Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 43,121 $ 50,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 31,231 25,321
Amortization of deferred debt issuance costs 109 94
Provision for bad debt 995 604
Gain on sale of equipment (1,909) (2,392)
Equity-based compensation expense 957 975
Earnings from investment in joint venture (1,337) (1,259)
Deferred income taxes 2,997 (481)
Changes in operating assets and liabilities:    
Contracts receivable including retainage, net (20,586) 9,273
Costs and estimated earnings in excess of billings on uncompleted contracts (2,696) (2,955)
Inventories (8,826) (2,746)
Prepaid expenses and other current assets 993 (8,886)
Other assets 7,986 (7,787)
Accounts payable 6,932 7,462
Billings in excess of costs and estimated earnings on uncompleted contracts (7,623) 2,041
Accrued expenses and other current liabilities 2,117 (4,778)
Other long-term liabilities 813 844
Net cash provided by operating activities, net of acquisitions 55,274 66,121
Cash flows from investing activities:    
Purchases of property, plant and equipment (42,479) (42,804)
Acquisition of liquid asphalt terminal assets (10,848) 0
Proceeds from sale of equipment 4,456 4,931
Business acquisitions, net of cash acquired (13,854) (51,319)
Investment in joint venture 0 (400)
Distributions received from investment in joint venture 2,500 0
Net cash used in investing activities (60,225) (89,592)
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 (13,001) (12,361)
Payment to seller of pre-acquisition balance due 0 (4,940)
Payment of treasury stock purchase obligation (569) (2,569)
Proceeds from initial public offering of Class A common stock, net of offering costs 0 98,009
Proceeds from sale of stock 3 5
Net cash (used in) provided by financing activities (13,567) 95,061
Net change in cash and cash equivalents (18,518) 71,590
Cash and Cash Equivalents, at Carrying Value [Abstract]    
Beginning of period 99,137 27,547
End of period 80,619 99,137
Supplemental cash flow information:    
Cash paid for interest 2,639 2,336
Cash paid for income taxes 9,119 14,357
Non-cash items:    
Property, plant and equipment financed with accounts payable $ 904 $ 395