| Schedule of Condensed Balance Sheet |
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
September 30, |
|
2018 |
|
2017 |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
53,352 |
|
|
$ |
1,330 |
|
Investment in subsidiaries |
247,944 |
|
|
162,274 |
|
Due from subsidiaries |
545 |
|
|
— |
|
Other assets |
1,226 |
|
|
2,196 |
|
Total current assets |
303,067 |
|
|
165,800 |
|
Property, plant and equipment |
131 |
|
|
— |
|
Total assets |
$ |
303,198 |
|
|
$ |
165,800 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Treasury stock purchase obligation |
$ |
569 |
|
|
$ |
2,569 |
|
Due to subsidiaries |
800 |
|
|
6,449 |
|
Other current liabilities |
187 |
|
|
1,062 |
|
Total short-term liabilities |
1,556 |
|
|
10,080 |
|
Long-term liabilities: |
|
|
|
|
|
Due to subsidiaries |
2,177 |
|
|
2,971 |
|
Treasury stock purchase obligation |
— |
|
|
569 |
|
Total long-term liabilities |
2,177 |
|
|
3,540 |
|
Total liabilities |
3,733 |
|
|
13,620 |
|
Stockholders’ Equity |
|
|
|
|
|
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2018 and 1,000,000 shares authorized at September 30, 2017 and no shares issued and outstanding |
— |
|
|
— |
|
Class A common stock, par value $0.001; 400,000,000 shares authorized, 11,950,000 shares issued and outstanding at September 30, 2018, and no shares authorized, issued and outstanding at September 30, 2017 |
12 |
|
|
— |
|
Class B common stock, par value $0.001; 100,000,000 shares authorized, 42,387,571 shares issued and 39,464,619 shares outstanding at September 30, 2018, and no shares authorized, issued and outstanding at September 30, 2017 |
42 |
|
|
— |
|
Common stock, $.001 par value, no shares authorized, issued and outstanding at September 30, 2018, and 126,000,000 shares authorized, 44,987,575 shares issued and 41,691,541 shares outstanding at September 30, 2017 |
— |
|
|
45 |
|
Additional paid-in capital |
242,489 |
|
|
142,385 |
|
Treasury stock, at cost |
(15,603 |
) |
|
(11,983 |
) |
Retained earnings |
72,525 |
|
|
21,733 |
|
Total stockholders’ equity |
299,465 |
|
|
152,180 |
|
Total liabilities and stockholders’ equity |
$ |
303,198 |
|
|
$ |
165,800 |
|
|
|
|
|
|
| Schedule of Condensed Income Statement |
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF INCOME
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
For the Fiscal Year Ended
September 30,
|
|
2018 |
|
2017 |
Equity in net income of subsidiaries |
$ |
51,515 |
|
|
$ |
28,312 |
|
Equity-based compensation expense |
(975 |
) |
|
(513 |
) |
General and administrative expenses |
(1,542 |
) |
|
(388 |
) |
Loss on extinguishment of debt |
— |
|
|
(714 |
) |
Interest expense, net |
72 |
|
|
(1,338 |
) |
Income before provision for income taxes |
49,070 |
|
|
25,359 |
|
Income tax benefit |
1,721 |
|
|
681 |
|
Net income |
$ |
50,791 |
|
|
$ |
26,040 |
|
Net income per share attributable to common stockholders: |
|
|
|
Basic |
$ |
1.11 |
|
|
$ |
0.63 |
|
Diluted |
$ |
1.11 |
|
|
$ |
0.63 |
|
Weighted average number of common shares outstanding: |
|
|
|
Basic |
45,605,845 |
|
|
41,550,293 |
|
Diluted |
45,919,648 |
|
|
41,550,293 |
|
|
|
|
|
|
| Schedule of Condensed Cash Flow Statement |
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
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|
For the Fiscal Year Ended
September 30,
|
|
2018 |
|
2017 |
Cash flows from operating activities: |
|
|
|
Net income |
$ |
50,791 |
|
|
$ |
26,040 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
Amortization of deferred debt issuance costs |
6 |
|
|
216 |
|
Loss on extinguishment of debt |
— |
|
|
714 |
|
Deferred income taxes |
— |
|
|
350 |
|
Equity-based compensation expense |
975 |
|
|
513 |
|
Equity in net income of subsidiaries |
(51,515 |
) |
|
(28,312 |
) |
Changes in operating assets and liabilities: |
|
|
|
Other current liabilities |
— |
|
|
1,061 |
|
Other current assets |
969 |
|
|
(1,603 |
) |
Other liabilities |
(3,369 |
) |
|
— |
|
Net cash used in operating activities |
(2,143 |
) |
|
(1,021 |
) |
Cash flows from investing activities: |
|
|
|
Return of investments in subsidiaries |
— |
|
|
27,000 |
|
Purchases of property, plant and equipment |
(131 |
) |
|
— |
|
Investment in subsidiary |
(34,155 |
) |
|
— |
|
Net cash (used in) provided by investing activities |
(34,286 |
) |
|
27,000 |
|
Cash flows from financing activities: |
|
|
|
Change in amounts due to (from) subsidiaries, net |
(6,994 |
) |
|
20,305 |
|
Repayments of long-term debt |
— |
|
|
(12,500 |
) |
Payment of treasury stock purchase obligation |
(2,569 |
) |
|
(3,000 |
) |
Proceeds from initial public offering of Class A common stock, net of offering costs |
98,009 |
|
|
— |
|
Proceeds from sale of treasury stock |
5 |
|
|
638 |
|
Common stock dividend paid |
— |
|
|
(31,293 |
) |
Net cash provided by (used in) financing activities |
88,451 |
|
|
(25,850 |
) |
Net change in cash and cash equivalents |
$ |
52,022 |
|
|
$ |
129 |
|
Cash and cash equivalents: |
|
|
|
Beginning of period |
$ |
1,330 |
|
|
$ |
1,201 |
|
End of period |
$ |
53,352 |
|
|
$ |
1,330 |
|
|
|
|
|
|