Quarterly report [Sections 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, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 1,164 $ 8,719
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:    
Depreciation, depletion, accretion and amortization 68,447 43,961
Amortization of deferred debt issuance costs 2,211 148
Unrealized loss on derivative instruments 0 194
Provision for bad debt 172 335
Gain on sale of property, plant and equipment (4,462) (1,867)
Realized loss on sales, calls and maturities of restricted investments 44 49
Share-based compensation expense 18,883 6,221
Loss from investment in joint venture 12 3
Deferred income tax benefit (1,480) (306)
Other non-cash adjustments (488) (224)
Changes in operating assets and liabilities, net of business acquisitions:    
Contracts receivable including retainage, net 49,336 43,443
Costs and estimated earnings in excess of billings on uncompleted contracts (15,007) (7,799)
Inventories (4,387) (15,968)
Prepaid expenses and other current assets 5,248 2,165
Other assets (824) (585)
Accounts payable (27,606) (12,536)
Billings in excess of costs and estimated earnings on uncompleted contracts 5,294 22,412
Accrued expenses and other current liabilities 567 (11,976)
Other long-term liabilities (827) 2,161
Net cash provided by operating activities, net of business acquisitions 96,297 78,550
Cash flows from investing activities:    
Purchases of property, plant and equipment (68,226) (55,518)
Proceeds from sale of property, plant and equipment 5,991 4,962
Proceeds from sales, calls and maturities of restricted investments 3,940 1,918
Business acquisitions, net of cash acquired (828,736) (87,850)
Purchase of restricted investments (6,202) (1,870)
Net cash used in investing activities (893,233) (138,358)
Cash flows from financing activities:    
Proceeds from revolving credit facility 145,000 90,000
Proceeds from issuance of long-term debt, net of debt issuance costs 834,566 0
Repayments of long-term debt (135,601) (27,500)
Purchase of treasury stock (20,129) (1,336)
Net cash provided by financing activities 823,836 61,164
Net change in cash, cash equivalents and restricted cash 26,900 1,356
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 103,584 50,436
Supplemental cash flow information:    
Cash paid for interest 35,788 9,569
Cash paid for income taxes 1,888 3,155
Cash paid for operating lease liabilities 7,191 1,435
Non-cash items:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 20,613 9,999
Property, plant and equipment financed with accounts payable 6,783 2,554
Amounts payable to sellers in business combinations, net $ 84,119 $ 0