Schedule of Condensed Balance Sheet |
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
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September 30, |
|
2024 |
|
2023 |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
80,991 |
|
|
$ |
54,410 |
|
Prepaid expenses and other current assets |
1,090 |
|
|
1,411 |
|
Total current assets |
82,081 |
|
|
55,821 |
|
Property, plant and equipment, net |
4,305 |
|
|
4,643 |
|
Investment in subsidiaries |
597,765 |
|
|
524,466 |
|
|
|
|
|
Due from subsidiaries |
57,688 |
|
|
13,015 |
|
Other assets |
15,841 |
|
|
30,587 |
|
Total assets |
$ |
757,680 |
|
|
$ |
628,532 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accrued expenses and other current liabilities |
$ |
5,348 |
|
|
$ |
4,123 |
|
Current maturities of long-term debt |
— |
|
|
886 |
|
Total current liabilities |
5,348 |
|
|
5,009 |
|
Long-term liabilities: |
|
|
|
Due to subsidiaries |
175,566 |
|
|
87,183 |
|
Deferred income taxes, net |
1,239 |
|
|
5,030 |
|
Long-term debt, net of current maturities and debt issuance costs |
— |
|
|
14,736 |
|
Other long-term liabilities |
1,787 |
|
|
— |
|
Total long-term liabilities |
178,592 |
|
|
106,949 |
|
Total liabilities |
183,940 |
|
|
111,958 |
|
Stockholders’ Equity |
|
|
|
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2024 and September 30, 2023 and no shares issued and outstanding |
— |
|
|
— |
|
Class A common stock, par value $0.001; 400,000,000 shares authorized, 44,062,830 shares issued and 43,819,102 shares outstanding at September 30, 2024, and 43,760,546 shares issued and 43,727,680 shares outstanding at September 30, 2023 |
44 |
|
|
44 |
|
Class B common stock, par value $0.001; 100,000,000 shares authorized, 11,784,650 shares issued and 8,861,698 shares outstanding at September 30, 2024, and 11,921,463 shares issued and 8,998,511 shares outstanding at September 30, 2023 |
12 |
|
|
12 |
|
|
|
|
|
Additional paid-in capital |
278,065 |
|
|
267,330 |
|
Treasury stock, Class A common stock, par value $0.001, at cost, 243,728 shares at September 30, 2024, and 32,866 shares at September 30, 2023 |
(11,490) |
|
|
(178) |
|
Treasury stock, Class B common stock, par value $0.001, at cost, 2,922,952 shares at September 30, 2024 and 2023 |
(15,603) |
|
|
(15,603) |
|
Accumulated other comprehensive loss |
7,502 |
|
|
18,694 |
|
Retained earnings |
315,210 |
|
|
246,275 |
|
Total stockholders’ equity |
573,740 |
|
|
516,574 |
|
Total liabilities and stockholders’ equity |
$ |
757,680 |
|
|
$ |
628,532 |
|
|
|
|
|
See note to condensed financial statements of parent company.
|
Schedule of Condensed Income Statement |
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except share and per share amounts)
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For the Fiscal Year Ended September 30, |
|
|
|
2024 |
|
2023 |
|
2022 |
|
Equity in net income of subsidiaries |
|
$ |
72,602 |
|
|
$ |
50,899 |
|
|
$ |
24,690 |
|
|
General and administrative expenses |
|
(7,643) |
|
|
(2,535) |
|
|
(4,758) |
|
|
Interest expense, net |
|
2,681 |
|
|
(24) |
|
|
68 |
|
|
Gain on sale of equipment, net |
|
(4) |
|
|
— |
|
|
6 |
|
|
Other income |
|
24 |
|
|
4 |
|
|
13 |
|
|
Income before provision for income taxes |
|
67,660 |
|
|
48,344 |
|
|
20,019 |
|
|
Income tax benefit |
|
1,275 |
|
|
657 |
|
|
1,357 |
|
|
Net income |
|
$ |
68,935 |
|
|
$ |
49,001 |
|
|
$ |
21,376 |
|
|
Other comprehensive (loss), net of tax |
|
|
|
|
|
|
|
Unrealized gain (loss) on interest rate swap contract, net |
|
(11,889) |
|
|
1,297 |
|
|
18,091 |
|
|
Unrealized gain (loss) on restricted investments, net |
|
697 |
|
|
(223) |
|
|
(448) |
|
|
Other comprehensive income (loss) |
|
(11,192) |
|
|
1,074 |
|
|
17,643 |
|
|
Comprehensive income |
|
$ |
57,743 |
|
|
$ |
50,075 |
|
|
$ |
39,019 |
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|
|
|
|
|
|
|
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Net income per share attributable to common stockholders: |
|
|
|
|
|
|
|
Basic |
|
$ |
1.33 |
|
|
$ |
0.95 |
|
|
$ |
0.41 |
|
|
Diluted |
|
$ |
1.31 |
|
|
$ |
0.94 |
|
|
$ |
0.41 |
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
51,883,760 |
|
|
51,827,001 |
|
|
51,773,559 |
|
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Diluted |
|
52,574,503 |
|
|
52,260,206 |
|
|
51,957,420 |
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|
|
|
|
|
|
|
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See note to condensed financial statements of parent company.
|
Schedule of Condensed Cash Flow Statement |
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
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For the Fiscal Year Ended September 30, |
|
2024 |
|
2023 |
|
2022 |
Cash flows from operating activities: |
|
|
|
|
|
Net income |
$ |
68,935 |
|
|
$ |
49,001 |
|
|
$ |
21,376 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation, depletion, accretion and amortization |
834 |
|
|
757 |
|
|
757 |
|
Loss (gain) on sale of equipment |
4 |
|
|
— |
|
|
(6) |
|
Loss (gain) on derivative instruments |
— |
|
|
— |
|
|
(1,668) |
|
Share-based compensation expense |
14,412 |
|
|
10,759 |
|
|
8,000 |
|
Equity in net income of subsidiaries |
(72,602) |
|
|
(50,899) |
|
|
(24,690) |
|
Deferred income tax benefit |
— |
|
|
— |
|
|
(248) |
|
Other non-cash adjustments |
(417) |
|
|
(417) |
|
|
(73) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Prepaid expenses and other current assets |
322 |
|
|
1,584 |
|
|
(1,932) |
|
Other assets |
(517) |
|
|
(256) |
|
|
(593) |
|
Accrued expenses and other current liabilities |
(666) |
|
|
646 |
|
|
507 |
|
Other liabilities |
— |
|
|
— |
|
|
(748) |
|
Net cash provided by operating activities |
10,305 |
|
|
11,175 |
|
|
682 |
|
Cash flows from investing activities: |
|
|
|
|
|
Purchases of property, plant and equipment |
(626) |
|
|
(737) |
|
|
(243) |
|
Proceeds from sale of equipment |
143 |
|
|
— |
|
|
6 |
|
Investment in subsidiary |
— |
|
|
(29,317) |
|
|
(10,986) |
|
Net cash used in investing activities |
(483) |
|
|
(30,054) |
|
|
(11,223) |
|
Cash flows from financing activities: |
|
|
|
|
|
Change in amounts due to (from) subsidiaries, net |
28,171 |
|
|
32,126 |
|
|
(65,622) |
|
Purchase of treasury stock |
(11,312) |
|
|
(139) |
|
|
(39) |
|
Principal payments on long-term debt |
(100) |
|
|
(1,828) |
|
|
(420) |
|
Proceeds from issuance of long-term debt, net of debt issuance costs and discount |
— |
|
|
— |
|
|
54,527 |
|
Net cash (used in) provided by financing activities |
16,759 |
|
|
30,159 |
|
|
(11,554) |
|
Net change in cash and cash equivalents |
26,581 |
|
|
11,280 |
|
|
(22,095) |
|
Cash and cash equivalents: |
|
|
|
|
|
Beginning of period |
54,410 |
|
|
43,130 |
|
|
65,225 |
|
End of period |
$ |
80,991 |
|
|
$ |
54,410 |
|
|
$ |
43,130 |
|
|
|
|
|
|
|
See note to condensed financial statements of parent company.
|