IES Holdings Reports Fiscal 2024 Fourth Quarter and Full Year Results
IES Holdings reported strong financial results for fiscal 2024. Fourth quarter revenue increased 20% to $776 million, with operating income up 41% to $75 million. For the full fiscal year 2024, revenue grew 21% to $2.9 billion, while operating income jumped 88% to $300.9 million. Net income attributable to IES reached $219.1 million, a 102% increase from 2023. The company maintained a strong financial position with no debt and $100.8 million in cash. All four operating segments showed revenue growth and margin expansion, with particularly strong performance in data center markets. The company's backlog stood at approximately $1.8 billion as of September 30, 2024.
IES Holdings ha riportato risultati finanziari solidi per l'esercizio fiscale 2024. Nel quarto trimestre, i ricavi sono aumentati del 20% arrivando a 776 milioni di dollari, con un reddito operativo in crescita del 41% a 75 milioni di dollari. Per l'intero esercizio fiscale 2024, i ricavi sono aumentati del 21% a 2,9 miliardi di dollari, mentre il reddito operativo è balzato dell'88% a 300,9 milioni di dollari. L'utile netto attribuibile a IES ha raggiunto 219,1 milioni di dollari, con un aumento del 102% rispetto al 2023. L'azienda ha mantenuto una posizione finanziaria solida senza debiti e con 100,8 milioni di dollari in contante. Tutti e quattro i segmenti operativi hanno mostrato crescita dei ricavi e espansione dei margini, con prestazioni particolarmente forti nei mercati dei data center. Il portafoglio ordini dell'azienda si attestava a circa 1,8 miliardi di dollari al 30 settembre 2024.
IES Holdings informó resultados financieros sólidos para el año fiscal 2024. En el cuarto trimestre, los ingresos aumentaron un 20% a 776 millones de dólares, y el ingreso operativo creció un 41% a 75 millones de dólares. Para todo el año fiscal 2024, los ingresos crecieron un 21% a 2.9 mil millones de dólares, mientras que el ingreso operativo se disparó un 88% a 300.9 millones de dólares. El ingreso neto atribuible a IES alcanzó los 219.1 millones de dólares, un aumento del 102% en comparación con 2023. La compañía mantuvo una posición financiera sólida sin deudas y con 100.8 millones de dólares en efectivo. Los cuatro segmentos operativos mostraron crecimiento de ingresos y expansión de márgenes, con un rendimiento especialmente fuerte en los mercados de centros de datos. La cartera de pedidos de la empresa se situó en aproximadamente 1.8 mil millones de dólares al 30 de septiembre de 2024.
IES Holdings는 2024 회계 연도에 대한 강력한 재무 실적을 보고했습니다. 4분기 매출은 7억 7600만 달러로 20% 증가했으며, 운영 수익은 41% 증가한 7500만 달러를 기록했습니다. 2024 회계 연도 전체 매출은 29억 달러로 21% 성장했으며, 운영 수익은 88% 증가한 3억 900만 달러에 달했습니다. IES에 귀속된 순익은 2억 1910만 달러로 2023년 대비 102% 증가했습니다. 회사는 부채가 없고 현금으로 1억 800만 달러를 보유하며 강한 재무 상태를 유지했습니다. 4개 운영 부문 모두 매출 성장과 마진 확대를 보였으며, 특히 데이터 센터 시장에서 강력한 성과를 올렸습니다. 회사의 수주 잔고는 2024년 9월 30일 기준으로 약 18억 달러에 달했습니다.
IES Holdings a annoncé des résultats financiers solides pour l'exercice 2024. Au quatrième trimestre, les revenus ont augmenté de 20 % pour atteindre 776 millions de dollars, avec un bénéfice d'exploitation en hausse de 41 % à 75 millions de dollars. Pour l'ensemble de l'exercice 2024, les revenus ont progressé de 21 % pour atteindre 2,9 milliards de dollars, tandis que le bénéfice d'exploitation a bondi de 88 % à 300,9 millions de dollars. Le résultat net attribuable à IES a atteint 219,1 millions de dollars, soit une augmentation de 102 % par rapport à 2023. L'entreprise a maintenu une forte position financière sans dettes et avec 100,8 millions de dollars en liquidités. Les quatre segments d'activité ont affiché une croissance des revenus et une expansion des marges, avec une performance particulièrement forte sur les marchés des centres de données. Le carnet de commandes de l'entreprise s'élevait à environ 1,8 milliard de dollars au 30 septembre 2024.
IES Holdings hat für das Geschäftsjahr 2024 starke Finanzergebnisse gemeldet. Im vierten Quartal stiegen die Umsätze um 20% auf 776 Millionen US-Dollar, während das Betriebsergebnis um 41% auf 75 Millionen US-Dollar zunahm. Für das gesamte Geschäftsjahr 2024 wuchsen die Umsätze um 21% auf 2,9 Milliarden US-Dollar, während das Betriebsergebnis um 88% auf 300,9 Millionen US-Dollar anstieg. Der den IES zuzurechnende Nettogewinn betrug 219,1 Millionen US-Dollar, was einem Anstieg von 102% im Vergleich zu 2023 entspricht. Das Unternehmen hielt eine starke finanzielle Position ohne Schulden und verfügte über 100,8 Millionen US-Dollar Bargeld. Alle vier operativen Segmente zeigten Umsatzwachstum und Margenausweitung, wobei die Leistung in den Datenzentrumsmärkten besonders stark war. Der Auftragsbestand des Unternehmens betrug zum 30. September 2024 rund 1,8 Milliarden US-Dollar.
- Revenue increased 21% to $2.9 billion in FY2024
- Operating income grew 88% to $300.9 million
- Net income doubled to $219.1 million in FY2024
- Strong cash position with $100.8 million and zero debt
- Generated $234.4 million in operating cash flow
- Backlog of $1.8 billion indicates strong future revenue potential
- Expected revenue reduction in Commercial & Industrial segment for Q1 2025
- Cautious outlook on single-family housing demand due to affordability challenges
- Hurricane Milton disruption affecting Florida operations in Q1 2025
Insights
IES Holdings delivered an exceptional fiscal 2024 performance with remarkable growth across all key metrics. Revenue surged 21% to
The company's robust financial position is evident with
Particularly impressive is the margin expansion across all segments, with Infrastructure Solutions and Communications showing exceptional growth driven by data center demand. The
The company's strategic positioning in high-growth sectors, particularly data centers, is driving exceptional results. All four segments are benefiting from strong market dynamics, with Communications revenue up
The acquisition of Greiner Industries and investments in operational scalability demonstrate a thoughtful approach to sustainable growth. The focus on information technology solutions and ERP implementation suggests a commitment to operational efficiency that should support continued margin expansion.
HOUSTON, Nov. 22, 2024 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter and fiscal year ended September 30, 2024.
Fourth Quarter 2024 Highlights
- Revenue of
$776 million for the fourth quarter of fiscal 2024, an increase of20% compared with$649 million for the same quarter of fiscal 2023 - Operating income of
$75.0 million for the fourth quarter of fiscal 2024, an increase of41% compared with$53.2 million for the same quarter of fiscal 2023 - Net income attributable to IES of
$63.1 million for the fourth quarter of fiscal 2024, an increase of67% compared with$37.8 million for the same quarter of fiscal 2023, and diluted earnings per share attributable to common stockholders of$3.06 for the fourth quarter of fiscal 2024, compared with$1.66 for the same quarter of fiscal 2023 - Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) of
$57.6 million for the fourth quarter of fiscal 2024, an increase of46% compared with$39.5 million for the same quarter of fiscal 2023, and diluted adjusted earnings per share attributable to common stockholders of$2.79 for the fourth quarter of fiscal 2024, compared with$1.74 for the same quarter of fiscal 2023 - Remaining performance obligations, a GAAP measure of future revenue to be recognized from current contracts with customers, of approximately
$1.2 billion as of September 30, 2024 - Backlog (a non-GAAP financial measure, as defined below) of approximately
$1.8 billion as of September 30, 2024
Fiscal Year 2024 Highlights
- Revenue of
$2.9 billion for fiscal 2024, an increase of21% compared with$2.4 billion for fiscal 2023 - Operating income of
$300.9 million for fiscal 2024, an increase of88% compared with$159.8 million for fiscal 2023 - Net income attributable to IES of
$219.1 million for fiscal 2024, an increase of102% compared with$108.3 million for fiscal 2023, and diluted earnings per share attributable to common stockholders of$9.89 for fiscal 2024, compared with$4.54 for fiscal 2023 - Adjusted net income attributable to IES of
$213.6 million for fiscal 2024, an increase of91% compared with$111.9 million for fiscal 2023, and diluted adjusted earnings per share attributable to common stockholders of$9.62 for fiscal 2024 compared with$4.71 for fiscal 2023
Overview of Results
“In fiscal 2024 we continued to build on the progress we made in 2023, with all four of our operating segments growing revenue while expanding operating margins," said Jeff Gendell, Chairman and Chief Executive Officer. "Year-over-year consolidated revenue increased
"Looking forward to fiscal 2025, we expect our Communications, Infrastructure Solutions and Commercial & Industrial operating segments to benefit from continued strong demand, particularly in our data center end markets. In addition, we see opportunities to provide all of our operating segments with additional capital to drive further organic growth. Within our Residential segment, we remain cautious about near-term single-family housing demand due to housing affordability challenges and the potential that some buyers may delay home purchases in anticipation of lower mortgage rates over the next year. Nevertheless, we expect to continue to grow our Residential business through further expansion of our plumbing and HVAC services, and we remain optimistic about long-term demand in the housing market.”
Our Communications segment’s revenue was
Our Residential segment’s revenue was
Our Infrastructure Solutions segment’s revenue was
Our Commercial & Industrial segment’s revenue was
Matt Simmes, President and Chief Operating Officer, commented, “During fiscal 2024, we realized the benefits of investments we have made over the past few years to build more robust and scalable platforms for growth. These initiatives include expanded capacity for our Infrastructure Solutions business, a more coordinated procurement function across all of our businesses, and better controls and processes around project selection. We are pleased to see that these efforts have generated higher margins across the business. As we enter fiscal 2025, we will continue to invest in the scalability of the business, and expect to increase our expenditures on information technology solutions that will provide better visibility and data for decision making, including through the ongoing implementation of our new ERP system. We also expect to make additional investments in human capital management, as recruiting and retention of a skilled workforce is essential to continued growth to meet the needs of our customers.”
“We generated operating cash flow of
Stock Buyback Plan
On July 31, 2024, the Company’s Board of Directors authorized and announced a stock repurchase program for purchasing up to
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 annual report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission ("SEC") by November 22, 2024, 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 9,000 employees serve clients in the United States. For more information about IES, please visit www.ies-co.com.
Company Contact:
Tracy McLauchlin
Chief Financial Officer
IES Holdings, Inc.
(713) 860-1500
Investor Relations Contact:
Robert Winters or Stephen Poe
Alpha IR Group
312-445-2870
IESC@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, a general reduction in the demand for our products or services; changes in general economic conditions, including supply chain constraints, high rates of inflation, changes in consumer sentiment, elevated interest rates, and market disruptions resulting from a number of factors, including geo-political events; competition in the industries in which we operate, which could result in the loss of one or more customers or lead to lower margins on new projects; our ability to successfully manage and execute projects, the cost and availability of qualified labor and the ability to maintain positive labor relations, and our ability to pass along increases in the cost of commodities used in our business; supply chain disruptions due to our suppliers' access to materials and labor, their ability to ship products timely, or credit or liquidity problems they may face; inaccurate estimates used when entering into fixed-price contracts, the possibility of errors when estimating revenue and progress to date on percentage-of-completion contracts, and complications associated with the incorporation of new accounting, control and operating procedures; our ability to enter into, and the terms of, future contracts; the existence of a small number of customers from whom we derive a meaningful portion of our revenues; reliance on third parties, including subcontractors and suppliers, to complete our projects; the inability to carry out plans and strategies as expected, including the inability to identify and complete acquisitions that meet our investment criteria, or the subsequent underperformance of those acquisitions; challenges integrating new businesses into the Company or new types of work, products or processes into our segments; backlog that may not be realized or may not result in profits; failure to adequately recover on contract change orders or claims against customers; closures or sales of our facilities resulting in significant future charges or a significant disruption of our operations; the impact of future epidemics or pandemics on our business; an increased cost of surety bonds affecting margins on work and the potential for our surety providers to refuse bonding or require additional collateral at their discretion; the impact of seasonality, adverse weather conditions, and climate change; fluctuations in operating activity due to factors such as cyclicality, downturns in levels of construction or the housing market, and differing regional economic conditions; difficulties in managing our billings and collections; accidents resulting from the physical hazards associated with our work and the potential for accidents; the possibility that our current insurance coverage may not be adequate or that we may not be able to obtain policies at acceptable rates; the effect of litigation, claims and contingencies, including warranty losses, damages or other latent defect claims in excess of our existing reserves and accruals; costs and liabilities under existing or potential future laws and regulations, including those laws and regulations related to the environment and climate change, as well as the inability to transfer, renew and obtain electrical and other professional licenses; interruptions to our information systems and cyber security or data breaches; expenditures to conduct environmental remediation activities required by certain environmental laws and regulations; loss of key personnel, ineffective transition of new management, or general labor constraints; credit and capital market conditions, including changes in interest rates that affect the cost of construction financing and mortgages, and the inability of some of our customers to obtain sufficient financing at acceptable rates, which could lead to project delays or cancellations; limitations on our ability to access capital markets and generate cash from operations to fund our capital needs; the impact on our effective tax rate or cash paid for taxes from changes in tax positions we have taken or changes in tax laws; difficulty in fulfilling the covenant terms of our revolving credit facility, including liquidity, and other financial requirements, which could result in a default and acceleration of any indebtedness under such revolving credit facility; reliance on certain estimates and assumptions that may differ from actual results in the preparation of our financial statements; uncertainties inherent in the use of percentage-of-completion accounting, which could result in the reduction or elimination of previously recorded revenues and profits; the recognition of potential goodwill, long-lived assets and other investment impairments; the existence of a controlling shareholder, who has the ability to take action not aligned with other shareholders or to dispose of all or a significant portion of the shares of our common stock it holds, which may trigger certain change of control provisions in a number of our material agreements; the relatively low trading volume of our common stock, which could increase the volatility of our stock price and could make it more difficult for shareholders to sell a substantial number of shares for the same price at which shareholders could sell a smaller number of shares; the possibility that we issue additional shares of common stock, preferred stock or convertible securities that will dilute the percentage ownership interest of existing stockholders and may dilute the value per share of our common stock; the potential for substantial sales of our common stock, which could adversely affect our stock price; the impact of increasing scrutiny and changing expectations from investors and customers, or new or changing regulations, with respect to environmental, social and governance practices; the cost or effort required for our shareholders to bring certain claims or actions against us, as a result of our designation of the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings; and the possibility that our internal controls over financial reporting and our disclosure controls and procedures may not prevent all possible errors that could occur, 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, 2024 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 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 SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 775.8 | $ | 649.0 | $ | 2,884.4 | $ | 2,377.2 | ||||||||
| Cost of services | 589.4 | 508.5 | 2,187.8 | 1,932.7 | ||||||||||||
| Gross profit | 186.4 | 140.5 | 696.6 | 444.5 | ||||||||||||
| Selling, general and administrative expenses | 110.9 | 87.2 | 396.7 | 298.6 | ||||||||||||
| Contingent consideration | 0.6 | 0.1 | 0.7 | 0.3 | ||||||||||||
| (Gain) loss on sale of assets | (0.1 | ) | 0.1 | (1.7 | ) | (14.1 | ) | |||||||||
| Operating income | 75.0 | 53.2 | 300.9 | 159.8 | ||||||||||||
| Interest expense | 0.1 | 0.4 | 1.3 | 3.0 | ||||||||||||
| Other income | (5.4 | ) | (0.6 | ) | (5.1 | ) | (1.8 | ) | ||||||||
| Income from operations before income taxes | 80.3 | 53.4 | 304.7 | 158.6 | ||||||||||||
| Provision for income taxes | 14.8 | 12.4 | 72.2 | 38.8 | ||||||||||||
| Net income | 65.5 | 41.0 | 232.5 | 119.8 | ||||||||||||
| Net income attributable to noncontrolling interest | (2.4 | ) | (3.2 | ) | (13.4 | ) | (11.5 | ) | ||||||||
| Net income attributable to IES Holdings, Inc. | $ | 63.1 | $ | 37.8 | $ | 219.1 | $ | 108.3 | ||||||||
| Computation of earnings per share: | ||||||||||||||||
| Net income attributable to IES Holdings, Inc. | $ | 63.1 | $ | 37.8 | $ | 219.1 | $ | 108.3 | ||||||||
| Increase in noncontrolling interest | (1.0 | ) | (4.0 | ) | (17.1 | ) | (15.7 | ) | ||||||||
| Net income attributable to common stockholders of IES Holdings, Inc. | $ | 62.1 | $ | 33.8 | $ | 202.0 | $ | 92.6 | ||||||||
| Earnings per share attributable to common stockholders: | ||||||||||||||||
| Basic | $ | 3.10 | $ | 1.68 | $ | 10.02 | $ | 4.58 | ||||||||
| Diluted | $ | 3.06 | $ | 1.66 | $ | 9.89 | $ | 4.54 | ||||||||
| Shares used in the computation of earnings per share: | ||||||||||||||||
| Basic (in thousands) | 19,991 | 20,192 | 20,160 | 20,197 | ||||||||||||
| Diluted (in thousands) | 20,257 | 20,426 | 20,415 | 20,413 | ||||||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO IES HOLDINGS, INC. AND ADJUSTED EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income attributable to IES Holdings, Inc. | $ | 63.1 | $ | 37.8 | $ | 219.1 | $ | 108.3 | ||||||||
| Gain on sale of STR Mechanical | — | — | — | (13.0 | ) | |||||||||||
| Gain on sale of real estate | — | — | — | (1.0 | ) | |||||||||||
| Severance expense | — | — | — | 3.6 | ||||||||||||
| Provision for income taxes | 14.8 | 12.4 | 72.2 | 38.8 | ||||||||||||
| Adjusted income from operations before income taxes | 77.9 | 50.1 | 291.3 | 136.6 | ||||||||||||
| Adjusted tax expense (1) | (20.3 | ) | (10.6 | ) | (77.7 | ) | (24.7 | ) | ||||||||
| Adjusted net income attributable to IES Holdings, Inc. | 57.6 | 39.5 | 213.6 | 111.9 | ||||||||||||
| Adjustments for computation of earnings per share: | ||||||||||||||||
| Increase in noncontrolling interest | (1.0 | ) | (4.0 | ) | (17.1 | ) | (15.7 | ) | ||||||||
| Adjusted net income attributable to common stockholders | $ | 56.6 | $ | 35.5 | $ | 196.5 | $ | 96.2 | ||||||||
| Adjusted earnings per share attributable to common stockholders: | ||||||||||||||||
| Basic | $ | 2.83 | $ | 1.76 | $ | 9.75 | $ | 4.76 | ||||||||
| Diluted | $ | 2.79 | $ | 1.74 | $ | 9.62 | $ | 4.71 | ||||||||
| Shares used in the computation of earnings per share: | ||||||||||||||||
| Basic (in thousands) | 19,991 | 20,192 | 20,160 | 20,197 | ||||||||||||
| Diluted (in thousands) | 20,257 | 20,426 | 20,415 | 20,413 | ||||||||||||
| (1) The year ended September 30, 2024 was adjusted to remove non-cash tax benefits from the release of reserves for certain uncertain tax positions upon the lapse of the applicable statutes of limitations in fiscal 2024. The year ended September 30, 2023 was adjusted to reflect the utilization of tax net operating loss carryforwards to offset the cash impact of income tax expense. As our tax net operating loss carryforwards were substantially utilized in fiscal 2023, there was no such offset to cash taxes in the year ended September 30, 2024. | ||||||||||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN MILLIONS) (UNAUDITED) | ||||||||||
| September 30, | September 30, | |||||||||
| 2024 | 2023 | |||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 100.8 | $ | 75.8 | ||||||
| Marketable securities | 35.0 | — | ||||||||
| Accounts receivable: | ||||||||||
| Trade, net of allowance | 469.8 | 363.8 | ||||||||
| Retainage | 89.8 | 76.9 | ||||||||
| Inventories | 101.7 | 95.7 | ||||||||
| Costs and estimated earnings in excess of billings | 60.2 | 48.6 | ||||||||
| Prepaid expenses and other current assets | 14.4 | 10.5 | ||||||||
| Total current assets | 871.7 | 671.3 | ||||||||
| Property and equipment, net | 134.2 | 63.4 | ||||||||
| Goodwill | 93.9 | 92.4 | ||||||||
| Intangible assets, net | 45.9 | 56.2 | ||||||||
| Deferred tax assets | 22.4 | 20.4 | ||||||||
| Operating right of use assets | 62.0 | 61.8 | ||||||||
| Other non-current assets | 13.9 | 16.1 | ||||||||
| Total assets | $ | 1,244.0 | $ | 981.6 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Accounts payable and accrued expenses | $ | 363.6 | $ | 296.8 | ||||||
| Billings in excess of costs and estimated earnings | 159.0 | 103.8 | ||||||||
| Total current liabilities | 522.6 | 400.6 | ||||||||
| Long-term debt | — | — | ||||||||
| Operating long-term lease liabilities | 40.4 | 42.1 | ||||||||
| Other tax liabilities | 16.7 | 22.0 | ||||||||
| Other non-current liabilities | 12.2 | 17.0 | ||||||||
| Total liabilities | 591.9 | 481.7 | ||||||||
| Noncontrolling interest | 41.0 | 50.0 | ||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||||
| Preferred stock | — | — | ||||||||
| Common stock | 0.2 | 0.2 | ||||||||
| Treasury stock, at cost | (90.3 | ) | (49.5 | ) | ||||||
| Additional paid-in capital | 203.4 | 203.4 | ||||||||
| Retained earnings | 497.8 | 295.8 | ||||||||
| Total stockholders’ equity | 611.1 | 449.9 | ||||||||
| Total liabilities and stockholders’ equity | $ | 1,244.0 | $ | 981.6 | ||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN MILLIONS) (UNAUDITED) | |||||||||
| Year Ended | |||||||||
| September 30, | |||||||||
| 2024 | 2023 | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
| Net income | $ | 232.5 | $ | 119.8 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Bad debt expense | 1.5 | (0.1 | ) | ||||||
| Deferred financing cost amortization | 0.3 | 0.3 | |||||||
| Depreciation and amortization | 37.1 | 29.4 | |||||||
| Gain on sale of assets | (1.7 | ) | (14.1 | ) | |||||
| Non-cash compensation expense | 5.5 | 4.4 | |||||||
| Deferred income tax expense (benefit) and other non-cash tax adjustments, net | (1.1 | ) | 5.2 | ||||||
| Unrealized loss on trading securities | (1.8 | ) | — | ||||||
| Changes in operating assets and liabilities: | |||||||||
| Marketable securities | (33.2 | ) | — | ||||||
| Accounts receivable | (93.5 | ) | 2.9 | ||||||
| Inventories | (3.5 | ) | (1.1 | ) | |||||
| Costs and estimated earnings in excess of billings | (4.0 | ) | 3.5 | ||||||
| Prepaid expenses and other current assets | (16.7 | ) | (7.3 | ) | |||||
| Other non-current assets | 0.2 | 2.1 | |||||||
| Accounts payable and accrued expenses | 57.9 | (10.0 | ) | ||||||
| Billings in excess of costs and estimated earnings | 54.5 | 19.1 | |||||||
| Other non-current liabilities | 0.4 | 0.2 | |||||||
| Net cash provided by operating activities | 234.4 | 153.9 | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
| Purchases of property and equipment | (45.2 | ) | (17.7 | ) | |||||
| Proceeds from sale of assets | 3.7 | 20.6 | |||||||
| Cash paid in conjunction with equity investments | (0.4 | ) | (0.2 | ) | |||||
| Cash paid in conjunction with business combinations, net of cash acquired | (67.0 | ) | — | ||||||
| Net cash provided by (used in) investing activities | (108.9 | ) | 2.8 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
| Borrowings of debt | 2,896.3 | 2,381.6 | |||||||
| Repayments of debt | (2,896.3 | ) | (2,464.2 | ) | |||||
| Cash paid for finance leases | (4.3 | ) | (3.3 | ) | |||||
| Purchase of noncontrolling interest | (32.0 | ) | — | ||||||
| Settlement of contingent consideration liability | (4.0 | ) | — | ||||||
| Distribution to noncontrolling interest | (16.2 | ) | (11.5 | ) | |||||
| Purchase of treasury stock | (44.0 | ) | (8.3 | ) | |||||
| Net cash used in financing activities | (100.5 | ) | (105.8 | ) | |||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 25.0 | 50.9 | |||||||
| CASH and CASH EQUIVALENTS, beginning of period | 75.8 | 24.8 | |||||||
| CASH and CASH EQUIVALENTS, end of period | $ | 100.8 | $ | 75.8 | |||||
| IES HOLDINGS, INC. AND SUBSIDIARIES OPERATING SEGMENT STATEMENT OF OPERATIONS (DOLLARS IN MILLIONS) (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | ||||||||||||||||
| Communications | $ | 219.9 | $ | 170.8 | $ | 776.5 | $ | 600.8 | ||||||||
| Residential | 356.1 | 337.3 | 1,388.8 | 1,279.5 | ||||||||||||
| Infrastructure Solutions | 110.4 | 58.4 | 351.1 | 217.3 | ||||||||||||
| Commercial & Industrial | 89.4 | 82.5 | 368.0 | 279.6 | ||||||||||||
| Total revenue | $ | 775.8 | $ | 649.0 | $ | 2,884.4 | $ | 2,377.2 | ||||||||
| Operating income (loss) | ||||||||||||||||
| Communications | $ | 22.6 | $ | 16.8 | $ | 86.9 | $ | 51.5 | ||||||||
| Residential (1) | 34.8 | 30.2 | 137.3 | 82.9 | ||||||||||||
| Infrastructure Solutions (2) | 20.7 | 8.1 | 67.5 | 29.2 | ||||||||||||
| Commercial & Industrial (3) | 9.7 | 5.3 | 41.4 | 19.3 | ||||||||||||
| Corporate | (12.8 | ) | (7.2 | ) | (32.2 | ) | (23.1 | ) | ||||||||
| Total operating income | $ | 75.0 | $ | 53.2 | $ | 300.9 | $ | 159.8 | ||||||||
| (1) Residential's operating income for the year ended September 30, 2023 includes pretax severance expense of | ||||||||||||||||
| (2) Infrastructure Solutions' operating income for the year ended September 30, 2023 includes a pretax gain of | ||||||||||||||||
| (3) Commercial & Industrial's operating income for the year ended September 30, 2023 includes a pretax gain of | ||||||||||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION OF ADJUSTED EBITDA (DOLLARS IN MILLIONS) (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income attributable to IES Holdings, Inc. | $ | 63.1 | $ | 37.8 | $ | 219.1 | $ | 108.3 | ||||||||
| Provision for income taxes | 14.8 | 12.4 | 72.2 | 38.8 | ||||||||||||
| Interest & other (income) expense, net | (5.3 | ) | (0.2 | ) | (3.8 | ) | 1.2 | |||||||||
| Depreciation and amortization | 11.1 | 9.3 | 37.1 | 29.4 | ||||||||||||
| EBITDA | $ | 83.7 | $ | 59.3 | $ | 324.6 | $ | 177.7 | ||||||||
| Gain on sale of STR Mechanical | — | — | — | (13.0 | ) | |||||||||||
| Gain on sale of real estate | — | — | — | (1.0 | ) | |||||||||||
| Non-cash equity compensation expense | 1.2 | 1.1 | 5.5 | 4.3 | ||||||||||||
| Severance expense | — | — | — | 3.6 | ||||||||||||
| Adjusted EBITDA | $ | 84.9 | $ | 60.4 | $ | 330.1 | $ | 171.6 | ||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES SUPPLEMENTAL REMAINING PERFORMANCE OBLIGATIONS AND NON-GAAP RECONCILIATION OF BACKLOG DATA (DOLLARS IN MILLIONS) (UNAUDITED) | ||||||||||||
| September 30, | June 30, | September 30, | ||||||||||
| 2024 | 2024 | 2023 | ||||||||||
| Remaining performance obligations | $ | 1,176 | $ | 1,177 | $ | 1,143 | ||||||
| Agreements without an enforceable obligation (1) | 610 | 520 | 415 | |||||||||
| Backlog | $ | 1,786 | $ | 1,697 | $ | 1,558 | ||||||
| (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. | ||||||||||||
FAQ
What was IES Holdings (IESC) revenue growth in fiscal 2024?
How much operating income did IES Holdings (IESC) generate in fiscal 2024?
What is IES Holdings' (IESC) current backlog as of September 2024?
How many shares did IES Holdings (IESC) repurchase in fiscal 2024?
