Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (3,589) $ (3,907)
Adjustments to reconcile net loss to net cash, cash equivalents and restricted cash provided by operating activities:    
Depreciation, depletion, accretion and amortization of long-lived assets 38,233 33,047
Amortization of deferred debt issuance costs and debt discount 151 128
Unrealized loss (gain) on derivative instruments 2,286 (2,130)
Provision for bad debt 70 130
Gain on sale of property, plant and equipment (3,326) (1,455)
Gain on facility exchange (5,389) 0
Realized losses on restricted investments 4 0
Equity-based compensation expense 5,172 3,246
Deferred income tax benefit (224) (245)
Other non-cash adjustments (69) 39
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage 34,092 (3,821)
Costs and estimated earnings in excess of billings on uncompleted contracts 743 (1,261)
Inventories (10,152) (13,665)
Prepaid expenses and other current assets (3,246) (8,150)
Other assets (206) 350
Accounts payable (12,764) (2,426)
Billings in excess of costs and estimated earnings on uncompleted contracts 7,415 12,304
Accrued expenses and other current liabilities (6,289) (11,957)
Other long-term liabilities 2,784 3,067
Net cash provided by operating activities, net of acquisitions 45,696 3,294
Cash flows from investing activities:    
Purchases of property, plant and equipment (60,399) (34,703)
Proceeds from sale of property, plant and equipment 8,301 3,777
Proceeds from facility exchange 36,987 0
Proceeds from restricted investments 866 0
Business acquisitions, net of cash acquired (77,842) (102,893)
Purchase of restricted investments (5,148) (6,358)
Net cash used in investing activities (97,235) (140,177)
Cash flows from financing activities:    
Net proceeds from revolving credit facility 38,000 116,000
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 15,000 0
Repayments of long-term debt (6,250) (5,000)
Purchase of treasury stock (139) (39)
Net cash provided by financing activities 46,611 110,961
Net change in cash, cash equivalents and restricted cash (4,928) (25,922)
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash, beginning of period 35,559 57,251
Cash, cash equivalents and restricted cash, end of period 30,631 31,329
Supplemental cash flow information:    
Cash paid for interest 9,047 3,375
Cash paid for income taxes 626 1,076
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 4,062 5,983
Cash paid for operating lease liabilities 1,204 1,144
Non-cash items:    
Property, plant and equipment included with accounts payable at period end 3,448 1,042
Amounts payable to seller in business combination $ 0 $ 600