Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 38

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 no significant long-lived assets located outside the United States. No single customer accounted for 10% or more of the Company’s total revenue during the period.The Chief Operating Decision Maker (“CODM”) assesses performance for the Company and decides 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 for the three and nine months ended September 30, 2025 and 2024:

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(in thousands)Three Months Ended September 30,Nine Months Ended       September 30,2025202420252024Gross contract revenue$126,033 $113,932 $361,054 $313,341 Less:Labor and fringe71,152 64,263 203,190 181,799 Other segment items113,947 12,556 40,918 32,293 General & administrative expenses21,246 19,123 59,423 53,496 Incentives7,879 10,228 22,176 28,958 Depreciation and amortization6,887 7,395 19,952 20,572 Interest expense2,242 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