IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today
announced financial results for the quarter ended June 30,
2020.
Third Quarter 2020
Highlights
- Revenue of $293 million for the third quarter of fiscal 2020,
an increase of 4% compared with $283 million for the same quarter
of fiscal 2019
- Operating income of $14.1 million for the third quarter of
fiscal 2020, an increase of 37% compared with $10.2 million for the
same quarter of fiscal 2019
- Net income attributable to IES of $12.3 million, or $0.58 per
diluted share, for the third quarter of fiscal 2020, compared with
$11.0 million, or $0.52 per diluted share, for the same quarter of
fiscal 2019
- Adjusted net income attributable to IES (a non-GAAP financial
measure, as defined below) increased 38% to $12.8 million, or $0.61
per diluted share, for the third quarter of fiscal 2020, compared
with $9.3 million, or $0.44 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 $523 million as of June 30, 2020
- Backlog (a non-GAAP financial measure, as defined below) of
approximately $597 million as of June 30, 2020
Nine Months 2020 Highlights
- Revenue of $860 million for the first nine months of fiscal
2020, an increase of 10% compared with $783 million for the same
period of fiscal 2019
- Operating income of $35.7 million for the first nine months of
fiscal 2020, an increase of 28% compared with $27.9 million for the
same period of fiscal 2019
- Net income attributable to IES of $27.0 million, or $1.26 per
diluted share, for the first nine months of fiscal 2020, compared
with $23.3 million, or $1.09 per diluted share, for the same period
of fiscal 2019
- Adjusted net income attributable to IES increased 24% to $32.1
million, or $1.52 per diluted share, for the first nine months of
fiscal 2020, compared with $25.9 million, or $1.21 per diluted
share, for the same period of fiscal 2019
Management Commentary“First and
foremost, I am proud of the perseverance and determination that our
team has displayed since the emergence of COVID-19,” said Jeffrey
Gendell, Chairman and Interim Chief Executive Officer. “Our strong
culture manifested itself in how the entire IES family rallied
around each other, our customers and our communities by supporting
critical infrastructure, ranging from data centers to housing, all
while adhering to rigorous health and safety guidelines and
regulations.
“The Company performed well during the third
quarter, with consolidated revenue and operating income increasing
4% and 37%, respectively, over the same quarter last year. While
revenue growth was constrained by COVID-19, which delayed several
construction and maintenance projects, the majority of our end
markets proved to be resilient and our segments have done a great
job of managing staffing levels. Our Residential, Communications
and Infrastructure Solutions segments all had meaningful operating
margin improvement compared with both the same quarter last year
and the second quarter of this fiscal year as we benefited from
increased operating leverage. In particular, our Residential
segment's revenue grew 34% compared to the same quarter last year
as demand for our single-family and multi-family lines of business
continues to be strong. Additionally, our Communications and
Infrastructure Solutions segments had solid quarters, benefiting
from their strategic exposure to data center customers and
projects. I am also pleased to report that our two most recent
acquisitions, Aerial Lighting & Electric and Plant Power &
Control Systems, are off to strong starts and am thrilled to have
both teams join the IES family.
“We continue to work on profitability
improvements in our Commercial & Industrial segment. We are
actively executing an improvement plan that is focused on cost
reductions in purchased materials and overhead, improved project
oversight and tracking, and enhanced sales strategies. During the
third quarter, Commercial & Industrial was negatively impacted
by disruptions caused by COVID-19, ongoing project execution
difficulties on certain projects, a charge related to a commercial
dispute, and costs incurred in connection with changes to our
organization structure. Looking ahead, we expect to continue to
experience some COVID-related project delays and a competitive
market, but we are optimistic about the long-term outlook for this
segment.”
Tracy McLauchlin, Chief Financial Officer,
added, “We ended the third quarter with $36 million of cash after
repaying in full outstanding borrowings on our revolving credit
facility, reflecting our strong results and cash flow generation in
the quarter, despite the uncertainties related to COVID-19.
With our backlog of $597 million, an increase of $51 million from a
year ago, strong liquidity position, and disciplined capital
allocation philosophy, we believe that we are well-positioned to
execute on 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 June 30, 2020, the Company repurchased 26,711
shares at an average price of $20.29 per share, and for
year-to-date fiscal 2020, the Company repurchased 224,959 shares at
an average price of $22.32 per share. The Company had 1,032,026
shares remaining under its stock repurchase authorization at June
30, 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 June 30, 2020, to be filed with
the Securities and Exchange Commission (“SEC”) by August 7,
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 June 30, |
|
Nine Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues |
$ |
293.1 |
|
|
$ |
282.6 |
|
|
$ |
860.4 |
|
|
$ |
783.4 |
|
Cost of
services |
|
234.8 |
|
|
|
236.2 |
|
|
|
700.6 |
|
|
|
652.2 |
|
|
Gross profit |
|
58.3 |
|
|
|
46.4 |
|
|
|
159.8 |
|
|
|
131.2 |
|
Selling, general
and administrative expenses |
|
44.3 |
|
|
|
36.3 |
|
|
|
124.2 |
|
|
|
103.5 |
|
Contingent
consideration |
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.3 |
) |
Gain on sale of
assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
Operating income |
|
14.1 |
|
|
|
10.2 |
|
|
|
35.7 |
|
|
|
27.9 |
|
Interest
expense |
|
0.3 |
|
|
|
0.5 |
|
|
|
0.8 |
|
|
|
1.5 |
|
Other (income)
expense, net |
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
0.2 |
|
|
|
(0.1 |
) |
|
Income from operations before
income taxes |
|
14.0 |
|
|
|
9.8 |
|
|
|
34.7 |
|
|
|
26.5 |
|
Provision for
(benefit from) income taxes |
|
1.7 |
|
|
|
(1.2 |
) |
|
|
7.6 |
|
|
|
3.0 |
|
|
Net income |
|
12.3 |
|
|
|
11.1 |
|
|
|
27.1 |
|
|
|
23.5 |
|
Net income
attributable to noncontrolling interest |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
Net income attributable to IES
Holdings, Inc. |
$ |
12.3 |
|
|
$ |
11.0 |
|
|
$ |
27.0 |
|
|
$ |
23.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to IES Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.58 |
|
|
$ |
0.52 |
|
|
$ |
1.28 |
|
|
$ |
1.10 |
|
|
Diluted |
$ |
0.58 |
|
|
$ |
0.52 |
|
|
$ |
1.26 |
|
|
$ |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the
computation of earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (in thousands) |
|
20,728 |
|
|
|
21,043 |
|
|
|
20,820 |
|
|
|
21,140 |
|
|
Diluted (in thousands) |
|
20,997 |
|
|
|
21,301 |
|
|
|
21,084 |
|
|
|
21,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, |
Nine Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income
attributable to IES Holdings, Inc. |
$ |
12.3 |
|
|
$ |
11.0 |
|
|
$ |
27.0 |
|
|
$ |
23.3 |
|
Provision for
(benefit from) income taxes |
|
1.7 |
|
|
|
(1.2 |
) |
|
|
7.6 |
|
|
|
3.0 |
|
|
Adjusted net income before taxes |
|
14.0 |
|
|
|
9.8 |
|
|
|
34.6 |
|
|
|
26.4 |
|
Current tax
expense (1) |
|
(1.2 |
) |
|
|
(0.5 |
) |
|
|
(2.5 |
) |
|
|
(1.3 |
) |
Severance
expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
|
Adjusted net income attributable to IES Holdings, Inc. |
$ |
12.8 |
|
|
$ |
9.3 |
|
|
$ |
32.1 |
|
|
$ |
25.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
per share attributable to IES Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.62 |
|
|
$ |
0.44 |
|
|
$ |
1.54 |
|
|
$ |
1.23 |
|
|
Diluted |
$ |
0.61 |
|
|
$ |
0.44 |
|
|
$ |
1.52 |
|
|
$ |
1.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the
computation of earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (in thousands) |
|
20,728 |
|
|
|
21,043 |
|
|
|
20,820 |
|
|
|
21,140 |
|
|
Diluted (in thousands) |
|
20,997 |
|
|
|
21,301 |
|
|
|
21,084 |
|
|
|
21,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
June 30, |
|
September 30, |
|
|
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
35.8 |
|
|
$ |
18.9 |
|
|
|
Accounts
receivable: |
|
|
|
|
|
|
|
|
Trade, net of allowance |
|
189.8 |
|
|
|
186.3 |
|
|
|
|
Retainage |
|
38.4 |
|
|
|
29.2 |
|
|
|
Inventories |
|
25.3 |
|
|
|
21.5 |
|
|
|
Costs and
estimated earnings in excess of billings |
|
25.8 |
|
|
|
29.9 |
|
|
|
Prepaid expenses
and other current assets |
|
11.1 |
|
|
|
10.6 |
|
|
Total current
assets |
|
326.3 |
|
|
|
296.5 |
|
|
|
Property and
equipment, net |
|
25.3 |
|
|
|
25.7 |
|
|
|
Goodwill |
|
60.5 |
|
|
|
50.6 |
|
|
|
Intangible assets,
net |
|
42.2 |
|
|
|
26.6 |
|
|
|
Deferred tax
assets |
|
33.4 |
|
|
|
40.9 |
|
|
|
Operating right of
use assets |
|
32.6 |
|
|
|
— |
|
|
|
Other non-current
assets |
|
5.1 |
|
|
|
4.9 |
|
Total assets |
$ |
525.3 |
|
|
$ |
445.3 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
Accounts payable
and accrued expenses |
$ |
166.6 |
|
|
$ |
152.9 |
|
|
|
Billings in excess
of costs and estimated earnings |
|
56.2 |
|
|
|
40.6 |
|
|
Total current
liabilities |
|
222.8 |
|
|
|
193.5 |
|
|
Long-term
debt |
|
0.3 |
|
|
|
0.3 |
|
|
Operating
long-term lease liabilities |
|
21.6 |
|
|
|
— |
|
|
Other non-current
liabilities |
|
7.2 |
|
|
|
1.9 |
|
Total
liabilities |
|
251.8 |
|
|
|
195.7 |
|
Noncontrolling
interest |
|
2.8 |
|
|
|
3.3 |
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
Preferred
stock |
|
— |
|
|
|
— |
|
|
|
Common stock |
|
0.2 |
|
|
|
0.2 |
|
|
|
Treasury stock, at
cost |
|
(16.2 |
) |
|
|
(12.5 |
) |
|
|
Additional paid-in
capital |
|
194.0 |
|
|
|
192.9 |
|
|
|
Retained
earnings |
|
92.6 |
|
|
|
65.6 |
|
Total
stockholders’ equity |
|
270.7 |
|
|
|
246.2 |
|
Total liabilities
and stockholders’ equity |
$ |
525.3 |
|
|
$ |
445.3 |
|
|
|
|
|
|
|
|
|
|
|
|
IES HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(DOLLARS IN
MILLIONS)(UNAUDITED) |
|
|
|
Nine Months Ended June 30, |
|
|
|
2020 |
|
2019 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
$ |
27.1 |
|
|
$ |
23.5 |
|
Adjustments to
reconcile to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Bad debt
expense |
|
1.7 |
|
|
|
0.2 |
|
|
Deferred financing
cost amortization |
|
0.3 |
|
|
|
0.2 |
|
|
Depreciation and
amortization |
|
8.8 |
|
|
|
7.2 |
|
|
Loss on sale of
assets |
|
— |
|
|
|
0.1 |
|
|
Non-cash
compensation expense |
|
2.8 |
|
|
|
1.5 |
|
|
Deferred income
taxes |
|
5.0 |
|
|
|
3.0 |
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
(2.0 |
) |
|
|
(25.2 |
) |
|
Inventories |
|
(3.3 |
) |
|
|
(3.5 |
) |
|
Costs and
estimated earnings in excess of billings |
|
4.6 |
|
|
|
(3.4 |
) |
|
Prepaid expenses
and other current assets |
|
(8.8 |
) |
|
|
(3.6 |
) |
|
Other non-current
assets |
|
0.5 |
|
|
|
(0.9 |
) |
|
Accounts payable
and accrued expenses |
|
0.2 |
|
|
|
20.1 |
|
|
Billings in excess
of costs and estimated earnings |
|
14.4 |
|
|
|
2.0 |
|
|
Other non-current
liabilities |
|
4.3 |
|
|
|
(1.1 |
) |
Net cash provided
by operating activities |
|
55.6 |
|
|
|
20.3 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of
property and equipment |
|
(3.7 |
) |
|
|
(5.2 |
) |
|
Proceeds from sale
of assets |
|
0.1 |
|
|
|
0.1 |
|
|
Cash paid in
conjunction with business combinations |
|
(29.0 |
) |
|
|
— |
|
Net cash used in
investing activities |
|
(32.6 |
) |
|
|
(5.1 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Borrowings of
debt |
|
592.6 |
|
|
|
22.5 |
|
|
Repayments of
debt |
|
(592.6 |
) |
|
|
(42.3 |
) |
|
Cash paid for
finance leases |
|
(0.1 |
) |
|
|
— |
|
|
Distribution to
noncontrolling interest |
|
(0.6 |
) |
|
|
(0.1 |
) |
|
Purchase of
treasury stock |
|
(5.4 |
) |
|
|
(8.3 |
) |
Net cash used in
financing activities |
|
(6.1 |
) |
|
|
(28.3 |
) |
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS |
|
16.9 |
|
|
|
(13.1 |
) |
CASH, CASH
EQUIVALENTS and RESTRICTED CASH, beginning of period |
|
18.9 |
|
|
|
26.2 |
|
CASH, CASH
EQUIVALENTS and RESTRICTED CASH, end of period |
$ |
35.8 |
|
|
$ |
13.1 |
|
|
|
|
|
|
|
|
|
|
|
IES HOLDINGS, INC. AND
SUBSIDIARIESOPERATING SEGMENT STATEMENT OF
OPERATIONS(DOLLARS IN
MILLIONS)(UNAUDITED) |
|
|
|
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & Industrial |
|
$ |
56.8 |
|
|
$ |
75.4 |
|
|
$ |
190.5 |
|
|
$ |
227.9 |
|
|
Communications |
|
|
96.5 |
|
|
|
90.4 |
|
|
|
276.8 |
|
|
|
230.2 |
|
|
Infrastructure Solutions |
|
|
31.9 |
|
|
|
36.1 |
|
|
|
92.5 |
|
|
|
100.0 |
|
|
Residential |
|
|
107.9 |
|
|
|
80.7 |
|
|
|
300.7 |
|
|
|
225.2 |
|
Total revenue |
|
$ |
293.1 |
|
|
$ |
282.6 |
|
|
$ |
860.4 |
|
|
$ |
783.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial &
Industrial |
|
$ |
(4.2 |
) |
|
$ |
(0.6 |
) |
|
$ |
(8.9 |
) |
|
|
2.8 |
|
|
Communications |
|
|
9.4 |
|
|
|
7.0 |
|
|
|
23.6 |
|
|
|
16.3 |
|
|
Infrastructure Solutions |
|
|
3.8 |
|
|
|
3.7 |
|
|
|
9.4 |
|
|
|
7.9 |
|
|
Residential |
|
|
8.9 |
|
|
|
4.6 |
|
|
|
22.5 |
|
|
|
12.3 |
|
|
Corporate |
|
|
(3.9 |
) |
|
|
(4.4 |
) |
|
|
(11.0 |
) |
|
|
(11.3 |
) |
Total operating
income |
|
$ |
14.1 |
|
|
$ |
10.2 |
|
|
$ |
35.7 |
|
|
$ |
27.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IES HOLDINGS, INC. AND
SUBSIDIARIESNON-GAAP RECONCILIATION OF ADJUSTED
EBITDA(DOLLARS IN
MILLIONS)(UNAUDITED) |
|
|
|
|
Three Months Ended June 30, |
|
|
Nine Months Ended June 30, |
|
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
Net income
attributable to IES Holdings, Inc. |
|
$ |
12.3 |
|
|
$ |
11.0 |
|
|
|
$ |
27.0 |
|
|
$ |
23.3 |
|
Provision for
(benefit from) income taxes |
|
1.7 |
|
|
(1.2 |
) |
|
|
7.6 |
|
|
3.0 |
|
Interest &
other expense, net |
|
— |
|
|
0.4 |
|
|
|
1.0 |
|
|
1.4 |
|
Depreciation and
amortization |
|
3.2 |
|
|
2.4 |
|
|
|
8.8 |
|
|
7.2 |
|
|
EBITDA |
|
$ |
17.2 |
|
|
$ |
12.5 |
|
|
|
$ |
44.4 |
|
|
$ |
35.0 |
|
Non-cash equity
compensation expense |
|
1.2 |
|
|
0.8 |
|
|
|
2.8 |
|
|
1.5 |
|
Severance
expense |
|
— |
|
|
— |
|
|
|
— |
|
|
0.8 |
|
|
Adjusted EBITDA |
|
$ |
18.4 |
|
|
$ |
13.3 |
|
|
|
$ |
47.2 |
|
|
$ |
37.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IES HOLDINGS, INC. AND
SUBSIDIARIESSUPPLEMENTAL REMAINING PERFORMANCE
OBLIGATIONS AND NON-GAAP RECONCILIATION OF BACKLOG
DATA(DOLLARS IN
MILLIONS)(UNAUDITED) |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2020 |
|
2020 |
|
2019 |
Remaining performance obligations |
|
$ |
523 |
|
|
$ |
469 |
|
|
$ |
487 |
|
Agreements without an
enforceable obligation (1) |
|
|
74 |
|
|
|
118 |
|
|
|
59 |
|
Backlog |
|
$ |
597 |
|
|
$ |
587 |
|
|
$ |
546 |
|
|
|
|
|
|
|
|
|
|
|
(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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