|
3/25/22, 9:42 AM
<br />Table of Contents
<br />road -20210930
<br />Results of Operations - Fiscal Year Ended September 30, 2021 Compared to Fiscal Year Ended September 30, 2020
<br />The following table sets forth selected financial data for the fiscal years ended September 30, 2021 ("fiscal 202 F) and September 30,
<br />2020 ("fisca12020") (in thousands, except percentages). Refer to the Annual Reuort on Form 10-K for the fiscal year ended September
<br />30, 2020, filed with the SEC on December 11, 2020, for a discussion of results for the fiscal year ended September 30, 2019.
<br />Revenues
<br />Cost of revenues
<br />Gross profit
<br />General and administrative expenses
<br />Gain on sale of equipment, net
<br />Operating income
<br />Interest expense, net
<br />Other income
<br />Income before provision for income
<br />taxes and earnings from investment in
<br />joint venture
<br />Provision for income taxes
<br />Earnings from investment in
<br />joint venture
<br />Net income
<br />Adjusted EBITDA
<br />Adjusted net income
<br />For the Fiscal Year Ended September 30,
<br />Change from Fiscal
<br />2021
<br />2020
<br />2020 to Fiscal 2021
<br />% of
<br />% of
<br />%
<br />Dollars
<br />Revenues
<br />Dollars Revenues
<br />$ Change
<br />Change
<br />$ 910,739
<br />100.0%
<br />$ 785,679
<br />100.0%
<br />$ 125,060
<br />15.9%
<br />790,803
<br />86.8%
<br />663,467
<br />84.4%
<br />127,336
<br />19.2%
<br />119,936
<br />13.2%
<br />122,212
<br />15.6%
<br />(2,276)
<br />(1.9)%
<br />(91,878)
<br />(10.1)%
<br />(68,597)
<br />(8.7)%
<br />(23,281)
<br />33.9%
<br />2,043
<br />0.2%
<br />1,616
<br />0.2%
<br />427
<br />26.4%
<br />30,101
<br />3.3%
<br />55,231
<br />7.1%
<br />(25,130)
<br />(45.5)%
<br />(2,404)
<br />(0.3)%
<br />(3,113)
<br />(0.4)%
<br />709
<br />(22.8)%
<br />819
<br />0.1%
<br />336
<br />- %
<br />483
<br />143.8%
<br />28,516
<br />3.1%
<br />52,454
<br />6.7%
<br />(23,938)
<br />(45.6)%
<br />8,349
<br />0.9%
<br />12,760
<br />1.6%
<br />(4,411)
<br />(34.6)%
<br />10
<br />- %
<br />603
<br />- %
<br />(593)
<br />(98.3)
<br />$ 20,177
<br />2.2%
<br />$ 40,297
<br />5.1 %
<br />$ (20,120)
<br />(49.9)%
<br />$ 90,582
<br />9.9%
<br />$ 98,878
<br />12.6%
<br />$ (8,296)
<br />(8.4)%
<br />$ 23,969
<br />2.6%
<br />$ 40,622
<br />5.2%
<br />$ (16,653)
<br />(41.0)%
<br />Revenues. Revenues for fiscal 2021 increased $125.0 million, or 15.9%, to $910.7 million from $785.7 million for fiscal 2020. The
<br />increase included $87.0 million of revenues attributable to acquisitions completed during or subsequent to fiscal 2020 and an increase
<br />of approximately $38.0 million of revenues in our remaining markets from contract work and sales of HMA and aggregates to third
<br />parties.
<br />Gross Profit Gross profit for fiscal 2021 decreased $2.3 million, or 1.9%, to $119.9 million from $122.2 million for fiscal 2020. The
<br />lower gross profit was the result of a decrease in gross profit margin to 13.2% for fiscal 2021 from 15.6% for fiscal 2020, primarily due
<br />to (i) lower margins on construction projects in the fourth quarter of fiscal 2021 due to delays related to weather, labor and trucking and
<br />supply chain issues, and (ii) lower profit margins on the projects we assumed in connection with the North Carolina acquisitions we
<br />completed during fiscal 2021 and low utilization of the asphalt plants and equipment acquired in those acquisitions.
<br />General and Administrative Expenses. General and administrative expenses for fiscal 2021 increased $23.3 million, or 33.9%, to
<br />$91.9 million from $68.6 million for fiscal 2020. The increase in general and administrative expenses for fiscal 2021 compared to
<br />fiscal 2020 was primarily the result of (i) a $2.0 million increase in equity -based compensation expense, (ii) a $3.2 million legal
<br />settlement, as described in Note 26 - Legal Settlement, and an increase of $0.7 million for legal fees associated with this settlement,
<br />(iii) a $7.8 million increase in management personnel payroll and benefits, (iv) a $3.5 million increase attributable to general and
<br />administrative expenses of businesses acquired subsequent to September 30, 2020, and (v) a $3.5 million increase in other professional
<br />fees, primarily driven by expenses incurred in support of acquisition activities, information technology expenses and increased
<br />accounting and consulting fees.
<br />Interest Expense, Net Interest expense, net for fiscal 2021 decreased $0.7 million, or 22.8%, to $2.4 million compared to $3.1 million
<br />for fiscal 2020. The decrease in interest expense, net reflects a $1.2 million decrease in interest expense and a decrease of $0.5 million
<br />in interest income. The decrease was primarily due to $0.9 million of unrealized gain on interest rate swaps for fiscal 2021, compared
<br />to an unrealized loss on interest rate swaps of $1.4 million for fiscal 2020. This change was offset by an increase in interest paid due to
<br />https:1/www.sec.gov/Archivestedgar/data/0001718227/000171822721000107/road-20210930.htm 57/144
<br />
|