Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 6,998 $ 9,366
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 19,031 14,639
Amortization of deferred debt issuance costs and debt discount 74 55
Loss on derivative instruments 2,263 331
Provision for bad debt 305 290
Gain on sale of equipment (744) (1,027)
Equity-based compensation expense 785 0
Earnings from investment in joint venture (113) (539)
Other non-cash adjustments (11) 0
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage, net 16,680 14,460
Costs and estimated earnings in excess of billings on uncompleted contracts (4,071) (3,261)
Inventories (4,632) (7,965)
Prepaid expenses and other current assets 1,597 (2,987)
Other assets 332 3,865
Accounts payable (12,452) (15,911)
Billings in excess of costs and estimated earnings on uncompleted contracts (1,575) (4,081)
Accrued expenses and other current liabilities (3,967) (1,972)
Other long-term liabilities (24) 36
Net cash provided by operating activities, net of acquisition 20,476 5,299
Cash flows from investing activities:    
Purchases of property, plant and equipment (34,512) (19,802)
Proceeds from sale of equipment 1,419 2,585
Business acquisitions, net of cash acquired (30,191) (8,854)
Acquisition of liquid asphalt terminal assets 0 (10,848)
Distributions received from investment in joint venture 500 1,800
Net cash used in investing activities (62,784) (35,119)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 24,777 0
Repayments of long-term debt (9,294) (7,406)
Net cash provided by (used in) financing activities 15,483 (7,406)
Net change in cash and cash equivalents (26,825) (37,226)
Cash and cash equivalents:    
Beginning of period 80,619 99,137
End of period 53,794 61,911
Supplemental cash flow information:    
Cash paid for interest 924 1,365
Cash paid for income taxes 3,400 1,532
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,140 0
Cash paid for operating lease liabilities 1,672 0
Non-cash items:    
Property, plant and equipment financed with accounts payable 794 369
Amounts payable to Seller in business combination $ 2,642 $ 0