Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 118

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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 primarily consisted of ($1.7) million net loss, adjusted for stock-based compensation expense of $6.6 million and depreciation and amortization expense of $6.5 million, offset by deferred taxes of $11.0 million and a net cash outflow of ($11.1) million from changes in operating assets and liabilities. The net outflow from changes in operating assets and liabilities was primarily due to a $1.9 million increase in accounts receivable resulting from a combination of acquired accounts receivable from acquisitions and an increased billing to our customers, a $2.6 million increase in contract assets and liabilities, and a $0.6 million increase in prepaid expenses and other assets, partially offset by a $14.9 million increase in accounts payable and accrued expenses.

Investing Activities

Net cash used in investing activities decreased by $1.0 million to $1.7 million for the three months ended March 31, 2025 as compared to $2.7 million for the three months ended March 31, 2024. The decrease in net cash used for investing is primarily attributable to the greater number of acquisitions that occurred in the first quarter of 2024 compared to 2025.

Financing Activities

Net cash used in financing activities during the three months ended March 31, 2025 was $6.3 million compared to $8.8 million for the three months ended March 31, 2024, a decrease of $2.5 million. The decrease in net cash used in financing is primarily attributable to the net proceeds of $8.0 million from borrowing on the Revolving Credit Facility, 

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offset by $2.6 million from payments on finance leases, $4.1 million for repurchase of common stock, $4.4 million used for repayment of notes and $2.6 million used to purchase treasury shares.

Credit Facilities and Other Financing

As of March 31, 2025, we maintained a $140.0 million revolving credit facility (the “Revolving Credit Facility”) pursuant to a credit agreement with lenders, Bank of America N.A., as Administrative Agent, the Swingline Lender and L/C Issuer, and TD Bank, N.A. as syndication agent (as amended, the “Credit Agreement”). The Revolving Credit Facility has a maturity date of May 2, 2029. Under the terms of the Revolving Credit Facility, available cash in our primary operating account sweeps against the outstanding balance every evening.