BWMN Bowman Consulting Group Ltd

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Nature of Business

Bowman Consulting Group Ltd. (along with its consolidated subsidiaries, “Bowman” or “we” or the “Company”) incorporated in the Commonwealth of Virginia on June 5, 1995 and reincorporated in the State of Delaware on November 13, 2020. The Company’s headquarters is located in Reston, VA and the Company has over 90 offices throughout the United States and two offices in Mexico. Bowman is a professional services firm delivering innovative solutions to the marketplace of customers who own, develop and maintain the built environment. Within that arena, we provide planning, design, engineering, geospatial, survey, construction management, environmental consulting and land procurement services to markets that encompass the buildings in which people live, work and learn in; as well as the systems that provide water, electricity and other vital services, and the roads, bridges, and transportation systems used to get from place to place. We provide services to customers through fixed-price and time-and-material based contracts containing multiple milestones and independently priced deliverables. Typically, contract awards are on a negotiated basis, ranging in value from a few thousand dollars to multiple millions of dollars and can have varying durations depending on the size, scope, and complexity of the project.

The Company’s workforce typically provides the full scope of engineering and other contract services. However, with respect to certain specialty services or other compliance requirements within a particular contract, we may engage third-party sub-consultants.

Common Stock Offering

On April 1, 2024, the Company closed on an offering of common stock in which it issued and sold 1,323,530 shares at an offering price of $34.00 per share, resulting in net proceeds of $42.0 million after deducting underwriting discounts and commissions, but before expenses of the offering.

On April 1, 2024, the underwriters exercised their option to purchase an additional 179,412 shares of the Company’s common stock at an offering price of $34.00 per share, resulting in additional gross proceeds of approximately $6.1 million. After giving effect to this exercise of the overallotment option, the total number of shares sold by the Company in this common stock offering increased to 1,502,942 shares with gross proceeds of approximately $51.1 million. The exercise of the over-allotment option closed on April 1, 2024, at which time the Company received net proceeds of $5.7 million after underwriting discounts and commissions.

Deferred offering costs consist primarily of accounting, legal and other fees related to the common stock offering. Prior to the offering, all deferred costs were capitalized within prepaid and other current assets in the consolidated balance sheet. We capitalized $0.2 million of deferred offering costs within prepaid and other current assets in the consolidated balance sheet as of December 31, 2023. No deferred offering costs were capitalized in the condensed consolidated balance sheet as of June 30, 2024.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and footnotes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, changes in shareholders’ equity and cash flows. The results of operations for the current period are not necessarily indicative of the results for the full year or the results for any future periods.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 12, 2024.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

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The following is a summary of the significant accounting policies and principles used in the preparation of the condensed consolidated financial statements:

Emerging Growth Company

Section 102(b)(1) of the Jumpstart Our Business Startups Act (“JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934 (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is either not an emerging growth company or, an emerging growth company that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used.

Revenue Recognition

As discussed in Note 1, the Company provides a variety of engineering and related professional services to customers located throughout the United States. The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have written agreements with its customers and revenue on oral or implied arrangements is generally not recognized. The Company recognizes revenue based on the consideration specified in the applicable agreement. Excluded from the transaction price are amounts collected on behalf of third parties for sales and similar taxes.

Long-term contracts typically contain billing terms that provide for invoicing once a month and payment on a net 30-day basis. Exceptions exist to monthly billing are to ensure that the Company performs satisfactorily and do not represent a significant financing component. For example, certain fixed price contracts provide for milestone billings based upon the attainment of specific project objectives to ensure the Company meets its contractual requirements rather than monthly billing. Another example is, contracts that include retentions or holdbacks paid at the end of a project to ensure that Company meets the contract requirements. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the customer and the transfer of promised services to the customer will be less than one year.

As a professional services engineering firm, the Company generally recognizes revenue over time as control transfers to a customer based upon the extent of progress towards satisfaction of the performance obligation.

For services delivered under fixed price contracts, the Company uses the ratio of actual costs incurred to total estimated costs since costs incurred (an input method) represents a reasonable measure of progress towards the satisfaction of a performance obligation in order to estimate the portion of revenue earned. This method faithfully depicts the transfer of value to the customer when the Company is satisfying a performance obligation that entails a number of interrelated tasks or activities for a combined output that requires the Company to coordinate the work of employees and sub-consultants. Contract costs typically include direct labor, subcontract and consultant costs, materials and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, so that revised estimates are recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, changes in scope, unanticipated costs, delays or favorable or unfavorable progress that differ from original expectations. In situations where the remaining estimated costs to perform exceed the consideration to be received, the Company accrues the entire estimated loss during the period the loss becomes known.

When a performance obligation is billed using a time-and-material type contract, the Company measures its progress to complete based upon the hours incurred for the period times contractually agreed upon billing rates plus any materials delivered or consumed in the project. When applicable, the Company will recognize revenue under these contracts as invoiced under the practical expedient.

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In certain situations, it is possible that two or more contracts should be combined and accounted for as a single contract, or a single contract should be accounted for as multiple performance obligations. This requires significant judgment and could impact the amount and timing of revenue recognition. Such determinations are made using management’s best estimate and knowledge of contracts and related performance obligations.

The Company’s contracts may contain variable consideration in the form of unpriced or pending change orders or claims that either increase or decrease the contract price. Variable consideration is generally estimated using the expected value method but may from time to time be estimated using the most likely amount method depending on the circumstance. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are based upon historical experience and known trends.

The Company recognizes claims against vendors, sub-consultants, and others as a reduction in costs when the contract establishes enforceability, and the amounts of recovery are reasonably estimable and probable. Reduction in costs are recognized at the lesser of the amount management expects to recover or costs incurred.

Contract related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to the revenue cycle are as follows:

Accounts receivables, net:

Accounts receivable, net (contract receivables) includes amounts billed under the contract terms. The amounts are stated at their net realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated number of receivables that will not be collected. The Company considers several factors in its estimated expected credit losses including knowledge of a client’s financial condition, its historical collection experience, and other factors relevant to assessing the collectability of such receivables. No single client accounted for more than 10% of the Company's outstanding receivables at June 30, 2024 and December 31, 2023.

Contract Assets:

Contract Assets are recorded when progress to completion revenue earned on contracts exceeds amounts billed under the contract. It may also include contract retainages that can be billed once contract stipulations are satisfied.

Contract Liabilities:

Contract Liabilities are recorded when amounts billed under a contract exceeds the progress to completion revenue earned under the contract.

Allowance for Doubtful Accounts and Expected Credit Losses

The Company records accounts receivable net of an allowance for doubtful accounts. The allowance is determined based upon management’s review of the estimated collectability of the specific accounts receivable, client type, client credit worthiness, plus a general provision based upon the historical loss experience and existing economic conditions. The Company charges off uncollectible amounts against the allowance for doubtful accounts once management determines the amount, or a portion thereof, to be worthless. Upon determination that a specific receivable is uncollectible, the receivable is written off against the allowance for expected credit losses. As of June 30, 2024 and December 31, 2023, the balance in the allowance for expected credit losses was $2.6 million and $2.2 million, respectively.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from the estimates and assumptions that were used.

Concentration of Credit Risk and other Concentrations

The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash and accounts receivable.

Cash balances at various times during the year may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company’s cash deposits are held in institutions whose credit ratings are monitored by management, and the Company has not incurred any losses related to such deposits.

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The Company can, at times, be subject to a concentration of credit risk with respect to outstanding accounts receivable. However, the Company believes no such concentration existed during the six months ended June 30, 2024, or the year ended December 31, 2023. The Company’s customers are located throughout the United States across diverse market sectors. Although the Company generally grants credit without collateral, management believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Also, for non-governmental customers, the Company can often place mechanics liens against the real property associated with the contract in the event of non-payment.

Fair Value Measurements

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”) provides the framework for measuring and reporting financial assets and liabilities at fair value. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The codification establishes a three-level disclosure hierarchy to indicate the level of judgment used to estimate fair value measurements:

Level 1:    Quoted prices in active markets for identical assets or liabilities as of the reporting date;

Level 2:    Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices (such as interest rate and yield curves);

Level 3:    Uses inputs that are unobservable, supported by little or no market activity and reflect significant management judgment.

As of June 30, 2024 and December 31, 2023:

•The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the relatively short duration of these instruments;

•The carrying amounts of debt obligations approximate their fair values as the terms are comparable to terms currently offered by local financial institutions for arrangements with similar terms to industry peers with comparable credit characteristics. Accordingly, the debt obligations involve Level 3 fair value inputs;

Fair value measurements relating to our business combinations are made primarily using Level 3 inputs including discounted cash flow and to the extent applicable, Monte Carlo simulation techniques. Fair value for the identified intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as property, plant and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using published treasury rates in the Wall St. Journal and discounting the present value along with other significant assumptions which include projections of revenue, and probabilities of meeting those projections, as well as Monte Carlo simulation techniques.

The following is a summary of change in contingent consideration:

(in thousands)			For the Six Months Ended June 30, 2024						For the Year Ended December 31, 2023
Balance at beginning of period			$	10,567					$	487
Fair value of contingent consideration issuances			1,504						10,379
Change in fair value of contingent consideration			313						(299)
Settlement of contingent consideration			(1,890)						–
Balance at end of period			$	10,494					$	10,567

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The change in fair value consideration is included in Other Expense in the Condensed Consolidated Income Statement.

Income Taxes

The Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the condensed consolidated financial statements or tax returns. Under this method, deferred income tax assets or liabilities are determined based upon the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates expected to apply when the differences settle or become realized. Valuation allowances are provided when it is more likely than not that a deferred tax asset is not realizable or recoverable in the future. As of June 30, 2024, no valuation allowances are required, and all deferred tax assets are realizable.

The Company assesses uncertain tax positions to determine whether the position will more likely than not be sustained upon examination by the Internal Revenue Service or other taxing authorities. If the Company cannot reach a more-likely-than-not determination, no benefit is recorded. If the Company determines that the tax position is more likely than not to be sustained, the Company records the largest amount of benefit that is more likely than not to be realized when the tax position is settled. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Beginning January 1, 2022, the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the option to deduct research and development expenditures in the current year and now requires taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses. During the second quarter of 2024, the Company made a determination to change its accounting method for Section 174 costs, and accordingly, released an uncertain tax position reserve of $47.9 million associated with the previously established position. While this method change is a timing difference between current and deferred taxes, the effect of this release generated an income tax benefit of $4.0 million as a result of a decrease in accrued tax penalties and interest. The Company intends to file a Form 3115 application to effectuate this change in its accounting method.

The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in income in the period that includes the enactment date. The Company’s effective tax rate for the six months ended June 30, 2024 and 2023 was 55.1% and (95.0)%, respectively. The change in the Company’s effective tax rate is predominantly due to changes in the estimated annual effective tax rate and certain non-recurring discrete events, as discussed below. The most prominent factors impacting the estimated annual effective tax rate include a decrease in projected R&D credits generated for 2024, a change in the projected limitations of the deductible executive compensation for 2024, and an overall reduction in forecasted income for 2024 relative to 2023. With respect to the projected R&D credit, the Company anticipates the 2024 generated R&D credit to be $3.3 million as of June 30, 2024, as compared to the projected R&D credit to be generated of $3.8 million as of June 30, 2023. Similarly, the Company anticipates the annual projected limitation on the deductibility of executive compensation to be $19.5 million for 2024 as compared to $9.8 million for 2023. These factors as well as the forecasted change in book income predominantly resulted in the change in the estimated annual effective tax rate.

Further, the Company also recognized net discrete benefits of $7.5 million for the six months ended June 30, 2024, as compared to net discrete benefit of $1.6 million for the six months ended June 30, 2023. The net discrete benefits are predominantly the result of a windfall tax benefit for restricted stock awards, penalties and interest recorded for uncertain tax positions, and other non-recurring adjustments. More specifically, the windfall tax adjustment for restricted stock awards recognized at a value higher than the grant date fair value is $4.3 million for the six months ended June 30, 2024, and $2.0 million for the six months ended June 30, 2023. Penalties and interest accrued for uncertain tax positions is $0.7 million for the six months ended June 30, 2024, and $0.2 million for the six months ended June 30, 2023. In addition, there was a one-time $4.0 million decrease in accrued penalties and interest for the reversal of the uncertain tax position for Section 174 costs for the six months ended June 30, 2024, as discussed above. These factors increased the rate by 90.4% for the quarter ended June 30, 2024, and increased the rate by 82.6% for the quarter ended June 30, 2023.

The Company files income tax returns in the U.S. federal jurisdiction and certain states in which it operates. Based on the timing of the filing of certain tax returns, the Company’s federal income tax returns for tax years 2020 and thereafter remain subject to examination by the U.S. Internal Revenue Service. The statute of limitations on the Company’s state income tax returns generally conforms to the federal three-year statute of limitations.

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Segments

The Company operates in one segment based upon the financial information used by its chief operating decision maker in evaluating the financial performance of its business and allocating resources. The single segment represents the Company’s core business of providing engineering and related professional services to its customers.

Recently Issued Accounting Guidance

Accounting guidance not yet adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items in annual and interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impacts of the new standard.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and should be applied prospectively. Retrospective application is permitted. We are currently evaluating the impacts of the new standard.

The Company does not believe that any recently issued standards would have a material effect on its condensed consolidated financial statements.

Basic (loss) earnings per share is calculated by dividing net (loss) income attributable to the Company available to common stockholders by the weighted average number of common shares outstanding for the three and six months ended June 30, 2024 and 2023. Diluted (loss) earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were either exercised or converted into common stock or resulted in the issuance of common stock that would share in the (loss) earnings of the Company. The dilutive effect of options is reflected in diluted (loss) earnings per share by application of the treasury stock method. The dilutive effect of shares to be purchased under the Company’s Employee Stock Purchase Plan is reflected in diluted (loss) earnings per share by the weighted-average number of shares outstanding that would have been outstanding during the period. The dilutive effect of convertible debt is reflected in diluted (loss) earnings per share by application of the if-converted method. The Company uses the two-class method to determine (loss) earnings per share.

For calculating basic loss per share, for the three and six months ended June 30, 2024, the weighted average number of shares outstanding exclude 1,331,046 and 1,381,326 non-vested restricted shares and 3,616 and 4,204 unexercised substantive options. The computation of diluted earnings per share for the three and six months ended June 30, 2024 did not assume the effect of restricted shares or substantive options because the effects were antidilutive.

For calculating basic loss per share, for the three and six months ended June 30, 2023, the weighted average number of shares outstanding exclude 1,871,892 and 1,811,416 non-vested restricted shares and 8,566 and 9,125 unexercised substantive options. The computation of diluted earnings per share for the three and six months ended June 30, 2023 did not assume the effect of restricted shares or substantive options because the effects were antidilutive.

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The following table represents a reconciliation of the net (loss) income and weighted average shares outstanding for the calculation of basic and diluted (loss) earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share data):

			For the Three Months Ended June 30,									For the Six Months Ended June 30,
			2024						2023			2024						2023
Numerator
Net loss			$	(2,082)					$	(634)		$	(3,640)					$	(97)
Earnings allocated to non-vested shares			–						–			–						–
Subtotal			$	(2,082)					$	(634)		$	(3,640)					$	(97)
Denominator
Weighted average common shares outstanding			16,301,926						12,276,173			15,064,827						12,022,550
Effect of dilutive nominal options			–						–			–						–
Effect of dilutive contingently earned shares			–						–			–						–
Dilutive average shares outstanding			16,301,926						12,276,173			15,064,827						12,022,550
Basic loss per share			$	(0.13)					$	(0.05)		$	(0.24)					$	(0.01)
Dilutive loss per share			$	(0.13)					$	(0.05)		$	(0.24)					$	(0.01)

Share Repurchases

On November 17, 2023, the board of directors authorized a new $10 million share repurchase program under which the Company may repurchase up to $10 million of our common stock (the "2023 Repurchase Authorization"). The authorization is effective from November 17, 2023, through November 16, 2024. The execution of the repurchase program is expected to be consistent with the Company’s strategic initiatives which prioritize investments in organic and acquisitive growth. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities. Shares may be repurchased from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The share repurchase program does not obligate Bowman to acquire a specific number of shares of common stock and may be suspended, modified, or discontinued at any time without notice.

During the six months ended June 30, 2024, the Company repurchased 66,893 shares of common stock at an average price per share of $31.15, and had $7.9 million remaining under the 2023 Repurchase Authorization.

Business Combinations

Surdex Corporation

On April 2, 2024, the Company entered into a merger agreement with Surdex Corporation (“Surdex”), a St. Louis-based geospatial and engineering services firm providing low, medium and high-altitude digital orthoimagery, advanced high-resolution LiDAR, intelligent digital mapping, 3D hydrography, and disaster mapping. The Company paid total consideration of $43.3 million, which was comprised of cash, promissory note, common stock and assumed liabilities. The shares are subject to a six-month lock up. The promissory notes bear a simple interest rate fixed at 6.50%, and is payable in equal quarterly payments of principal and interest beginning on July 2024 and ending July 2027. The merger agreement contains a contingent consideration feature which affords the sellers the opportunity to earn additional consideration in the form of the Company's common stock, dependent on the average trading price of the Company's common stock for the 90 trading days post-acquisition. For tax purposes, this transaction is considered a tax-free merger, in which the assets have been recorded at their respective carrying values. As a result, there is no corresponding tax goodwill, and therefore no tax goodwill to be amortized or otherwise deductible.

The following summarizes the preliminary calculations of the fair values of Surdex assets acquired and liabilities assumed as of the acquisition date (in thousands):

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(in thousands)			Surdex
Assets:
Accounts receivable, net			$	4,052
Contract assets			3,210
Prepaid and other current assets			1,940
Property and equipment, net			15,167
Operating lease, right-of-use assets			1,030
Goodwill			17,461
Other intangible assets			12,810
Total assets acquired:			$	55,670
Liabilities:
Accounts payable and accrued liabilities, current portion			$	3,083
Contract liabilities			685
Other non-current obligations			11,465
Operating lease obligation, less current portion			1,030
Deferred tax liability			6,987
Total liabilities assumed:			$	23,250
Net assets acquired:			$	32,420
Cash flow reconciling items:
Issuance of common stock as partial consideration			$	(16,536)
Cash paid for acquisitions, net of cash acquired			$	15,884

The purchase price allocation, including the residual amount allocated to goodwill, is based on preliminary information and is subject to change as additional information concerning final asset and liability valuations are obtained and management completes its reassessment of the measurement period procedures based on the results of the preliminary valuation. During the applicable measurement period, the Company will adjust assets and liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date.

The condensed consolidated financial statements of the Company include the results of operations since the date Surdex was acquired. The following table presents the results of operations of Surdex since the date of acquisition for the three and six months ended June 30, 2024 (in thousands):

			For the Three Months Ended						For the Six Months Ended
			June 30, 2024						June 30, 2024
Gross Contract Revenue 1			$	6,333					$	6,333
Pre-tax Net Income2			$	1,201					$	1,201

1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized.

2 Pre-tax Net Income excludes corporate overhead allocation.

The following table presents the unaudited pro forma condensed consolidated results of operations for the three and six months ended June 30, 2024 and 2023 assuming that the Surdex acquisition, discussed above, occurred on January 1, 2023. The pro forma information provided below is compiled from pre-acquisition information and includes pro forma adjustments for amortization and depreciation. The unaudited pro forma results are presented for informational purposes

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only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands):

			For the Three Months Ended									For the Six Months Ended
			June 30, 2024			June 30, 2023						June 30, 2024			June 30, 2023
Gross Contract Revenue 3			$	104,582		$	91,215					$	205,426		$	171,923
Pre-tax Net (Loss) Income			$	(2,048)		$	1,453					$	(4,009)		$	1,376

3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts with Customers, as it is impracticable to obtain the historical information necessary to apply this accounting standard. The historical estimates required to be able to accurately determine the percent complete accounting on the contracts that comprise the revenue is not available for the required periods.

2024 Acquisitions

During the six months ended June 30, 2024, the Company completed three additional acquisitions in diverse geographic regions and service lines. The Company paid total consideration of $13.9 million through combinations of cash, promissory notes, shares of common stock and assumed liabilities. No cash was acquired with these acquisitions. Shares of common stock issued in connection with the acquisitions are subject to a six-month lock-up. Promissory notes bear a simple interest rate ranging from 5.00% to 6.75% and are payable in quarterly payments of principal and interest beginning May 2024 and ending in April 2027. For tax purposes, dependent on the transaction, the acquisitions were treated either as an asset acquisition, in which case the assets have been stepped up and recorded at their respective fair values, or a tax-free merger, in which case the assets have been recorded at their respective carrying values. Goodwill results from an assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. For asset acquisitions, all the goodwill recognized is expected to be deductible for tax purposes. For two of the acquisitions, the purchase agreement includes a contingent consideration feature, which affords the sellers the opportunity to earn additional consideration in the form of the Company's common stock, cash and non-negotiable promissory notes, based on certain financial performance thresholds. The final settlement amount will depend on ongoing operations of the acquired company. The payout amounts range between $0 and $1.0 million. See Note 2 Fair Value Measurements for additional information regarding the fair value of contingent consideration.

For the six months ended June 30, 2024, for all of the 2024 acquisitions, the Company recorded measurement period adjustments of $0.6 million increase to goodwill offset by a $0.6 million increase to deferred tax liabilities. The change did not result in a change to operating income.

In connection with all of the 2024 acquisitions, the Company recognized $0.6 million and $1.1 million of acquisition related expenses within Other Income and Expenses in the condensed consolidated statement of income for each of the three and six months ended June 30, 2024, respectively, including legal fees, consulting fees, and other miscellaneous expenses associated with acquisitions.

2023 Acquisitions

During 2023, the Company completed eleven acquisitions in diverse geographic regions and service lines. The Company paid total consideration of $75.7 million through combinations of cash, promissory notes, convertible notes, shares of common stock and assumed liabilities. No cash was acquired with these acquisitions. Shares of common stock are subject to a six-month lock-up. Promissory notes bear a simple interest rate ranging from 5.00% to 11.00% and are payable in quarterly payments of principal and interest beginning February 2023 and ending in December 2026. Convertible notes bear a simple interest rate ranging from 7.00% to 8.00% and are payable in lump sum payments or quarterly payments of principal and interest beginning December 2024 and ending in September 2027; see Note 12 Notes Payable for additional information regarding the convertible notes payable. For tax purposes, dependent on the transaction, the acquisitions were treated either as an asset, stock or a merger. Goodwill results from an assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. Portions of the Goodwill recognized is expected to be deductible for tax purposes. For six of the acquisitions, the purchase agreement includes a contingent consideration feature, which affords the sellers the opportunity to earn additional consideration in the form of the Company's common stock, cash and non-negotiable promissory notes, based on certain financial performance thresholds. The final settlement amount will depend on ongoing operations of the acquired company. The payout amounts range

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between $0 and $3.0 million; see Note 2 Fair Value Measurements for additional information regarding the fair value of contingent consideration.

For the six months ended June 30, 2024, for the 2023 acquisitions, the Company recorded measurement period adjustments of $0.4 million increase to goodwill offset by $0.4 million increase to consideration. The change did not result in a change to operating income.

In connection with these acquisitions, the Company recognized $0.2 million and $0.7 million of acquisition related expenses within Other Income and Expenses in the condensed consolidated statement of income for each of the three and six months ended June 30, 2023, respectively, including legal fees, consulting fees, and other miscellaneous expenses associated with acquisitions.

The purchase price allocations at fair value, for the 2023 acquisitions as of December 31, 2023 are presented below:

(in thousands)						2023
Assets:
Accounts receivable, net						$	10,112
Contract assets						6,334
Prepaid and other current assets						361
Property and equipment, net						1,952
Operating lease, right-of-use assets						7,078
Goodwill						43,900
Other intangible assets						27,361
Other assets - non-current						44
Total assets acquired:						$	97,142
Liabilities:
Accounts payable and accrued liabilities, current portion						$	3,228
Contract liabilities						4,891
Other non-current obligations						24,222
Operating lease obligation, less current portion						7,078
Deferred tax liability						5,787
Total liabilities assumed:						$	45,206
Net assets acquired:						$	51,936
Cash flow reconciling items:
Issuance of common stock as partial consideration						$	(26,133)
Cash paid for acquisitions, net of cash acquired						$	25,803

The amounts in the tables above represent the preliminary purchase allocation for the 2023 acquisitions. The purchase price allocation, including the residual amount allocated to goodwill, is based on preliminary information and is subject to change as additional information concerning final asset and liability valuations are obtained and management completes its reassessment of the measurement period procedures based on the results of the preliminary valuation. During the applicable measurement period, the Company will adjust assets and liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date.

Definite-lived intangible assets that were acquired through asset acquisitions or business combinations include customer relationships, contract rights, and favorable leaseholds. These intangible assets are amortized over their estimated useful lives ranging from two to thirteen years using a straight-line method as it approximates the accelerated method.

The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2024 and 2023:

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			2024						Weighted-Average Life						2023						Weighted-Average Life
Customer relationships			$	14,830					12.94						$	20,050					10.45
Contract rights			1,870						0.64						6,980						1.18
Favorable leaseholds			-						n/a						331						7.76
Total			$	16,700											$	27,361

The Company disaggregates revenues by contract type, see Revenue Recognition in Note 2 for further details. For the three and six months ended June 30, 2024, the Company derived 89.9% and 89.8% of its revenue from contracts classified as lump sum, and 10.1% and 10.2% of its revenue from time and material contracts, respectively. For the three and six months ended June 30, 2023, the Company derived 88.8% and 89.2% of its revenue from contracts classified as lump sum, and 11.2% and 10.8% of its revenue from time and material contracts, respectively. The Company had approximately $273.9 million in remaining performance obligations as of June 30, 2024 of which it expects to recognize approximately 86.3% within the next twelve months and the remaining 13.7% in the next twelve to twenty-four months.

Disaggregated revenues by contract type were as follows (in thousands):

			For the Three Months Ended June 30,																					For the Six Months Ended June 30,
			2024												2023									2024												2023
Fixed fee			$	93,958					89.9		%				$	73,508					88.8		%	$	179,082					89.8		%				$	141,753					89.2		%
Time-and-materials			10,543						10.1		%				9,247						11.2		%	20,327						10.2		%				17,102						10.8		%
Gross contract revenue			$	104,501					100.0		%				$	82,755					100.0		%	$	199,409					100.0		%				$	158,855					100.0		%

The Company recognized $0.5 million and $3.1 million of revenue for the three and six months ended June 30, 2024, respectively, which were included in the contract liabilities balance as of December 31, 2023, and $0.2 million and $2.8 million of revenue for the three and six months ended June 30, 2023, respectively, which were included in the contract liabilities balance as of December 31, 2022.

The following table reflects the calculation of the net balance of contract assets and contract liabilities. Costs and estimated earnings on contracts in progress consist of the following (in thousands):

			June 30, 2024						December 31, 2023
Costs incurred on uncompleted contracts			$	380,668					$	359,509
Estimated contract earnings in excess of costs incurred			583,580						541,851
Estimated contract earnings to date			964,248						901,360
Less: billed to date			(929,928)						(875,321)
Net contract assets			$	34,320					$	26,039

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The Company has unsecured notes receivable from related parties, certain non-executive officers of the Company and an unrelated third party. The following is a summary of these notes receivable (in thousands):

			June 30, 2024						December 31, 2023
Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through January 2026.			$	2,264					$	2,318
Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025.1			903						903
Total:			3,167						3,221
Less: current portion
Officers, employees and affiliates			(1,151)						(1,199)
Noncurrent portion			$	2,016					$	2,022

1Notes initiated prior to the Company's initial public offering.

Each borrower may prepay all or part of the outstanding balance at any time prior to the date of maturity. During the six months ended June 30, 2024, interest accrued on the notes receivable at the stipulated rates between 0.0% and 5.50%.

Property and equipment for fixed assets are as follows (in thousands):

			June 30, 2024						December 31, 2023
Computer equipment			$	2,743					$	2,321
Survey equipment			5,943						5,711
Vehicles			2,364						2,127
Furniture and fixtures			2,547						2,498
Leasehold improvements			9,276						8,870
Software			396						389
Camera Equipment			951						–
Aircraft			7,911						–
Engine & GPS			1,352						–
Fixed assets pending lease financing 1			989						960
Total:			34,472						22,876
Less: accumulated depreciation			(16,434)						(14,818)
Property and Equipment, net of finance leased assets			$	18,038					$	8,058

1assets acquired which will be re-financed under the Company's finance lease facilities

Depreciation expense for fixed assets for the three and six months ended June 30, 2024 was $1.1 million and $1.8 million, respectively. Depreciation expense for fixed assets for the three and six months ended June 30, 2023 was $0.7 million and $1.2 million, respectively.

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Property and equipment for finance leased assets are as follows (in thousands):

			June 30, 2024						December 31, 2023
Equipment			$	30,286					$	20,435
Vehicles			9,433						8,540
Total:			39,719						28,975
Less: accumulated amortization on leased assets			(13,121)						(9,432)
Finance Leased Assets, net			$	26,598					$	19,543

Changes in the carrying amount of goodwill were as follows (in thousands):

			Goodwill
Balance as of December 31, 2023			$	96,393
2024 Acquisitions - additions			26,806
2023 Acquisitions - adjustments			388
Balance as of June 30, 2024			$	123,587

There were no impairments of goodwill during the periods presented.

Total intangible assets consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):

			June 30, 2024																		December 31, 2023
			Gross Amount						Accumulated Amortization						Net Balance						Gross Amount						Accumulated Amortization						Net Balance
Customer relationships			$	58,454					$	(8,153)					$	50,301					$	43,644					$	(5,643)					$	38,001
Contract rights			16,131						(12,623)						3,508						14,261						(8,036)						6,225
Leasehold			518						(142)						376						518						(105)						413
Domain name			281						–						281						281						–						281
Licensing rights			1,374						–						1,374						1,374						–						1,374
Total			$	76,758					$	(20,918)					$	55,840					$	60,078					$	(13,784)					$	46,294

The domain name and licensing rights acquired for a total of $1.7 million, have indefinite useful lives.

The following table summarizes the weighted average useful lives of intangible assets by asset class used for straight-line expense purposes:

			June 30, 2024						December 31, 2023
Customer relationships			11.34						11.27
Contract rights			1.70						1.84
Leasehold			7.86						7.86

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Amortization expense for the three and six months ended June 30, 2024 was $3.8 million and $7.2 million, respectively. Amortization expense for the three and six months ended June 30, 2023 was $2.3 million and $3.7 million, respectively.

Future amortization for the remainder of 2024 and for the succeeding years is as follows (in thousands):

2024			5,753
2025			6,174
2026			5,607
2027			5,434
2028			4,998
Thereafter			26,219
Total			$	54,185

On May 2, 2024, the Company and certain of its subsidiaries as guarantors entered into a new 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 (the “New Credit Agreement”) for a new $100 million revolving credit facility (the “Revolving Credit Facility 2024”). The Revolving Credit Facility 2024 replaced the Company’s previous $70.0 million revolving credit facility (the "2022 Revolving Credit Facility"), and its non-revolving fixed line of credit ("Fixed Line #2") with Bank of America, N.A. In connection with the New Agreement,, the Company and certain of its subsidiaries entered into a Security and Pledge Agreement dated as May 2, 2024 with Bank of America, N.A., in its capacity as Administrative Agent. Under the New Credit Agreement, the Company is required to comply with certain covenants, including covenants on indebtedness, investments, liens and restricted payments, as well as maintain certain financial covenants, including a fixed charge coverage ratio and leverage ratio of debt to EBITDA (as defined in the New Credit Agreement). The Company recorded $0.3 million of deferred financing costs which will be amortized over the term outlined in the New Credit Agreement.

On June 30, 2024, the interest rates on the Revolving Credit Facility 2024 ranged from 7.66% to 9.70%. All outstanding principal on the Revolving Credit Facility 2024 is due on May 2, 2029. As of June 30, 2024, the outstanding balance on the Revolving Credit Facility 2024 was $27.8 million, and there was no outstanding balance as of December 31, 2023.

The Company secures its obligations under the New Credit Agreement with substantially all assets of the Company. Obligations of the Company to certain other shareholders of the Company are subordinated to the Company’s obligations under the New Credit Agreement. The Company must maintain, on a combined basis, certain financial covenants defined in the New Credit Agreement.

Interest expense on the Revolving Credit Facility 2024 totaled $0.3 million during the three and six months ended June 30, 2024. During 2023, there was no interest expense on the Revolving Credit Facility 2024.

On November 11, 2022, the Company and certain of its subsidiaries, as guarantors, entered into an Amended and Restated Credit Agreement with Bank of America, N.A. for the 2022 Revolving Credit Facility, as well as an Amended and Restated Pledge and Security. On August 2, 2023, the Company entered into a First Amendment to the Amended and Restated Credit Agreement whereby the maximum principal amount of the 2022 Revolving Credit Facility was increased to $70 million. As of June 30, 2024, this 2022 Revolving Credit Facility was paid in full, and $0.1 million of deferred financing costs were expensed along with the termination of the Amended and Restated Credit Agreement. On December 31, 2023, there was a balance of $45.3 million outstanding under the 2022 Revolving Credit Facility.

Fixed Line #2 had a maximum advance of $1.0 million, and did not allow for re-borrowings and was included in Notes Payable (see Note 12). Commencing on the earlier of i) the date no remaining amount is available under the Fixed Line or, ii) August 31, 2020, the Company was obligated to pay the then outstanding principal balance in sixty equal monthly installments through maturity in September 2025. As of June 30, 2024, Fixed Line #2 was paid in full and there was no outstanding balance. As of December 31, 2023, the outstanding balance on Fixed Line #2 was $0.3 million.

---

Interest expense on the 2022 Revolving Credit Facility and Fixed Line #2 totaled $0.1 million and $1.2 million during the three and six months ended June 30, 2024, respectively. Interest expense on both the 2022 Revolving Credit Facility and Fixed Line #2 totaled $12,000 and $0.2 million during the three and six months ended June 30, 2023, respectively.

Notes payable consist of the following (in thousands):

			June 30, 2024						December 31, 2023
Related parties:
1Shareholders and Owners of Acquired Entities - Interest accrues at rates ranging from 3.25% - 11.00% annually. The notes payable mature on various dates through April 2027.			28,811						21,663
Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 8.00% annually. The convertible notes payable mature on various dates through September 2027.			3,987						6,631
Unrelated third parties:
Note payable for purchase of software and vehicles			10						130
Note payable for purchase of aircraft			5,993						—
Fixed line notes payable - see note 11			—						344
Discounts on notes payable issued as consideration in acquisitions:
1Shareholders and Owners of acquired entities			(1,057)						(1,041)
Purchase of aircraft			(34)						—
Total			37,710						27,727
Less: current portion			(15,169)						(13,989)
Noncurrent portion			$	22,541					$	13,738

1Includes notes payable to all owners irrespective of current relationship with the Company

The Company’s Chairman and Chief Executive Officer guarantees certain of the notes payable, and certain of the notes payable are subordinate to the terms of the Credit Agreement disclosed in Note 11.

Interest expense attributable to the notes payable totaled $0.9 million and $1.5 million for the three and six months ended June 30, 2024, respectively. Interest expense attributable to the notes payable totaled $0.5 million and $0.9 million for the three and six months ended June 30, 2023, respectively.

Future principal payments on notes payable for remainder of 2024 and succeeding years are as follows (in thousands):

2024			$	8,540
2025			13,297
2026			8,997
2027			5,957
2028			1,477
2029			533
Total			$	38,801

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Convertible Notes Payable

In July 2022, the Company issued a $4.0 million 4.75% unsubordinated convertible note with a maturity date in April 2027 as partial consideration for the acquisition of Project Design Consultants, LLC. The convertible note is convertible into shares of common stock at the option of the holders, at any time, at a conversion price of $14.00 per share upon proper notice. Subject to the exercise of the conversion, the convertible note is payable in quarterly payments of principal, interest or both beginning in October 2022 and ending in April 2027. At any time, upon ten (10) business days’ notice to the Company, the holders may request that a prepayment of the principal or all or part of a regularly scheduled quarterly payment of the principal be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. If the request is made with respect to a regularly scheduled quarterly payment of principal, then the accrued interest shall be paid in cash. Elections were made by the holders, and as of June 30, 2024, $2.7 million of the note was converted to 192,004 shares of common stock at $14.00 per share.

In August 2022, the Company issued a $1.1 million 5.50% unsubordinated convertible note with a maturity date in May 2027 as partial consideration for the acquisition of Anchor Consultants, LLC. The convertible note is convertible into shares of common stock at the option of the holders, at any time, at a conversion price of $18.00 per share upon proper notice. Subject to the exercise of the conversion, the convertible note has quarterly payments of principal, interest or both beginning in November 2022 and ending in May 2027. At any time, upon ten (10) business days’ notice to the Company, the holders may request that a prepayment of the principal or all or part of a regularly scheduled quarterly payment of the principal be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. If the request is made with respect to a regularly scheduled quarterly payment of principal, then the accrued interest shall be paid in cash. As of June 30, 2024, there has been no election by the holders to convert any portions of the convertible note to common stock.

In December 2022, the Company issued a $1.6 million 7.00% unsubordinated convertible note with a maturity date in September 2027 as partial consideration for the acquisition of H2H Geoscience Engineering, PLLC. The convertible note will be convertible into shares of common stock at the option of the holders, at any time, at a conversion price of $18.00 per share upon proper notice. Subject to the exercise of the conversion, the convertible note has quarterly payments of principal, interest or both beginning in December 2024 and ending in September 2027. At any time, upon ten (10) business days’ notice to the Company, the holders may request that a prepayment of the principal or all or part of a regularly scheduled quarterly payment of the principal be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. If the request is made with respect to a regularly scheduled quarterly payment of principal, then the accrued interest shall be paid in cash. As of June 30, 2024, there has been no election by the holders to convert any portions of the convertible note to common stock.

In November 2023, the Company issued a $1.3 million 8.00% unsubordinated convertible note with a maturity date in May 2024 as partial consideration for the acquisition of High Mesa Consulting Group, Inc. (see Note 4 Acquisitions). The convertible note was convertible into shares of common stock at the option of the holders, at any time, at a conversion price of $28.13 per share upon proper notice. Subject to the exercise of the conversion, the convertible note and the accrued interest were payable in May 2024. At any time, upon ten (10) business days’ notice to the Company, the holders may have requested that a prepayment of all or part of the unpaid principal amount and accrued interest be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. As of June 30, 2024, the entire balance of the note was converted into 48,067 shares of common stock at $28.13 per share, and there is no outstanding balance.

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The Company sponsors various non-qualified defined benefit pension plans in the U.S. (the "Plan"). Individual benefits under the Plan generally are based on the employee’s years of creditable service and compliance with non-competes. The plan is unfunded and there are no plan assets.

The following table details the components of net periodic benefit costs for the Company's pension plan for the three and six months ended June 30, 2024 and 2023:

			For the Three Months Ended June 30,									For the Six Months Ended June 30,
(Amounts in thousands)			2024						2023			2024						2023
Components of net periodic benefit cost:
Service costs			$	10					$	53		$	20					$	64
Interest costs			74						25			138						93
Amortization of net gain			(10)						(10)			(21)						(21)
Net periodic benefit cost			$	74					$	68		$	137					$	136

There are no required minimum contributions for the pension plans.

The Company leased commercial office space from BCG Chantilly, LLC (BCC), an entity in which Mr. Bowman, Mr. Bruen and Mr. Hickey collectively own a 63.6% interest. As of June 30, 2024 and December 31, 2023 there were no amounts due to or receivables due from BCC. The lease terminated on April 19, 2024. Rent expense for each of the three and six months ended June 30, 2024 was $7,000 and $27,000, respectively. Rent expense for each of the three and six months ended June 30, 2023 was $21,000 and $41,000, respectively.

Bowman Lansdowne Development, LLC (BLD) is an entity in which Mr. Bowman has an ownership interest. On June 30, 2024 and December 31, 2023, the Company’s notes receivable included $0.5 million from BLD, with a maturity date of January 31, 2026.

Lansdowne Development Group, LLC (LDG) is an entity in which BLD has a minority ownership interest. On each of June 30, 2024 and December 31, 2023, our accounts receivable included $0.1 million, due from LDG. On June 30, 2024 and December 31, 2023, notes receivable included $0.4 million and $0.4 million, respectively from LDG, with a maturity date of January 31, 2026.

Bowman Realty Investments 2010, LLC (BR10) is an entity in which Mr. Bowman has an ownership interest. On June 30, 2024 and December 31, 2023, the Company’s notes receivable included $0.2 million, from BR10, with a maturity date of January 31, 2026.

Alwington Farm Developers, LLC (AFD) is an entity in which BR10 has a minority ownership interest. On each of June 30, 2024 and December 31, 2023, notes receivable included $1.2 million, from AFD, with a maturity date of December 31, 2024.

MREC Shenandoah VA, LLC (“MREC Shenandoah”) is an entity in which Lake Frederick Holdings, LLC (“Lake Frederick Holdings”) owns a 92% interest and Shenandoah Station Partners LLC, an entity owned in part by BLD and in part by Bowman Realty Investments 2013 LLC "Bowman Realty" (BR13), owns an 8% interest. Mr. Bowman owns a 100% interest in, and is the manager of, Lake Frederick Holdings. Mr. Bowman is the sole member of Bowman Realty 2013 (BR13). Since 2020, the Company has provided engineering services to MREC Shenandoah in exchange for cash payments. During the six months ended June 30, 2024, the Company invoiced $0.1 million, and received payments of $0.1 million. During the six months ended June 30, 2023, the Company invoiced $0.1 million, and received payments of $0.1 million.

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During the six months ended June 30, 2024 and 2023, the Company provided administrative, accounting and project management services to certain of the related party entities. The cost of these services was $27,000 and $29,000, respectively. These entities were billed $33,000 and $30,000, respectively.

Gregory Bowman, the son of Mr. Bowman, is a full-time employee of the Company. Gregory Bowman was paid $74,000 and $71,000 for the six months ended June 30, 2024 and 2023, respectively.

On June 30, 2024 and December 31, 2023, the Company was due $35,000 and $48,000, respectively, from shareholders under the terms of stock subscription notes receivable.

On June 30, 2024 and December 31, 2023, the Company owed $42,000 and $0.1 million, respectively, to the estate of a retired shareholder and former director in connection with a 2015 acquisition.

In August 2022, the Company agreed to reimburse Mr. Bowman at a fixed hourly rate for the business use of an aircraft owned by Sunrise Asset Management, a company owned 100% by Mr. Bowman. The Company paid $0.3 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively.

Employee Stock Purchase Plan

Effective April 30, 2021, the Company established the Bowman Consulting Group Ltd. 2021 Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees who elect to participate are granted the right to purchase shares of common stock at a 15% discount of the weighted average selling price of the Company stock for the 30 days prior to the last day of the offering period.

The following table summarizes the stock issuance activity under the ESPP for the six months ended June 30, 2024 (in thousands, except share data):

			June 30, 2024
Total purchase price paid by employees for shares sold			$	932
Number of shares sold			32,346

Stock Options

Effective May 11, 2021 the Company established the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan (“the Plan”). The plan is administered by the board of directors (the “Board”), who on its own action or through its designee may make grants of restricted stock options, including Incentive Stock Options (“ISO”), and non-qualified stock options (“NQSO”). The purpose of the Plan is to grant equity incentive awards to eligible participants to attract, motivate and retain key personnel. The Plan supersedes and replaces any prior plan for stock options except that the prior plan shall remain in effect with respect to options granted under such prior plan until such options have been exercised, expired or canceled.

The number of shares for which each option shall be granted, whether the option is an ISO or NQSO, the option price, the exercisability of the option, and all other terms and conditions of the option are determined by the Board at the time the option is granted. The options generally vest over a period between two and five years.

For the six months ended June 30, 2024, no new options were granted.

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A summary of the status of stock options exercised, including the substantive options discussed in Note 3, is as follows:

			Number of shares						Weighted Average Exercise Price
Outstanding at December 31, 2023			5,133						$	6.02
Granted			–						–
Exercised			(2,508)						5.99
Expired or cancelled			–						–
Outstanding at June 30, 2024			2,625						$	6.05

The following summarizes information about options outstanding and exercisable at December 31, 2023 and June 30, 2024:

			Options Outstanding and Exercisable
			Exercise Price						Total Outstanding						Weighted Average Remaining Life (Years)						Weighted Average Exercise Price						Total Exercisable
December 31, 2023			$	6.28					5,133						5.0						$	6.02					5,133
June 30, 2024			$	6.28					2,625						5.0						$	6.05					2,625

The intrinsic value of these options on June 30, 2024 and December 31, 2023 was $25.51 and $29.24, respectively.

The Company received cash payments of $14,701 from the exercise of options under the Stock Option Plan in the six months ended June 30, 2024.

The Company did not record any compensation costs related to stock options during the three and six months ended June 30, 2024.

As of June 30, 2024, there is no unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Stock Option Plan. The remaining unexercised shares are from substantive options in which the non-recourse notes may be pre-paid, therefore the Company recognized the total calculated compensation expense at the time of issuance.

Stock Bonus Plan

Effective May 11, 2021, the Company established the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan (“the Plan”). The Plan is administered by the Board through which they can issue restricted stock awards. As of June 30, 2024, 4,883,271 shares of common stock are authorized and reserved for issuance under the Plan. This reserve automatically increases on each January 1, for the duration of the Plan, in an amount equal to 5% of the total number of shares outstanding on December 31st of the preceding calendar year. The Plan supersedes and replaces any prior plan for stock bonus grants to employees of the Company except that the prior plan shall remain in effect with respect to awards granted under such prior plan until such awards have been forfeited or fully vested.

During the six months ended June 30, 2024, the Board granted 278,217 shares of restricted stock under the Plan. The shares have a vesting period of up to four years during which there are certain restrictions as described in the Plan and Stock Bonus Agreements. The grant date fair value of the award is the closing price of the shares on such date, or if there are no sales on such date, on the next preceding day on which there were sales.

Effective April 2003, the Company adopted the Bowman Consulting Group Ltd. Stock Bonus Plan (“the Stock Bonus Plan”), which allowed for the awarding of restricted stock to employees. The Stock Bonus Plan was superseded by the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan except that the Stock Bonus Plan shall remain in effect with respect to awards granted under it until such awards have been forfeited or fully vested.

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During the six months ended June 30, 2024 no new restricted stock awards were granted under the Stock Bonus Plan.

The following table summarizes the activity of restricted shares subject to forfeiture:

			Number of shares						Weighted Average Grant Price
Outstanding at January 1, 2024			1,719,619						18.78
Granted			278,217						32.22
Vested			(816,700)						17.24
Cancelled			(27,206)						19.36
Outstanding at June 30, 2024			1,153,930						23.15

On November 10, 2021 the Company’s Board adopted the 2021 Executive Officers Long Term Incentive Plan (the “Officers LTIP”). The Officers LTIP is established under the Plan and is subject to the terms and conditions thereof. The purpose of this plan is to attract, retain and motivate key officers and employees through the grant of equity-based awards that reward Company performance over a period greater than one year and align their interests with long-term stockholder value.

During the six months ended June 30, 2024, the compensation committee approved the grants of 137,421 performance-based stock units to certain executive officers of the Company under the Officers LTIP. The performance based restricted stock units are subject to a market condition, with a vesting period of 2.91 years. The number of units earned is based on total shareholder return (“TSR”) of the Company’s common stock relative to the TSR of the components of a custom peer group during the performance period from February 9, 2024 to December 31, 2026. The performance stock units are valued using a Monte Carlo simulation with model inputs of opening average share value, valuation date stock price, expected volatilities, correlation coefficient, risk-free interest rate, and expected dividend yield for the Company and the custom peer group.

The following table summarizes the activity of performance stock units subject to forfeiture:

			Number of shares						Weighted Average Grant Price
Outstanding at January 1, 2024			693,139						16.49
Granted			137,421						25.52
Vested			(260,842)						13.81
Cancelled			–						–
Outstanding at June 30, 2024			569,718						19.90

The Company recognizes forfeitures as they occur.

As of June 30, 2024, the Company had 1,153,930 shares underlying unvested stock awards that vest between April 1, 2024 and December 31, 2027.

---

The future expense of the unvested awards for the remainder of 2024 and succeeding years is as follows (in thousands):

2024			$	7,854
2025			11,699
2026			3,647
2027			157
2028 and thereafter			6
Total			$	23,363

We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised.

The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease.

Operating and Finance Leases

The Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets.

The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months.

The following tables present our balance sheet information related to leases:

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												As of						As of
(Amounts in thousands)						Balance Sheet Classification						June 30, 2024						December 31, 2023
Assets:
Operating lease assets						Operating lease, right-of-use assets						$	40,316					$	40,743
Finance lease assets						Property and equipment, net						$	26,598					$	19,543
Total lease assets												$	66,914					$	60,286
Liabilities:
Current:
Operating lease liabilities						Operating lease obligation, current portion						$	(10,059)					$	(9,016)
Finance lease liabilities						Finance lease obligation, current portion						$	(9,182)					$	(6,586)
Total current lease liabilities												$	(19,241)					$	(15,602)
Non-current:
Operating lease liabilities						Operating lease obligation, less current portion						$	(36,332)					$	(37,660)
Finance lease liabilities						Finance lease obligation, less current portion						$	(19,099)					$	(14,408)
Total non-current lease liabilities												$	(55,431)					$	(52,068)

The following tables present selected financial information:

			Three Months Ended									Six Months Ended
(Amounts in thousands)			June 30, 2024						June 30, 2023			June 30, 2024						June 30, 2023
Operating lease cost
Amortization of right-of-use assets			$	3,230					$	2,711		$	6,316					$	5,204
Finance lease cost:
Amortization of right-of-use assets			2,323						1,778			4,287						3,448
Interest on lease liabilities			411						367			775						723
Sublease Income			(27)						(22)			(53)						(22)
Total lease cost			$	5,937					$	4,834		$	11,325					$	9,353

			Six Months Ended
(Amounts in thousands)			June 30, 2024						June 30, 2023
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases			$	6,207					$	4,736
Operating cash flows from finance leases			775						722
Financing cash flows from finance leases			4,053						3,285
Right-of-use assets obtained in exchange for new operating leases			4,316						13,255
Right-of-use assets obtained in exchange for new finance leases			10,775						4,377

---

			As of						As of
			June 30, 2024						December 31, 2023
Weighted average remaining lease term (in years):
Operating leases			4.92						5.28
Finance leases			2.67						2.73
Weighted average discount rates:
Operating leases			6.8		%				7.1		%
Finance leases			6.9		%				7.4		%

Future minimum commitments under leases for the succeeding years are as follows (in thousands):

(Amounts in thousands)
Year ending December 31,			Operating Lease						Finance Lease
2024 (six months remaining)			$	6,470					$	5,436
2025			12,006						10,572
2026			10,396						7,120
2027			8,971						2,915
2028			7,979						412
Thereafter			8,830						–
Total lease payments			$	54,652					$	26,455
Less: Amounts representing interest			$	(8,436)					$	(2,981)
Total lease liabilities			$	46,216					$	23,474

The above table is inclusive of $0.2 million sub-lease income associated with the $46.2 million total liability of operating leases as presented on the condensed consolidated balance sheet.

The above table is exclusive of the $4.8 million purchase price associated with the $23.5 million total liability of finance leases as presented on the condensed consolidated balance sheet.

Subsequent to June 30, 2024, the Company completed two acquisitions, and paid total consideration of $14.3 million through combinations of cash, promissory notes, shares of common stock and assumed liabilities. No cash was acquired with these acquisitions. Shares of common stock issued in connection with the acquisitions are subject to a six-month lock-up. Promissory notes bear a simple interest rate of 5.00% with payments of principal and interest beginning October 2024 and ending in July 2027.

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v3.24.2.u1

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40371
Entity Registrant Name	BOWMAN CONSULTING GROUP LTD.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1762351
Entity Address, Address Line One	12355 Sunrise Valley Drive
Entity Address, Address Line Two	Suite 520
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20191
City Area Code	703
Local Phone Number	464-1000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BWMN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,205,045
Entity Central Index Key	0001847590
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.24.2.u1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and equivalents	$ 23,143	$ 20,687
Accounts receivable, net	99,368	87,565
Contract assets	42,193	33,520
Notes receivable - officers, employees, affiliates, current portion	1,151	1,199
Prepaid and other current assets	9,544	11,806
Total current assets	175,399	154,777
Non-Current Assets
Property and equipment, net	44,636	27,601
Operating lease, right-of-use assets	40,316	40,743
Goodwill	123,587	96,393
Notes receivable	903	903
Notes receivable - officers, employees, affiliates, less current portion	1,113	1,119
Other intangible assets, net	55,840	46,294
Deferred tax asset, net	20,166	33,780
Other assets	1,427	1,175
Total Assets	463,387	402,785
Current Liabilities
Revolving credit facility	27,848	45,290
Accounts payable and accrued liabilities	69,163	44,394
Contract liabilities	7,873	7,481
Notes payable, current portion	15,169	13,989
Operating lease obligation, current portion	10,059	9,016
Finance lease obligation, current portion	9,182	6,586
Total current liabilities	139,294	126,756
Non-Current Liabilities
Other non-current obligations	5,353	42,288
Notes payable, less current portion	22,541	13,738
Operating lease obligation, less current portion	36,332	37,660
Finance lease obligation, less current portion	19,099	14,408
Pension and post-retirement obligation, less current portion	5,184	4,654
Total liabilities	227,803	239,504
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023.	0	0
Common stock, $0.01 par value; 30,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 20,570,916 shares issued and 17,599,049 outstanding, and 17,694,495 shares issued and 15,094,278 outstanding as of June 30, 2024 and December 31, 2023, respectively	206	177
Additional paid-in-capital	303,453	215,420
Accumulated other comprehensive income	569	590
Treasury stock, at cost; 2,971,867 and 2,600,217, respectively	(38,531)	(26,410)
Stock subscription notes receivable	(53)	(76)
Accumulated deficit	(30,060)	(26,420)
Total shareholders' equity	235,584	163,281
TOTAL LIABILITIES AND EQUITY	$ 463,387	$ 402,785

v3.24.2.u1

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	20,570,916	17,694,495
Common stock, shares outstanding (in shares)	17,599,049	15,094,278
Treasury stock, at cost shares (in shares)	2,971,867	2,600,217

v3.24.2.u1

Condensed Consolidated Income Statements - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Gross Contract Revenue	$ 104,501	$ 82,755	$ 199,409	$ 158,855
Contract costs: (exclusive of depreciation and amortization below)
Direct payroll costs	39,096	32,075	76,776	60,919
Sub-consultants and expenses	10,520	8,963	19,738	17,501
Total contract costs	49,616	41,038	96,514	78,420
Operating Expenses:
Selling, general and administrative	49,154	38,340	93,874	71,965
Depreciation and amortization	7,181	4,719	13,177	8,285
(Gain) on sale	(215)	(226)	(311)	(237)
Total operating expenses	56,120	42,833	106,740	80,013
(Loss) Income from operations	(1,235)	(1,116)	(3,845)	422
Other expense	2,027	1,143	4,428	2,358
Loss before tax expense	(3,262)	(2,259)	(8,273)	(1,936)
Income tax (benefit)	(1,180)	(1,625)	(4,633)	(1,839)
Net loss	(2,082)	(634)	(3,640)	(97)
Earnings allocated to non-vested shares	0	0	0	0
Net loss attributable to common shareholders	$ (2,082)	$ (634)	$ (3,640)	$ (97)
Loss per share
Basic (in dollars per share)	$ (0.13)	$ (0.05)	$ (0.24)	$ (0.01)
Diluted (in dollars per share)	$ (0.13)	$ (0.05)	$ (0.24)	$ (0.01)
Weighted average shares outstanding:
Basic (in shares)	16,301,926	12,276,173	15,064,827	12,022,550
Diluted (in shares)	16,301,926	12,276,173	15,064,827	12,022,550

v3.24.2.u1

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,082)	$ (634)	$ (3,640)	$ (97)
Other comprehensive loss
Pension and post-retirement adjustments	(10)	(11)	(21)	(21)
Other comprehensive loss	(10)	(11)	(21)	(21)
Income tax provision related to items of other comprehensive loss	0	0	0	0
Other comprehensive loss, net of tax	(10)	(11)	(21)	(21)
Comprehensive loss, net of tax	$ (2,092)	$ (645)	$ (3,661)	$ (118)

v3.24.2.u1

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	IPO	Common Stock	Common Stock IPO	Additional Paid-in Capital	Additional Paid-in Capital IPO	Treasury Stock	Accumulated Other Comprehensive Income	Stock Subscription Notes Receivable	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022			15,949,805
Beginning balance at Dec. 31, 2022	$ 122,859		$ 159		$ 162,922		$ (20,831)	$ 578	$ (173)	$ (19,796)
Beginning balance (in shares) at Dec. 31, 2022							(2,393,255)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new common shares (in shares)			504,637
Issuance of new common shares	14,876		$ 3		14,873
Issuance of common shares under stock compensation plan (in shares)			620,639
Issuance of new common shares under stock compensation plan	0		$ 6		(6)
Issuance of new common shares under employee stock purchase plan (in shares)			31,097
Issuance of new common shares under employee stock purchase plan	763		$ 1		762
Stock based compensation	10,466				10,466
Collections on stock subscription notes receivable	48								48
Exercises of conversion feature of convertible note (in shares)			24,001
Exercises of conversion feature of convertible note	336		$ 2		334
Other comprehensive loss, net of tax	(21)							(21)
Repurchases of common stock (in shares)							(136,631)
Repurchases of common stock	(3,586)						$ (3,586)
Net income (loss)	(97)									(97)
Ending balance (in shares) at Jun. 30, 2023			17,130,179
Ending balance at Jun. 30, 2023	145,644		$ 171		189,351		$ (24,417)	557	(125)	(19,893)
Ending balance (in shares) at Jun. 30, 2023							(2,529,886)
Beginning balance (in shares) at Mar. 31, 2023			16,019,601
Beginning balance at Mar. 31, 2023	127,260		$ 160		167,440		$ (21,498)	568	(151)	(19,259)
Beginning balance (in shares) at Mar. 31, 2023							(2,425,755)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new common shares (in shares)			504,637
Issuance of new common shares	14,870		$ 3		14,867
Purchase of treasury stock (in shares)							(104,131)
Purchase of treasury stock	(2,919)						$ (2,919)
Issuance of common shares under stock compensation plan (in shares)			566,882
Issuance of new common shares under stock compensation plan	0		$ 6		(6)
Issuance of new common shares under employee stock purchase plan (in shares)			15,058
Issuance of new common shares under employee stock purchase plan	379				379
Stock based compensation	6,337				6,337
Collections on stock subscription notes receivable	26								26
Exercises of conversion feature of convertible note (in shares)			24,001
Exercises of conversion feature of convertible note	336		$ 2		334
Other comprehensive loss, net of tax	(11)							(11)
Net income (loss)	(634)									(634)
Ending balance (in shares) at Jun. 30, 2023			17,130,179
Ending balance at Jun. 30, 2023	$ 145,644		$ 171		189,351		$ (24,417)	557	(125)	(19,893)
Ending balance (in shares) at Jun. 30, 2023							(2,529,886)
Beginning balance (in shares) at Dec. 31, 2023	15,094,278		17,694,495
Beginning balance at Dec. 31, 2023	$ 163,281		$ 177		215,420		$ (26,410)	590	(76)	(26,420)
Beginning balance (in shares) at Dec. 31, 2023	(2,600,217)						(2,600,217)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new common shares (in shares)			677,727	1,502,942
Issuance of new common shares	$ 22,218	$ 47,151	$ 7	$ 15	22,211	$ 47,136
Purchase of treasury stock (in shares)							(304,757)
Purchase of treasury stock	(10,037)						$ (10,037)
Issuance of common shares under stock compensation plan (in shares)			539,059
Issuance of new common shares under stock compensation plan	$ 0		$ 5		(5)
Cancellation of common shares under stock compensation plan (in shares)			(27,206)
Issuance of new common shares under employee stock purchase plan (in shares)	32,346		32,346
Issuance of new common shares under employee stock purchase plan	$ 932				932
Stock based compensation	14,781				14,781
Collections on stock subscription notes receivable	23								23
Exercises of conversion feature of convertible note (in shares)			151,553
Exercises of conversion feature of convertible note	2,980		$ 2		2,978
Other comprehensive loss, net of tax	(21)							(21)
Repurchases of common stock (in shares)							(66,893)
Repurchases of common stock	(2,084)						$ (2,084)
Net income (loss)	$ (3,640)									(3,640)
Ending balance (in shares) at Jun. 30, 2024	17,599,049		20,570,916
Ending balance at Jun. 30, 2024	$ 235,584		$ 206		303,453		$ (38,531)	569	(53)	(30,060)
Ending balance (in shares) at Jun. 30, 2024	(2,971,867)						(2,971,867)
Beginning balance (in shares) at Mar. 31, 2024			18,191,818
Beginning balance at Mar. 31, 2024	$ 167,256		$ 182		226,681		$ (32,142)	579	(66)	(27,978)
Beginning balance (in shares) at Mar. 31, 2024							(2,763,299)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new common shares (in shares)			569,800	1,502,942
Issuance of new common shares	18,515	$ 47,151	$ 6	$ 15	18,509	$ 47,136
Purchase of treasury stock (in shares)							(141,675)
Purchase of treasury stock	(4,305)						$ (4,305)
Issuance of common shares under stock compensation plan (in shares)			189,908
Issuance of new common shares under stock compensation plan	0		$ 2		(2)
Cancellation of common shares under stock compensation plan (in shares)			(4,351)
Issuance of new common shares under employee stock purchase plan (in shares)			17,247
Issuance of new common shares under employee stock purchase plan	466				466
Stock based compensation	8,356				8,356
Collections on stock subscription notes receivable	13								13
Exercises of conversion feature of convertible note (in shares)			103,552
Exercises of conversion feature of convertible note	2,308		$ 1		2,307
Other comprehensive loss, net of tax	(10)							(10)
Repurchases of common stock (in shares)							(66,893)
Repurchases of common stock	(2,084)						$ (2,084)
Net income (loss)	$ (2,082)									(2,082)
Ending balance (in shares) at Jun. 30, 2024	17,599,049		20,570,916
Ending balance at Jun. 30, 2024	$ 235,584		$ 206		$ 303,453		$ (38,531)	$ 569	$ (53)	$ (30,060)
Ending balance (in shares) at Jun. 30, 2024	(2,971,867)						(2,971,867)

v3.24.2.u1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash Flows from Operating Activities:
Net loss			$ (3,640)	$ (97)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization			6,023	4,620
Amortization of intangible assets	$ 3,800	$ 2,300	7,154	3,665
Gain on sale of assets			(311)	(237)
Credit losses			656	289
Stock based compensation			13,876	11,169
Accretion of discounts on notes payable			307	264
Deferred taxes			5,348	(7,339)
Changes in operating assets and liabilities, net of acquisition of businesses
Accounts receivable			(6,080)	(10,885)
Contract assets			(4,366)	(5,267)
Prepaid expenses and other assets			4,063	(4,174)
Accounts payable and accrued expenses			(15,633)	9,535
Contract liabilities			(1,809)	523
Net cash provided by operating activities			5,588	2,066
Cash Flows from Investing Activities:
Purchases of property and equipment			(600)	(632)
Fixed assets converted to lease financing			(29)	0
Proceeds from sale of assets and disposal of leases			317	237
Payments received under loans to shareholders			54	108
Acquisitions of businesses, net of cash acquired			(20,347)	(15,408)
Collections under stock subscription notes receivable			23	48
Net cash used in investing activities			(20,582)	(15,647)
Cash Flows from Financing Activities:
Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs			47,151	0
(Repayments) Borrowings under revolving credit facility			(17,441)
(Repayments) Borrowings under revolving credit facility				21,189
Repayments under fixed line of credit			(345)	(283)
Proceeds from notes payable			6,209	0
Repayment under notes payable			(7,464)	(4,743)
Proceeds from finance leases			4,567	0
Payments on finance leases			(4,053)	(3,309)
Payments for purchase of treasury stock			(10,037)	(3,586)
Repurchases of common stock			(2,084)	0
Proceeds from issuance of common stock			947	777
Net cash provided by financing activities			17,450	10,045
Net increase (decrease) in cash and cash equivalents			2,456	(3,536)
Cash and cash equivalents, beginning of period			20,687	13,282	$ 13,282
Cash and cash equivalents, end of period	$ 23,143	$ 9,746	23,143	9,746	$ 20,687
Supplemental disclosures of cash flow information:
Cash paid for interest			3,457	1,547
Cash paid for income taxes			1,552	745
Non-cash investing and financing activities:
Property and equipment acquired under finance lease			(6,755)	(4,385)
Note payable converted to common shares			(2,696)	0
Issuance of notes payable for acquisitions			(13,636)	(7,825)
Issuance of contingent considerations			(1,504)	0
Settlement of contingent consideration			$ 567	$ 0

v3.24.2.u1

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Nature Of Business And Basis Of Presentation [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Nature of Business Bowman Consulting Group Ltd. (along with its consolidated subsidiaries, “Bowman” or “we” or the “Company”) incorporated in the Commonwealth of Virginia on June 5, 1995 and reincorporated in the State of Delaware on November 13, 2020. The Company’s headquarters is located in Reston, VA and the Company has over 90 offices throughout the United States and two offices in Mexico. Bowman is a professional services firm delivering innovative solutions to the marketplace of customers who own, develop and maintain the built environment. Within that arena, we provide planning, design, engineering, geospatial, survey, construction management, environmental consulting and land procurement services to markets that encompass the buildings in which people live, work and learn in; as well as the systems that provide water, electricity and other vital services, and the roads, bridges, and transportation systems used to get from place to place. We provide services to customers through fixed-price and time-and-material based contracts containing multiple milestones and independently priced deliverables. Typically, contract awards are on a negotiated basis, ranging in value from a few thousand dollars to multiple millions of dollars and can have varying durations depending on the size, scope, and complexity of the project. The Company’s workforce typically provides the full scope of engineering and other contract services. However, with respect to certain specialty services or other compliance requirements within a particular contract, we may engage third-party sub-consultants. Common Stock Offering On April 1, 2024, the Company closed on an offering of common stock in which it issued and sold 1,323,530 shares at an offering price of $34.00 per share, resulting in net proceeds of $42.0 million after deducting underwriting discounts and commissions, but before expenses of the offering. On April 1, 2024, the underwriters exercised their option to purchase an additional 179,412 shares of the Company’s common stock at an offering price of $34.00 per share, resulting in additional gross proceeds of approximately $6.1 million. After giving effect to this exercise of the overallotment option, the total number of shares sold by the Company in this common stock offering increased to 1,502,942 shares with gross proceeds of approximately $51.1 million. The exercise of the over-allotment option closed on April 1, 2024, at which time the Company received net proceeds of $5.7 million after underwriting discounts and commissions. Deferred offering costs consist primarily of accounting, legal and other fees related to the common stock offering. Prior to the offering, all deferred costs were capitalized within prepaid and other current assets in the consolidated balance sheet. We capitalized $0.2 million of deferred offering costs within prepaid and other current assets in the consolidated balance sheet as of December 31, 2023. No deferred offering costs were capitalized in the condensed consolidated balance sheet as of June 30, 2024. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, changes in shareholders’ equity and cash flows. The results of operations for the current period are not necessarily indicative of the results for the full year or the results for any future periods. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 12, 2024. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

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Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of the significant accounting policies and principles used in the preparation of the condensed consolidated financial statements: Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act (“JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934 (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is either not an emerging growth company or, an emerging growth company that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used. Revenue Recognition As discussed in Note 1, the Company provides a variety of engineering and related professional services to customers located throughout the United States. The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have written agreements with its customers and revenue on oral or implied arrangements is generally not recognized. The Company recognizes revenue based on the consideration specified in the applicable agreement. Excluded from the transaction price are amounts collected on behalf of third parties for sales and similar taxes. Long-term contracts typically contain billing terms that provide for invoicing once a month and payment on a net 30-day basis. Exceptions exist to monthly billing are to ensure that the Company performs satisfactorily and do not represent a significant financing component. For example, certain fixed price contracts provide for milestone billings based upon the attainment of specific project objectives to ensure the Company meets its contractual requirements rather than monthly billing. Another example is, contracts that include retentions or holdbacks paid at the end of a project to ensure that Company meets the contract requirements. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the customer and the transfer of promised services to the customer will be less than one year. As a professional services engineering firm, the Company generally recognizes revenue over time as control transfers to a customer based upon the extent of progress towards satisfaction of the performance obligation. For services delivered under fixed price contracts, the Company uses the ratio of actual costs incurred to total estimated costs since costs incurred (an input method) represents a reasonable measure of progress towards the satisfaction of a performance obligation in order to estimate the portion of revenue earned. This method faithfully depicts the transfer of value to the customer when the Company is satisfying a performance obligation that entails a number of interrelated tasks or activities for a combined output that requires the Company to coordinate the work of employees and sub-consultants. Contract costs typically include direct labor, subcontract and consultant costs, materials and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, so that revised estimates are recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, changes in scope, unanticipated costs, delays or favorable or unfavorable progress that differ from original expectations. In situations where the remaining estimated costs to perform exceed the consideration to be received, the Company accrues the entire estimated loss during the period the loss becomes known. When a performance obligation is billed using a time-and-material type contract, the Company measures its progress to complete based upon the hours incurred for the period times contractually agreed upon billing rates plus any materials delivered or consumed in the project. When applicable, the Company will recognize revenue under these contracts as invoiced under the practical expedient. In certain situations, it is possible that two or more contracts should be combined and accounted for as a single contract, or a single contract should be accounted for as multiple performance obligations. This requires significant judgment and could impact the amount and timing of revenue recognition. Such determinations are made using management’s best estimate and knowledge of contracts and related performance obligations. The Company’s contracts may contain variable consideration in the form of unpriced or pending change orders or claims that either increase or decrease the contract price. Variable consideration is generally estimated using the expected value method but may from time to time be estimated using the most likely amount method depending on the circumstance. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are based upon historical experience and known trends. The Company recognizes claims against vendors, sub-consultants, and others as a reduction in costs when the contract establishes enforceability, and the amounts of recovery are reasonably estimable and probable. Reduction in costs are recognized at the lesser of the amount management expects to recover or costs incurred. Contract related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to the revenue cycle are as follows: Accounts receivables, net: Accounts receivable, net (contract receivables) includes amounts billed under the contract terms. The amounts are stated at their net realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated number of receivables that will not be collected. The Company considers several factors in its estimated expected credit losses including knowledge of a client’s financial condition, its historical collection experience, and other factors relevant to assessing the collectability of such receivables. No single client accounted for more than 10% of the Company's outstanding receivables at June 30, 2024 and December 31, 2023. Contract Assets: Contract Assets are recorded when progress to completion revenue earned on contracts exceeds amounts billed under the contract. It may also include contract retainages that can be billed once contract stipulations are satisfied. Contract Liabilities: Contract Liabilities are recorded when amounts billed under a contract exceeds the progress to completion revenue earned under the contract. Allowance for Doubtful Accounts and Expected Credit Losses The Company records accounts receivable net of an allowance for doubtful accounts. The allowance is determined based upon management’s review of the estimated collectability of the specific accounts receivable, client type, client credit worthiness, plus a general provision based upon the historical loss experience and existing economic conditions. The Company charges off uncollectible amounts against the allowance for doubtful accounts once management determines the amount, or a portion thereof, to be worthless. Upon determination that a specific receivable is uncollectible, the receivable is written off against the allowance for expected credit losses. As of June 30, 2024 and December 31, 2023, the balance in the allowance for expected credit losses was $2.6 million and $2.2 million, respectively. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from the estimates and assumptions that were used. Concentration of Credit Risk and other Concentrations The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash and accounts receivable. Cash balances at various times during the year may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company’s cash deposits are held in institutions whose credit ratings are monitored by management, and the Company has not incurred any losses related to such deposits. The Company can, at times, be subject to a concentration of credit risk with respect to outstanding accounts receivable. However, the Company believes no such concentration existed during the six months ended June 30, 2024, or the year ended December 31, 2023. The Company’s customers are located throughout the United States across diverse market sectors. Although the Company generally grants credit without collateral, management believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Also, for non-governmental customers, the Company can often place mechanics liens against the real property associated with the contract in the event of non-payment. Fair Value Measurements Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”) provides the framework for measuring and reporting financial assets and liabilities at fair value. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The codification establishes a three-level disclosure hierarchy to indicate the level of judgment used to estimate fair value measurements: Level 1:    Quoted prices in active markets for identical assets or liabilities as of the reporting date; Level 2:    Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices (such as interest rate and yield curves); Level 3:    Uses inputs that are unobservable, supported by little or no market activity and reflect significant management judgment. As of June 30, 2024 and December 31, 2023: •The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the relatively short duration of these instruments; •The carrying amounts of debt obligations approximate their fair values as the terms are comparable to terms currently offered by local financial institutions for arrangements with similar terms to industry peers with comparable credit characteristics. Accordingly, the debt obligations involve Level 3 fair value inputs; Fair value measurements relating to our business combinations are made primarily using Level 3 inputs including discounted cash flow and to the extent applicable, Monte Carlo simulation techniques. Fair value for the identified intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as property, plant and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using published treasury rates in the Wall St. Journal and discounting the present value along with other significant assumptions which include projections of revenue, and probabilities of meeting those projections, as well as Monte Carlo simulation techniques. The following is a summary of change in contingent consideration: (in thousands) For the Six Months Ended June 30, 2024 For the Year Ended December 31, 2023 Balance at beginning of period $ 10,567  $ 487  Fair value of contingent consideration issuances 1,504  10,379  Change in fair value of contingent consideration 313  (299) Settlement of contingent consideration (1,890) –  Balance at end of period $ 10,494  $ 10,567  The change in fair value consideration is included in Other Expense in the Condensed Consolidated Income Statement. Income Taxes The Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the condensed consolidated financial statements or tax returns. Under this method, deferred income tax assets or liabilities are determined based upon the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates expected to apply when the differences settle or become realized. Valuation allowances are provided when it is more likely than not that a deferred tax asset is not realizable or recoverable in the future. As of June 30, 2024, no valuation allowances are required, and all deferred tax assets are realizable. The Company assesses uncertain tax positions to determine whether the position will more likely than not be sustained upon examination by the Internal Revenue Service or other taxing authorities. If the Company cannot reach a more-likely-than-not determination, no benefit is recorded. If the Company determines that the tax position is more likely than not to be sustained, the Company records the largest amount of benefit that is more likely than not to be realized when the tax position is settled. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Beginning January 1, 2022, the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the option to deduct research and development expenditures in the current year and now requires taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses. During the second quarter of 2024, the Company made a determination to change its accounting method for Section 174 costs, and accordingly, released an uncertain tax position reserve of $47.9 million associated with the previously established position. While this method change is a timing difference between current and deferred taxes, the effect of this release generated an income tax benefit of $4.0 million as a result of a decrease in accrued tax penalties and interest. The Company intends to file a Form 3115 application to effectuate this change in its accounting method. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in income in the period that includes the enactment date. The Company’s effective tax rate for the six months ended June 30, 2024 and 2023 was 55.1% and (95.0)%, respectively. The change in the Company’s effective tax rate is predominantly due to changes in the estimated annual effective tax rate and certain non-recurring discrete events, as discussed below. The most prominent factors impacting the estimated annual effective tax rate include a decrease in projected R&D credits generated for 2024, a change in the projected limitations of the deductible executive compensation for 2024, and an overall reduction in forecasted income for 2024 relative to 2023. With respect to the projected R&D credit, the Company anticipates the 2024 generated R&D credit to be $3.3 million as of June 30, 2024, as compared to the projected R&D credit to be generated of $3.8 million as of June 30, 2023. Similarly, the Company anticipates the annual projected limitation on the deductibility of executive compensation to be $19.5 million for 2024 as compared to $9.8 million for 2023. These factors as well as the forecasted change in book income predominantly resulted in the change in the estimated annual effective tax rate. Further, the Company also recognized net discrete benefits of $7.5 million for the six months ended June 30, 2024, as compared to net discrete benefit of $1.6 million for the six months ended June 30, 2023. The net discrete benefits are predominantly the result of a windfall tax benefit for restricted stock awards, penalties and interest recorded for uncertain tax positions, and other non-recurring adjustments. More specifically, the windfall tax adjustment for restricted stock awards recognized at a value higher than the grant date fair value is $4.3 million for the six months ended June 30, 2024, and $2.0 million for the six months ended June 30, 2023. Penalties and interest accrued for uncertain tax positions is $0.7 million for the six months ended June 30, 2024, and $0.2 million for the six months ended June 30, 2023. In addition, there was a one-time $4.0 million decrease in accrued penalties and interest for the reversal of the uncertain tax position for Section 174 costs for the six months ended June 30, 2024, as discussed above. These factors increased the rate by 90.4% for the quarter ended June 30, 2024, and increased the rate by 82.6% for the quarter ended June 30, 2023. The Company files income tax returns in the U.S. federal jurisdiction and certain states in which it operates. Based on the timing of the filing of certain tax returns, the Company’s federal income tax returns for tax years 2020 and thereafter remain subject to examination by the U.S. Internal Revenue Service. The statute of limitations on the Company’s state income tax returns generally conforms to the federal three-year statute of limitations. Segments The Company operates in one segment based upon the financial information used by its chief operating decision maker in evaluating the financial performance of its business and allocating resources. The single segment represents the Company’s core business of providing engineering and related professional services to its customers. Recently Issued Accounting Guidance Accounting guidance not yet adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items in annual and interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impacts of the new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and should be applied prospectively. Retrospective application is permitted. We are currently evaluating the impacts of the new standard. The Company does not believe that any recently issued standards would have a material effect on its condensed consolidated financial statements.

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(Loss) Earnings Per Share and Certain Related Information	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
(Loss) Earnings Per Share and Certain Related Information	(Loss) Earnings Per Share and Certain Related Information Basic (loss) earnings per share is calculated by dividing net (loss) income attributable to the Company available to common stockholders by the weighted average number of common shares outstanding for the three and six months ended June 30, 2024 and 2023. Diluted (loss) earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were either exercised or converted into common stock or resulted in the issuance of common stock that would share in the (loss) earnings of the Company. The dilutive effect of options is reflected in diluted (loss) earnings per share by application of the treasury stock method. The dilutive effect of shares to be purchased under the Company’s Employee Stock Purchase Plan is reflected in diluted (loss) earnings per share by the weighted-average number of shares outstanding that would have been outstanding during the period. The dilutive effect of convertible debt is reflected in diluted (loss) earnings per share by application of the if-converted method. The Company uses the two-class method to determine (loss) earnings per share. For calculating basic loss per share, for the three and six months ended June 30, 2024, the weighted average number of shares outstanding exclude 1,331,046 and 1,381,326 non-vested restricted shares and 3,616 and 4,204 unexercised substantive options. The computation of diluted earnings per share for the three and six months ended June 30, 2024 did not assume the effect of restricted shares or substantive options because the effects were antidilutive. For calculating basic loss per share, for the three and six months ended June 30, 2023, the weighted average number of shares outstanding exclude 1,871,892 and 1,811,416 non-vested restricted shares and 8,566 and 9,125 unexercised substantive options. The computation of diluted earnings per share for the three and six months ended June 30, 2023 did not assume the effect of restricted shares or substantive options because the effects were antidilutive. The following table represents a reconciliation of the net (loss) income and weighted average shares outstanding for the calculation of basic and diluted (loss) earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share data):   For the Three Months Ended June 30, For the Six Months Ended June 30,   2024 2023 2024 2023 Numerator Net loss $ (2,082) $ (634) $ (3,640) $ (97) Earnings allocated to non-vested shares –  –  –  –  Subtotal $ (2,082) $ (634) $ (3,640) $ (97) Denominator Weighted average common shares outstanding 16,301,926 12,276,173 15,064,827 12,022,550 Effect of dilutive nominal options – – – – Effect of dilutive contingently earned shares – – – – Dilutive average shares outstanding 16,301,926 12,276,173 15,064,827 12,022,550 Basic loss per share $ (0.13) $ (0.05) $ (0.24) $ (0.01) Dilutive loss per share $ (0.13) $ (0.05) $ (0.24) $ (0.01) Share Repurchases On November 17, 2023, the board of directors authorized a new $10 million share repurchase program under which the Company may repurchase up to $10 million of our common stock (the "2023 Repurchase Authorization"). The authorization is effective from November 17, 2023, through November 16, 2024. The execution of the repurchase program is expected to be consistent with the Company’s strategic initiatives which prioritize investments in organic and acquisitive growth. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities. Shares may be repurchased from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The share repurchase program does not obligate Bowman to acquire a specific number of shares of common stock and may be suspended, modified, or discontinued at any time without notice. During the six months ended June 30, 2024, the Company repurchased 66,893 shares of common stock at an average price per share of $31.15, and had $7.9 million remaining under the 2023 Repurchase Authorization.

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Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions Business Combinations Surdex Corporation On April 2, 2024, the Company entered into a merger agreement with Surdex Corporation (“Surdex”), a St. Louis-based geospatial and engineering services firm providing low, medium and high-altitude digital orthoimagery, advanced high-resolution LiDAR, intelligent digital mapping, 3D hydrography, and disaster mapping. The Company paid total consideration of $43.3 million, which was comprised of cash, promissory note, common stock and assumed liabilities. The shares are subject to a six-month lock up. The promissory notes bear a simple interest rate fixed at 6.50%, and is payable in equal quarterly payments of principal and interest beginning on July 2024 and ending July 2027. The merger agreement contains a contingent consideration feature which affords the sellers the opportunity to earn additional consideration in the form of the Company's common stock, dependent on the average trading price of the Company's common stock for the 90 trading days post-acquisition. For tax purposes, this transaction is considered a tax-free merger, in which the assets have been recorded at their respective carrying values. As a result, there is no corresponding tax goodwill, and therefore no tax goodwill to be amortized or otherwise deductible. The following summarizes the preliminary calculations of the fair values of Surdex assets acquired and liabilities assumed as of the acquisition date (in thousands): (in thousands) Surdex Assets: Accounts receivable, net $ 4,052  Contract assets 3,210  Prepaid and other current assets 1,940  Property and equipment, net 15,167  Operating lease, right-of-use assets 1,030  Goodwill 17,461  Other intangible assets 12,810  Total assets acquired: $ 55,670  Liabilities: Accounts payable and accrued liabilities, current portion $ 3,083  Contract liabilities 685  Other non-current obligations 11,465  Operating lease obligation, less current portion 1,030  Deferred tax liability 6,987  Total liabilities assumed: $ 23,250  Net assets acquired: $ 32,420  Cash flow reconciling items: Issuance of common stock as partial consideration $ (16,536) Cash paid for acquisitions, net of cash acquired $ 15,884  The purchase price allocation, including the residual amount allocated to goodwill, is based on preliminary information and is subject to change as additional information concerning final asset and liability valuations are obtained and management completes its reassessment of the measurement period procedures based on the results of the preliminary valuation. During the applicable measurement period, the Company will adjust assets and liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date. The condensed consolidated financial statements of the Company include the results of operations since the date Surdex was acquired. The following table presents the results of operations of Surdex since the date of acquisition for the three and six months ended June 30, 2024 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2024 Gross Contract Revenue 1 $ 6,333  $ 6,333  Pre-tax Net Income2 $ 1,201  $ 1,201  1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized. 2 Pre-tax Net Income excludes corporate overhead allocation. The following table presents the unaudited pro forma condensed consolidated results of operations for the three and six months ended June 30, 2024 and 2023 assuming that the Surdex acquisition, discussed above, occurred on January 1, 2023. The pro forma information provided below is compiled from pre-acquisition information and includes pro forma adjustments for amortization and depreciation. The unaudited pro forma results are presented for informational purposes only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Gross Contract Revenue 3 $ 104,582  $ 91,215  $ 205,426  $ 171,923  Pre-tax Net (Loss) Income $ (2,048) $ 1,453  $ (4,009) $ 1,376  3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts with Customers, as it is impracticable to obtain the historical information necessary to apply this accounting standard. The historical estimates required to be able to accurately determine the percent complete accounting on the contracts that comprise the revenue is not available for the required periods. 2024 Acquisitions During the six months ended June 30, 2024, the Company completed three additional acquisitions in diverse geographic regions and service lines. The Company paid total consideration of $13.9 million through combinations of cash, promissory notes, shares of common stock and assumed liabilities. No cash was acquired with these acquisitions. Shares of common stock issued in connection with the acquisitions are subject to a six-month lock-up. Promissory notes bear a simple interest rate ranging from 5.00% to 6.75% and are payable in quarterly payments of principal and interest beginning May 2024 and ending in April 2027. For tax purposes, dependent on the transaction, the acquisitions were treated either as an asset acquisition, in which case the assets have been stepped up and recorded at their respective fair values, or a tax-free merger, in which case the assets have been recorded at their respective carrying values. Goodwill results from an assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. For asset acquisitions, all the goodwill recognized is expected to be deductible for tax purposes. For two of the acquisitions, the purchase agreement includes a contingent consideration feature, which affords the sellers the opportunity to earn additional consideration in the form of the Company's common stock, cash and non-negotiable promissory notes, based on certain financial performance thresholds. The final settlement amount will depend on ongoing operations of the acquired company. The payout amounts range between $0 and $1.0 million. See Note 2 Fair Value Measurements for additional information regarding the fair value of contingent consideration. For the six months ended June 30, 2024, for all of the 2024 acquisitions, the Company recorded measurement period adjustments of $0.6 million increase to goodwill offset by a $0.6 million increase to deferred tax liabilities. The change did not result in a change to operating income. In connection with all of the 2024 acquisitions, the Company recognized $0.6 million and $1.1 million of acquisition related expenses within Other Income and Expenses in the condensed consolidated statement of income for each of the three and six months ended June 30, 2024, respectively, including legal fees, consulting fees, and other miscellaneous expenses associated with acquisitions. 2023 Acquisitions During 2023, the Company completed eleven acquisitions in diverse geographic regions and service lines. The Company paid total consideration of $75.7 million through combinations of cash, promissory notes, convertible notes, shares of common stock and assumed liabilities. No cash was acquired with these acquisitions. Shares of common stock are subject to a six-month lock-up. Promissory notes bear a simple interest rate ranging from 5.00% to 11.00% and are payable in quarterly payments of principal and interest beginning February 2023 and ending in December 2026. Convertible notes bear a simple interest rate ranging from 7.00% to 8.00% and are payable in lump sum payments or quarterly payments of principal and interest beginning December 2024 and ending in September 2027; see Note 12 Notes Payable for additional information regarding the convertible notes payable. For tax purposes, dependent on the transaction, the acquisitions were treated either as an asset, stock or a merger. Goodwill results from an assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. Portions of the Goodwill recognized is expected to be deductible for tax purposes. For six of the acquisitions, the purchase agreement includes a contingent consideration feature, which affords the sellers the opportunity to earn additional consideration in the form of the Company's common stock, cash and non-negotiable promissory notes, based on certain financial performance thresholds. The final settlement amount will depend on ongoing operations of the acquired company. The payout amounts range between $0 and $3.0 million; see Note 2 Fair Value Measurements for additional information regarding the fair value of contingent consideration. For the six months ended June 30, 2024, for the 2023 acquisitions, the Company recorded measurement period adjustments of $0.4 million increase to goodwill offset by $0.4 million increase to consideration. The change did not result in a change to operating income. In connection with these acquisitions, the Company recognized $0.2 million and $0.7 million of acquisition related expenses within Other Income and Expenses in the condensed consolidated statement of income for each of the three and six months ended June 30, 2023, respectively, including legal fees, consulting fees, and other miscellaneous expenses associated with acquisitions. The purchase price allocations at fair value, for the 2023 acquisitions as of December 31, 2023 are presented below: (in thousands) 2023 Assets: Accounts receivable, net $ 10,112  Contract assets 6,334  Prepaid and other current assets 361  Property and equipment, net 1,952  Operating lease, right-of-use assets 7,078  Goodwill 43,900  Other intangible assets 27,361  Other assets - non-current 44  Total assets acquired: $ 97,142  Liabilities: Accounts payable and accrued liabilities, current portion $ 3,228  Contract liabilities 4,891  Other non-current obligations 24,222  Operating lease obligation, less current portion 7,078  Deferred tax liability 5,787  Total liabilities assumed: $ 45,206  Net assets acquired: $ 51,936  Cash flow reconciling items: Issuance of common stock as partial consideration $ (26,133) Cash paid for acquisitions, net of cash acquired $ 25,803  The amounts in the tables above represent the preliminary purchase allocation for the 2023 acquisitions. The purchase price allocation, including the residual amount allocated to goodwill, is based on preliminary information and is subject to change as additional information concerning final asset and liability valuations are obtained and management completes its reassessment of the measurement period procedures based on the results of the preliminary valuation. During the applicable measurement period, the Company will adjust assets and liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date. Definite-lived intangible assets that were acquired through asset acquisitions or business combinations include customer relationships, contract rights, and favorable leaseholds. These intangible assets are amortized over their estimated useful lives ranging from two to thirteen years using a straight-line method as it approximates the accelerated method. The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2024 and 2023: 2024 Weighted-Average Life 2023 Weighted-Average Life Customer relationships $ 14,830  12.94 $ 20,050  10.45 Contract rights 1,870  0.64 6,980  1.18 Favorable leaseholds -  n/a 331  7.76 Total $ 16,700  $ 27,361

v3.24.2.u1

Disaggregation of Revenue and Contract Balances	6 Months Ended
	Jun. 30, 2024
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue and Contract Balances	Disaggregation of Revenue and Contract Balances The Company disaggregates revenues by contract type, see Revenue Recognition in Note 2 for further details. For the three and six months ended June 30, 2024, the Company derived 89.9% and 89.8% of its revenue from contracts classified as lump sum, and 10.1% and 10.2% of its revenue from time and material contracts, respectively. For the three and six months ended June 30, 2023, the Company derived 88.8% and 89.2% of its revenue from contracts classified as lump sum, and 11.2% and 10.8% of its revenue from time and material contracts, respectively. The Company had approximately $273.9 million in remaining performance obligations as of June 30, 2024 of which it expects to recognize approximately 86.3% within the next twelve months and the remaining 13.7% in the next twelve to twenty-four months. Disaggregated revenues by contract type were as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Fixed fee $ 93,958  89.9  % $ 73,508  88.8  % $ 179,082  89.8  % $ 141,753  89.2  % Time-and-materials 10,543  10.1  % 9,247  11.2  % 20,327  10.2  % 17,102  10.8  % Gross contract revenue $ 104,501  100.0  % $ 82,755  100.0  % $ 199,409  100.0  % $ 158,855  100.0  % The Company recognized $0.5 million and $3.1 million of revenue for the three and six months ended June 30, 2024, respectively, which were included in the contract liabilities balance as of December 31, 2023, and $0.2 million and $2.8 million of revenue for the three and six months ended June 30, 2023, respectively, which were included in the contract liabilities balance as of December 31, 2022.

v3.24.2.u1

Contracts in Progress	6 Months Ended
	Jun. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contracts in Progress	Contracts in Progress The following table reflects the calculation of the net balance of contract assets and contract liabilities. Costs and estimated earnings on contracts in progress consist of the following (in thousands): June 30, 2024 December 31, 2023 Costs incurred on uncompleted contracts $ 380,668  $ 359,509  Estimated contract earnings in excess of costs incurred 583,580  541,851  Estimated contract earnings to date 964,248  901,360  Less: billed to date (929,928) (875,321) Net contract assets $ 34,320  $ 26,039

v3.24.2.u1

Notes Receivable	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Notes Receivable	Notes Receivable The Company has unsecured notes receivable from related parties, certain non-executive officers of the Company and an unrelated third party. The following is a summary of these notes receivable (in thousands): June 30, 2024 December 31, 2023 Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through January 2026. $ 2,264  $ 2,318  Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025.1 903  903  Total: 3,167  3,221  Less: current portion     Officers, employees and affiliates (1,151) (1,199) Noncurrent portion $ 2,016  $ 2,022  1Notes initiated prior to the Company's initial public offering. Each borrower may prepay all or part of the outstanding balance at any time prior to the date of maturity. During the six months ended June 30, 2024, interest accrued on the notes receivable at the stipulated rates between 0.0% and 5.50%.

v3.24.2.u1

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment for fixed assets are as follows (in thousands): June 30, 2024 December 31, 2023 Computer equipment $ 2,743  $ 2,321  Survey equipment 5,943  5,711  Vehicles 2,364  2,127  Furniture and fixtures 2,547  2,498  Leasehold improvements 9,276  8,870  Software 396  389  Camera Equipment 951  –  Aircraft 7,911  –  Engine & GPS 1,352  –  Fixed assets pending lease financing 1 989  960  Total: 34,472  22,876  Less: accumulated depreciation (16,434) (14,818) Property and Equipment, net of finance leased assets $ 18,038  $ 8,058  1assets acquired which will be re-financed under the Company's finance lease facilities Depreciation expense for fixed assets for the three and six months ended June 30, 2024 was $1.1 million and $1.8 million, respectively. Depreciation expense for fixed assets for the three and six months ended June 30, 2023 was $0.7 million and $1.2 million, respectively. Property and equipment for finance leased assets are as follows (in thousands): June 30, 2024 December 31, 2023 Equipment $ 30,286  $ 20,435  Vehicles 9,433  8,540  Total: 39,719  28,975  Less: accumulated amortization on leased assets (13,121) (9,432) Finance Leased Assets, net $ 26,598  $ 19,543  Amortization expense for finance leased assets for the three and six months ended June 30, 2024 was $2.3 million and $4.3 million, respectively. Amortization expense for finance leased assets for the three and six months ended June 30, 2023 was $1.8 million and $3.4 million, respectively.

v3.24.2.u1

Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill were as follows (in thousands): Goodwill Balance as of December 31, 2023 $ 96,393  2024 Acquisitions - additions 26,806  2023 Acquisitions - adjustments 388  Balance as of June 30, 2024 $ 123,587  There were no impairments of goodwill during the periods presented.

v3.24.2.u1

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Intangible Assets [Abstract]
Intangible Assets	Intangible Assets Total intangible assets consisted of the following at June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Gross Amount Accumulated Amortization Net Balance Gross Amount Accumulated Amortization Net Balance Customer relationships $ 58,454  $ (8,153) $ 50,301  $ 43,644  $ (5,643) $ 38,001  Contract rights 16,131  (12,623) 3,508  14,261  (8,036) 6,225  Leasehold 518  (142) 376  518  (105) 413  Domain name 281  –  281  281  –  281  Licensing rights 1,374  –  1,374  1,374  –  1,374  Total $ 76,758  $ (20,918) $ 55,840  $ 60,078  $ (13,784) $ 46,294  The domain name and licensing rights acquired for a total of $1.7 million, have indefinite useful lives. The following table summarizes the weighted average useful lives of intangible assets by asset class used for straight-line expense purposes: June 30, 2024 December 31, 2023 Customer relationships 11.34 11.27 Contract rights 1.70 1.84 Leasehold 7.86 7.86 Amortization expense for the three and six months ended June 30, 2024 was $3.8 million and $7.2 million, respectively. Amortization expense for the three and six months ended June 30, 2023 was $2.3 million and $3.7 million, respectively. Future amortization for the remainder of 2024 and for the succeeding years is as follows (in thousands): 2024 5,753  2025 6,174  2026 5,607  2027 5,434  2028 4,998  Thereafter 26,219  Total $ 54,185

v3.24.2.u1

Revolving Credit Facility and Fixed Credit Facility	6 Months Ended
	Jun. 30, 2024
Line of Credit Facility [Abstract]
Revolving Credit Facility and Fixed Credit Facility	Revolving Credit Facility and Fixed Credit Facility On May 2, 2024, the Company and certain of its subsidiaries as guarantors entered into a new 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 (the “New Credit Agreement”) for a new $100 million revolving credit facility (the “Revolving Credit Facility 2024”). The Revolving Credit Facility 2024 replaced the Company’s previous $70.0 million revolving credit facility (the "2022 Revolving Credit Facility"), and its non-revolving fixed line of credit ("Fixed Line #2") with Bank of America, N.A. In connection with the New Agreement,, the Company and certain of its subsidiaries entered into a Security and Pledge Agreement dated as May 2, 2024 with Bank of America, N.A., in its capacity as Administrative Agent. Under the New Credit Agreement, the Company is required to comply with certain covenants, including covenants on indebtedness, investments, liens and restricted payments, as well as maintain certain financial covenants, including a fixed charge coverage ratio and leverage ratio of debt to EBITDA (as defined in the New Credit Agreement). The Company recorded $0.3 million of deferred financing costs which will be amortized over the term outlined in the New Credit Agreement. On June 30, 2024, the interest rates on the Revolving Credit Facility 2024 ranged from 7.66% to 9.70%. All outstanding principal on the Revolving Credit Facility 2024 is due on May 2, 2029. As of June 30, 2024, the outstanding balance on the Revolving Credit Facility 2024 was $27.8 million, and there was no outstanding balance as of December 31, 2023. The Company secures its obligations under the New Credit Agreement with substantially all assets of the Company. Obligations of the Company to certain other shareholders of the Company are subordinated to the Company’s obligations under the New Credit Agreement. The Company must maintain, on a combined basis, certain financial covenants defined in the New Credit Agreement. Interest expense on the Revolving Credit Facility 2024 totaled $0.3 million during the three and six months ended June 30, 2024. During 2023, there was no interest expense on the Revolving Credit Facility 2024. On November 11, 2022, the Company and certain of its subsidiaries, as guarantors, entered into an Amended and Restated Credit Agreement with Bank of America, N.A. for the 2022 Revolving Credit Facility, as well as an Amended and Restated Pledge and Security. On August 2, 2023, the Company entered into a First Amendment to the Amended and Restated Credit Agreement whereby the maximum principal amount of the 2022 Revolving Credit Facility was increased to $70 million. As of June 30, 2024, this 2022 Revolving Credit Facility was paid in full, and $0.1 million of deferred financing costs were expensed along with the termination of the Amended and Restated Credit Agreement. On December 31, 2023, there was a balance of $45.3 million outstanding under the 2022 Revolving Credit Facility. Fixed Line #2 had a maximum advance of $1.0 million, and did not allow for re-borrowings and was included in Notes Payable (see Note 12). Commencing on the earlier of i) the date no remaining amount is available under the Fixed Line or, ii) August 31, 2020, the Company was obligated to pay the then outstanding principal balance in sixty equal monthly installments through maturity in September 2025. As of June 30, 2024, Fixed Line #2 was paid in full and there was no outstanding balance. As of December 31, 2023, the outstanding balance on Fixed Line #2 was $0.3 million. Interest expense on the 2022 Revolving Credit Facility and Fixed Line #2 totaled $0.1 million and $1.2 million during the three and six months ended June 30, 2024, respectively. Interest expense on both the 2022 Revolving Credit Facility and Fixed Line #2 totaled $12,000 and $0.2 million during the three and six months ended June 30, 2023, respectively.

v3.24.2.u1

Notes Payable	6 Months Ended
	Jun. 30, 2024
Debt Instruments [Abstract]
Notes Payable	Notes Payable Notes payable consist of the following (in thousands): June 30, 2024 December 31, 2023 Related parties: 1Shareholders and Owners of Acquired Entities - Interest accrues at rates ranging from 3.25% - 11.00% annually. The notes payable mature on various dates through April 2027. 28,811  21,663  Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 8.00% annually. The convertible notes payable mature on various dates through September 2027. 3,987  6,631  Unrelated third parties: Note payable for purchase of software and vehicles 10  130  Note payable for purchase of aircraft 5,993  —  Fixed line notes payable - see note 11 —  344  Discounts on notes payable issued as consideration in acquisitions: 1Shareholders and Owners of acquired entities (1,057) (1,041) Purchase of aircraft (34) —  Total 37,710  27,727  Less: current portion (15,169) (13,989) Noncurrent portion $ 22,541  $ 13,738  1Includes notes payable to all owners irrespective of current relationship with the Company The Company’s Chairman and Chief Executive Officer guarantees certain of the notes payable, and certain of the notes payable are subordinate to the terms of the Credit Agreement disclosed in Note 11. Interest expense attributable to the notes payable totaled $0.9 million and $1.5 million for the three and six months ended June 30, 2024, respectively. Interest expense attributable to the notes payable totaled $0.5 million and $0.9 million for the three and six months ended June 30, 2023, respectively. Future principal payments on notes payable for remainder of 2024 and succeeding years are as follows (in thousands): 2024 $ 8,540  2025 13,297  2026 8,997  2027 5,957  2028 1,477  2029 533  Total $ 38,801  Convertible Notes Payable In July 2022, the Company issued a $4.0 million 4.75% unsubordinated convertible note with a maturity date in April 2027 as partial consideration for the acquisition of Project Design Consultants, LLC. The convertible note is convertible into shares of common stock at the option of the holders, at any time, at a conversion price of $14.00 per share upon proper notice. Subject to the exercise of the conversion, the convertible note is payable in quarterly payments of principal, interest or both beginning in October 2022 and ending in April 2027. At any time, upon ten (10) business days’ notice to the Company, the holders may request that a prepayment of the principal or all or part of a regularly scheduled quarterly payment of the principal be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. If the request is made with respect to a regularly scheduled quarterly payment of principal, then the accrued interest shall be paid in cash. Elections were made by the holders, and as of June 30, 2024, $2.7 million of the note was converted to 192,004 shares of common stock at $14.00 per share. In August 2022, the Company issued a $1.1 million 5.50% unsubordinated convertible note with a maturity date in May 2027 as partial consideration for the acquisition of Anchor Consultants, LLC. The convertible note is convertible into shares of common stock at the option of the holders, at any time, at a conversion price of $18.00 per share upon proper notice. Subject to the exercise of the conversion, the convertible note has quarterly payments of principal, interest or both beginning in November 2022 and ending in May 2027. At any time, upon ten (10) business days’ notice to the Company, the holders may request that a prepayment of the principal or all or part of a regularly scheduled quarterly payment of the principal be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. If the request is made with respect to a regularly scheduled quarterly payment of principal, then the accrued interest shall be paid in cash. As of June 30, 2024, there has been no election by the holders to convert any portions of the convertible note to common stock. In December 2022, the Company issued a $1.6 million 7.00% unsubordinated convertible note with a maturity date in September 2027 as partial consideration for the acquisition of H2H Geoscience Engineering, PLLC. The convertible note will be convertible into shares of common stock at the option of the holders, at any time, at a conversion price of $18.00 per share upon proper notice. Subject to the exercise of the conversion, the convertible note has quarterly payments of principal, interest or both beginning in December 2024 and ending in September 2027. At any time, upon ten (10) business days’ notice to the Company, the holders may request that a prepayment of the principal or all or part of a regularly scheduled quarterly payment of the principal be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. If the request is made with respect to a regularly scheduled quarterly payment of principal, then the accrued interest shall be paid in cash. As of June 30, 2024, there has been no election by the holders to convert any portions of the convertible note to common stock. In November 2023, the Company issued a $1.3 million 8.00% unsubordinated convertible note with a maturity date in May 2024 as partial consideration for the acquisition of High Mesa Consulting Group, Inc. (see Note 4 Acquisitions). The convertible note was convertible into shares of common stock at the option of the holders, at any time, at a conversion price of $28.13 per share upon proper notice. Subject to the exercise of the conversion, the convertible note and the accrued interest were payable in May 2024. At any time, upon ten (10) business days’ notice to the Company, the holders may have requested that a prepayment of all or part of the unpaid principal amount and accrued interest be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. As of June 30, 2024, the entire balance of the note was converted into 48,067 shares of common stock at $28.13 per share, and there is no outstanding balance.

v3.24.2.u1

Pension and Post-retirement Benefit Obligations	6 Months Ended
	Jun. 30, 2024
Postemployment Benefits [Abstract]
Pension and Post-retirement Benefit Obligations	Pension and Post-retirement Benefit Obligations The Company sponsors various non-qualified defined benefit pension plans in the U.S. (the "Plan"). Individual benefits under the Plan generally are based on the employee’s years of creditable service and compliance with non-competes. The plan is unfunded and there are no plan assets. The following table details the components of net periodic benefit costs for the Company's pension plan for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2024 2023 2024 2023 Components of net periodic benefit cost: Service costs $ 10  $ 53  $ 20  $ 64  Interest costs 74  25  138  93  Amortization of net gain (10) (10) (21) (21) Net periodic benefit cost $ 74  $ 68  $ 137  $ 136  There are no required minimum contributions for the pension plans.

v3.24.2.u1

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company leased commercial office space from BCG Chantilly, LLC (BCC), an entity in which Mr. Bowman, Mr. Bruen and Mr. Hickey collectively own a 63.6% interest. As of June 30, 2024 and December 31, 2023 there were no amounts due to or receivables due from BCC. The lease terminated on April 19, 2024. Rent expense for each of the three and six months ended June 30, 2024 was $7,000 and $27,000, respectively. Rent expense for each of the three and six months ended June 30, 2023 was $21,000 and $41,000, respectively. Bowman Lansdowne Development, LLC (BLD) is an entity in which Mr. Bowman has an ownership interest. On June 30, 2024 and December 31, 2023, the Company’s notes receivable included $0.5 million from BLD, with a maturity date of January 31, 2026. Lansdowne Development Group, LLC (LDG) is an entity in which BLD has a minority ownership interest. On each of June 30, 2024 and December 31, 2023, our accounts receivable included $0.1 million, due from LDG. On June 30, 2024 and December 31, 2023, notes receivable included $0.4 million and $0.4 million, respectively from LDG, with a maturity date of January 31, 2026. Bowman Realty Investments 2010, LLC (BR10) is an entity in which Mr. Bowman has an ownership interest. On June 30, 2024 and December 31, 2023, the Company’s notes receivable included $0.2 million, from BR10, with a maturity date of January 31, 2026. Alwington Farm Developers, LLC (AFD) is an entity in which BR10 has a minority ownership interest. On each of June 30, 2024 and December 31, 2023, notes receivable included $1.2 million, from AFD, with a maturity date of December 31, 2024. MREC Shenandoah VA, LLC (“MREC Shenandoah”) is an entity in which Lake Frederick Holdings, LLC (“Lake Frederick Holdings”) owns a 92% interest and Shenandoah Station Partners LLC, an entity owned in part by BLD and in part by Bowman Realty Investments 2013 LLC "Bowman Realty" (BR13), owns an 8% interest. Mr. Bowman owns a 100% interest in, and is the manager of, Lake Frederick Holdings. Mr. Bowman is the sole member of Bowman Realty 2013 (BR13). Since 2020, the Company has provided engineering services to MREC Shenandoah in exchange for cash payments. During the six months ended June 30, 2024, the Company invoiced $0.1 million, and received payments of $0.1 million. During the six months ended June 30, 2023, the Company invoiced $0.1 million, and received payments of $0.1 million. During the six months ended June 30, 2024 and 2023, the Company provided administrative, accounting and project management services to certain of the related party entities. The cost of these services was $27,000 and $29,000, respectively. These entities were billed $33,000 and $30,000, respectively. Gregory Bowman, the son of Mr. Bowman, is a full-time employee of the Company. Gregory Bowman was paid $74,000 and $71,000 for the six months ended June 30, 2024 and 2023, respectively. On June 30, 2024 and December 31, 2023, the Company was due $35,000 and $48,000, respectively, from shareholders under the terms of stock subscription notes receivable. On June 30, 2024 and December 31, 2023, the Company owed $42,000 and $0.1 million, respectively, to the estate of a retired shareholder and former director in connection with a 2015 acquisition. In August 2022, the Company agreed to reimburse Mr. Bowman at a fixed hourly rate for the business use of an aircraft owned by Sunrise Asset Management, a company owned 100% by Mr. Bowman. The Company paid $0.3 million and $0.1 million for the six months ended June 30, 2024 and 2023, respectively.

v3.24.2.u1

Employee Stock Purchase and Stock Incentive Plans	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Employee Stock Purchase and Stock Incentive Plans	Employee Stock Purchase and Stock Incentive Plans Employee Stock Purchase Plan Effective April 30, 2021, the Company established the Bowman Consulting Group Ltd. 2021 Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees who elect to participate are granted the right to purchase shares of common stock at a 15% discount of the weighted average selling price of the Company stock for the 30 days prior to the last day of the offering period. The following table summarizes the stock issuance activity under the ESPP for the six months ended June 30, 2024 (in thousands, except share data): June 30, 2024 Total purchase price paid by employees for shares sold $ 932  Number of shares sold 32,346 Stock Options Effective May 11, 2021 the Company established the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan (“the Plan”). The plan is administered by the board of directors (the “Board”), who on its own action or through its designee may make grants of restricted stock options, including Incentive Stock Options (“ISO”), and non-qualified stock options (“NQSO”). The purpose of the Plan is to grant equity incentive awards to eligible participants to attract, motivate and retain key personnel. The Plan supersedes and replaces any prior plan for stock options except that the prior plan shall remain in effect with respect to options granted under such prior plan until such options have been exercised, expired or canceled. The number of shares for which each option shall be granted, whether the option is an ISO or NQSO, the option price, the exercisability of the option, and all other terms and conditions of the option are determined by the Board at the time the option is granted. The options generally vest over a period between two and five years. For the six months ended June 30, 2024, no new options were granted. A summary of the status of stock options exercised, including the substantive options discussed in Note 3, is as follows: Number of shares Weighted Average Exercise Price Outstanding at December 31, 2023 5,133 $ 6.02  Granted – –  Exercised (2,508) 5.99  Expired or cancelled – –  Outstanding at June 30, 2024 2,625 $ 6.05  The following summarizes information about options outstanding and exercisable at December 31, 2023 and June 30, 2024: Options Outstanding and Exercisable Exercise Price Total Outstanding Weighted Average Remaining Life (Years) Weighted Average Exercise Price Total Exercisable December 31, 2023 $ 6.28  5,133 5.0 $ 6.02  5,133 June 30, 2024 $ 6.28  2,625 5.0 $ 6.05  2,625 The intrinsic value of these options on June 30, 2024 and December 31, 2023 was $25.51 and $29.24, respectively. The Company received cash payments of $14,701 from the exercise of options under the Stock Option Plan in the six months ended June 30, 2024. The Company did not record any compensation costs related to stock options during the three and six months ended June 30, 2024. As of June 30, 2024, there is no unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Stock Option Plan. The remaining unexercised shares are from substantive options in which the non-recourse notes may be pre-paid, therefore the Company recognized the total calculated compensation expense at the time of issuance. Stock Bonus Plan Effective May 11, 2021, the Company established the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan (“the Plan”). The Plan is administered by the Board through which they can issue restricted stock awards. As of June 30, 2024, 4,883,271 shares of common stock are authorized and reserved for issuance under the Plan. This reserve automatically increases on each January 1, for the duration of the Plan, in an amount equal to 5% of the total number of shares outstanding on December 31st of the preceding calendar year. The Plan supersedes and replaces any prior plan for stock bonus grants to employees of the Company except that the prior plan shall remain in effect with respect to awards granted under such prior plan until such awards have been forfeited or fully vested. During the six months ended June 30, 2024, the Board granted 278,217 shares of restricted stock under the Plan. The shares have a vesting period of up to four years during which there are certain restrictions as described in the Plan and Stock Bonus Agreements. The grant date fair value of the award is the closing price of the shares on such date, or if there are no sales on such date, on the next preceding day on which there were sales. Effective April 2003, the Company adopted the Bowman Consulting Group Ltd. Stock Bonus Plan (“the Stock Bonus Plan”), which allowed for the awarding of restricted stock to employees. The Stock Bonus Plan was superseded by the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan except that the Stock Bonus Plan shall remain in effect with respect to awards granted under it until such awards have been forfeited or fully vested. During the six months ended June 30, 2024 no new restricted stock awards were granted under the Stock Bonus Plan. The following table summarizes the activity of restricted shares subject to forfeiture: Number of shares Weighted Average Grant Price Outstanding at January 1, 2024 1,719,619 18.78  Granted 278,217 32.22  Vested (816,700) 17.24  Cancelled (27,206) 19.36  Outstanding at June 30, 2024 1,153,930 23.15  On November 10, 2021 the Company’s Board adopted the 2021 Executive Officers Long Term Incentive Plan (the “Officers LTIP”). The Officers LTIP is established under the Plan and is subject to the terms and conditions thereof. The purpose of this plan is to attract, retain and motivate key officers and employees through the grant of equity-based awards that reward Company performance over a period greater than one year and align their interests with long-term stockholder value. During the six months ended June 30, 2024, the compensation committee approved the grants of 137,421 performance-based stock units to certain executive officers of the Company under the Officers LTIP. The performance based restricted stock units are subject to a market condition, with a vesting period of 2.91 years. The number of units earned is based on total shareholder return (“TSR”) of the Company’s common stock relative to the TSR of the components of a custom peer group during the performance period from February 9, 2024 to December 31, 2026. The performance stock units are valued using a Monte Carlo simulation with model inputs of opening average share value, valuation date stock price, expected volatilities, correlation coefficient, risk-free interest rate, and expected dividend yield for the Company and the custom peer group. The following table summarizes the activity of performance stock units subject to forfeiture: Number of shares Weighted Average Grant Price Outstanding at January 1, 2024 693,139 16.49  Granted 137,421 25.52  Vested (260,842) 13.81  Cancelled – –  Outstanding at June 30, 2024 569,718 19.90  The Company recognizes forfeitures as they occur. As of June 30, 2024, the Company had 1,153,930 shares underlying unvested stock awards that vest between April 1, 2024 and December 31, 2027. The future expense of the unvested awards for the remainder of 2024 and succeeding years is as follows (in thousands): 2024 $ 7,854  2025 11,699  2026 3,647  2027 157  2028 and thereafter 6  Total $ 23,363

v3.24.2.u1

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease. Operating and Finance Leases The Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets. The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months. The following tables present our balance sheet information related to leases: As of As of (Amounts in thousands) Balance Sheet Classification June 30, 2024 December 31, 2023 Assets: Operating lease assets Operating lease, right-of-use assets $ 40,316  $ 40,743  Finance lease assets Property and equipment, net $ 26,598  $ 19,543  Total lease assets $ 66,914  $ 60,286  Liabilities: Current: Operating lease liabilities Operating lease obligation, current portion $ (10,059) $ (9,016) Finance lease liabilities Finance lease obligation, current portion $ (9,182) $ (6,586) Total current lease liabilities $ (19,241) $ (15,602) Non-current: Operating lease liabilities Operating lease obligation, less current portion $ (36,332) $ (37,660) Finance lease liabilities Finance lease obligation, less current portion $ (19,099) $ (14,408) Total non-current lease liabilities $ (55,431) $ (52,068) The following tables present selected financial information: Three Months Ended Six Months Ended (Amounts in thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating lease cost Amortization of right-of-use assets $ 3,230  $ 2,711  $ 6,316  $ 5,204  Finance lease cost: Amortization of right-of-use assets 2,323  1,778  4,287  3,448  Interest on lease liabilities 411  367  775  723  Sublease Income (27) (22) (53) (22) Total lease cost $ 5,937  $ 4,834  $ 11,325  $ 9,353  Six Months Ended (Amounts in thousands) June 30, 2024 June 30, 2023 Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from operating leases $ 6,207  $ 4,736  Operating cash flows from finance leases 775  722  Financing cash flows from finance leases 4,053  3,285  Right-of-use assets obtained in exchange for new operating leases 4,316  13,255  Right-of-use assets obtained in exchange for new finance leases 10,775  4,377  As of As of June 30, 2024 December 31, 2023 Weighted average remaining lease term (in years): Operating leases 4.92 5.28 Finance leases 2.67 2.73 Weighted average discount rates: Operating leases 6.8  % 7.1  % Finance leases 6.9  % 7.4  % Future minimum commitments under leases for the succeeding years are as follows (in thousands): (Amounts in thousands) Year ending December 31, Operating Lease Finance Lease 2024 (six months remaining) $ 6,470  $ 5,436  2025 12,006  10,572  2026 10,396  7,120  2027 8,971  2,915  2028 7,979  412  Thereafter 8,830  –  Total lease payments $ 54,652  $ 26,455  Less: Amounts representing interest $ (8,436) $ (2,981) Total lease liabilities $ 46,216  $ 23,474  The above table is inclusive of $0.2 million sub-lease income associated with the $46.2 million total liability of operating leases as presented on the condensed consolidated balance sheet. The above table is exclusive of the $4.8 million purchase price associated with the $23.5 million total liability of finance leases as presented on the condensed consolidated balance sheet.
Leases	Leases We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease. Operating and Finance Leases The Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets. The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months. The following tables present our balance sheet information related to leases: As of As of (Amounts in thousands) Balance Sheet Classification June 30, 2024 December 31, 2023 Assets: Operating lease assets Operating lease, right-of-use assets $ 40,316  $ 40,743  Finance lease assets Property and equipment, net $ 26,598  $ 19,543  Total lease assets $ 66,914  $ 60,286  Liabilities: Current: Operating lease liabilities Operating lease obligation, current portion $ (10,059) $ (9,016) Finance lease liabilities Finance lease obligation, current portion $ (9,182) $ (6,586) Total current lease liabilities $ (19,241) $ (15,602) Non-current: Operating lease liabilities Operating lease obligation, less current portion $ (36,332) $ (37,660) Finance lease liabilities Finance lease obligation, less current portion $ (19,099) $ (14,408) Total non-current lease liabilities $ (55,431) $ (52,068) The following tables present selected financial information: Three Months Ended Six Months Ended (Amounts in thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating lease cost Amortization of right-of-use assets $ 3,230  $ 2,711  $ 6,316  $ 5,204  Finance lease cost: Amortization of right-of-use assets 2,323  1,778  4,287  3,448  Interest on lease liabilities 411  367  775  723  Sublease Income (27) (22) (53) (22) Total lease cost $ 5,937  $ 4,834  $ 11,325  $ 9,353  Six Months Ended (Amounts in thousands) June 30, 2024 June 30, 2023 Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from operating leases $ 6,207  $ 4,736  Operating cash flows from finance leases 775  722  Financing cash flows from finance leases 4,053  3,285  Right-of-use assets obtained in exchange for new operating leases 4,316  13,255  Right-of-use assets obtained in exchange for new finance leases 10,775  4,377  As of As of June 30, 2024 December 31, 2023 Weighted average remaining lease term (in years): Operating leases 4.92 5.28 Finance leases 2.67 2.73 Weighted average discount rates: Operating leases 6.8  % 7.1  % Finance leases 6.9  % 7.4  % Future minimum commitments under leases for the succeeding years are as follows (in thousands): (Amounts in thousands) Year ending December 31, Operating Lease Finance Lease 2024 (six months remaining) $ 6,470  $ 5,436  2025 12,006  10,572  2026 10,396  7,120  2027 8,971  2,915  2028 7,979  412  Thereafter 8,830  –  Total lease payments $ 54,652  $ 26,455  Less: Amounts representing interest $ (8,436) $ (2,981) Total lease liabilities $ 46,216  $ 23,474  The above table is inclusive of $0.2 million sub-lease income associated with the $46.2 million total liability of operating leases as presented on the condensed consolidated balance sheet. The above table is exclusive of the $4.8 million purchase price associated with the $23.5 million total liability of finance leases as presented on the condensed consolidated balance sheet.

v3.24.2.u1

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to June 30, 2024, the Company completed two acquisitions, and paid total consideration of $14.3 million through combinations of cash, promissory notes, shares of common stock and assumed liabilities. No cash was acquired with these acquisitions. Shares of common stock issued in connection with the acquisitions are subject to a six-month lock-up. Promissory notes bear a simple interest rate of 5.00% with payments of principal and interest beginning October 2024 and ending in July 2027.

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (2,082)	$ (634)	$ (3,640)	$ (97)

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Patricia Mulroy [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 13, 2024, Patricia Mulroy, a Director of the Company, adopted a 10b5-1 Plan that provides for the sale of up to 1,400 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan from August 12, 2024 through September 2024. Ms. Mulroy’s prior 10b5-1 Plan expired by its terms in August 2023.
Name	Patricia Mulroy
Title	Director of the Company
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 13, 2024
Expiration Date	September 2024
Arrangement Duration	49 days
Aggregate Available	1,400	1,400
Stephen Riddick [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 15, 2024, Stephen Riddick, a Director of the Company, adopted a 10b5-1 Plan that provides for the sale of up to 6,600 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan from August 14, 2024 through August 2025.
Name	Stephen Riddick
Title	Director of the Company
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 15, 2024
Arrangement Duration	382 days
Aggregate Available	6,600	6,600
Robert A. Hickey [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 17, 2024, Robert A. Hickey, the Company’s Chief Legal Officer and Secretary, adopted a 10b5-1 Plan that provides for the sale of up to 45,000 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan from August 19, 2024 through July 2025. Mr. Hickey’s prior 10b5-1 Plan expired by its terms in May 2024.
Name	Robert A. Hickey
Title	Company’s Chief Legal Officer and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 17, 2024
Expiration Date	July 2025
Arrangement Duration	346 days
Aggregate Available	45,000	45,000
Michael Bruen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 28, 2024, Michael Bruen, the Company’s President and Director, adopted a 10b5-1 Plan that provides for (i) the sale of up to 25,000 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan and (ii) a gift of 7,500 shares of the Company's common stock pursuant to the terms of the 10b5-1 Plan, in each case from September 2024 through February 2025. Mr. Bruen’s prior 10b5-1 Plan expires by its terms in August 2024.
Name	Michael Bruen
Title	Company’s President and Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 28, 2024
Expiration Date	February 2025
Arrangement Duration	180 days
Aggregate Available	25,000	25,000
Bruce Labovitz [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 12, 2024, Bruce Labovitz, the Company’s Chief Financial Officer, adopted a 10b5-1 Plan that provides for the sale of up to 30,000 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan pursuant to the terms of the 10b5-1 Plan from September 16, 2024 through April 2025. Mr. Labovitz’s prior 10b5-1 Plan expired by its terms in April 2024.
Name	Bruce Labovitz
Title	Company’s Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 12, 2024
Expiration Date	April 2025
Arrangement Duration	226 days
Aggregate Available	30,000	30,000

v3.24.2.u1

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, changes in shareholders’ equity and cash flows. The results of operations for the current period are not necessarily indicative of the results for the full year or the results for any future periods. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 12, 2024. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Emerging Growth Company	Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act (“JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934 (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is either not an emerging growth company or, an emerging growth company that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used.
Revenue Recognition	Revenue Recognition As discussed in Note 1, the Company provides a variety of engineering and related professional services to customers located throughout the United States. The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have written agreements with its customers and revenue on oral or implied arrangements is generally not recognized. The Company recognizes revenue based on the consideration specified in the applicable agreement. Excluded from the transaction price are amounts collected on behalf of third parties for sales and similar taxes. Long-term contracts typically contain billing terms that provide for invoicing once a month and payment on a net 30-day basis. Exceptions exist to monthly billing are to ensure that the Company performs satisfactorily and do not represent a significant financing component. For example, certain fixed price contracts provide for milestone billings based upon the attainment of specific project objectives to ensure the Company meets its contractual requirements rather than monthly billing. Another example is, contracts that include retentions or holdbacks paid at the end of a project to ensure that Company meets the contract requirements. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the customer and the transfer of promised services to the customer will be less than one year. As a professional services engineering firm, the Company generally recognizes revenue over time as control transfers to a customer based upon the extent of progress towards satisfaction of the performance obligation. For services delivered under fixed price contracts, the Company uses the ratio of actual costs incurred to total estimated costs since costs incurred (an input method) represents a reasonable measure of progress towards the satisfaction of a performance obligation in order to estimate the portion of revenue earned. This method faithfully depicts the transfer of value to the customer when the Company is satisfying a performance obligation that entails a number of interrelated tasks or activities for a combined output that requires the Company to coordinate the work of employees and sub-consultants. Contract costs typically include direct labor, subcontract and consultant costs, materials and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, so that revised estimates are recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, changes in scope, unanticipated costs, delays or favorable or unfavorable progress that differ from original expectations. In situations where the remaining estimated costs to perform exceed the consideration to be received, the Company accrues the entire estimated loss during the period the loss becomes known. When a performance obligation is billed using a time-and-material type contract, the Company measures its progress to complete based upon the hours incurred for the period times contractually agreed upon billing rates plus any materials delivered or consumed in the project. When applicable, the Company will recognize revenue under these contracts as invoiced under the practical expedient. In certain situations, it is possible that two or more contracts should be combined and accounted for as a single contract, or a single contract should be accounted for as multiple performance obligations. This requires significant judgment and could impact the amount and timing of revenue recognition. Such determinations are made using management’s best estimate and knowledge of contracts and related performance obligations. The Company’s contracts may contain variable consideration in the form of unpriced or pending change orders or claims that either increase or decrease the contract price. Variable consideration is generally estimated using the expected value method but may from time to time be estimated using the most likely amount method depending on the circumstance. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are based upon historical experience and known trends. The Company recognizes claims against vendors, sub-consultants, and others as a reduction in costs when the contract establishes enforceability, and the amounts of recovery are reasonably estimable and probable. Reduction in costs are recognized at the lesser of the amount management expects to recover or costs incurred. Contract related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to the revenue cycle are as follows: Accounts receivables, net: Accounts receivable, net (contract receivables) includes amounts billed under the contract terms. The amounts are stated at their net realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated number of receivables that will not be collected. The Company considers several factors in its estimated expected credit losses including knowledge of a client’s financial condition, its historical collection experience, and other factors relevant to assessing the collectability of such receivables. No single client accounted for more than 10% of the Company's outstanding receivables at June 30, 2024 and December 31, 2023. Contract Assets: Contract Assets are recorded when progress to completion revenue earned on contracts exceeds amounts billed under the contract. It may also include contract retainages that can be billed once contract stipulations are satisfied. Contract Liabilities: Contract Liabilities are recorded when amounts billed under a contract exceeds the progress to completion revenue earned under the contract.
Allowance for Doubtful Accounts and Expected Credit Losses	Allowance for Doubtful Accounts and Expected Credit Losses The Company records accounts receivable net of an allowance for doubtful accounts. The allowance is determined based upon management’s review of the estimated collectability of the specific accounts receivable, client type, client credit worthiness, plus a general provision based upon the historical loss experience and existing economic conditions. The Company charges off uncollectible amounts against the allowance for doubtful accounts once management determines the amount, or a portion thereof, to be worthless. Upon determination that a specific receivable is uncollectible, the receivable is written off against the allowance for expected credit losses.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from the estimates and assumptions that were used.
Concentration of Credit Risk and other Concentrations	Concentration of Credit Risk and other Concentrations The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash and accounts receivable. Cash balances at various times during the year may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company’s cash deposits are held in institutions whose credit ratings are monitored by management, and the Company has not incurred any losses related to such deposits. The Company can, at times, be subject to a concentration of credit risk with respect to outstanding accounts receivable. However, the Company believes no such concentration existed during the six months ended June 30, 2024, or the year ended December 31, 2023. The Company’s customers are located throughout the United States across diverse market sectors. Although the Company generally grants credit without collateral, management believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Also, for non-governmental customers, the Company can often place mechanics liens against the real property associated with the contract in the event of non-payment.
Fair Value Measurements	Fair Value Measurements Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”) provides the framework for measuring and reporting financial assets and liabilities at fair value. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The codification establishes a three-level disclosure hierarchy to indicate the level of judgment used to estimate fair value measurements: Level 1:    Quoted prices in active markets for identical assets or liabilities as of the reporting date; Level 2:    Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices (such as interest rate and yield curves); Level 3:    Uses inputs that are unobservable, supported by little or no market activity and reflect significant management judgment. As of June 30, 2024 and December 31, 2023: •The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the relatively short duration of these instruments; •The carrying amounts of debt obligations approximate their fair values as the terms are comparable to terms currently offered by local financial institutions for arrangements with similar terms to industry peers with comparable credit characteristics. Accordingly, the debt obligations involve Level 3 fair value inputs; Fair value measurements relating to our business combinations are made primarily using Level 3 inputs including discounted cash flow and to the extent applicable, Monte Carlo simulation techniques. Fair value for the identified intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as property, plant and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using published treasury rates in the Wall St. Journal and discounting the present value along with other significant assumptions which include projections of revenue, and probabilities of meeting those projections, as well as Monte Carlo simulation techniques. The following is a summary of change in contingent consideration: (in thousands) For the Six Months Ended June 30, 2024 For the Year Ended December 31, 2023 Balance at beginning of period $ 10,567  $ 487  Fair value of contingent consideration issuances 1,504  10,379  Change in fair value of contingent consideration 313  (299) Settlement of contingent consideration (1,890) –  Balance at end of period $ 10,494  $ 10,567  The change in fair value consideration is included in Other Expense in the Condensed Consolidated Income Statement.
Income Taxes	Income Taxes The Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the condensed consolidated financial statements or tax returns. Under this method, deferred income tax assets or liabilities are determined based upon the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates expected to apply when the differences settle or become realized. Valuation allowances are provided when it is more likely than not that a deferred tax asset is not realizable or recoverable in the future. As of June 30, 2024, no valuation allowances are required, and all deferred tax assets are realizable. The Company assesses uncertain tax positions to determine whether the position will more likely than not be sustained upon examination by the Internal Revenue Service or other taxing authorities. If the Company cannot reach a more-likely-than-not determination, no benefit is recorded. If the Company determines that the tax position is more likely than not to be sustained, the Company records the largest amount of benefit that is more likely than not to be realized when the tax position is settled. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Beginning January 1, 2022, the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the option to deduct research and development expenditures in the current year and now requires taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses. During the second quarter of 2024, the Company made a determination to change its accounting method for Section 174 costs, and accordingly, released an uncertain tax position reserve of $47.9 million associated with the previously established position. While this method change is a timing difference between current and deferred taxes, the effect of this release generated an income tax benefit of $4.0 million as a result of a decrease in accrued tax penalties and interest. The Company intends to file a Form 3115 application to effectuate this change in its accounting method. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in income in the period that includes the enactment date. The Company’s effective tax rate for the six months ended June 30, 2024 and 2023 was 55.1% and (95.0)%, respectively. The change in the Company’s effective tax rate is predominantly due to changes in the estimated annual effective tax rate and certain non-recurring discrete events, as discussed below. The most prominent factors impacting the estimated annual effective tax rate include a decrease in projected R&D credits generated for 2024, a change in the projected limitations of the deductible executive compensation for 2024, and an overall reduction in forecasted income for 2024 relative to 2023. With respect to the projected R&D credit, the Company anticipates the 2024 generated R&D credit to be $3.3 million as of June 30, 2024, as compared to the projected R&D credit to be generated of $3.8 million as of June 30, 2023. Similarly, the Company anticipates the annual projected limitation on the deductibility of executive compensation to be $19.5 million for 2024 as compared to $9.8 million for 2023. These factors as well as the forecasted change in book income predominantly resulted in the change in the estimated annual effective tax rate. Further, the Company also recognized net discrete benefits of $7.5 million for the six months ended June 30, 2024, as compared to net discrete benefit of $1.6 million for the six months ended June 30, 2023. The net discrete benefits are predominantly the result of a windfall tax benefit for restricted stock awards, penalties and interest recorded for uncertain tax positions, and other non-recurring adjustments. More specifically, the windfall tax adjustment for restricted stock awards recognized at a value higher than the grant date fair value is $4.3 million for the six months ended June 30, 2024, and $2.0 million for the six months ended June 30, 2023. Penalties and interest accrued for uncertain tax positions is $0.7 million for the six months ended June 30, 2024, and $0.2 million for the six months ended June 30, 2023. In addition, there was a one-time $4.0 million decrease in accrued penalties and interest for the reversal of the uncertain tax position for Section 174 costs for the six months ended June 30, 2024, as discussed above. These factors increased the rate by 90.4% for the quarter ended June 30, 2024, and increased the rate by 82.6% for the quarter ended June 30, 2023. The Company files income tax returns in the U.S. federal jurisdiction and certain states in which it operates. Based on the timing of the filing of certain tax returns, the Company’s federal income tax returns for tax years 2020 and thereafter remain subject to examination by the U.S. Internal Revenue Service. The statute of limitations on the Company’s state income tax returns generally conforms to the federal three-year statute of limitations.
Segments	Segments The Company operates in one segment based upon the financial information used by its chief operating decision maker in evaluating the financial performance of its business and allocating resources. The single segment represents the Company’s core business of providing engineering and related professional services to its customers.
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance Accounting guidance not yet adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items in annual and interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. We are currently evaluating the impacts of the new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and should be applied prospectively. Retrospective application is permitted. We are currently evaluating the impacts of the new standard. The Company does not believe that any recently issued standards would have a material effect on its condensed consolidated financial statements.

v3.24.2.u1

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Change in Contingent Consideration	The following is a summary of change in contingent consideration: (in thousands) For the Six Months Ended June 30, 2024 For the Year Ended December 31, 2023 Balance at beginning of period $ 10,567  $ 487  Fair value of contingent consideration issuances 1,504  10,379  Change in fair value of contingent consideration 313  (299) Settlement of contingent consideration (1,890) –  Balance at end of period $ 10,494  $ 10,567

v3.24.2.u1

(Loss) Earnings Per Share and Certain Related Information (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Summary of Reconciliation of Net Income and Weighted Average Shares Outstanding for Calculation of Basic and Diluted Earnings per Share	The following table represents a reconciliation of the net (loss) income and weighted average shares outstanding for the calculation of basic and diluted (loss) earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share data):   For the Three Months Ended June 30, For the Six Months Ended June 30,   2024 2023 2024 2023 Numerator Net loss $ (2,082) $ (634) $ (3,640) $ (97) Earnings allocated to non-vested shares –  –  –  –  Subtotal $ (2,082) $ (634) $ (3,640) $ (97) Denominator Weighted average common shares outstanding 16,301,926 12,276,173 15,064,827 12,022,550 Effect of dilutive nominal options – – – – Effect of dilutive contingently earned shares – – – – Dilutive average shares outstanding 16,301,926 12,276,173 15,064,827 12,022,550 Basic loss per share $ (0.13) $ (0.05) $ (0.24) $ (0.01) Dilutive loss per share $ (0.13) $ (0.05) $ (0.24) $ (0.01)

v3.24.2.u1

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Summary of Changes in Preliminary Calculations of the Fair Values of Assets Acquired and Liabilities Assumed	The following summarizes the preliminary calculations of the fair values of Surdex assets acquired and liabilities assumed as of the acquisition date (in thousands): (in thousands) Surdex Assets: Accounts receivable, net $ 4,052  Contract assets 3,210  Prepaid and other current assets 1,940  Property and equipment, net 15,167  Operating lease, right-of-use assets 1,030  Goodwill 17,461  Other intangible assets 12,810  Total assets acquired: $ 55,670  Liabilities: Accounts payable and accrued liabilities, current portion $ 3,083  Contract liabilities 685  Other non-current obligations 11,465  Operating lease obligation, less current portion 1,030  Deferred tax liability 6,987  Total liabilities assumed: $ 23,250  Net assets acquired: $ 32,420  Cash flow reconciling items: Issuance of common stock as partial consideration $ (16,536) Cash paid for acquisitions, net of cash acquired $ 15,884  The purchase price allocations at fair value, for the 2023 acquisitions as of December 31, 2023 are presented below: (in thousands) 2023 Assets: Accounts receivable, net $ 10,112  Contract assets 6,334  Prepaid and other current assets 361  Property and equipment, net 1,952  Operating lease, right-of-use assets 7,078  Goodwill 43,900  Other intangible assets 27,361  Other assets - non-current 44  Total assets acquired: $ 97,142  Liabilities: Accounts payable and accrued liabilities, current portion $ 3,228  Contract liabilities 4,891  Other non-current obligations 24,222  Operating lease obligation, less current portion 7,078  Deferred tax liability 5,787  Total liabilities assumed: $ 45,206  Net assets acquired: $ 51,936  Cash flow reconciling items: Issuance of common stock as partial consideration $ (26,133) Cash paid for acquisitions, net of cash acquired $ 25,803  The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2024 and 2023: 2024 Weighted-Average Life 2023 Weighted-Average Life Customer relationships $ 14,830  12.94 $ 20,050  10.45 Contract rights 1,870  0.64 6,980  1.18 Favorable leaseholds -  n/a 331  7.76 Total $ 16,700  $ 27,361
Summary of Results of Operations of Businesses Acquired From Dates of Acquisitions	The following table presents the results of operations of Surdex since the date of acquisition for the three and six months ended June 30, 2024 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2024 Gross Contract Revenue 1 $ 6,333  $ 6,333  Pre-tax Net Income2 $ 1,201  $ 1,201  1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized. 2 Pre-tax Net Income excludes corporate overhead allocation.
Summary of Unaudited Pro Forma Results	The unaudited pro forma results are presented for informational purposes only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Gross Contract Revenue 3 $ 104,582  $ 91,215  $ 205,426  $ 171,923  Pre-tax Net (Loss) Income $ (2,048) $ 1,453  $ (4,009) $ 1,376  3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts with Customers, as it is impracticable to obtain the historical information necessary to apply this accounting standard. The historical estimates required to be able to accurately determine the percent complete accounting on the contracts that comprise the revenue is not available for the required periods.

v3.24.2.u1

Disaggregation of Revenue and Contract Balances (Tables)	6 Months Ended
	Jun. 30, 2024
Disaggregation of Revenue [Abstract]
Summary of Disaggregated Revenues by Contract Type	Disaggregated revenues by contract type were as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Fixed fee $ 93,958  89.9  % $ 73,508  88.8  % $ 179,082  89.8  % $ 141,753  89.2  % Time-and-materials 10,543  10.1  % 9,247  11.2  % 20,327  10.2  % 17,102  10.8  % Gross contract revenue $ 104,501  100.0  % $ 82,755  100.0  % $ 199,409  100.0  % $ 158,855  100.0  %

v3.24.2.u1

Contracts in Progress (Tables)	6 Months Ended
	Jun. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Summary of Costs and Estimated Earnings on Contracts	The following table reflects the calculation of the net balance of contract assets and contract liabilities. Costs and estimated earnings on contracts in progress consist of the following (in thousands): June 30, 2024 December 31, 2023 Costs incurred on uncompleted contracts $ 380,668  $ 359,509  Estimated contract earnings in excess of costs incurred 583,580  541,851  Estimated contract earnings to date 964,248  901,360  Less: billed to date (929,928) (875,321) Net contract assets $ 34,320  $ 26,039

v3.24.2.u1

Notes Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Summary of Notes Receivable	The Company has unsecured notes receivable from related parties, certain non-executive officers of the Company and an unrelated third party. The following is a summary of these notes receivable (in thousands): June 30, 2024 December 31, 2023 Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through January 2026. $ 2,264  $ 2,318  Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025.1 903  903  Total: 3,167  3,221  Less: current portion     Officers, employees and affiliates (1,151) (1,199) Noncurrent portion $ 2,016  $ 2,022  1Notes initiated prior to the Company's initial public offering.

v3.24.2.u1

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment for Fixed Assets	Property and equipment for fixed assets are as follows (in thousands): June 30, 2024 December 31, 2023 Computer equipment $ 2,743  $ 2,321  Survey equipment 5,943  5,711  Vehicles 2,364  2,127  Furniture and fixtures 2,547  2,498  Leasehold improvements 9,276  8,870  Software 396  389  Camera Equipment 951  –  Aircraft 7,911  –  Engine & GPS 1,352  –  Fixed assets pending lease financing 1 989  960  Total: 34,472  22,876  Less: accumulated depreciation (16,434) (14,818) Property and Equipment, net of finance leased assets $ 18,038  $ 8,058  1assets acquired which will be re-financed under the Company's finance lease facilities Property and equipment for finance leased assets are as follows (in thousands): June 30, 2024 December 31, 2023 Equipment $ 30,286  $ 20,435  Vehicles 9,433  8,540  Total: 39,719  28,975  Less: accumulated amortization on leased assets (13,121) (9,432) Finance Leased Assets, net $ 26,598  $ 19,543

v3.24.2.u1

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill Resulting From Business Acquisitions	Changes in the carrying amount of goodwill were as follows (in thousands): Goodwill Balance as of December 31, 2023 $ 96,393  2024 Acquisitions - additions 26,806  2023 Acquisitions - adjustments 388  Balance as of June 30, 2024 $ 123,587

v3.24.2.u1

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Intangible Assets [Abstract]
Summary of Total Intangible Assets	Total intangible assets consisted of the following at June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Gross Amount Accumulated Amortization Net Balance Gross Amount Accumulated Amortization Net Balance Customer relationships $ 58,454  $ (8,153) $ 50,301  $ 43,644  $ (5,643) $ 38,001  Contract rights 16,131  (12,623) 3,508  14,261  (8,036) 6,225  Leasehold 518  (142) 376  518  (105) 413  Domain name 281  –  281  281  –  281  Licensing rights 1,374  –  1,374  1,374  –  1,374  Total $ 76,758  $ (20,918) $ 55,840  $ 60,078  $ (13,784) $ 46,294
Summary of Weighted Average Useful Lives of Intangible Assets by Asset Class Used for Straight-line Expense Purposes	The following table summarizes the weighted average useful lives of intangible assets by asset class used for straight-line expense purposes: June 30, 2024 December 31, 2023 Customer relationships 11.34 11.27 Contract rights 1.70 1.84 Leasehold 7.86 7.86
Summary of Future amortization	Future amortization for the remainder of 2024 and for the succeeding years is as follows (in thousands): 2024 5,753  2025 6,174  2026 5,607  2027 5,434  2028 4,998  Thereafter 26,219  Total $ 54,185

v3.24.2.u1

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Instruments [Abstract]
Schedule of Notes Payable	Notes payable consist of the following (in thousands): June 30, 2024 December 31, 2023 Related parties: 1Shareholders and Owners of Acquired Entities - Interest accrues at rates ranging from 3.25% - 11.00% annually. The notes payable mature on various dates through April 2027. 28,811  21,663  Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 8.00% annually. The convertible notes payable mature on various dates through September 2027. 3,987  6,631  Unrelated third parties: Note payable for purchase of software and vehicles 10  130  Note payable for purchase of aircraft 5,993  —  Fixed line notes payable - see note 11 —  344  Discounts on notes payable issued as consideration in acquisitions: 1Shareholders and Owners of acquired entities (1,057) (1,041) Purchase of aircraft (34) —  Total 37,710  27,727  Less: current portion (15,169) (13,989) Noncurrent portion $ 22,541  $ 13,738  1Includes notes payable to all owners irrespective of current relationship with the Company
Schedule of Future Principal Payments on Notes Payable	Future principal payments on notes payable for remainder of 2024 and succeeding years are as follows (in thousands): 2024 $ 8,540  2025 13,297  2026 8,997  2027 5,957  2028 1,477  2029 533  Total $ 38,801

v3.24.2.u1

Pension and Post-retirement Benefit Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Postemployment Benefits [Abstract]
Schedule of Net Periodic Benefit Costs	The following table details the components of net periodic benefit costs for the Company's pension plan for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands) 2024 2023 2024 2023 Components of net periodic benefit cost: Service costs $ 10  $ 53  $ 20  $ 64  Interest costs 74  25  138  93  Amortization of net gain (10) (10) (21) (21) Net periodic benefit cost $ 74  $ 68  $ 137  $ 136

v3.24.2.u1

Employee Stock Purchase and Stock Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Issuance Activity Under Employee Stock Purchase Plan	The following table summarizes the stock issuance activity under the ESPP for the six months ended June 30, 2024 (in thousands, except share data): June 30, 2024 Total purchase price paid by employees for shares sold $ 932  Number of shares sold 32,346
Summary of Status of Stock Options Exercised, Including Substantive Options and Information about Options Outstanding and Exercisable	A summary of the status of stock options exercised, including the substantive options discussed in Note 3, is as follows: Number of shares Weighted Average Exercise Price Outstanding at December 31, 2023 5,133 $ 6.02  Granted – –  Exercised (2,508) 5.99  Expired or cancelled – –  Outstanding at June 30, 2024 2,625 $ 6.05  The following summarizes information about options outstanding and exercisable at December 31, 2023 and June 30, 2024: Options Outstanding and Exercisable Exercise Price Total Outstanding Weighted Average Remaining Life (Years) Weighted Average Exercise Price Total Exercisable December 31, 2023 $ 6.28  5,133 5.0 $ 6.02  5,133 June 30, 2024 $ 6.28  2,625 5.0 $ 6.05  2,625
Summary of Activity of Restricted Shares Subject to Forfeiture	The following table summarizes the activity of restricted shares subject to forfeiture: Number of shares Weighted Average Grant Price Outstanding at January 1, 2024 1,719,619 18.78  Granted 278,217 32.22  Vested (816,700) 17.24  Cancelled (27,206) 19.36  Outstanding at June 30, 2024 1,153,930 23.15
Summary of Activity of Performance Stock Units Subject to Forfeiture	The following table summarizes the activity of performance stock units subject to forfeiture: Number of shares Weighted Average Grant Price Outstanding at January 1, 2024 693,139 16.49  Granted 137,421 25.52  Vested (260,842) 13.81  Cancelled – –  Outstanding at June 30, 2024 569,718 19.90
Summary of Future Expense of Unvested Awards	The future expense of the unvested awards for the remainder of 2024 and succeeding years is as follows (in thousands): 2024 $ 7,854  2025 11,699  2026 3,647  2027 157  2028 and thereafter 6  Total $ 23,363

v3.24.2.u1

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Supplemental Balance Sheet Information	The following tables present our balance sheet information related to leases: As of As of (Amounts in thousands) Balance Sheet Classification June 30, 2024 December 31, 2023 Assets: Operating lease assets Operating lease, right-of-use assets $ 40,316  $ 40,743  Finance lease assets Property and equipment, net $ 26,598  $ 19,543  Total lease assets $ 66,914  $ 60,286  Liabilities: Current: Operating lease liabilities Operating lease obligation, current portion $ (10,059) $ (9,016) Finance lease liabilities Finance lease obligation, current portion $ (9,182) $ (6,586) Total current lease liabilities $ (19,241) $ (15,602) Non-current: Operating lease liabilities Operating lease obligation, less current portion $ (36,332) $ (37,660) Finance lease liabilities Finance lease obligation, less current portion $ (19,099) $ (14,408) Total non-current lease liabilities $ (55,431) $ (52,068)
Schedule of Selected Financial Information	The following tables present selected financial information: Three Months Ended Six Months Ended (Amounts in thousands) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating lease cost Amortization of right-of-use assets $ 3,230  $ 2,711  $ 6,316  $ 5,204  Finance lease cost: Amortization of right-of-use assets 2,323  1,778  4,287  3,448  Interest on lease liabilities 411  367  775  723  Sublease Income (27) (22) (53) (22) Total lease cost $ 5,937  $ 4,834  $ 11,325  $ 9,353  Six Months Ended (Amounts in thousands) June 30, 2024 June 30, 2023 Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from operating leases $ 6,207  $ 4,736  Operating cash flows from finance leases 775  722  Financing cash flows from finance leases 4,053  3,285  Right-of-use assets obtained in exchange for new operating leases 4,316  13,255  Right-of-use assets obtained in exchange for new finance leases 10,775  4,377  As of As of June 30, 2024 December 31, 2023 Weighted average remaining lease term (in years): Operating leases 4.92 5.28 Finance leases 2.67 2.73 Weighted average discount rates: Operating leases 6.8  % 7.1  % Finance leases 6.9  % 7.4  %
Summary of Future Minimum Lease Payments	Future minimum commitments under leases for the succeeding years are as follows (in thousands): (Amounts in thousands) Year ending December 31, Operating Lease Finance Lease 2024 (six months remaining) $ 6,470  $ 5,436  2025 12,006  10,572  2026 10,396  7,120  2027 8,971  2,915  2028 7,979  412  Thereafter 8,830  –  Total lease payments $ 54,652  $ 26,455  Less: Amounts representing interest $ (8,436) $ (2,981) Total lease liabilities $ 46,216  $ 23,474
Summary of Future Minimum Lease Payments	Future minimum commitments under leases for the succeeding years are as follows (in thousands): (Amounts in thousands) Year ending December 31, Operating Lease Finance Lease 2024 (six months remaining) $ 6,470  $ 5,436  2025 12,006  10,572  2026 10,396  7,120  2027 8,971  2,915  2028 7,979  412  Thereafter 8,830  –  Total lease payments $ 54,652  $ 26,455  Less: Amounts representing interest $ (8,436) $ (2,981) Total lease liabilities $ 46,216  $ 23,474

v3.24.2.u1

Nature of Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Apr. 01, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) office	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from issuance of common stock		$ 947	$ 777
Deferred offering costs				$ 200
Chief Executive Officer And Chief Operating Officer
Nature Of Business And Basis Of Presentation [Line Items]
Number of shares issued and sold (in shares) | shares	179,412
Shares price per share (in dollars per share) | $ / shares	$ 34.00
Proceeds from issuance of common stock	$ 6,100
Common Stock Offering
Nature Of Business And Basis Of Presentation [Line Items]
Number of shares issued and sold (in shares) | shares	1,323,530
Shares price per share (in dollars per share) | $ / shares	$ 34.00
Net proceeds from sale of common stock	$ 42,000
Over-Allotment Option
Nature Of Business And Basis Of Presentation [Line Items]
Number of shares issued and sold (in shares) | shares	1,502,942
Over-Allotment Option | Chief Executive Officer And Chief Operating Officer
Nature Of Business And Basis Of Presentation [Line Items]
Net proceeds from sale of common stock	$ 5,700
Proceeds from issuance of common stock	$ 51,100
United States
Nature Of Business And Basis Of Presentation [Line Items]
Number of offices | office		90
MEXICO
Nature Of Business And Basis Of Presentation [Line Items]
Number of offices | office		2

v3.24.2.u1

Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Long term contract billing term			30 days
Allowance for expected credit losses	$ 2.6		$ 2.6		$ 2.2
Uncertain tax position reserve release	47.9
Income tax (benefit)	(4.0)
Effective tax rate			55.10%	(95.00%)
R&D credit			$ 3.3	$ 3.8
Annual projected limitation on deductibility of executive compensation			19.5	9.8
Net discrete benefits			7.5	1.6
Windfall tax adjustment for restricted stock awards			4.3	2.0
Penalties and interest accrued for uncertain tax positions	$ 0.7	$ 0.2	0.7	$ 0.2
One time decrease in accrued penalties and interest			$ 4.0
Income tax rate increase	90.40%	82.60%
Number of operating segment | segment			1

v3.24.2.u1

Significant Accounting Policies - Summary of Change in Contingent Consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 10,567	$ 487
Fair value of contingent consideration issuances	1,504	10,379
Change in fair value of contingent consideration	313	(299)
Settlement of contingent consideration	(1,890)	0
Balance at end of period	$ 10,494	$ 10,567

v3.24.2.u1

(Loss) Earnings Per Share and Certain Related Information - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Nov. 17, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Non-vested restricted shares (in shares)	1,331,046	1,871,892	1,381,326	1,811,416
Substantive options shares (in shares)	3,616	8,566	4,204	9,125
Remaining amount authorized	$ 7.9		$ 7.9
2023 Repurchase Authorization
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount authorized					$ 10.0
Total shares repurchased (in shares)			66,893
Average price paid per share (in dollars per share)			$ 31.15

v3.24.2.u1

(Loss) Earnings Per Share and Certain Related Information - Summary of Reconciliation of Net Income and Weighted Average Shares Outstanding for Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (2,082)	$ (634)	$ (3,640)	$ (97)
Earnings allocated to non-vested shares	0	0	0	0
Subtotal	$ (2,082)	$ (634)	$ (3,640)	$ (97)
Weighted average common shares outstanding (in shares)	16,301,926	12,276,173	15,064,827	12,022,550
Effect of dilutive nominal options (in shares)	0	0	0	0
Effect of dilutive contingently earned shares (in shares)	0	0	0	0
Dilutive average shares outstanding (in shares)	16,301,926	12,276,173	15,064,827	12,022,550
Basic loss per share (in dollars per share)	$ (0.13)	$ (0.05)	$ (0.24)	$ (0.01)
Dilutive loss per share (in dollars per share)	$ (0.13)	$ (0.05)	$ (0.24)	$ (0.01)

v3.24.2.u1

Acquisitions - Additional Information (Details) $ in Millions		3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 02, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) acquisition	Dec. 31, 2023 USD ($) acquisition	Jun. 30, 2023 USD ($)
Surdex Corporation
Business Acquisition [Line Items]
Total consideration paid	$ 43.3
Lock-up period	6 months
Surdex Corporation | Promissory Note
Business Acquisition [Line Items]
Promissory note interest rate	6.50%
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Total consideration paid			$ 13.9	$ 75.7
Lock-up period				6 months
Number of businesses acquired | acquisition			3	11
Acquisition including contingent consideration | acquisition			2	6
Acquisition related expenses		$ 0.6	$ 1.1
Acquisition related expenses		0.2	0.2		$ 0.7
Series of Individually Immaterial Business Acquisitions | Minimum
Business Acquisition [Line Items]
Liability to contingent consideration		0.0	$ 0.0	$ 0.0
Series of Individually Immaterial Business Acquisitions | Minimum | Customer relationships
Business Acquisition [Line Items]
Estimated useful life of intangibles			2 years
Series of Individually Immaterial Business Acquisitions | Maximum
Business Acquisition [Line Items]
Liability to contingent consideration		$ 1.0	$ 1.0	$ 3.0
Series of Individually Immaterial Business Acquisitions | Maximum | Customer relationships
Business Acquisition [Line Items]
Estimated useful life of intangibles			13 years
Series of Individually Immaterial Business Acquisitions | Promissory Note | Minimum
Business Acquisition [Line Items]
Promissory note interest rate		5.00%	5.00%	5.00%
Series of Individually Immaterial Business Acquisitions | Promissory Note | Maximum
Business Acquisition [Line Items]
Promissory note interest rate		6.75%	6.75%	11.00%
Series of Individually Immaterial Business Acquisitions | Convertible Notes Payable | Minimum
Business Acquisition [Line Items]
Promissory note interest rate				7.00%
Series of Individually Immaterial Business Acquisitions | Convertible Notes Payable | Maximum
Business Acquisition [Line Items]
Promissory note interest rate				8.00%
Series of Individually Immaterial Business Acquisitions, 2024
Business Acquisition [Line Items]
Measurement period adjustment to goodwill			$ 0.6
Measurement period adjustment to increase deferred tax liabilities			0.6
Series of Individually Immaterial Business Acquisitions, 2023
Business Acquisition [Line Items]
Measurement period adjustment to goodwill			0.4
Measurement period adjustment to purchase price			$ 0.4

v3.24.2.u1

Acquisitions - Summary of Changes in Preliminary Calculations of the Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
	Apr. 02, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets:
Goodwill		$ 123,587		$ 96,393
Cash flow reconciling items:
Cash paid for acquisitions, net of cash acquired		$ 20,347	$ 15,408
Surdex Corporation
Assets:
Accounts receivable, net	$ 4,052
Contract assets	3,210
Prepaid and other current assets	1,940
Property and equipment, net	15,167
Operating lease, right-of-use assets	1,030
Goodwill	17,461
Other intangible assets	12,810
Total assets acquired:	55,670
Liabilities:
Accounts payable and accrued liabilities, current portion	3,083
Contract liabilities	685
Other non-current obligations	11,465
Operating lease obligation, less current portion	1,030
Deferred tax liability	6,987
Total liabilities assumed:	23,250
Net assets acquired:	32,420
Cash flow reconciling items:
Issuance of common stock as partial consideration	(16,536)
Cash paid for acquisitions, net of cash acquired	$ 15,884
Series of Individually Immaterial Business Acquisitions
Assets:
Accounts receivable, net				10,112
Contract assets				6,334
Prepaid and other current assets				361
Property and equipment, net				1,952
Operating lease, right-of-use assets				7,078
Goodwill				43,900
Other intangible assets				27,361
Other assets - non-current				44
Total assets acquired:				97,142
Liabilities:
Accounts payable and accrued liabilities, current portion				3,228
Contract liabilities				4,891
Other non-current obligations				24,222
Operating lease obligation, less current portion				7,078
Deferred tax liability				5,787
Total liabilities assumed:				45,206
Net assets acquired:				51,936
Cash flow reconciling items:
Issuance of common stock as partial consideration				(26,133)
Cash paid for acquisitions, net of cash acquired				$ 25,803

v3.24.2.u1

Acquisitions - Summary of Results of Operations of Businesses Acquired From Dates of Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Gross Contract Revenue	$ 104,501	$ 82,755	$ 199,409	$ 158,855
Pre-tax Net Income	(3,262)	$ (2,259)	(8,273)	$ (1,936)
Surdex Corporation
Business Acquisition [Line Items]
Gross Contract Revenue	6,333		6,333
Pre-tax Net Income	$ 1,201		$ 1,201

v3.24.2.u1

Acquisitions - Unaudited Pro Forma Results (Details) - Surdex Corporation - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Gross Contract Revenue	$ 104,582	$ 91,215	$ 205,426	$ 171,923
Pre-tax Net (Loss) Income	$ (2,048)	$ 1,453	$ (4,009)	$ 1,376

v3.24.2.u1

Acquisitions - Summary of Preliminary Purchase Price Allocation at Fair Value (Details) - Series of Individually Immaterial Business Acquisitions - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Fair Value of Intangibles	$ 16,700	$ 27,361
Customer relationships
Business Acquisition [Line Items]
Fair Value of Intangibles	$ 14,830	$ 20,050
Weighted-Average Life	12 years 11 months 8 days	10 years 5 months 12 days
Contract rights
Business Acquisition [Line Items]
Fair Value of Intangibles	$ 1,870	$ 6,980
Weighted-Average Life	7 months 20 days	1 year 2 months 4 days
Favorable leaseholds
Business Acquisition [Line Items]
Fair Value of Intangibles	$ 0	$ 331
Weighted-Average Life		7 years 9 months 3 days

v3.24.2.u1

Disaggregation of Revenue and Contract Balances - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue from contracts classified as lump sum	89.90%	88.80%	89.80%	89.20%
Revenue from exclusively time and material contracts	10.10%	11.20%	10.20%	10.80%
Remaining performance obligations	$ 273.9		$ 273.9
Contract with customer, liability, revenue recognized	$ 0.5	$ 0.2	$ 3.1	$ 2.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations expects to recognize	86.30%		86.30%
Remaining performance obligations, expected satisfaction period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations expects to recognize	13.70%		13.70%
Remaining performance obligations, expected satisfaction period	24 months		24 months

v3.24.2.u1

Disaggregation of Revenue and Contract Balances - Summary of Disaggregated Revenues by Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Gross Contract Revenue	$ 104,501	$ 82,755	$ 199,409	$ 158,855
Gross contract revenue, Percentage	100.00%	100.00%	100.00%	100.00%
Fixed fee
Disaggregation Of Revenue [Line Items]
Gross Contract Revenue	$ 93,958	$ 73,508	$ 179,082	$ 141,753
Gross contract revenue, Percentage	89.90%	88.80%	89.80%	89.20%
Time-and-materials
Disaggregation Of Revenue [Line Items]
Gross Contract Revenue	$ 10,543	$ 9,247	$ 20,327	$ 17,102
Gross contract revenue, Percentage	10.10%	11.20%	10.20%	10.80%

v3.24.2.u1

Contracts in Progress - Summary of Costs and Estimated Earnings on Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Costs incurred on uncompleted contracts	$ 380,668	$ 359,509
Estimated contract earnings in excess of costs incurred	583,580	541,851
Estimated contract earnings to date	964,248	901,360
Less: billed to date	(929,928)	(875,321)
Net contract assets	$ 34,320	$ 26,039

v3.24.2.u1

Notes Receivable - Summary of Notes Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025	$ 903	$ 903
Less: current portion
Officers, employees and affiliates	(1,151)	(1,199)
Unsecured Notes Receivable
Accounts Notes And Loans Receivable [Line Items]
Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through January 2026.	2,264	2,318
Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025	903	903
Total:	3,167	3,221
Less: current portion
Officers, employees and affiliates	(1,151)	(1,199)
Noncurrent portion	$ 2,016	$ 2,022
Unsecured Notes Receivable | Minimum
Less: current portion
Notes receivable, interest	0.00%
Unsecured Notes Receivable | Maximum
Less: current portion
Notes receivable, interest	5.50%
Unsecured Notes Receivable, Unrelated Third Party
Less: current portion
Notes receivable, interest	0.00%

v3.24.2.u1

Notes Receivable - Additional Information (Details) - Unsecured Notes Receivable	6 Months Ended
	Jun. 30, 2024
Minimum
Accounts Notes And Loans Receivable [Line Items]
Notes receivable, interest	0.00%
Maximum
Accounts Notes And Loans Receivable [Line Items]
Notes receivable, interest	5.50%

v3.24.2.u1

Property and Equipment, Net - Summary of Property and Equipment for Fixed Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total:	$ 34,472	$ 22,876
Less: accumulated depreciation	(16,434)	(14,818)
Property and Equipment, net of finance leased assets	18,038	8,058
Computer equipment
Property Plant And Equipment [Line Items]
Total:	2,743	2,321
Survey equipment
Property Plant And Equipment [Line Items]
Total:	5,943	5,711
Vehicles
Property Plant And Equipment [Line Items]
Total:	2,364	2,127
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total:	2,547	2,498
Leasehold improvements
Property Plant And Equipment [Line Items]
Total:	9,276	8,870
Software
Property Plant And Equipment [Line Items]
Total:	396	389
Camera Equipment
Property Plant And Equipment [Line Items]
Total:	951	0
Aircraft
Property Plant And Equipment [Line Items]
Total:	7,911	0
Engine & GPS
Property Plant And Equipment [Line Items]
Total:	1,352	0
Fixed assets pending lease financing
Property Plant And Equipment [Line Items]
Total:	$ 989	$ 960

v3.24.2.u1

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense for fixed assets	$ 1,100	$ 700	$ 1,800	$ 1,200
Amortization of right-of-use assets	$ 2,323	$ 1,778	$ 4,287	$ 3,448

v3.24.2.u1

Property and Equipment, Net - Summary of Property and Equipment for Capital Leased Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total:	$ 39,719	$ 28,975
Less: accumulated amortization on leased assets	(13,121)	(9,432)
Finance lease assets	26,598	19,543
Equipment
Property Plant And Equipment [Line Items]
Total:	30,286	20,435
Vehicles
Property Plant And Equipment [Line Items]
Total:	$ 9,433	$ 8,540

v3.24.2.u1

Goodwill - Summary of Goodwill Resulting From Business Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 96,393
Ending balance	123,587
2024 Acquisitions
Goodwill and Intangible Assets Disclosure [Abstract]
2024 Acquisitions - additions	26,806
2023 Acquisitions
Goodwill and Intangible Assets Disclosure [Abstract]
2023 Acquisitions - adjustments	$ 388

v3.24.2.u1

Intangible Assets - Summary of Total Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	$ (20,918)	$ (13,784)
Net Balance	54,185
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Amount	76,758	60,078
Net Balance	55,840	46,294
Domain name
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Amount	281	281
Licensing rights
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross Amount	1,374	1,374
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	58,454	43,644
Accumulated Amortization	(8,153)	(5,643)
Net Balance	50,301	38,001
Contract rights
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	16,131	14,261
Accumulated Amortization	(12,623)	(8,036)
Net Balance	3,508	6,225
Leasehold
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	518	518
Accumulated Amortization	(142)	(105)
Net Balance	$ 376	$ 413

v3.24.2.u1

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Intangible Assets [Line Items]
Amortization of intangible assets	$ 3,800	$ 2,300	$ 7,154	$ 3,665
Domain name
Intangible Assets [Line Items]
Intangible assets acquired			1,700
Licensing rights
Intangible Assets [Line Items]
Intangible assets acquired			$ 1,700

v3.24.2.u1

Intangible Assets - Summary of Weighted Average Useful Lives of Intangible Assets by Asset Class Used for Straight-line Expense Purposes (Details)	Jun. 30, 2024	Dec. 31, 2023
Customer relationships
Finite Lived Intangible Assets [Line Items]
Weighted average useful lives	11 years 4 months 2 days	11 years 3 months 7 days
Contract rights
Finite Lived Intangible Assets [Line Items]
Weighted average useful lives	1 year 8 months 12 days	1 year 10 months 2 days
Leasehold
Finite Lived Intangible Assets [Line Items]
Weighted average useful lives	7 years 10 months 9 days	7 years 10 months 9 days

v3.24.2.u1

Intangible Assets - Summary of Future amortization (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Intangible Assets [Abstract]
2024	$ 5,753
2025	6,174
2026	5,607
2027	5,434
2028	4,998
Thereafter	26,219
Net Balance	$ 54,185

v3.24.2.u1

Revolving Credit Facility and Fixed Credit Facility - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 31, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	May 02, 2024	May 01, 2024	Aug. 02, 2023
Notes Payable
Line Of Credit Facility [Line Items]
Interest expense		$ 900	$ 500	$ 1,500	$ 900
Revolving Credit Facility 2024
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity							$ 100,000
Deferred financing costs							$ 300
Revolving Credit Facility 2024 | Bank of America
Line Of Credit Facility [Line Items]
Line of credit outstanding amount		27,800		27,800		$ 0
Interest expense		$ 300		$ 300		0
Revolving Credit Facility 2024 | Minimum | Bank of America
Line Of Credit Facility [Line Items]
Line of credit interest rate		7.66%		7.66%
Revolving Credit Facility 2024 | Maximum | Bank of America
Line Of Credit Facility [Line Items]
Line of credit interest rate		9.70%		9.70%
Revolving Credit Facility 2022
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity								$ 70,000
Revolving Credit Facility 2022 | Bank of America
Line Of Credit Facility [Line Items]
Line of credit outstanding amount						45,300
Deferred financing costs expensed				$ 100
Amended And Restated Agreement
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity									$ 70,000
Fixed Line 2 | Bank of America
Line Of Credit Facility [Line Items]
Line of credit outstanding amount						$ 300
Line of credit remaining borrowing capacity		$ 0		0
Line of credit frequency of principal payments description	sixty equal monthly installments
Fixed Line 2 | Bank of America | Notes Payable
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity		1,000		1,000
Line of Credit | Bank of America
Line Of Credit Facility [Line Items]
Interest expense		$ 100	$ 12	$ 1,200	$ 200

v3.24.2.u1

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable	$ 37,710	$ 27,727
Less: current portion	(15,169)	(13,989)
Notes payable, less current portion	$ 22,541	$ 13,738
Notes Payable | Convertible Notes Payable | Minimum
Debt Instrument [Line Items]
Interest rate	4.75%	4.75%
Notes Payable | Convertible Notes Payable | Maximum
Debt Instrument [Line Items]
Interest rate	8.00%	8.00%
Notes Payable | Shareholders and Owners of Acquired Entity | Minimum
Debt Instrument [Line Items]
Interest rate	3.25%	3.25%
Notes Payable | Shareholders and Owners of Acquired Entity | Maximum
Debt Instrument [Line Items]
Interest rate	11.00%	11.00%
Interest Rate 3.25% - 11.00% | Shareholders and Owners of Acquired Entity | Related Party
Debt Instrument [Line Items]
Notes payable	$ 28,811	$ 21,663
Interest Rate 4.75% - 7.00% | Convertible Notes Payable | Related Party
Debt Instrument [Line Items]
Notes payable	3,987	6,631
Unrelated Third Parties | Purchase of Software and Vehicles | Nonrelated Party
Debt Instrument [Line Items]
Notes payable	10	130
Unrelated Third Parties | Purchase of Aircraft | Nonrelated Party
Debt Instrument [Line Items]
Notes payable	5,993	0
Unrelated Third Parties | Fixed Line | Nonrelated Party
Debt Instrument [Line Items]
Notes payable	0	344
Related Parties | Shareholders and Owners of Acquired Entity
Debt Instrument [Line Items]
Discounts on notes payable issued as consideration in acquisitions:	(1,057)	(1,041)
Related Parties | Purchase of Aircraft
Debt Instrument [Line Items]
Discounts on notes payable issued as consideration in acquisitions:	$ (34)	$ 0

v3.24.2.u1

Notes Payable - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Nov. 30, 2023	Dec. 31, 2022	Aug. 31, 2022	Jul. 31, 2022
Project Design Consultants, LLC (“PDC”) | Convertible Notes Payable
Debt Instrument [Line Items]
Promissory notes convertible to common stock								$ 4.0
Promissory note interest rate								4.75%
Price per share (in dollars per share)								$ 14.00
Net proceeds from sale of common stock			$ 2.7
Number of shares issued and sold (in shares)			192,004
Price per share (in dollars per share)	$ 14.00		$ 14.00
Anchor Consultants, LLC (“Anchor”) | Convertible Notes Payable
Debt Instrument [Line Items]
Promissory notes convertible to common stock							$ 1.1
Promissory note interest rate							5.50%
Price per share (in dollars per share)							$ 18.00
Number of business days notice to the company							10 days
H2H Geoscience Engineering, PLLC | Convertible Notes Payable
Debt Instrument [Line Items]
Promissory notes convertible to common stock						$ 1.6
Promissory note interest rate						7.00%
Price per share (in dollars per share)						$ 18.00
Number of business days notice to the company						10 days
High Mesa Consulting Group, Inc. | Convertible Notes Payable
Debt Instrument [Line Items]
Promissory notes convertible to common stock					$ 1.3
Promissory note interest rate					8.00%
Number of business days notice to the company					10 days
Number of shares issued and sold (in shares)			48,067
Price per share (in dollars per share)	$ 28.13		$ 28.13		$ 28.13
Notes Payable
Debt Instrument [Line Items]
Interest expense	$ 0.9	$ 0.5	$ 1.5	$ 0.9

v3.24.2.u1

Notes Payable - Schedule of Future Principal Payments on Notes Payable (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instruments [Abstract]
2024	$ 8,540
2025	13,297
2026	8,997
2027	5,957
2028	1,477
2029	533
Total	$ 38,801

v3.24.2.u1

Pension and Post-retirement Benefit Obligations - Net Periodic Benefit Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Postemployment Benefits [Abstract]
Service costs	$ 10,000	$ 53,000	$ 20,000	$ 64,000
Interest costs	74,000	25,000	138,000	93,000
Amortization of net gain	(10,000)	(10,000)	(21,000)	(21,000)
Net periodic benefit cost	$ 74,000	$ 68,000	$ 137,000	$ 136,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag	true	true	true	true
Required minimum contributions for the pension plans	$ 0		$ 0

v3.24.2.u1

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Aug. 31, 2022
Related Party Transaction [Line Items]
Accounts receivable	$ 99,368,000		$ 99,368,000		$ 87,565,000
Related Party
Related Party Transaction [Line Items]
Related party transactions due	35,000		35,000		48,000
Related Party | 2015 Acquisition
Related Party Transaction [Line Items]
Related party transactions owed	42,000		42,000		100,000
BCG Chantilly, LLC | Related Party
Related Party Transaction [Line Items]
Related party transactions owed	0		0		0
Rent expense	7,000	$ 21,000	27,000	$ 41,000
Bowman Lansdowne Development L L C | President, Chairman and Chief Executive Officer
Related Party Transaction [Line Items]
Notes receivable	500,000		500,000		500,000
Lansdowne Development Group, LLC | Related Party
Related Party Transaction [Line Items]
Notes receivable	400,000		400,000		400,000
Accounts receivable	100,000		100,000		100,000
Bowman Realty Investments2010 L L C | President, Chairman and Chief Executive Officer
Related Party Transaction [Line Items]
Notes receivable	200,000		200,000		200,000
Alwington Farm Developers, LLC | Related Party
Related Party Transaction [Line Items]
Notes receivable	1,200,000		1,200,000		$ 1,200,000
MREC Shenandoah VA, LLC | President, Chairman and Chief Executive Officer
Related Party Transaction [Line Items]
Invoices			100,000	100,000
Received payments			100,000	100,000
Administrative, Accounting and Project Management Services
Related Party Transaction [Line Items]
Related party transactions due	33,000	30,000	33,000	30,000
Administrative, Accounting and Project Management Services | Related Party
Related Party Transaction [Line Items]
General and administrative expense			27,000	29,000
Reimbursement Obligations | President, Chairman and Chief Executive Officer
Related Party Transaction [Line Items]
Related party transactions owed	$ 300,000	100,000	$ 300,000	100,000
Mr. Bowman, Mr. Bruen and Mr. Hickey | BCG Chantilly, LLC | Related Party
Related Party Transaction [Line Items]
Ownership percentage	63.60%		63.60%
Lake Frederick Holdings, LLC | MREC Shenandoah VA, LLC
Related Party Transaction [Line Items]
Ownership percentage	92.00%		92.00%
Bowman Lansdowne Development, LLC and Bowman Realty Investments 2013 LLC | MREC Shenandoah VA, LLC
Related Party Transaction [Line Items]
Ownership percentage	8.00%		8.00%
Mr. Bowman | MREC Shenandoah VA, LLC
Related Party Transaction [Line Items]
Ownership percentage	100.00%		100.00%
Gregory Bowman | Related Party
Related Party Transaction [Line Items]
Related party transactions due	$ 74,000	$ 71,000	$ 74,000	$ 71,000
Sunrise Asset Management
Related Party Transaction [Line Items]
Ownership percentage						100.00%

v3.24.2.u1

Employee Stock Purchase and Stock Incentive Plans - Additional Information (Details) - USD ($)		3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2021	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
New option shares granted (in shares)			0
Number of shares vested (in shares)			1,153,930
Number of unvested stock awards vesting start date			Apr. 01, 2024
Number of unvested stock awards vesting end date			Dec. 31, 2027
Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period			4 years
Number of shares granted (in shares)			278,217
Number of shares vested (in shares)			816,700
Performance Based Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted (in shares)			137,421
Number of shares vested (in shares)			260,842
Two Thousand Twenty One Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock purchase percentage	15.00%
Period prior to last day of offering period	30 days
Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
New option shares granted (in shares)			0
Intrinsic value per share of options (in dollars per share)			$ 25.51	$ 29.24
Cash payments received from exercise of options			$ 14,701
Compensation costs		$ 0	0
Unrecognized compensation costs		$ 0	$ 0
Common stock authorized and reserved for issuance (in shares)		4,883,271	4,883,271
Percentage of common stock reserve automatically increases			5.00%
Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period			2 years
Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period			5 years
Bowman Consulting Group Ltd. Stock Bonus Plan | Restricted Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted (in shares)			0
2021 Executive Officers Long Term Incentive Plan | Performance Based Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period			2 years 10 months 28 days
Number of shares granted (in shares)			137,421

v3.24.2.u1

Employee Stock Purchase and Stock Incentive Plans - Schedule of Stock Issuance Activity Under Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Total purchase price paid by employees for shares sold	$ 466	$ 379	$ 932	$ 763
Number of shares sold (in shares)			32,346

v3.24.2.u1

Employee Stock Purchase and Stock Incentive Plans - Summary of Status of Stock Options Exercised, Including Substantive Options (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of shares
Outstanding, beginning balance (in shares) | shares	5,133
Granted (in shares) | shares	0
Exercised (in shares) | shares	(2,508)
Expired or cancelled (in shares) | shares	0
Outstanding, ending balance (in shares) | shares	2,625
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 6.02
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	5.99
Expired or cancelled (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 6.05

v3.24.2.u1

Employee Stock Purchase and Stock Incentive Plans - Summary of Information about Options Outstanding and Exercisable (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Exercise Price (in dollars per share)	$ 6.28	$ 6.28
Total Outstanding (in shares)	2,625	5,133
Weighted Average Remaining Life (Years)	5 years	5 years
Weighted Average Exercise Price (in dollars per share)	$ 6.05	$ 6.02
Total Exercisable (in shares)	2,625	5,133

v3.24.2.u1

Employee Stock Purchase and Stock Incentive Plans - Summary of Activity of Restricted Shares Subject to Forfeiture (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of shares
Vested (in shares)	(1,153,930)
Restricted Shares
Number of shares
Beginning balance (in shares)	1,719,619
Granted (in shares)	278,217
Vested (in shares)	(816,700)
Cancelled (in shares)	(27,206)
Ending balance (in shares)	1,153,930
Weighted Average Grant Price
Beginning balance (in dollars per share) | $ / shares	$ 18.78
Granted (in dollars per share) | $ / shares	32.22
Vested (in dollars per share) | $ / shares	17.24
Cancelled (in dollars per share) | $ / shares	19.36
Ending balance (in dollars per share) | $ / shares	$ 23.15

v3.24.2.u1

Employee Stock Purchase and Stock Incentive Plans - Summary of Activity of Performance Stock Units Subject to Forfeiture (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of shares
Vested (in shares)	(1,153,930)
Performance Based Stock Units
Number of shares
Beginning balance (in shares)	693,139
Granted (in shares)	137,421
Vested (in shares)	(260,842)
Cancelled (in shares)	0
Ending balance (in shares)	569,718
Weighted Average Grant Price
Beginning balance (in dollars per share) | $ / shares	$ 16.49
Granted (in dollars per share) | $ / shares	25.52
Vested (in dollars per share) | $ / shares	13.81
Cancelled (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 19.90

v3.24.2.u1

Employee Stock Purchase and Stock Incentive Plans - Summary of Future expense of Unvested Awards (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
2024	$ 7,854
2025	11,699
2026	3,647
2027	157
2028 and thereafter	6
Total	$ 23,363

v3.24.2.u1

Leases - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease bargain purchase price	$ 0.2
Operating lease liability	46.2
Finance lease bargain purchase price	4.8
Finance lease liability	$ 23.5
Minimum
Lessee, Lease, Description [Line Items]
Capital leases payment terms on lease agreements	30 months
Maximum
Lessee, Lease, Description [Line Items]
Capital leases payment terms on lease agreements	50 months

v3.24.2.u1

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Operating lease assets	$ 40,316	$ 40,743
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Finance lease assets	$ 26,598	$ 19,543
Total lease assets	66,914	60,286
Current:
Operating lease liabilities	(10,059)	(9,016)
Finance lease liabilities	(9,182)	(6,586)
Total current lease liabilities	(19,241)	(15,602)
Non-current:
Operating lease liabilities	(36,332)	(37,660)
Finance lease liabilities	(19,099)	(14,408)
Total non-current lease liabilities	$ (55,431)	$ (52,068)

v3.24.2.u1

Leases - Selected Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Amortization of right-of-use assets	$ 3,230	$ 2,711	$ 6,316	$ 5,204
Finance lease cost:
Amortization of right-of-use assets	2,323	1,778	4,287	3,448
Interest on lease liabilities	411	367	775	723
Sublease Income	(27)	(22)	(53)	(22)
Total lease cost	$ 5,937	$ 4,834	11,325	9,353
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases			6,207	4,736
Operating cash flows from finance leases			775	722
Financing cash flows from finance leases			4,053	3,285
Right-of-use assets obtained in exchange for new operating leases			4,316	13,255
Right-of-use assets obtained in exchange for new finance leases			$ 10,775	$ 4,377
Weighted average remaining lease term (in years):
Operating leases	4 years 11 months 1 day		4 years 11 months 1 day		5 years 3 months 10 days
Finance leases	2 years 8 months 1 day		2 years 8 months 1 day		2 years 8 months 23 days
Weighted average discount rates:
Operating leases	6.80%		6.80%		7.10%
Finance leases	6.90%		6.90%		7.40%

v3.24.2.u1

Leases - Schedule of Future Minimum Commitments Under Leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Lease
2024 (six months remaining)	$ 6,470
2025	12,006
2026	10,396
2027	8,971
2028	7,979
Thereafter	8,830
Total lease payments	54,652
Less: Amounts representing interest	(8,436)
Total lease liabilities	46,216
Finance Lease
2024 (six months remaining)	5,436
2025	10,572
2026	7,120
2027	2,915
2028	412
Thereafter	0
Total lease payments	26,455
Less: Amounts representing interest	(2,981)
Total lease liabilities	$ 23,474

v3.24.2.u1

Subsequent Events - Additional Information (Details) - Series of Individually Immaterial Business Acquisitions $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 07, 2024 USD ($) acquisition	Jun. 30, 2024 USD ($) acquisition	Dec. 31, 2023 USD ($) acquisition
Subsequent Event [Line Items]
Number of businesses acquired | acquisition		3	11
Total consideration paid | $		$ 13.9	$ 75.7
Lock-up period			6 months
Subsequent Event
Subsequent Event [Line Items]
Number of businesses acquired | acquisition	2
Total consideration paid | $	$ 14.3
Lock-up period	6 months
Subsequent Event | Promissory Note
Subsequent Event [Line Items]
Promissory note interest rate	5.00%

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