Annual report pursuant to Section 13 and 15(d)

Condensed Financial Statements of Parent Company (Tables)

v3.21.2
Condensed Financial Statements of Parent Company (Tables)
 12 Months Ended
Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed balance sheet
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
September 30,
2021 2020
ASSETS
Cash and cash equivalents $ 65,225  $ 78,041 
Prepaid expenses and other current assets 1,063  928 
Total current assets 66,288  78,969 
Property, plant and equipment, net 5,160  2,994 
Investment in subsidiaries 409,245  383,740 
Deferred income taxes, net 892  441 
Other assets 2,014  6 
Total assets $ 483,599  $ 466,150 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Due to subsidiaries $ 46,542  $ 75,044 
Accrued expenses and other current liabilities 2,970  1,969 
Total current liabilities 49,512  77,013 
Long-term liabilities:
Due to subsidiaries 24,440  2,234 
Other long-term liabilities 748  1,708 
Total long-term liabilities 25,188  3,942 
Total liabilities 74,700  80,955 
Stockholders’ Equity
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2021 and September 30, 2020 and no shares issued and outstanding
 —  — 
Class A common stock, par value $0.001; 400,000,000 shares authorized, 36,600,639 shares issued and outstanding at September 30, 2021, and 33,875,884 shares issued and outstanding at September 30, 2020
 37  34 
Class B common stock, par value 0.001; 100,000,000 shares authorized, 18,614,791 shares issued and 15,691,839 shares outstanding at September 30, 2021, and 20,828,813 shares issued and 17,905,861 shares outstanding at September 30, 2020
 19  21 
Additional paid-in capital 248,571  245,022 
Treasury stock, at cost, 2,922,952 shares of Class B common stock, par value $0.001
 (15,603) (15,603)
Accumulated other comprehensive loss (23) — 
Retained earnings 175,898  155,721 
Total stockholders’ equity 408,899  385,195 
Total liabilities and stockholders’ equity $ 483,599  $ 466,150 
See note to condensed financial statements of parent company.
Schedule of condensed income statement
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except share and per share amounts)
For the Fiscal Year Ended 
September 30,
2021 2020 2019
Equity in net income of subsidiaries $ 25,505  $ 43,712  $ 45,679 
Equity-based compensation expense (3,549) (1,570) (957)
General and administrative expenses (2,850) (2,597) (2,666)
Interest expense, net 834  (1,218) (153)
Gain on sale of equipment, net —  —  1 
Other income 3  —  5 
Income before provision for income taxes 19,943  38,327  41,909 
Income tax benefit 234  1,970  1,212 
Net income $ 20,177  $ 40,297  $ 43,121 
Other comprehensive (loss), net of tax
Net unrealized (loss) on interest rate swap contract (23) —  — 
Other comprehensive (loss) (23) —  — 
Comprehensive income $ 20,154  $ 40,297  $ 43,121 
Net income per share attributable to common stockholders:
Basic $ 0.39  $ 0.78  $ 0.84 
Diluted $ 0.39  $ 0.78  0.84 
Weighted average number of common shares outstanding:
Basic 51,636,955  51,489,211  51,421,159
Diluted 51,773,213  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)
For the Fiscal Year Ended
September 30,
2021 2020 2019
Cash flows from operating activities:
Net income $ 20,177  $ 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 475  463  179 
Gain on sale of equipment —  —  (1)
Loss (gain) on derivative instruments (894) 1,397  565 
Equity-based compensation expense 3,549  1,570  957 
Equity in net income of subsidiaries (25,505) (43,712) (45,679)
    Deferred income tax (benefit) expense (451) (425) 99 
    Other non-cash adjustments 9 
Changes in operating assets and liabilities:
Prepaid expenses and other current assets (135) (183) 771 
Other assets (2,008) (6) 257 
Accrued expenses and other current liabilities 1,001  (965) 1,662 
Other liabilities (97) —  (254)
Net cash (used in) provided by operating activities (3,879) (1,564) 1,677 
Cash flows from investing activities:
Purchases of property, plant and equipment (2,641) (1,189) (755)
Proceeds from sale of equipment —  —  1 
Investment in subsidiary —  (17,303) (19,703)
Net cash (used in) investing activities (2,641) (18,492) (20,457)
Cash flows from financing activities:
Change in amounts due to (from) subsidiaries, net (6,296) 34,150  16,959 
Payment of treasury stock purchase obligation —  —  (569)
Proceeds from sale of stock —  —  3 
Net cash (used in) provided by financing activities (6,296) 34,150  16,393 
Net change in cash and cash equivalents (12,816) 14,094  (2,387)
Cash and cash equivalents:
Beginning of period 78,041  63,947  66,334 
End of period $ 65,225  $ 78,041  $ 63,947 
See note to condensed financial statements of parent company.