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Condensed Financial Statements of Parent Company (Tables)
12 Months Ended
Sep. 30, 2023
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,
20232022
ASSETS
Cash and cash equivalents$54,410 $43,130 
Prepaid expenses and other current assets1,411 2,995 
Total current assets55,821 46,125 
Property, plant and equipment, net4,643 4,646 
Investment in subsidiaries524,466 444,473 
Due from subsidiaries13,015 58,593 
Other assets30,587 28,140 
Total assets$628,532 $581,977 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accrued expenses and other current liabilities$4,123 $3,477 
Current maturities of long-term debt886 1,204 
Total current liabilities5,009 4,681 
Long-term liabilities:
Due to subsidiaries87,183 39,275 
Deferred income taxes, net5,030 4,553 
Long-term debt, net of current maturities and debt issuance costs14,736 77,589 
Total long-term liabilities106,949 121,417 
Total liabilities111,958 126,098 
Stockholders’ Equity
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2023 and September 30, 2022 and no shares issued and outstanding
— — 
Class A common stock, par value $0.001; 400,000,000 shares authorized, 43,760,546 shares issued and 43,727,680 shares outstanding at September 30, 2023, and 41,195,730 shares issued and 41,193,024 shares outstanding at September 30, 2022
44 41 
Class B common stock, par value $0.001; 100,000,000 shares authorized, 11,921,463 shares issued and 8,998,511 shares outstanding at September 30, 2023, and 14,275,867 shares issued and 11,352,915 shares outstanding at September 30, 2022
12 15 
Additional paid-in capital267,330 256,571 
Treasury stock, Class A common stock, par value $0.001, at cost, 32,866 shares at September 30, 2023, and 2,706 shares at September 30, 2022
(178)(39)
Treasury stock, Class B common stock, par value $0.001, at cost, 2,922,952 shares at September 30, 2023 and 2022
(15,603)(15,603)
Accumulated other comprehensive loss18,694 17,620 
Retained earnings246,275 197,274 
Total stockholders’ equity516,574 455,879 
Total liabilities and stockholders’ equity$628,532 $581,977 
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,
202320222021
Equity in net income of subsidiaries$50,899 $24,690 $25,505 
General and administrative expenses(2,535)(4,758)(6,399)
Interest expense, net(24)68 834 
Gain on sale of equipment, net— — 
Other income 13 
Income before provision for income taxes48,344 20,019 19,943 
Income tax benefit657 1,357 234 
Net income$49,001 $21,376 $20,177 
Other comprehensive (loss), net of tax
Unrealized gain (loss) on interest rate swap contract, net1,297 18,091 (23)
Unrealized (loss) on restricted investments, net(223)(448)— 
Other comprehensive (loss)1,074 17,643 (23)
Comprehensive income$50,075 $39,019 $20,154 
Net income per share attributable to common stockholders:
Basic$0.95 $0.41 $0.39 
Diluted$0.94 $0.41 $0.39 
Weighted average number of common shares outstanding:
Basic51,827,001 51,773,559 51,636,955 
Diluted52,260,206 51,957,420 51,773,213 
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,
202320222021
Cash flows from operating activities:
Net income$49,001 $21,376 $20,177 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation, depletion, accretion and amortization757 757 475 
Gain on sale of equipment— (6)— 
Loss (gain) on derivative instruments— (1,668)(894)
Equity-based compensation expense10,759 8,000 3,549 
Equity in net income of subsidiaries(50,899)(24,690)(25,505)
    Deferred income tax benefit— (248)(451)
    Other non-cash adjustments(417)(73)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets1,584 (1,932)(135)
Other assets(256)(593)(2,008)
Accrued expenses and other current liabilities646 507 1,001 
Other liabilities— (748)(97)
Net cash (used in) provided by operating activities11,175 682 (3,879)
Cash flows from investing activities:
Purchases of property, plant and equipment (737)(243)(2,641)
Proceeds from sale of equipment— — 
Investment in subsidiary(29,317)(10,986)— 
Net cash used in investing activities(30,054)(11,223)(2,641)
Cash flows from financing activities:
Change in amounts due to (from) subsidiaries, net32,126 (65,622)(6,296)
Purchase of treasury stock(139)(39)— 
Principal payments on long-term debt(1,828)(420)— 
Proceeds from issuance of long-term debt, net of debt issuance costs and discount— 54,527 — 
Net cash (used in) provided by financing activities30,159 (11,554)(6,296)
Net change in cash and cash equivalents11,280 (22,095)(12,816)
Cash and cash equivalents:
Beginning of period43,130 65,225 78,041 
End of period$54,410 $43,130 $65,225 
See note to condensed financial statements of parent company.