Schedule of condensed balance sheet |
CONSTRUCTION PARTNERS, INC. PARENT COMPANY ONLY CONDENSED BALANCE SHEETS (in thousands, except share and per share data) | | | | | | | | | | | | | September 30, | | 2023 | | 2022 | ASSETS | | | | Cash and cash equivalents | $ | 54,410 | | | $ | 43,130 | | Prepaid expenses and other current assets | 1,411 | | | 2,995 | | Total current assets | 55,821 | | | 46,125 | | Property, plant and equipment, net | 4,643 | | | 4,646 | | Investment in subsidiaries | 524,466 | | | 444,473 | | | | | | Due from subsidiaries | 13,015 | | | 58,593 | | Other assets | 30,587 | | | 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 debt | 886 | | | 1,204 | | Total current liabilities | 5,009 | | | 4,681 | | Long-term liabilities: | | | | Due to subsidiaries | 87,183 | | | 39,275 | | Deferred income taxes, net | 5,030 | | | 4,553 | | Long-term debt, net of current maturities and debt issuance costs | 14,736 | | | 77,589 | | | | | | Total long-term liabilities | 106,949 | | | 121,417 | | Total liabilities | 111,958 | | | 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 capital | 267,330 | | | 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 loss | 18,694 | | | 17,620 | | Retained earnings | 246,275 | | | 197,274 | | Total stockholders’ equity | 516,574 | | | 455,879 | | Total liabilities and stockholders’ equity | $ | 628,532 | | | $ | 581,977 | | | | | |
See note to condensed financial statements of parent company.
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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, | | | 2023 | | 2022 | | 2021 | | 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 | — | | | 6 | | | — | | | Other income | 4 | | | 13 | | | 3 | | | Income before provision for income taxes | 48,344 | | | 20,019 | | | 19,943 | | | Income tax benefit | 657 | | | 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, net | 1,297 | | | 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: | | | | | | | Basic | 51,827,001 | | | 51,773,559 | | | 51,636,955 | | | Diluted | 52,260,206 | | | 51,957,420 | | | 51,773,213 | | | | | | | | | |
See note to condensed financial statements of parent company.
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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, | | 2023 | | 2022 | | 2021 | 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 amortization | 757 | | | 757 | | | 475 | | Gain on sale of equipment | — | | | (6) | | | — | | Loss (gain) on derivative instruments | — | | | (1,668) | | | (894) | | Equity-based compensation expense | 10,759 | | | 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) | | | 9 | | Changes in operating assets and liabilities: | | | | | | Prepaid expenses and other current assets | 1,584 | | | (1,932) | | | (135) | | Other assets | (256) | | | (593) | | | (2,008) | | Accrued expenses and other current liabilities | 646 | | | 507 | | | 1,001 | | Other liabilities | — | | | (748) | | | (97) | | Net cash (used in) provided by operating activities | 11,175 | | | 682 | | | (3,879) | | Cash flows from investing activities: | | | | | | Purchases of property, plant and equipment | (737) | | | (243) | | | (2,641) | | Proceeds from sale of equipment | — | | | 6 | | | — | | 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, net | 32,126 | | | (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 activities | 30,159 | | | (11,554) | | | (6,296) | | Net change in cash and cash equivalents | 11,280 | | | (22,095) | | | (12,816) | | Cash and cash equivalents: | | | | | | Beginning of period | 43,130 | | | 65,225 | | | 78,041 | | End of period | $ | 54,410 | | | $ | 43,130 | | | $ | 65,225 | | | | | | | |
See note to condensed financial statements of parent company.
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