Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net income $ 5,461 $ 5,154
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 9,438 7,138
Amortization of deferred debt issuance costs and debt discount 36 27
Provision for bad debt 145 145
Gain on sale of equipment (309) (334)
Equity-based compensation expense 395 0
Earnings from investment in joint venture (43) (306)
Other non-cash adjustments (6) 0
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage, net 21,981 26,174
Costs and estimated earnings in excess of billings on uncompleted contracts (2,122) (858)
Inventories (1,535) (3,982)
Prepaid expenses and other current assets (2,943) (2,277)
Other assets 331 298
Accounts payable (21,815) (25,290)
Billings in excess of costs and estimated earnings on uncompleted contracts 54 733
Accrued expenses and other current liabilities (7,444) (5,402)
Other long-term liabilities (77) (9)
Net cash provided by operating activities, net of acquisition 1,547 1,211
Cash flows from investing activities:    
Purchases of property, plant and equipment (23,595) (7,406)
Proceeds from sale of equipment 492 536
Business acquisition, net of cash acquired (17,748) 0
Distributions received from investment in joint venture 500 1,800
Net cash used in investing activities (40,351) (5,070)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 9,777 0
Repayments of long-term debt (2,149) (3,711)
Net cash provided by (used in) financing activities 7,628 (3,711)
Net change in cash and cash equivalents (31,176) (7,570)
Cash and cash equivalents:    
Beginning of period 80,619 99,137
End of period 49,443 91,567
Supplemental cash flow information:    
Cash paid for interest 496 747
Cash paid for income taxes 300 60
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 217 0
Cash paid for operating lease liabilities 870 0
Non-cash items:    
Property, plant and equipment financed with accounts payable $ 391 $ 178