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, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 18,088 $ 8,261
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by (used in) operating activities:    
Depreciation, depletion, accretion and amortization of long-lived assets 57,769 50,291
Amortization of deferred debt issuance costs and debt discount 225 198
Unrealized loss (gain) on derivative instruments 1,408 (2,589)
Provision for bad debt 450 (1,077)
Gain on sale of property, plant and equipment (4,825) (1,788)
Gain on facility exchange (5,389) 0
Realized losses on restricted investments 10 0
Equity-based compensation expense 7,909 5,094
Deferred income tax benefit (145) (193)
Other non-cash adjustments (117) 97
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage 22,777 (71,865)
Costs and estimated earnings in excess of billings on uncompleted contracts (3,580) (9,487)
Inventories (11,999) (21,726)
Prepaid expenses and other current assets 3,214 (2,327)
Other assets (283) (2,893)
Accounts payable (7,441) 30,025
Billings in excess of costs and estimated earnings on uncompleted contracts 14,159 13,379
Accrued expenses and other current liabilities (1,741) (6,946)
Other long-term liabilities 4,053 3,825
Net cash provided by (used in) operating activities, net of acquisitions 94,542 (9,721)
Cash flows from investing activities:    
Purchases of property, plant and equipment (79,046) (52,236)
Proceeds from sale of property, plant and equipment 12,640 4,184
Proceeds from facility exchange 36,987 0
Proceeds from restricted investments 1,403 0
Business acquisitions, net of cash acquired (82,740) (102,893)
Purchase of restricted investments (7,882) (7,662)
Net cash used in investing activities (118,638) (158,607)
Cash flows from financing activities:    
Net proceeds from revolving credit facility 38,000 142,300
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 15,000 0
Repayments of long-term debt (9,375) (5,000)
Purchase of treasury stock (139) (39)
Net cash provided by financing activities 43,486 137,261
Net change in cash, cash equivalents and restricted cash 19,390 (31,067)
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 54,949 26,184
Supplemental cash flow information:    
Cash paid for interest 14,319 5,727
Cash paid for income taxes 1,021 1,372
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 5,417 6,209
Cash paid for operating lease liabilities 1,802 1,783
Non-cash items:    
Property, plant and equipment included with accounts payable at period end 2,078 1,236
Amounts payable to seller in business combination $ 0 $ 600