Revenue Up 17% Compared to FY23
Net
Income Up 41% Compared to FY23
Adjusted EBITDA Up 28%
Compared to FY23
Record Backlog of $1.96 Billion
DOTHAN,
Ala., Nov. 21, 2024 /PRNewswire/ -- Construction
Partners, Inc. (NASDAQ: ROAD) ("CPI" or the "Company"), a
vertically integrated civil infrastructure company specializing in
the construction and maintenance of roadways in local markets
throughout the Sunbelt, today reported financial and operating
results for the fiscal quarter and year ended September 30, 2024.
Fred J. (Jule) Smith, III, the
Company's President and Chief Executive Officer, said, "We are
pleased to report significant growth in fiscal year 2024, led by
the strong operational performance of our family of companies
throughout the Sunbelt. We are proud of the contributions from our
more than 5,000 employees that helped deliver a record fiscal year
and generated revenue growth of 17%, net income growth of 41%, and
Adjusted EBITDA(1) growth of 28% compared to fiscal
2023, including Adjusted EBITDA Margin(1) of 12.1% for
fiscal 2024. In addition, we completed eight acquisitions in fiscal
2024 that expanded our geographic footprint into new growth markets
and enhanced CPI's relative market share across our Sunbelt
states."
Fiscal 2024 revenues were $1.82
billion, an increase of 17% compared to $1.56 billion in fiscal 2023. Fourth quarter
revenues were $538.2 million, an
increase of 13% compared to $475.0
million in the fourth quarter last year.
Gross profit was $258.3 million in
fiscal 2024, an increase of 32% compared to $196.4 million in fiscal 2023. Gross profit for
the fourth quarter was $84.1 million,
an increase of 11% compared to $75.5
million in the fourth quarter last year.
General and administrative expenses were $151.5 million for fiscal 2024, or 8.3% of total
revenue, compared to $126.9 million,
or 8.1% of total revenue, in fiscal 2023. Fourth quarter general
and administrative expenses were $39.8
million, compared to $33.0
million in the fourth quarter last year, and as a percentage
of total revenue, 7.4% and 6.9%, respectively.
Net income was $68.9 million for
fiscal 2024, an increase of 41% compared to net income of
$49.0 million in fiscal 2023. Fourth
quarter net income was $29.3 million,
a decrease of 5.2% compared to net income of $30.9 million in the fourth quarter last
year.
Adjusted EBITDA(1) for fiscal 2024 was $220.6 million, an increase of 28% compared to
$172.6 million in fiscal 2023.
Adjusted EBITDA Margin(1) in fiscal 2024 was 12.1%,
compared to 11.0% in fiscal 2023. Fourth quarter Adjusted
EBITDA(1) was $77.0
million, an increase of 11.8% compared to $68.9 million in the fourth quarter last year.
Adjusted EBITDA Margin(1) in the fourth quarter was
14.3%, compared to 14.5% in the fourth quarter last year.
Project backlog was $1.96 billion
at September 30, 2024, compared to
$1.60 billion at September 30, 2023 and $1.86 billion at June 30,
2024.
Smith added, "Earlier this month, we acquired Lone Star Paving,
our new platform company in Texas.
Lone Star is an excellent company
with an outstanding management team operating in three of the
fastest growth metro areas in the country. We are pleased to
welcome Lone Star into the CPI
family of companies. They uniquely fit our culture with a shared
commitment to safety, operational excellence, employee advancement
and smart vertical integration initiatives.
"In fiscal 2025, we continue to project growth and enhanced
profitability, supported by eleven months of Lone Star's contribution in our fiscal year.
The addition of Lone Star
positions CPI to accelerate our ROAD-Map 2027 strategy and to
deliver long-term value to our investors and other
stakeholders."
Fiscal 2025 Outlook
As previously announced, CPI's outlook for fiscal 2025 with
regard to revenue, net income, Adjusted EBITDA and Adjusted EBITDA
Margin is as follows:
- Revenue in the range of $2.48
billion to $2.58 billion
- Net income in the range of $97
million to $113 million
- Adjusted EBITDA(1) in the range of $347 million to $377
million
- Adjusted EBITDA Margin(1) in the range of 14.0% to
14.6%
Ned N. Fleming, III, the
Company's Executive Chairman, stated, "We are excited to enter
Texas with an outstanding company
like Lone Star. This
transformational acquisition exemplifies the CPI growth strategy of
partnering with experienced local operators who know how to build
and operate great companies that we can further support within our
larger organization. Moving forward, we will continue to benefit
from opportunities afforded by a generational investment in
infrastructure, the fast-growing economies in the Sunbelt, and
numerous organic and acquisitive growth opportunities to scale our
organization and deliver value to our stockholders."
Conference Call
The Company will conduct a conference call today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) to discuss financial and
operating results for the fiscal quarter and year ended
September 30, 2024. To access the
call live by phone, dial (412) 902-0003 and ask for the
Construction Partners call at least 10 minutes prior to the start
time. A telephonic replay will be available through
November 28, 2024 by calling (201)
612-7415 and using passcode ID: 13748361#. A webcast of the call
will also be available live and for later replay on the Company's
Investor Relations website at www.constructionpartners.net.
About Construction Partners, Inc.
Construction Partners, Inc. is a vertically integrated civil
infrastructure company operating in local markets throughout the
Sunbelt in Alabama, Florida, Georgia, North
Carolina, South Carolina,
Tennessee and Texas. Supported by its hot-mix asphalt
plants, aggregate facilities and liquid asphalt terminals, CPI
focuses on the construction, repair and maintenance of surface
infrastructure. Publicly funded projects make up the majority of
its business and include local and state roadways, interstate
highways, airport runways and bridges. The company also performs
private sector projects that include paving and sitework for office
and industrial parks, shopping centers, local businesses and
residential developments. To learn more, visit
www.constructionpartners.net.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934. These statements may be identified by the use of words such
as "may," "will," "expect," "should," "anticipate," "intend,"
"project," "outlook," "believe" and "plan." The forward-looking
statements contained in this press release include, without
limitation, statements related to financial projections, future
events, business strategy, future performance, future operations,
backlog, financial position, estimated revenues and losses,
projected costs, prospects, plans and objectives of management.
These and other forward-looking statements are based on
management's current views and assumptions and involve risks and
uncertainties that could significantly affect expected results.
Important factors could cause actual results to differ materially
from those expressed in the forward-looking statements, including,
among others: our ability to successfully manage and integrate
acquisitions; failure to realize the expected economic benefits of
acquisitions, including future levels of revenues being lower than
expected and costs being higher than expected; failure or inability
to implement growth strategies in a timely manner; declines in
public infrastructure construction and reductions in government
funding, including the funding by transportation authorities and
other state and local agencies; risks related to our operating
strategy; competition for projects in our local markets; risks
associated with our capital-intensive business; government
requirements and initiatives, including those related to funding
for public or infrastructure construction, land usage and
environmental, health and safety matters; unfavorable economic
conditions and restrictive financing markets; our ability to obtain
sufficient bonding capacity to undertake certain projects; our
ability to accurately estimate the overall risks, requirements or
costs when we bid on or negotiate contracts that are ultimately
awarded to us; the cancellation of a significant number of
contracts or our disqualification from bidding for new contracts;
risks related to adverse weather conditions; our substantial
indebtedness and the restrictions imposed on us by the terms
thereof; our ability to maintain favorable relationships with third
parties that supply us with equipment and essential supplies; our
ability to retain key personnel and maintain satisfactory labor
relations; property damage, results of litigation and other claims
and insurance coverage issues; risks related to our information
technology systems and infrastructure; our ability to maintain
effective internal control over financial reporting; and the risks,
uncertainties and factors set forth under "Risk Factors" in the
Company's most recent Annual Report on Form 10-K and its
subsequently filed Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date they are
made. The Company assumes no obligation to update
forward-looking statements to reflect actual results, subsequent
events, or circumstances or other changes affecting such statements
except to the extent required by applicable law.
Contacts:
Rick Black / Ken Dennard
Dennard Lascar Investor
Relations
ROAD@DennardLascar.com
(713) 529-6600
|
(1) Adjusted
EBITDA and Adjusted EBITDA Margin are financial measures not
presented in accordance with generally accepted accounting
principles ("GAAP"). Please see "Reconciliation of Non-GAAP
Financial Measures" at the end of this press release.
|
- Financial Statements Follow -
|
Construction
Partners, Inc.
|
|
Consolidated
Statements of Comprehensive Income
|
|
(in thousands,
except share and per share data)
|
|
|
|
For the Three Months
Ended
September
30,
|
|
For the Fiscal Year
Ended
September
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues
|
|
$
538,163
|
|
$
475,026
|
|
$
1,823,889
|
|
$
1,563,548
|
|
Cost of
revenues
|
|
454,082
|
|
399,489
|
|
1,565,635
|
|
1,367,163
|
|
Gross
profit
|
|
84,081
|
|
75,537
|
|
258,254
|
|
196,385
|
|
General and
administrative expenses
|
|
(39,836)
|
|
(33,002)
|
|
(151,497)
|
|
(126,947)
|
|
Gain on sale of
property, plant and equipment
|
|
1,523
|
|
2,223
|
|
4,483
|
|
7,048
|
|
Gain on facility
exchange
|
|
—
|
|
—
|
|
—
|
|
5,389
|
|
Operating
income
|
|
45,768
|
|
44,758
|
|
111,240
|
|
81,875
|
|
Interest expense,
net
|
|
(6,084)
|
|
(3,545)
|
|
(19,071)
|
|
(17,346)
|
|
Other (expense)
income
|
|
(117)
|
|
(50)
|
|
(70)
|
|
875
|
|
Income before
provision for income taxes and
earnings from investment in joint venture
|
|
39,567
|
|
41,163
|
|
92,099
|
|
65,404
|
|
Provision for income
taxes
|
|
10,256
|
|
10,250
|
|
23,161
|
|
16,403
|
|
Loss from investment in
joint venture
|
|
(3)
|
|
—
|
|
(3)
|
|
—
|
|
Net
income
|
|
$
29,308
|
|
$
30,913
|
|
$
68,935
|
|
$
49,001
|
|
Other comprehensive
(loss) income, net of tax
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain
on interest rate swap contract, net
|
|
(6,722)
|
|
1,922
|
|
(11,889)
|
|
1,297
|
|
Unrealized gain (loss)
on restricted investments, net
|
|
418
|
|
(211)
|
|
697
|
|
(223)
|
|
Other comprehensive
(loss) income, net
|
|
(6,304)
|
|
1,711
|
|
(11,192)
|
|
1,074
|
|
Comprehensive
income
|
|
$
23,004
|
|
$
32,624
|
|
$
57,743
|
|
$
50,075
|
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.57
|
|
$
0.60
|
|
$
1.33
|
|
$
0.95
|
|
Diluted
|
|
$
0.56
|
|
$
0.59
|
|
$
1.31
|
|
$
0.94
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
51,792,183
|
|
51,828,257
|
|
51,883,760
|
|
51,827,001
|
|
Diluted
|
|
52,590,344
|
|
52,406,501
|
|
52,574,503
|
|
52,260,206
|
|
|
|
|
|
|
|
|
|
|
Construction
Partners, Inc.
|
|
Consolidated Balance
Sheets
|
|
(in thousands,
except share and per share data)
|
|
|
September
30,
|
|
2024
|
|
2023
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
74,686
|
|
$
48,243
|
|
Restricted
cash
|
1,998
|
|
837
|
|
Contracts receivable
including retainage, net
|
350,811
|
|
303,704
|
|
Costs and estimated
earnings in excess of billings on uncompleted contracts
|
25,966
|
|
27,296
|
|
Inventories
|
106,704
|
|
84,038
|
|
Prepaid expenses and
other current assets
|
24,841
|
|
9,306
|
|
Total current
assets
|
585,006
|
|
473,424
|
|
|
|
|
|
Property, plant and
equipment, net
|
629,924
|
|
505,095
|
|
Operating lease
right-of-use assets
|
38,932
|
|
14,485
|
|
Goodwill
|
231,656
|
|
159,270
|
|
Intangible assets,
net
|
20,549
|
|
19,520
|
|
Investment in joint
venture
|
84
|
|
87
|
|
Restricted
investments
|
18,020
|
|
15,079
|
|
Other assets
|
17,964
|
|
32,705
|
|
Total assets
|
$ 1,542,135
|
|
$ 1,219,665
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
182,572
|
|
$
151,406
|
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
120,065
|
|
78,905
|
|
Current portion of
operating lease liabilities
|
9,065
|
|
2,338
|
|
Current maturities of
long-term debt
|
26,563
|
|
15,000
|
|
Accrued expenses and
other current liabilities
|
42,189
|
|
31,534
|
|
Total current
liabilities
|
380,454
|
|
279,183
|
|
Long-term
liabilities:
|
|
|
|
|
Long-term debt, net of
current maturities and deferred debt issuance costs
|
486,961
|
|
360,740
|
|
Operating lease
liabilities, net of current portion
|
30,661
|
|
12,649
|
|
Deferred income taxes,
net
|
53,852
|
|
37,121
|
|
Other long-term
liabilities
|
16,467
|
|
13,398
|
|
Total long-term
liabilities
|
587,941
|
|
423,908
|
|
Total
liabilities
|
968,395
|
|
703,091
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Preferred stock, par
value $0.001; 10,000,000 shares authorized at September 30, 2024
and
September 30, 2023 and no shares issued and outstanding
|
—
|
|
—
|
|
Class A common stock,
par value $0.001; 400,000,000 shares authorized, 44,062,830 shares
issued
and 43,819,102 shares outstanding at September 30, 2024, and
43,760,546 shares issued and
43,727,680 shares outstanding at September 30,
2023
|
44
|
|
44
|
|
Class B common stock,
par value $0.001; 100,000,000 shares authorized, 11,784,650 shares
issued
and 8,861,698 shares outstanding at September 30, 2024, and
11,921,463 shares issued and
8,998,511 shares outstanding at September 30,
2023
|
12
|
|
12
|
|
Additional paid-in
capital
|
278,065
|
|
267,330
|
|
Treasury stock, Class A
common stock, par value $0.001, at cost, 243,728 shares at
September 30,
2024, and 32,866 shares at September 30, 2023
|
(11,490)
|
|
(178)
|
|
Treasury stock, Class B
common stock, par value $0.001, at cost, 2,922,952 shares at
September 30,
2024 and 2023
|
(15,603)
|
|
(15,603)
|
|
Accumulated other
comprehensive income, net
|
7,502
|
|
18,694
|
|
Retained
earnings
|
315,210
|
|
246,275
|
|
Total stockholders'
equity
|
573,740
|
|
516,574
|
|
Total liabilities and
stockholders' equity
|
$ 1,542,135
|
|
$ 1,219,665
|
|
|
|
|
|
Construction
Partners, Inc.
|
|
Consolidated
Statements of Cash Flows
|
|
(in
thousands)
|
|
|
For the Fiscal Year
Ended
September 30,
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
68,935
|
|
$
49,001
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation,
depletion, accretion and amortization
|
92,920
|
|
79,100
|
|
Amortization of
deferred debt issuance costs
|
362
|
|
299
|
|
Unrealized loss
(gain) on derivative instruments
|
184
|
|
342
|
|
Provision
(recovery) for bad debt
|
491
|
|
456
|
|
Gain on sale of
property, plant and equipment
|
(4,483)
|
|
(7,048)
|
|
Gain on
facility exchange
|
—
|
|
(5,389)
|
|
Realized losses
on restricted investments
|
53
|
|
30
|
|
Share-based
compensation expense
|
14,412
|
|
10,759
|
|
Loss (earnings)
from investment in joint venture
|
3
|
|
—
|
|
Deferred income
taxes
|
22,681
|
|
11,165
|
|
Other non-cash
adjustments
|
(300)
|
|
(263)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Contracts
receivable including retainage
|
(6,627)
|
|
(25,961)
|
|
Costs and
estimated earnings in excess of billings on uncompleted
contracts
|
5,531
|
|
2,573
|
|
Inventories
|
(15,480)
|
|
(7,320)
|
|
Prepaid
expenses and other current assets
|
(13,015)
|
|
3,650
|
|
Other
assets
|
(522)
|
|
(129)
|
|
Accounts
payable
|
13,433
|
|
17,220
|
|
Billings in
excess of costs and estimated earnings on uncompleted
contracts
|
24,869
|
|
24,099
|
|
Accrued
expenses and other current liabilities
|
4,828
|
|
2,340
|
|
Other long-term
liabilities
|
804
|
|
2,233
|
|
Net cash
provided by operating activities, net of acquisitions
|
209,079
|
|
157,157
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of property,
plant and equipment
|
(87,930)
|
|
(97,810)
|
|
Proceeds from sale of
property, plant and equipment
|
14,059
|
|
17,698
|
|
Proceeds from facility
exchange
|
—
|
|
36,987
|
|
Business acquisitions,
net of cash acquired
|
(231,777)
|
|
(91,787)
|
|
Proceeds from the sale
of restricted investments
|
3,553
|
|
2,900
|
|
Purchases of
restricted investments
|
(5,490)
|
|
(11,360)
|
|
Net cash used in
investing activities
|
(307,585)
|
|
(143,372)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from issuance
of long-term debt, net of debt issuance costs
|
210,235
|
|
103,000
|
|
Principal payments of
long-term debt
|
(72,813)
|
|
(103,125)
|
|
Purchase of treasury
stock
|
(11,312)
|
|
(139)
|
|
Net cash provided by
(used in) financing activities
|
126,110
|
|
(264)
|
|
Net change in cash,
cash equivalents and restricted cash
|
27,604
|
|
13,521
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
|
Beginning of
year
|
49,080
|
|
35,559
|
|
End of year
|
$
76,684
|
|
$
49,080
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
Cash paid for
interest
|
$
21,680
|
|
$
19,157
|
|
Cash paid for income
taxes
|
$
5,447
|
|
$
1,009
|
|
Cash paid for
operating lease liabilities
|
$
6,874
|
|
$
3,029
|
|
Non-cash
items:
|
|
|
|
|
Operating lease
right-of-use assets obtained in exchange for operating lease
liabilities
|
$
29,097
|
|
$
3,109
|
|
Property, plant
and equipment financed with accounts payable
|
$
7,227
|
|
$
2,459
|
|
Amounts
(receivable) payable to sellers in business combinations
|
$
(153)
|
|
$
—
|
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA represents net income before, as applicable from
time to time, (i) interest expense, net, (ii) provision (benefit)
for income taxes, (iii) depreciation, depletion, accretion and
amortization, (iv) share-based compensation expense, (v) loss on
the extinguishment of debt, and (vi) expenses associated with
non-routine acquisitions. Adjusted EBITDA Margin represents
Adjusted EBITDA as a percentage of revenues for each period. These
metrics are supplemental measures of our operating performance that
are neither required by, nor presented in accordance with, GAAP.
These measures have limitations as analytical tools and should not
be considered in isolation or as an alternative to net income or
any other performance measure derived in accordance with GAAP as an
indicator of our operating performance. We present Adjusted EBITDA
and Adjusted EBITDA Margin because management uses these measures
as key performance indicators, and we believe that securities
analysts, investors and others use these measures to evaluate
companies in our industry. Our calculation of Adjusted EBITDA and
Adjusted EBITDA Margin may not be comparable to similarly named
measures reported by other companies. Potential differences may
include differences in capital structures, tax positions and the
age and book depreciation of intangible and tangible assets.
The following tables present a reconciliation of net income, the
most directly comparable measure calculated in accordance with
GAAP, to Adjusted EBITDA and the calculation of Adjusted EBITDA
Margin for the applicable periods.
|
Construction
Partners, Inc.
|
|
Net Income to
Adjusted EBITDA Reconciliation
|
|
Fiscal Years Ended
September 30, 2024 and 2023
|
|
(in thousands,
except percentages)
|
|
|
For the Fiscal
Year
Ended September 30,
|
|
2024
|
|
2023 (2)
|
|
Net income
|
$
68,935
|
|
$
49,001
|
|
Interest expense,
net
|
19,071
|
|
17,346
|
|
Provision for income
taxes
|
23,161
|
|
16,403
|
|
Depreciation,
depletion, accretion and amortization
|
92,920
|
|
79,100
|
|
Share-based
compensation expense
|
15,031
|
|
10,759
|
|
Acquisition-related
expenses (1)
|
1,455
|
|
—
|
|
Adjusted
EBITDA
|
$
220,573
|
|
$
172,609
|
|
Revenues
|
$
1,823,889
|
|
$
1,563,548
|
|
Adjusted EBITDA
Margin
|
12.1 %
|
|
11.0 %
|
|
|
|
(1)
|
Reflects expenses
associated with the acquisition of Lone Star Paving, which
management views as a non-routine acquisition.
|
|
|
|
(2)
|
In periods commencing
prior to September 30, 2023, the Company historically included
within the definition of Adjusted EBITDA an adjustment for
management fees and expenses related to the Company's management
services agreement with an affiliate of SunTx Capital Partners, a
member of the Company's control group. Effective October 1, 2023,
the term of the management services agreement was extended to
October 1, 2028. As a result of the term extension, the Company no
longer views the management fees and expenses paid under the
management services agreement as a non-recurring expense.
Accordingly, periods commencing subsequent to September 30, 2023 do
not include an adjustment for management fees and expenses, and the
Company has recast comparative Adjusted EBITDA and Adjusted EBITDA
Margin for the quarter and fiscal year ended September 30, 2023 to
conform to the current definition.
|
|
Construction
Partners, Inc.
|
|
Net Income to
Adjusted EBITDA Reconciliation
|
|
Three Months Ended
September 30, 2024 and 2023
|
|
(in thousands,
except percentages)
|
|
|
For the Three
Months
Ended September 30,
|
|
2024
|
|
2023 (2)
|
|
Net income
|
$
29,308
|
|
$
30,913
|
|
Interest expense,
net
|
6,084
|
|
3,545
|
|
Provision for income
taxes
|
10,256
|
|
10,250
|
|
Depreciation,
depletion, accretion and amortization
|
25,452
|
|
21,331
|
|
Share-based
compensation expense
|
4,445
|
|
2,850
|
|
Acquisition
expenses(1)
|
1,455
|
|
—
|
|
Adjusted
EBITDA
|
$
77,000
|
|
$
68,889
|
|
Revenues
|
$
538,163
|
|
$
475,026
|
|
Adjusted EBITDA
Margin
|
14.3 %
|
|
14.5 %
|
|
|
|
(1)
|
Reflects expenses
associated with the acquisition of Lone Star Paving, which
management views as a non-routine acquisition.
|
|
|
|
(2)
|
In periods commencing
prior to September 30, 2023, the Company historically included
within the definition of Adjusted EBITDA an adjustment for
management fees and expenses related to the Company's management
services agreement with an affiliate of SunTx Capital Partners, a
member of the Company's control group. Effective October 1, 2023,
the term of the management services agreement was extended to
October 1, 2028. As a result of the term extension, the Company no
longer views the management fees and expenses paid under the
management services agreement as a non-recurring expense.
Accordingly, periods commencing subsequent to September 30, 2023 do
not include an adjustment for management fees and expenses, and the
Company has recast comparative Adjusted EBITDA and Adjusted EBITDA
Margin for the quarter and fiscal year ended September 30, 2023 to
conform to the current definition.
|
|
Construction
Partners, Inc.
|
|
Net Income to
Adjusted EBITDA Reconciliation
|
|
Fiscal Year 2025
Outlook
|
|
(unaudited, in
thousands, except percentages)
|
|
|
For the Fiscal Year
Ending
September 30, 2025
|
|
Low
|
|
High
|
|
Net income
|
$
97,000
|
|
$ 113,000
|
|
Interest expense,
net
|
64,072
|
|
62,715
|
|
Provision for income
taxes
|
32,471
|
|
38,432
|
|
Depreciation,
depletion, accretion and amortization
|
128,957
|
|
138,353
|
|
Share-based
compensation expense
|
21,500
|
|
21,500
|
|
Acquisition
expenses
|
3,000
|
|
3,000
|
|
Adjusted
EBITDA
|
$ 347,000
|
|
$ 377,000
|
|
Revenues
|
$
2,480,000
|
|
$
2,580,000
|
|
Adjusted EBITDA
Margin
|
14.0 %
|
|
14.6 %
|
View original
content:https://www.prnewswire.com/news-releases/construction-partners-inc-announces-fiscal-2024-fourth-quarter-and-full-year-results-302312260.html
SOURCE Construction Partners, Inc.
