IES Holdings, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>IES Holdings, Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023.</b>

AI Summary

IES Holdings, Inc. (IESC) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. IES Holdings, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the fiscal quarter of 2024 Q1. The company's fiscal year ends on September 30. IES Holdings, Inc. was formerly known as Integrated Electrical Services, Inc. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking IES Holdings, Inc., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the most recent quarter. Understanding the details within this 10-Q is crucial for assessing IES Holdings' current financial health and future prospects.

Risk Assessment

Risk Level: low — IES Holdings, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any trends or specific areas of concern or opportunity.

Key Numbers

• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-02-02 — Filing Date (Filed as of date)
• 2023-10-01 — Quarter Start Date (Reporting period start date)
• 2022-10-01 — Prior Year Quarter Start Date (Prior year reporting period start date)

Key Players & Entities

• IES Holdings, Inc. (company) — Filer name
• Integrated Electrical Services, Inc. (company) — Former company name
• 2023-12-31 (date) — Period of report
• 2024-02-02 (date) — Filed as of date
• Delaware (location) — State of incorporation

Forward-Looking Statements

• IES Holdings will continue to grow its retained earnings in the next quarter. (IES Holdings, Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

IES Holdings, Inc. operates within the electrical contracting industry, providing a range of services including electrical, mechanical, and technology solutions.

Regulatory Implications

The filing is a standard Form 10-Q, which is a mandatory quarterly report filed by public companies with the U.S. Securities and Exchange Commission (SEC).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Examine segment performance to understand growth drivers and potential challenges.
3. Review any disclosures regarding risks, legal proceedings, or significant events.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 31, 2023, and a direct comparison to the previous period's 10-Q for the same quarter is not yet available within this document.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share IESC NASDAQ Global Market

Filing Documents

• iesc-20231231.htm (10-Q) — 1038KB
• q12024ex311.htm (EX-31.1) — 9KB
• q12024ex312.htm (EX-31.2) — 9KB
• q12024ex321.htm (EX-32.1) — 6KB
• q12024ex322.htm (EX-32.2) — 6KB
• iesc-20231231_g1.jpg (GRAPHIC) — 100KB
• 0001048268-24-000026.txt (&nbsp;) — 5967KB
• iesc-20231231.xsd (EX-101.SCH) — 27KB
• iesc-20231231_cal.xml (EX-101.CAL) — 55KB
• iesc-20231231_def.xml (EX-101.DEF) — 130KB
• iesc-20231231_lab.xml (EX-101.LAB) — 535KB
• iesc-20231231_pre.xml (EX-101.PRE) — 321KB
• iesc-20231231_htm.xml (XML) — 911KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of December 31 , 2023 and September 30, 202 3 6 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended December 3 1 , 2023 and 2022 7 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended December 3 1 , 2023 and 2022 8 Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 3 1 , 2023 and 2022 9 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 31

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION DEFINITIONS In this Quarterly Report on Form 10-Q, the words "IES", the "Company", the "Registrant", "we", "our", "ours" and "us" refer to IES Holdings, Inc. and, except as otherwise specified herein, to our subsidiaries. DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes certain statements that may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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 market and macro-economic disruptions resulting from Russia's invasion of Ukraine or other geo-political events; 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; our ability to successfully manage 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, in particular, copper, aluminum, steel, fuel, electronic components and certain plastics; supply cha

Financial Statements

Item 1. Financial Statements IES HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In Thousands, Except Share Information) December 31, September 30, 2023 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 87,456 $ 75,770 Accounts receivable: Trade, net of allowance of $ 1,705 and $ 1,649 , respectively 388,556 363,836 Retainage 80,781 76,934 Inventories 113,774 95,655 Costs and estimated earnings in excess of billings 40,646 48,620 Prepaid expenses and other current assets 16,378 10,481 Total current assets 727,591 671,296 Property and equipment, net 65,423 63,410 Goodwill 92,395 92,395 Intangible assets, net 53,141 56,208 Deferred tax assets 20,280 20,383 Operating right of use assets 62,560 61,761 Other non-current assets 20,629 16,147 Total assets $ 1,042,019 $ 981,600 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses 294,947 296,797 Billings in excess of costs and estimated earnings 126,962 103,771 Total current liabilities 421,909 400,568 Long-term debt — — Operating long-term lease liabilities 42,337 42,098 Other tax liabilities 22,312 22,047 Other non-current liabilities 11,849 16,951 Total liabilities 498,407 481,664 Noncontrolling interest 54,969 49,951 STOCKHOLDERS' EQUITY: Preferred stock, $ 0.01 par value, 10,000,000 shares authorized, none issued and outstanding — — Common stock, $ 0.01 par value, 100,000,000 shares authorized; 22,049,529 issued and 20,213,976 and 20,194,218 outstanding, respectively 220 220 Treasury stock, at cost, 1,835,553 and 1,855,311 shares, respectively ( 49,521 ) ( 49,450 ) Additional paid-in capital 203,986 203,431 Retained earnings 333,958 295,784 Total stockholders' equity 488,643 449,985 Total liabilities and stockholders' equity $ 1,042,019 $ 981,600 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 6 IES HOLDINGS, INC. AND SUBSIDIARIES

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View this 10-Q filing on SEC EDGAR