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, 2022
Dec. 31, 2021
Sep. 30, 2022
Cash flows from operating activities:      
Net income $ 1,892 $ 5,511  
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by (used in) operating activities:      
Depreciation, depletion, accretion and amortization 18,375 15,903  
Amortization of deferred debt issuance costs and debt discount 77 57  
Unrealized loss (gain) on derivative instruments 1,007 (136)  
Provision for bad debt 40 113  
Gain on sale of property, plant and equipment (168) (441)  
Gain on facility exchange (5,389) 0  
Realized loss on sales, calls and maturities of restricted investments 1 0  
Equity-based compensation expense 2,480 1,504  
Deferred income tax benefit (302) (295)  
Other non-cash adjustments (55) 33  
Changes in operating assets and liabilities, net of acquisitions:      
Contracts receivable including retainage, net 47,072 776  
Costs and estimated earnings in excess of billings on uncompleted contracts (2,498) 1,188  
Inventories (3,467) (2,529)  
Prepaid expenses and other current assets (315) (3,514)  
Other assets (343) (569)  
Accounts payable (23,580) (10,432)  
Billings in excess of costs and estimated earnings on uncompleted contracts 2,314 4,615  
Accrued expenses and other current liabilities (9,661) (13,816)  
Other long-term liabilities 1,404 1,455  
Net cash provided by (used in) operating activities, net of acquisitions 28,884 (577)  
Cash flows from investing activities:      
Purchases of property, plant and equipment (31,663) (15,106)  
Proceeds from sale of property, plant and equipment 1,607 733  
Proceeds from facility exchange 36,422 0  
Proceeds from sales, calls and maturities of restricted investments 170 0  
Business acquisitions, net of cash acquired (77,206) (65,901)  
Net cash used in investing activities (70,670) (80,274)  
Cash flows from financing activities:      
Proceeds from revolving credit facility 53,000 70,000  
Repayments of long-term debt (3,125) (2,500)  
Purchase of treasury stock (139) (39)  
Net cash provided by financing activities 49,736 67,461  
Net change in cash, cash equivalents and restricted cash 7,950 (13,390)  
Cash, cash equivalents and restricted cash:      
Cash, cash equivalents and restricted cash, beginning of period 35,559 57,251 $ 57,251
Cash, cash equivalents and restricted cash, end of period 43,509 43,861 $ 35,559
Supplemental cash flow information:      
Cash paid for interest 4,064 1,608  
Cash paid for operating lease liabilities 734 565  
Non-cash items:      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 4,361 4,991  
Property, plant and equipment financed with accounts payable $ 4,953 $ 6,256