Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Sep. 30, 2021
Cash flows from operating activities:      
Net income $ 5,511 $ 7,871  
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:      
Depreciation, depletion, accretion and amortization of long-lived assets 15,903 11,094  
Amortization of deferred debt issuance costs and debt discount 57 64  
Unrealized gain on derivative instruments (136) (1,165)  
Provision for bad debt 113 175  
Gain on sale of equipment, net (441) (333)  
Equity-based compensation expense 1,504 395  
Earnings from investment in joint venture 0 (11)  
Distribution of earnings from investment in joint venture 0 100  
Deferred income tax benefit (295) 0  
Other non-cash adjustments 33 (21)  
Changes in operating assets and liabilities, net of acquisitions:      
Contracts receivable including retainage, net 776 18,538  
Costs and estimated earnings in excess of billings on uncompleted contracts 1,188 (4,275)  
Inventories (2,529) 928  
Prepaid expenses and other current assets (3,514) (4,119)  
Other assets (569) (946)  
Accounts payable (10,432) (15,255)  
Billings in excess of costs and estimated earnings on uncompleted contracts 4,615 (2,774)  
Accrued expenses and other current liabilities (13,816) (9,427)  
Other long-term liabilities 1,455 (130)  
Net cash (used in) provided by operating activities, net of acquisition (577) 709  
Cash flows from investing activities:      
Purchases of property, plant and equipment (15,106) (10,462)  
Proceeds from sale of equipment 733 492  
Business acquisitions, net of cash acquired (65,901) (84,086)  
Net cash used in investing activities (80,274) (94,056)  
Cash flows from financing activities:      
Proceeds from revolving credit facility 70,000 0  
Repayments of long-term debt (2,500) (3,250)  
Purchase of treasury stock (39) 0  
Net cash provided by (used in) financing activities 67,461 (3,250)  
Net change in cash, cash equivalents and restricted cash (13,390) (96,597)  
Cash, cash equivalents and restricted cash:      
Cash, cash equivalents and restricted cash, beginning of period 57,251 148,316 $ 148,316
Cash, cash equivalents and restricted cash, end of period 43,861 51,719 $ 57,251
Supplemental cash flow information:      
Cash paid for interest 1,608 672  
Cash paid for operating lease liabilities 565 748  
Non-cash items:      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 4,991 282  
Property, plant and equipment financed with accounts payable $ 6,256 $ 1,549