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
 9 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 22,745 $ 26,568
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 29,065 22,698
Amortization of deferred debt issuance costs and debt discount 115 83
Loss on derivative instruments 1,989 543
Provision for bad debt 451 421
Gain on sale of equipment, net (1,134) (1,085)
Equity-based compensation expense 1,175 146
Earnings from investment in joint venture (532) (925)
Distribution of earnings from investment in joint venture 139 0
Deferred income taxes (197) (136)
Other non-cash adjustments (12) 0
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage, net 6,345 (14,839)
Costs and estimated earnings in excess of billings on uncompleted contracts (3,574) (4,709)
Inventories (1,878) (11,992)
Prepaid expenses and other current assets 3,867 604
Other assets 311 3,978
Accounts payable (12,863) 1,722
Billings in excess of costs and estimated earnings on uncompleted contracts 3,396 (6,394)
Accrued expenses and other current liabilities 2,029 1,497
Other long-term liabilities (23) (217)
Net cash provided by operating activities, net of acquisition 51,414 17,963
Cash flows from investing activities:    
Purchases of property, plant and equipment (41,535) (31,744)
Proceeds from sale of equipment 2,182 2,898
Business acquisitions, net of cash acquired (30,191) (8,854)
Acquisition of liquid asphalt terminal assets 0 (10,848)
Return of investment in joint venture 361 2,200
Net cash used in investing activities (69,183) (46,348)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 42,719 0
Repayments of long-term debt (26,874) (11,104)
Net cash provided by (used in) financing activities 15,845 (11,104)
Net change in cash and cash equivalents (1,924) (39,489)
Cash and cash equivalents:    
Beginning of period 80,619 99,137
End of period 78,695 59,648
Supplemental cash flow information:    
Cash paid for interest 1,416 1,998
Cash paid for income taxes 5,600 3,232
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,241 0
Cash paid for operating lease liabilities 2,464 0
Non-cash items:    
Property, plant and equipment included with accounts payable at period end $ 1,073 $ 332