IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today
announced financial results for the quarter ended March 31, 2023.
Second Quarter
2023 Highlights
-
Revenue of $569 million for the second quarter of fiscal 2023, an
increase of 13% compared with $502 million for the same quarter of
fiscal 2022
- Operating income of $31.6 million
for the second quarter of fiscal 2023, compared with an operating
loss of $4.9 million for the same quarter of fiscal 2022
- Net income attributable to IES of
$21.6 million, or $0.92 per share for the second quarter of fiscal
2023, compared with a net loss of $5.4 million, or $0.30 per share
for the same quarter of fiscal 2022
- Adjusted net income attributable to
IES (a non-GAAP financial measure, as defined below) of
$24.6 million or $1.07 per share for the second quarter of
fiscal 2023, compared with adjusted net loss of $6.6 million
or $0.36 per share 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 March
31, 2023
- Backlog (a non-GAAP financial measure, as defined below) of
approximately $1.4 billion as of March 31, 2023
Overview of Results
“Our financial performance improved significantly in the second
quarter of fiscal 2023 compared with the same quarter of fiscal
2022,” said Jeff Gendell, Chairman and Chief Executive Officer.
"Our focus on project execution and operating efficiency led to
improved margins, as we addressed the operating issues that
resulted in prior year losses. Although we continue to be cautious
about the economic outlook and its impact on demand for
construction, we are pleased with the strength and resilience of
our key markets, including housing, high-tech manufacturing
facilities and electrical infrastructure projects.”
Our Communications segment’s revenue was $141.1 million in
the second quarter of fiscal 2023, an increase of 8% compared with
the second quarter of fiscal 2022, primarily driven by increased
demand from data center and high-tech manufacturing customers. The
segment's operating income increased to $11.8 million for the
second quarter of fiscal 2023, compared with $0.2 million for the
second quarter of fiscal 2022, as we benefited from improved
project execution. Our results for the second quarter of fiscal
2022 included $9.3 million of losses related to an expansion into a
new service area. We are no longer performing this type of work and
have completed all such projects.
Our Residential segment’s revenue was $306.1 million in the
second quarter of fiscal 2023, an increase of 18% compared with the
second quarter of fiscal 2022, reflecting increased pricing and
continued strong demand, particularly in the Florida single-family
housing market, as well as several of our key multi-family markets.
The Residential segment’s operating income was $16.8 million
for the second quarter of fiscal 2023, an increase of 41% compared
with the second quarter of fiscal 2022, as we benefited from the
additional volume and improved pricing discussed above.
Our Infrastructure Solutions segment’s revenue was
$52.6 million in the second quarter of fiscal 2023, an
increase of 26% compared with the second quarter of fiscal 2022,
primarily driven by continued strong demand in our generator
enclosure business. Operating income for the second quarter of
fiscal 2023 was $8.2 million, compared with $0.7 million for
the second quarter of fiscal 2022. Results for the second 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
$69.0 million in the second quarter of fiscal 2023, compared
with $68.8 million in the second quarter of fiscal 2022. Operating
income for the second quarter of fiscal 2023 was $0.4 million,
compared with an operating loss of $13.6 million for the
second quarter of fiscal 2022. Our results for the second quarter
of fiscal 2022 included losses of $12.1 million related to two
projects at a single branch where we experienced execution issues
which led to significant project rework. We continue to limit the
size and duration of projects bid at this branch. Our former STR
Mechanical business, which was sold at the beginning of the first
quarter of fiscal 2023, contributed revenue and operating income of
$4.3 million and $0.2 million, respectively, during the second
quarter of fiscal 2022. The sale of STR resulted in a $13.0 million
pretax gain in the first quarter of fiscal 2023.
Matt Simmes, Chief Operating Officer, commented, “We have
recently made certain organizational changes at our operating
segments to enhance profitability and improve the scalability of
our business model. In addition, we will continue to pursue margin
enhancement in all of our businesses through a focus on improved
operating processes and project execution. We are optimistic about
the opportunity for our Residential segment to expand the plumbing
and HVAC trades across our network of electrical branches, and for
our Infrastructure Solutions segment to enhance our manufacturing
capacity and capabilities to meet market demand as it completes its
facility expansions.”
“During the first six months of fiscal 2023, we generated
operating cash flow of $60.1 million, which enabled us to
substantially reduce our borrowings under our credit facility and
end the quarter with a net cash position,” said Tracy McLauchlin,
Chief Financial Officer. “Our strong balance sheet allowed us to
invest a substantial amount of capital in fiscal 2022 to expand the
footprint and capabilities of our business, and we expect to
benefit from these expansions in fiscal 2023. We are committed to
driving shareholder value, and will continue to be disciplined in
our capital allocation strategy, seeking to strike the appropriate
balance between share repurchases, organic investments and
selective acquisitions. As previously discussed, we expect to fully
utilize our federal tax net operating loss carryforwards during
fiscal 2023 and, therefore, began making federal estimated tax
payments in January 2023 in anticipation of having a federal income
tax obligation for the fiscal year. 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 March 31,
2023, the Company repurchased 4,048 shares at an average price of
$34.97 per share under its repurchase programs. For the six months
ended March 31, 2023, the Company repurchased 223,779 shares at an
average price of $31.05. The Company had $37.6 million remaining
under its stock repurchase authorization at March 31, 2023.
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 March 31, 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 March 31, |
|
Six Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
$ |
568.9 |
|
|
$ |
501.6 |
|
|
$ |
1,143.8 |
|
|
$ |
982.1 |
|
Cost of
services |
|
468.0 |
|
|
|
443.1 |
|
|
|
947.4 |
|
|
|
843.9 |
|
|
Gross profit |
|
100.9 |
|
|
|
58.5 |
|
|
|
196.4 |
|
|
|
138.2 |
|
Selling, general
and administrative expenses |
|
69.3 |
|
|
|
63.4 |
|
|
|
137.1 |
|
|
|
122.8 |
|
Contingent
consideration |
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
Gain on sale of
assets |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(13.2 |
) |
|
|
(0.1 |
) |
|
Operating income (loss) |
|
31.6 |
|
|
|
(4.9 |
) |
|
|
72.3 |
|
|
|
15.3 |
|
Interest
expense |
|
1.0 |
|
|
|
0.5 |
|
|
|
2.2 |
|
|
|
1.0 |
|
Other (income)
expense, net |
|
(1.8 |
) |
|
|
(0.1 |
) |
|
|
(1.1 |
) |
|
|
0.6 |
|
|
Income (loss) from operations
before income taxes |
|
32.3 |
|
|
|
(5.3 |
) |
|
|
71.1 |
|
|
|
13.7 |
|
Provision for
(benefit from) income taxes |
|
8.2 |
|
|
|
(1.3 |
) |
|
|
18.2 |
|
|
|
2.7 |
|
|
Net income (loss) |
|
24.2 |
|
|
|
(4.1 |
) |
|
|
52.9 |
|
|
|
11.0 |
|
Net income
attributable to noncontrolling interest |
|
(2.6 |
) |
|
|
(1.4 |
) |
|
|
(5.0 |
) |
|
|
(2.0 |
) |
|
Net income (loss) attributable
to IES Holdings, Inc. |
$ |
21.6 |
|
|
$ |
(5.4 |
) |
|
$ |
48.0 |
|
|
$ |
9.1 |
|
|
|
|
|
|
|
|
|
|
Computation of
earnings per share: |
|
|
|
|
|
|
|
Net income (loss)
attributable to IES Holdings, Inc. |
$ |
21.6 |
|
|
$ |
(5.4 |
) |
|
$ |
48.0 |
|
|
$ |
9.1 |
|
Increase in
noncontrolling interest |
|
(2.8 |
) |
|
|
(0.9 |
) |
|
|
(5.8 |
) |
|
|
(0.9 |
) |
Net income (loss)
attributable to common stockholders of IES Holdings, Inc. |
$ |
18.8 |
|
|
$ |
(6.3 |
) |
|
$ |
42.1 |
|
|
$ |
8.1 |
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.93 |
|
|
$ |
(0.30 |
) |
|
$ |
2.08 |
|
|
$ |
0.39 |
|
|
Diluted |
$ |
0.92 |
|
|
$ |
(0.30 |
) |
|
$ |
2.06 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
Shares used in the
computation of earnings (loss) per share: |
|
|
|
|
|
|
|
|
Basic (in thousands) |
|
20,171 |
|
|
|
20,772 |
|
|
|
20,207 |
|
|
|
20,737 |
|
|
Diluted (in thousands) |
|
20,388 |
|
|
|
20,772 |
|
|
|
20,414 |
|
|
|
21,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, |
|
Six Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss)
attributable to IES Holdings, Inc. |
$ |
21.6 |
|
|
$ |
(5.4 |
) |
|
$ |
48.0 |
|
|
$ |
9.1 |
|
Gain on sale of
STR Mechanical |
|
— |
|
|
|
— |
|
|
|
(13.0 |
) |
|
|
— |
|
Provision for
(benefit from) income taxes |
|
8.2 |
|
|
|
(1.3 |
) |
|
|
18.2 |
|
|
|
2.7 |
|
|
Adjusted net income (loss)
before taxes |
|
29.7 |
|
|
|
(6.7 |
) |
|
|
53.2 |
|
|
|
11.8 |
|
Current tax
(expense) benefit(1) |
|
(5.1 |
) |
|
|
0.1 |
|
|
|
(8.7 |
) |
|
|
(0.8 |
) |
|
Adjusted net income (loss)
attributable to IES Holdings, Inc. |
|
24.6 |
|
|
|
(6.6 |
) |
|
|
44.5 |
|
|
|
11.0 |
|
|
|
|
|
|
|
|
|
|
|
Adjustments for computation of
earnings per share: |
|
|
|
|
|
|
|
|
Increase in noncontrolling
interest |
|
(2.8 |
) |
|
|
(0.9 |
) |
|
|
(5.8 |
) |
|
|
(0.9 |
) |
|
Adjusted net income (loss)
attributable to common stockholders |
$ |
21.8 |
|
|
$ |
(7.4 |
) |
|
$ |
38.7 |
|
|
$ |
10.1 |
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
(loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
Basic |
$ |
1.08 |
|
|
$ |
(0.36 |
) |
|
$ |
1.92 |
|
|
$ |
0.49 |
|
|
Diluted |
$ |
1.07 |
|
|
$ |
(0.36 |
) |
|
$ |
1.90 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
|
Shares used in the
computation of earnings (loss) per share: |
|
|
|
|
|
|
|
|
Basic (in thousands) |
|
20,171 |
|
|
|
20,772 |
|
|
|
20,207 |
|
|
|
20,737 |
|
|
Diluted (in thousands) |
|
20,388 |
|
|
|
20,772 |
|
|
|
20,414 |
|
|
|
21,139 |
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
March 31, |
|
September 30, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
Cash and cash
equivalents |
$ |
15.1 |
|
|
$ |
24.8 |
|
|
|
Accounts
receivable: |
|
|
|
|
|
|
Trade, net of allowance |
|
330.6 |
|
|
|
370.7 |
|
|
|
|
Retainage |
|
74.0 |
|
|
|
65.1 |
|
|
|
Inventories |
|
106.3 |
|
|
|
96.3 |
|
|
|
Costs and
estimated earnings in excess of billings |
|
48.0 |
|
|
|
52.1 |
|
|
|
Prepaid expenses
and other current assets |
|
17.9 |
|
|
|
15.4 |
|
|
Total current
assets |
|
591.9 |
|
|
|
624.4 |
|
|
|
Property and
equipment, net |
|
55.1 |
|
|
|
54.4 |
|
|
|
Goodwill |
|
92.4 |
|
|
|
92.4 |
|
|
|
Intangible assets,
net |
|
63.6 |
|
|
|
71.9 |
|
|
|
Deferred tax
assets |
|
15.4 |
|
|
|
20.5 |
|
|
|
Operating right of
use assets |
|
54.2 |
|
|
|
55.9 |
|
|
|
Other non-current
assets |
|
16.5 |
|
|
|
15.1 |
|
Total assets |
$ |
889.1 |
|
|
$ |
934.7 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
Accounts payable
and accrued expenses |
$ |
278.1 |
|
|
$ |
317.0 |
|
|
|
Billings in excess
of costs and estimated earnings |
|
94.8 |
|
|
|
84.9 |
|
|
Total current
liabilities |
|
373.0 |
|
|
|
401.9 |
|
|
Long-term
debt |
|
14.2 |
|
|
|
81.6 |
|
|
Operating
long-term lease liabilities |
|
36.7 |
|
|
|
38.1 |
|
|
Other non-current
liabilities |
|
30.9 |
|
|
|
22.6 |
|
Total
liabilities |
|
454.7 |
|
|
|
544.2 |
|
Noncontrolling
interest |
|
36.6 |
|
|
|
29.2 |
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
Preferred
stock |
|
— |
|
|
|
— |
|
|
|
Common stock |
|
0.2 |
|
|
|
0.2 |
|
|
|
Treasury stock, at
cost |
|
(49.8 |
) |
|
|
(44.0 |
) |
|
|
Additional paid-in
capital |
|
202.0 |
|
|
|
201.9 |
|
|
|
Retained
earnings |
|
245.3 |
|
|
|
203.2 |
|
Total
stockholders’ equity |
|
397.8 |
|
|
|
361.3 |
|
Total liabilities
and stockholders’ equity |
$ |
889.1 |
|
|
$ |
934.7 |
|
|
|
|
|
|
|
|
|
IES HOLDINGS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
Six Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
Net income |
$ |
52.9 |
|
|
$ |
11.0 |
|
|
Adjustments to reconcile net
income to net cash provided by (used in) operating activities: |
|
|
|
|
Bad debt expense |
|
0.3 |
|
|
|
0.1 |
|
|
Deferred financing cost amortization |
|
0.1 |
|
|
|
0.1 |
|
|
Depreciation and amortization |
|
13.3 |
|
|
|
12.4 |
|
|
Gain on sale of assets |
|
(13.2 |
) |
|
|
(0.1 |
) |
|
Non-cash compensation expense |
|
2.0 |
|
|
|
1.9 |
|
|
Deferred income taxes |
|
7.0 |
|
|
|
1.9 |
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
Accounts receivable |
|
35.7 |
|
|
|
(22.8 |
) |
|
Inventories |
|
(11.8 |
) |
|
|
(17.3 |
) |
|
Costs and estimated earnings in excess of billings |
|
4.1 |
|
|
|
(12.1 |
) |
|
Prepaid expenses and other current assets |
|
(11.7 |
) |
|
|
(3.8 |
) |
|
Other non-current assets |
|
1.7 |
|
|
|
(2.0 |
) |
|
Accounts payable and accrued expenses |
|
(30.5 |
) |
|
|
26.9 |
|
|
Billings in excess of costs and estimated earnings |
|
10.1 |
|
|
|
1.1 |
|
|
Other non-current liabilities |
|
— |
|
|
|
(0.2 |
) |
Net cash provided
by (used in) operating activities |
|
60.1 |
|
|
|
(2.9 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property and
equipment |
|
(6.7 |
) |
|
|
(21.6 |
) |
|
Proceeds from sale of
assets |
|
19.1 |
|
|
|
0.2 |
|
|
Cash paid in conjunction with
equity investments |
|
(0.2 |
) |
|
|
(0.5 |
) |
Net cash provided
by (used in) investing activities |
|
12.3 |
|
|
|
(21.9 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
Borrowings of debt |
|
1,163.0 |
|
|
|
872.6 |
|
|
Repayments of debt |
|
(1,230.5 |
) |
|
|
(842.7 |
) |
|
Cash paid for finance
leases |
|
(1.6 |
) |
|
|
(0.6 |
) |
|
Distribution to noncontrolling
interest |
|
(5.3 |
) |
|
|
(3.3 |
) |
|
Purchase of treasury
stock |
|
(7.6 |
) |
|
|
(4.9 |
) |
Net cash provided
by (used in) financing activities |
|
(82.1 |
) |
|
|
21.0 |
|
NET DECREASE IN
CASH AND CASH EQUIVALENTS |
|
(9.7 |
) |
|
|
(3.8 |
) |
CASH and CASH
EQUIVALENTS, beginning of period |
|
24.8 |
|
|
|
23.1 |
|
CASH and CASH
EQUIVALENTS, end of period |
$ |
15.1 |
|
|
$ |
19.3 |
|
|
|
|
|
|
|
|
|
IES HOLDINGS, INC. AND
SUBSIDIARIESOPERATING SEGMENT STATEMENT OF
OPERATIONS(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
|
Communications |
$ |
141.1 |
|
|
$ |
130.6 |
|
|
$ |
288.4 |
|
|
$ |
258.0 |
|
|
Residential |
|
306.1 |
|
|
|
260.4 |
|
|
|
624.2 |
|
|
|
502.2 |
|
|
Infrastructure Solutions |
|
52.6 |
|
|
|
41.7 |
|
|
|
101.9 |
|
|
|
83.8 |
|
|
Commercial & Industrial |
|
69.0 |
|
|
|
68.8 |
|
|
|
129.3 |
|
|
|
138.1 |
|
Total revenue |
$ |
568.9 |
|
|
$ |
501.6 |
|
|
$ |
1,143.8 |
|
|
$ |
982.1 |
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
|
|
|
|
|
|
|
Communications |
$ |
11.8 |
|
|
$ |
0.2 |
|
|
$ |
21.2 |
|
|
$ |
9.3 |
|
|
Residential |
|
16.8 |
|
|
|
11.9 |
|
|
|
37.3 |
|
|
|
23.5 |
|
|
Infrastructure Solutions |
|
8.2 |
|
|
|
0.7 |
|
|
|
12.9 |
|
|
|
2.4 |
|
|
Commercial & Industrial (1) |
|
0.4 |
|
|
|
(13.6 |
) |
|
|
11.4 |
|
|
|
(12.0 |
) |
|
Corporate |
|
(5.6 |
) |
|
|
(4.0 |
) |
|
|
(10.5 |
) |
|
|
(7.7 |
) |
Total operating
income (loss) |
$ |
31.6 |
|
|
$ |
(4.9 |
) |
|
$ |
72.3 |
|
|
$ |
15.3 |
|
(1) Commercial & Industrial's operating income for the six
months ended March 31, 2023 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 March 31, |
|
Six Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
Net income (loss) attributable
to IES Holdings, Inc. |
$ |
21.6 |
|
|
$ |
(5.4 |
) |
|
$ |
48.0 |
|
|
$ |
9.1 |
Provision for (benefit from)
income taxes |
|
8.2 |
|
|
|
(1.3 |
) |
|
|
18.2 |
|
|
|
2.7 |
Interest & other (income)
expense, net |
|
(0.7 |
) |
|
|
0.4 |
|
|
|
1.2 |
|
|
|
1.6 |
Depreciation and
amortization |
|
6.9 |
|
|
|
6.2 |
|
|
|
13.3 |
|
|
|
12.4 |
EBITDA |
$ |
35.9 |
|
|
$ |
(0.1 |
) |
|
$ |
80.6 |
|
|
$ |
25.7 |
Gain on sale of STR
Mechanical |
|
— |
|
|
|
— |
|
|
|
(13.0 |
) |
|
|
— |
Non-cash equity compensation
expense |
|
1.1 |
|
|
|
1.0 |
|
|
|
2.0 |
|
|
|
1.9 |
Adjusted EBITDA |
$ |
36.9 |
|
|
$ |
0.9 |
|
|
$ |
69.6 |
|
|
$ |
27.6 |
IES HOLDINGS, INC. AND
SUBSIDIARIESSUPPLEMENTAL REMAINING PERFORMANCE
OBLIGATIONS AND NON-GAAP RECONCILIATION OF BACKLOG
DATA(DOLLARS IN
MILLIONS)(UNAUDITED)
|
|
March 31, |
|
September 30, |
|
March 31, |
|
|
|
2023 |
|
2022 |
|
|
2022 |
Remaining performance
obligations |
|
$ |
1,012 |
|
967 |
|
$ |
835 |
Agreements without an
enforceable obligation (1) |
|
|
377 |
|
319 |
|
$ |
247 |
Backlog |
|
$ |
1,389 |
|
1,286 |
|
$ |
1,082 |
|
|
|
|
|
|
|
(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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