Construction Partners Files 2024 10-K

TL;DR

CP's 2024 10-K is in. Shows financials for last 3 years. Check it out.

AI Summary

Construction Partners, Inc. filed its 10-K for the fiscal year ending September 30, 2024. The company, headquartered in Dothan, AL, operates in heavy construction, focusing on infrastructure projects. The filing covers financial performance and business operations for the fiscal years 2022, 2023, and 2024, detailing aspects like common stock and additional paid-in capital.

Why It Matters

This filing provides a comprehensive overview of Construction Partners' financial health and operational performance, crucial for investors and stakeholders to assess the company's stability and future prospects in the infrastructure sector.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024-09-30 — Fiscal Year End (The end date for the reporting period covered by the 10-K.)
• 2023-09-30 — Prior Fiscal Year End (Comparison point for financial performance.)
• 2022-09-30 — Previous Fiscal Year End (Further historical financial data.)

Key Players & Entities

• Construction Partners, Inc. (company) — Filer of the 10-K
• 2024-09-30 (date) — Fiscal year end
• Dothan, AL (location) — Company headquarters
• 2024-11-25 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — stered Class A common stock, par value $0.001 ROAD The Nasdaq Stock Market LLC (Nasd
• $0 — ares of Class A common stock, par value $0.001, and 8,914,045 shares of Class B co
• $3 billion — uding, among others, revenues exceeding $3 billion by the end of fiscal year 2027. 2024 F
• $231.7 million — or these acquisitions was approximately $231.7 million. For further discussion regarding these
• $654.2 million — Lone Star Acquisition consisted of (i) $654.2 million in cash (as adjusted pursuant to the Un
• $30.0 million — chase from the selling unit holders for $30.0 million in cash an entity that owns certain rea
• $850.0 m — ty in the aggregate principal amount of $850.0 million, which amount was fully drawn on
• $325.0 million — nder the revolving credit facility from $325.0 million to $400.0 million, (ii) reallocate $125
• $400.0 m — credit facility from $325.0 million to $400.0 million, (ii) reallocate $125.0 million o
• $125.0 million — lion to $400.0 million, (ii) reallocate $125.0 million of borrowings previously outstanding un
• $200.0 million — al incremental credit facility of up to $200.0 million and (v) update certain affirmative and
• $40 million — ck repurchase program under which up to $40 million is available to purchase shares of our
• $10.0 million — tock for an aggregate purchase price of $10.0 million. We operate in the large and growing h
• $548 billion — signed into law. The IIJA provides for $548 billion in new infrastructure spending over fiv

Filing Documents

• road-20240930.htm (10-K) — 2299KB
• a202410-kxexhibit42.htm (EX-4.2) — 28KB
• a202410-kxexhibit191.htm (EX-19.1) — 28KB
• a202410-kxexhibit192.htm (EX-19.2) — 16KB
• a202410-kxexhibit211.htm (EX-21.1) — 13KB
• a202410-kxexhibit231.htm (EX-23.1) — 2KB
• a202410-kxexhibit311.htm (EX-31.1) — 15KB
• a202410-kxexhibit312.htm (EX-31.2) — 15KB
• a202410-kxexhibit321.htm (EX-32.1) — 6KB
• a202410-kxexhibit322.htm (EX-32.2) — 6KB
• a202410-kxexhibit951.htm (EX-95.1) — 55KB
• a202410-kxexhibit106a.htm (EX-106.A) — 45KB
• road-20240930_g1.jpg (GRAPHIC) — 111KB
• 0001718227-24-000102.txt ( ) — 14427KB
• road-20240930.xsd (EX-101.SCH) — 91KB
• road-20240930_cal.xml (EX-101.CAL) — 159KB
• road-20240930_def.xml (EX-101.DEF) — 478KB
• road-20240930_lab.xml (EX-101.LAB) — 1023KB
• road-20240930_pre.xml (EX-101.PRE) — 813KB
• road-20240930_htm.xml (XML) — 2319KB

Business

Business 3 Item1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 24

C

Item 1 C . Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 27 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 87 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B. Other Information 87

C

Item 9 C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III Item 10. Directors, Executive Officers and Corporate Governance 88 Item 11.

Executive Compensation

Executive Compensation 88 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88 Item 13. Certain Relationships and Related Transactions, and Director Independence 88 Item 14. Principal Account ant Fees and Services 88 PART IV Item 15. Exhibits, Financial Statements Schedules 89

SIGNATURES

SIGNATURES Table of Contents Cautionary Statement Regarding Forward-Looking Statements This report contains forward-looking statements that involve risks and uncertainties, such as statements related to future events, business strategy, future performance, future operations, backlog, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "plan," "continue," "estimate," "expect," "may," "will," "project," "predict," "potential," "target," "intend," "could," "might," "should," "believe," "outlook" and similar expressions or their negative. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on management's belief, based on currently available information, as to the outcome and timing of future events. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed in such forward-looking statements. When evaluating forward-looking statements, you should consider the risk factors and other cautionary statements described below under the heading "Risk Factors." We believe that the expectations reflected in the forward-looking statements contained in this report are reasonable, but no assurance can be given that these expectations will prove to be correct. Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to: declines in public infrastructure construction and reductions in

Business

Item 1. Business Overview We are a civil infrastructure company that specializes in the construction and maintenance of roadways across Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee and Texas. Through our wholly owned subsidiaries, we provide a variety of products and services to both public and private infrastructure projects, with an emphasis on highways, roads, bridges, airports, and commercial and residential developments. Consistent with our vertical integration strategy, our primary operations consist of (i) manufacturing and distributing hot mix asphalt ("HMA") for both internal use and sales to third parties in connection with construction projects, (ii) paving activities, including the construction of roadway base layers and application of asphalt pavement, (iii) site development, including the installation of utility and drainage systems, (iv) mining aggregates, such as sand, gravel and construction stone, that are used as raw materials in the production of HMA and for sales to third parties, and (v) distributing liquid asphalt cement for both internal use and sales to third parties in connection with HMA production. Construction Partners, Inc. was formed as a Delaware corporation in 2007 as a holding company to facilitate an acquisition growth strategy in the HMA paving and construction industry. As used in this report, the terms "Company," "we," "our" and "us" refer to Construction Partners, Inc. and its subsidiaries, except when the context requires that those terms mean only the parent company or a particular subsidiary. Recent Developments ROAD-Map 2027. In October 2023, we publicly announced "ROAD-Map 2027," a comprehensive business plan setting forth our strategic initiatives, growth priorities, and business outlook through fiscal year 2027. ROAD-Map 2027 contemplates several revenue and growth goals, including, among others, revenues exceeding $3 billion by the end of fiscal year 2027. 2024 Fiscal Year Acquisitions. Du

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View this 10-K filing on SEC EDGAR