Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 55

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 55
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 how to allocate resources based on significant expense categories that contribute to net income (loss), as outlined below. The CODM uses these varying results to prioritize the reinvestment of profits within the Company. These results are also used in assessing the Company’s performance and determining management’s compensation. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.The following tables provides the operating financial results of the Company as of December 31, 2024 and 2023:

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Table of Content

(in thousands)December 31, 2024December 31, 2023Gross contract revenue$426,564 $346,256 Less:Labor and fringe245,503 198,979 Other segment items146,895 42,262 General & administrative expenses72,273 56,002 Incentives36,487 31,165 Depreciation and amortization27,828 18,723 Interest expense7,951 5,340 Other (income) expense, net(1,427)232 Income tax (benefit) expense(11,980)177 Net income (loss)$3,034 $(6,624)1Other segment items included in net income (loss) consists primarily of sub-consultants and other direct expenses.

20. Contingencies

The Company is subject to legal proceedings and claims which arise in the ordinary course of business. In the opinion of management, the ultimate outcome of these matters will not be material to the Company’s combined financial position, results of operations or cash flows.

21. Subsequent Events

On February 14, 2025, the Company completed the acquisition of substantially all of the assets of UP Engineering, LLC pursuant to the Asset Purchase Agreement, dated February 14, 2025 (the “Agreement”), among the Company, UP Engineering, LLC and member. The aggregate consideration was approximately $3.5 million which consisted of cash, promissory note and convertible promissory note, subject to adjustment.On March 12, 2025, the Company and certain of its subsidiaries acting as guarantors, entered into a First Amendment to the Revolving Credit Facility 2024 which increases 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.

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