10-K Filing

CONSTRUCTION PARTNERS, INC. CIK: 1718227 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001718227-19-000098`
Period End Date	20190930
Filing Date	20191213
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	road-20190930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 34 Cash Flow Statement 80 Stockholders Equity 18

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$80.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$99.14M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Contracts receivable including retainage, net	`ReceivablesLongTermContractsOrPrograms`	$139.88M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Contracts receivable including retainage, net	`ReceivablesLongTermContractsOrPrograms`	$120.29M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`ContractWithCustomerAssetNetCurrent`	$12.03M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`ContractWithCustomerAssetNetCurrent`	$9.33M	USD	Point-in-time
Inventories	`InventoryNet`	$34.29M	USD	Point-in-time
Inventories	`InventoryNet`	$24.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.14M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	42.39M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$267.45M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	39.46M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$279.97M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	11.25M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$178.69M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$205.87M	USD	Point-in-time
Goodwill	`Goodwill`	$32.92M	USD	Point-in-time
Goodwill	`Goodwill`	$38.55M	USD	Point-in-time
Goodwill	`Goodwill`	$30.60M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.73M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.43M	USD	Point-in-time
Investment in joint venture	`EquityMethodInvestments`	$496.00K	USD	Point-in-time
Investment in joint venture	`EquityMethodInvestments`	$1.66M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.27M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.28M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$1.17M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxAssetsNet`	$1.58M	USD	Point-in-time
Total assets	`Assets`	$531.77M	USD	Point-in-time
Total assets	`Assets`	$496.31M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$63.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$70.44M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`ContractWithCustomerLiabilityCurrent`	$38.74M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`ContractWithCustomerLiabilityCurrent`	$31.11M	USD	Point-in-time
Current maturities of debt	`LongTermDebtCurrent`	$7.54M	USD	Point-in-time
Current maturities of debt	`LongTermDebtCurrent`	$14.77M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$19.08M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$17.52M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$128.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$134.54M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$42.46M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$48.12M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxLiabilitiesNet`	$11.48M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxLiabilitiesNet`	$8.89M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.29M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.11M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$60.05M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$62.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$188.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$196.84M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2019 and September 30, 2018 and no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001; 10,000,000 shares authorized at September 30, 2019 and September 30, 2018 and no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$243.45M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$242.49M	USD	Point-in-time
Treasury stock, at cost, 2,922,952 shares of Class B common stock, par value $0.001	`TreasuryStockValue`	$15.60M	USD	Point-in-time
Treasury stock, at cost, 2,922,952 shares of Class B common stock, par value $0.001	`TreasuryStockValue`	$15.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$72.53M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$115.65M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$152.18M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$299.47M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$343.55M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$496.31M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$531.77M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$680.10M	USD	Annual
Revenues	`Revenues`	$783.24M	USD	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$580.56M	USD	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$665.28M	USD	Annual
Gross profit	`GrossProfit`	$117.95M	USD	Annual
Gross profit	`GrossProfit`	$99.54M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$62.72M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$55.30M	USD	Annual
Settlement income	`GainLossRelatedToLitigationSettlement`	$14.80M	USD	Annual
Settlement income	`GainLossRelatedToLitigationSettlement`	-	USD	Annual
Gain on sale of equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$1.91M	USD	Annual
Gain on sale of equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$2.39M	USD	Annual
Operating income	`OperatingIncomeLoss`	$61.43M	USD	Annual
Operating income	`OperatingIncomeLoss`	$57.14M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-1.86M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-1.27M	USD	Annual
Other income (expense)	`OtherNonoperatingIncomeExpense`	$101.00K	USD	Annual
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-416.00K	USD	Annual
Income before provision for income taxes and earnings from investment in joint venture	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$55.69M	USD	Annual
Income before provision for income taxes and earnings from investment in joint venture	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$60.06M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$13.91M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$10.53M	USD	Annual
Earnings from investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$1.34M	USD	Annual
Earnings from investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$1.26M	USD	Annual
Net income	`NetIncomeLoss`	$43.12M	USD	Annual
Net income	`NetIncomeLoss`	$50.79M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.11	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.84	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.84	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.11	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.42M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	45.61M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	45.92M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.43M	shares	Annual

Cash Flow Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$43.12M	USD	Annual
Net income	`NetIncomeLoss`	$50.79M	USD	Annual
Depreciation, depletion and amortization of long-lived assets	`DepreciationDepletionAndAmortization`	$25.32M	USD	Annual
Depreciation, depletion and amortization of long-lived assets	`DepreciationDepletionAndAmortization`	$31.23M	USD	Annual
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$94.00K	USD	Annual
Amortization of deferred debt issuance costs	`AmortizationOfFinancingCosts`	$109.00K	USD	Annual
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$604.00K	USD	Annual
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$995.00K	USD	Annual
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.91M	USD	Annual
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$2.39M	USD	Annual
Equity-based compensation expense	`ShareBasedCompensation`	$957.00K	USD	Annual
Equity-based compensation expense	`ShareBasedCompensation`	$975.00K	USD	Annual
Earnings from investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$1.34M	USD	Annual
Earnings from investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$1.26M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-481.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.00M	USD	Annual
Contracts receivable including retainage, net	`IncreaseDecreaseInContractReceivableIncludingRetainageNet`	$-20.59M	USD	Annual
Contracts receivable including retainage, net	`IncreaseDecreaseInContractReceivableIncludingRetainageNet`	$9.27M	USD	Annual
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractWithCustomerAsset`	$-2.70M	USD	Annual
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractWithCustomerAsset`	$-2.96M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$8.83M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$2.75M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-993.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$8.89M	USD	Annual
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-7.99M	USD	Annual
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$7.79M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.46M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.93M	USD	Annual
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-7.62M	USD	Annual
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$2.04M	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$2.12M	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-4.78M	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$813.00K	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$844.00K	USD	Annual
Net cash provided by operating activities, net of acquisitions	`NetCashProvidedByUsedInOperatingActivities`	$66.12M	USD	Annual
Net cash provided by operating activities, net of acquisitions	`NetCashProvidedByUsedInOperatingActivities`	$55.27M	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$42.48M	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$42.80M	USD	Annual
Acquisition of liquid asphalt terminal assets	`PaymentsToAcquireAsphaltLiquidTerminalAssets`	-	USD	Annual
Acquisition of liquid asphalt terminal assets	`PaymentsToAcquireAsphaltLiquidTerminalAssets`	$10.85M	USD	Annual
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$4.46M	USD	Annual
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$4.93M	USD	Annual
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$51.32M	USD	Annual
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$13.85M	USD	Annual
Investment in joint venture	`PaymentsToAcquireInterestInJointVenture`	$400.00K	USD	Annual
Investment in joint venture	`PaymentsToAcquireInterestInJointVenture`	-	USD	Annual
Distributions received from investment in joint venture	`ProceedsFromDivestitureOfInterestInJointVenture`	$2.50M	USD	Annual
Distributions received from investment in joint venture	`ProceedsFromDivestitureOfInterestInJointVenture`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-89.59M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-60.23M	USD	Annual
Repayments on revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	-	USD	Annual
Repayments on revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$5.00M	USD	Annual
Proceeds from issuance of long-term debt, net of debt issuance costs and discount	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Proceeds from issuance of long-term debt, net of debt issuance costs and discount	`ProceedsFromIssuanceOfLongTermDebt`	$21.92M	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$12.36M	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$13.00M	USD	Annual
Payment to seller of pre-acquisition balance due	`PaymentForContingentConsiderationLiabilityFinancingActivities`	-	USD	Annual
Payment to seller of pre-acquisition balance due	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$4.94M	USD	Annual
Payment of treasury stock purchase obligation	`PaymentsOfTreasuryStockPurchaseObligation`	$2.57M	USD	Annual
Payment of treasury stock purchase obligation	`PaymentsOfTreasuryStockPurchaseObligation`	$569.00K	USD	Annual
Proceeds from initial public offering of Class A common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$98.01M	USD	Annual
Proceeds from initial public offering of Class A common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from sale of stock	`ProceedsFromSaleOfTreasuryStock`	$5.00K	USD	Annual
Proceeds from sale of stock	`ProceedsFromSaleOfTreasuryStock`	$3.00K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.57M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$95.06M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-18.52M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$71.59M	USD	Annual
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.62M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.14M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.55M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.62M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.14M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.55M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$2.64M	USD	Annual
Cash paid for interest	`InterestPaidNet`	$2.34M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$9.12M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$14.36M	USD	Annual
Property, plant and equipment financed with accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$904.00K	USD	Annual
Property, plant and equipment financed with accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$395.00K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$152.18M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$299.47M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$343.55M	USD	Point-in-time
Reclassification of common stock	`ReclassificationOfCommonStock`	-	USD	Annual
Issuance of stock	`StockIssuedDuringPeriodValueNewIssues`	-	USD	Annual
Issuance of stock	`StockIssuedDuringPeriodValueNewIssues`	$98.01M	USD	Annual
Stock option exercise	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.00K	USD	Annual
Conversion of Class B common stock to Class A common stock	`ConversionOfClassBCommonStockToClassACommonStockInConnectionWithInitialPublicOfferingOfClassACommonStockValue`	-	USD	Annual
Conversion of Class B common stock to Class A common stock	`ConversionOfClassBCommonStockToClassACommonStockInConnectionWithInitialPublicOfferingOfClassACommonStockValue`	-	USD	Annual
Issuance of restricted shares from treasury	`StockIssuedDuringPeriodValueTreasuryStockReissued`	$5.00K	USD	Annual
Cashless option exercise	`AdjustmentsToAdditionalPaidInCapitalCashlessOptionExercise`	$957.00K	USD	Annual
Cashless option exercise	`AdjustmentsToAdditionalPaidInCapitalCashlessOptionExercise`	$-2.49M	USD	Annual
Equity-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$975.00K	USD	Annual
Net income	`NetIncomeLoss`	$43.12M	USD	Annual
Net income	`NetIncomeLoss`	$50.79M	USD	Annual
Ending balance	`StockholdersEquity`	$152.18M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$299.47M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$343.55M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.