IES Holdings Files Q3 2024 10-Q

TL;DR

IES Holdings Q3 2024 10-Q filed. Financials updated.

AI Summary

IES Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Integrated Electrical Services Inc., is based in Houston, Texas, and operates in the electrical work sector. The filing covers the third quarter of their fiscal year, which ends on September 30.

Why It Matters

This filing provides investors with an update on IES Holdings' financial performance and operational status for the most recent quarter, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 20240630 — Period End Date (The filing covers financial data up to this date.)
• 20240802 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• IES Holdings, Inc. (company) — Filer
• Integrated Electrical Services, Inc. (company) — Former Company Name
• Houston, TX (location) — Business Address
• 20240630 (date) — Period of Report

FAQ

Key Financial Figures

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

Filing Documents

• iesc-20240630.htm (10-Q) — 1584KB
• q32024ex311.htm (EX-31.1) — 9KB
• q32024ex312.htm (EX-31.2) — 9KB
• q32024ex321.htm (EX-32.1) — 6KB
• q32024ex322.htm (EX-32.2) — 6KB
• iesc-20240630_g1.jpg (GRAPHIC) — 100KB
• 0001048268-24-000098.txt ( ) — 7359KB
• iesc-20240630.xsd (EX-101.SCH) — 30KB
• iesc-20240630_cal.xml (EX-101.CAL) — 59KB
• iesc-20240630_def.xml (EX-101.DEF) — 172KB
• iesc-20240630_lab.xml (EX-101.LAB) — 551KB
• iesc-20240630_pre.xml (EX-101.PRE) — 372KB
• iesc-20240630_htm.xml (XML) — 1215KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of June 30 , 2024 and September 30, 2023 6 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended June 30 , 2024 and 2023 7 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended June 30 , 2024 and 2023 9 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 30 , 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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 38

Other Information

Item 5. Other Information 38

Exhibits

Item 6. Exhibits 39

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) June 30, September 30, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 44,897 $ 75,770 Accounts receivable: Trade, net of allowance of $ 1,628 and $ 1,649 , respectively 457,559 363,836 Retainage 90,824 76,934 Inventories 106,855 95,655 Costs and estimated earnings in excess of billings 57,885 48,620 Prepaid expenses and other current assets 30,535 10,481 Total current assets 788,555 671,296 Property and equipment, net 126,719 63,410 Goodwill 94,543 92,395 Intangible assets, net 49,508 56,208 Deferred tax assets 22,528 20,383 Operating right of use assets 58,756 61,761 Other non-current assets 14,727 16,147 Total assets $ 1,155,336 $ 981,600 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses 334,930 296,797 Billings in excess of costs and estimated earnings 139,261 103,771 Total current liabilities 474,191 400,568 Long-term debt — — Operating long-term lease liabilities 38,715 42,098 Other tax liabilities 23,334 22,047 Other non-current liabilities 12,655 16,951 Total liabilities 548,895 481,664 Noncontrolling interest 38,919 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 20,085,953 and 20,194,218 outstanding, respectively 220 220 Treasury stock, at cost, 1,963,576 and 1,855,311 shares, respectively ( 71,530 ) ( 49,450 ) Additional paid-in capital 203,139 203,431 Retained earnings 435,693 295,784 Total stockholders' equity 567,522 449,985 Total liabilities and stockholders' equity $ 1,155,336 $ 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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