Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 175

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 175
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 ended September 30, 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 nine months ended September 30, 2025 was $15.5 million compared to $2.2 million provided by financing activities during the nine months ended September 30, 2024, an increase of $17.7 million. The increase in net cash used in financing is primarily attributable to the net proceeds of $20.0 million from borrowing on the Revolving Credit Facility, offset by $9.2 million from payments on finance leases, $9.5 million for repurchase of common stock, $12.6 million used for repayment of notes and $4.2 million used to purchase treasury shares.

44

Credit Facilities and Other Financing

As of September 30, 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. As of September 30, 2025, the balance on the Revolving Credit Facility was $57.0 million.

On October 30, 2025, the Company and certain of its subsidiaries acting as guarantors, entered into a Second Amendment to Credit Agreement. The Second Amendment increases the maximum principal amount of the Revolving Credit Facility from $140.0 million to $210.0 million and expands its banking syndicate to include Bank of America, N.A., TD Bank, N.A., and PNC Bank, National Association. In addition, it amends and restates the covenant in the Credit Agreement which required the Company to add subsidiaries as guarantors by clarifying it application to, and defining, a “Material Subsidiary” (as defined in the Credit Agreement” and allows the Company, so long as no default exists or would result from, to dissolve inactive subsidiaries.

The Revolving Credit Facility is secured by all the assets of the Company and the subsidiary guar