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, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 12,276 $ 22,745
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization of long-lived assets 36,011 29,065
Amortization of deferred debt issuance costs and debt discount 190 115
Unrealized (gain) loss on derivative instruments (3,141) 1,989
Provision for bad debt 440 451
Gain on sale of equipment, net (1,177) (1,134)
Equity-based compensation expense 2,202 1,175
Earnings from investment in joint venture (10) (532)
Distribution of earnings from investment in joint venture 100 139
Deferred income taxes 0 (197)
Other non-cash adjustments (57) (12)
Changes in operating assets and liabilities, net of acquisition:    
Contracts receivable including retainage, net (32,975) 6,345
Costs and estimated earnings in excess of billings on uncompleted contracts (7,897) (3,574)
Inventories (8,061) (1,878)
Prepaid expenses and other current assets (1,723) 3,867
Other assets (4,123) 311
Accounts payable 16,789 (12,863)
Billings in excess of costs and estimated earnings on uncompleted contracts (2,149) 3,396
Accrued expenses and other current liabilities 2,970 2,029
Other long-term liabilities (331) (23)
Net cash provided by operating activities, net of acquisitions 9,334 51,414
Cash flows from investing activities:    
Purchases of property, plant and equipment (39,588) (41,535)
Proceeds from sale of equipment 2,361 2,182
Business acquisitions, net of cash acquired (92,303) (30,191)
Return of investment in joint venture 0 361
Net cash used in investing activities (129,530) (69,183)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of debt issuance costs and discount 199,198 42,719
Repayments of long-term debt (92,850) (26,874)
Net cash provided by financing activities 106,348 15,845
Net change in cash and cash equivalents (13,848) (1,924)
Cash and cash equivalents:    
Beginning of period 148,316 80,619
End of period 134,468 78,695
Supplemental cash flow information:    
Cash paid for interest 1,950 1,416
Cash paid for income taxes 3,568 5,600
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,089 1,241
Cash paid for operating lease liabilities 1,795 2,464
Non-cash items:    
Property, plant and equipment included with accounts payable at period end 778 1,073
Non-compete agreements to seller in business combination 1,700 0
Amounts payable to sellers in business combinations $ 1,296 $ 0