Bowman Consulting Group Ltd. Leases Disclosure
| (Amounts in thousands) | Balance Sheet Classification | December 31, 2024 | December 31, 2023 | |||||||||||||||||
| Assets: | ||||||||||||||||||||
| Operating lease assets | Operating lease, right-of-use assets | $ | 42,085 | $ | 40,743 | |||||||||||||||
| Finance lease assets | 25,981 | 19,543 | ||||||||||||||||||
| Total lease assets | $ | 68,066 | $ | 60,286 | ||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Current: | ||||||||||||||||||||
| Operating lease liabilities | Operating lease obligation, current portion | $ | (10,979) | $ | (9,016) | |||||||||||||||
| Finance lease liabilities | Finance lease obligation, current portion | (10,394) | (6,586) | |||||||||||||||||
| Total current lease liabilities | $ | (21,373) | $ | (15,602) | ||||||||||||||||
| Non-current: | ||||||||||||||||||||
| Operating lease liabilities | Operating lease obligation, less current portion | $ | (37,058) | $ | (37,660) | |||||||||||||||
| Finance lease liabilities | Finance lease obligation, less current portion | (17,940) | (14,408) | |||||||||||||||||
| Total non-current lease liabilities | $ | (54,998) | $ | (52,068) | ||||||||||||||||
| (Amounts in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
| Operating lease cost | |||||||||||
| Amortization of right-of-use assets | $ | 13,219 | $ | 11,192 | |||||||
| Short-term and variable lease cost | 1 | 9 | |||||||||
| Finance lease cost: | |||||||||||
| Amortization of right-of-use assets | 9,905 | 7,262 | |||||||||
| Interest on lease liabilities | 1,714 | 1,464 | |||||||||
| Sublease income | (106) | (75) | |||||||||
| Total lease cost | $ | 24,733 | $ | 19,852 | |||||||
| (Amounts in thousands) | December 31, 2024 | December 31, 2023 | |||||||||
| Cash paid for amounts included in the measurements of lease liabilities: | |||||||||||
| Operating cash flows from operating leases | $ | 13,264 | $ | 10,445 | |||||||
| Operating cash flows from finance leases | 1,712 | 1,462 | |||||||||
| Financing cash flows from finance leases | 9,010 | 6,782 | |||||||||
| Right-of-use assets obtained in exchange for new operating leases | 11,473 | 19,030 | |||||||||
| Right-of-use assets obtained in exchange for new finance leases | 16,458 | 8,245 | |||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||
| Weighted average remaining lease term (in years): | |||||||||||
| Operating leases | 4.71 | 5.28 | |||||||||
| Finance leases | 2.48 | 2.73 | |||||||||
| Weighted average discount rates: | |||||||||||
| Operating leases | 6.7 | % | 7.1 | % | |||||||
| Finance leases | 6.7 | % | 7.4 | % | |||||||
| (Amounts in thousands) | |||||||||||
| Year ending December 31, | Operating Lease | Finance Lease | |||||||||
2025 | $ | 13,629 | $ | 11,799 | |||||||
2026 | 11,780 | 8,290 | |||||||||
2027 | 10,300 | 4,085 | |||||||||
2028 | 9,243 | 1,367 | |||||||||
2029 | 6,386 | – | |||||||||
| Thereafter | 4,782 | – | |||||||||
| Total lease payments | $ | 56,120 | $ | 25,541 | |||||||
| Less: Amounts representing interest | $ | (8,174) | $ | (2,707) | |||||||
| Total lease liabilities | $ | 47,946 | $ | 22,833 | |||||||
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About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.