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, 2023
Dec. 31, 2022
Sep. 30, 2023
Cash flows from operating activities:      
Net income $ 9,843 $ 1,892  
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:      
Depreciation, depletion, accretion and amortization 21,121 18,375  
Amortization of deferred debt issuance costs 74 77  
Unrealized loss on derivative instruments 226 1,007  
Provision for bad debt 281 40  
Gain on sale of property, plant and equipment (836) (168)  
Gain on facility exchange 0 (5,389)  
Realized loss on sales, calls and maturities of restricted investments 23 1  
Share-based compensation expense 2,889 2,480  
Deferred income tax benefit (404) (302)  
Other non-cash adjustments (86) (55)  
Changes in operating assets and liabilities, net of business acquisitions:      
Contracts receivable including retainage, net 63,507 47,072  
Costs and estimated earnings in excess of billings on uncompleted contracts (2,203) (2,498)  
Inventories (9,880) (3,467)  
Prepaid expenses and other current assets 1,079 (315)  
Other assets (320) (343)  
Accounts payable (26,330) (23,580)  
Billings in excess of costs and estimated earnings on uncompleted contracts 8,554 2,314  
Accrued expenses and other current liabilities (8,322) (9,661)  
Other long-term liabilities 1,162 1,404  
Net cash provided by operating activities, net of business acquisitions 60,378 28,884  
Cash flows from investing activities:      
Purchases of property, plant and equipment (26,783) (31,663)  
Proceeds from sale of property, plant and equipment 2,460 1,607  
Proceeds from facility exchange 0 36,422  
Proceeds from sales, calls and maturities of restricted investments 1,013 170  
Business acquisitions, net of cash acquired (81,351) (77,206)  
Net cash used in investing activities (104,661) (70,670)  
Cash flows from financing activities:      
Proceeds from revolving credit facility 90,000 53,000  
Repayments of long-term debt (23,750) (3,125)  
Purchase of treasury stock (1,336) (139)  
Net cash provided by financing activities 64,914 49,736  
Net change in cash, cash equivalents and restricted cash 20,631 7,950  
Cash, cash equivalents and restricted cash:      
Cash, cash equivalents and restricted cash, beginning of period 49,080 35,559 $ 35,559
Cash, cash equivalents and restricted cash, end of period 69,711 43,509 $ 49,080
Supplemental cash flow information:      
Cash paid for interest 4,692 4,064  
Cash paid for operating lease liabilities 884 734  
Non-cash items:      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 4,698 4,361  
Property, plant and equipment financed with accounts payable $ 7,088 $ 4,953