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
 6 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ (3,907) $ 2,936
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 33,047 23,385
Amortization of deferred debt issuance costs and debt discount 128 127
Unrealized gain on derivative instruments (2,130) (2,377)
Provision for bad debt 130 361
Gain on sale of equipment, net (1,455) (342)
Equity-based compensation expense 3,246 855
Earnings from investment in joint venture 0 (11)
Distribution of earnings from investment in joint venture 0 100
Deferred income tax benefit (245) 0
Other non-cash adjustments 39 (24)
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage (3,821) 6,263
Costs and estimated earnings in excess of billings on uncompleted contracts (1,261) (9,802)
Inventories (13,665) (3,482)
Prepaid expenses and other current assets (8,150) (4,343)
Other assets 350 (1,275)
Accounts payable (2,426) (2,464)
Billings in excess of costs and estimated earnings on uncompleted contracts 12,304 (7,261)
Accrued expenses and other current liabilities (11,957) (8)
Other long-term liabilities 3,067 (240)
Net cash provided by operating activities, net of acquisitions 3,294 2,398
Cash flows from investing activities:    
Purchases of property, plant and equipment (34,703) (26,898)
Proceeds from sale of equipment 3,777 927
Business acquisitions, net of cash acquired (102,893) (84,494)
Purchase of restricted investments (6,358) 0
Net cash used in investing activities (140,177) (110,465)
Cash flows from financing activities:    
Proceeds from revolving credit facility 116,000 0
Repayments of long-term debt (5,000) (6,500)
Purchase of treasury stock (39) 0
Net cash provided by (used in) financing activities 110,961 (6,500)
Net change in cash and cash equivalents (25,922) (114,567)
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash, beginning of period 57,251 148,316
Cash, cash equivalents and restricted cash, end of period 31,329 33,749
Supplemental cash flow information:    
Cash paid for interest 3,375 1,303
Cash paid for income taxes 1,076 3,318
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 5,983 615
Cash paid for operating lease liabilities 1,144 1,234
Non-cash items:    
Property, plant and equipment included with accounts payable at period end 1,042 1,663
Non-compete agreements to seller in business combination 0 1,700
Amounts payable to seller in business combination $ 600 $ 250