Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:      
Net income $ 20,177 $ 40,297 $ 43,121
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion, accretion and amortization 49,806 39,301 31,231
Amortization of deferred debt issuance costs 275 170 109
Unrealized loss (gain) on derivative instruments (3,209) 1,900 565
Provision for bad debt 784 705 995
Gain on sale of equipment (2,043) (1,616) (1,909)
Equity-based compensation expense 3,549 1,570 957
Earnings from investment in joint venture (10) (603) (1,337)
Distribution of earnings from investment in joint venture 100 540 0
Deferred income taxes 3,745 3,310 2,997
Other non-cash adjustments (46) (5) 0
Changes in operating assets and liabilities:      
Contracts receivable including retainage (27,074) 7,407 (20,586)
Costs and estimated earnings in excess of billings on uncompleted contracts (15,150) 4,157 (2,696)
Inventories (3,932) (1,183) (8,826)
Prepaid expenses and other current assets (1,759) 8,103 993
Other assets (2,928) 500 7,986
Accounts payable 20,201 (5,710) 6,932
Billings in excess of costs and estimated earnings on uncompleted contracts 15 2,589 (7,623)
Accrued expenses and other current liabilities 3,848 3,086 2,117
Other long-term liabilities 2,151 655 248
Net cash (used in) provided by operating activities 48,500 105,173 55,274
Cash flows from investing activities:      
Purchases of property, plant and equipment (56,332) (52,574) (42,479)
Acquisition of liquid asphalt terminal assets 0 0 (10,848)
Proceeds from sale of equipment 3,654 3,041 4,456
Business acquisitions, net of cash acquired (210,734) (30,191) (13,854)
Return of investment in joint venture 0 361 2,500
Net cash used in investing activities (263,412) (79,363) (60,225)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 219,197 72,299 0
Principal payments of long-term debt (95,350) (30,412) (13,001)
Payment of treasury stock purchase obligation 0 0 (569)
Proceeds from sale of stock 0 0 3
Net cash provided by (used in) financing activities 123,847 41,887 (13,567)
Net change in cash and cash equivalents (91,065) 67,697 (18,518)
Cash and cash equivalents:      
Beginning of year 148,316 80,619 99,137
End of year 57,251 148,316 80,619
Supplemental cash flow information:      
Cash paid for interest 3,197 2,041 2,639
Cash paid for income taxes 6,218 9,905 9,119
Cash paid for operating lease liabilities 2,532 3,228 0
Non-cash items:      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 2,338 1,516 0
Property, plant and equipment financed with accounts payable 3,408 2,761 904
Amounts payable to sellers in business combinations 1,457 0 0
Non-compete agreements to seller in business combination $ 1,200 $ 0 $ 0