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Condensed Financial Statements of Parent Company
12 Months Ended
Sep. 30, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Statements of Parent Company Condensed Financial Statements of Parent Company
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
September 30,
20242023
ASSETS
Cash and cash equivalents$80,991 $54,410 
Prepaid expenses and other current assets1,090 1,411 
Total current assets82,081 55,821 
Property, plant and equipment, net4,305 4,643 
Investment in subsidiaries597,765 524,466 
Due from subsidiaries57,688 13,015 
Other assets15,841 30,587 
Total assets$757,680 $628,532 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accrued expenses and other current liabilities$5,348 $4,123 
Current maturities of long-term debt— 886 
Total current liabilities5,348 5,009 
Long-term liabilities:
Due to subsidiaries175,566 87,183 
Deferred income taxes, net1,239 5,030 
Long-term debt, net of current maturities and debt issuance costs— 14,736 
Other long-term liabilities1,787 — 
Total long-term liabilities178,592 106,949 
Total liabilities183,940 111,958 
Stockholders’ Equity
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2024 and September 30, 2023 and no shares issued and outstanding
— — 
Class A common stock, par value $0.001; 400,000,000 shares authorized, 44,062,830 shares issued and 43,819,102 shares outstanding at September 30, 2024, and 43,760,546 shares issued and 43,727,680 shares outstanding at September 30, 2023
44 44 
Class B common stock, par value $0.001; 100,000,000 shares authorized, 11,784,650 shares issued and 8,861,698 shares outstanding at September 30, 2024, and 11,921,463 shares issued and 8,998,511 shares outstanding at September 30, 2023
12 12 
Additional paid-in capital278,065 267,330 
Treasury stock, Class A common stock, par value $0.001, at cost, 243,728 shares at September 30, 2024, and 32,866 shares at September 30, 2023
(11,490)(178)
Treasury stock, Class B common stock, par value $0.001, at cost, 2,922,952 shares at September 30, 2024 and 2023
(15,603)(15,603)
Accumulated other comprehensive loss7,502 18,694 
Retained earnings315,210 246,275 
Total stockholders’ equity573,740 516,574 
Total liabilities and stockholders’ equity$757,680 $628,532 
See note to condensed financial statements of parent company.
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,
202420232022
Equity in net income of subsidiaries$72,602 $50,899 $24,690 
General and administrative expenses(7,643)(2,535)(4,758)
Interest expense, net2,681 (24)68 
Gain on sale of equipment, net(4)— 
Other income 24 13 
Income before provision for income taxes67,660 48,344 20,019 
Income tax benefit1,275 657 1,357 
Net income$68,935 $49,001 $21,376 
Other comprehensive (loss), net of tax
Unrealized gain (loss) on interest rate swap contract, net(11,889)1,297 18,091 
Unrealized gain (loss) on restricted investments, net697 (223)(448)
Other comprehensive income (loss)(11,192)1,074 17,643 
Comprehensive income$57,743 $50,075 $39,019 
Net income per share attributable to common stockholders:
Basic$1.33 $0.95 $0.41 
Diluted$1.31 $0.94 $0.41 
Weighted average number of common shares outstanding:
Basic51,883,760 51,827,001 51,773,559 
Diluted52,574,503 52,260,206 51,957,420 
See note to condensed financial statements of parent company.
CONSTRUCTION PARTNERS, INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
For the Fiscal Year Ended
September 30,
202420232022
Cash flows from operating activities:
Net income$68,935 $49,001 $21,376 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, accretion and amortization834 757 757 
Loss (gain) on sale of equipment— (6)
Loss (gain) on derivative instruments— — (1,668)
Share-based compensation expense14,412 10,759 8,000 
Equity in net income of subsidiaries(72,602)(50,899)(24,690)
    Deferred income tax benefit— — (248)
    Other non-cash adjustments(417)(417)(73)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets322 1,584 (1,932)
Other assets(517)(256)(593)
Accrued expenses and other current liabilities(666)646 507 
Other liabilities— — (748)
Net cash provided by operating activities10,305 11,175 682 
Cash flows from investing activities:
Purchases of property, plant and equipment (626)(737)(243)
Proceeds from sale of equipment143 — 
Investment in subsidiary— (29,317)(10,986)
Net cash used in investing activities(483)(30,054)(11,223)
Cash flows from financing activities:
Change in amounts due to (from) subsidiaries, net28,171 32,126 (65,622)
Purchase of treasury stock(11,312)(139)(39)
Principal payments on long-term debt(100)(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 activities16,759 30,159 (11,554)
Net change in cash and cash equivalents26,581 11,280 (22,095)
Cash and cash equivalents:
Beginning of period54,410 43,130 65,225 
End of period$80,991 $54,410 $43,130 
See note to condensed financial statements of parent company.
Note to Condensed Financial Statements of Parent Company
These condensed parent company-only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of Construction Partners, Inc. (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the consolidated net assets of the Company. The ability of Construction Partners, Inc.’s operating subsidiaries to pay dividends is restricted by the terms of the credit facilities described in Note 11 - Debt.
These condensed parent company-only financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the exception that the parent company accounts for its subsidiaries using the equity method. These condensed parent company-only financial statements should be read in conjunction with the consolidated financial statements and related notes thereto.