Construction Partners Files Q1 2025 10-Q

TL;DR

CPRT filed its Q1 10-Q. Financials and ops update for period ending 12/31/24.

AI Summary

Construction Partners, Inc. filed its 10-Q for the period ending December 31, 2024. The filing covers the first quarter of their fiscal year. Key financial details and operational updates are provided for the period.

Why It Matters

This filing provides investors with an update on Construction Partners' financial performance and operational status for the most recent quarter, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• Construction Partners, Inc. (company) — Filer of the 10-Q
• 2024-12-31 (date) — End of the reporting period
• 2025-02-07 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — stered Class A common stock, par value $0.001 per share ROAD The Nasdaq Stock Market

Filing Documents

• road-20241231.htm (10-Q) — 1220KB
• a2025q1exhibit311.htm (EX-31.1) — 15KB
• a2025q1exhibit312.htm (EX-31.2) — 15KB
• a2025q1exhibit321.htm (EX-32.1) — 7KB
• a2025q1exhibit322.htm (EX-32.2) — 6KB
• a2025q1exhibit951.htm (EX-95.1) — 66KB
• 0001718227-25-000020.txt ( ) — 8391KB
• road-20241231.xsd (EX-101.SCH) — 64KB
• road-20241231_cal.xml (EX-101.CAL) — 105KB
• road-20241231_def.xml (EX-101.DEF) — 340KB
• road-20241231_lab.xml (EX-101.LAB) — 775KB
• road-20241231_pre.xml (EX-101.PRE) — 567KB
• road-20241231_htm.xml (XML) — 1095KB

Financial Statements

Financial Statements 2 Consolidated Balance Sheets at December 31, 202 4 and September 30, 2024 2 Consolidated Statements of Comprehensive Income (Loss) for the T hree M onths E nded December 31, 202 4 and 2023 3 Consolidated Statements of Stockholders' Equity for the T hree M onths E nded December 31, 2024 and 2023 4 Consolidated Statements of Cash Flows for the T hree M onths E nded December 31, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II. OTHER INFORMATION 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

SIGNATURES

SIGNATURES 39 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONSTRUCTION PARTNERS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) December 31, September 30, 2024 2024 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 132,504 $ 74,686 Restricted cash 564 1,998 Contracts receivable including retainage, net 384,076 350,811 Costs and estimated earnings in excess of billings on uncompleted contracts 35,705 25,966 Inventories 145,208 106,704 Prepaid expenses and other current assets 25,059 24,841 Total current assets 723,116 585,006 Property, plant and equipment, net 1,030,892 629,924 Operating lease right-of-use assets 42,513 38,932 Goodwill 644,206 231,656 Intangible assets, net 88,120 20,549 Investment in joint venture 85 84 Restricted investments 17,473 18,020 Other assets 21,511 17,964 Total assets $ 2,567,916 $ 1,542,135 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 171,608 $ 182,572 Billings in excess of costs and estimated earnings on uncompleted contracts 136,660 120,065 Current portion of operating lease liabilities 10,586 9,065 Current maturities of long-term debt 37,719 26,563 Accrued expenses and other current liabilities 113,176 42,189 Total current liabilities 469,749 380,454 Long-term liabilities: Long-term debt, net of current maturities and deferred debt issuance costs 1,183,132 486,961 Operating lease liabilities, net of current portion 32,650 30,661 Deferred income taxes, net 53,335 53,852 Other long-term liabilities 17,982 16,467 Total long-term liabilities 1,287,099 587,941 Total liabilities 1,756,848 968,395 Commitments and contingencies Stockholders' equity: Preferred stock, par value $ 0.001 ; 10,000,000 shares authorized and no shares issued and outstanding at December 31, 2024 and September 30, 2024 — — Class A common stock, par value $ 0.001 ; 400,000,000 shares authorized, 47,550,777 shares issued and 47,158,599 shares outstanding at December 31, 2024, and 44,062,830

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 - General Business Description Construction Partners, Inc. (the "Company") is a civil infrastructure company that specializes in the construction and maintenance of roadways across the Sunbelt in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. Through its wholly-owned subsidiaries, the Company provides 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. The Company's 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. The Company was formed in 2007 by SunTx Capital Partners ("SunTx"), a private equity firm based in Dallas, Texas, as a holding company to facilitate an acquisition growth strategy in the HMA paving and construction industry. Seasonality The use and consumption of the Company's products and services fluctuate due to seasonality. The Company's products are used, and its construction operations and production facilities are located, outdoors. Therefore, seasonal changes and other weather-related conditions, such as snowy, rainy or cold weather in the winter, spring or fall and major weather events, such as hurricanes, tornadoes, tropical storms and heavy snows, can adversely affect the Company's business and operations

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View this 10-Q filing on SEC EDGAR