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
 9 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 8,261 $ 12,276
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash (used by) provided by operating activities:    
Depreciation, depletion, accretion and amortization of long-lived assets 50,291 36,011
Amortization of deferred debt issuance costs and debt discount 198 190
Unrealized gain on derivative instruments (2,589) (3,141)
Provision for bad debt (1,077) 440
Gain on sale of equipment, net (1,788) (1,177)
Equity-based compensation expense 5,094 2,202
Earnings from investment in joint venture 0 (10)
Distribution of earnings from investment in joint venture 0 100
Deferred income tax benefit (193) 0
Other non-cash adjustments 97 (57)
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage, net (71,865) (32,975)
Costs and estimated earnings in excess of billings on uncompleted contracts (9,487) (7,897)
Inventories (21,726) (8,061)
Prepaid expenses and other current assets (2,327) (1,723)
Other assets (2,893) (4,123)
Accounts payable 30,025 16,789
Billings in excess of costs and estimated earnings on uncompleted contracts 13,379 (2,149)
Accrued expenses and other current liabilities (6,946) 2,970
Other long-term liabilities 3,825 (331)
Net cash (used by) provided by operating activities, net of acquisitions (9,721) 9,334
Cash flows from investing activities:    
Purchases of property, plant and equipment (52,236) (39,588)
Proceeds from sale of equipment 4,184 2,361
Business acquisitions, net of cash acquired (102,893) (92,303)
Purchase of restricted investments (7,662) 0
Net cash used in investing activities (158,607) (129,530)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 142,300 199,198
Principal payments on long-term debt (5,000) (92,850)
Purchase of treasury stock (39) 0
Net cash provided by financing activities 137,261 106,348
Net change in cash and cash equivalents (31,067) (13,848)
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 26,184 134,468
Supplemental cash flow information:    
Cash paid for interest 5,727 1,950
Cash paid for income taxes 1,372 3,568
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 6,209 1,089
Cash paid for operating lease liabilities 1,783 1,795
Non-cash items:    
Property, plant and equipment included with accounts payable at period end 1,236 778
Non-compete agreements to seller in business combination 0 1,700
Amounts payable to seller in business combination $ 600 $ 1,296