IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today
announced financial results for the quarter ended March 31,
2020.
Second Quarter 2020
Highlights
- Revenue of $291 million for the second quarter of fiscal 2020,
an increase of 13.4% compared with $257 million for the same
quarter of fiscal 2019
- Operating income of $9.2 million for the second quarter of
fiscal 2020, an increase of 12.3% compared with $8.2 million for
the same quarter of fiscal 2019
- Net income attributable to IES of $6.2 million, or $0.29 per
diluted share, for the second quarter of fiscal 2020, compared with
$5.5 million, or $0.26 per diluted share, for the same quarter of
fiscal 2019
- Adjusted net income attributable to IES (a non-GAAP financial
measure, as defined below) decreased (2.4)% to $8.0 million, or
$0.38 per diluted share, for the second quarter of fiscal 2020,
compared with $8.2 million, or $0.38 per diluted share, for the
same quarter of fiscal 2019
- Remaining performance obligations, a GAAP measure of future
revenue to be recognized from current contracts with customers, of
approximately $469 million as of March 31, 2020
- Backlog (a non-GAAP financial measure, as defined below) of
approximately $587 million as of March 31, 2020
Six Months 2020 Highlights
- Revenue of $567 million for the first six months of fiscal
2020, an increase of 13.3% compared with $501 million for the same
period of fiscal 2019
- Operating income of $21.6 million for the first six months of
fiscal 2020, an increase of 22.0% compared with $17.7 million for
the same period of fiscal 2019
- Net income attributable to IES of $14.7 million, or $0.69 per
diluted share, for the first six months of fiscal 2020, compared
with $12.4 million, or $0.58 per diluted share, for the same period
of fiscal 2019
- Adjusted net income attributable to IES increased 16.3% to
$19.3 million, or $0.91 per diluted share, for the first six months
of fiscal 2020, compared with $16.6 million, or $0.77 per diluted
share, for the same period of fiscal 2019
Management CommentaryGary
Matthews, Chief Executive Officer, stated, “The safety and health
of our employees, customers, and communities are our top priority
and I am proud of how the entire IES family has adapted and
persevered in these unprecedented times. Our second quarter results
reflect the commitment of the teams at our operating units, who
diligently continued to serve our customers and the critical
infrastructure they support, which ranges from data centers to
medical facilities to housing. While we anticipate that the
challenges arising from COVID-19 will not be over soon, we believe
that our resilient portfolio of businesses, sound financial
position, and the dedication of the entire IES team will continue
to be key assets that help us meet the needs of our
customers.“Operationally, the Company performed well during the
second quarter in the face of the coronavirus pandemic and
disruptions as many of our business activities were deemed to be
essential under state or local directives based on the customers or
markets served. Despite delays on certain projects, consolidated
revenue and operating income increased 13% and 12%, respectively,
over the same quarter last year. Both our Residential and
Communications segments continued their strong growth with revenue
increasing 39% and 36%, respectively, compared to the same quarter
last year, while operating income increased 85% and 67%,
respectively. Our Commercial & Industrial segment continued to
be impacted by a combination of project execution difficulties on
certain projects and reduced volume in a competitive marketplace,
compounded by disruptions caused by COVID-19. In response, we are
taking steps to improve this segment's performance, including
changes to its organization structure, sales strategy, and cost
structure. We are moving to reduce overhead expenses and have
progressed to the implementation phase on our procurement project,
which we expect to yield savings on materials purchased in the
coming quarters. Our Infrastructure Solutions segment experienced a
15% revenue decrease and an 18% decrease in operating income
compared to the same quarter last year, largely reflecting project
delays and a strong comparable quarter a year ago.“As part of our
capital allocation strategy, we expanded our business with two
strategic bolt-on acquisitions, Aerial Lighting & Electric and
Plant Power & Control Systems. The acquisition of Aerial
Lighting & Electric accelerates our Residential segment’s
growth into a new market while Plant Power & Control Systems
expands the electro-mechanical products and services offered by our
Infrastructure Solutions segment. Both companies have strong
leaders and effective management teams and we are delighted to
welcome them to the IES family.”Tracy McLauchlin, Chief Financial
Officer, added, “We entered the COVID-19 crisis in a position of
financial strength and finished the quarter with a cash balance,
net of debt, of $15 million as of March 31, 2020, after deploying
$29 million to acquire Aerial Lighting & Electric and Plant
Power & Control Systems. As our strong second quarter cash flow
demonstrates, we are keenly focused on working capital management
and prudent capital spending. Although we ended the second quarter
with a long-term debt balance of $29 million, we subsequently have
repaid $15 million of that amount in April 2020. While the full
impact of the pandemic on our business is unclear at this time, and
we may see additional project delays and cancellations, we believe
that our backlog of $587 million at quarter-end provides visibility
for the remainder of fiscal 2020 and into fiscal 2021. In addition,
we expect that our strong liquidity position and disciplined
capital allocation philosophy will continue to support our
long-term growth strategy, while helping to position the Company to
manage through times of economic uncertainty.”
Net Operating Loss
Carryforwards The Company estimates that it has available
Net Operating Loss Carryforwards (NOLs) for U.S. federal income tax
purposes of approximately $306 million at September 30, 2019,
including approximately $144 million resulting from net operating
losses on which a deferred tax asset is not recorded. The Company's
common stock is subject to a Rights Plan dated November 8,
2016, which is intended to assist in limiting the number of 5% or
more owners of the Company’s common stock and thereby reduce the
risk of a possible “ownership change” under Section 382 of the
Internal Revenue Code of 1986, as amended. Any such “ownership
change” under these rules would limit or eliminate the ability of
the Company to use its existing NOLs for federal income tax
purposes. There is no guarantee that the Rights Plan will achieve
the objective of preserving the value or realization of the
NOLs.
Stock Buyback PlanIn 2015, the
Company’s Board of Directors authorized and announced a stock
repurchase program for purchasing up to 1.5 million shares of our
common stock from time to time, and on May 2, 2019, authorized the
repurchase of up to an additional 1.0 million shares. During the
quarter ended March 31, 2020, the Company repurchased 178,431
shares at an average price of $22.60 per share, and for
year-to-date fiscal 2020, the Company repurchased 198,248 shares at
an average price of $22.59 per share. The Company had 1,058,737
shares remaining under its stock repurchase authorization at March
31, 2020.
Non-GAAP Financial Measures and Other
AdjustmentsThis press release includes adjusted net income
attributable to IES, adjusted earnings per share attributable to
IES, and backlog, and, in the non-GAAP reconciliation tables
included herein, adjusted EBITDA and adjusted net income before
taxes, each of which is a financial measure not calculated in
accordance with generally accepted accounting principles in the
U.S. (“GAAP”). Management believes that these measures provide
useful information to our investors by, in the case of adjusted net
income attributable to IES, adjusted earnings per share
attributable to IES, adjusted EBITDA and adjusted net income before
taxes, distinguishing certain nonrecurring events such as
litigation settlements or significant expenses associated with
leadership changes, or noncash events, such as our valuation
allowances release and write-down of our deferred tax assets, or,
in the case of backlog, providing a common measurement used in
IES's industry, as described further below, and that these
measures, when reconciled to the most directly comparable GAAP
measures, help our investors to better identify underlying trends
in the operations of our business and facilitate easier comparisons
of our financial performance with prior and future periods and to
our peers. Non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, financial information
calculated in accordance with GAAP. Investors are encouraged to
review the reconciliation of these non-GAAP measures to their most
directly comparable GAAP financial measures, which has been
provided in the financial tables included in this press
release.Remaining performance obligations represent the
unrecognized revenue value of our contract commitments. While
backlog is not a defined term under GAAP, it is a common
measurement used in IES’s industry and IES believes this non-GAAP
measure enables it to more effectively forecast its future results
and better identify future operating trends that may not otherwise
be apparent. IES’s remaining performance obligations are a
component of IES’s backlog calculation, which also includes signed
agreements and letters of intent which we do not have a legal right
to enforce prior to work starting. These arrangements are excluded
from remaining performance obligations until work begins. IES’s
methodology for determining backlog may not be comparable to the
methodologies used by other companies.For further details on the
Company’s financial results, please refer to the Company’s
quarterly report on Form 10-Q for the fiscal quarter ended March
31, 2020, to be filed with the Securities and Exchange Commission
(“SEC”) by May 5, 2020, and any amendments thereto.
About IES Holdings, Inc.IES is
a holding company that owns and manages operating subsidiaries that
provide electrical contracting and other infrastructure services to
a variety of end markets, including data centers, residential
housing, and commercial and industrial facilities. Our
approximately 5,500 employees serve clients in the United States.
For more information about IES, please visit www.ies-co.com.
Certain statements in this release may be deemed
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, all of which are based upon various estimates
and assumptions that the Company believes to be reasonable as of
the date hereof. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "could," "should,"
"expect," "plan," "project," "intend," "anticipate," "believe,"
"seek," "estimate," "predict," "potential," "pursue," "target,"
"continue," the negative of such terms or other comparable
terminology. These statements involve risks and uncertainties that
could cause the Company's actual future outcomes to differ
materially from those set forth in such statements. Such risks and
uncertainties include, but are not limited to, the impact of the
COVID-19 outbreak or future epidemics on our business, including
the potential for job site closures or work stoppages, supply chain
disruptions, construction delays, reduced demand for our services,
or our ability to collect from our customers; the ability of our
controlling shareholder to take action not aligned with other
shareholders; the possibility that certain tax benefits of our net
operating losses may be restricted or reduced in a change in
ownership or a change in the federal tax rate; the potential
recognition of valuation allowances or write-downs on deferred tax
assets; the inability to carry out plans and strategies as
expected, including our inability to identify and complete
acquisitions that meet our investment criteria in furtherance of
our corporate strategy, or the subsequent underperformance of those
acquisitions; competition in the industries in which we operate,
both from third parties and former employees, which could result in
the loss of one or more customers or lead to lower margins on new
projects; fluctuations in operating activity due to downturns in
levels of construction or the housing market, seasonality and
differing regional economic conditions; and our ability to
successfully manage projects, as well as other risk factors
discussed in this document, in the Company's annual report on Form
10-K for the year ended September 30, 2019 and in the Company’s
other reports on file with the SEC. You should understand that
such risk factors could cause future outcomes to differ materially
from those experienced previously or those expressed in such
forward-looking statements. The Company undertakes no obligation to
publicly update or revise any information, including information
concerning its controlling shareholder, net operating losses,
borrowing availability, or cash position, or any forward-looking
statements to reflect events or circumstances that may arise after
the date of this release.
Forward-looking statements are provided in this
press release pursuant to the safe harbor established under the
Private Securities Litigation Reform Act of 1995 and should be
evaluated in the context of the estimates, assumptions,
uncertainties, and risks described herein.
General information about IES Holdings, Inc. can be found at
http://www.ies-co.com under "Investor Relations." The Company's
annual report on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K, as well as any amendments to those
reports, are available free of charge through the Company's website
as soon as reasonably practicable after they are filed with, or
furnished to, the SEC.
IES HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS(DOLLARS IN MILLIONS, EXCEPT PER SHARE
DATA)(UNAUDITED)
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues |
$ |
291.3 |
|
|
$ |
256.9 |
|
|
|
$ |
567.3 |
|
|
$ |
500.8 |
|
|
Cost of services |
|
240.0 |
|
|
|
213.7 |
|
|
|
|
465.8 |
|
|
|
415.9 |
|
|
Gross profit |
|
51.3 |
|
|
|
43.2 |
|
|
|
|
101.5 |
|
|
|
84.8 |
|
|
Selling, general and
administrative expenses |
|
42.0 |
|
|
|
35.1 |
|
|
|
|
79.9 |
|
|
|
67.2 |
|
|
Operating income |
|
9.2 |
|
|
|
8.2 |
|
|
|
|
21.6 |
|
|
|
17.7 |
|
|
Interest expense |
|
0.3 |
|
|
|
0.5 |
|
|
|
|
0.6 |
|
|
|
1.1 |
|
|
Other (income) expense,
net |
|
0.3 |
|
|
|
(0.1 |
) |
|
|
|
0.4 |
|
|
|
(0.1 |
) |
|
Income from operations before income taxes |
|
8.6 |
|
|
|
7.8 |
|
|
|
|
20.6 |
|
|
|
16.7 |
|
|
Provision for income
taxes |
|
2.4 |
|
|
|
2.3 |
|
|
|
|
5.9 |
|
|
|
4.2 |
|
|
Net income |
|
6.2 |
|
|
|
5.5 |
|
|
|
|
14.7 |
|
|
|
12.4 |
|
|
Net loss attributable to
noncontrolling interest |
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(0.1 |
) |
|
Net income attributable to IES Holdings, Inc. |
$ |
6.2 |
|
|
$ |
5.5 |
|
|
|
$ |
14.7 |
|
|
$ |
12.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to IES Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
$ |
0.26 |
|
$ |
0.70 |
|
$ |
0.58 |
Diluted |
$ |
0.29 |
|
$ |
0.26 |
|
$ |
0.69 |
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the computation
of earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic (in thousands) |
|
20,847 |
|
|
21,139 |
|
|
20,865 |
|
|
21,188 |
Diluted (in thousands) |
|
21,122 |
|
|
21,380 |
|
|
21,133 |
|
|
21,425 |
IES HOLDINGS, INC. AND
SUBSIDIARIESNON-GAAP RECONCILIATION OF ADJUSTED
NET INCOME ATTRIBUTABLETO IES HOLDINGS, INC. AND
ADJUSTED EARNINGS PER SHAREATTRIBUTABLE TO IES
HOLDINGS, INC.(DOLLARS IN MILLIONS, EXCEPT PER
SHARE DATA)(UNAUDITED)
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income attributable to IES Holdings, Inc. |
$ |
6.2 |
|
|
|
$ |
5.5 |
|
|
|
$ |
14.7 |
|
|
|
$ |
12.4 |
|
|
Provision for income
taxes |
|
2.4 |
|
|
|
|
2.3 |
|
|
|
|
5.9 |
|
|
|
|
4.2 |
|
|
Adjusted net income before taxes |
|
8.7 |
|
|
|
|
7.8 |
|
|
|
|
20.6 |
|
|
|
|
16.6 |
|
|
Current tax expense (1) |
|
(0.7 |
) |
|
|
|
(0.4 |
) |
|
|
|
(1.3 |
) |
|
|
|
(0.8 |
) |
|
Severance expense |
|
— |
|
|
|
|
0.8 |
|
|
|
|
— |
|
|
|
|
0.8 |
|
|
Adjusted net income attributable to IES Holdings, Inc. |
$ |
8.0 |
|
|
|
$ |
8.2 |
|
|
|
$ |
19.3 |
|
|
|
$ |
16.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
per share attributable to IES Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.38 |
|
$ |
0.39 |
|
$ |
0.92 |
|
$ |
0.78 |
Diluted |
$ |
0.38 |
|
$ |
0.38 |
|
$ |
0.91 |
|
$ |
0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the computation
of earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic (in thousands) |
|
20,847 |
|
|
21,139 |
|
|
20,865 |
|
|
21,188 |
Diluted (in thousands) |
|
21,122 |
|
|
21,380 |
|
|
21,133 |
|
|
21,425 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
the tax expense for the current period which will be paid in cash
and not offset by the utilization of deferred tax assets |
IES HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
March 31, |
|
September 30, |
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
$ |
43.8 |
|
|
|
$ |
18.9 |
|
|
Accounts receivable: |
|
|
|
|
|
Trade, net of allowance |
|
180.6 |
|
|
|
|
186.3 |
|
|
Retainage |
|
37.0 |
|
|
|
|
29.2 |
|
|
Inventories |
|
22.3 |
|
|
|
|
21.5 |
|
|
Costs and estimated earnings in excess of billings |
|
27.5 |
|
|
|
|
29.9 |
|
|
Prepaid expenses and other current assets |
|
12.7 |
|
|
|
|
10.6 |
|
|
Total current assets |
|
323.8 |
|
|
|
|
296.5 |
|
|
Property and equipment, net |
|
26.1 |
|
|
|
|
25.7 |
|
|
Goodwill |
|
60.5 |
|
|
|
|
50.6 |
|
|
Intangible assets, net |
|
43.8 |
|
|
|
|
26.6 |
|
|
Deferred tax assets |
|
33.9 |
|
|
|
|
40.9 |
|
|
Operating right of use assets |
|
34.8 |
|
|
|
|
— |
|
|
Other non-current assets |
|
3.4 |
|
|
|
|
4.9 |
|
|
Total assets |
$ |
526.3 |
|
|
|
$ |
445.3 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
164.9 |
|
|
|
$ |
152.9 |
|
|
Billings in excess of costs and estimated earnings |
|
45.9 |
|
|
|
|
40.6 |
|
|
Total current liabilities |
|
210.8 |
|
|
|
|
193.5 |
|
|
Long-term debt |
|
29.0 |
|
|
|
|
0.3 |
|
|
Operating long-term lease liabilities |
|
23.5 |
|
|
|
|
— |
|
|
Other non-current liabilities |
|
2.4 |
|
|
|
|
1.9 |
|
|
Total liabilities |
|
265.7 |
|
|
|
|
195.7 |
|
|
Noncontrolling interest |
|
2.8 |
|
|
|
|
3.3 |
|
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
Preferred stock |
|
— |
|
|
|
|
— |
|
|
Common stock |
|
0.2 |
|
|
|
|
0.2 |
|
|
Treasury stock, at cost |
|
(15.6 |
) |
|
|
|
(12.5 |
) |
|
Additional paid-in capital |
|
192.9 |
|
|
|
|
192.9 |
|
|
Retained earnings |
|
80.3 |
|
|
|
|
65.6 |
|
|
Total stockholders’
equity |
|
257.8 |
|
|
|
|
246.2 |
|
|
Total liabilities and
stockholders’ equity |
$ |
526.3 |
|
|
|
$ |
445.3 |
|
|
IES HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
Six Months Ended March 31, |
|
2020 |
|
2019 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
Net income |
$ |
14.7 |
|
|
|
$ |
12.4 |
|
|
Adjustments to
reconcile to net cash provided by operating activities: |
|
|
|
|
|
Bad debt expense |
|
0.3 |
|
|
|
|
0.2 |
|
|
Deferred financing cost amortization |
|
0.2 |
|
|
|
|
0.2 |
|
|
Depreciation and amortization |
|
5.6 |
|
|
|
|
4.8 |
|
|
Loss on sale of assets |
|
— |
|
|
|
|
0.1 |
|
|
Non-cash compensation expense |
|
1.7 |
|
|
|
|
0.7 |
|
|
Deferred income taxes |
|
4.5 |
|
|
|
|
4.2 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
8.6 |
|
|
|
|
(9.6 |
) |
|
Inventories |
|
(0.2 |
) |
|
|
|
(2.9 |
) |
|
Costs and estimated earnings in excess of billings |
|
2.8 |
|
|
|
|
3.2 |
|
|
Prepaid expenses and other current assets |
|
(8.9 |
) |
|
|
|
(0.8 |
) |
|
Other non-current assets |
|
1.5 |
|
|
|
|
(1.4 |
) |
|
Accounts payable and accrued expenses |
|
(2.0 |
) |
|
|
|
(0.1 |
) |
|
Billings in excess of costs and estimated earnings |
|
4.1 |
|
|
|
|
(0.9 |
) |
|
Other non-current liabilities |
|
(0.2 |
) |
|
|
|
(0.7 |
) |
|
Net cash provided
by operating activities |
|
32.7 |
|
|
|
|
9.4 |
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
Purchases of property and equipment |
|
(2.9 |
) |
|
|
|
(3.9 |
) |
|
Proceeds from sale of assets |
|
0.1 |
|
|
|
|
— |
|
|
Cash paid in conjunction with business combinations |
|
(29.0 |
) |
|
|
|
— |
|
|
Net cash used in
investing activities |
|
(31.8 |
) |
|
|
|
(3.9 |
) |
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
Borrowings of debt |
|
592.4 |
|
|
|
|
0.1 |
|
|
Repayments of debt |
|
(563.1 |
) |
|
|
|
(10.1 |
) |
|
Cash paid for finance leases |
|
(0.1 |
) |
|
|
|
— |
|
|
Distribution to noncontrolling interest |
|
(0.5 |
) |
|
|
|
(0.1 |
) |
|
Purchase of treasury stock |
|
(4.9 |
) |
|
|
|
(5.4 |
) |
|
Net cash provided
by (used in) financing activities |
|
23.9 |
|
|
|
|
(15.6 |
) |
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS |
|
24.9 |
|
|
|
|
(10.1 |
) |
|
CASH, CASH
EQUIVALENTS and RESTRICTED CASH, beginning of period |
|
18.9 |
|
|
|
|
26.2 |
|
|
CASH, CASH
EQUIVALENTS and RESTRICTED CASH, end of period |
$ |
43.8 |
|
|
|
$ |
16.2 |
|
|
IES HOLDINGS, INC. AND
SUBSIDIARIESOPERATING SEGMENT STATEMENT OF
OPERATIONS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & Industrial |
|
$ |
66.0 |
|
|
|
$ |
80.0 |
|
|
|
$ |
133.7 |
|
|
|
$ |
152.6 |
|
|
Communications |
|
|
96.0 |
|
|
|
|
70.4 |
|
|
|
|
180.3 |
|
|
|
|
139.8 |
|
|
Infrastructure Solutions |
|
|
29.3 |
|
|
|
|
34.5 |
|
|
|
|
60.6 |
|
|
|
|
63.9 |
|
|
Residential |
|
|
100.0 |
|
|
|
|
72.1 |
|
|
|
|
192.8 |
|
|
|
|
144.5 |
|
|
Total revenue |
|
$ |
291.3 |
|
|
|
$ |
256.9 |
|
|
|
$ |
567.3 |
|
|
|
$ |
500.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & Industrial |
|
$ |
(4.1 |
) |
|
|
$ |
1.4 |
|
|
|
$ |
(4.6 |
) |
|
|
|
3.4 |
|
|
Communications |
|
|
7.2 |
|
|
|
|
4.3 |
|
|
|
|
14.2 |
|
|
|
|
9.3 |
|
|
Infrastructure Solutions |
|
|
2.3 |
|
|
|
|
2.8 |
|
|
|
|
5.6 |
|
|
|
|
4.2 |
|
|
Residential |
|
|
7.2 |
|
|
|
|
3.9 |
|
|
|
|
13.6 |
|
|
|
|
7.8 |
|
|
Corporate |
|
|
(3.4 |
) |
|
|
|
(4.2 |
) |
|
|
|
(7.2 |
) |
|
|
|
(7.0 |
) |
|
Total operating income |
|
$ |
9.2 |
|
|
|
$ |
8.2 |
|
|
|
$ |
21.6 |
|
|
|
$ |
17.7 |
|
|
IES HOLDINGS, INC. AND
SUBSIDIARIESNON-GAAP RECONCILIATION OF ADJUSTED
EBITDA(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
Three Months Ended March 31, |
|
|
Six Months Ended March 31, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Net income attributable to IES Holdings, Inc. |
|
$ |
6.2 |
|
|
|
$ |
5.5 |
|
|
|
$ |
14.7 |
|
|
|
$ |
12.4 |
|
Provision for income
taxes |
|
2.4 |
|
|
|
2.3 |
|
|
|
5.9 |
|
|
|
4.2 |
|
Interest & other expense,
net |
|
0.6 |
|
|
|
0.4 |
|
|
|
1.0 |
|
|
|
1.0 |
|
Depreciation and
amortization |
|
3.3 |
|
|
|
2.5 |
|
|
|
5.6 |
|
|
|
4.8 |
|
EBITDA |
|
$ |
12.5 |
|
|
|
$ |
10.7 |
|
|
|
$ |
27.2 |
|
|
|
$ |
22.5 |
|
Non-cash equity compensation
expense |
|
0.8 |
|
|
|
0.6 |
|
|
|
1.7 |
|
|
|
0.7 |
|
Severance expense |
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
0.8 |
|
Adjusted EBITDA |
|
$ |
13.3 |
|
|
|
$ |
12.1 |
|
|
|
$ |
28.9 |
|
|
|
$ |
23.9 |
|
IES HOLDINGS, INC. AND
SUBSIDIARIESSUPPLEMENTAL REMAINING PERFORMANCE
OBLIGATIONS AND NON-GAAP RECONCILIATION OF BACKLOG
DATA(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2020 |
|
2019 |
|
2019 |
|
Remaining performance obligations |
|
$ |
469 |
|
|
$ |
430 |
|
|
$ |
424 |
|
|
Agreements without an
enforceable obligation (1) |
|
|
118 |
|
|
|
79 |
|
|
|
149 |
|
|
Backlog |
|
$ |
587 |
|
|
$ |
509 |
|
|
$ |
573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Our
backlog contains signed agreements and letters of intent which we
do not have a legal right to enforce prior to work starting. These
arrangements are excluded from remaining performance obligations
until work begins. |
|
|
Contact: Tracy McLauchlin, CFO IES Holdings,
Inc.713-860-1500
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