10-Q Filing

CONSTRUCTION PARTNERS, INC. CIK: 1718227 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001718227-20-000016`
Period End Date	20191231
Filing Date	20200207
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	road-20191231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 32 Cash Flow Statement 72 Stockholders Equity 12

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`	$49.44M	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
Contracts receivable including retainage, net	`ReceivablesLongTermContractsOrPrograms`	$118.55M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	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`	$14.15M	USD	Point-in-time
Inventories	`InventoryNet`	$36.27M	USD	Point-in-time
Inventories	`InventoryNet`	$34.29M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.09M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$279.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$234.50M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$205.87M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$229.50M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$8.53M	USD	Point-in-time
Goodwill	`Goodwill`	$38.55M	USD	Point-in-time
Goodwill	`Goodwill`	$45.47M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.38M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.43M	USD	Point-in-time
Investment in joint venture	`EquityMethodInvestments`	$39.00K	USD	Point-in-time
Investment in joint venture	`EquityMethodInvestments`	$496.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.95M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.28M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.17M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.17M	USD	Point-in-time
Total assets	`Assets`	$524.55M	USD	Point-in-time
Total assets	`Assets`	$531.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$70.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$48.63M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`ContractWithCustomerLiabilityCurrent`	$31.17M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`ContractWithCustomerLiabilityCurrent`	$31.11M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.93M	USD	Point-in-time
Current maturities of debt	`LongTermDebtCurrent`	$7.54M	USD	Point-in-time
Current maturities of debt	`LongTermDebtCurrent`	$8.51M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$11.65M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$19.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$128.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$102.89M	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`	$49.15M	USD	Point-in-time
Operating lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$5.82M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$11.48M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$11.48M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.11M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.03M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$72.48M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$60.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$188.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$175.36M	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 December 31, 2019 and September 30, 2019 and no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001; 10,000,000 shares authorized at December 31, 2019 and September 30, 2019 and no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$243.85M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$243.45M	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`	$115.65M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$120.89M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$304.62M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$299.47M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$349.18M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$343.55M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$524.55M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$531.77M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$154.33M	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$175.31M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$133.20M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$151.56M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.13M	USD	1 Quarter
Gross profit	`GrossProfit`	$23.76M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$17.11M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$14.43M	USD	1 Quarter
Gain on sale of equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$334.00K	USD	1 Quarter
Gain on sale of equipment, net	`GainLossOnSaleOfPropertyPlantEquipment`	$309.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.95M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$7.03M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-281.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-515.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-17.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$65.00K	USD	1 Quarter
Income before provision for income taxes and earnings from investment in joint venture	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.50M	USD	1 Quarter
Income before provision for income taxes and earnings from investment in joint venture	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.74M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.32M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.65M	USD	1 Quarter
Earnings from investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$43.00K	USD	1 Quarter
Earnings from investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$306.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.46M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.41M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.49M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.61M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.41M	shares	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.46M	USD	1 Quarter
Depreciation, depletion and amortization of long-lived assets	`DepreciationDepletionAndAmortization`	$7.14M	USD	1 Quarter
Depreciation, depletion and amortization of long-lived assets	`DepreciationDepletionAndAmortization`	$9.44M	USD	1 Quarter
Amortization of deferred debt issuance costs and debt discount	`AmortizationOfFinancingCosts`	$36.00K	USD	1 Quarter
Amortization of deferred debt issuance costs and debt discount	`AmortizationOfFinancingCosts`	$27.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$145.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$145.00K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$334.00K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$309.00K	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	-	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$395.00K	USD	1 Quarter
Earnings from investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$43.00K	USD	1 Quarter
Earnings from investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$306.00K	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Other non-cash adjustments	`OtherNoncashIncomeExpense`	$6.00K	USD	1 Quarter
Contracts receivable including retainage, net	`IncreaseDecreaseInDepositOtherAssets`	$-21.98M	USD	1 Quarter
Contracts receivable including retainage, net	`IncreaseDecreaseInDepositOtherAssets`	$-26.17M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractWithCustomerAsset`	$2.12M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInContractWithCustomerAsset`	$858.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.53M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.98M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.28M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.94M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-298.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-331.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-25.29M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-21.82M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInContractWithCustomerLiability`	$54.00K	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInContractWithCustomerLiability`	$733.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-5.40M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-7.44M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-9.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-77.00K	USD	1 Quarter
Net cash provided by operating activities, net of acquisition	`NetCashProvidedByUsedInOperatingActivities`	$1.55M	USD	1 Quarter
Net cash provided by operating activities, net of acquisition	`NetCashProvidedByUsedInOperatingActivities`	$1.21M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.59M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.41M	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$492.00K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$536.00K	USD	1 Quarter
Business acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Business acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$17.75M	USD	1 Quarter
Distributions received from investment in joint venture	`ProceedsFromDivestitureOfInterestInJointVenture`	$500.00K	USD	1 Quarter
Distributions received from investment in joint venture	`ProceedsFromDivestitureOfInterestInJointVenture`	$1.80M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-40.35M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.07M	USD	1 Quarter
Proceeds from issuance of long-term debt, net of debt issuance costs and discount	`ProceedsFromIssuanceOfLongTermDebt`	$9.78M	USD	1 Quarter
Proceeds from issuance of long-term debt, net of debt issuance costs and discount	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$2.15M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$3.71M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.63M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.71M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-31.18M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.57M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.57M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.14M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.62M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.44M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.57M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$99.14M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.62M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.44M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$747.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$496.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$300.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$60.00K	USD	1 Quarter
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	1 Quarter
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$217.00K	USD	1 Quarter
Cash paid for operating lease liabilities	`OperatingLeasePayments`	-	USD	1 Quarter
Cash paid for operating lease liabilities	`OperatingLeasePayments`	$870.00K	USD	1 Quarter
Property, plant and equipment financed with accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$178.00K	USD	1 Quarter
Property, plant and equipment financed with accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$391.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$304.62M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$299.47M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$349.18M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$343.55M	USD	Point-in-time
Net income	`NetIncomeLoss`	$5.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.46M	USD	1 Quarter
Equity-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalCashlessOptionExercise`	$395.00K	USD	1 Quarter
Conversion of Class B common stock to Class A common stock (in shares)	`ConversionOfCommonStockInConnectionWithInitialPublicOffering`	0.00	shares	1 Quarter
Ending balance	`StockholdersEquity`	$304.62M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$299.47M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$349.18M	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.