IES Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>IES Holdings, Inc. (IESC) filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operational status.</b>

AI Summary

IES Holdings, Inc. (IESC) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. IES Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the fiscal quarter ending March 31, 2024. 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 health and operational progress during the most recent fiscal quarter. Understanding the details within this 10-Q is crucial for assessing IESC's current market position and future prospects.

Risk Assessment

Risk Level: low — IES Holdings, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate red flags, indicating a low level of immediate risk.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand IESC's performance trends and identify any emerging risks or opportunities.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-03 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)
• 1731 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• IES Holdings, Inc. (company) — Filer name
• Integrated Electrical Services, Inc. (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• 77056 (zip_code) — Business address zip code
• 7138601500 (phone_number) — Business phone number
• 001-13783 (sec_file_number) — SEC file number

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 10-Q, which is a mandatory quarterly report filed by public companies with the SEC, adhering to the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and cash flow trends.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly update after the annual report.

Key Financial Figures

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

Filing Documents

• iesc-20240331.htm (10-Q) — 1536KB
• q22024ex311.htm (EX-31.1) — 9KB
• q22024ex312.htm (EX-31.2) — 9KB
• q22024ex321.htm (EX-32.1) — 6KB
• q22024ex322.htm (EX-32.2) — 6KB
• iesc-20240331_g1.jpg (GRAPHIC) — 100KB
• 0001048268-24-000065.txt (&nbsp;) — 6914KB
• iesc-20240331.xsd (EX-101.SCH) — 28KB
• iesc-20240331_cal.xml (EX-101.CAL) — 58KB
• iesc-20240331_def.xml (EX-101.DEF) — 136KB
• iesc-20240331_lab.xml (EX-101.LAB) — 508KB
• iesc-20240331_pre.xml (EX-101.PRE) — 332KB
• iesc-20240331_htm.xml (XML) — 1123KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 and September 30, 2023 6 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended March 31, 2024 and 2 023 7 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended March 31, 202 4 and 2 023 9 Condensed Consolidated Statements of Cash Flows for the Six Months Ended Mar ch 31, 2024 and 2023 10 Notes to Condensed Consolidated Financial Statements 11

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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

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 the ongoing Ukraine and Israel conflicts, trade tensions between the U.S. and China, 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,

Financial Statements

Item 1. Financial Statements IES HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In Thousands, Except Share Information) March 31, September 30, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 105,969 $ 75,770 Accounts receivable: Trade, net of allowance of $ 1,887 and $ 1,649 , respectively 416,657 363,836 Retainage 86,992 76,934 Inventories 104,612 95,655 Costs and estimated earnings in excess of billings 48,284 48,620 Prepaid expenses and other current assets 33,984 10,481 Total current assets 796,498 671,296 Property and equipment, net 67,820 63,410 Goodwill 92,395 92,395 Intangible assets, net 50,075 56,208 Deferred tax assets 21,276 20,383 Operating right of use assets 57,564 61,761 Other non-current assets 15,536 16,147 Total assets $ 1,101,164 $ 981,600 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses 306,463 296,797 Billings in excess of costs and estimated earnings 127,767 103,771 Total current liabilities 434,230 400,568 Long-term debt — — Operating long-term lease liabilities 38,175 42,098 Other tax liabilities 22,799 22,047 Other non-current liabilities 10,996 16,951 Total liabilities 506,200 481,664 Noncontrolling interest 60,158 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 20,243,458 and 20,194,218 outstanding, respectively 220 220 Treasury stock, at cost, 1,806,071 and 1,855,311 shares, respectively ( 50,428 ) ( 49,450 ) Additional paid-in capital 204,088 203,431 Retained earnings 380,926 295,784 Total stockholders' equity 534,806 449,985 Total liabilities and stockholders' equity $ 1,101,164 $ 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