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, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 39,627 $ 18,088
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:    
Depreciation, depletion, accretion and amortization 67,468 57,769
Amortization of deferred debt issuance costs 223 225
Unrealized loss on derivative instruments 184 1,408
Provision for bad debt 370 450
Gain on sale of property, plant and equipment (2,960) (4,825)
Gain on facility exchange 0 (5,389)
Realized loss on sales, calls and maturities of restricted investments 53 10
Share-based compensation expense 10,206 7,909
Loss from investment in joint venture 3 0
Deferred income tax benefit (194) (145)
Other non-cash adjustments (179) (117)
Changes in operating assets and liabilities, net of business acquisitions:    
Contracts receivable including retainage (11,310) 22,777
Costs and estimated earnings in excess of billings on uncompleted contracts (4,273) (3,580)
Inventories (16,959) (11,999)
Prepaid expenses and other current assets (1,194) 3,214
Other assets (915) (283)
Accounts payable 635 (7,441)
Billings in excess of costs and estimated earnings on uncompleted contracts 27,042 14,159
Accrued expenses and other current liabilities 5,370 (1,741)
Other long-term liabilities (16) 4,053
Net cash provided by operating activities, net of business acquisitions 113,181 94,542
Cash flows from investing activities:    
Purchases of property, plant and equipment (70,410) (79,046)
Proceeds from sale of property, plant and equipment 8,047 12,640
Proceeds from facility exchange 0 36,987
Proceeds from sales, calls and maturities of restricted investments 2,860 1,403
Business acquisitions, net of cash acquired (135,219) (82,740)
Purchase of restricted investments (4,376) (7,882)
Net cash used in investing activities (199,098) (118,638)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of debt issuance costs 149,385 53,000
Repayments of long-term debt (47,500) (9,375)
Purchase of treasury stock (6,605) (139)
Net cash provided by financing activities 95,280 43,486
Net change in cash, cash equivalents and restricted cash 9,363 19,390
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 58,443 54,949
Supplemental cash flow information:    
Cash paid for interest 15,201 14,319
Cash paid for income taxes 4,285 1,021
Cash paid for operating lease liabilities 4,306 1,802
Non-cash items:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 22,986 5,417
Property, plant and equipment financed with accounts payable $ 2,490 $ 2,078