Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Jun. 14, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BWMN | |
Entity Registrant Name | BOWMAN CONSULTING GROUP LTD. | |
Entity Central Index Key | 0001847590 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 11,056,837 | |
Entity Current Reporting Status | No | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-40371 | |
Entity Tax Identification Number | 54-1762351 | |
Entity Incorporation, State or Country Code | DE | |
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 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and equivalents | $ 319 | $ 386 |
Accounts Receivable, net | 27,699 | 24,183 |
Contract assets | 7,396 | 7,080 |
Notes receivable - officers, employees, affiliates, current portion | 1,116 | 1,182 |
Prepaid and other current assets | 2,825 | 2,271 |
Total current assets | 39,355 | 35,102 |
Non-Current Assets | ||
Property and equipment, net | 16,218 | 15,357 |
Goodwill | 11,723 | 9,179 |
Notes receivable, less current portion | 903 | 903 |
Notes receivable - officers, employees, affiliates, less current portion | 1,289 | 1,297 |
Other intangible assets, net | 1,934 | 1,131 |
Other assets | 718 | 669 |
Total Assets | 72,140 | 63,638 |
Current Liabilities | ||
Bank line of credit | 6,941 | 3,481 |
Accounts payable and accrued liabilities, current portion | 13,200 | 12,203 |
Contract liabilities | 1,945 | 1,943 |
Notes payable, current portion | 2,124 | 1,592 |
Deferred rent, current portion | 654 | 619 |
Capital lease obligation, current portion | 3,797 | 3,495 |
Total current liabilities | 28,661 | 23,333 |
Non Current Liabilities | ||
Other non-current obligations | 1,243 | 1,244 |
Notes payable, less current portion | 4,167 | 2,829 |
Deferred rent, less current portion | 4,148 | 4,278 |
Capital lease obligation, less current portion | 7,556 | 7,503 |
Deferred tax liability, net | 6,581 | 6,472 |
Common shares subject to repurchase | 1,401 | 842 |
Total liabilities | 53,757 | 46,501 |
Shareholders' Equity | ||
Common stock | 2 | 2 |
Additional paid-in-capital | 60,161 | 58,866 |
Treasury Stock | (17,085) | (16,022) |
Stock subscription notes receivable | (576) | (609) |
Accumulated deficit | (24,119) | (25,100) |
Total shareholders' equity | 18,383 | 17,137 |
TOTAL LIABILITIES AND EQUITY | $ 72,140 | $ 63,638 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Gross Contract Revenue | $ 31,802 | $ 28,611 |
Contract costs: (exclusive of depreciation and amortization below) | ||
Direct payroll costs | 13,222 | 11,652 |
Sub-consultants and expenses | 2,934 | 3,878 |
Total contract costs | 16,156 | 15,530 |
Operating Expenses: | ||
Selling, general and administrative | 12,749 | 12,069 |
Depreciation and amortization | 1,428 | 320 |
(Gain) loss on sale | (26) | (15) |
Total operating expenses | 14,151 | 12,374 |
Income from operations | 1,495 | 707 |
Other (income) expense | 205 | (9) |
Income before tax expense | 1,290 | 716 |
Income tax expense | 309 | 290 |
Net income | 981 | 426 |
Earnings allocated to non-vested shares | 124 | 14 |
Net income attributable to common shareholders | $ 857 | $ 412 |
Earnings per share | ||
Basic | $ 0.17 | $ 0.07 |
Diluted | $ 0.17 | $ 0.07 |
Weighted average shares outstanding: | ||
Basic | 5,083,470 | 5,584,321 |
Diluted | 5,096,597 | 5,622,700 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Stock Subscription Notes Receivable | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ (23,283) | $ (5,925) | $ (17,358) | |||
Beginning balance, shares at Dec. 31, 2019 | 5,803,712 | |||||
Purchase and retirement of common stock | (557) | (557) | ||||
Purchase and retirement of common stock, shares | (85,757) | |||||
Issuance of common shares under stock compensation plan, shares | 5,900 | |||||
Common shares subject to repurchase liability | 451 | 451 | ||||
Fair value adjustment to redeemable common stock | 5,450 | 5,450 | ||||
Net Income | 426 | 426 | ||||
Ending balance at Mar. 31, 2020 | (17,513) | (6,482) | (11,031) | |||
Ending balance, shares at Mar. 31, 2020 | 5,723,856 | |||||
Beginning balance at Dec. 31, 2020 | 17,137 | $ 2 | $ 58,866 | (16,022) | $ (609) | (25,100) |
Beginning balance, shares at Dec. 31, 2020 | 5,744,594 | |||||
Issuance of new common shares | 838 | 838 | ||||
Issuance of new common shares, shares | 63,956 | |||||
Purchase and retirement of common stock | (1,063) | (1,063) | ||||
Purchase and retirement of common stock, shares | (83,308) | |||||
Issuance of common shares under stock compensation plan, shares | 49,383 | |||||
Stock based compensation | 1,046 | 1,046 | ||||
Collections on stock subscription notes receivable | 33 | 33 | ||||
Common shares subject to repurchase liability | (516) | (516) | ||||
Capital reduction related to acquisition | (73) | (73) | ||||
Net Income | 981 | 981 | ||||
Ending balance at Mar. 31, 2021 | $ 18,383 | $ 2 | $ 60,161 | $ (17,085) | $ (576) | $ (24,119) |
Ending balance, shares at Mar. 31, 2021 | 5,774,625 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 981 | $ 426 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization - property, plant and equipment | 1,360 | 250 |
Amortization of intangible assets | 68 | 70 |
Gain on sale of assets | (26) | (15) |
Bad debt | 92 | 122 |
Stock based compensation | 1,149 | (543) |
Deferred taxes | 109 | 75 |
Deferred rent | (95) | 176 |
Changes in operating assets and liabilities | ||
Accounts Receivable | (3,608) | (3,082) |
Contract Assets | (100) | 4,815 |
Prepaid expenses | (148) | 831 |
Deposits and other assets | (21) | (16) |
Accounts payable and accrued expenses | 698 | (1,751) |
Contract Liabilities | (414) | (2,874) |
Net cash provided by (used in) operating activities | 45 | (1,516) |
Cash Flows from Investing Activities: | ||
Purchases of property and equipment | (438) | (183) |
Proceeds from sale of assets and disposal of leases | 26 | 15 |
Amounts advanced under loans to shareholders | (364) | (337) |
Payments received under loans to shareholders | 75 | 57 |
Amounts advanced under notes receivable | (140) | |
Acquisitions of businesses, net of cash acquired | (640) | |
Collections under stock subscription notes receivable | 33 | 47 |
Net cash used in investing activities | (1,308) | (541) |
Cash Flows from Financing Activities: | ||
Net borrowings under revolving line of credit | 3,460 | 456 |
Repayments under fixed line of credit | (179) | (49) |
Borrowings under fixed line of credit | 1,985 | |
Repayment under notes payable | (151) | (407) |
Payments on capital leases | (975) | (71) |
Payment of contingent consideration from acquisitions | (1) | (17) |
Payment of offering costs | (417) | |
Payments for purchase and retirement of common stock | (559) | |
Proceeds from issuance of common stock | 18 | 15 |
Net cash provided by financing activities | 1,196 | 1,912 |
Net decrease in cash and cash equivalents | (67) | (145) |
Cash and cash equivalents, beginning of period | 386 | 509 |
Cash and cash equivalents, end of period | 319 | 364 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 203 | 131 |
Cash paid for income taxes | 0 | 1 |
Non-cash investing and financing activities | ||
Property and equipment acquired under capital lease | (1,330) | (365) |
Stock redemption for exercise of stock option | 139 | 0 |
Issuance of notes payable for redemption of stock | $ 0 | $ (373) |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Nature Of Business And Basis Of Presentation [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Nature of Business Bowman Consulting Group Ltd. and its affiliates (“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. 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, geomatics, survey, construction management, environmental consulting and land procurement services to markets that encompass the buildings in which people live, work and learn in, 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. With respect to certain specialty services or other compliance requirements within a particular contract, however, we may engage third-party sub-consultants. The Company’s headquarters is located in Reston, VA and the Company has over 30 offices, throughout the United States. Initial Public Offering On May 11, 2021, we closed on our initial public offering (IPO), in which we issued and sold 3,690,000 shares of our common stock at $14.00 per share, resulting in net proceeds of $48.0 million after deducting underwriting discounts and commissions, but before expenses of the IPO. On June 4, 2021, the underwriters exercised their option to purchase an additional 115,925 shares of the Company’s common stock at the public offering price of $14.00 per share, resulting in additional gross proceeds of approximately $1.6 million. After giving effect to this partial exercise of the overallotment option, the total number of shares sold by Bowman in its initial public offering increased to 3,805,925 shares and gross proceeds increased to approximately $53.3 million. The exercise of the over-allotment option closed on June 8, 2021, at which time the Company received net proceeds of approximately $1.5 million after underwriting discounts and commissions. Deferred offering costs consist primarily of accounting, legal, and other fees related to our IPO. We capitalized $1.3 million of deferred offering costs within prepaid and other current assets in the consolidated balance sheet as of March 31, 2021. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes 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 (deficit) 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 combined financial statements and related footnotes included in our final prospectus dated May 6, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. 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. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. 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 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 Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contract with Customers (“ASC Topic 606”) provides a single comprehensive revenue recognition framework and supersedes almost all revenue recognition guidance including industry-specific revenue guidance. To determine the proper revenue recognition method under ASC Topic 606, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and if so, whether to account for the combined or single contract as more than one performance obligation. For most contracts, it is concluded that there is a single performance obligation because the promise to transfer individual goods or services is not separately identifiable from the commitment to the deliverable of the contract and, therefore, is not distinct. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (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 is subject to a concentration of credit risk with respect to outstanding accounts receivable. However the Company believes no such concentration existed during the three months ended March 31, 2021 or the year ended December 31, 2020. The Company’s customers are located throughout the United States. 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 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 March 31, 2021 and December 31, 2020: • 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 2 fair value inputs; and • The liability related to shares subject to repurchase is recognized at fair value using Level 3 inputs that were primarily determined based on the contractual settlement price as defined by the terms of the Company’s Shareholders’ Buy-Sell Agreement. For further discussion, see Note 16, Stock Bonus Plan Income Taxes The Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the 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. 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 three months ended March 31, 2021 and 2020 was 28.0% and 25.0%. Exclusive of discrete items, the effective tax rate for the three months ended March 31, 2021 was 9.36% 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 (IRS) 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. 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 2017 and after 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 Leases ASU 2016-02 for the Company is January 1, 2022, with early adoption permitted. The Company is currently evaluating the impact this ASU may have on its c onsolidated financial statements and related disclosures. Financial Instruments – Credit Losses Goodwill |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 3. Earnings per Share Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to the Company available to common stockholders by the weighted average number of common shares outstanding for the three months ended March 31, 2021 and 2020. Diluted 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 earnings of the Company. The Company uses the two-class method to determine earnings per share. For calculating basic earnings per share, for the three months ended March 31, 2020, the weighted average number of shares outstanding exclude 134,933 non-vested restricted shares and 49,147 unexercised substantive options. The computation of diluted earnings per share for the three months ended March 31, 2020 did not assume the effect of restricted shares or substantive options because the effects were antidilutive. For calculating basic earnings per share, for the three months ended March 31, 2021, the weighted average number of shares outstanding exclude 691,038 non-vested restricted shares and 49,177 substantive options. The computation of diluted earnings per share for the three months ended March 31, 2021 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 income and weighted average shares outstanding for the calculation of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020 (in thousands except per share data): For the Three Months Ended March 31, 2021 2020 Numerator Net income $ 981 $ 426 Earnings allocated to non-vested shares 124 14 Subtotal $ 857 $ 412 Denominator Weighted average common shares outstanding 5,083,470 5,584,321 Effect of dilutive nominal options - 4,366 Effect of dilutive contingently earned shares 13,127 34,013 Dilutive average shares outstanding 5,096,597 5,622,700 Basic earnings per share $ 0.17 $ 0.07 Dilutive earnings per share $ 0.17 $ 0.07 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions Business Combinations KTA Group Inc. (KTA) On January 4, 2021, the Company signed a purchase agreement to acquire KTA Group Inc., with an effective date of January 1, 2021. KTA is a mechanical, electrical and plumbing (MEP) engineering firm based in Herndon, VA. The Company paid total consideration of $3.4 million, which was comprised of 53,159 shares of common stock, at $12.80 per share, for a total of $0.7 million, plus $2.7 million in cash and a promissory note. The promissory note is a four year note with a 3.25% interest rate with equal quarterly payments beginning on April 1, 2021 and ending January1, 2025. The acquisition of KTA allows Bowman to add electrical engineering to the group of core competencies thereby allowing the Company to cross sell to, and better serve, its renewable energy customers. In addition, KTA’s mechanical engineers bring the experience and expertise necessary to deliver plans and designs for building ventilation, indoor air quality monitoring and medical-grade air filtration. The following summarizes the preliminary calculations of the fair values of KTA Group’s assets acquired and liabilities assumed as of the acquisition date (in thousands): Total Purchase Price $ 3,447 Purchase Price Allocation: Contract assets 217 Property and equipment, net 453 Intangible Assets 871 Other assets 18 Accounts payable and other current liabilities (240 ) Contract liabilities (416 ) Total identifiable assets $ 903 Goodwill 2,544 Net assets acquired $ 3,447 The purchase price allocation is based upon preliminary information and is subject to change when additional information is obtained. Goodwill results from an assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. All of the goodwill recognized is expected to be deductible for tax purposes. The Company has not completed its final assessment of the fair values of KTA Group’s assets acquired and liabilities assumed. The final purchase allocation could result in adjustments to certain assets and liabilities, including the residual amount allocated to goodwill. Identified intangible assets are comprised of customer relationships, contract rights and favorable leaseholds for a total amount of $0.9 million, to be amortized over an estimated useful life of 20 years, 3 years, and 9 years, respectively. |
Disaggregation of Revenue and C
Disaggregation of Revenue and Contract Balances | 3 Months Ended |
Mar. 31, 2021 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation of Revenue and Contract Balances | 5. Disaggregation of Revenue and Contract Balances Contracts are considered lump sum and evaluated for cost-basis percentage completion revenue calculation if any of the components of the contract are subject to fixed fee or unit pricing. As such, a contract containing a mix of hourly and fixed fee assignments may be characterized as one lump sum contract for purposes of ASC Topic 606. A contract must contain hourly billed components exclusively to qualify for the as-billed practical expedient in ASC Topic 606. For the three months ended March 31, 2021, the Company derived 91.6% of its revenue from contracts classified as lump sum, and 8.4% of its revenue from exclusively time and material contracts. The Company had approximately $94.8 million in remaining performance obligations as of March 31, 2021 of which it expects to recognize approximately 77% within the next twelve months and the remaining 23% thereafter. The Company recognized $0.9 million of revenue for the three months ended March 31, 2021, which was included in the contract liabilities balance as of December 31, 2020, and $2.9 million of revenue for the three months ended March 31, 2020, which was included in the contract liabilities balance as of December 31, 2019. |
Contracts in Progress
Contracts in Progress | 3 Months Ended |
Mar. 31, 2021 | |
Contract With Customer Asset And Liability [Abstract] | |
Contracts in Progress | 6. 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): March 31, 2021 December 31, 2020 Costs incurred on uncompleted contracts $ 123,572 $ 113,856 Estimated contract earnings in excess of costs 165,405 151,423 Estimated contract earnings to date 288,977 265,279 Less: billed to date (283,526 ) (260,142 ) Net contract assets $ 5,451 $ 5,137 |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Notes Receivable | 7. Notes Receivable The Company has unsecured notes receivable from related parties, certain non-executive officers of the Company and an unrelated third party. This balance is included as a part of other assets on the accompanying combined balance sheets. The following is a summary of these notes receivable (in thousands): March 31, 2021 December 31, 2020 Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 3.25% - 5.5%. The notes receivable mature through December 2021 $ 2,405 $ 2,479 Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2023 903 903 Total: 3,308 3,382 Less: current portion Officers, employees and affiliates (1,116 ) (1,182 ) Unrelated third party - - Noncurrent portion $ 2,192 $ 2,200 Each borrower may prepay all or part of the outstanding balance at any time prior to the date of maturity. During the three months ended March 31, 2021, interest accrued on the notes receivable at the stipulated rates between 3.25% and 5.50%. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 8. Property and Equipment, Net Property and equipment for fixed assets are as follows (in thousands): March 31, 2021 December 31, 2020 Computer equipment $ 1,281 $ 1,276 Survey equipment 4,444 4,444 Vehicles 463 463 Furniture and fixtures 1,658 1,638 Leasehold improvements 6,363 5,887 Software 283 283 Fixed assets pending lease financing 1 516 146 Total: 15,008 14,137 Less: accumulated depreciation (10,081 ) (9,912 ) Property and Equipment, net $ 4,927 $ 4,225 1 Depreciation expense for fixed assets for the three months ended March 31, 2021 and 2020 was $198 and $193, respectively. Property and equipment for capital leased assets are as follows (in thousands): March 31, 2021 December 31, 2020 Equipment $ 9,893 $ 8,590 Vehicles 3,821 3,825 Total: 13,714 12,415 Less: accumulated amortization on leased assets (2,423 ) (1,283 ) Capital Leased Assets, net $ 11,291 $ 11,132 Amortization expense for capital leased assets for the three months ended March 31, 2021 and 2020 was $1.2 million and $0.1 million, respectively. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 9. Goodwill The following is a summary of goodwill resulting from business acquisitions held by the Company at March 31, 2021 and December 31, 2020 (in thousands): Goodwill Balance as of December 31, 2020 $ 9,179 Acquisition - KTA Group, Inc. 2,544 Balance March 31, 2021 $ 11,723 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Intangible Assets [Abstract] | |
Intangible Assets | 10. Intangible Assets Total intangible assets consisted of the following at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Gross Amount Accumulated Amortization Net Balance Gross Amount Accumulated Amortization Net Balance Customer relationships $ 1,479 $ (429 ) $ 1,050 $ 809 $ (382 ) $ 427 Contract rights 191 (155 ) 36 150 (150 ) 0 Leasehold 160 (4 ) 156 0 0 0 Non-complete agreement 137 (126 ) 11 137 (114 ) 23 Domain name 281 0 281 281 0 281 Licensing rights 400 0 400 400 0 400 Total $ 2,648 $ (714 ) $ 1,934 $ 1,777 $ (646 ) $ 1,131 The domain name and licensing rights acquired during the year ended December 31, 2020 for a total of $0.7 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: March 31, 2021 December 31, 2020 Customer relationships 11.8 5.0 Contract rights 2.2 2.0 Leasehold 9.2 - Non-compete agreement 3.0 3.0 Amortization expense for the three months ended March 31, 2021 and 2020 was $0.1 million and $0.1 million, respectively. Future amortization for the remainder of 2021 and for the succeeding years is as follows (in thousands): 2021 $ 183 2022 227 2023 165 2024 51 2025 51 Thereafter 576 Total $ 1,253 |
Lines of Credit
Lines of Credit | 3 Months Ended |
Mar. 31, 2021 | |
Line Of Credit Facility [Abstract] | |
Lines of Credit | 11. Lines of Credit In 2017, the Company entered into a credit agreement (the Credit Agreement) with Bank of America (the Bank) which included a revolving line of credit (the Revolving Line) and a non-revolving line of credit (the Fixed Line #1). The Revolving Line allowed for repayments and re-borrowings. The maximum advance was equal to the lesser of $12.4 million (the Credit Limit) or the Borrowing Base as defined in the Credit Agreement. The Borrowing Base is computed based upon a percentage of eligible receivables within each aging category under 120 days and is further refined for customer type. Receivables in excess of 120 days and those from related parties or affiliates are not considered to be eligible receivables for the Borrowing Base. During the year ended December 31, 2019, the Credit Limit increased to $15.0 million. During the year ended December 31, 2019, a second non-revolving line of credit was established (Fixed Line #2). During the year ended December 31, 2020, the Company entered into an additional credit agreement with Bank of America (Facility #4). Both of these credit agreements contain certain cash flow related financial covenants including fixed charge coverage ratio, debt to EBITDA and adjusted debt to EBITDA, all of which the Company was in compliance with at March 31, 2021 and December 31, 2020. The Revolving Line requires monthly payments of interest at the greater of the London Interbank Offered Rate (LIBOR) daily floating rate or 1.25% plus an applicable rate which varies between 2.35% and 2.95% based on the Company achieving certain leverage ratios as defined in the Credit Agreement. On March 31, 2021 and March 31, 2020, the interest rate was 3.60% and 2.99%, respectively. All outstanding principal is due upon expiration, which is July 31, 2021 unless the agreement is renewed, or an event of default occurs. The Revolving Line is reported as bank line of credit on the consolidated balance sheets. Fixed Line #1 has a maximum advance of $1.0 million and does not allow for re-borrowings and is included in Notes Payable (see Note 12). Beginning October 1, 2017, the Company began paying interest on a monthly basis at a rate per year equal to LIBOR plus 2.75%. On March 31, 2021 and March 31, 2020, the interest rate was 2.86% and 3.74%, respectively. Commencing the earlier of i) the date no remaining amount is available under the Fixed Line or, ii) August 31, 2018, the Company is obligated to pay the then outstanding principal balance in sixty equal monthly installments through maturity in August 2023. On March 31, 2021 and December 31, 2020, the outstanding balance on Fixed Line #1 was $0.5 million and $0.5 million, respectively. Fixed Line #2 has a maximum advance of $1.0 million and does not allow for re-borrowings and is included in Notes Payable (see Note 12). On April 1, 2020, the Company began paying interest monthly at a rate per year equal to LIBOR plus 2.00%. On March 31, 2021, the interest rate was 2.11%. Commencing the earlier of i) the date no remaining amount is available under the Fixed Line or, ii) August 31, 2020, the Company is obligated to pay the then outstanding principal balance in sixty equal monthly installments through maturity in September 2025. On March 31, 2021 and December 31, 2020, the outstanding balance on Fixed Line #2 was $0.9 million and $0.9 million, respectively. Facility #4 is a term loan with a principal loan amount of $1.0 million and is included in Notes Payable (see Note 12). The loan is to be repaid over thirty-six months beginning April 13, 2020 through maturity on March 13, 2023. The payments consist of principal and interest in equal combined installments of $29,294. The interest rate on this loan is 3.49%. On March 31, 2021 and December 31, 2020, the outstanding balance on Facility #4 was $0.7 million and $0.8 million, respectively. The Company secures its obligations under the Credit Agreement with substantially all assets of the Company. Fixed Line #1 is guaranteed by Gary Bowman, the Company’s Chairman and Chief Executive Officer (“Guarantor”). Obligations of the Company to the Guarantor and certain other shareholders of the Company are subordinated to the Company’s obligations under the Credit Agreement and Fixed Line loans. The Company must maintain, on a combined basis certain financial covenants defined in the Credit Agreement. Interest expense on the Revolving and Fixed Lines totaled $0.1 million and $55,000 during the three months ended March 31, 2021 and 2020. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instruments [Abstract] | |
Notes Payable | 12. Notes Payable Notes payable consist of the following (in thousands): March 31, 2021 December 31, 2020 Related parties: Shareholders - Interest accrues annually at rates ranging from 0.00% - 6.25%. The notes payable mature on various dates through October 2025. $ 4,085 $ 2,202 Unrelated third parties: Note payable for purchase of intangible asset 165 - Fixed line notes payable - see note 11 2,041 2,219 Total 6,291 4,421 Less: current portion (2,124 ) (1,592 ) Noncurrent portion $ 4,167 $ 2,829 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 $44,000 and $47,000 for the three months ended March 31, 2021 and 2020, respectively. Future principal payments on notes payable for remainder of 2021 and succeeding years are as follows (in thousands): 2021 $ 1,654 2022 1,800 2023 1,440 2024 1,037 2025 360 Total $ 6,291 |
Stock Subscription Notes Receiv
Stock Subscription Notes Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Stock Subscription Notes Receivable [Abstract] | |
Stock Subscription Notes Receivable | 13. Stock Subscription Notes Receivable Periodically, the Company offered certain key employees the opportunity to purchase shares of the Company’s common stock. Typically, the subscribed shares were financed by the Company and such shares were issued in the name of the subscriber with the Company retaining possession of, as well as a security interest in, all share certificates until such time as each promissory note is repaid by the subscriber. Promissory note payments include principal plus interest ranging from 3.25% to 4.75% or the Wall Street Journal prime rate. During the three months ended March 31, 2021 and 2020 the Company did not issue any new stock subscription notes receivable and received $34,000 and $0.1 million of principal payments from the subscriber, respectively. On March 31, 2021 and December 31, 2020, seventeen shareholders owed the Company a combined total of $0.6 million and $0.6 million, respectively, in outstanding principal. These balances are reported as a reduction to shareholders’ equity on March 31, 2021 and December 31, 2020. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions The Company leases 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 March 31, 2021 and December 31, 2020 there were no amounts due to or receivables due from BCC. Rent expense for the three months ended March 31, 2021 and 2020 was $21,000 for both periods. Bowman Lansdowne Development, LLC (BLD) is an entity in which Mr. Bowman, Mr. Bruen, Mr. Hickey have an ownership interest. On March 31, 2021 and December 31, 2020, the Company’s notes receivable included $0.5 million and $0.5 million, respectively, from BLD. Lansdowne Development Group, LLC (LDG) is an entity in which BLD has a minority ownership interest. On March 31, 2021 and December 31, 2020, our accounts receivable included $0.1 million and $0.1 million, respectively, due from LDG. On March 31, 2021 and December 31, 2020, notes receivable included $0.4 million and $0.4 million, respectively from LDG. Bowman Realty Investments 2010, LLC (BR10) is an entity in which Mr. Bowman, Mr. Bruen, Mr. Hickey have an ownership interest. On March 31, 2021 and December 31, 2020, the Company’s notes receivable included $0.2 million and $0.2 million, respectively, from BR10. Alwington Farm Developers, LLC (AFD) is an entity in which BR10 has a minority ownership interest. On March 31, 2021 and December 31, 2020, notes receivable included $1.2 million and $1.2 million, respectively, from AFD. During the three months ended March 31, 2021, and 2020, the Company provided administrative, accounting and project management services to certain of the related party entities. The cost of these services was $24,000 and $0, respectively. These entities were billed $29,000 and $0, respectively. Bowman Realty Investments 2013 LLC (BR13) is an entity in which Mr. Bowman, Mr. Bruen, and Mr. Hickey have an ownership interest. On March 31, 2021 and December 31, 2020, the Company was due $0.6 million and $0.6 million, respectively, from shareholders under the terms of stock subscription notes receivable. On March 31, 2021 and December 31, 2020, the Company owed $0.3 million and $0.3 million, respectively, to a retired shareholder and former director in connection with a 2015 acquisition. As of March 31, 2021 and December 31, 2020, the Company owed certain of our current and former shareholders $4.1 million and $2.2 million, respectively. The notes result from repurchases of stock from shareholders upon termination of employment and the promissory note issued to KTA Group Inc. as part of the KTA acquisition. |
Stock Options
Stock Options | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Options | 15. Stock Options In 2001, the Company established the Bowman Consulting Group Ltd. Stock Option Plan (the Stock Option Plan), which allows for issuance of Incentive Stock Options (ISO) and Non-Qualified Stock Options (NQSO). The number of shares for which each option shall be granted, whether or not 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 three months ended March 31, 2021, no new option shares 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 January 1, 2021 53,277 $ 5.87 Granted - - Exercised (29,500 ) 5.53 Expired or cancelled - - Outstanding at March 31, 2021 23,777 $ 6.29 The following summarizes information about options outstanding and exercisable at January 1, 2021 and March 31, 2021: Options Outstanding and Exercisable Exercise Price Total Outstanding Weighted Average Remaining Life (Years) Weighted Average Exercise Price Total Exercisable January 1, 2021 $ 6.37 53,277 4.5 $ 5.87 53,277 March 31, 2021 $ 6.74 23,777 5.0 $ 6.29 23,777 The intrinsic value of these options on March 31, 2021 and December 31, 2020 was $6.00 and $6.43, respectively. The Company received cash payments of $ from the exercise of options under the Stock Option Plan in the three months ended March 31, 20 21 . The Company did not record any compensation costs related to stock options during the three months ended March 31, 2021. As of March 31, 2021, 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
Stock Bonus Plan | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Bonus Plan | 16. Stock Bonus Plan Effective April 2003, the Company adopted the Bowman Consulting Group Ltd. Stock Bonus Plan (the Stock Bonus Plan), which allowed for the awarding of shares of common stock to employees. The Stock Bonus Plan was administered by the Board of Directors (the “Board”). The Board had sole discretion to establish the terms, restrictions, size, and type of award to be granted and to whom it will grant. The Board also periodically defined or restricted the maximum number of shares it awarded in each period. During the three months ended March 31, 2021, the Board granted 49,383 shares. The shares have a vesting period of up to four years during which there are certain restrictions as defined by the Stock Bonus Plan and Stock Bonus Agreements. The grant date fair value of the Company’s shares, as determined by a third-party valuation and approved by the Board at the time of award was $12.80 per share. The following table summarizes the activity of restricted shares subject to forfeiture: Number of shares Weighted Average Grant Price Outstanding at January 1, 2021 702,926 $ 12.80 Granted 49,383 12.80 Vested (56,699 ) 12.80 Outstanding at March 31, 2021 695,610 $ 12.80 The following table represents the change in the liability to common shares subject to repurchase and the associated non-cash compensation expense for the three months ended March 31, 2021 and the year ended December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Beginning Balance $ 842 $ 8,267 Non-cash compensation from ratable vesting 41 2,712 Non-cash compensation from change in fair value of liability 2 2,457 Other stock activity, net 516 (786 ) Reclassification upon modification 0 (11,808 ) Ending balance $ 1,401 $ 842 As of March 31, 2021, the Company had 21,026 of unvested stock awards that vest between April 1, 2021 and December 31, 2024. The future expense of the unvested awards for the remainder of 2021 and succeeding years is as follows (in thousands): 2021 $ 2,343 2022 2,071 2023 1,832 2024 951 Total $ 7,197 |
Capital Leases
Capital Leases | 3 Months Ended |
Mar. 31, 2021 | |
Capital Leases Of Lessee [Abstract] | |
Capital Leases | 17. Capital Leases On September 30, 2020, the Company converted operating leases for equipment and vehicles to capital leases and recorded the associated equipment purchases and capital lease liability, current and non-current. The payment terms on the lease agreements range between 30 and 50 months with payments totaling approximately $0.4 million per month. We use the incremental borrowing rate on our revolving line of credit to calculate the present value on new leases. Future minimum commitments under non-cancelable capital leases for the remainder of 2021 and succeeding years are as follows (in thousands): 2021 $ 3,218 2022 3,965 2023 2,723 2024 530 2025 30 Total minimum lease payments $ 10,466 Less: amount representing interest (943 ) Present value of total net minimum lease payments $ 9,523 Less: current portion of net minimum lease payments (3,797 ) Long-term portion of net minimum lease payments $ 5,726 The above table is exclusive of the $1.9 million bargain purchase price associated with the $11.4 million total liability to capital leases as presented on the combined balance sheet. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies Operating leases The Company leases office space, equipment and vehicles. The Company financed vehicles, certain IT and other equipment under the terms of three primary master lease agreements accounted for as operating leases until September 30, 2020, when the Company converted the equipment and vehicles to capital lease as referenced in Note 17. The Company now leases all equipment and vehicles under capital lease agreements and all office space under operating lease agreements. Rent, vehicle and equipment lease expense for the three months ended March 31, 2021 and 2020, was $1.4 million and $2.1 million, respectively. Future minimum lease payments for the remainder of 2021 and for the succeeding years is as follows (in thousands): 2021 $ 4,284 2022 5,240 2023 4,080 2024 3,579 2025 3,099 Thereafter 7,106 Total $ 27,388 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events The Company has evaluated subsequent events through June 14, 2021, the date that financial statements were issued. On April 30, 2021, the Company’s board of directors declared a special dividend payable on May 4, 2021 to the holders of record of all issued and outstanding shares of common stock as of the close of business on May 4, 2021, in the amount of 29.5 shares of common stock for each share of common stock then outstanding. The accompanying financial statements and related notes and schedules to the financial statements give retroactive effect to the stock split for all periods and as of all dates presented. On April 30, 2021, the Company’s board of directors approved a change in the par value of the Company’s common stock from $0.10 to $0.01. This change will be reflected on the Company’s June 30, 2021 financial statements. On May 11, 2021 the Company completed its initial public offering, in which it issued and sold 3,690,000 shares of common stock at $14.00 per share, resulting in net proceeds of $48.0 million after deducting underwriting discounts and commissions. On June 4, 2021, the underwriters exercised their option to purchase an additional 115,925 shares of the Company’s common stock at the public offering price of $14.00 per share, resulting in additional gross proceeds of approximately $1.6 million. After giving effect to this partial exercise of the overallotment option, the total number of shares sold by Bowman in its initial public offering increased to 3,805,925 shares and gross proceeds increased to approximately $53.3 million. The exercise of the over-allotment option closed on June 8, 2021, at which time the Company received net proceeds of approximately $1.5 million after underwriting discounts and commissions. See Initial Public Offering in Note 1 for further details. On January 1, 2021 the Company entered into an agreement with a current employee that contained put options for 47,348 shares of common stock at $12.80 per share in increments of 7,021 shares quarterly, commencing on February 15, 2021. The option expired 90 days post-closing of an IPO. These shares were classified as common shares subject to repurchase on the condensed consolidated balance sheet as of March 31, 2021. On May 15, 2021, the employee exercised the option to redeem 1,800 shares. Based on the closing of the IPO, the option expires prior to August 15, 2021, and as such, no future option tranches may be exercised. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Initial Public Offering | Initial Public Offering On May 11, 2021, we closed on our initial public offering (IPO), in which we issued and sold 3,690,000 shares of our common stock at $14.00 per share, resulting in net proceeds of $48.0 million after deducting underwriting discounts and commissions, but before expenses of the IPO. On June 4, 2021, the underwriters exercised their option to purchase an additional 115,925 shares of the Company’s common stock at the public offering price of $14.00 per share, resulting in additional gross proceeds of approximately $1.6 million. After giving effect to this partial exercise of the overallotment option, the total number of shares sold by Bowman in its initial public offering increased to 3,805,925 shares and gross proceeds increased to approximately $53.3 million. The exercise of the over-allotment option closed on June 8, 2021, at which time the Company received net proceeds of approximately $1.5 million after underwriting discounts and commissions. Deferred offering costs consist primarily of accounting, legal, and other fees related to our IPO. We capitalized $1.3 million of deferred offering costs within prepaid and other current assets in the consolidated balance sheet as of March 31, 2021. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes 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 (deficit) 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 combined financial statements and related footnotes included in our final prospectus dated May 6, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. 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 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 Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contract with Customers (“ASC Topic 606”) provides a single comprehensive revenue recognition framework and supersedes almost all revenue recognition guidance including industry-specific revenue guidance. To determine the proper revenue recognition method under ASC Topic 606, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and if so, whether to account for the combined or single contract as more than one performance obligation. For most contracts, it is concluded that there is a single performance obligation because the promise to transfer individual goods or services is not separately identifiable from the commitment to the deliverable of the contract and, therefore, is not distinct. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (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 is subject to a concentration of credit risk with respect to outstanding accounts receivable. However the Company believes no such concentration existed during the three months ended March 31, 2021 or the year ended December 31, 2020. The Company’s customers are located throughout the United States. 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 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 March 31, 2021 and December 31, 2020: • 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 2 fair value inputs; and • The liability related to shares subject to repurchase is recognized at fair value using Level 3 inputs that were primarily determined based on the contractual settlement price as defined by the terms of the Company’s Shareholders’ Buy-Sell Agreement. For further discussion, see Note 16, Stock Bonus Plan |
Income Taxes | Income Taxes The Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the 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. 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 three months ended March 31, 2021 and 2020 was 28.0% and 25.0%. Exclusive of discrete items, the effective tax rate for the three months ended March 31, 2021 was 9.36% 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 (IRS) 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. 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 2017 and after 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 Leases ASU 2016-02 for the Company is January 1, 2022, with early adoption permitted. The Company is currently evaluating the impact this ASU may have on its c onsolidated financial statements and related disclosures. Financial Instruments – Credit Losses Goodwill |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 income and weighted average shares outstanding for the calculation of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020 (in thousands except per share data): For the Three Months Ended March 31, 2021 2020 Numerator Net income $ 981 $ 426 Earnings allocated to non-vested shares 124 14 Subtotal $ 857 $ 412 Denominator Weighted average common shares outstanding 5,083,470 5,584,321 Effect of dilutive nominal options - 4,366 Effect of dilutive contingently earned shares 13,127 34,013 Dilutive average shares outstanding 5,096,597 5,622,700 Basic earnings per share $ 0.17 $ 0.07 Dilutive earnings per share $ 0.17 $ 0.07 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Summary of Preliminary Calculations of the Fair Values of Assets Acquired and Liabilities Assumed | The following summarizes the preliminary calculations of the fair values of KTA Group’s assets acquired and liabilities assumed as of the acquisition date (in thousands): Total Purchase Price $ 3,447 Purchase Price Allocation: Contract assets 217 Property and equipment, net 453 Intangible Assets 871 Other assets 18 Accounts payable and other current liabilities (240 ) Contract liabilities (416 ) Total identifiable assets $ 903 Goodwill 2,544 Net assets acquired $ 3,447 |
Contracts in Progress (Tables)
Contracts in Progress (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Contract With Customer Asset And Liability [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): March 31, 2021 December 31, 2020 Costs incurred on uncompleted contracts $ 123,572 $ 113,856 Estimated contract earnings in excess of costs 165,405 151,423 Estimated contract earnings to date 288,977 265,279 Less: billed to date (283,526 ) (260,142 ) Net contract assets $ 5,451 $ 5,137 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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. This balance is included as a part of other assets on the accompanying combined balance sheets. The following is a summary of these notes receivable (in thousands): March 31, 2021 December 31, 2020 Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 3.25% - 5.5%. The notes receivable mature through December 2021 $ 2,405 $ 2,479 Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2023 903 903 Total: 3,308 3,382 Less: current portion Officers, employees and affiliates (1,116 ) (1,182 ) Unrelated third party - - Noncurrent portion $ 2,192 $ 2,200 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment for Fixed Assets | Property and equipment for fixed assets are as follows (in thousands): March 31, 2021 December 31, 2020 Computer equipment $ 1,281 $ 1,276 Survey equipment 4,444 4,444 Vehicles 463 463 Furniture and fixtures 1,658 1,638 Leasehold improvements 6,363 5,887 Software 283 283 Fixed assets pending lease financing 1 516 146 Total: 15,008 14,137 Less: accumulated depreciation (10,081 ) (9,912 ) Property and Equipment, net $ 4,927 $ 4,225 1 |
Summary of Property and Equipment for Capital Leased Assets | Property and equipment for capital leased assets are as follows (in thousands): March 31, 2021 December 31, 2020 Equipment $ 9,893 $ 8,590 Vehicles 3,821 3,825 Total: 13,714 12,415 Less: accumulated amortization on leased assets (2,423 ) (1,283 ) Capital Leased Assets, net $ 11,291 $ 11,132 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill Resulting From Business Acquisitions | The following is a summary of goodwill resulting from business acquisitions held by the Company at March 31, 2021 and December 31, 2020 (in thousands): Goodwill Balance as of December 31, 2020 $ 9,179 Acquisition - KTA Group, Inc. 2,544 Balance March 31, 2021 $ 11,723 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Intangible Assets [Abstract] | |
Summary of Total Intangible Assets | Total intangible assets consisted of the following at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Gross Amount Accumulated Amortization Net Balance Gross Amount Accumulated Amortization Net Balance Customer relationships $ 1,479 $ (429 ) $ 1,050 $ 809 $ (382 ) $ 427 Contract rights 191 (155 ) 36 150 (150 ) 0 Leasehold 160 (4 ) 156 0 0 0 Non-complete agreement 137 (126 ) 11 137 (114 ) 23 Domain name 281 0 281 281 0 281 Licensing rights 400 0 400 400 0 400 Total $ 2,648 $ (714 ) $ 1,934 $ 1,777 $ (646 ) $ 1,131 |
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: March 31, 2021 December 31, 2020 Customer relationships 11.8 5.0 Contract rights 2.2 2.0 Leasehold 9.2 - Non-compete agreement 3.0 3.0 |
Summary of Future amortization | Future amortization for the remainder of 2021 and for the succeeding years is as follows (in thousands): 2021 $ 183 2022 227 2023 165 2024 51 2025 51 Thereafter 576 Total $ 1,253 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instruments [Abstract] | |
Schedule of Notes Payable | Notes payable consist of the following (in thousands): March 31, 2021 December 31, 2020 Related parties: Shareholders - Interest accrues annually at rates ranging from 0.00% - 6.25%. The notes payable mature on various dates through October 2025. $ 4,085 $ 2,202 Unrelated third parties: Note payable for purchase of intangible asset 165 - Fixed line notes payable - see note 11 2,041 2,219 Total 6,291 4,421 Less: current portion (2,124 ) (1,592 ) Noncurrent portion $ 4,167 $ 2,829 |
Schedule of Future Principal Payments on Notes Payable | Future principal payments on notes payable for remainder of 2021 and succeeding years are as follows (in thousands): 2021 $ 1,654 2022 1,800 2023 1,440 2024 1,037 2025 360 Total $ 6,291 |
Stock Options (Tables)
Stock Options (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
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 January 1, 2021 53,277 $ 5.87 Granted - - Exercised (29,500 ) 5.53 Expired or cancelled - - Outstanding at March 31, 2021 23,777 $ 6.29 The following summarizes information about options outstanding and exercisable at January 1, 2021 and March 31, 2021: Options Outstanding and Exercisable Exercise Price Total Outstanding Weighted Average Remaining Life (Years) Weighted Average Exercise Price Total Exercisable January 1, 2021 $ 6.37 53,277 4.5 $ 5.87 53,277 March 31, 2021 $ 6.74 23,777 5.0 $ 6.29 23,777 |
Stock Bonus Plan (Tables)
Stock Bonus Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
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, 2021 702,926 $ 12.80 Granted 49,383 12.80 Vested (56,699 ) 12.80 Outstanding at March 31, 2021 695,610 $ 12.80 |
Summary of Change in Liability to Common Shares Subject to Repurchase and Associated Non-cash Compensation Expense | The following table represents the change in the liability to common shares subject to repurchase and the associated non-cash compensation expense for the three months ended March 31, 2021 and the year ended December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Beginning Balance $ 842 $ 8,267 Non-cash compensation from ratable vesting 41 2,712 Non-cash compensation from change in fair value of liability 2 2,457 Other stock activity, net 516 (786 ) Reclassification upon modification 0 (11,808 ) Ending balance $ 1,401 $ 842 |
Summary of Future Expense of Unvested Awards | The future expense of the unvested awards for the remainder of 2021 and succeeding years is as follows (in thousands): 2021 $ 2,343 2022 2,071 2023 1,832 2024 951 Total $ 7,197 |
Capital Leases (Tables)
Capital Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Capital Leases Of Lessee [Abstract] | |
Schedule of Future Minimum Commitments Under Non-cancelable Capital Leases | Future minimum commitments under non-cancelable capital leases for the remainder of 2021 and succeeding years are as follows (in thousands): 2021 $ 3,218 2022 3,965 2023 2,723 2024 530 2025 30 Total minimum lease payments $ 10,466 Less: amount representing interest (943 ) Present value of total net minimum lease payments $ 9,523 Less: current portion of net minimum lease payments (3,797 ) Long-term portion of net minimum lease payments $ 5,726 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Operating Lease Liabilities Payments Due Rolling Maturity [Abstract] | |
Summary of Future Minimum Lease Payments | Future minimum lease payments for the remainder of 2021 and for the succeeding years is as follows (in thousands): 2021 $ 4,284 2022 5,240 2023 4,080 2024 3,579 2025 3,099 Thereafter 7,106 Total $ 27,388 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 08, 2021 | Jun. 04, 2021 | May 11, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Nature Of Business And Basis Of Presentation [Line Items] | |||||
Proceeds from issuance of common stock | $ 18 | $ 15 | |||
Subsequent Event | |||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||
Number of shares issued and sold | 3,805,925 | ||||
Proceeds from issuance of common stock | $ 53,300 | ||||
Initial Public Offering | |||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||
Deferred offering costs capitalized | $ 1,300 | ||||
Initial Public Offering | Subsequent Event | |||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||
Number of shares issued and sold | 115,925 | 3,690,000 | |||
Shares price per share | $ 14 | $ 14 | |||
Net proceeds from sale of common stock | $ 48,000 | ||||
Proceeds from issuance of common stock | $ 1,600 | ||||
Over-Allotment Option | Subsequent Event | |||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||
Number of shares issued and sold | 3,805,925 | 115,925 | |||
Shares price per share | $ 14 | ||||
Net proceeds from sale of common stock | $ 1,500 | ||||
Proceeds from issuance of common stock | $ 53,300 | $ 1,600 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - Segment | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Effective tax rate | 28.00% | 25.00% |
Effective tax rate exclusive of discrete items | 9.36% | |
Number of operating segment | 1 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Non-vested restricted shares | 691,038 | 134,933 |
Substantive options shares | 49,177 | 49,147 |
Earnings per Share - Summary of
Earnings per Share - 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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 981 | $ 426 |
Earnings allocated to non-vested shares | 124 | 14 |
Subtotal | $ 857 | $ 412 |
Basic | 5,083,470 | 5,584,321 |
Effect of dilutive nominal options | 4,366 | |
Effect of dilutive contingently earned shares | 13,127 | 34,013 |
Dilutive average shares outstanding | 5,096,597 | 5,622,700 |
Basic | $ 0.17 | $ 0.07 |
Diluted | $ 0.17 | $ 0.07 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - KTA Group Inc. - USD ($) $ / shares in Units, $ in Thousands | Jan. 04, 2021 | Mar. 31, 2021 |
Business Acquisition [Line Items] | ||
Name of acquired entity | KTA Group Inc | |
Date of acquisition agreement | Jan. 4, 2021 | |
Effective date of acquisition | Jan. 1, 2021 | |
Total consideration paid | $ 3,447 | |
Issuance of common stock for acquisitions | 53,159 | |
Price per share | $ 12.80 | |
Equity issued in business combination, fair value | $ 700 | |
Cash and promissory note payment on business combination | 2,700 | |
Identified intangible assets | 871 | |
Customer Relationships, Contract Rights and Favorable Leaseholds | ||
Business Acquisition [Line Items] | ||
Identified intangible assets | $ 900 | |
Customer Relationships | ||
Business Acquisition [Line Items] | ||
Estimated useful life of intangibles | 20 years | |
Contract Rights | ||
Business Acquisition [Line Items] | ||
Estimated useful life of intangibles | 3 years | |
Favorable Leaseholds | ||
Business Acquisition [Line Items] | ||
Estimated useful life of intangibles | 9 years | |
Promissory Note | ||
Business Acquisition [Line Items] | ||
Promissory note term | 4 years | |
Promissory note interest rate | 3.25% | |
Debt instrument repayment starting date | Apr. 1, 2021 | |
Debt instrument repayment ending date | Jan. 1, 2025 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Calculations of the Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 04, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Purchase Price Allocation: | |||
Goodwill | $ 11,723 | $ 9,179 | |
KTA Group Inc. | |||
Business Acquisition [Line Items] | |||
Total Purchase Price | $ 3,447 | ||
Purchase Price Allocation: | |||
Contract assets | 217 | ||
Property and equipment, net | 453 | ||
Intangible Assets | 871 | ||
Other assets | 18 | ||
Accounts payable and other current liabilities | (240) | ||
Contract liabilities | (416) | ||
Total identifiable assets | 903 | ||
Goodwill | 2,544 | ||
Net assets acquired | $ 3,447 |
Disaggregation of Revenue and_2
Disaggregation of Revenue and Contract Balances - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Abstract] | ||
Revenue from contracts classified as lump sum | 91.60% | |
Revenue from exclusively time and material contracts | 8.40% | |
Remaining performance obligations | $ 94.8 | |
Contract with customer, liability, revenue recognized | $ 0.9 | $ 2.9 |
Disaggregation of Revenue and_3
Disaggregation of Revenue and Contract Balances - Additional Information (Details 1) | Mar. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligations expects to recognize | 77.00% |
Remaining performance obligations, expected satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 | |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligations expects to recognize | 23.00% |
Remaining performance obligations, expected satisfaction period | 0 years |
Contracts in Progress - Summary
Contracts in Progress - Summary of Costs and Estimated Earnings on Contracts (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Contract With Customer Asset And Liability [Abstract] | ||
Costs incurred on uncompleted contracts | $ 123,572 | $ 113,856 |
Estimated contract earnings in excess of costs | 165,405 | 151,423 |
Estimated contract earnings to date | 288,977 | 265,279 |
Less: billed to date | (283,526) | (260,142) |
Net contract assets | $ 5,451 | $ 5,137 |
Notes Receivable - Summary of N
Notes Receivable - Summary of Notes Receivable (Details) - Unsecured Notes Receivable - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 3.25% - 5.5%. The notes receivable mature through December 2021. | $ 2,405 | $ 2,479 |
Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2023. | 903 | 903 |
Total: | 3,308 | 3,382 |
Less: current portion | ||
Officers, employees and affiliates | (1,116) | (1,182) |
Noncurrent portion | $ 2,192 | $ 2,200 |
Notes Receivable - Summary of_2
Notes Receivable - Summary of Notes Receivable (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Unsecured Notes Receivable, Related Parties | |
Accounts Notes And Loans Receivable [Line Items] | |
Notes receivable, maturity | Dec. 31, 2021 |
Unsecured Notes Receivable, Related Parties | Minimum | |
Accounts Notes And Loans Receivable [Line Items] | |
Notes receivable, interest | 3.25% |
Unsecured Notes Receivable, Related Parties | Maximum | |
Accounts Notes And Loans Receivable [Line Items] | |
Notes receivable, interest | 5.50% |
Unsecured Notes Receivable, Unrelated Third Party | |
Accounts Notes And Loans Receivable [Line Items] | |
Notes receivable, interest | 0.00% |
Notes receivable, maturity | Dec. 31, 2023 |
Notes Receivable - Additional I
Notes Receivable - Additional Information (Details) - Unsecured Notes Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Minimum | |
Accounts Notes And Loans Receivable [Line Items] | |
Notes receivable, interest | 3.25% |
Maximum | |
Accounts Notes And Loans Receivable [Line Items] | |
Notes receivable, interest | 5.50% |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment for Fixed Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total: | $ 15,008 | $ 14,137 |
Less: accumulated depreciation | (10,081) | (9,912) |
Property and Equipment, net | 4,927 | 4,225 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total: | 1,281 | 1,276 |
Survey Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total: | 4,444 | 4,444 |
Vehicles | ||
Property Plant And Equipment [Line Items] | ||
Total: | 463 | 463 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total: | 1,658 | 1,638 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total: | 6,363 | 5,887 |
Software | ||
Property Plant And Equipment [Line Items] | ||
Total: | 283 | 283 |
Fixed Assets Pending Lease Financing | ||
Property Plant And Equipment [Line Items] | ||
Total: | $ 516 | $ 146 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense for fixed assets | $ 198 | $ 193 |
Amortization expense for capital leased assets | $ 1,200 | $ 100 |
Property and Equipment, Net -_2
Property and Equipment, Net - Summary of Property and Equipment for Capital Leased Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total: | $ 13,714 | $ 12,415 |
Less: accumulated amortization on leased assets | (2,423) | (1,283) |
Capital Leased Assets, net | 11,291 | 11,132 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total: | 9,893 | 8,590 |
Vehicles | ||
Property Plant And Equipment [Line Items] | ||
Total: | $ 3,821 | $ 3,825 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill Resulting From Business Acquisitions (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 9,179 |
Acquisition - KTA Group, Inc. | 2,544 |
Ending balance | $ 11,723 |
Intangible Assets - Summary of
Intangible Assets - Summary of Total Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (714) | $ (646) |
Net Balance | 1,253 | |
Gross Amount | 2,648 | 1,777 |
Net Balance | 1,934 | 1,131 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Amount | 1,479 | 809 |
Accumulated Amortization | (429) | (382) |
Net Balance | 1,050 | 427 |
Contract Rights | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Amount | 191 | 150 |
Accumulated Amortization | (155) | (150) |
Net Balance | 36 | 0 |
Leasehold | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Amount | 160 | 0 |
Accumulated Amortization | (4) | 0 |
Net Balance | 156 | 0 |
Non-complete Agreement | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Amount | 137 | 137 |
Accumulated Amortization | (126) | (114) |
Net Balance | 11 | 23 |
Domain Name | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Amount | 281 | 281 |
Licensing Rights | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 400 | $ 400 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 68 | $ 70 | |
Domain Name | |||
Intangible Assets [Line Items] | |||
Intangible assets acquired | $ 700 | ||
Licensing Rights | |||
Intangible Assets [Line Items] | |||
Intangible assets acquired | $ 700 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Weighted Average Useful Lives of Intangible Assets by Asset Class Used for Straight-line Expense Purposes (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted average useful lives | 11 years 9 months 18 days | 5 years |
Contract Rights | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted average useful lives | 2 years 2 months 12 days | 2 years |
Leasehold | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted average useful lives | 9 years 2 months 12 days | |
Non-complete Agreement | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted average useful lives | 3 years | 3 years |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Future amortization (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2021 | $ 183 |
2022 | 227 |
2023 | 165 |
2024 | 51 |
2025 | 51 |
Thereafter | 576 |
Net Balance | $ 1,253 |
Lines of Credit - Additional In
Lines of Credit - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Notes Payable | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument outstanding amount | $ 6,291,000 | ||||
Minimum | Notes Payable | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 0.00% | 0.00% | |||
Maximum | Notes Payable | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument interest rate | 6.25% | 6.25% | |||
Bank of America | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit maximum borrowing capacity | $ 12,400,000 | ||||
Borrowing base description | The Borrowing Base is computed based upon a percentage of eligible receivables within each aging category under 120 days and is further refined for customer type. Receivables in excess of 120 days and those from related parties or affiliates are not considered to be eligible receivables for the Borrowing Base. | ||||
Line of credit facility increase in amount | $ 15,000,000 | ||||
Line of credit interest expense | $ 100,000 | $ 55,000 | |||
Bank of America | Term Loan | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument payment terms | thirty-six months | ||||
Debt instrument date of first repayment | Apr. 13, 2020 | ||||
Debt instrument maturity date | Mar. 13, 2023 | ||||
Debt instrument periodic payment | $ 29,294 | ||||
Debt instrument interest rate | 3.49% | ||||
Debt instrument outstanding amount | $ 700,000 | $ 800,000 | |||
Bank of America | Notes Payable | Term Loan | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument principal amount | 1,000,000 | ||||
Bank of America | Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit interest rate | 3.60% | 2.99% | |||
Line of credit expiration date | Jul. 31, 2021 | ||||
Bank of America | Revolving Credit Facility | LIBOR | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit basis spread on variable rate | 1.25% | ||||
Bank of America | Fixed Line 1 | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit interest rate | 2.86% | 3.74% | |||
Line of credit remaining borrowing capacity | $ 0 | ||||
Line of credit payment date | Aug. 31, 2018 | ||||
Line of credit frequency of principal payments description | sixty equal monthly installments | ||||
Line of credit facility maturity date | 2023-08 | ||||
Line of credit outstanding amount | $ 500,000 | 500,000 | |||
Bank of America | Fixed Line 1 | Notes Payable | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit maximum borrowing capacity | $ 1,000,000 | ||||
Bank of America | Fixed Line 1 | LIBOR | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit basis spread on variable rate | 2.75% | ||||
Bank of America | Fixed Line 2 | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit interest rate | 2.11% | ||||
Line of credit remaining borrowing capacity | $ 0 | ||||
Line of credit payment date | Aug. 31, 2020 | ||||
Line of credit frequency of principal payments description | sixty equal monthly installments | ||||
Line of credit facility maturity date | 2025-09 | ||||
Line of credit outstanding amount | $ 900,000 | $ 900,000 | |||
Bank of America | Fixed Line 2 | Notes Payable | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit maximum borrowing capacity | $ 1,000,000 | ||||
Bank of America | Fixed Line 2 | LIBOR | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit basis spread on variable rate | 2.00% | ||||
Bank of America | Minimum | Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit basis spread on variable rate | 2.35% | ||||
Bank of America | Maximum | Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit basis spread on variable rate | 2.95% |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Notes payable | $ 6,291 | $ 4,421 |
Less: current portion | (2,124) | (1,592) |
Notes payable, less current portion | 4,167 | 2,829 |
Related Parties | ||
Debt Instrument [Line Items] | ||
Notes payable | 4,085 | 2,202 |
Unrelated Third Parties | Purchase of Intangible Asset | ||
Debt Instrument [Line Items] | ||
Notes payable | 165 | |
Unrelated Third Parties | Fixed Line | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 2,041 | $ 2,219 |
Notes Payable - Schedule of N_2
Notes Payable - Schedule of Notes Payable (Parenthetical) (Details) - Notes Payable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt instrument, maturity date, description | mature on various dates through October 2025. | |
Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 0.00% | 0.00% |
Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.25% | 6.25% |
Notes Payable - Additional Info
Notes Payable - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest expense | $ 44,000 | $ 47,000 |
Notes Payable - Schedule of Fut
Notes Payable - Schedule of Future Principal Payments on Notes Payable (Details) - Notes Payable $ in Thousands | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 1,654 |
2022 | 1,800 |
2023 | 1,440 |
2024 | 1,037 |
2025 | 360 |
Total | $ 6,291 |
Stock Subscription Notes Rece_2
Stock Subscription Notes Receivable - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Stock Subscription Notes Receivable [Line Items] | |||
New stock subscription notes principal payments received | $ 34,000 | $ 100,000 | |
Combined total of outstanding principal | $ 600,000 | $ 600,000 | |
Promissory Note | Minimum | |||
Stock Subscription Notes Receivable [Line Items] | |||
Promissory note interest rate | 3.25% | ||
Promissory Note | Maximum | |||
Stock Subscription Notes Receivable [Line Items] | |||
Promissory note interest rate | 4.75% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Rent expense | $ 1,400,000 | $ 2,100,000 | |
Combined total of outstanding principal | 600,000 | $ 600,000 | |
BCG Chantilly, LLC | |||
Related Party Transaction [Line Items] | |||
Related party transaction, due from (to) related party | 0 | 0 | |
Rent expense | $ 21,000 | 21,000 | |
BCG Chantilly, LLC | Mr. Bowman, Mr. Bruen and Mr. Hickey | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 63.60% | ||
Bowman Lansdowne Development, LLC | |||
Related Party Transaction [Line Items] | |||
Notes receivable | $ 500,000 | 500,000 | |
Lansdowne Development Group, LLC | |||
Related Party Transaction [Line Items] | |||
Notes receivable | 400,000 | 400,000 | |
Accounts receivable | 100,000 | 100,000 | |
Bowman Realty Investments 2010, LLC | |||
Related Party Transaction [Line Items] | |||
Notes receivable | 200,000 | 200,000 | |
Alwington Farm Developers, LLC | |||
Related Party Transaction [Line Items] | |||
Notes receivable | 1,200,000 | 1,200,000 | |
Administrative, Accounting and Project Management Services | |||
Related Party Transaction [Line Items] | |||
Related Party transaction, cost of service | 24,000 | 0 | |
Combined total of outstanding principal | 29,000 | $ 0 | |
2015 Acquisition | |||
Related Party Transaction [Line Items] | |||
Related party transaction, due to related party | 300,000 | 300,000 | |
KTA Group Inc. | |||
Related Party Transaction [Line Items] | |||
Related party transaction, due to related party | $ 4,100,000 | $ 2,200,000 |
Stock Options - Additional Info
Stock Options - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options vesting period | 4 years | |
Bowman Consulting Group Ltd. Stock Option Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
New option shares granted | 0 | |
Intrinsic value per share of options | $ 6 | $ 6.43 |
Cash payments received from exercise of options | $ 18,424 | |
Compensation costs | 0 | |
Unrecognized compensation costs | $ 0 | |
Minimum | Bowman Consulting Group Ltd. Stock Option Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options vesting period | 2 years | |
Maximum | Bowman Consulting Group Ltd. Stock Option Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options vesting period | 5 years |
Stock Options - Summary of Stat
Stock Options - Summary of Status of Stock Options Exercised, Including Substantive Options (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of shares Outstanding, Beginning Balance | shares | 53,277 |
Number of shares, Exercised | shares | (29,500) |
Number of shares Outstanding, Ending Balance | shares | 23,777 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 5.87 |
Weighted Average Exercise Price, Exercised | $ / shares | 5.53 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 6.29 |
Stock Options - Summary of Info
Stock Options - Summary of Information about Options Outstanding and Exercisable (Details) - $ / shares | Mar. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Exercise Price | $ 6.74 | $ 6.37 | |
Total Options Outstanding | 23,777 | 53,277 | 53,277 |
Weighted Average Remaining Life (Years) | 5 years | 4 years 6 months | |
Weighted Average Exercise Price | $ 6.29 | $ 5.87 | $ 5.87 |
Total Options Exercisable | 23,777 | 53,277 |
Stock Bonus Plan - Additional I
Stock Bonus Plan - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of shares, granted | 49,383 |
Options vesting period | 4 years |
Weighted average grant price, granted | $ / shares | $ 12.80 |
Number of unvested stock awards | 21,026 |
Number of unvested stock awards vesting start date | Apr. 1, 2021 |
Number of unvested stock awards vesting end date | Dec. 31, 2024 |
Stock Bonus Plan - Summary of A
Stock Bonus Plan - Summary of Activity of Restricted Shares Subject to Forfeiture (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares, Granted | 49,383 |
Number of shares, Vested | (21,026) |
Weighted Average Grant Price, Granted | $ / shares | $ 12.80 |
Restricted Shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares, Beginning balance | 702,926 |
Number of shares, Granted | 49,383 |
Number of shares, Vested | (56,699) |
Number of shares, Ending balance | 695,610 |
Weighted Average Grant Price, Beginning balance | $ / shares | $ 12.80 |
Weighted Average Grant Price, Granted | $ / shares | 12.80 |
Weighted Average Grant Price, Vested | $ / shares | 12.80 |
Weighted Average Grant Price, Ending balance | $ / shares | $ 12.80 |
Stock Bonus Plan - Summary of C
Stock Bonus Plan - Summary of Change in Liability to Common Shares Subject to Repurchase and Associated Non-Cash Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Beginning Balance | $ 842 | $ 8,267 |
Non-cash compensation from ratable vesting | 41 | 2,712 |
Non-cash compensation from change in fair value of liability | 2 | 2,457 |
Other stock activity, net | 516 | (786) |
Reclassification upon modification | 0 | (11,808) |
Ending balance | $ 1,401 | $ 842 |
Stock Bonus Plan - Summary of F
Stock Bonus Plan - Summary of Future expense of Unvested Awards (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Schedule Of Future Expense Of Unvested Awards [Abstract] | |
2021 | $ 2,343 |
2022 | 2,071 |
2023 | 1,832 |
2024 | 951 |
Total | $ 7,197 |
Capital Leases - Additional Inf
Capital Leases - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2021 | |
Capital Leased Assets [Line Items] | ||
Capital lease liability | $ 0.4 | $ 11.4 |
Bargain purchase price | $ 1.9 | |
Minimum | ||
Capital Leased Assets [Line Items] | ||
Capital leases payment terms on lease agreements | 30 months | |
Maximum | ||
Capital Leased Assets [Line Items] | ||
Capital leases payment terms on lease agreements | 50 months |
Capital Leases - Schedule of Fu
Capital Leases - Schedule of Future Minimum Commitments Under Non-cancelable Capital Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Capital Leases Future Minimum Payments Net Minimum Payments [Abstract] | ||
2021 | $ 3,218 | |
2022 | 3,965 | |
2023 | 2,723 | |
2024 | 530 | |
2025 | 30 | |
Total minimum lease payments | 10,466 | |
Less: amount representing interest | (943) | |
Present value of total net minimum lease payments | 9,523 | |
Less: current portion of net minimum lease payments | (3,797) | $ (3,495) |
Long-term portion of net minimum lease payments | $ 5,726 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)LeaseAgreement | Mar. 31, 2020USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||
Number of lease agreements | LeaseAgreement | 3 | |
Rent expense | $ | $ 1.4 | $ 2.1 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Lease Liabilities Payments Due Rolling Maturity [Abstract] | |
2021 | $ 4,284 |
2022 | 5,240 |
2023 | 4,080 |
2024 | 3,579 |
2025 | 3,099 |
Thereafter | 7,106 |
Total | $ 27,388 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 08, 2021 | Jun. 04, 2021 | May 15, 2021 | May 11, 2021 | Apr. 30, 2021 | Jan. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 29, 2021 |
Subsequent Event [Line Items] | |||||||||
Dividend declared share per each common stock | 29.5 shares of common stock for each share of common stock | ||||||||
Proceeds from issuance of common stock | $ 18 | $ 15 | |||||||
Number of option exercised by employee | 29,500 | ||||||||
Put Option | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued for put options | 47,348 | ||||||||
Price per share | $ 12.80 | ||||||||
Quarterly increment to employee share stock option | 7,021 | ||||||||
Employee stock options expiration period | 90 days | ||||||||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Special dividend payable declared date | May 4, 2021 | ||||||||
Dividend declared per share | $ 29.5 | ||||||||
Common stock, par value | $ 0.01 | $ 0.10 | |||||||
Number of shares issued and sold | 3,805,925 | ||||||||
Proceeds from issuance of common stock | $ 53,300 | ||||||||
Subsequent Event | Put Option | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of option exercised by employee | 1,800 | ||||||||
Subsequent Event | Initial Public Offering | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued and sold | 115,925 | 3,690,000 | |||||||
Shares price per share | $ 14 | $ 14 | |||||||
Net proceeds from sale of common stock | $ 48,000 | ||||||||
Proceeds from issuance of common stock | $ 1,600 | ||||||||
Subsequent Event | Over-Allotment Option | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued and sold | 3,805,925 | 115,925 | |||||||
Shares price per share | $ 14 | ||||||||
Net proceeds from sale of common stock | $ 1,500 | ||||||||
Proceeds from issuance of common stock | $ 53,300 | $ 1,600 |