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
 9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 26,568 $ 35,647
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 22,698 17,929
Amortization of deferred debt issuance costs and debt discount 83 60
Provision for bad debt 421 435
Gain on sale of equipment, net (1,085) (1,117)
Equity-based compensation expense 146 975
Earnings from investment in joint venture (925) (666)
Deferred income taxes (136) (1,430)
Changes in operating assets and liabilities:    
Contracts receivable including retainage, net (14,839) 14,055
Costs and estimated earnings in excess of billings on uncompleted contracts (4,709) (6,128)
Inventories (11,992) (3,335)
Other current assets 604 (9,165)
Other assets 3,978 (12,079)
Accounts payable 1,722 (7,944)
Billings in excess of costs and estimated earnings on uncompleted contracts (6,394) 2,823
Accrued expenses and other current liabilities 1,497 (6,048)
Other long-term liabilities 326 (352)
Net cash provided by operating activities, net of acquisitions 17,963 23,660
Cash flows from investing activities:    
Purchases of property, plant and equipment (31,744) (33,460)
Proceeds from sale of equipment 2,898 2,889
Business acquisition, net of cash acquired (8,854) (51,319)
Acquisition of liquid asphalt terminal assets (10,848) 0
Investment in joint venture 0 (400)
Distributions received from investment in joint venture 2,200 0
Net cash used in investing activities (46,348) (82,290)
Cash flows from financing activities:    
Repayments on revolving credit facility 0 (5,000)
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 0 21,917
Repayments of long-term debt (11,104) (8,665)
Proceeds from initial public offering of Class A common stock, net of offering costs 0 98,009
Proceeds from reissuance of treasury stock 0 5
Net cash (used in) provided by financing activities (11,104) 106,266
Net change in cash and cash equivalents (39,489) 47,636
Cash and cash equivalents:    
Beginning of period 99,137 27,547
End of period 59,648 75,183
Supplemental cash flow information:    
Cash paid for interest 1,998 1,578
Cash paid for income taxes 3,232 12,557
Non-cash items:    
Property, plant and equipment financed with accounts payable $ 332 $ 152