DEI Document
DEI Document - shares | 6 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Entity Information [Line Items] | ||
Entity File Number | 001-13783 | |
Entity Registrant Name | IES Holdings, Inc. | |
Document Period End Date | Mar. 31, 2020 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Central Index Key | 0001048268 | |
Entity Incorporation, State or Country Code | DE | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Tax Identification Number | 76-0542208 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Address, Address Line One | 5433 Westheimer Road | |
Entity Address, Address Line Two | SuiteĀ 500 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77056 | |
City Area Code | 713 | |
Local Phone Number | 860-1500 | |
Entity Common Stock, Shares Outstanding | 21,073,719 | |
Common Stock, par value $0.01 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | IESC | |
Security Exchange Name | NASDAQ | |
Rights to Purchase Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Rights to Purchase Preferred Stock | |
Trading Symbol | IESC | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | |
Statement of Financial Position [Abstract] | |||
Cash and cash equivalents | $ 43,799,000 | $ 43,799,000 | $ 18,934,000 |
Accounts receivable | 180,593,000 | 180,593,000 | 186,279,000 |
Retainage | 37,015,000 | 37,015,000 | 29,214,000 |
Inventories | 22,288,000 | 22,288,000 | 21,543,000 |
Costs and estimated earnings in excess of billings | 27,478,000 | 27,478,000 | 29,860,000 |
Prepaid expenses and other current assets | 12,651,000 | 12,651,000 | 10,625,000 |
Total current assets | 323,824,000 | 323,824,000 | 296,455,000 |
Property and equipment, net | 26,064,000 | 26,064,000 | 25,746,000 |
Goodwill | 60,542,000 | 60,542,000 | 50,622,000 |
Intangible assets, net | 43,810,000 | 43,810,000 | 26,623,000 |
Operating Lease, Right-of-Use Asset | 34,804,000 | 34,804,000 | 0 |
Other non-current assets | 3,423,000 | 3,423,000 | 4,938,000 |
Total assets | 526,344,000 | 526,344,000 | 445,258,000 |
Accounts payable and accrued expenses | 164,919,000 | 164,919,000 | 152,909,000 |
Billings in excess of costs and estimated earnings | 45,886,000 | 45,886,000 | 40,563,000 |
Total current liabilities | 210,805,000 | 210,805,000 | 193,472,000 |
Long-term debt | 28,986,000 | 28,986,000 | 299,000 |
Long-term Debt and Lease Obligation | 23,457,000 | 23,457,000 | 0 |
Other non-current liabilities | 2,445,000 | 2,445,000 | 1,945,000 |
Total liabilities | 265,693,000 | 265,693,000 | 195,716,000 |
Noncontrolling interest | 2,846,000 | 2,846,000 | 3,294,000 |
Preferred stock, value | 0 | 0 | 0 |
Common stock, value | 220,000 | 220,000 | 220,000 |
Treasury stock, value | (15,643,000) | (15,643,000) | (12,483,000) |
Additional paid-in capital | 192,895,000 | 192,895,000 | 192,911,000 |
Retained earnings | 80,333,000 | 80,333,000 | 65,600,000 |
Total stockholders' equity | 257,805,000 | 257,805,000 | 246,248,000 |
Total liabilities and stockholders' equity | 526,344,000 | 526,344,000 | 445,258,000 |
Deferred Income Tax Assets, Net | 33,877,000 | 33,877,000 | $ 40,874,000 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 497,000 | $ 928,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 1,154 | $ 1,184 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 22,049,529 | 22,049,529 |
Common Stock, Shares, Outstanding | 21,071,666 | 21,165,011 |
Treasury Stock, Shares | 977,863 | 884,518 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 291,277 | $ 256,914 | $ 567,320 | $ 500,756 |
Cost of services | 240,013 | 213,679 | 465,841 | 415,920 |
Gross profit | 51,264 | 43,235 | 101,479 | 84,836 |
Selling, general and administrative expenses | 42,036 | 35,070 | 79,908 | 67,156 |
Contingent consideration | 0 | (149) | 0 | (115) |
Loss (gain) on sale of assets | (1) | 98 | (37) | 95 |
Operating income (loss) | 9,229 | 8,216 | 21,608 | 17,700 |
Interest expense | 320 | 535 | 559 | 1,082 |
Other (income) expense, net | 268 | (112) | 409 | (65) |
Income (loss) from operations before income taxes | 8,641 | 7,793 | 20,640 | 16,683 |
Provision for (benefit from) income taxes | 2,428 | 2,336 | 5,897 | 4,243 |
Net income (loss) | 6,213 | 5,457 | 14,743 | 12,440 |
Net income attributable to noncontrolling interest | 18 | 32 | (10) | (67) |
Comprehensive income attributable to IES Holdings, Inc. | $ 6,231 | $ 5,489 | $ 14,733 | $ 12,373 |
Earnings Per Share, Basic | $ 0.30 | $ 0.26 | $ 0.70 | $ 0.58 |
Earnings Per Share, Diluted | $ 0.29 | $ 0.26 | $ 0.69 | $ 0.58 |
Weighted Average Number of Shares Outstanding, Basic | 20,847,245 | 21,139,096 | 20,865,460 | 21,187,834 |
Weighted Average Number of Shares Outstanding, Diluted | 21,122,310 | 21,379,746 | 21,132,519 | 21,424,522 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Stockholders' Equity Attributable to Parent at Sep. 30, 2018 | $ 220,407 | $ 220 | $ (8,937) | $ 196,810 | $ 32,314 |
Shares, Issued at Sep. 30, 2018 | 22,049,529 | 843,993 | |||
Issuances under compensation plans | $ 5,905 | (5,905) | |||
Issuances under compensation plans, shares | 499,874 | ||||
Acquisition of treasury stock | (5,411) | $ (5,411) | 0 | ||
Acquisition of treasury stock, shares | (323,563) | ||||
Non-cash compensation | 674 | 674 | |||
Noncontrolling Interest, Change in Redemption Value | 0 | ||||
Net income (loss) attributable to IES Holdings, Inc. | 12,373 | 12,373 | |||
Stockholders' Equity Attributable to Parent at Mar. 31, 2019 | 228,145 | $ 220 | $ (8,443) | 191,579 | 44,789 |
Shares, Issued at Mar. 31, 2019 | 22,049,529 | 667,682 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 102 | 102 | |||
Stockholders' Equity Attributable to Parent at Dec. 31, 2018 | 225,231 | $ 220 | $ (8,896) | 194,607 | 39,300 |
Shares, Issued at Dec. 31, 2018 | 22,049,529 | 763,426 | |||
Issuances under compensation plans | $ 3,653 | (3,653) | |||
Issuances under compensation plans, shares | 287,186 | ||||
Acquisition of treasury stock | (3,200) | $ (3,200) | 0 | ||
Acquisition of treasury stock, shares | (191,442) | ||||
Non-cash compensation | 625 | 625 | |||
Net income (loss) attributable to IES Holdings, Inc. | 5,489 | 5,489 | |||
Stockholders' Equity Attributable to Parent at Mar. 31, 2019 | 228,145 | $ 220 | $ (8,443) | 191,579 | 44,789 |
Shares, Issued at Mar. 31, 2019 | 22,049,529 | 667,682 | |||
Stockholders' Equity Attributable to Parent at Sep. 30, 2019 | 246,248 | $ 220 | $ (12,483) | 192,911 | 65,600 |
Shares, Issued at Sep. 30, 2019 | 22,049,529 | 884,518 | |||
Issuances under compensation plans | $ 1,650 | (1,650) | |||
Issuances under compensation plans, shares | 116,580 | ||||
Acquisition of treasury stock | (4,894) | $ (4,894) | |||
Acquisition of treasury stock, shares | (215,675) | ||||
Options exercised | 34 | $ 84 | (50) | ||
Options exercised, shares | 5,750 | ||||
Non-cash compensation | 1,684 | 1,684 | |||
Net income (loss) attributable to IES Holdings, Inc. | 14,733 | 14,733 | |||
Stockholders' Equity Attributable to Parent at Mar. 31, 2020 | 257,805 | $ 220 | $ (15,643) | 192,895 | 80,333 |
Shares, Issued at Mar. 31, 2020 | 22,049,529 | 977,863 | |||
Stockholders' Equity Attributable to Parent at Dec. 31, 2019 | 254,778 | $ 220 | $ (11,998) | 192,499 | 74,057 |
Shares, Issued at Dec. 31, 2019 | 22,049,529 | 826,353 | |||
Issuances under compensation plans | $ 308 | (308) | |||
Issuances under compensation plans, shares | 21,171 | ||||
Acquisition of treasury stock | (4,037) | $ (4,037) | |||
Acquisition of treasury stock, shares | (178,431) | ||||
Options exercised | 34 | $ 84 | (50) | ||
Options exercised, shares | 5,750 | ||||
Non-cash compensation | 754 | 754 | |||
Noncontrolling Interest, Change in Redemption Value | 45 | 45 | |||
Net income (loss) attributable to IES Holdings, Inc. | 6,231 | 6,231 | |||
Stockholders' Equity Attributable to Parent at Mar. 31, 2020 | $ 257,805 | $ 220 | $ (15,643) | $ 192,895 | $ 80,333 |
Shares, Issued at Mar. 31, 2020 | 22,049,529 | 977,863 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ 14,743 | $ 12,440 |
Bad debt expense | 281 | 248 |
Deferred financing cost amortization | 204 | 156 |
Depreciation and amortization | 5,597 | 4,846 |
Loss (gain) on sale of assets | (37) | 95 |
Non-cash compensation expense | 1,684 | 674 |
Deferred income taxes | 4,543 | 4,243 |
Accounts receivable | 8,595 | (9,616) |
Inventories | (220) | (2,873) |
Costs and estimated earnings in excess of billings | 2,847 | 3,152 |
Prepaid expenses and other current assets | (8,942) | (764) |
Other non-current assets | 1,543 | (1,370) |
Accounts payable and accrued expenses | (2,035) | (144) |
Billings in excess of costs and estimated earnings | 4,113 | (948) |
Other non-current liabilities | (195) | (736) |
Net cash provided by operating activities | 32,721 | 9,403 |
Purchases of property and equipment | (2,898) | (3,929) |
Proceeds from sale of assets | 53 | 7 |
Cash paid in conjunction with business combinations | (28,952) | |
Net cash used in investing activities | (31,797) | (3,922) |
Borrowings of debt | 592,422 | 122 |
Repayments of debt | (563,093) | (10,144) |
Cash paid for finance leases | (71) | |
Distribution to noncontrolling interests | (457) | (137) |
Purchase of treasury stock | (4,894) | (5,411) |
Options exercised | 34 | |
Net cash used in financing activities | 23,941 | (15,570) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 24,865 | (10,089) |
CASH, CASH EQUIVALENTS and RESTRiCTED CASH, beginning of period | 18,934 | 26,247 |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period | 43,799 | 16,158 |
Cash paid for interest | 410 | 1,008 |
Cash paid for income taxes (net) | $ 522 | $ 523 |
Business
Business | 6 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1. BUSINESS AND ACCOUNTING POLICIES Description of the Business IES Holdings, Inc . is a holding company that owns and manages operating subsidiaries in business activities across a variety of end-markets. Our operations are currently organized into four principal business segments, based upon the nature of our current services: ā¢ Commercial & Industrial ā Provider of electrical and mechanical design, construction, and maintenance services to the commercial and industrial markets in various regional markets and nationwide in certain areas of expertise, such as the power infrastructure market. ā¢ Communications ā Nationwide provider of technology infrastructure services, including the design, build, and maintenance of the communications infrastructure within data centers for co-location and managed hosting customers for both large corporations and independent businesses. ā¢ Infrastructure Solutions ā Provider of electro-mechanical solutions for industrial operations, including apparatus repair and custom-engineered products such as generator enclosures to be used in data centers and other industrial applications. ā¢ Residential ā Regional provider of electrical installation services for single-family housing and multi-family apartment complexes. The words āIESā, the āCompanyā, āweā, āourā, and āusā refer to IES Holdings, Inc. and, except as otherwise specified herein, to our consolidated subsidiaries. Seasonality and Quarterly Fluctuations Results of operations from our Residential construction segment can be seasonal, depending on weather trends, with typically higher revenues generated during spring and summer and lower revenues generated during fall and winter. The Commercial & Industrial, Communications and Infrastructure Solutions segments of our business are less subject to seasonal trends, as work in these segments generally is performed inside structures protected from the weather, although weather can still impact these businesses, especially in the early stages of projects. Our service and maintenance business is generally not affected by seasonality. Our volume of business may be adversely affected by declines in construction projects resulting from adverse regional or national economic conditions. Quarterly results may also be materially affected by the timing of new construction projects. Results for our Infrastructure Solutions segment may be affected by the timing of outages at our customersā facilities. Accordingly, operating results for any fiscal period are not necessarily indicative of results that may be achieved for any subsequent fiscal period. Basis of Financial Statement Preparation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of IES, our wholly-owned subsidiaries, and entities that we control due to ownership of a majority of voting interest and have been prepared in accordance with the instructions to interim financial reporting as prescribed by the Securities and Exchange Commission (the āSECā). The results for the interim periods are not necessarily indicative of results for the entire year. These interim financial statements do not include all disclosures required by U.S. generally accepted accounting principles (āGAAPā), and should be read in conjunction with the consolidated financial statements and notes thereto filed with the SEC in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019. In the opinion of management, the unaudited Condensed Consolidated Financial Statements contained in this report include all known accruals and adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods reported herein. Any such adjustments are of a normal recurring nature. Noncontrolling Interest In connection with our acquisitions of STR Mechanical, LLC in fiscal 2016 and NEXT Electric, LLC (āNEXT Electricā) in fiscal 2017, we acquired an 80 percent interest in each of the entities, with the remaining 20 percent interest in each such entity being retained by the respective third party seller. The interests retained by those third party sellers are identified on our Condensed Consolidated Balance Sheets as noncontrolling interest, classified outside of permanent equity. Under the terms of each entityās operating agreement, after five years from the date of the acquisition, we may elect to purchase, or the third party seller may require us to purchase, part or all of the remaining 20 percent interest in the applicable entity. The purchase price is variable, based on a multiple of earnings as defined in the operating agreements. Therefore, this noncontrolling interest is carried at the greater of the balance determined under Accounting Standards Codification (āASCā) 810 and the redemption amounts assuming the noncontrolling interests were redeemable at the balance sheet date. If all of these interests had been redeemable at March 31, 2020, the redemption amount would have been $2,434. Leases We enter into various contractual arrangements for the right to use facilities, vehicles and equipment. We evaluate whether each of these arrangements contains a lease and classify all identified leases as either operating or finance. If the arrangement is subsequently modified, we re-evaluate our classification. The lease term generally ranges from two to ten years for facilities and three to five years for vehicles and equipment. Our lease terms may include the exercise of renewal or termination options when it is reasonably certain these options will be exercised. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. Upon commencement of the lease, we recognize a lease liability and corresponding right-of use ("ROU") asset for all leases with an initial term greater than twelve months. Lease liabilities represent the present value of our future lease payments over the expected lease term. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate as the discount rate in calculating the present value of the lease payments. The incremental borrowing rate is determined by identifying a synthetic credit rating for the consolidated company, where treasury functions are centrally managed, and adjusting the interest rates from associated indexes for differences in credit risk and interest rate risk. We have elected to combine the lease and nonlease components in the recognition of our lease liabilities across all classes of underlying assets. ROU assets represent our right to control the use of the leased asset during the lease and are recognized in an amount equal to the lease liability with adjustments for prepaid or accrued rent, lease incentives or unamortized initial direct costs. Costs associated with operating lease assets are recognized on a straight-line basis over the term of the lease. Our lease assets are tested for impairment in the same manner as long-lived assets used in operations. Certain lease contracts include obligations to pay for other services, such as operations and maintenance. Where the costs of these services can be identified as fixed or fixed-in-substance, the costs are included as part of the future lease payments. If the cost is not fixed at the inception of the lease, the cost is recorded as a variable cost in the period incurred. Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition of construction in progress, fair value assumptions in accounting for business combinations and analyzing goodwill, intangible assets and long-lived asset impairments and adjustments, allowance for doubtful accounts receivable, stock-based compensation, reserves for legal matters, realizability of deferred tax assets, unrecognized tax benefits and self-insured claims liabilities and related reserves. Accounting Standards Not Yet Adopted In June 2016, the Financial Accounting Standards Board (āFASBā) issued Accounting Standard Update No. 2016-13, Financial Instruments ā Credit Losses (āASU 2016-13ā), which requires companies to consider historical experiences, current market conditions and reasonable and supportable forecasts in the measurement of expected credit losses, with further clarifications made in April 2019 and May 2019 with the issuances of Accounting Standard Updates No. 2019-04 and 2019-05. This update is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, although early adoption is permitted. We are currently evaluating the impact it will have on our Condensed Consolidated Financial Statements. We plan to adopt this standard on October 1, 2020. In August 2018, the FASB issued Accounting Standard Update No. 2018-13, Fair Value Measurement Disclosure Framework (āASU 2018-13ā), to modify certain disclosure requirements for fair value measurements. Under the new guidance, registrants will need to disclose weighted average information for significant unobservable inputs for all Level 3 fair value measurements. The guidance does not specify how entities should calculate the weighted average, but requires them to explain their calculation. The new guidance also requires disclosing the changes in unrealized gain and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements of instruments held at the end of the reporting period. This guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, although early adoption is permitted for either the entire standard or only the provisions that eliminate or modify the requirements. We plan to adopt this standard on October 1, 2020, and do not expect the adoption to have a material effect on our Condensed Consolidated Financial Statements. Accounting Standards Recently Adopted In February 2016, the FASB issued Accounting Standard Update No. 2016-02, Leases (āASU 2016-02ā). Under ASU 2016-02, lessees need to recognize a ROU asset and a lease liability on the Balance Sheet for all leases, other than those that meet the definition of a short-term lease. For income statement purposes, leases must be classified as either operating or finance. Operating leases result in straight-line expense, while finance leases are accounted for similar to capital leases under the previous lease accounting standard. We adopted ASU 2016-02 on October 1, 2019 using a modified retrospective transition approach. Using the optional transition method allowed under Accounting Standard Update No. 2018-11, prior period amounts were not adjusted retrospectively and continue to be reported using the previous accounting standards in effect for the period presented. We elected to utilize all of the available practical expedients with the exception of the practical expedient permitting the use of hindsight when determining the lease term and assessing impairment of ROU assets. Therefore, we did not reassess whether any of our existing or expired contracts contained leases or the classification of or initial direct costs included in our existing or expired leases. The adoption of ASU 2016-02 resulted in the recognition of ROU assets of approximately $32,434 and operating lease liabilities of approximately $32,237 on our Condensed Consolidated Balance Sheet at the adoption date. The difference between the ROU assets and lease liabilities was primarily due to previously accrued rent expense relating to periods prior to October 1, 2019. The adoption did not have a significant impact on our Condensed Consolidated Statements of Comprehensive Income or Cash Flows. See Note 13, āLeasesā for additional discussion of our lease accounting policies and expanded disclosures. In June 2018, the FASB issued Accounting Standard Update No. 2018-07, CompensationāStock Compensation (āASU 2018-07ā), to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments for employees, with certain exceptions. Under the new guidance, the cost for nonemployee awards may be lower and less volatile than under current GAAP because the measurement generally will occur earlier and will be fixed at the grant date. This update was adopted as of October 1, 2019 with no impact to our financial statements. |
Controlling Shareholder
Controlling Shareholder | 6 Months Ended |
Mar. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Controlling Shareholder [Text Block] | 2. CONTROLLING STOCKHOLDER Tontine Associates, L.L.C. ("Tontine Associates"), together with its affiliates (collectively, āTontineā), is the Companyās controlling stockholder, owning approximately 57.3 percent of the Companyās outstanding common stock according to a Form 4 filed with the SEC by Tontine on April 3, 2020. Accordingly, Tontine has the ability to exercise significant control over our affairs, including the election of directors and most actions requiring the approval of stockholders. While Tontine is subject to certain restrictions under federal securities laws on sales of its shares as an affiliate, the Company has filed a shelf registration statement to register all of the shares of IES common stock owned by Tontine at the time of registration. As long as the shelf registration statement remains effective and the Company remains eligible to use it, Tontine has the ability to resell any or all of its registered shares from time to time in one or more offerings, as described in the shelf registration statement and in any prospectus supplement filed in connection with an offering pursuant to the shelf registration statement. Should Tontine sell or otherwise dispose of all or a portion of its position in IES, a change in ownership of IES could occur. A change in ownership, as defined by Internal Revenue Code Section 382, could reduce the availability of the Companyās net operating losses (āNOLsā) for federal and state income tax purposes. On November 8, 2016, the Company implemented a tax benefit protection plan (the āNOL Rights Planā). The NOL Rights Plan was designed to deter an acquisition of the Company's stock in excess of a threshold amount that could trigger a change in ownership within the meaning of Internal Revenue Code Section 382. There can be no assurance that the NOL Rights Plan will be effective in deterring a change in ownership or protecting the NOLs. Furthermore, a change of control would trigger the change of control provisions in a number of our material agreements, including our credit facility, bonding agreements with our sureties and our severance arrangements. Jeffrey L. Gendell was appointed as a member of the Board of Directors and as Chairman of the Board in November 2016. He is the managing member and founder of Tontine, and the brother of David B. Gendell, who has served as a member of our Board of Directors since February 2012, and who previously served as Interim Director of Operations from November 2017 to January 2019, as Vice Chairman of the Board from November 2016 to November 2017 and as Chairman of the Board from January 2015 to November 2016. David B. Gendell was an employee of Tontine from 2004 until December 31, 2017. The Company is party to a sublease agreement with Tontine Associates for corporate office space in Greenwich, Connecticut. The sublease extends through February 27, 2023, with monthly payments due in the amount of approximately $8. Payments by the Company are at a rate consistent with that paid by Tontine Associates to its landlord. On December 6, 2018, the Company entered into a Board Observer Letter Agreement with Tontine Associates in order to assist Tontine in managing its investment in the Company. Subject to the terms and conditions set forth in the Letter Agreement, the Company granted Tontine the right, at any time that Tontine holds at least 20% of the outstanding common stock of the Company, to appoint a representative to serve as an observer to the Board (the āBoard Observerā). The Board Observer, who must be reasonably |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | 3. REVENUE RECOGNITION Contracts Our revenue is derived from contracts with customers, and we determine the appropriate accounting treatment for each contract at contract inception. Our contracts primarily relate to electrical and mechanical contracting services, technology infrastructure products and services, and electro-mechanical solutions for industrial operations. Revenue is earned based upon an agreed fixed price or actual costs incurred plus an agreed upon percentage. We account for a contract when: (i) it has approval and commitment from both parties, (ii) the rights of the parties are identified, (iii) payment terms are identified, (iv) the contract has commercial substance, and (v) collectability of consideration is probable. We consider the start of a project to be when the above criteria have been met and we have written authorization from the customer to proceed. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contractās transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. We recognize revenue over time for the majority of the services we perform as (i) control continuously transfers to the customer as work progresses at a project location controlled by the customer and (ii) we have the right to bill the customer as costs are incurred. Within our Infrastructure Solutions segment, we often perform work inside our own facilities, where control does not continuously transfer to the customer as work progresses. In such cases, we evaluate whether we have the right to bill the customer as costs are incurred. Such assessment involves an evaluation of contractual termination clauses. Where we have a contractual right to payment for work performed to date, we recognize revenue over time. If we do not have such a right, we recognize revenue upon completion of the contract, when control of the work transfers to the customer. For fixed price arrangements, we use the percentage of completion method of accounting under which revenue recognized is measured principally by the costs incurred and accrued to date for each contract as a percentage of the estimated total cost for each contract at completion. Contract costs include all direct material, labor and indirect costs related to contract performance. Changes in job performance, job conditions, estimated contract costs and profitability and final contract settlements may result in revisions to costs and income, and the effects of these revisions are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. This measurement and comparison process requires updates to the estimate of total costs to complete the contract, and these updates may include subjective assessments and judgments. Variable Consideration The transaction price for our contracts may include variable consideration, which includes increases to transaction price for approved and unapproved change orders, claims and incentives, and reductions to transaction price for liquidated damages. Change orders, claims and incentives are generally not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as a modification of the existing contract and performance obligation. We estimate variable consideration for a performance obligation at the probability weighted value we expect to receive (or the most probable amount we expect to incur in the case of liquidated damages, if any), utilizing estimation methods that best predict the amount of consideration to which we will be entitled (or will be incurred in the case of liquidated damages, if any). We include variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. The effect of variable consideration on the transaction price of a performance obligation is recognized as an adjustment to revenue on a cumulative catch-up basis. To the extent unapproved change orders and claims reflected in transaction price (or excluded from transaction price in the case of liquidated damages) are not resolved in our favor, or to the extent incentives reflected in transaction price are not earned, there could be reductions in, or reversals of, previously recognized revenue. Costs of Obtaining a Contract In certain of our operations, we incur commission costs related to entering into a contract that we only incurred because of that contract. When this occurs, we capitalize that cost and amortize it over the expected term of the contract. At March 31, 2020, we had capitalized commission costs of $59. We generally do not incur significant incremental costs related to obtaining or fulfilling a contract prior to the start of a project. When significant pre-contract costs are incurred, they will be capitalized and amortized on a percentage of completion basis over the life of the contract. Disaggregation of Revenue We disaggregate our revenue from contracts with customers by activity and contract type, as these categories reflect how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Our consolidated 2020 and 2019 revenue was derived from the following service activities. Certain prior year amounts have been reclassified to conform to current year presentation. See details in the following tables: Three Months Ended March 31, Six Months Ended March 31, 2020 2019 2020 2019 Commercial & Industrial $ 65,960 $ 79,975 $ 133,703 $ 152,558 Communications 95,990 70,437 180,279 139,762 Infrastructure Solutions Industrial Services 10,724 12,145 21,835 24,368 Custom Power Solutions 18,576 22,305 38,748 39,561 Total Infrastructure Solutions 29,300 34,450 60,583 63,929 Residential Single-family 58,958 51,492 113,832 101,968 Multi-family and Other 41,069 20,560 78,923 42,539 Total Residential 100,027 72,052 192,755 144,507 Total Revenue $ 291,277 $ 256,914 $ 567,320 $ 500,756 Three Months Ended March 31, 2020 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 62,779 $ 71,377 $ 27,484 $ 100,027 $ 261,667 Time-and-material 3,181 24,613 1,816 ā 29,610 Total revenue $ 65,960 $ 95,990 $ 29,300 $ 100,027 $ 291,277 Three Months Ended March 31, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 76,467 $ 48,602 $ 32,097 $ 72,052 $ 229,218 Time-and-material 3,508 21,835 2,353 ā 27,696 Total revenue $ 79,975 $ 70,437 $ 34,450 $ 72,052 $ 256,914 Six Months Ended March 31, 2020 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 126,614 $ 133,404 $ 56,975 $ 192,755 $ 509,748 Time-and-material 7,089 46,875 3,608 ā 57,572 Total revenue $ 133,703 $ 180,279 $ 60,583 $ 192,755 $ 567,320 Six Months Ended March 31, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 142,297 $ 97,431 $ 59,609 $ 144,507 $ 443,844 Time-and-material 10,261 42,331 4,320 ā 56,912 Total revenue $ 152,558 $ 139,762 $ 63,929 $ 144,507 $ 500,756 Accounts Receivable Accounts receivable include amounts which we have billed or have an unconditional right to bill our customers. As of March 31, 2020, Accounts receivable included $11,545 of unbilled receivables for which we have an unconditional right to bill. Contract Assets and Liabilities Project contracts typically provide for a schedule of billings on percentage of completion of specific tasks inherent in the fulfillment of our performance obligation(s). The schedules for such billings usually do not precisely match the schedule on which costs are incurred. As a result, contract revenue recognized in the statement of operations can and usually does differ from amounts that can be billed to the customer at any point during the contract. Amounts by which cumulative contract revenue recognized on a contract as of a given date exceeds cumulative billings and unbilled receivables to the customer under the contract are reflected as a current asset in our balance sheet under the caption āCosts and estimated earnings in excess of billingsā. Amounts by which cumulative billings to the customer under a contract as of a given date exceed cumulative contract revenue recognized are reflected as a current liability in our balance sheet under the caption āBillings in excess of costs and estimated earningsā. The net asset (liability) position for contracts in process consisted of the following: March 31, September 30, 2020 2019 Costs and estimated earnings on uncompleted contracts $ 837,980 $ 761,401 Less: Billings to date and unbilled accounts receivable (856,388) (772,104) $ (18,408) $ (10,703) The net asset (liability) position for contracts in process included in the accompanying consolidated balance sheets was as follows: March 31, September 30, 2020 2019 Costs and estimated earnings in excess of billings $ 27,478 $ 29,860 Billings in excess of costs and estimated earnings (45,886) (40,563) $ (18,408) $ (10,703) During the three months ended March 31, 2020 and 2019, we recognized revenue of $21,473 and $18,114 related to our contract liabilities at January 1, 2020 and 2019, respectively. During the six months ended March 31, 2020 and 2019, we recognized revenue of $26,403 and $24,701 related to our contract liabilities at October 1, 2019 and 2018, respectively. We did not have any impairment losses recognized on our receivables or contract assets for the three and six months ended March 31, 2020 or 2019. Remaining Performance Obligations Remaining performance obligations represent the unrecognized revenue value of our contract commitments. New awards represent the total expected revenue value of new contract commitments undertaken during a given period, as well as additions to the scope of existing contract commitments. Our new performance obligations vary significantly each reporting period based on the timing of our major new contract commitments. At March 31, 2020, we had remaining performance obligations of $468,694. The Company expects to recognize revenue on approximately $427,508 of the remaining performance obligations over the next 12 months, with the remaining recognized thereafter. For the three and six months ended March 31, 2020, net revenue recognized from our performance obligations satisfied in previous periods was not material. |
Per Share Information
Per Share Information | 6 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 5. PER SHARE INFORMATION The following tables reconcile the components of basic and diluted earnings per share for the three and six months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Numerator: Net income attributable to common stockholders of IES Holdings, Inc. $ 6,175 $ 5,467 Increase (decrease) in noncontrolling interest (45) ā Net income attributable to restricted stockholders of IES Holdings, Inc. 101 22 Net income attributable to IES Holdings, Inc. $ 6,231 $ 5,489 Denominator: Weighted average common shares outstanding ā basic 20,847,245 21,139,096 Effect of dilutive stock options and non-vested restricted stock 275,065 240,650 Weighted average common and common equivalent shares outstanding ā diluted 21,122,310 21,379,746 Earnings per share attributable to IES Holdings, Inc.: Basic $ 0.30 $ 0.26 Diluted $ 0.29 $ 0.26 Six Months Ended March 31, 2020 2019 Numerator: Net income (loss) attributable to common stockholders of IES Holdings, Inc. $ 14,510 $ 12,348 Net income (loss) attributable to restricted stockholders of IES Holdings, Inc. 223 25 Net income (loss) attributable to IES Holdings, Inc. $ 14,733 $ 12,373 Denominator: Weighted average common shares outstanding ā basic 20,865,460 21,187,834 Effect of dilutive stock options and non-vested restricted stock 267,059 236,688 Weighted average common and common equivalent shares outstanding ā diluted 21,132,519 21,424,522 Earnings per share attributable to IES Holdings, Inc.: Basic $ 0.70 $ 0.58 Diluted $ 0.69 $ 0.58 For the three and six months ended March 31, 2020 and 2019, the average price of our common shares exceeded the exercise price of all of our outstanding options; therefore, all of our outstanding stock options were included in the computation of fully diluted earnings per share. |
Operating Segments
Operating Segments | 6 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 6. OPERATING SEGMENTS We manage and measure performance of our business in four distinct operating segments: Commercial & Industrial, Communications, Infrastructure Solutions and Residential. These segments are reflective of how the Companyās Chief Operating Decision Maker (āCODMā) reviews operating results for the purpose of allocating resources and assessing performance. The Companyās CODM is its Chief Executive Officer. Transactions between segments, if any, are eliminated in consolidation. Our corporate office provides general and administrative, as well as support services, to our four operating segments. Management allocates certain shared costs between segments for selling, general and administrative expenses and depreciation expense. Segment information for the three and six months ended March 31, 2020 and 2019 is as follows: Three Months Ended March 31, 2020 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 65,960 $ 95,990 $ 29,300 $ 100,027 $ ā $ 291,277 Cost of services 61,492 79,352 22,055 77,114 ā 240,013 Gross profit 4,468 16,638 7,245 22,913 ā 51,264 Selling, general and administrative 8,586 9,419 4,918 15,754 3,359 42,036 Loss (gain) on sale of assets (1) ā ā ā ā (1) Operating income (loss) (4,117) 7,219 2,327 7,159 (3,359) 9,229 Other data: Depreciation and amortization expense $ 689 $ 343 $ 1,754 $ 431 $ 18 $ 3,235 Capital expenditures $ 212 $ 186 $ 153 $ 657 $ 299 $ 1,507 Total assets $ 75,075 $ 126,871 $ 127,426 $ 101,246 $ 95,726 $ 526,344 Three Months Ended March 31, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 79,975 $ 70,437 $ 34,450 $ 72,052 $ ā $ 256,914 Cost of services 71,184 58,492 27,004 56,999 ā 213,679 Gross profit 8,791 11,945 7,446 15,053 ā 43,235 Selling, general and administrative 7,363 7,666 4,685 11,187 4,169 35,070 Contingent consideration ā ā (149) ā ā (149) Loss (gain) on sale of assets (1) ā 101 (2) ā 98 Operating income (loss) 1,429 4,279 2,809 3,868 (4,169) 8,216 Other data: Depreciation and amortization expense $ 629 $ 426 $ 1,175 $ 217 $ 27 $ 2,474 Capital expenditures $ 615 $ 193 $ 635 $ 398 $ ā $ 1,841 Total assets $ 77,898 $ 91,960 $ 114,739 $ 55,417 $ 77,257 $ 417,271 Six Months Ended March 31, 2020 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 133,703 $ 180,279 $ 60,583 $ 192,755 $ ā $ 567,320 Cost of services 122,500 148,074 45,568 149,699 ā 465,841 Gross profit 11,203 32,205 15,015 43,056 ā 101,479 Selling, general and administrative 15,874 17,988 9,411 29,474 7,161 79,908 Loss (gain) on sale of assets (28) (9) ā ā ā (37) Operating income (loss) (4,643) 14,226 5,604 13,582 (7,161) 21,608 Other data: Depreciation and amortization expense $ 1,365 $ 680 $ 2,874 $ 641 $ 37 $ 5,597 Capital expenditures $ 672 $ 468 $ 590 $ 869 $ 299 $ 2,898 Total assets $ 75,075 $ 126,871 $ 127,426 $ 101,246 $ 95,726 $ 526,344 Six Months Ended March 31, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 152,558 $ 139,762 $ 63,929 $ 144,507 $ ā $ 500,756 Cost of services 135,092 115,851 50,556 114,421 ā 415,920 Gross profit 17,466 23,911 13,373 30,086 ā 84,836 Selling, general and administrative 14,079 14,600 9,166 22,324 6,987 67,156 Contingent consideration ā ā (115) ā ā (115) Loss (gain) on sale of assets (4) ā 101 (2) ā 95 Operating income (loss) 3,391 9,311 4,221 7,764 (6,987) 17,700 Other data: Depreciation and amortization expense $ 1,255 $ 841 $ 2,269 $ 426 $ 55 $ 4,846 Capital expenditures $ 1,467 $ 693 $ 822 $ 845 $ 102 $ 3,929 Total assets $ 77,898 $ 91,960 $ 114,739 $ 55,417 $ 77,257 $ 417,271 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | 7. STOCKHOLDERSā EQUITY Equity Incentive Plan The Companyās 2006 Equity Incentive Plan, as amended and restated (the āEquity Incentive Planā), provides for grants of stock options as well as grants of stock, including restricted stock. Approximately 3.0 million shares of common stock are authorized for issuance under the Equity Incentive Plan, of which approximately 731,443 shares were available for issuance at March 31, 2020. Stock Repurchase Program In 2015, our Board of Directors authorized a stock repurchase program for the purchase from time to time of up to 1.5 million shares of the Companyās common stock, and on May 2, 2019, authorized the repurchase from time to time of up to an additional 1.0 million shares of our common stock under the stock repurchase program. Share purchases are made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise. The timing and amount of purchases under the program are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which allows repurchases under pre-set terms at times when the Company might otherwise be prevented from purchasing under insider trading laws or because of self-imposed blackout periods. The program does not require the Company to purchase any specific number of shares and may be modified, suspended or reinstated at any time at the Companyās discretion and without notice. We repurchased 178,431 and 198,248 shares, respectively, of our common stock during the three and six months ended March 31, 2020, in open market transactions at an average price of $22.60 and $22.59, respectively, per share. We repurchased 189,821 and 235,954 shares, respectively, of our common stock during the three and six months ended March 31, 2019, in open market transactions at an average price of $16.70 and $16.58, respectively, per share. Treasury Stock During the six months ended March 31, 2020, we issued 113,408 shares of common stock from treasury stock to employees and repurchased 17,427 shares of common stock from our employees to satisfy statutory tax withholding requirements upon the vesting of certain performance phantom stock units under the Equity Incentive Plan. We also issued 3,172 unrestricted shares of common stock from treasury to members of our Board of Directors as part of their overall compensation and 5,750 unrestricted shares to satisfy the exercise of outstanding options. We repurchased 198,248 shares of common stock on the open market pursuant to our stock repurchase program. During the six months ended March 31, 2019, we issued 212,688 shares of common stock from treasury to employees and repurchased 87,609 shares of common stock from our employees to satisfy statutory tax withholding requirements upon the vesting of certain performance phantom stock units under the Equity Incentive Plan. We also repurchased 235,954 shares of common stock on the open market pursuant to our stock repurchase program. In March 2019, we issued 3,991 shares of treasury stock as payment for outstanding phantom stock units that vested upon the departure of the Company's former President and issued 283,195 shares of treasury stock for restricted shares granted upon the appointment of the Company's Chief Executive Officer. Restricted Stock We granted 69,338 restricted shares to executives during the six months ended March 31, 2020. These awards include restricted shares subject to the achievement of specified levels of cumulative net income before taxes, as well as shares that vest based on the passage of time. During the three months ended March 31, 2020, and 2019 we recognized $429 and $111 in compensation expense related to all restricted stock awards, respectively. During the six months ended March 31, 2020 and 2019 we recognized $795 and $111 in compensation expense related to all restricted stock awards, respectively. At March 31, 2020, the unamortized compensation cost related to outstanding unvested restricted stock was $3,545. Director Phantom Stock Units Director phantom stock units (āDirector PSUsā) are primarily granted to the members of the Board of Directors as part of their overall compensation. These Director PSUs are paid via unrestricted stock grants to each director upon their departure from the Board of Directors or upon a change of control. We record compensation expense for the full value of the grant on the date of grant. During the three months ended March 31, 2019, and 2018, we recognized $96 and $50, respectively, in compensation expense related to these grants. During the six months ended March 31, 2020 and 2019 we recognized $197 and $99, respectively, in compensation expense related to these grants. Performance Based Phantom Stock Units An employee phantom stock unit (an āEmployee PSUā) is a contractual right to receive one share of the Companyās common stock. Depending on the terms of each grant, Employee PSUs may vest upon the achievement of certain specified performance objectives and continued performance of services, or may vest based on continued performance of services through the vesting date. On February 6, 2019, and December 4, 2019, the Company granted Employee PSUs, which, subject to the achievement of certain performance metrics, could result in the issuance of 264,815, and 39,767 shares of common stock, respectively. Of these Employee PSUs, 97,983 Employee PSUs have been forfeited, and 49,678 have vested. At March 31, 2020, a maximum of 156,921 shares of common stock may be issued upon vesting of our outstanding Employee PSUs. |
Employee Benefit Plans (Notes)
Employee Benefit Plans (Notes) | 6 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | . EMPLOYEE BENEFIT PLANS 401(k) Plan In November 1998, we established the IES Holdings, Inc. 401(k) Retirement Savings Plan. All full-time IES employees and full-time employees of participating subsidiaries are eligible to participate on the first day of the month subsequent to completing sixty days of service and attaining age twenty-one. Participants become vested in our matching contributions following three years of service. We also maintain several subsidiary retirement savings plans. During the three months ended March 31, 2020 and 2019, we recognized $697 and $600, respectively, in matching expense. During the six months ended March 31, 2020 and 2019, we recognized $1,082 and $1,023, respectively, in matching expense. Post Retirement Benefit Plans Certain individuals at one of the Companyās locations are entitled to receive fixed annual payments pursuant to post retirement benefit plans. We had an unfunded benefit liability of $709 and $738 recorded as of March 31, 2020 and September 30, 2019, respectively, related to such plans. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | . FAIR VALUE MEASUREMENTS Fair Value Measurement Accounting Fair value is considered the price to sell an asset, or transfer a liability, between market participants on the measurement date. Fair value measurements assume that (1) the asset or liability is exchanged in an orderly manner, (2) the exchange is in the principal market for that asset or liability, and (3) the market participants are independent, knowledgeable, able and willing to transact an exchange. Fair value accounting and reporting establishes a framework for measuring fair value by creating a hierarchy for observable independent market inputs and unobservable market assumptions and expands disclosures about fair value measurements. Considerable judgment is required to interpret the market data used to develop fair value estimates. As such, the estimates presented herein are not necessarily indicative of the amounts that could be realized in a current exchange. The use of different market assumptions and/or estimation methods could have a material effect on the estimated fair value. At March 31, 2020, financial assets and liabilities measured at fair value on a recurring basis were limited to our Executive Deferred Compensation Plan, under which certain employees are permitted to defer a portion of their base salary and/or bonus for a Plan Year (as defined in the plan), and contingent consideration liabilities related to certain of our acquisitions. Financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and September 30, 2019, are summarized in the following tables by the type of inputs applicable to the fair value measurements: March 31, 2020 Total Fair Value Quoted Prices (Level 1) Significant Unobservable Inputs (Level 3) Executive savings plan assets $ 673 $ 673 $ ā Executive savings plan liabilities (559) (559) ā Contingent consideration (11) ā (11) Total $ 103 $ 114 $ (11) September 30, 2019 Total Fair Value Quoted Prices (Level 1) Significant Unobservable Inputs (Level 3) Executive savings plan assets $ 763 $ 763 $ ā Executive savings plan liabilities (646) (646) ā Contingent consideration (11) ā (11) Total $ 106 $ 117 $ (11) In fiscal years 2016, 2017 and 2018, we entered into contingent consideration arrangements related to certain acquisitions. At March 31, 2020, we estimated the fair value of these contingent consideration liabilities at $11. The table below presents a reconciliation of the fair value of these obligations, which used significant unobservable inputs (Level 3). Contingent Consideration Agreements Fair value at September 30, 2019 $ 11 Settlements ā Net adjustments to fair value ā Fair value at March 31, 2020 $ 11 |
Inventory
Inventory | 6 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 10. INVENTORY Inventories consist of the following components: March 31, September 30, 2020 2019 Raw materials $ 3,662 $ 4,104 Work in process 5,704 6,301 Finished goods 1,384 1,861 Parts and supplies 11,538 9,277 Total inventories $ 22,288 $ 21,543 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 11. GOODWILL AND INTANGIBLE ASSETS Goodwill The following summarizes changes in the carrying value of goodwill by segment for the six months ended March 31, 2020: Commercial & Industrial Communications Infrastructure Solutions Residential Total Goodwill at September 30, 2019 $ 6,976 $ 2,816 $ 30,812 $ 10,018 $ 50,622 Acquisitions ā ā 3,906 6,014 9,920 Divestitures ā ā ā ā ā Adjustments ā ā ā ā Goodwill at March 31, 2020 $ 6,976 $ 2,816 $ 34,718 $ 16,032 $ 60,542 As a result of recent operating losses within our Commercial and Industrial business, we determined that an indicator of a potential goodwill impairment was present. As a result of this indicator, we performed a quantitative goodwill impairment assessment as of March 31, 2020. Based on the results of this assessment, we concluded that the fair value of our Commercial and Industrial reporting unit remains in excess of its carrying value, and therefore, we have not recorded an impairment charge for the quarter ended March 31, 2020. Our estimate of implied fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions, including the impact of COVID-19 on our business, that might directly impact the future performance of our business, and are therefore uncertain. As of March 31, 2020, it is reasonably possible that judgments and estimates of certain key assumptions, including our internal forecasts or the external market conditions, could change in future periods and may result in a reduction in fair value. Significant adverse changes in future periods to these key assumptions, if any, could reasonably be expected to negatively affect our estimate of implied fair value, and may result in future goodwill impairment charges. Intangible Assets Intangible assets consist of the following: Estimated Useful Lives (in Years) March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Trademarks/trade names 5-20 $ 7,854 $ (1,446) $ 6,408 Technical library 20 400 (131) 269 Customer relationships 6-15 46,189 (12,779) 33,410 Non-competition arrangements 5 1,300 (34) 1,266 Backlog and construction contracts 1 3,274 (817) 2,457 Total intangible assets $ 59,017 $ (15,207) $ 43,810 Estimated Useful Lives (in Years) September 30, 2019 Gross Carrying Amount Accumulated Amortization Net Trademarks/trade names 5-20 $ 5,084 $ (1,267) $ 3,817 Technical library 20 400 (121) 279 Customer relationships 6-15 33,539 (11,051) 22,488 Non-competition arrangements 5 40 (9) 31 Backlog and construction contracts 1 599 (591) 8 Total intangible assets $ 39,662 $ (13,039) $ 26,623 The weighted average useful life of our intangible assets at March 31, 2020, was 10.4 years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 12. COMMITMENTS AND CONTINGENCIES Legal Matters From time to time we are a party to various claims, lawsuits and other legal proceedings that arise in the ordinary course of business. We maintain various insurance coverages to minimize financial risk associated with these proceedings. None of these proceedings, separately or in the aggregate, are expected to have a material adverse effect on our financial position, results of operations or cash flows. With respect to all such proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. We expense routine legal costs related to these proceedings as they are incurred. Risk-Management We retain the risk for workersā compensation, employerās liability, automobile liability, construction defects, general liability and employee group health claims, as well as pollution coverage, resulting from uninsured deductibles per accident or occurrence which are generally subject to annual aggregate limits. Our general liability program provides coverage for bodily injury and property damage. In many cases, we insure third parties, including general contractors, as additional insureds under our insurance policies. Losses are accrued based upon our known claims incurred and an estimate of claims incurred but not reported. As a result, many of our claims are effectively self-insured. Many claims against our insurance are in the form of litigation. At March 31, 2020 and September 30, 2019, we had $5,949 and $6,683, respectively, accrued for self-insurance liabilities. We are also subject to construction defect liabilities, primarily within our Residential segment. As of March 31, 2020 and September 30, 2019, we had $58 and $90, respectively, reserved for these claims. Because the reserves are based on judgment and estimates and involve variables that are inherently uncertain, such as the outcome of litigation and an assessment of insurance coverage, there can be no assurance that the ultimate liability will not be higher or lower than such estimates or that the timing of payments will not create liquidity issues for the Company. Some of the underwriters of our casualty insurance program require us to post letters of credit as collateral. This is common in the insurance industry. To date, we have not had a situation where an underwriter has had reasonable cause to effect payment under a letter of credit. At March 31, 2020 and September 30, 2019, $6,762 and $6,268, respectively, of our outstanding letters of credit was utilized to collateralize our insurance program. Surety As of March 31, 2020, the estimated cost to complete our bonded projects was approximately $97,627. We evaluate our bonding requirements on a regular basis, including the terms offered by our sureties. We believe the bonding capacity presently provided by our current sureties is adequate for our current operations and will be adequate for our operations for the foreseeable future. Other Commitments and Contingencies Some of our customers and vendors require us to post letters of credit, or provide intercompany guarantees, as a means of guaranteeing performance under our contracts and ensuring payment by us to subcontractors and vendors. If our customer has reasonable cause to effect payment under a letter of credit, we would be required to reimburse our creditor for the letter of credit. At each of March 31, 2020, and September 30, 2019, $200 of our outstanding letters of credit were to collateralize our vendors. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | 13. LEASES We enter into various contractual arrangements for the right to use facilities, vehicles and equipment. The lease term generally ranges from two to ten years for facilities and three to five years for vehicles and equipment. Our lease terms may include the exercise of renewal or termination options when it is reasonably certain these options will be exercised. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. Current operating and finance liabilities of $11,188 and $226, respectively, were included in "Accounts payable and accrued expenses" in the Condensed Consolidated Balance Sheets as of March 31, 2020. Non-current finance lease liabilities and finance lease right-of-use assets were included in the "Other non-current liabilities" and "Other non-current assets", respectively, in the Condensed Consolidated Balance Sheets. The maturities of our lease liabilities as of March 31, 2020 are as follows: Operating Leases Finance Leases Total Remainder of 2020 $ 6,058 $ 116 $ 6,174 2021 10,148 234 10,382 2022 8,045 208 8,253 2023 5,442 206 5,648 2024 3,308 173 3,481 Thereafter 5,224 29 5,253 Total undiscounted lease payments $ 38,225 $ 966 $ 39,191 Less: imputed interest 3,581 110 3,691 Present value of lease liabilities $ 34,644 $ 856 $ 35,500 The total future undiscounted cash flows related to lease agreements committed to but not yet commenced as of March 31, 2020, is $508. Lease cost recognized in our Condensed Consolidated Statements of Comprehensive Income is summarized as follows: Three Months Ended Six Months Ended March 31, 2020 Operating lease cost $ 2,917 $ 5,940 Finance lease cost Amortization of lease assets 60 60 Interest on lease liabilities 15 15 Finance lease cost 75 75 Short-term lease cost 279 475 Variable lease cost 251 428 Total lease cost $ 3,522 $ 6,918 Other information about lease amounts recognized in our condensed consolidated financial statements is summarized as follows: Three Months Ended Six Months Ended March 31, 2020 Operating cash flows used for operating leases $ 3,181 $ 6,298 Operating cash flows used for finance leases 15 15 Right-of-use assets obtained in exchange for new operating lease liabilities 2,557 8,144 Right-of-use assets obtained in exchange for new finance lease liabilities 497 928 March 31, 2020 Weighted-average remaining lease term - operating leases 4.6 years Weighted-average remaining lease term - finance leases 4.5 years Weighted-average discount rate - operating leases 4.0 % Weighted-average discount rate - finance leases 5.6 % |
Business Combinations and Dives
Business Combinations and Divestitures | 6 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 14. BUSINESS COMBINATIONS AND DIVESTITURES The Company completed two acquisitions during the six months ended March 31, 2020 for a total aggregate cash consideration of $28,952. ā¢ Aerial Lighting & Electric, Inc. (āAerialā) ā On February 18, 2020, we acquired 100% of the equity interests in Aerial, a Naugatuck, CT based electrical contractor specializing in the design and installation of electrical systems for multi-family developments. The acquisition of Aerial furthers our Residential segment's growth strategy by providing a foothold in the Northeast market. ā¢ Plant Power & Control Systems, LLC (āPPCSā) ā On February 21, 2020, we acquired 100% of the membership interests in PPCS, a Birmingham, AL based manufacturer and installer of custom engineered power distribution equipment. The acquisition of PPCS furthers our Infrastructure Solutions segment's growth strategy by accelerating their expansion in the Southeast market. The Company accounted for the transactions under the acquisition method of accounting, which requires recording assets and liabilities at fair value (Level 3). The valuations derived from estimated fair value assessments and assumptions used by management are preliminary pending finalization of certain tangible and intangible asset valuations and assessment of deferred taxes. While management believes that its preliminary estimates and assumptions underlying the valuations are reasonable, different estimates and assumptions could result in different values being assigned to individual assets acquired and liabilities assumed. This may result in adjustments to the preliminary amounts recorded. The preliminary valuation of the assets and liabilities assumed is as follows: Current assets $ 6,127 Property and equipment 489 Intangible assets 19,743 Goodwill 9,920 Current liabilities (4,873) Deferred tax liability (2,454) Net assets acquired $ 28,952 With regard to goodwill, the balance is attributable to the workforce of the acquired business and other intangibles that do not qualify for separate recognition. In connection with these acquisitions, we acquired goodwill of $9,920 of which $3,906 is tax deductible. These acquisitions contributed $4,956 in additional revenue and $527 in operating income during the three and six months ended March 31, 2020. Unaudited Pro Forma Information The following unaudited supplemental pro forma results of operations for the three and six months ended March 31, 2020 and 2019 are calculated as if each acquisition occurred as of October 1 of the fiscal year prior to consummation. Unaudited Three Months Ended March 31, 2020 2019 Revenues $ 298,777 $ 266,093 Net income attributable to IES Holdings, Inc. $ 6,982 $ 5,600 Unaudited Six Months Ended March 31, 2020 2019 Revenues $ 584,484 $ 518,386 Net income attributable to IES Holdings, Inc. $ 16,133 $ 12,704 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, Six Months Ended March 31, 2020 2019 2020 2019 Commercial & Industrial $ 65,960 $ 79,975 $ 133,703 $ 152,558 Communications 95,990 70,437 180,279 139,762 Infrastructure Solutions Industrial Services 10,724 12,145 21,835 24,368 Custom Power Solutions 18,576 22,305 38,748 39,561 Total Infrastructure Solutions 29,300 34,450 60,583 63,929 Residential Single-family 58,958 51,492 113,832 101,968 Multi-family and Other 41,069 20,560 78,923 42,539 Total Residential 100,027 72,052 192,755 144,507 Total Revenue $ 291,277 $ 256,914 $ 567,320 $ 500,756 Three Months Ended March 31, 2020 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 62,779 $ 71,377 $ 27,484 $ 100,027 $ 261,667 Time-and-material 3,181 24,613 1,816 ā 29,610 Total revenue $ 65,960 $ 95,990 $ 29,300 $ 100,027 $ 291,277 Three Months Ended March 31, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 76,467 $ 48,602 $ 32,097 $ 72,052 $ 229,218 Time-and-material 3,508 21,835 2,353 ā 27,696 Total revenue $ 79,975 $ 70,437 $ 34,450 $ 72,052 $ 256,914 Six Months Ended March 31, 2020 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 126,614 $ 133,404 $ 56,975 $ 192,755 $ 509,748 Time-and-material 7,089 46,875 3,608 ā 57,572 Total revenue $ 133,703 $ 180,279 $ 60,583 $ 192,755 $ 567,320 Six Months Ended March 31, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 142,297 $ 97,431 $ 59,609 $ 144,507 $ 443,844 Time-and-material 10,261 42,331 4,320 ā 56,912 Total revenue $ 152,558 $ 139,762 $ 63,929 $ 144,507 $ 500,756 |
Contract with Customer, Asset and Liability [Table Text Block] | The net asset (liability) position for contracts in process consisted of the following: March 31, September 30, 2020 2019 Costs and estimated earnings on uncompleted contracts $ 837,980 $ 761,401 Less: Billings to date and unbilled accounts receivable (856,388) (772,104) $ (18,408) $ (10,703) The net asset (liability) position for contracts in process included in the accompanying consolidated balance sheets was as follows: March 31, September 30, 2020 2019 Costs and estimated earnings in excess of billings $ 27,478 $ 29,860 Billings in excess of costs and estimated earnings (45,886) (40,563) $ (18,408) $ (10,703) |
Per Share Information (Tables)
Per Share Information (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 Numerator: Net income attributable to common stockholders of IES Holdings, Inc. $ 6,175 $ 5,467 Increase (decrease) in noncontrolling interest (45) ā Net income attributable to restricted stockholders of IES Holdings, Inc. 101 22 Net income attributable to IES Holdings, Inc. $ 6,231 $ 5,489 Denominator: Weighted average common shares outstanding ā basic 20,847,245 21,139,096 Effect of dilutive stock options and non-vested restricted stock 275,065 240,650 Weighted average common and common equivalent shares outstanding ā diluted 21,122,310 21,379,746 Earnings per share attributable to IES Holdings, Inc.: Basic $ 0.30 $ 0.26 Diluted $ 0.29 $ 0.26 Six Months Ended March 31, 2020 2019 Numerator: Net income (loss) attributable to common stockholders of IES Holdings, Inc. $ 14,510 $ 12,348 Net income (loss) attributable to restricted stockholders of IES Holdings, Inc. 223 25 Net income (loss) attributable to IES Holdings, Inc. $ 14,733 $ 12,373 Denominator: Weighted average common shares outstanding ā basic 20,865,460 21,187,834 Effect of dilutive stock options and non-vested restricted stock 267,059 236,688 Weighted average common and common equivalent shares outstanding ā diluted 21,132,519 21,424,522 Earnings per share attributable to IES Holdings, Inc.: Basic $ 0.70 $ 0.58 Diluted $ 0.69 $ 0.58 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2020 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 65,960 $ 95,990 $ 29,300 $ 100,027 $ ā $ 291,277 Cost of services 61,492 79,352 22,055 77,114 ā 240,013 Gross profit 4,468 16,638 7,245 22,913 ā 51,264 Selling, general and administrative 8,586 9,419 4,918 15,754 3,359 42,036 Loss (gain) on sale of assets (1) ā ā ā ā (1) Operating income (loss) (4,117) 7,219 2,327 7,159 (3,359) 9,229 Other data: Depreciation and amortization expense $ 689 $ 343 $ 1,754 $ 431 $ 18 $ 3,235 Capital expenditures $ 212 $ 186 $ 153 $ 657 $ 299 $ 1,507 Total assets $ 75,075 $ 126,871 $ 127,426 $ 101,246 $ 95,726 $ 526,344 Three Months Ended March 31, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 79,975 $ 70,437 $ 34,450 $ 72,052 $ ā $ 256,914 Cost of services 71,184 58,492 27,004 56,999 ā 213,679 Gross profit 8,791 11,945 7,446 15,053 ā 43,235 Selling, general and administrative 7,363 7,666 4,685 11,187 4,169 35,070 Contingent consideration ā ā (149) ā ā (149) Loss (gain) on sale of assets (1) ā 101 (2) ā 98 Operating income (loss) 1,429 4,279 2,809 3,868 (4,169) 8,216 Other data: Depreciation and amortization expense $ 629 $ 426 $ 1,175 $ 217 $ 27 $ 2,474 Capital expenditures $ 615 $ 193 $ 635 $ 398 $ ā $ 1,841 Total assets $ 77,898 $ 91,960 $ 114,739 $ 55,417 $ 77,257 $ 417,271 Six Months Ended March 31, 2020 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 133,703 $ 180,279 $ 60,583 $ 192,755 $ ā $ 567,320 Cost of services 122,500 148,074 45,568 149,699 ā 465,841 Gross profit 11,203 32,205 15,015 43,056 ā 101,479 Selling, general and administrative 15,874 17,988 9,411 29,474 7,161 79,908 Loss (gain) on sale of assets (28) (9) ā ā ā (37) Operating income (loss) (4,643) 14,226 5,604 13,582 (7,161) 21,608 Other data: Depreciation and amortization expense $ 1,365 $ 680 $ 2,874 $ 641 $ 37 $ 5,597 Capital expenditures $ 672 $ 468 $ 590 $ 869 $ 299 $ 2,898 Total assets $ 75,075 $ 126,871 $ 127,426 $ 101,246 $ 95,726 $ 526,344 Six Months Ended March 31, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 152,558 $ 139,762 $ 63,929 $ 144,507 $ ā $ 500,756 Cost of services 135,092 115,851 50,556 114,421 ā 415,920 Gross profit 17,466 23,911 13,373 30,086 ā 84,836 Selling, general and administrative 14,079 14,600 9,166 22,324 6,987 67,156 Contingent consideration ā ā (115) ā ā (115) Loss (gain) on sale of assets (4) ā 101 (2) ā 95 Operating income (loss) 3,391 9,311 4,221 7,764 (6,987) 17,700 Other data: Depreciation and amortization expense $ 1,255 $ 841 $ 2,269 $ 426 $ 55 $ 4,846 Capital expenditures $ 1,467 $ 693 $ 822 $ 845 $ 102 $ 3,929 Total assets $ 77,898 $ 91,960 $ 114,739 $ 55,417 $ 77,257 $ 417,271 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2020 Total Fair Value Quoted Prices (Level 1) Significant Unobservable Inputs (Level 3) Executive savings plan assets $ 673 $ 673 $ ā Executive savings plan liabilities (559) (559) ā Contingent consideration (11) ā (11) Total $ 103 $ 114 $ (11) September 30, 2019 Total Fair Value Quoted Prices (Level 1) Significant Unobservable Inputs (Level 3) Executive savings plan assets $ 763 $ 763 $ ā Executive savings plan liabilities (646) (646) ā Contingent consideration (11) ā (11) Total $ 106 $ 117 $ (11) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Contingent Consideration Agreements Fair value at September 30, 2019 $ 11 Settlements ā Net adjustments to fair value ā Fair value at March 31, 2020 $ 11 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following components: March 31, September 30, 2020 2019 Raw materials $ 3,662 $ 4,104 Work in process 5,704 6,301 Finished goods 1,384 1,861 Parts and supplies 11,538 9,277 Total inventories $ 22,288 $ 21,543 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Commercial & Industrial Communications Infrastructure Solutions Residential Total Goodwill at September 30, 2019 $ 6,976 $ 2,816 $ 30,812 $ 10,018 $ 50,622 Acquisitions ā ā 3,906 6,014 9,920 Divestitures ā ā ā ā ā Adjustments ā ā ā ā Goodwill at March 31, 2020 $ 6,976 $ 2,816 $ 34,718 $ 16,032 $ 60,542 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Estimated Useful Lives (in Years) March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Trademarks/trade names 5-20 $ 7,854 $ (1,446) $ 6,408 Technical library 20 400 (131) 269 Customer relationships 6-15 46,189 (12,779) 33,410 Non-competition arrangements 5 1,300 (34) 1,266 Backlog and construction contracts 1 3,274 (817) 2,457 Total intangible assets $ 59,017 $ (15,207) $ 43,810 Estimated Useful Lives (in Years) September 30, 2019 Gross Carrying Amount Accumulated Amortization Net Trademarks/trade names 5-20 $ 5,084 $ (1,267) $ 3,817 Technical library 20 400 (121) 279 Customer relationships 6-15 33,539 (11,051) 22,488 Non-competition arrangements 5 40 (9) 31 Backlog and construction contracts 1 599 (591) 8 Total intangible assets $ 39,662 $ (13,039) $ 26,623 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The maturities of our lease liabilities as of March 31, 2020 are as follows: Operating Leases Finance Leases Total Remainder of 2020 $ 6,058 $ 116 $ 6,174 2021 10,148 234 10,382 2022 8,045 208 8,253 2023 5,442 206 5,648 2024 3,308 173 3,481 Thereafter 5,224 29 5,253 Total undiscounted lease payments $ 38,225 $ 966 $ 39,191 Less: imputed interest 3,581 110 3,691 Present value of lease liabilities $ 34,644 $ 856 $ 35,500 |
Lease, Cost | Lease cost recognized in our Condensed Consolidated Statements of Comprehensive Income is summarized as follows: Three Months Ended Six Months Ended March 31, 2020 Operating lease cost $ 2,917 $ 5,940 Finance lease cost Amortization of lease assets 60 60 Interest on lease liabilities 15 15 Finance lease cost 75 75 Short-term lease cost 279 475 Variable lease cost 251 428 Total lease cost $ 3,522 $ 6,918 |
Schedule of Cash Flow, Supplemental Disclosures | ther information about lease amounts recognized in our condensed consolidated financial statements is summarized as follows: Three Months Ended Six Months Ended March 31, 2020 Operating cash flows used for operating leases $ 3,181 $ 6,298 Operating cash flows used for finance leases 15 15 Right-of-use assets obtained in exchange for new operating lease liabilities 2,557 8,144 Right-of-use assets obtained in exchange for new finance lease liabilities 497 928 March 31, 2020 Weighted-average remaining lease term - operating leases 4.6 years Weighted-average remaining lease term - finance leases 4.5 years Weighted-average discount rate - operating leases 4.0 % Weighted-average discount rate - finance leases 5.6 % |
Business Combinations and Div_2
Business Combinations and Divestitures (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Current assets $ 6,127 Property and equipment 489 Intangible assets 19,743 Goodwill 9,920 Current liabilities (4,873) Deferred tax liability (2,454) Net assets acquired $ 28,952 |
Business Acquisition, Pro Forma Information | Unaudited Three Months Ended March 31, 2020 2019 Revenues $ 298,777 $ 266,093 Net income attributable to IES Holdings, Inc. $ 6,982 $ 5,600 Unaudited Six Months Ended March 31, 2020 2019 Revenues $ 584,484 $ 518,386 Net income attributable to IES Holdings, Inc. $ 16,133 $ 12,704 |
Business (Details)
Business (Details) - USD ($) | Mar. 31, 2020 | Oct. 01, 2019 | Sep. 30, 2019 |
Accounting Policies [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 2,434,000 | ||
Operating Lease, Right-of-Use Asset | 34,804,000 | $ 32,434,000 | $ 0 |
Operating Lease, Liability | $ 34,644,000 | $ 32,237,000 |
Controlling Shareholder (Detail
Controlling Shareholder (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Risks and Uncertainties [Abstract] | |
ControllingShareholderOwnershipPercentage | 57.30% |
Related Party Transaction, Purchases from Related Party | $ 8 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |||||
Capitalized Contract Cost, Net | $ 59 | $ 59 | |||
Unbilled Receivables, Current | 11,545 | 11,545 | |||
Estimated profits on contracts in process | 837,980 | 837,980 | $ 761,401 | ||
Billings to Date | (856,388) | (856,388) | (772,104) | ||
Contract with Customer, Asset, Net, Current | (18,408) | (18,408) | (10,703) | ||
Costs in Excess of Billings, Current | 27,478 | 27,478 | 29,860 | ||
Billings in Excess of Cost, Current | (45,886) | (45,886) | $ (40,563) | ||
Contract with Customer, Liability, Revenue Recognized | 21,473 | $ 18,114 | 26,403 | $ 24,701 | |
Performance Obligation Next 12 Months | 427,508 | 427,508 | |||
Revenue, Remaining Performance Obligation, Amount | 468,694 | 468,694 | |||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 291,277 | 256,914 | 567,320 | 500,756 | |
Contract with Customer, Liability, Revenue Recognized | 21,473 | 18,114 | 26,403 | 24,701 | |
Commercial and Industrial [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 65,960 | 79,975 | 133,703 | 152,558 | |
Communications [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 95,990 | 70,437 | 180,279 | 139,762 | |
Infrastructure Solutions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 29,300 | 34,450 | 60,583 | 63,929 | |
Residential [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 100,027 | 72,052 | 192,755 | 144,507 | |
Fixed-price Contract [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 261,667 | 229,218 | 509,748 | 443,844 | |
Fixed-price Contract [Member] | Commercial and Industrial [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 62,779 | 76,467 | 126,614 | 142,297 | |
Fixed-price Contract [Member] | Communications [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 71,377 | 48,602 | 133,404 | 97,431 | |
Fixed-price Contract [Member] | Infrastructure Solutions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 27,484 | 32,097 | 56,975 | 59,609 | |
Fixed-price Contract [Member] | Residential [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 100,027 | 72,052 | 192,755 | 144,507 | |
Time-and-materials Contract [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 29,610 | 27,696 | 57,572 | 56,912 | |
Time-and-materials Contract [Member] | Commercial and Industrial [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 3,181 | 3,508 | 7,089 | 10,261 | |
Time-and-materials Contract [Member] | Communications [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 24,613 | 21,835 | 46,875 | 42,331 | |
Time-and-materials Contract [Member] | Infrastructure Solutions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,816 | 2,353 | 3,608 | 4,320 | |
Time-and-materials Contract [Member] | Residential [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
industrial Services [Member] | Infrastructure Solutions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 10,724 | 12,145 | 21,835 | 24,368 | |
Custom Power Solutions [Member] | Infrastructure Solutions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 18,576 | 22,305 | 38,748 | 39,561 | |
Single Family Contracts [Member] | Residential [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 58,958 | 51,492 | 113,832 | 101,968 | |
Multi Family and Other [Member] | Residential [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 41,069 | $ 20,560 | $ 78,923 | $ 42,539 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |||
Long-term debt | $ 28,986 | $ 299 | |
Repayments of Debt | $ 15,000 | ||
Line of Credit Facility, Interest Rate at Period End | 2.70% | ||
Letters of Credit Outstanding, Amount | $ 6,962 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 57,170 |
Per Share Information (Details)
Per Share Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Undistributed Earnings (Loss) Available to Common Shareholders, Basic | $ 6,175 | $ 5,467 | $ 14,510 | $ 12,348 |
Noncontrolling Interest, Change in Redemption Value | 45 | 0 | ||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 101 | 22 | 223 | 25 |
Comprehensive income attributable to IES Holdings, Inc. | $ 6,231 | $ 5,489 | $ 14,733 | $ 12,373 |
Weighted Average Number of Shares Outstanding, Basic | 20,847,245 | 21,139,096 | 20,865,460 | 21,187,834 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 275,065 | 240,650 | 267,059 | 236,688 |
Weighted Average Number of Shares Outstanding, Diluted | 21,122,310 | 21,379,746 | 21,132,519 | 21,424,522 |
Earnings Per Share, Basic | $ 0.30 | $ 0.26 | $ 0.70 | $ 0.58 |
Earnings Per Share, Diluted | $ 0.29 | $ 0.26 | $ 0.69 | $ 0.58 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 291,277 | $ 256,914 | $ 567,320 | $ 500,756 | |
Cost of services | 240,013 | 213,679 | 465,841 | 415,920 | |
Gross profit | 51,264 | 43,235 | 101,479 | 84,836 | |
Selling, general and administrative expenses | 42,036 | 35,070 | 79,908 | 67,156 | |
Contingent consideration | 0 | (149) | 0 | (115) | |
Loss (gain) on sale of assets | (1) | 98 | (37) | 95 | |
Operating income (loss) | 9,229 | 8,216 | 21,608 | 17,700 | |
Depreciation and amortization expense | 3,235 | 2,474 | 5,597 | 4,846 | |
Capital expenditures | 1,507 | 1,841 | 2,898 | 3,929 | |
Total assets | 526,344 | 417,271 | 526,344 | 417,271 | $ 445,258 |
Commercial and Industrial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 65,960 | 79,975 | 133,703 | 152,558 | |
Cost of services | 61,492 | 71,184 | 122,500 | 135,092 | |
Gross profit | 4,468 | 8,791 | 11,203 | 17,466 | |
Selling, general and administrative expenses | 8,586 | 7,363 | 15,874 | 14,079 | |
Contingent consideration | 0 | 0 | |||
Loss (gain) on sale of assets | (1) | (1) | (28) | (4) | |
Operating income (loss) | (4,117) | 1,429 | (4,643) | 3,391 | |
Depreciation and amortization expense | 689 | 629 | 1,365 | 1,255 | |
Capital expenditures | 212 | 615 | 672 | 1,467 | |
Total assets | 75,075 | 77,898 | 75,075 | 77,898 | |
Communications [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 95,990 | 70,437 | 180,279 | 139,762 | |
Cost of services | 79,352 | 58,492 | 148,074 | 115,851 | |
Gross profit | 16,638 | 11,945 | 32,205 | 23,911 | |
Selling, general and administrative expenses | 9,419 | 7,666 | 17,988 | 14,600 | |
Contingent consideration | 0 | 0 | |||
Loss (gain) on sale of assets | 0 | 0 | (9) | 0 | |
Operating income (loss) | 7,219 | 4,279 | 14,226 | 9,311 | |
Depreciation and amortization expense | 343 | 426 | 680 | 841 | |
Capital expenditures | 186 | 193 | 468 | 693 | |
Total assets | 126,871 | 91,960 | 126,871 | 91,960 | |
Infrastructure Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 29,300 | 34,450 | 60,583 | 63,929 | |
Cost of services | 22,055 | 27,004 | 45,568 | 50,556 | |
Gross profit | 7,245 | 7,446 | 15,015 | 13,373 | |
Selling, general and administrative expenses | 4,918 | 4,685 | 9,411 | 9,166 | |
Contingent consideration | (149) | (115) | |||
Loss (gain) on sale of assets | 0 | 101 | 0 | 101 | |
Operating income (loss) | 2,327 | 2,809 | 5,604 | 4,221 | |
Depreciation and amortization expense | 1,754 | 1,175 | 2,874 | 2,269 | |
Capital expenditures | 153 | 635 | 590 | 822 | |
Total assets | 127,426 | 114,739 | 127,426 | 114,739 | |
Residential [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 100,027 | 72,052 | 192,755 | 144,507 | |
Cost of services | 77,114 | 56,999 | 149,699 | 114,421 | |
Gross profit | 22,913 | 15,053 | 43,056 | 30,086 | |
Selling, general and administrative expenses | 15,754 | 11,187 | 29,474 | 22,324 | |
Contingent consideration | 0 | 0 | |||
Loss (gain) on sale of assets | 0 | (2) | 0 | (2) | |
Operating income (loss) | 7,159 | 3,868 | 13,582 | 7,764 | |
Depreciation and amortization expense | 431 | 217 | 641 | 426 | |
Capital expenditures | 657 | 398 | 869 | 845 | |
Total assets | 101,246 | 55,417 | 101,246 | 55,417 | |
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Cost of services | 0 | 0 | 0 | 0 | |
Gross profit | 0 | 0 | 0 | 0 | |
Selling, general and administrative expenses | 3,359 | 4,169 | 7,161 | 6,987 | |
Contingent consideration | 0 | 0 | |||
Loss (gain) on sale of assets | 0 | 0 | 0 | 0 | |
Operating income (loss) | (3,359) | (4,169) | (7,161) | (6,987) | |
Depreciation and amortization expense | 18 | 27 | 37 | 55 | |
Capital expenditures | 299 | 0 | 299 | 102 | |
Total assets | $ 95,726 | $ 77,257 | $ 95,726 | $ 77,257 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 04, 2019 | Sep. 30, 2019 | May 02, 2019 | Feb. 06, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 69,338 | ||||||||||
Shares, Issued | 39,767 | 264,815 | |||||||||
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited | 97,983 | ||||||||||
Shares, vested | 49,678 | ||||||||||
Shares, Outstanding | 156,921 | 156,921 | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 22.60 | $ 16.70 | $ 22.59 | $ 16.58 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,545 | $ 3,545 | |||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 17,427 | 87,609 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 731,443 | 731,443 | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,500,000 | 1,500,000 | 1,000,000 | ||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 22.60 | $ 16.70 | $ 22.59 | $ 16.58 | |||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 17,427 | 87,609 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,545 | $ 3,545 | |||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Payment Arrangement, Expense | 429 | $ 111 | 795 | $ 111 | |||||||
Phantom Share Units (PSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Payment Arrangement, Expense | 96 | 50 | 197 | 99 | |||||||
Performance Based Phantom Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Payment Arrangement, Expense | $ 187 | $ 465 | $ 615 | $ 465 | |||||||
Treasury Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Treasury Stock, Shares, Acquired | 178,431 | 191,442 | 215,675 | 323,563 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 113,408 | 212,688 | |||||||||
Shares, Issued | 977,863 | 667,682 | 977,863 | 667,682 | 826,353 | 884,518 | 763,426 | 843,993 | |||
Share-based Payment Arrangement, Employee [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 5,750 | ||||||||||
Share-based Payment Arrangement, Nonemployee [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares, Issued | 3,172 | 3,172 | |||||||||
Share Repurchase Program [Domain] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Treasury Stock, Shares, Acquired | 178,431 | 189,821 | 198,248 | 235,954 | |||||||
Equity Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common Stock, Shares Authorized | 3,000,000 | 3,000,000 | |||||||||
Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 283,195 | ||||||||||
President [Member] | Treasury Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,991 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |||||
Defined Contribution Plan, Cost | $ 697 | $ 600 | $ 1,082 | $ 1,023 | |
Liability, Defined Benefit Plan | $ 709 | $ 709 | $ 738 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 673 | $ 763 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (559) | (646) |
Business Combination, Contingent Consideration, Liability, Noncurrent | (11) | (11) |
Fair Value, Net Asset (Liability) | 103 | 106 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 11 | 11 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 673 | 763 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (559) | (646) |
Fair Value, Net Asset (Liability) | 114 | 117 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | (11) | (11) |
Fair Value, Net Asset (Liability) | $ (11) | $ (11) |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Sep. 30, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | $ 3,662 | $ 4,104 |
Inventory, Work in Process, Gross | 5,704 | 6,301 |
Inventory, Finished Goods, Gross | 1,384 | 1,861 |
Other Inventory, Gross | 11,538 | 9,277 |
Inventory, Net | $ 22,288 | $ 21,543 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Goodwill (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Line Items] | |
Goodwill | $ 50,622 |
Goodwill, Acquired During Period | 9,920 |
Goodwill, Written off Related to Sale of Business Unit | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill | 60,542 |
Commercial and Industrial [Member] | |
Goodwill [Line Items] | |
Goodwill | 6,976 |
Goodwill, Written off Related to Sale of Business Unit | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill | 6,976 |
Residential [Member] | |
Goodwill [Line Items] | |
Goodwill | 10,018 |
Goodwill, Acquired During Period | 6,014 |
Goodwill, Written off Related to Sale of Business Unit | 0 |
Goodwill, Purchase Accounting Adjustments | |
Goodwill | 16,032 |
Infrastructure Solutions [Member] | |
Goodwill [Line Items] | |
Goodwill | 30,812 |
Goodwill, Acquired During Period | 3,906 |
Goodwill, Written off Related to Sale of Business Unit | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill | 34,718 |
Communications [Member] | |
Goodwill [Line Items] | |
Goodwill | 2,816 |
Goodwill, Written off Related to Sale of Business Unit | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Goodwill | $ 2,816 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2020 | Sep. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years 4 months 24 days | ||
Finite-Lived Intangible Assets, Gross | $ 59,017 | $ 39,662 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (15,207) | (13,039) | |
Intangible Assets, Net (Excluding Goodwill) | 43,810 | 26,623 | |
Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 7,854 | 5,084 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,446) | (1,267) | |
Intangible Assets, Net (Excluding Goodwill) | $ 6,408 | 3,817 | |
Trademarks and Trade Names [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years | |
Trademarks and Trade Names [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |
Technical Library | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |
Finite-Lived Intangible Assets, Gross | $ 400 | 400 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (131) | (121) | |
Intangible Assets, Net (Excluding Goodwill) | 269 | 279 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 46,189 | 33,539 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (12,779) | (11,051) | |
Intangible Assets, Net (Excluding Goodwill) | $ 33,410 | 22,488 | |
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | 6 years | |
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | 5 years | |
Finite-Lived Intangible Assets, Gross | $ 1,300 | 40 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (34) | (9) | |
Intangible Assets, Net (Excluding Goodwill) | $ 1,266 | 31 | |
Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | 1 year | |
Finite-Lived Intangible Assets, Gross | $ 3,274 | 599 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (817) | (591) | |
Intangible Assets, Net (Excluding Goodwill) | $ 2,457 | $ 8 | |
Construction Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | 1 year |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Sep. 30, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued Insurance, Current | $ 5,949 | $ 6,683 |
Liability for Claims and Claims Adjustment Expense | 58 | 90 |
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | 6,962 | |
Estimated cost of completion of bonded projects | 97,627 | |
Insurance Related [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 6,762 | 6,268 |
Vendor Related [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 200 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Oct. 01, 2019 | |
Leases [Abstract] | ||||
Operating Lease, Liability, Current | $ 11,188,000 | $ 11,188,000 | ||
Finance Lease, Liability, Current | 226,000 | 226,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 6,058,000 | 6,058,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 10,148,000 | 10,148,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 8,045,000 | 8,045,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 5,442,000 | 5,442,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 3,308,000 | 3,308,000 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 5,224,000 | 5,224,000 | ||
Lessee, Operating Lease, Liability, Payments, Due | 38,225,000 | 38,225,000 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 3,581,000 | 3,581,000 | ||
Operating Lease, Liability | 34,644,000 | 34,644,000 | $ 32,237,000 | |
Finance Lease, Liability, Payments, Due Next Twelve Months | 116,000 | 116,000 | ||
Finance Lease, Liability, Payments, Due Year Two | 234,000 | 234,000 | ||
Finance Lease, Liability, Payments, Due Year Three | 208,000 | 208,000 | ||
Finance Lease, Liability, Payments, Due Year Four | 206,000 | 206,000 | ||
Finance Lease, Liability, Payments, Due Year Five | 173,000 | 173,000 | ||
Finance Lease, Liability, Payments, Due after Year Five | 29,000 | 29,000 | ||
Finance Lease, Liability, Payment, Due | 966,000 | 966,000 | ||
Finance Lease, Liability, Undiscounted Excess Amount | 110,000 | 110,000 | ||
Finance Lease, Liability | 856,000 | 856,000 | ||
Lessee, Total Lease, Liability, Payments, Remainder of Fiscal Year [Line Items] | 6,174,000 | 6,174,000 | ||
Total Lease, Liability, Payments, Year Two | 10,382,000 | 10,382,000 | ||
Total Lease, Liability, Payments, Year Three | 8,253,000 | 8,253,000 | ||
Total Lease, Liability, Payments, Year Four | 5,648,000 | 5,648,000 | ||
Total Lease, Liability, Payments, Year Five | 3,481,000 | 3,481,000 | ||
Total Lease, Liability, Payments, Due After Year Five | 5,253,000 | 5,253,000 | ||
Total Lease, Liability, Payments Due | 39,191,000 | 39,191,000 | ||
Total Lease, Liability, Undiscounted Excess Amount | 3,691,000 | 3,691,000 | ||
Total Lease, Liability | 35,500,000 | 35,500,000 | ||
Lessee, Operating Lease, Lease Not yet Commenced, Description | 508,000 | 508,000 | ||
Operating Lease, Cost | 2,917,000 | 5,940,000 | ||
Finance Lease, Right-of-Use Asset, Amortization | 60,000 | 60,000 | ||
Finance Lease, Interest Expense | 15,000 | 15,000 | ||
Finance Lease, Cost | 75,000 | 75,000 | ||
Short-term Lease, Cost | 279,000 | $ 475,000 | ||
Variable Lease, Cost | 251,000 | 428,000 | ||
Lease, Cost | 3,522,000 | 6,918,000 | ||
Operating Lease, Payments | 3,181,000 | 6,298,000 | ||
Finance Lease, Interest Payment on Liability | 15,000 | 15,000 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 2,557,000 | 8,144,000 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 497,000 | $ 928,000 | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 7 months 6 days | 4 years 7 months 6 days | ||
Finance Lease, Weighted Average Remaining Lease Term | 4 years 6 months | 4 years 6 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% | 4.00% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 5.60% | 5.60% |
Business Combinations and Div_3
Business Combinations and Divestitures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Business Combination, Consideration Transferred | $ 28,952 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 6,127 | 6,127 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 489 | 489 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 19,743 | 19,743 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 9,920 | 9,920 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 4,873 | 4,873 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Current | 2,454 | 2,454 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 28,952 | 28,952 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 3,906 | 3,906 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,956 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 527 | |||
Business Acquisition, Pro Forma Revenue | 298,777 | $ 266,093 | 584,484 | $ 518,386 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 6,982 | $ 5,600 | 16,133 | $ 12,704 |
Goodwill, Written off Related to Sale of Business Unit | $ 0 |