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
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income $ 7,871 $ 5,461
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 11,094 9,438
Amortization of deferred debt issuance costs and debt discount 64 36
Unrealized gain on derivative instruments (1,165) (66)
Provision for bad debt 175 145
Gain on sale of equipment, net (333) (309)
Equity-based compensation expense 395 395
Earnings from investment in joint venture (11) (43)
Distribution of earnings from investment in joint venture 100 139
Other non-cash adjustments (21) (6)
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage, net 18,538 21,981
Costs and estimated earnings in excess of billings on uncompleted contracts (4,275) (2,122)
Inventories 928 (1,535)
Prepaid expenses and other current assets (4,119) (2,943)
Other assets (946) 331
Accounts payable (15,255) (21,815)
Billings in excess of costs and estimated earnings on uncompleted contracts (2,774) 54
Accrued expenses and other current liabilities (9,427) (7,444)
Other long-term liabilities (130) (11)
Net cash provided by operating activities, net of acquisition 709 1,686
Cash flows from investing activities:    
Purchases of property, plant and equipment (10,462) (23,595)
Proceeds from sale of equipment 492 492
Business acquisitions, net of cash acquired (84,086) (17,748)
Distributions received from investment in joint venture 0 361
Net cash used in investing activities (94,056) (40,490)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 0 9,777
Repayments of long-term debt (3,250) (2,149)
Net cash (used in) provided by financing activities (3,250) 7,628
Net change in cash and cash equivalents (96,597) (31,176)
Cash and cash equivalents:    
Beginning of period 148,316 80,619
End of period 51,719 49,443
Supplemental cash flow information:    
Cash paid for interest 672 496
Cash paid for income taxes 0 300
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 282 217
Cash paid for operating lease liabilities 748 870
Non-cash items:    
Property, plant and equipment financed with accounts payable $ 1,549 $ 391