Condensed Financial Statements of Registrant (Tables)

12 Months Ended

Sep. 30, 2020

Condensed Financial Information Disclosure [Abstract]

CONSTRUCTION PARTNERS, INC.

PARENT COMPANY ONLY

CONDENSED BALANCE SHEETS

(in thousands, except share and per share data)


	September 30,
	2020		2019
ASSETS
Cash and cash equivalents	$	78,041	$	63,947
Prepaid expenses and other current assets	928		745
Total current assets	78,969		64,692
Property, plant and equipment, net	2,994		2,268
Investment in subsidiaries	383,740		322,947
Deferred income taxes, net	441		16
Other assets	6		—
Total assets	$	466,150	$	389,923
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Due to subsidiaries	$	75,044	$	35,303
Accrued expenses and other current liabilities	1,969		2,934
Total current liabilities	77,013		38,237
Long-term liabilities:
Due to subsidiaries	2,234		7,825
Other long-term liabilities	1,708		311
Total long-term liabilities	3,942		8,136
Total liabilities	80,955		46,373
Stockholders’ Equity
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2020 and September 30, 2019 and no shares issued and outstanding	—		—
Class A common stock, par value $0.001; 400,000,000 shares authorized, 33,875,884 shares issued and outstanding at September 30, 2020, and 32,597,736 shares issued and outstanding at September 30, 2019	34		33
Class B common stock, par value 0.001; 100,000,000 shares authorized, 20,828,813 shares issued and 17,905,861 shares outstanding at September 30, 2020, and 22,106,961 shares issued and 19,184,009 shares outstanding at September 30, 2019	21		22

Additional paid-in capital	245,022		243,452
Treasury stock, at cost, 2,922,952 shares of Class B common stock, par value $0.001	(15,603)		(15,603)
Retained earnings	155,721		115,646
Total stockholders’ equity	385,195		343,550
Total liabilities and stockholders’ equity	$	466,150	$	389,923

See note to condensed financial statements of parent company.

Schedule of Condensed Income Statement

CONSTRUCTION PARTNERS, INC.

PARENT COMPANY ONLY

CONDENSED STATEMENTS OF INCOME

(in thousands, except share and per share amounts)


	For the Fiscal Year Ended September 30,
	2020		2019
Equity in net income of subsidiaries	$	43,712	$	45,679
Equity-based compensation expense	(1,570)		(957)
General and administrative expenses	(2,597)		(2,666)
Interest expense, net	(1,218)		(153)
Gain on sale of equipment, net	—		1
Other income	—		5
Income before provision for income taxes	38,327		41,909
Income tax benefit	1,970		1,212
Net income	$	40,297	$	43,121
Net income per share attributable to common stockholders:
Basic	$	0.78	$	0.84
Diluted	$	0.78	0.84
Weighted average number of common shares outstanding:
Basic	51,489,211		51,421,159
Diluted	51,636,934		51,427,220

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,
	2020		2019
Cash flows from operating activities:
Net income	$	40,297	$	43,121
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization of long-lived assets	463		179
Gain on sale of equipment	—		(1)
Equity-based compensation expense	1,570		957
Equity in net income of subsidiaries	(43,712)		(45,679)
Deferred income tax (benefit) expense	(425)		99
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(183)		771
Other assets	(6)		257
Accrued expenses and other current liabilities	(965)		1,662
Other liabilities	1,397		311
Net cash (used in) provided by operating activities	(1,564)		1,677
Cash flows from investing activities:
Purchases of property, plant and equipment	(1,189)		(755)
Proceeds from sale of equipment	—		1
Investment in subsidiary	(17,303)		(19,703)
Net cash (used in) investing activities	(18,492)		(20,457)
Cash flows from financing activities:
Change in amounts due to (from) subsidiaries, net	34,150		16,959
Payment of treasury stock purchase obligation	—		(569)
Proceeds from sale of stock	—		3
Net cash provided by financing activities	34,150		16,393
Net change in cash and cash equivalents	14,094		(2,387)
Cash and cash equivalents:
Beginning of period	63,947		66,334
End of period	$	78,041	$	63,947

See note to condensed financial statements of parent company.