IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC)
today announced financial results for the quarter ended December
31, 2022.
First Quarter
2023 Highlights
-
Revenue of $575 million for the first quarter of fiscal 2023, an
increase of 20% compared with $481 million for the same quarter of
fiscal 2022
- Operating income of $40.7 million
for the first quarter of fiscal 2023, compared with $20.3 million
for the same quarter of fiscal 2022; operating income for the first
quarter of fiscal 2023 includes a pretax gain of $13.0 million from
the sale of STR Mechanical; excluding this gain, operating income
increased 37% compared with the first quarter of fiscal 2022
- Net income attributable to IES of
$26.4 million for the first quarter of fiscal 2023, compared with
$14.5 million for the same quarter of fiscal 2022, and diluted
earnings per share attributable to common stockholders of $1.14 and
$0.69, respectively; net income attributable to IES and diluted
earnings per share attributable to common stockholders for the
first quarter of fiscal 2023 include an after tax gain of $9.6
million and $0.47, respectively, from the sale of STR
Mechanical
- Adjusted net income attributable to
IES (a non-GAAP financial measure, as defined below) of
$19.9 million for the first quarter of fiscal 2023, compared
with $17.6 million for the same quarter of fiscal 2022;
adjusted diluted earnings per share attributable to common
stockholders (a non-GAAP financial measure, as defined below) of
$0.82 for the first quarter of fiscal 2023, compared with $0.83 for
the same quarter of fiscal 2022
- Remaining performance obligations, a
GAAP measure of future revenue to be recognized from current
contracts with customers, of approximately $1.0 billion as of
December 31, 2022
- Backlog (a non-GAAP financial measure, as defined below) of
approximately $1.3 billion as of December 31, 2022
Overview of Results
“Our operating income for the first quarter of fiscal 2023
improved significantly compared with the same quarter of fiscal
2022,” said Jeff Gendell, Chairman and Chief Executive Officer.
"While the increase in operating income partially reflects the gain
from the sale of our STR Mechanical business, our results also
benefited from continued strong demand for our services,
particularly in our Residential segment. Operating performance also
improved compared with the past three fiscal quarters, as we
addressed project execution challenges that affected our fiscal
2022 results. We are particularly encouraged by the performance of
our Infrastructure Solutions segment during the first quarter of
fiscal 2023, where more efficient project execution and improving
supply chain conditions position this segment to achieve
substantially improved results for fiscal 2023 as compared with
2022.”
Our Communications segment’s revenue was $147.2 million in
the first quarter of fiscal 2023, an increase of 16% compared with
the first quarter of fiscal 2022, primarily driven by increased
demand from data center and high-tech manufacturing customers. The
segment's operating income increased 4% to $9.4 million
compared with the first quarter of fiscal 2022, as the benefit of
increased revenue was partly offset by an increase in operating
costs, as we have invested in additional personnel in support of
our growth initiatives. In addition, certain of our end markets
have experienced more competitive pricing conditions.
Our Residential segment’s revenue was $318.1 million in the
first quarter of fiscal 2023, an increase of 32% compared with the
first quarter of fiscal 2022, reflecting increased pricing and
continued strong demand, particularly in several of our key
multi-family markets, as well as the Florida single-family housing
market. The Residential segment’s operating income was
$20.5 million for the first quarter of fiscal 2023, an
increase of 77% compared with the first quarter of fiscal 2022.
During the first quarter of fiscal 2022, operating margins were
negatively impacted by higher material and labor costs, which were
not offset by increased pricing until later in the fiscal year.
Our Infrastructure Solutions segment’s revenue was
$49.3 million in the first quarter of fiscal 2023, an increase
of 17% compared with the first quarter of fiscal 2022, primarily
driven by continued strong demand in our generator enclosures
business. Operating income was $4.7 million, an increase of
176% compared with the first quarter of fiscal 2022. Results for
the first quarter of fiscal 2022 were negatively affected by the
impact of supply chain disruptions, COVID-related labor
inefficiencies, and operating inefficiencies associated with the
relocation of our Tulsa, Oklahoma operation to a new, larger
facility in order to accommodate increased demand for our generator
enclosure products.
Our Commercial & Industrial segment’s revenue was
$60.3 million in the first quarter of fiscal 2023, a decrease
of 13% compared with the first quarter of fiscal 2022. Operating
income for the first quarter of fiscal 2023 was $11.0 million,
including the $13.0 million pretax gain on the sale of STR
Mechanical, LLC, a Charlotte, North Carolina-based provider of
heating, ventilation and air conditioning services for commercial
customers. STR Mechanical, which was sold at the beginning of the
first quarter of fiscal 2023, contributed revenue and operating
income of $4.9 million and $0.2 million, respectively, during the
first quarter of fiscal 2022. Excluding the gain from this sale,
the segment reported an operating loss of $2.0 million for the
first quarter of fiscal 2023, compared with operating income of
$1.6 million in the first quarter of fiscal 2022, as a result of
continuing operating challenges at one branch which incurred
significant losses during fiscal 2022. We continue to limit the
size and duration of projects bid at this branch. Through the sale
of STR Mechanical, we have refocused on Commercial &
Industrial's core operations, and we continue to evaluate the
segment's optimal structure, as we seek to mitigate risk and
improve financial and operational performance.
Mr. Gendell continued, “While we were encouraged by strong
demand through the first quarter of fiscal 2023, we continue to
monitor the impact of changing economic conditions on demand for
our services. In particular, we expect elevated interest rates and
decreased housing affordability to impact demand in the
single-family housing market in the near term. However, we remain
optimistic about the long-term fundamentals in our key markets, and
believe we are well-positioned to expand our service offerings and
pursue market share growth.”
“During the first quarter of fiscal 2023, we generated operating
cash flow of $14.3 million, while deploying cash to strategically
repurchase our common stock under our repurchase program and pay
down debt,” said Tracy McLauchlin, Chief Financial Officer. “We
continue to focus on maintaining a strong balance sheet, which will
position us to take advantage of opportunities to grow our
business. During fiscal 2023, we expect to fully utilize our
federal tax net operating loss carryforwards which have reduced our
cash tax burden over the past several years. Therefore, in January
2023, we began making federal estimated tax payments in
anticipation of having a federal income tax obligation for fiscal
2023. As a result, we will have a higher cash tax rate for fiscal
2023 compared with 2022.”
Stock Buyback Plan
In December 2022, the Company’s Board of Directors authorized
and announced a stock repurchase program for purchasing up to $40
million of our common stock from time to time, which replaced the
Company's previous program. During the quarter ended December 31,
2022, the Company repurchased 219,731 shares at an average price of
$30.97 per share under its repurchase programs. The Company had
$37.7 million remaining under its stock repurchase authorization at
December 31, 2022.
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, significant expenses associated
with leadership changes, or gains or losses from the sale of a
business, 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 December 31, 2022, to be filed with the Securities
and Exchange Commission (“SEC”) by February 3, 2023, and any
amendments thereto.
About IES Holdings, Inc.
IES designs and installs integrated electrical and technology
systems and provides infrastructure products and services to a
variety of end markets, including data centers, residential
housing, and commercial and industrial facilities. Our more than
8,000 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 Stephen PoeAlpha 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 pandemics on our business, including
the potential for job site closures or work stoppages, supply chain
disruptions, delays in awarding new projects, construction delays,
reduced demand for our services, delays in our ability to collect
from our customers, the impact of third party vaccine mandates on
employee recruiting and retention, or illness of management or
other employees; 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; the possibility of inaccurate estimates used when
entering into fixed-price contracts 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, 2022 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 December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
$ |
574.9 |
|
|
$ |
480.5 |
|
Cost of
services |
|
479.4 |
|
|
|
400.8 |
|
|
Gross profit |
|
95.4 |
|
|
|
79.7 |
|
Selling, general
and administrative expenses |
|
67.8 |
|
|
|
59.4 |
|
Contingent
consideration |
|
0.1 |
|
|
|
0.1 |
|
Gain on sale of
assets |
|
(13.1 |
) |
|
|
— |
|
|
Operating income |
|
40.7 |
|
|
|
20.3 |
|
Interest
expense |
|
1.2 |
|
|
|
0.4 |
|
Other expense,
net |
|
0.7 |
|
|
|
0.8 |
|
|
Income from operations before
income taxes |
|
38.8 |
|
|
|
19.1 |
|
Provision for
income taxes |
|
10.0 |
|
|
|
4.0 |
|
|
Net income |
|
28.8 |
|
|
|
15.1 |
|
Net income
attributable to noncontrolling interest |
|
(2.4 |
) |
|
|
(0.6 |
) |
|
Net income attributable to IES
Holdings, Inc. |
$ |
26.4 |
|
|
$ |
14.5 |
|
|
|
|
|
|
Computation of
earnings per share: |
|
|
|
Net income
attributable to IES Holdings, Inc. |
$ |
26.4 |
|
|
$ |
14.5 |
|
Increase in
noncontrolling interest |
|
(3.1 |
) |
|
|
(0.1 |
) |
Net income
attributable to common stockholders of IES Holdings, Inc. |
$ |
23.3 |
|
|
$ |
14.4 |
|
|
|
|
|
|
Earnings per share
attributable to common stockholders: |
|
|
|
Basic |
$ |
1.15 |
|
|
$ |
0.70 |
|
|
Diluted |
$ |
1.14 |
|
|
$ |
0.69 |
|
|
|
|
|
|
Shares used in the
computation of earnings per share: |
|
|
|
|
Basic (in thousands) |
|
20,242 |
|
|
|
20,703 |
|
|
Diluted (in thousands) |
|
20,449 |
|
|
|
20,959 |
|
IES HOLDINGS, INC. AND
SUBSIDIARIESNON-GAAP RECONCILIATION OF ADJUSTED
NET INCOME ATTRIBUTABLETO IES HOLDINGS, INC. AND
ADJUSTED EARNINGS PER SHAREATTRIBUTABLE TO COMMON
STOCKHOLDERS(DOLLARS IN MILLIONS, EXCEPT PER SHARE
DATA)(UNAUDITED)
|
|
Three Months Ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Net income
attributable to IES Holdings, Inc. |
|
26.4 |
|
|
$ |
14.5 |
|
Gain on sale of
STR Mechanical |
|
(13.0 |
) |
|
|
— |
|
Provision for
income taxes |
|
10.0 |
|
|
|
4.0 |
|
|
Adjusted net income before
taxes |
|
23.5 |
|
|
|
18.5 |
|
Current tax
expense (1) |
|
(3.6 |
) |
|
|
(0.9 |
) |
|
Adjusted net income
attributable to IES Holdings, Inc. |
|
19.9 |
|
|
|
17.6 |
|
|
|
|
|
|
|
Adjustments for computation of
earnings per share: |
|
|
|
|
Increase in noncontrolling
interest |
|
(3.1 |
) |
|
|
(0.1 |
) |
|
Adjusted net income
attributable to common stockholders |
$ |
16.8 |
|
|
$ |
17.5 |
|
|
|
|
|
|
Adjusted earnings
per share attributable to common stockholders: |
|
|
|
Basic |
$ |
0.83 |
|
|
$ |
0.85 |
|
|
Diluted |
$ |
0.82 |
|
|
$ |
0.83 |
|
|
|
|
|
|
Shares used in the
computation of earnings per share: |
|
|
|
Basic (in thousands) |
|
20,242 |
|
|
|
20,703 |
|
|
Diluted (in thousands) |
|
20,449 |
|
|
|
20,959 |
|
|
|
|
|
|
(1) Represents the
tax expense related to the current period earnings which will be
considered in the computation of tax to be paid in cash for the
full year, and not offset by the utilization of net operating loss
carryforwards |
IES HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
|
|
December 31, |
|
September 30, |
|
|
|
|
|
2022 |
|
|
|
2022 |
|
ASSETS |
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
Cash and cash
equivalents |
$ |
5.2 |
|
|
$ |
24.8 |
|
|
|
Accounts
receivable: |
|
|
|
|
|
|
Trade, net of allowance |
|
348.2 |
|
|
|
370.7 |
|
|
|
|
Retainage |
|
70.3 |
|
|
|
65.1 |
|
|
|
Inventories |
|
99.6 |
|
|
|
96.3 |
|
|
|
Costs and
estimated earnings in excess of billings |
|
44.5 |
|
|
|
52.1 |
|
|
|
Prepaid expenses
and other current assets |
|
21.4 |
|
|
|
15.4 |
|
|
Total current
assets |
|
589.3 |
|
|
|
624.4 |
|
|
|
Property and
equipment, net |
|
53.9 |
|
|
|
54.4 |
|
|
|
Goodwill |
|
92.4 |
|
|
|
92.4 |
|
|
|
Intangible assets,
net |
|
66.7 |
|
|
|
71.9 |
|
|
|
Deferred tax
assets |
|
21.0 |
|
|
|
20.5 |
|
|
|
Operating right of
use assets |
|
56.7 |
|
|
|
55.9 |
|
|
|
Other non-current
assets |
|
16.8 |
|
|
|
15.1 |
|
Total assets |
$ |
896.8 |
|
|
$ |
934.7 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
Accounts payable
and accrued expenses |
$ |
281.4 |
|
|
$ |
317.0 |
|
|
|
Billings in excess
of costs and estimated earnings |
|
95.4 |
|
|
|
84.9 |
|
|
Total current
liabilities |
|
376.9 |
|
|
|
401.9 |
|
|
Long-term
debt |
|
42.0 |
|
|
|
81.6 |
|
|
Operating
long-term lease liabilities |
|
38.8 |
|
|
|
38.1 |
|
|
Other non-current
liabilities |
|
27.9 |
|
|
|
22.6 |
|
Total
liabilities |
|
485.5 |
|
|
|
544.2 |
|
Noncontrolling
interest |
|
33.2 |
|
|
|
29.2 |
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
Preferred
stock |
|
— |
|
|
|
— |
|
|
|
Common stock |
|
0.2 |
|
|
|
0.2 |
|
|
|
Treasury stock, at
cost |
|
(49.7 |
) |
|
|
(44.0 |
) |
|
|
Additional paid-in
capital |
|
200.9 |
|
|
|
201.9 |
|
|
|
Retained
earnings |
|
226.5 |
|
|
|
203.2 |
|
Total
stockholders’ equity |
|
378.1 |
|
|
|
361.3 |
|
Total liabilities
and stockholders’ equity |
$ |
896.8 |
|
|
$ |
934.7 |
|
IES HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
Three Months Ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
Net income |
$ |
28.8 |
|
|
$ |
15.1 |
|
|
Adjustments to reconcile net
income to net cash provided by (used in) operating activities: |
|
|
|
|
Bad debt expense |
|
0.1 |
|
|
|
0.1 |
|
|
Deferred financing cost amortization |
|
0.1 |
|
|
|
— |
|
|
Depreciation and amortization |
|
6.4 |
|
|
|
6.2 |
|
|
Gain on sale of assets |
|
(13.1 |
) |
|
|
— |
|
|
Non-cash compensation expense |
|
0.9 |
|
|
|
0.9 |
|
|
Deferred income taxes |
|
0.5 |
|
|
|
2.2 |
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
Accounts receivable |
|
18.1 |
|
|
|
(8.2 |
) |
|
Inventories |
|
(5.1 |
) |
|
|
(5.2 |
) |
|
Costs and estimated earnings in excess of billings |
|
7.6 |
|
|
|
(9.1 |
) |
|
Prepaid expenses and other current assets |
|
(11.8 |
) |
|
|
(5.4 |
) |
|
Other non-current assets |
|
0.1 |
|
|
|
(1.6 |
) |
|
Accounts payable and accrued expenses |
|
(29.8 |
) |
|
|
(23.2 |
) |
|
Billings in excess of costs and estimated earnings |
|
10.7 |
|
|
|
3.8 |
|
|
Other non-current liabilities |
|
0.8 |
|
|
|
(0.1 |
) |
Net cash provided
by (used in) operating activities |
|
14.3 |
|
|
|
(24.5 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property and
equipment |
|
(2.7 |
) |
|
|
(12.3 |
) |
|
Proceeds from sale of
assets |
|
19.2 |
|
|
|
0.1 |
|
|
Cash paid in conjunction with
equity investments |
|
(0.2 |
) |
|
|
(0.5 |
) |
Net cash provided
by (used in) investing activities |
|
16.3 |
|
|
|
(12.8 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
Borrowings of debt |
|
608.0 |
|
|
|
444.2 |
|
|
Repayments of debt |
|
(647.6 |
) |
|
|
(415.9 |
) |
|
Cash paid for finance
leases |
|
(0.8 |
) |
|
|
(0.3 |
) |
|
Distribution to noncontrolling
interest |
|
(2.3 |
) |
|
|
(1.2 |
) |
|
Purchase of treasury
stock |
|
(7.5 |
) |
|
|
(4.8 |
) |
Net cash provided
by (used in) financing activities |
|
(50.3 |
) |
|
|
21.9 |
|
NET DECREASE IN
CASH AND CASH EQUIVALENTS |
|
(19.6 |
) |
|
|
(15.3 |
) |
CASH and CASH
EQUIVALENTS, beginning of period |
|
24.8 |
|
|
|
23.1 |
|
CASH and CASH
EQUIVALENTS, end of period |
$ |
5.2 |
|
|
$ |
7.8 |
|
IES HOLDINGS, INC. AND
SUBSIDIARIESOPERATING SEGMENT STATEMENT OF
OPERATIONS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
Three Months Ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
|
|
|
Communications |
$ |
147.2 |
|
|
$ |
127.4 |
|
|
Residential |
|
318.1 |
|
|
|
241.8 |
|
|
Infrastructure Solutions |
|
49.3 |
|
|
|
42.1 |
|
|
Commercial & Industrial |
|
60.3 |
|
|
|
69.2 |
|
Total revenue |
$ |
574.9 |
|
|
$ |
480.5 |
|
|
|
|
|
|
Operating income
(loss) |
|
|
|
|
Communications |
$ |
9.4 |
|
|
$ |
9.1 |
|
|
Residential |
|
20.5 |
|
|
|
11.6 |
|
|
Infrastructure Solutions |
|
4.7 |
|
|
|
1.7 |
|
|
Commercial & Industrial (1) |
|
11.0 |
|
|
|
1.6 |
|
|
Corporate |
|
(5.0 |
) |
|
|
(3.7 |
) |
Total operating
income |
$ |
40.7 |
|
|
$ |
20.3 |
|
(1) Commercial & Industrial's operating income for the three
months ended December 31, 2022 includes a pretax gain of $13.0
million related to the sale of STR Mechanical.
IES HOLDINGS, INC. AND
SUBSIDIARIESNON-GAAP RECONCILIATION OF ADJUSTED
EBITDA(DOLLARS IN
MILLIONS)(UNAUDITED)
|
Three Months Ended December 31, |
|
|
2022 |
|
|
|
2021 |
Net income attributable to IES
Holdings, Inc. |
$ |
26.4 |
|
|
$ |
14.5 |
Provision for income
taxes |
|
10.0 |
|
|
|
4.0 |
Interest & other expense,
net |
|
1.9 |
|
|
|
1.2 |
Depreciation and
amortization |
|
6.4 |
|
|
|
6.2 |
EBITDA |
$ |
44.7 |
|
|
$ |
25.9 |
Gain on sale of STR
Mechanical |
|
(13.0 |
) |
|
|
— |
Non-cash equity compensation
expense |
|
0.9 |
|
|
|
0.9 |
Adjusted EBITDA |
$ |
32.6 |
|
|
$ |
26.8 |
IES HOLDINGS, INC. AND
SUBSIDIARIESSUPPLEMENTAL REMAINING PERFORMANCE
OBLIGATIONS AND NON-GAAP RECONCILIATION OF BACKLOG
DATA(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
|
2022 |
|
2022 |
|
|
2021 |
Remaining performance
obligations |
|
$ |
1,011 |
|
967 |
|
$ |
721 |
Agreements without an
enforceable obligation (1) |
|
|
316 |
|
319 |
|
$ |
227 |
Backlog |
|
$ |
1,327 |
|
1,286 |
|
$ |
948 |
|
|
|
|
|
|
|
(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. |
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