Agreement (defined below) which increased the maximum principal amount of the Revolving Credit Facility 2024 from $100.0 million to $140.0 million. There were no other changes to the terms of the Revolving Credit Facility 2024.On May 2, 2024, the Company and certain