Business Acquisitions (Tables)

12 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration for the aforementioned acquisitions and the amounts of identified assets acquired and liabilities assumed as of September 30, 2024 (in thousands):

	Acquisitions (Final)		SJ&L General Contractor, LLC Acquisition (Provisional)		Sunbelt Asphalt Surfaces, Inc. Acquisition (Provisional)		Hudson Paving, Inc. Acquisition (Provisional)		Robinson Paving Company Acquisition (Provisional)		John G. Walton Construction Company, Inc. Acquisition (Provisional)		Total
Contracts receivable including retainage	$	—	$	16,006	$	6,645	$	6,222	$	7,600	$	4,565	$	41,038
Cost and estimated earnings in excess of billings on uncompleted contracts	—		309		365		506		2,738		284		4,202
Inventories	2,530		214		354		459		1,887		1,742		7,186
Prepaid expenses and other current assets	943		644		30		100		—		854		2,571
Property, plant and equipment	15,877		35,361		13,245		11,604		33,237		24,994		134,318
Operating lease right-of-use assets	548		157		438		—		38		—		1,181
Deferred tax assets	36		1,820		—		—		—		—		1,856
Intangible assets	258		220		1,400		—		1,300		—		3,178
Total assets	20,192		54,731		22,477		18,891		46,800		32,439		195,530
Accounts payable	—		(3,166)		(1,443)		(3,057)		(2,854)		(2,445)		(12,965)
Billings in excess of costs and estimated earnings on uncompleted contracts	—		(6,380)		(650)		(1,957)		(2,672)		(3,608)		(15,267)
Accrued expenses and other current liabilities	(681)		(3,816)		(43)		(125)		(297)		—		(4,962)
Operating lease liabilities	(548)		(157)		(438)		—		(38)		—		(1,181)
Other long-term liabilities	(418)		—		—		—		—		—		(418)
Total liabilities	(1,647)		(13,519)		(2,574)		(5,139)		(5,861)		(6,053)		(34,793)
Goodwill	9,304		15,857		9,268		5,396		18,600		12,529		70,954
Total cash consideration transferred	27,849		57,069		28,655		18,714		60,301		39,256		231,844
Total consideration (receivable) payable	—		—		516		434		(762)		(341)		(153)
Total purchase price	$	27,849	$	57,069	$	29,171	$	19,148	$	59,539	$	38,915	$	231,691

The following table summarizes the finalized consideration for the combined acquisitions during the fiscal year ended September 30, 2023, and the amounts of identified assets acquired and liabilities assumed (in thousands):

	Provisional amounts as of September 30, 2023		Finalized amounts as of September 30, 2024
Cash and cash equivalents	$	33	$	33
Contracts receivable including retainage	12,991		12,924
Cost and estimated earnings in excess of billings on uncompleted contracts	598		598
Inventories	3,088		3,088
Prepaid expenses and other current assets	799		799
Property, plant and equipment	45,937		45,937
Deferred tax assets	—		488
Intangible assets	5,900		5,900
Operating lease right-of-use assets	433		433
Total assets	69,779		70,200
Accounts payable	3,718		3,718
Billings in excess of costs and estimated earnings on uncompleted contracts	2,329		3,354
Accrued expenses and other current liabilities	895		1,790
Operating lease liabilities	433		433
Total liabilities	7,375		9,295
Goodwill	29,589		31,021
Total purchase price	$	91,993	$	91,926

Schedule of Pro Forma Revenues and Net Income

The following table presents pro forma revenues and net income as though the fiscal year 2024 acquisitions had occurred on October 1, 2022 (unaudited, in thousands):

	For the Fiscal Year Ended September 30,
	2024		2023
Pro forma revenues	$	1,992,037	$	1,846,235
Pro forma net income	$	79,428	$	58,912