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<br />Table of Contents
<br />CONSTRUCTION PARTNERS, INC.
<br />PARENT COMPANY ONLY
<br />CONDENSED STATEMENTS OF CASH FLOWS
<br />(in thousands)
<br />Cash flows from operating activities:
<br />Net income
<br />road -20210930
<br />Adjustments to reconcile net income to net cash (used in) provided by operating activities:
<br />Depreciation, depletion and amortization of long-lived assets
<br />Gain on sale of equipment
<br />Loss (gain) on derivative instruments
<br />Equity -based compensation expense
<br />Equity in net income of subsidiaries
<br />Deferred income tax (benefit) expense
<br />Other non-cash adjustments
<br />Changes in operating assets and liabilities:
<br />Prepaid expenses and other current assets
<br />Other assets
<br />Accrued expenses and other current liabilities
<br />Other liabilities
<br />Net cash (used in) provided by operating activities
<br />Cash flows from investing activities:
<br />Purchases of property, plant and equipment
<br />Proceeds from sale of equipment
<br />Investment in subsidiary
<br />Net cash (used in) investing activities
<br />Cash flows from financing activities:
<br />Change in amounts due to (from) subsidiaries, net
<br />Payment of treasury stock purchase obligation
<br />Proceeds from sale of stock
<br />Net cash (used in) provided by financing activities
<br />Net change in cash and cash equivalents
<br />Cash and cash equivalents:
<br />Beginning of period
<br />End of period
<br />See note to condensed financial statements of parent company.
<br />Note to Condensed Financial Statements of Parent Company
<br />For the Fiscal Year Ended
<br />September 30,
<br />2021 2020 2019
<br />$ 20,177 $
<br />40,297 $
<br />43,121
<br />475
<br />463
<br />179
<br />—
<br />—
<br />(1)
<br />(894)
<br />1,397
<br />565
<br />3,549
<br />1,570
<br />957
<br />(25,505)
<br />(43,712)
<br />(45,679)
<br />(451)
<br />(425)
<br />99
<br />9
<br />(135)
<br />(183)
<br />771
<br />(2,008)
<br />(6)
<br />257
<br />1,001
<br />(965)
<br />1,662
<br />(97)
<br />—
<br />(254)
<br />(3,879)
<br />(1,564)
<br />1,677
<br />(2,641)
<br />(1,189)
<br />(755)
<br />—
<br />—
<br />1
<br />—
<br />(17,303)
<br />(19,703)
<br />(2,641)
<br />(18,492)
<br />(20,457)
<br />(6,296) 34,150 16,959
<br />— (569)
<br />3
<br />(6,296) 34,150 16,393
<br />(12,816) 14,094 (2,387)
<br />78,041 63,947 66,334
<br />$ 65,225 $ 78,041 $ 63,947
<br />On December 31, 2019, the Company completed an internal reorganization by merging Construction Partners Holdings, Inc. with and
<br />into the Company, with the Company surviving the merger. Therefore, the condensed parent company -only financial statements above
<br />reflect the retroactive combination of these entities as if it had occurred on October 1, 2018 for comparative purposes. The presentation
<br />change for September 30, 2019 had no effect on previously reported net income of the Company.
<br />These condensed parent company -only financial statements have been prepared in accordance with Rule 12-04, Schedule I of
<br />Regulation S -X, as the restricted net assets of the subsidiaries of Construction Partners, Inc. (as defined in Rule 4-08(e)(3) of
<br />Regulation S -X) exceed 25% of the consolidated net assets of the Company. The ability of Construction Partners, Inc.'s operating
<br />subsidiaries to pay dividends is restricted by the terms of the credit facilities described in Note 11 - Debt.
<br />These condensed parent company -only financial statements have been prepared using the same accounting principles and policies
<br />described in the notes to the consolidated financial statements, with the exception that the parent company accounts for its subsidiaries
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