IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today
announced financial results for the quarter ended March 31, 2021.
Second Quarter 2021
Highlights
-
Revenue of $332 million for the second quarter of fiscal 2021, an
increase of 14% compared with $291 million for the same quarter of
fiscal 2020
- Operating income of $17.1 million
for the second quarter of fiscal 2021, an increase of 86% compared
with $9.2 million for the same quarter of fiscal 2020
- Net income attributable to IES
increased 106% to $12.8 million for the second quarter of fiscal
2021, compared with $6.2 million for the same quarter of fiscal
2020; diluted earnings per share attributable to common
stockholders of $0.58 compared with $0.29 for the second fiscal
quarters of 2021 and 2020,
respectively
- Adjusted net income attributable to
IES (a non-GAAP financial measure, as defined below) increased 94%
to $15.5 million compared with $8.0 million for the same
quarter of fiscal 2020; adjusted diluted earnings per share
attributable to common stockholders (a non-GAAP financial measure,
as defined below) of $0.71 compared with $0.38 for the second
fiscal quarters of 2021 and 2020, respectively
- Remaining performance obligations of
$614 million and backlog (a non-GAAP financial measure, as
defined below) of $707 million as of March 31, 2021
Overview of Results
“Our second quarter results demonstrate the strength of our
geographic and end-market diversification, as well as the benefits
of our focus on strategic acquisitions,” said Jeff Gendell,
Chairman and Chief Executive Officer. “As the U.S. economy
continues to recover from the COVID-19 pandemic, our businesses are
presented with numerous opportunities but also continued and new
challenges. In this environment, our focus remains on the health
and safety of our employees and working closely with our customers
and suppliers to address emerging supply and delivery constraints.
We believe our businesses possess strong growth potential,
reflecting not only pent-up demand from our customers for our
services and products, but also the impact of key secular growth
trends in our end markets.
“Consolidated revenue for the second quarter of fiscal 2021
increased 14% over the prior year, led by contributions from
acquisitions made in fiscal 2020 and 2021, as well as growth in our
Residential and Infrastructure Solutions segments. Operating income
for the second quarter of fiscal 2021 increased 86% over the prior
year as we delivered improved results across all our business
segments, resulting in an increase in our consolidated operating
margin year-over-year. Higher input prices continue to be a
challenge, as well as availability and lead time issues associated
with certain materials and components. In addition, we were
impacted by the extreme winter weather experienced in Texas and the
Midwest this past quarter. However, our strong financial position,
the deep experience of our management team and the dedication of
our employees have helped us navigate these unforeseen challenges
and will be critical factors for our success going forward."
For the second quarter of fiscal 2021, the Communications
segment reported revenue of $94.9 million, a 1% decrease from
the second quarter of fiscal 2020, driven primarily by slower than
typical post-holiday customer ramp-ups, extended project timelines
related to COVID-19 safety protocols, and severe winter weather
impacts on operations across Texas and the Midwest. Despite flat
revenue, operating income for the Communications segment increased
38% year-over-year to $9.9 million, as profitability benefited
from operating efficiencies.
Reflecting strong demand in the single-family housing market, as
well as the contribution of businesses acquired subsequent to the
second quarter of fiscal 2020, the Residential segment's revenue
was $150.3 million in the second quarter of fiscal 2021, an
increase of 50% compared with the second quarter of fiscal 2020.
Operating income for IES’s Residential segment was
$8.5 million for the second quarter of fiscal 2021, an
increase of 18% compared to the second quarter of fiscal 2020, as
the benefit of higher volumes was partly offset by higher prices
for copper, electrical components and other materials.
Revenue in the Infrastructure Solutions segment increased 18% to
$34.7 million in the second quarter of fiscal 2021 compared to
the second quarter of fiscal 2020, driven primarily by increased
demand for our custom power solutions and the contribution of
businesses acquired subsequent to the second quarter of fiscal
2020. The segment’s operating income increased 43% to
$3.3 million compared to the second quarter of fiscal 2020,
primarily as a result of higher volumes and improved execution in
our custom power solutions business.
The Commercial & Industrial segment reported revenue of
$52.0 million for the second quarter of fiscal 2021, a decline
of 21% compared to the second quarter of fiscal 2020. The segment
reported an operating loss of $1.2 million for the second
quarter of fiscal 2021, compared with a loss of $4.1 million
for the second quarter of fiscal 2020. Although the business has
adjusted its cost structure in response to a highly competitive
market and achieved operating efficiencies on certain projects, it
continues to be affected by the ongoing COVID-19 pandemic, which
has resulted in delays in awarding new projects and decreased
demand for new construction in certain sectors we serve.
Tracy McLauchlin, Chief Financial Officer, added, “We continue
to take advantage of our operating cash flow and strong financial
position to execute our growth strategy. Through the first six
months of fiscal 2021, we have invested $55 million of cash to
complete three acquisitions, funded with operating cash flow and
cash on hand, and ended the quarter with a cash balance, net of
outstanding debt, of $37 million. We believe our strong
financial position, coupled with our strategic acquisitions and
investments in organic growth, allows us to remain focused on
capturing the benefits of the tailwinds across our end markets.
Going forward, we are also well positioned to meet anticipated
increased working capital requirements due to an increase in
project volumes and higher commodity prices.
We are mindful of the challenges we face in this rapidly
evolving environment, particularly the higher input costs we are
seeing in tandem with the strong demand across our businesses. We
will continue to address these challenges through price increases
to our customers and other actions, and believe our strong balance
sheet provides us with a solid financial foundation to successfully
navigate this environment. We remain focused on executing and
building on our growth strategy, driven by attractive organic
growth opportunities across our business segments and opportunities
to add new services and expand the geographic reach of our
businesses through our strategic and selective acquisition
program.”
Stock Buyback Plan
In 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, 2021, the
Company did not repurchase any shares under this program. The
Company had 993,825 shares remaining under its stock repurchase
authorization at March 31, 2021.
Non-GAAP Financial Measures and Other
Adjustments
This press release includes adjusted net income attributable to
IES, adjusted diluted earnings per share attributable to common
stockholders, and backlog, and, in the non-GAAP reconciliation
tables included herein, adjusted net income attributable to common
stockholders, 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 common stockholders, adjusted earnings per share
attributable to common stockholders, 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 impairment
charges or 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, 2021, to be filed with the Securities and
Exchange Commission (“SEC”) by April 30, 2021, and any
amendments thereto.
About IES Holdings, Inc.
IES is a holding company that owns and manages operating
subsidiaries that design and install integrated electrical and
technology systems and provide infrastructure products and services
to a variety of end markets, including data centers, residential
housing, and commercial and industrial facilities. Our more than
5,000 employees serve clients in the United States. For more
information about IES, please visit www.ies-co.com.
Company Contact:
Tracy McLauchlinChief Financial OfficerIES Holdings, Inc.(713)
860-1500
Investor Relations Contact:
Robert Winters or Ross CollinsAlpha IR
Group312-445-2870IESC@alpha-ir.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, 2020 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, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenues |
$ |
332.0 |
|
|
$ |
291.3 |
|
|
$ |
646.8 |
|
|
$ |
567.3 |
|
Cost of
services |
|
267.1 |
|
|
|
240.0 |
|
|
|
523.2 |
|
|
|
465.8 |
|
|
Gross profit |
|
64.9 |
|
|
|
51.3 |
|
|
|
123.6 |
|
|
|
101.5 |
|
Selling, general
and administrative expenses |
|
47.7 |
|
|
|
42.0 |
|
|
|
90.4 |
|
|
|
79.9 |
|
Contingent
consideration |
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
Operating income |
|
17.1 |
|
|
|
9.2 |
|
|
|
33.0 |
|
|
|
21.6 |
|
Interest
expense |
|
0.2 |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.6 |
|
Other (income)
expense, net |
|
(0.1 |
) |
|
|
0.3 |
|
|
|
(0.2 |
) |
|
|
0.4 |
|
|
Income from operations before
income taxes |
|
17.0 |
|
|
|
8.6 |
|
|
|
32.8 |
|
|
|
20.6 |
|
Provision for
income taxes |
|
3.6 |
|
|
|
2.4 |
|
|
|
7.3 |
|
|
|
5.9 |
|
|
Net income |
|
13.3 |
|
|
|
6.2 |
|
|
|
25.6 |
|
|
|
14.7 |
|
Net income
attributable to noncontrolling interest |
|
(0.5 |
) |
|
|
— |
|
|
|
(0.6 |
) |
|
|
— |
|
|
Net income attributable to IES
Holdings, Inc. |
$ |
12.8 |
|
|
$ |
6.2 |
|
|
$ |
24.9 |
|
|
$ |
14.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.59 |
|
|
$ |
0.30 |
|
|
$ |
1.18 |
|
|
$ |
0.70 |
|
|
Diluted |
$ |
0.58 |
|
|
$ |
0.29 |
|
|
$ |
1.16 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the
computation of earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic (in thousands) |
|
20,780 |
|
|
|
20,847 |
|
|
|
20,757 |
|
|
|
20,865 |
|
|
Diluted (in thousands) |
|
21,071 |
|
|
|
21,122 |
|
|
|
21,059 |
|
|
|
21,133 |
|
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, |
|
|
2021 |
|
2020 |
|
2021 |
|
|
2020 |
Net income
attributable to IES Holdings, Inc. |
$ |
12.8 |
|
|
$ |
6.2 |
|
|
$ |
24.9 |
|
|
$ |
14.7 |
|
Provision for
income taxes |
|
3.6 |
|
|
|
2.4 |
|
|
|
7.3 |
|
|
|
5.9 |
|
|
Adjusted net income before taxes |
|
16.4 |
|
|
|
8.7 |
|
|
|
32.2 |
|
|
|
20.6 |
|
Current tax
expense (1) |
|
(0.9 |
) |
|
|
(0.7 |
) |
|
|
(1.8 |
) |
|
|
(1.3 |
) |
|
Adjusted net income
attributable to IES Holdings, Inc. |
|
15.5 |
|
|
|
8.0 |
|
|
|
30.4 |
|
|
|
19.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments for computation of
earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in
noncontrolling interest |
|
(0.6 |
) |
|
|
0.1 |
|
|
|
(0.5 |
) |
|
|
— |
|
|
Net income attributable to
restricted stockholders |
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
Adjusted net income
attributable to common stockholders |
$ |
14.9 |
|
|
$ |
8.0 |
|
|
$ |
29.9 |
|
|
$ |
19.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.72 |
|
|
$ |
0.38 |
|
|
$ |
1.44 |
|
|
$ |
0.92 |
|
|
Diluted |
$ |
0.71 |
|
|
$ |
0.38 |
|
|
$ |
1.42 |
|
|
$ |
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the
computation of earnings per share: |
|
|
|
|
|
|
|
|
|
|
Basic (in thousands) |
|
20,780 |
|
|
|
20,847 |
|
|
|
20,757 |
|
|
|
20,865 |
|
|
Diluted (in thousands) |
|
21,071 |
|
|
|
21,122 |
|
|
|
21,059 |
|
|
|
21,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, |
|
|
|
|
2021 |
|
2020 |
ASSETS |
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
37.5 |
|
|
$ |
53.6 |
|
|
|
Restricted
cash |
|
4.8 |
|
|
|
— |
|
|
|
Accounts
receivable: |
|
|
|
|
|
|
|
|
Trade, net of allowance |
|
208.8 |
|
|
|
213.0 |
|
|
|
|
Retainage |
|
36.8 |
|
|
|
40.9 |
|
|
|
Inventories |
|
38.9 |
|
|
|
24.9 |
|
|
|
Costs and
estimated earnings in excess of billings |
|
24.2 |
|
|
|
29.9 |
|
|
|
Prepaid expenses
and other current assets |
|
14.7 |
|
|
|
9.2 |
|
|
Total current
assets |
|
365.8 |
|
|
|
371.5 |
|
|
|
Property and
equipment, net |
|
28.7 |
|
|
|
24.6 |
|
|
|
Goodwill |
|
75.3 |
|
|
|
53.8 |
|
|
|
Intangible assets,
net |
|
73.3 |
|
|
|
39.4 |
|
|
|
Deferred tax
assets |
|
25.5 |
|
|
|
33.8 |
|
|
|
Operating right of
use assets |
|
40.4 |
|
|
|
31.8 |
|
|
|
Other non-current
assets |
|
6.6 |
|
|
|
5.8 |
|
Total assets |
$ |
615.7 |
|
|
$ |
560.5 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
Accounts payable
and accrued expenses |
$ |
191.3 |
|
|
$ |
186.7 |
|
|
|
Billings in excess
of costs and estimated earnings |
|
60.3 |
|
|
|
55.7 |
|
|
Total current
liabilities |
|
251.6 |
|
|
|
242.4 |
|
|
Long-term
debt |
|
0.1 |
|
|
|
0.2 |
|
|
Operating
long-term lease liabilities |
|
26.9 |
|
|
|
20.5 |
|
|
Other non-current
liabilities |
|
14.8 |
|
|
|
12.2 |
|
Total
liabilities |
|
293.5 |
|
|
|
275.4 |
|
Noncontrolling
interest |
|
13.6 |
|
|
|
1.8 |
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
Preferred
stock |
|
— |
|
|
|
— |
|
|
|
Common stock |
|
0.2 |
|
|
|
0.2 |
|
|
|
Treasury stock, at
cost |
|
(23.6 |
) |
|
|
(24.5 |
) |
|
|
Additional paid-in
capital |
|
200.7 |
|
|
|
200.6 |
|
|
|
Retained
earnings |
|
131.2 |
|
|
|
107.0 |
|
Total
stockholders’ equity |
|
308.5 |
|
|
|
283.3 |
|
Total liabilities
and stockholders’ equity |
$ |
615.7 |
|
|
$ |
560.5 |
|
IES HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
|
Six Months Ended March 31, |
|
|
|
2021 |
|
2020 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income |
$ |
25.6 |
|
|
$ |
14.7 |
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
Bad debt expense |
|
0.1 |
|
|
|
0.3 |
|
|
Deferred financing cost amortization |
|
0.1 |
|
|
|
0.2 |
|
|
Depreciation and amortization |
|
9.8 |
|
|
|
5.6 |
|
|
Non-cash compensation expense |
|
1.7 |
|
|
|
1.7 |
|
|
Deferred income taxes |
|
5.4 |
|
|
|
4.5 |
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
11.9 |
|
|
|
8.6 |
|
|
Inventories |
|
(9.8 |
) |
|
|
(0.2 |
) |
|
Costs and estimated earnings in excess of billings |
|
5.7 |
|
|
|
2.8 |
|
|
Prepaid expenses and other current assets |
|
1.1 |
|
|
|
(8.9 |
) |
|
Other non-current assets |
|
(0.1 |
) |
|
|
1.5 |
|
|
Accounts payable and accrued expenses |
|
(9.3 |
) |
|
|
(2.0 |
) |
|
Billings in excess of costs and estimated earnings |
|
4.5 |
|
|
|
4.1 |
|
|
Other non-current liabilities |
|
1.6 |
|
|
|
(0.2 |
) |
Net cash provided
by operating activities |
|
48.4 |
|
|
|
32.7 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Purchases of
property and equipment |
|
(3.0 |
) |
|
|
(2.9 |
) |
|
Proceeds from sale
of assets |
|
0.1 |
|
|
|
0.1 |
|
|
Cash paid in
conjunction with business combinations |
|
(55.5 |
) |
|
|
(29.0 |
) |
Net cash used in
investing activities |
|
(58.4 |
) |
|
|
(31.8 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Borrowings of
debt |
|
584.5 |
|
|
|
592.4 |
|
|
Repayments of
debt |
|
(584.5 |
) |
|
|
(563.1 |
) |
|
Cash paid for
finance leases |
|
(0.2 |
) |
|
|
(0.1 |
) |
|
Distribution to
noncontrolling interest |
|
(0.3 |
) |
|
|
(0.5 |
) |
|
Purchase of
treasury stock |
|
(0.7 |
) |
|
|
(4.9 |
) |
Net cash provided
by (used in) financing activities |
|
(1.2 |
) |
|
|
23.9 |
|
NET INCREASE
(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
(11.2 |
) |
|
|
24.9 |
|
CASH, CASH
EQUIVALENTS and RESTRICTED CASH, beginning of period |
|
53.6 |
|
|
|
18.9 |
|
CASH, CASH
EQUIVALENTS and RESTRICTED CASH, end of period |
$ |
42.3 |
|
|
$ |
43.8 |
|
IES HOLDINGS, INC. AND
SUBSIDIARIESOPERATING SEGMENT STATEMENT OF
OPERATIONS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Communications |
$ |
94.9 |
|
|
$ |
96.0 |
|
|
$ |
193.2 |
|
|
$ |
180.3 |
|
|
Residential |
|
150.3 |
|
|
|
100.0 |
|
|
|
269.8 |
|
|
|
192.8 |
|
|
Infrastructure Solutions |
|
34.7 |
|
|
|
29.3 |
|
|
|
69.1 |
|
|
|
60.6 |
|
|
Commercial & Industrial |
|
52.0 |
|
|
|
66.0 |
|
|
|
114.6 |
|
|
|
133.7 |
|
Total revenue |
$ |
332.0 |
|
|
$ |
291.3 |
|
|
$ |
646.8 |
|
|
$ |
567.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Communications |
$ |
9.9 |
|
|
$ |
7.2 |
|
|
$ |
19.1 |
|
|
$ |
14.2 |
|
|
Residential |
|
8.5 |
|
|
|
7.2 |
|
|
|
14.7 |
|
|
|
13.6 |
|
|
Infrastructure Solutions |
|
3.3 |
|
|
|
2.3 |
|
|
|
8.7 |
|
|
|
5.6 |
|
|
Commercial & Industrial |
|
(1.2 |
) |
|
|
(4.1 |
) |
|
|
(1.9 |
) |
|
|
(4.6 |
) |
|
Corporate |
|
(3.4 |
) |
|
|
(3.4 |
) |
|
|
(7.5 |
) |
|
|
(7.2 |
) |
Total operating
income |
$ |
17.1 |
|
|
$ |
9.2 |
|
|
$ |
33.0 |
|
|
$ |
21.6 |
|
IES HOLDINGS, INC. AND
SUBSIDIARIESNON-GAAP RECONCILIATION OF ADJUSTED
EBITDA(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income
attributable to IES Holdings, Inc. |
$ |
12.8 |
|
|
$ |
6.2 |
|
|
$ |
24.9 |
|
|
$ |
14.7 |
|
Provision for
income taxes |
3.6 |
|
|
2.4 |
|
|
7.3 |
|
|
5.9 |
|
Interest &
other expense, net |
0.2 |
|
|
0.6 |
|
|
0.2 |
|
|
1.0 |
|
Depreciation and
amortization |
5.8 |
|
|
3.3 |
|
|
9.8 |
|
|
5.6 |
|
|
EBITDA |
$ |
22.4 |
|
|
$ |
12.5 |
|
|
$ |
42.3 |
|
|
$ |
27.2 |
|
Non-cash equity
compensation expense |
0.9 |
|
|
0.8 |
|
|
1.7 |
|
|
1.7 |
|
|
Adjusted EBITDA |
$ |
23.3 |
|
|
$ |
13.3 |
|
|
$ |
44.0 |
|
|
$ |
28.9 |
|
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, |
|
|
2021 |
|
2020 |
|
2020 |
Remaining performance obligations |
|
$ |
614 |
|
|
$ |
525 |
|
|
$ |
469 |
|
Agreements without an
enforceable obligation (1) |
|
|
93 |
|
|
|
107 |
|
|
|
118 |
|
Backlog |
|
$ |
707 |
|
|
$ |
632 |
|
|
$ |
587 |
|
|
|
|
|
|
|
|
|
|
|
(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. |
IES (NASDAQ:IESC)
Historical Stock Chart
From Aug 2024 to Sep 2024
IES (NASDAQ:IESC)
Historical Stock Chart
From Sep 2023 to Sep 2024