Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 45,211 $ 39,627
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:    
Depreciation, depletion, accretion and amortization 107,741 67,468
Amortization of deferred debt issuance costs 3,379 223
Unrealized loss on derivative instruments 0 184
Provision for bad debt 260 370
Gain on sale of property, plant and equipment (8,437) (2,960)
Realized loss on sales, calls and maturities of restricted investments 81 53
Share-based compensation expense 26,863 10,206
Loss from investment in joint venture 12 3
Deferred income tax benefit (300) (194)
Other non-cash adjustments (665) (179)
Changes in operating assets and liabilities, net of business acquisitions:    
Contracts receivable including retainage, net 6,159 (11,310)
Costs and estimated earnings in excess of billings on uncompleted contracts (22,577) (4,273)
Inventories (4,880) (16,959)
Prepaid expenses and other current assets 5,422 (1,194)
Other assets (3,119) (915)
Accounts payable 15,975 635
Billings in excess of costs and estimated earnings on uncompleted contracts (9,481) 27,042
Accrued expenses and other current liabilities 18,641 5,370
Other long-term liabilities (967) (16)
Net cash provided by operating activities, net of business acquisitions 179,318 113,181
Cash flows from investing activities:    
Purchases of property, plant and equipment (104,886) (70,410)
Proceeds from sale of property, plant and equipment 11,250 8,047
Proceeds from sales, calls and maturities of restricted investments 8,351 2,860
Business acquisitions, net of cash acquired (935,663) (135,219)
Purchase of restricted investments (12,182) (4,376)
Net cash used in investing activities (1,033,130) (199,098)
Cash flows from financing activities:    
Proceeds from revolving credit facility 218,438 149,385
Proceeds from issuance of long-term debt, net of debt issuance costs 833,524 0
Repayments of long-term debt (137,726) (47,500)
Purchase of treasury stock (20,803) (6,605)
Net cash provided by financing activities 893,433 95,280
Net change in cash, cash equivalents and restricted cash 39,621 9,363
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 116,305 58,443
Supplemental cash flow information:    
Cash paid for interest 58,151 15,201
Cash paid for income taxes 3,576 4,285
Cash paid for operating lease liabilities 11,699 4,306
Non-cash items:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 17,620 22,986
Property, plant and equipment financed with accounts payable 5,693 2,490
Amounts payable to sellers in business combinations, net $ 64,938 $ 0