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
 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 2,936 $ 6,998
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 23,385 19,031
Amortization of deferred debt issuance costs and debt discount 127 74
Unrealized (gain) loss on derivative instruments (2,377) 2,263
Provision for bad debt 361 305
Gain on sale of equipment, net (342) (744)
Equity-based compensation expense 855 785
Earnings from investment in joint venture (11) (113)
Distribution of earnings from investment in joint venture 100 139
Other non-cash adjustments (24) (11)
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage, net 6,263 16,680
Costs and estimated earnings in excess of billings on uncompleted contracts (9,802) (4,071)
Inventories (3,482) (4,632)
Prepaid expenses and other current assets (4,343) 1,597
Other assets (1,275) 332
Accounts payable (2,464) (12,452)
Billings in excess of costs and estimated earnings on uncompleted contracts (7,261) (1,575)
Accrued expenses and other current liabilities (8) (3,967)
Other long-term liabilities (240) (24)
Net cash provided by operating activities, net of acquisitions 2,398 20,615
Cash flows from investing activities:    
Purchases of property, plant and equipment (26,898) (34,512)
Proceeds from sale of equipment 927 1,419
Business acquisitions, net of cash acquired (84,494) (30,191)
Return of investment in joint venture 0 361
Net cash used in investing activities (110,465) (62,923)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 0 24,777
Repayments of long-term debt (6,500) (9,294)
Net cash (used in) provided by financing activities (6,500) 15,483
Net change in cash and cash equivalents (114,567) (26,825)
Cash and cash equivalents:    
Beginning of period 148,316 80,619
End of period 33,749 53,794
Supplemental cash flow information:    
Cash paid for interest 1,303 924
Cash paid for income taxes 3,318 3,400
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 615 1,140
Cash paid for operating lease liabilities 1,234 1,672
Non-cash items:    
Property, plant and equipment included with accounts payable at period end 1,663 794
Non-compete agreements to seller in business combination 1,700 0
Amounts payable to seller in business combination $ 250 $ 2,642