Annual report pursuant to Section 13 and 15(d)

Business Acquisitions (Tables)

v3.24.3
Business Acquisitions (Tables)
 12 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Fair Values of Assets Acquired and Liabilities Assumed
The following table summarizes the consideration for the aforementioned acquisitions and the amounts of identified assets acquired and liabilities assumed as of September 30, 2024 (in thousands):
Acquisitions (Final) SJ&L General Contractor, LLC Acquisition (Provisional) Sunbelt Asphalt Surfaces, Inc. Acquisition (Provisional) Hudson Paving, Inc. Acquisition (Provisional) Robinson Paving Company Acquisition (Provisional) John G. Walton Construction Company, Inc. Acquisition (Provisional) Total
Contracts receivable including retainage $ —  $ 16,006  $ 6,645  $ 6,222  $ 7,600  $ 4,565  $ 41,038 
Cost and estimated earnings in excess of billings on uncompleted contracts —  309  365  506  2,738  284  4,202 
Inventories 2,530  214  354  459  1,887  1,742  7,186 
Prepaid expenses and other current assets 943  644  30  100  —  854  2,571 
Property, plant and equipment 15,877  35,361  13,245  11,604  33,237  24,994  134,318 
Operating lease right-of-use assets 548  157  438  —  38  —  1,181 
Deferred tax assets 36  1,820  —  —  —  —  1,856 
Intangible assets 258  220  1,400  —  1,300  —  3,178 
Total assets 20,192  54,731  22,477  18,891  46,800  32,439  195,530 
Accounts payable —  (3,166) (1,443) (3,057) (2,854) (2,445) (12,965)
Billings in excess of costs and estimated earnings on uncompleted contracts —  (6,380) (650) (1,957) (2,672) (3,608) (15,267)
Accrued expenses and other current liabilities (681) (3,816) (43) (125) (297) —  (4,962)
Operating lease liabilities (548) (157) (438) —  (38) —  (1,181)
Other long-term liabilities (418) —  —  —  —  —  (418)
Total liabilities (1,647) (13,519) (2,574) (5,139) (5,861) (6,053) (34,793)
Goodwill 9,304  15,857  9,268  5,396  18,600  12,529  70,954 
Total cash consideration transferred 27,849  57,069  28,655  18,714  60,301  39,256  231,844 
Total consideration (receivable) payable —  —  516  434  (762) (341) (153)
Total purchase price $ 27,849  $ 57,069  $ 29,171  $ 19,148  $ 59,539  $ 38,915  $ 231,691 
The following table summarizes the finalized consideration for the combined acquisitions during the fiscal year ended September 30, 2023, and the amounts of identified assets acquired and liabilities assumed (in thousands):
Provisional amounts as of September 30, 2023 Finalized amounts as of September 30, 2024
Cash and cash equivalents $ 33  $ 33 
Contracts receivable including retainage 12,991  12,924 
Cost and estimated earnings in excess of billings on uncompleted contracts 598  598 
Inventories 3,088  3,088 
Prepaid expenses and other current assets 799  799 
Property, plant and equipment 45,937  45,937 
Deferred tax assets —  488 
Intangible assets 5,900  5,900 
Operating lease right-of-use assets 433  433 
Total assets 69,779  70,200 
Accounts payable 3,718  3,718 
Billings in excess of costs and estimated earnings on uncompleted contracts 2,329  3,354 
Accrued expenses and other current liabilities 895  1,790 
Operating lease liabilities 433  433 
Total liabilities 7,375  9,295 
Goodwill 29,589  31,021 
Total purchase price $ 91,993  $ 91,926 
Schedule of Pro Forma Revenues and Net Income
The following table presents pro forma revenues and net income as though the fiscal year 2024 acquisitions had occurred on October 1, 2022 (unaudited, in thousands):

For the Fiscal Year Ended September 30,
2024 2023
Pro forma revenues $ 1,992,037  $ 1,846,235 
Pro forma net income $ 79,428  $ 58,912