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
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ (3,051) $ 9,843
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:    
Depreciation, depletion, accretion and amortization 31,184 21,121
Amortization of deferred debt issuance costs 495 74
Unrealized loss on derivative instruments 0 226
Provision for bad debt 92 281
Gain on sale of property, plant and equipment (1,055) (836)
Realized loss on restricted investments 19 23
Share-based compensation expense 14,403 2,889
Earnings from investment in joint venture (1) 0
Deferred income tax benefit (1,411) (404)
Other non-cash adjustments (229) (86)
Changes in operating assets and liabilities:    
Contracts receivable including retainage, net 62,560 63,507
Costs and estimated earnings in excess of billings on uncompleted contracts (5,767) (2,203)
Inventories (10,434) (9,880)
Prepaid expenses and other current assets (143) 1,079
Other assets 410 (320)
Accounts payable (47,490) (26,330)
Billings in excess of costs and estimated earnings on uncompleted contracts 6,302 8,554
Accrued expenses and other current liabilities (6,554) (8,322)
Other long-term liabilities 1,333 1,162
Net cash provided by operating activities, net of acquisitions 40,663 60,378
Cash flows from investing activities:    
Purchases of property, plant and equipment (26,832) (26,783)
Proceeds from sale of property, plant and equipment 1,843 2,460
Proceeds from sale of restricted investments 2,417 1,013
Purchases of restricted investments (2,258) 0
Business acquisitions, net of cash acquired (654,200) (81,351)
Net cash used in investing activities (679,030) (104,661)
Cash flows from financing activities:    
Proceeds from revolving credit facility 0 90,000
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 834,995 0
Repayments of long-term debt (128,163) (23,750)
Purchase of treasury stock (12,081) (1,336)
Net cash provided by financing activities 694,751 64,914
Net change in cash, cash equivalents and restricted cash 56,384 20,631
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash, beginning of period 76,684 49,080
Cash, cash equivalents and restricted cash, end of period 133,068 69,711
Supplemental cash flow information:    
Cash paid for interest 15,051 4,692
Cash paid for operating lease liabilities 3,233 884
Non-cash items:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 3,961 4,698
Property, plant and equipment financed with accounts payable 3,694 7,088
Issuance of stock for business acquisition 236,250 0
Amounts payable to sellers in business combination $ 86,000 $ 0