| Schedule of Condensed Balance Sheet |
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
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September 30, |
|
2020 |
|
2019 |
| ASSETS |
|
|
|
| Cash and cash equivalents |
$ |
78,041 |
|
|
$ |
63,947 |
|
| Prepaid expenses and other current assets |
928 |
|
|
745 |
|
| Total current assets |
78,969 |
|
|
64,692 |
|
| Property, plant and equipment, net |
2,994 |
|
|
2,268 |
|
| Investment in subsidiaries |
383,740 |
|
|
322,947 |
|
| Deferred income taxes, net |
441 |
|
|
16 |
|
| Other assets |
6 |
|
|
— |
|
| Total assets |
$ |
466,150 |
|
|
$ |
389,923 |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
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| Current liabilities: |
|
|
|
| Due to subsidiaries |
$ |
75,044 |
|
|
$ |
35,303 |
|
| Accrued expenses and other current liabilities |
1,969 |
|
|
2,934 |
|
| Total current liabilities |
77,013 |
|
|
38,237 |
|
| Long-term liabilities: |
|
|
|
| Due to subsidiaries |
2,234 |
|
|
7,825 |
|
| Other long-term liabilities |
1,708 |
|
|
311 |
|
| Total long-term liabilities |
3,942 |
|
|
8,136 |
|
| Total liabilities |
80,955 |
|
|
46,373 |
|
| Stockholders’ Equity |
|
|
|
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2020 and September 30, 2019 and no shares issued and outstanding |
— |
|
|
— |
|
Class A common stock, par value $0.001; 400,000,000 shares authorized, 33,875,884 shares issued and outstanding at September 30, 2020, and 32,597,736 shares issued and outstanding at September 30, 2019 |
34 |
|
|
33 |
|
Class B common stock, par value 0.001; 100,000,000 shares authorized, 20,828,813 shares issued and 17,905,861 shares outstanding at September 30, 2020, and 22,106,961 shares issued and 19,184,009 shares outstanding at September 30, 2019 |
21 |
|
|
22 |
|
|
|
|
|
| Additional paid-in capital |
245,022 |
|
|
243,452 |
|
Treasury stock, at cost, 2,922,952 shares of Class B common stock, par value $0.001 |
(15,603) |
|
|
(15,603) |
|
| Retained earnings |
155,721 |
|
|
115,646 |
|
| Total stockholders’ equity |
385,195 |
|
|
343,550 |
|
| Total liabilities and stockholders’ equity |
$ |
466,150 |
|
|
$ |
389,923 |
|
|
|
|
|
See note to condensed financial statements of parent company.
|
| Schedule of Condensed Income Statement |
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
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For the Fiscal Year Ended
September 30, |
|
2020 |
|
2019 |
| Equity in net income of subsidiaries |
$ |
43,712 |
|
|
$ |
45,679 |
|
| Equity-based compensation expense |
(1,570) |
|
|
(957) |
|
| General and administrative expenses |
(2,597) |
|
|
(2,666) |
|
| Interest expense, net |
(1,218) |
|
|
(153) |
|
| Gain on sale of equipment, net |
— |
|
|
1 |
|
| Other income |
— |
|
|
5 |
|
| Income before provision for income taxes |
38,327 |
|
|
41,909 |
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| Income tax benefit |
1,970 |
|
|
1,212 |
|
| Net income |
$ |
40,297 |
|
|
$ |
43,121 |
|
| Net income per share attributable to common stockholders: |
|
|
|
| Basic |
$ |
0.78 |
|
|
$ |
0.84 |
|
| Diluted |
$ |
0.78 |
|
|
0.84 |
|
| Weighted average number of common shares outstanding: |
|
|
|
| Basic |
51,489,211 |
|
|
51,421,159 |
| Diluted |
51,636,934 |
|
|
51,427,220 |
|
|
|
|
See note to condensed financial statements of parent company.
|
| Schedule of Condensed Cash Flow Statement |
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
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For the Fiscal Year Ended
September 30, |
|
2020 |
|
2019 |
| Cash flows from operating activities: |
|
|
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| Net income |
$ |
40,297 |
|
|
$ |
43,121 |
|
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
|
| Depreciation, depletion and amortization of long-lived assets |
463 |
|
|
179 |
|
| Gain on sale of equipment |
— |
|
|
(1) |
|
| Equity-based compensation expense |
1,570 |
|
|
957 |
|
| Equity in net income of subsidiaries |
(43,712) |
|
|
(45,679) |
|
| Deferred income tax (benefit) expense |
(425) |
|
|
99 |
|
| Changes in operating assets and liabilities: |
|
|
|
| Prepaid expenses and other current assets |
(183) |
|
|
771 |
|
| Other assets |
(6) |
|
|
257 |
|
| Accrued expenses and other current liabilities |
(965) |
|
|
1,662 |
|
| Other liabilities |
1,397 |
|
|
311 |
|
| Net cash (used in) provided by operating activities |
(1,564) |
|
|
1,677 |
|
| Cash flows from investing activities: |
|
|
|
| Purchases of property, plant and equipment |
(1,189) |
|
|
(755) |
|
| Proceeds from sale of equipment |
— |
|
|
1 |
|
| Investment in subsidiary |
(17,303) |
|
|
(19,703) |
|
| Net cash (used in) investing activities |
(18,492) |
|
|
(20,457) |
|
| Cash flows from financing activities: |
|
|
|
| Change in amounts due to (from) subsidiaries, net |
34,150 |
|
|
16,959 |
|
| Payment of treasury stock purchase obligation |
— |
|
|
(569) |
|
| Proceeds from sale of stock |
— |
|
|
3 |
|
| Net cash provided by financing activities |
34,150 |
|
|
16,393 |
|
| Net change in cash and cash equivalents |
14,094 |
|
|
(2,387) |
|
| Cash and cash equivalents: |
|
|
|
| Beginning of period |
63,947 |
|
|
66,334 |
|
| End of period |
$ |
78,041 |
|
|
$ |
63,947 |
|
|
|
|
|
See note to condensed financial statements of parent company.
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