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, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 50,791 $ 26,040
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 25,321 21,072
Amortization of deferred debt issuance costs 94 660
Loss on extinguishment of debt 0 1,638
Provision for bad debt 604 1,445
Gain on sale of equipment (2,392) (3,481)
Equity-based compensation expense 975 513
Earnings from investment in joint venture (1,259) 0
Deferred income taxes (481) 865
Changes in operating assets and liabilities:    
Contracts receivable including retainage, net 9,273 (19,619)
Costs and estimated earnings in excess of billings on uncompleted contracts (2,955) 2,854
Inventories (2,746) (3,063)
Other current assets (8,886) (2,178)
Other assets (7,787) (286)
Accounts payable 7,462 11,639
Billings in excess of costs and estimated earnings on uncompleted contracts 2,041 5,220
Accrued expenses and other current liabilities (4,778) 5,505
Other long-term liabilities 844 (1,897)
Net cash provided by operating activities, net of acquisition 66,121 46,927
Cash flows from investing activities:    
Purchases of property, plant and equipment (42,804) (24,399)
Proceeds from sale of equipment 4,931 4,556
Business acquisition, net of cash acquired (51,319) (10,843)
Investment in joint venture (400) 0
Net cash used in investing activities (89,592) (30,686)
Cash flows from financing activities:    
Repayments on revolving credit facility (5,000) (5,101)
Proceeds from revolving credit facility 0 10,000
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 21,917 49,617
Repayments of long-term debt (12,361) (60,640)
Payment to seller of pre-acquisition balance due (4,940) 0
Payment of treasury stock purchase obligation (2,569) (3,000)
Proceeds from initial public offering of Class A common stock, net of offering costs 98,009 0
Proceeds from sale of treasury stock 5 638
Common stock dividend paid 0 (31,293)
Net cash provided by (used in) financing activities 95,061 (39,779)
Net change in cash and cash equivalents 71,590 (23,538)
Cash and cash equivalents:    
Beginning of Period 27,547 51,085
End of Period 99,137 27,547
Supplemental cash flow information:    
Cash paid for interest 2,336 3,307
Cash paid for income taxes 14,357 12,530
Non-cash items:    
Property, plant and equipment financed with accounts payable 395 0
Outstanding note receivable in consideration of disposition of assets $ 850 $ 0