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
 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 8,719 $ (3,589)
Adjustments to reconcile net income (loss) to net cash, cash equivalents and restricted cash provided by operating activities:    
Depreciation, depletion, accretion and amortization 43,961 38,233
Amortization of deferred debt issuance costs 148 151
Unrealized loss on derivative instruments 194 2,286
Provision for bad debt 335 70
Gain on sale of property, plant and equipment (1,867) (3,326)
Gain on facility exchange 0 (5,389)
Realized loss on sales, calls and maturities of restricted investments 49 4
Share-based compensation expense 6,221 5,172
Loss from investment in joint venture 3 0
Deferred income tax benefit (306) (224)
Other non-cash adjustments (224) (69)
Changes in operating assets and liabilities, net of business acquisitions:    
Contracts receivable including retainage, net 43,443 34,092
Costs and estimated earnings in excess of billings on uncompleted contracts (7,799) 743
Inventories (15,968) (10,152)
Prepaid expenses and other current assets 2,165 (3,246)
Other assets (585) (206)
Accounts payable (12,536) (12,764)
Billings in excess of costs and estimated earnings on uncompleted contracts 22,412 7,415
Accrued expenses and other current liabilities (11,976) (6,289)
Other long-term liabilities 2,161 2,784
Net cash provided by operating activities, net of business acquisitions 78,550 45,696
Cash flows from investing activities:    
Purchases of property, plant and equipment (55,518) (60,399)
Proceeds from sale of property, plant and equipment 4,962 8,301
Proceeds from facility exchange 0 36,987
Proceeds from sales, calls and maturities of restricted investments 1,918 866
Business acquisitions, net of cash acquired (87,850) (77,842)
Purchase of restricted investments (1,870) (5,148)
Net cash used in investing activities (138,358) (97,235)
Cash flows from financing activities:    
Proceeds from revolving credit facility 90,000 38,000
Proceeds from issuance of long-term debt, net of debt issuance costs 0 15,000
Repayments of long-term debt (27,500) (6,250)
Purchase of treasury stock (1,336) (139)
Net cash provided by financing activities 61,164 46,611
Net change in cash, cash equivalents and restricted cash 1,356 (4,928)
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash, beginning of period 49,080 35,559
Cash, cash equivalents and restricted cash, end of period 50,436 30,631
Supplemental cash flow information:    
Cash paid for interest 9,569 9,047
Cash paid for income taxes 3,155 626
Cash paid for operating lease liabilities 1,435 1,204
Non-cash items:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 9,999 4,062
Property, plant and equipment financed with accounts payable $ 2,554 $ 3,448