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IES (IESC)

IES is a holding company that owns and manages operating subsidiaries that design and install integrated electrical and technology systems and provide infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. IES has more than 5,000 employees serve clients in the United States.

Company profile

Ticker
IESC
Exchange
CEO
Gary Matthews
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
INTEGRATED ELECTRICAL SERVICES INC, Integrated Electrical Services, Inc.
SEC CIK
Subsidiaries
Aerial Lighting & Electric, Inc. • Azimuth Communications, Inc. • Bayonet Plumbing, Heating & Air Conditioning, LLC • Calumet Armature and Electric, L.L.C. • Edmonson Electric, LLC • Freeman Enclosure Systems, LLC • Hotchkiss Alarms, LLC • ICS Holdings LLC • IES Commercial, Inc. • IES Communications, LLC ...
IRS number
760542208

IESC stock data

Calendar

4 Aug 22
12 Aug 22
30 Sep 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Sep 21 Sep 20 Sep 19 Sep 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 17.06M 17.06M 17.06M 17.06M 17.06M 17.06M
Cash burn (monthly) 740K 122.08K (no burn) (no burn) 4.96M 1.25M
Cash used (since last report) 1.06M 174.89K n/a n/a 7.11M 1.79M
Cash remaining 16M 16.88M n/a n/a 9.95M 15.27M
Runway (months of cash) 21.6 138.3 n/a n/a 2.0 12.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Aug 22 Matthew J Simmes Common Stock Buy Acquire P No No 33.14 500 16.57K 62,989
9 Aug 22 Matthew J Simmes Common Stock Buy Acquire P No No 32.5 1,000 32.5K 62,489
1 Jul 22 Elizabeth Leykum Common Stock Grant Acquire A No No 0 600 0 2,097
1 Jul 22 Koshkin Joe D Common Stock Grant Acquire A No No 0 704 0 45,829
1 Jul 22 Jennifer A Baldock Common Stock Grant Acquire A No No 0 600 0 2,050
1 Jul 22 Gendell David B. Common Stock Grant Acquire A No No 0 600 0 135,177
13F holders Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Largest transactions Shares Bought/sold Change

Financial report summary

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Risks
  • The Coronavirus Disease 2019 ("COVID-19") pandemic has adversely impacted, and could have a future materially adverse impact on, our business, including our financial condition, cash flows and results of operations.
  • The highly competitive nature of our industries could affect our profitability by reducing our revenues or profit margins.
  • We generate a significant portion of our revenues under fixed price contracts. The estimates we use in placing bids and changes in commodity and labor costs could have an adverse effect on our ability to maintain our profitability.
  • Our inability to carry out plans and strategies as expected, including our inability to identify and complete acquisitions and investments that meet our investment criteria in furtherance of our corporate strategy or the subsequent underperformance of those acquisitions and investments, may adversely impact our future growth and profitability.
  • We may be unsuccessful at integrating other companies that we may acquire, or new types of work, products or processes into our segments.
  • Backlog may not be realized or may not result in profits.
  • We may fail to adequately recover on contract change orders or claims brought by us against customers.
  • The availability and cost of surety bonds affect our ability to enter into new contracts and our margins on those engagements.
  • We are subject to risks associated with seasonality, adverse weather conditions, and climate change.
  • We may experience difficulties in managing our billings and collections.
  • Our operations are subject to numerous physical hazards. If an accident occurs, it could result in an adverse effect on our business.
  • Litigation and claims can cause unexpected losses.
  • The loss of a group or several key personnel, either at the corporate or operating level, or general labor constraints could adversely affect our business.
  • Availability of net operating losses may be reduced by a change in ownership.
  • We have adopted tax positions that a taxing authority may view differently. If a taxing authority differs with our tax positions, our results may be adversely affected.
  • We have recognized deferred tax assets based upon our estimates of future taxable income, and we may recognize tax expense if there is a reduction in the statutory tax rate or if future taxable income is lower than our estimates.
  • To fund our working capital requirements, complete acquisitions and service any debt we may incur, we may require a significant amount of cash. Our ability to generate cash depends on many factors that are beyond our control.
  • We have restrictions and covenants under our credit agreement and the failure to meet these covenants, including liquidity and other financial requirements, could result in a default under our credit agreement.
  • Our use of percentage-of-completion accounting could result in a reduction or elimination of previously reported profits, and we may be adversely impacted by new accounting, control and operating procedures.
  • Our reported operating results could be adversely affected as a result of goodwill impairment charges.
  • Existence of a controlling shareholder.
  • We may 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 book value per share of our common stock.
  • Our bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could increase the costs for our shareholders to bring claims, discourage our shareholders from bringing claims, or limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our current or former directors, officers, employees or shareholders in such capacity.
  • Our internal controls over financial reporting and our disclosure controls and procedures may not prevent all possible errors that could occur. Internal controls over financial reporting and disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objective will be met.
Management Discussion
  • Consolidated revenues for the three months ended June 30, 2022, were $161.4 million higher than for the three months ended June 30, 2021, an increase of 39.8%, with increases at all four of our operating segments driven by strong demand and the contribution of Edmonson Electric, LLC ("Edmonson"), which was acquired during the third quarter of fiscal 2021.
  • Consolidated gross profit for the three months ended June 30, 2022 increased $10.0 million compared to the three months ended June 30, 2021. Our overall gross profit percentage decreased to 14.6% during the three months ended June 30, 2022, as compared to 17.9% during the three months ended June 30, 2021. Gross profit as a percentage of revenue decreased at all four of our operating segments. See further discussion below of changes in gross margin for our individual segments.
  • Selling, general and administrative expenses include costs not directly associated with performing work for our customers. These costs consist primarily of compensation and benefits related to corporate, segment and branch management (including incentive-based compensation), occupancy and utilities, training, professional services, information technology costs, consulting fees, travel and certain types of depreciation and amortization. We allocate certain corporate selling, general and administrative costs across our segments as we believe this more accurately reflects the costs associated with operating each segment.

Content analysis

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New words: begun, bidding, medical, setup, shift, stabilize, warehouse
Removed: grew, LIBOR