Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 119

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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2,242 1,938 6,614 5,844 Other income, net(594)(432)(927)(209)Income tax benefit(3,344)(1,910)(1,175)(6,543)Net income (loss)$6,618 $771 $10,883 $(2,869)1Other segment items included in net income (loss) consists primarily of sub-consultants and other direct expenses.

17. Subsequent Events

Subsequent to September 30, 2025, the Company completed three acquisitions, and paid total consideration of $7.4 million, subject to adjustments, through a combination of cash, promissory note, shares of common stock, and assumed liabilities. No cash was acquired with these acquisitions. Promissory notes bear a simple interest rate of 5.00% with payments of principal and interest beginning January 2026 and ending in October 2028. The purchase agreement includes a contingent consideration provision that affords the sellers the opportunity to earn up to $1.8 million in additional consideration payable in the form of a promissory note and shares of common stock, based on the achievement of certain financial performance thresholds.

On October 30, 2025, the Company and certain of its subsidiaries acting as guarantors, entered into the Second Amendment to Credit Agreement and Joinder Agreement (the “Second Amendment”). The Second Amendment increases the maximum principal amount of the Revolving Credit Facility from $140.0 million to $210.0 million and expands the banking syndicate. 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 it allows the Company, so long as no default exists or would result from, to dissolve or liquidate inactive subsidiaries.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains “forward-looking statements” reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to several factors. Factors that could cause or contribute to