DEI Document
DEI Document - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 04, 2019 | Mar. 31, 2019 | |
Entity Information [Line Items] | |||
Entity Registrant Name | IES Holdings, Inc. | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2019 | ||
Entity File Number | 001-13783 | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001048268 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Tax Identification Number | 76-0542208 | ||
Entity Filer Category | Accelerated Filer | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 148.9 | ||
Entity Common Stock, Shares Outstanding | 21,158,207 | ||
Documents Incorporated by Reference | Certain information contained in the Proxy Statement for the 2020 Annual Meeting of Stockholders of the Registrant to be held on February 19, 2020, is incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | IESC | ||
Security Exchange Name | NASDAQ | ||
Preferred Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Rights to Purchase Preferred Stock | ||
Trading Symbol | IESC | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Cash and cash equivalents | $ 18,934 | $ 26,247 |
Accounts receivable | 186,279 | 151,578 |
Retainage | 29,214 | 24,312 |
Inventories | 21,543 | 20,966 |
Costs in Excess of Billings, Current | 29,860 | 31,446 |
Prepaid expenses and other current assets | 10,625 | 8,144 |
Total current assets | 296,455 | 262,693 |
Property and equipment, net | 25,746 | 25,364 |
Goodwill | 50,622 | 50,702 |
Intangible assets, net | 26,623 | 30,590 |
Deferred tax assets | 40,874 | 46,580 |
Other non-current assets | 4,938 | 6,065 |
Total assets | 445,258 | 421,994 |
Accounts payable and accrued expenses | 152,909 | 130,591 |
Billings in excess of costs and estimated earnings | 40,563 | 33,826 |
Total current liabilities | 193,472 | 164,417 |
Long-term debt | 299 | 29,564 |
Other non-current liabilities | 1,945 | 4,374 |
Total liabilities | 195,716 | 198,355 |
Noncontrolling interest | 3,294 | 3,232 |
Preferred stock, value | 0 | 0 |
Common stock, value | 220 | 220 |
Treasury stock, value | (12,483) | (8,937) |
Additional paid-in capital | 192,911 | 196,810 |
Retained earnings | 65,600 | 32,314 |
Total stockholders' equity | 246,248 | 220,407 |
Total liabilities and stockholders' equity | $ 445,258 | $ 421,994 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
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 | 21,165,011 | 21,205,536 |
Treasury Stock, Shares | 884,518 | 843,993 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | |||
Revenues | $ 1,076,996 | $ 876,828 | $ 810,744 |
Cost of services | 894,893 | 726,866 | 670,246 |
Gross profit | 182,103 | 149,962 | 140,498 |
Selling, general and administrative expenses | 140,575 | 123,920 | 120,370 |
Contingent consideration | (374) | 103 | (145) |
Loss (gain) on sale of assets | 52 | (15) | (69) |
Operating income (loss) | 41,850 | 25,954 | 20,342 |
Interest Expense, Debt | 1,857 | 1,946 | 1,702 |
Other (income) expense, net | (148) | (340) | (165) |
Income (loss) from operations before income taxes | 40,141 | 24,348 | 18,805 |
Provision for (benefit from) income taxes | 6,663 | 38,151 | 5,211 |
Net income (loss) | 33,478 | (13,803) | 13,594 |
Net income attributable to noncontrolling interest | (272) | (354) | (172) |
Comprehensive income attributable to IES Holdings, Inc. | $ 33,206 | $ (14,157) | $ 13,422 |
Earnings Per Share, Basic | $ 1.56 | $ (0.67) | $ 0.62 |
Earnings Per Share, Diluted | $ 1.55 | $ (0.67) | $ 0.62 |
Weighted Average Number of Shares Outstanding, Basic | 21,082,012 | 21,196,388 | 21,280,549 |
Weighted Average Number of Shares Outstanding, Diluted | 21,315,245 | 21,196,388 | 21,533,254 |
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, 2016 | $ (223,405) | $ (220) | $ (4,781) | $ (195,221) | $ (32,745) |
Shares, Issued at Sep. 30, 2016 | (22,049,529) | (592,990) | |||
Restricted stock grant | 0 | $ 15 | (15) | ||
Restricted stock grant, shares | 1,803 | ||||
Cumulative effect adjustment from adoption of new accounting standard | 363 | 59 | 304 | ||
Acquisition of treasury stock | (2,367) | $ (2,367) | |||
Acquisition of treasury stock, shares | (152,860) | ||||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | 0 | $ (40) | (40) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (2,257) | ||||
Options exercised | $ 218 | $ 275 | (57) | ||
Options exercised, shares | 33,750 | 33,750 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 1,707 | 1,707 | |||
Decrease in noncontrolling interest | (44) | (44) | |||
Net income (loss) attributable to IES Holdings, Inc. | 13,422 | 13,422 | |||
Stockholders' Equity Attributable to Parent at Sep. 30, 2017 | (236,704) | $ (220) | $ (6,898) | (196,955) | (46,427) |
Shares, Issued at Sep. 30, 2017 | (22,049,529) | (712,554) | |||
Restricted stock grant | 0 | $ 5 | (5) | ||
Restricted stock grant, shares | 520 | ||||
Acquisition of treasury stock | $ (2,059) | $ (2,059) | |||
Acquisition of treasury stock, shares | (100,627) | (133,459) | |||
Options exercised | $ 11 | $ 15 | (4) | ||
Options exercised, shares | 1,500 | 1,500 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ (136) | (136) | |||
Decrease in noncontrolling interest | 44 | 44 | |||
Net income (loss) attributable to IES Holdings, Inc. | (14,157) | (14,157) | |||
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 | 0 | $ (5,942) | (5,942) | ||
Issuances under compensation plans, shares | 501,797 | ||||
Cumulative effect adjustment from adoption of new accounting standard | 80 | ||||
Acquisition of treasury stock | $ (9,802) | $ (9,802) | |||
Acquisition of treasury stock, shares | (467,819) | (564,822) | |||
Options exercised | $ 314 | (314) | |||
Options exercised, shares | 22,500 | 22,500 | |||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 2,357 | 2,357 | |||
Net income (loss) attributable to IES Holdings, Inc. | 33,206 | 33,206 | |||
Stockholders' Equity Attributable to Parent at Sep. 30, 2019 | $ (246,248) | $ (220) | $ (12,483) | $ (192,911) | (65,600) |
Shares, Issued at Sep. 30, 2019 | (22,500) | (22,049,529) | (884,518) | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $ 33,478 | $ (13,803) | $ 13,594 |
Bad debt expense | 552 | 421 | 296 |
Deferred financing cost amortization | 318 | 288 | 294 |
Depreciation and amortization | 9,557 | 8,860 | 9,634 |
Loss (gain) on sale of assets | (52) | 15 | 69 |
Share-based Payment Arrangement, Noncash Expense | 2,357 | (136) | 1,707 |
Deferred income taxes | 5,681 | 38,151 | 6,899 |
Accounts receivable | (35,254) | (7,574) | (7,621) |
Inventories | (684) | (3,970) | (1,856) |
Costs and estimated earnings in excess of billings | 1,586 | (17,840) | 2,571 |
Prepaid expenses and other current assets | (7,171) | (2,250) | (6,798) |
Other non-current assets | (444) | 274 | (510) |
Accounts payable and accrued expenses | 22,472 | 6,584 | (2,829) |
Billings in excess of costs and estimated earnings | 6,683 | 3,570 | 5,898 |
Other non-current liabilities | (459) | (336) | 1,139 |
Net cash provided by operating activities | 38,724 | 12,224 | 22,349 |
Purchases of property and equipment | 6,300 | 4,563 | 4,589 |
Proceeds from sale of assets | 502 | 108 | 270 |
Cash paid in conjunction with business combinations | 50 | (7,406) | (20,213) |
Net cash used in investing activities | (5,748) | (11,861) | (24,532) |
Borrowings of debt | 89,261 | 168 | 5,434 |
Repayments of debt | (119,508) | (177) | (5,432) |
Payment for Contingent Consideration Liability, Financing Activities | 0 | 0 | (448) |
Distribution to noncontrolling interests | (240) | (349) | (153) |
Purchase of treasury stock | (9,802) | (2,059) | (2,367) |
Options exercised | 0 | 11 | 218 |
Net cash used in financing activities | (40,289) | (2,406) | (2,748) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (7,313) | (2,043) | (4,931) |
CASH, CASH EQUIVALENTS and RESTRiCTED CASH, beginning of period | 26,247 | 28,290 | 33,221 |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period | 18,934 | 26,247 | 28,290 |
Cash paid for interest | 1,743 | 1,684 | 1,521 |
Cash paid for income taxes (net) | $ 1,370 | $ 2,839 | $ 2,429 |
Business
Business | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1. BUSINESS 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 colocation 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. Controlling Shareholder As of September 30, 2019 , Tontine Associates, L.L.C., together with its affiliates (collectively, āTontineā), is the controlling shareholder of the Companyās common stock. Accordingly, Tontine has the ability to exercise significant control over our affairs, including the election of directors and most actions requiring the approval of shareholders, including the approval of any potential merger or sale of all or substantially all assets or segments of the Company, or the Company itself. For a more complete discussion on our relationship with Tontine, please refer to Note 3, āControlling Shareholderā in the notes to our Consolidated Financial Statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of IES Holdings, Inc. and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Asset Impairment During the fiscal years ended September 30, 2019 , 2018 and 2017 , the Company recorded no asset impairment charges. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (āGAAPā) 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, investments, 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. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Inventories Inventories consist of raw materials, work in process, finished goods, and parts and supplies held for use in the ordinary course of business. Inventory is valued at the lower of cost or net realizable value generally using the historical average cost or first-in, first-out (FIFO) method. When circumstances dictate, we write down inventory to its estimated net realizable value based on assumptions about future demand, market conditions, plans for disposal, and physical condition of the product. Where shipping and handling costs on inventory purchases are borne by us, these charges are included in inventory and charged to cost of services upon use in our projects or the providing of services. Securities and Equity Investments Our investments in entities where we do not have the ability to exercise significant influence are accounted for using the cost method of accounting. Each period, we evaluate whether an event or change in circumstances has occurred that may indicate an investment has been impaired. If, upon further investigation of such events, we determine the investment has suffered a decline in value that is other than temporary, we write down the investment to its estimated fair value. Property and Equipment Additions of property and equipment are recorded at cost, and depreciation is computed using the straight-line method over the estimated useful life of the related asset. Leasehold improvements are capitalized and depreciated over the lesser of the life of the lease or the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing property and equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the capitalized cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of comprehensive income in the caption (gain) loss on sale of assets. Goodwill Goodwill attributable to each reporting unit is tested for impairment either by comparing the fair value of each reporting unit with its carrying value or by a qualitative assessment. These impairment tests are required to be performed at least annually. On an ongoing basis (absent any impairment indicators), we perform an impairment test annually using a measurement date of September 30. In evaluating goodwill for impairment, we have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is greater than its carrying value. If we determine that it is more likely than not that the carrying value of a reporting unit is greater than its fair value, then we perform an impairment test by calculating the fair value of the reporting unit and comparing this calculated fair value with the carrying value of the reporting unit. We estimate the fair value of the reporting unit based on both a market approach and an income approach, using discounted estimated future cash flows. The market approach uses market multiples of enterprise value to earnings before interest, taxes, depreciation and amortization for comparable publicly traded companies. The income approach relies on significant estimates for future cash flows, projected long-term growth rates, and the weighted average cost of capital. Intangible Assets Intangible assets with definite lives are amortized over their estimated useful lives based on expected economic benefit with no residual value. Debt Issuance Costs Debt issuance costs are included as a reduction of our debt outstanding, or alternately classified within other non-current assets if we have no borrowings drawn on our credit facility at the balance sheet date, and are amortized to interest expense over the scheduled maturity of the debt. Amortization expense of debt issuance costs was $ 318 , $ 288 and $ 294 , respectively, for the years ended 2019 , 2018 and 2017 . Remaining unamortized capitalized debt issuance costs were $ 782 and $ 912 at September 30, 2019 , and 2018 , respectively. Revenue Recognition Revenue is generally recognized from a contract with a customer 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. We recognize revenue on project contracts using the percentage of completion method. Project contracts generally provide that customers accept completion of progress to date and compensate us for services rendered measured in terms of units installed, hours expended or some other measure of progress. We recognize revenue on both signed contracts and change orders. A discussion of our treatment of claims and unapproved change orders is described later in this section. Percentage of completion for construction contracts is measured principally by the percentage of costs incurred and accrued to date for each contract to the estimated total cost for each contract at completion. We generally consider contracts to be substantially complete upon departure from the work site and acceptance by the customer. Contract costs include all direct material, labor and insurance costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Changes in job performance, job conditions, estimated contract costs and profitability and final contract settlements can result in change orders under which the customer agrees to pay additional contract price. Revisions can also result in claims we might make against the customer to recover additional costs that have not been resolved through change orders with the customer. Except in certain circumstances, we do not recognize revenue or margin based on change orders or claims until they have been agreed upon with the customer. The amount of revenue associated with unapproved change orders and claims was immaterial for the years ended September 30, 2019 , 2018 and 2017 . Provisions for total estimated losses on uncompleted contracts are made in the period in which such losses are determined. The balances billed but not paid by customers pursuant to retainage provisions in project contracts are typically due upon completion of the contracts and acceptance by the customer. Based on our experience, the retention balance at each balance sheet date will be collected within the subsequent fiscal year. Certain divisions in the Residential and Infrastructure Solutions segments use the completed contract method of accounting because the duration of their contracts is short in nature. We recognize revenue on completed contracts when the project is complete and billable to the customer. Provisions for estimated losses on these contracts are recorded in the period such losses are determined. Accounts Receivable and Allowance for Doubtful Accounts We record accounts receivable for all amounts billed and not collected. Generally, we do not charge interest on outstanding accounts receivable; however, from time to time we may believe it necessary to charge interest on a case by case basis. Additionally, we provide an allowance for doubtful accounts for specific accounts receivable where collection is considered doubtful as well as for general unknown collection issues based on historical trends. Accounts receivable not determined to be collectible are written off as deemed necessary in the period such determination is made. As is common in our industry, some of these receivables are in litigation or require us to exercise our contractual lien rights in order to collect. Our allowance for doubtful accounts at September 30, 2019 and 2018 was $ 1,184 and $ 868 , respectively. We believe that our allowance for doubtful accounts is sufficient to cover uncollectible receivables as of September 30, 2019 . Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in equity during a period except those resulting from investments by and distributions to stockholders. Income Taxes We follow the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recorded for the future income tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities, and are measured using enacted tax rates and laws. We regularly evaluate valuation allowances established for deferred tax assets for which future realization is uncertain. We perform this evaluation on a quarterly basis. The estimation of required valuation allowances includes estimates of future taxable income. In assessing the realizability of deferred tax assets at September 30, 2019 , we concluded, based upon the assessment of positive and negative evidence, that it is more likely than not that the Company will generate sufficient taxable income within the applicable NOL carryforward periods to realize its net deferred tax assets of $ 40,874 . We considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income is different from these estimates, our results could be affected. 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. Each year, we compile our historical data pertaining to the insurance experiences and actuarially develop the ultimate loss associated with our insurance programs other than pollution coverage for our Infrastructure Solutions segment. We believe that the actuarial valuation provides the best estimate of the ultimate losses to be expected under these programs. The undiscounted ultimate losses of our workersā compensation, auto and general liability insurance reserves at September 30, 2019 , and 2018 , was $ 4,975 and $ 5,286 , respectively. Based on historical payment patterns, we expect payments of undiscounted ultimate losses to be made as follows: Year Ended September 30: 2020 $ 1,422 2021 1,065 2022 727 2023 504 2024 290 Thereafter 967 Total $ 4,975 We elect to discount the ultimate losses above to present value using an approximate risk-free rate over the average life of our insurance claims. For the years ended September 30, 2019 and 2018 , the discount rate used was 1.6 percent and 2.9 percent, respectively. The present value of all insurance reserves for the employee group health claims, workersā compensation, auto and general liability recorded at September 30, 2019 , and 2018 was $ 6,683 and $ 6,202 , respectively. Our employee group health claims are anticipated to be resolved within the year ended September 30, 2020 . We had letters of credit totaling $ 6,268 outstanding at September 30, 2019 to collateralize certain of our high deductible insurance obligations. Realization of Long-Lived Assets We evaluate the recoverability of property and equipment and other long-lived assets as facts and circumstances indicate that any of those assets might be impaired. If an evaluation is required for our assets we plan to hold and use, the estimated future undiscounted cash flows associated with the asset are compared to the assetās carrying amount to determine if an impairment of such property has occurred. The effect of any impairment would be to expense the difference between the fair value of such property and its carrying value. Estimated fair values are determined based on expected future cash flows discounted at a rate we believe incorporates the time value of money, the expectations about future cash flows and an appropriate risk premium. For the years ended September 30, 2019 , 2018 and 2017 , no indicators of impairments were identified, and no impairment charges were recorded. Risk Concentration Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash deposits and accounts receivable. Through delayed payment terms, we at times grant credit, usually without collateral, to our customers, who are generally large public companies, contractors and homebuilders throughout the United States. Consequently, we are subject to potential credit risk related to changes in business and economic factors throughout the United States, specifically, within the construction, homebuilding and mission critical facility markets. However, we are entitled to payment for work performed and generally have certain lien rights in that work. Further, management believes that its contract acceptance, billing and collection policies are adequate to manage potential credit risk. We routinely maintain cash balances in financial institutions in excess of federally insured limits. We periodically assess the financial condition of these institutions where these funds are held and believe the credit risk is minimal. We maintain the majority of our cash and cash equivalents in money market mutual funds. There can be no assurance, however, that we will not be adversely affected by credit risks we face. No single customer accounted for more than 10% of our consolidated revenues for the years ended September 30, 2019 , 2018 and 2017 . Fair Value of Financial Instruments Our financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable, and a loan agreement. We believe that the carrying value of financial instruments approximates their fair value due to their short-term nature. The carrying value of our debt approximates fair value, as debt incurs interest at a variable rate. Stock-Based Compensation We measure and record compensation expense for all share-based payment awards based on the fair value of the awards granted at the date of grant. The fair value of restricted stock awards and phantom stock unit awards is determined based on the number of shares granted and the closing price of IESās common stock on the date of grant. For awards vesting upon achievement of a market condition, the likelihood of achieving that market condition is considered in determining the fair value of the grant, which we expense ratably over the vesting period. For awards vesting upon achievement of a performance condition, we record expense based on the grant date fair value when it becomes probable the performance condition will be achieved. Forfeitures are recorded in the period in which they occur. The resulting compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. Deferred Compensation Plans The Company maintains a rabbi trust to fund certain deferred compensation plans. The securities held by the trust are classified as trading securities. The investments are recorded at fair value and are classified as other non-current assets in the accompanying Consolidated Balance Sheets as of September 30, 2019 , and 2018 . The changes in fair values are recorded as a component of other income (expense) in the Consolidated Statements of Comprehensive Income (Loss). The corresponding deferred compensation liability is included in other non-current liabilities on the Consolidated Balance Sheets and changes in this obligation are recognized as adjustments to compensation expense in the period in which they are determined. Noncontrolling Interest In connection with our acquisitions of STR Mechanical, LLC (āSTR Mechanicalā) in fiscal 2016 and NEXT Electric, LLC (āNEXT Electricā) in fiscal 2017, we acquired 80 percent interests in these entities, and the remaining 20 percent was retained by the third party sellers. The interests retained by those third party sellers are identified on our Consolidated Balance Sheets as noncontrolling interest, classified outside of permanent equity. Under the terms of the operating agreements governing these entities, after five years from the dates of the acquisitions, we may elect to purchase, or the third party sellers may require us to purchase, part of all of the remaining 20 percent interests in these entities. 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 ASC 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 September 30, 2019 , the redemption amount would have been $ 3,294 . For the year ended September 30, 2018, we recorded an increase to retained earnings of $ 44 to offset an increase to noncontrolling interest recorded in fiscal 2017, decreasing the carrying amount of the noncontrolling interest in STR to the balance determined under ASC 810, as if it had been redeemable at September 30, 2018, as the redemption amount would have been less than the carrying amount. Accounting Standards Not Yet Adopted In February 2016, the Financial Accounting Standards Board (the āFASBā) issued Accounting Standard Update No. 2016-02, Leases (āASU 2016-02ā). Under ASU 2016-02, we will recognize a right-of-use asset and a lease liability on our 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 will result in straight-line expense, similar to current operating leases, while finance leases will be accounted for similar to current capital leases. We plan to adopt this standard on October 1, 2019, using a modified retrospective transition approach. We plan to utilize the optional transition method allowed under Accounting Standard Update No. 2018-11, which allows the recognition of a cumulative-effect adjustment to retained earnings on such date and the continued reporting of retrospective periods using the previous accounting standards. We plan to elect all of the available practical expedients, which would allow the use of hindsight in the determination of the lease term and impairment assessment of the right-of-use assets, and eliminate the need to reassess whether our existing or expired contracts contain a lease and its corresponding classification. We have developed processes and internal controls to meet the reporting and disclosure requirements of the standard, including the validation and detailed assessment of our full lease population. Our balance sheet will be impacted from this standard by recording lease right-of-use assets and lease liabilities in similar amounts, which we currently estimate to be less than $ 35 million as of October 1, 2019, with any difference between the right-of-use asset and the lease liabilities recorded to previously accrued or deferred rent expense relating to prior periods. We do not anticipate that the standard will have a significant impact on our net earnings, cash flows or compliance with the financial covenants under our revolving credit facility. In June 2016, the FASB 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 Consolidated Financial Statements. We plan to adopt this standard on October 1, 2020. 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 is effective for the fiscal year ended September 30, 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 gains 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 do not expect ASU 2018-07 or ASU 2018-13 to have a material effect on our Consolidated Financial Statements and we plan to adopt these standards on October 1, 2019 and October 1, 2020, respectively. Accounting Standards Recently Adopted In May 2014, the FASB issued Accounting Standard Update No. 2014-09, which provides a single comprehensive accounting standard for revenue recognition for contracts with customers and supersedes prior industry-specific guidance. The new standard requires companies to recognize revenue when control of promised goods or services is transferred to customers at an amount that reflects the consideration to which the company expects to be entitled. The new model requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time for each obligation. The new standard also expands disclosure requirements regarding revenue and cash flows arising from contracts with customers. We adopted the new revenue recognition standard on October 1, 2018 (āAdoption Dateā), using the modified retrospective method, which provides for a cumulative effect adjustment to beginning fiscal 2019 retained earnings for uncompleted contracts impacted by the adoption. We recorded an adjustment of $ 80 to beginning fiscal 2019 retained earnings as a result of adoption of the new standard. The changes to the method and/or timing of our revenue recognition associated with the new standard primarily affect revenue recognition within our Infrastructure Solutions segment for which, as of October 1, 2018, certain of our contracts do not qualify for revenue recognition over time. In addition, we have now combined in process contracts that historically had been accounted for as separate contracts in cases where those contracts meet the criteria for combination of contracts under the new standard, and we now capitalize certain commissions which were previously expensed when incurred. The impact on our results for the year ended September 30, 2019 , of applying the new standard to our contracts was not material. Consistent with our adoption method, the comparative prior period information continues to be reported using the previous accounting standards in effect for the period presented. We have elected to utilize the modified retrospective transition practical expedient that allows us to evaluate the impact of contract modifications as of the Adoption Date rather than evaluating the impact of the modifications at the time they occurred prior to the Adoption Date. See Note 4, āRevenue Recognitionā for additional discussion of our revenue recognition accounting policies and expanded disclosures. In January 2016, the FASB issued Accounting Standard Update No. 2016ā01, Financial Instruments. This standard is associated with the recognition and measurement of financial assets and liabilities, with further clarifications made in February 2018 with the issuance of Accounting Standard Update No. 2018-03. The amended guidance requires certain equity investments that are not consolidated and not accounted for under the equity method to be measured at fair value with changes in fair value recognized in net income rather than as a component of accumulated other comprehensive income (loss). It further states that an entity may choose to measure equity investments that do not have readily determinable fair values using a quantitative approach, or measurement alternative, which is equal to its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Our adoption of this standard on October 1, 2018 had no impact on our Consolidated Financial Statements. In January 2017, the FASB issued Accounting Standard Update No. 2017-01, Business Combinations. This standard clarifies the definition of a business to assist entities with evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Our adoption of this standard on October 1, 2018 using the prospective transition method had no impact on our Condensed Consolidated Financial Statements. In May 2017, the FASB issued Accounting Standard Update No. 2017-09, CompensationāStock Compensation, to reduce the diversity in practice and the cost and complexity when changing the terms or conditions of a share-based payment award. Our adoption of this standard on October 1, 2018 using the prospective transition method had no impact on our Consolidated Financial Statements. |
Controlling Shareholder
Controlling Shareholder | 12 Months Ended |
Sep. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Controlling Shareholder [Text Block] | 3. CONTROLLING SHAREHOLDER Tontine is the Company's controlling shareholder, owning approximately 58 percent of the Companyās outstanding common stock according to a Form 4 filed with the SEC by Tontine on October 3, 2019 . Accordingly, Tontine has the ability to exercise significant control over our affairs, including the election of directors and most actions requiring the approval of shareholders. 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 executive severance plan. 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 (the "Observer 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 Observer 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 acceptable to those members of the Board who are not affiliates of Tontine, shall have no voting rights or other decision making authority. Subject to the terms and conditions set forth in the Observer Agreement, so long as Tontine has the right to appoint a Board Observer, the Board Observer will have the right to attend and participate in meetings of the Board and the committees thereof, subject to confidentiality requirements, and to receive reimbursement for reasonable out-of-pocket expenses incurred in his or her capacity as a Board Observer and such rights to coverage under the Companyās directorsā and officersā liability insurance policy as are available to the Companyās directors. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | 4. REVENUE RECOGNITION Contracts Our revenue is derived from contracts with customers, and we determine the appropriate accounting treatment for each contract at its 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 changes to transaction price for approved and unapproved change orders, claims and incentives. 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 accounted for as a reduction of the 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 September 30, 2019 , we had capitalized commission costs of $ 86 . We generally do not incur significant incremental costs related to obtaining or fulfilling a contract prior to the start of a project. When significant preācontract 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 2019 , 2018 , and 2017 revenue was derived from the following service activities. See details in the following tables: Year Ended September 30, 2019 2018 2017 Commercial & Industrial $ 305,624 $ 274,299 $ 227,606 Communications 321,246 219,655 225,275 Infrastructure Solutions Industrial Services 48,948 44,701 46,079 Custom Power Solutions 87,842 52,462 37,745 Total Infrastructure Solutions 136,790 97,163 83,824 Residential Single-family 212,358 190,379 162,100 Multi-family and Other 100,978 95,332 111,939 Total Residential 313,336 285,711 274,039 Total Revenue $ 1,076,996 $ 876,828 $ 810,744 Year Ended September 30, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 286,319 $ 229,143 $ 129,096 $ 313,336 $ 957,894 Time-and-material 19,305 92,103 7,694 ā 119,102 Total revenue $ 305,624 $ 321,246 $ 136,790 $ 313,336 $ 1,076,996 Year Ended September 30, 2018 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 244,464 $ 166,258 $ 90,155 $ 285,711 $ 786,588 Time-and-material 29,835 53,397 7,008 ā 90,240 Total revenue $ 274,299 $ 219,655 $ 97,163 $ 285,711 $ 876,828 Year Ended September 30, 2017 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 206,850 $ 174,922 $ 76,232 $ 274,039 $ 732,043 Time-and-material 20,756 50,353 7,592 ā 78,701 Total revenue $ 227,606 $ 225,275 $ 83,824 $ 274,039 $ 810,744 Accounts Receivable Accounts receivable include amounts which we have billed or have an unconditional right to bill our customers. As of September 30, 2019 , Accounts receivable included $ 11,329 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: September 30, 2019 2018 Costs and estimated earnings on uncompleted contracts $ 761,401 $ 539,226 Less: Billings to date and unbilled accounts receivable (772,104 ) (541,606 ) $ (10,703 ) $ (2,380 ) The net asset (liability) position for contracts in process included in the accompanying consolidated balance sheets was as follows: September 30, 2019 2018 Costs and estimated earnings in excess of billings $ 29,860 $ 31,446 Billings in excess of costs and estimated earnings (40,563 ) (33,826 ) $ (10,703 ) $ (2,380 ) During the year ended September 30, 2019 , and 2018 , we recognized revenue of $ 31,831 and $ 31,135 related to our contract liabilities at October 1, 2018 and 2017 , respectively. We did not have any impairment losses recognized on our receivables or contract assets for the years ended September 30, 2019 , 2018 , or 2017 . 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 September 30, 2019 , we had remaining performance obligations of $ 451,884 . The Company expects to recognize revenue on approximately $ 391,769 of the remaining performance obligations over the next 12 months, with the remaining recognized thereafter. For the year ended September 30, 2019 , net revenue recognized from our performance obligations satisfied in previous periods was not material. |
Property and Equipment (Notes)
Property and Equipment (Notes) | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY AND EQUIPMENT Property and equipment consists of the following: Estimated Useful Lives in Years Year Ended September 30, 2019 2018 Land N/A $ 1,436 $ 1,348 Buildings and improvements 5-20 13,608 12,479 Machinery and equipment 3-10 30,600 27,443 Information systems 2-8 7,945 7,854 Furniture and fixtures 5-7 1,587 1,579 $ 55,176 $ 50,703 Less-Accumulated depreciation (29,560 ) (25,613 ) Construction in progress 130 274 Property and equipment, net $ 25,746 $ 25,364 Depreciation expense was $ 5,607 , $ 4,759 and $ 3,840 , respectively, for the years ended September 30, 2019 , 2018 and 2017 . |
Per Share Information
Per Share Information | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 6. PER SHARE INFORMATION Basic earnings per share is calculated as income (loss) available to common stockholders, divided by the weighted average number of common shares outstanding during the period. If the effect is dilutive, participating securities are included in the computation of basic earnings per share. Our participating securities do not have a contractual obligation to share in the losses in any given period. As a result, these participating securities will not be allocated any losses in the periods of net losses, but will be allocated income in the periods of net income using the two-class method. The following table reconciles the components of the basic and diluted earnings (loss) per share for the years ended September 30, 2019 , 2018 and 2017 : Year Ended September 30, 2019 2018 2017 Numerator: Net income (loss) attributable to common shareholders of IES Holdings, Inc. $ 32,950 $ (14,113 ) $ 13,275 Increase (decrease) in noncontrolling interest ā (44 ) 44 Net income attributable to restricted shareholders of IES Holdings, Inc. 256 ā 103 Net income (loss) attributable to IES Holdings, Inc. $ 33,206 $ (14,157 ) $ 13,422 Denominator: Weighted average common shares outstanding ā basic 21,082,012 21,196,388 21,280,549 Effect of dilutive stock options and non-vested securities 233,233 ā 252,705 Weighted average common and common equivalent shares outstanding ā diluted 21,315,245 21,196,388 21,533,254 Earnings (loss) per share attributable to IES Holdings, Inc.: Basic $ 1.56 $ (0.67 ) $ 0.62 Diluted $ 1.55 $ (0.67 ) $ 0.62 For the years ended September 30, 2019 and September 30, 2017 , the average price of our common shares exceeded the exercise price of outstanding options; therefore, outstanding stock options were included in the computation of fully diluted earnings per share. When an entity has a net loss, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized basic shares outstanding to calculate both basic and diluted loss per share for the year ended September 30, 2018 . The number of potential anti-dilutive shares excluded from the calculation was 301,879 shares for the year ended September 30, 2018 |
Detail of Certain Balance Sheet
Detail of Certain Balance Sheet Accounts (Notes) | 12 Months Ended |
Sep. 30, 2019 | |
Detail of Certain Balance Sheet Accounts [Abstract] | |
Detail Of Certain Balance Sheet Accounts [Text Block] | 7. DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS Activity in our allowance for doubtful accounts on accounts receivable consists of the following: Year Ended September 30, 2019 2018 Balance at beginning of period $ 868 $ 650 Additions to costs and expenses 552 515 Deductions for uncollectible receivables written off, net of recoveries (236 ) (297 ) Balance at end of period $ 1,184 $ 868 Accounts payable and accrued expenses consist of the following: Year Ended September 30, 2019 2018 Accounts payable, trade $ 85,276 75,293 Accrued compensation and benefits 42,828 34,058 Accrued insurance liabilities 6,683 6,202 Other accrued expenses 18,122 15,038 $ 152,909 130,591 Other non-current assets are comprised of the following: Year Ended September 30, 2019 2018 Executive Savings Plan assets $ 763 $ 747 Securities and equity investments 408 558 Other 3,767 4,760 Total $ 4,938 $ 6,065 |
Debt
Debt | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 8. DEBT Debt consists of the following: Year Ended September 30, 2019 2018 Revolving loan (long-term debt) $ ā $ 30,247 Debt issuance costs (1) ā (912 ) Other long-term debt 299 229 Total debt $ 299 $ 29,564 (1) At September 30, 2019, the remaining unamortized debt issuance costs of $ 782 were reclassified to Other non-current assets on the Consolidated Balance Sheet. At September 30, 2019 , we had no outstanding borrowings under our revolving credit facility, $ 6,468 in outstanding letters of credit and $ 93,532 available to us under our revolving credit facility with Wells Fargo Bank, N.A. ("Wells Fargo"). All amounts outstanding under our revolving credit facility are due and payable in September 2024, upon expiration of our revolving credit facility, and all amounts described as available are available without triggering our financial covenant under the Amended Credit Agreement (as defined below). Our interest rate on our outstanding borrowings under our revolving credit facility was 4.25% at September 30, 2018 . For the years ended September 30, 2019 , 2018 and 2017 , we incurred interest expense of $ 1,857 , $ 1,946 and $ 1,702 , respectively. The Revolving Credit Facility We maintain a $ 100,000 revolving credit facility with Wells Fargo that matures in September 2024, pursuant to a Second Amended and Restated Credit and Security Agreement with Wells Fargo Bank dated as of April 10, 2017, which was amended on July 14, 2017, August 2, 2017, July 23, 2018, May 17, 2019 and September 6, 2019 (as amended, the āAmended Credit Agreementā). The Fourth Amendment to the Second Amended and Restated Credit and Security Agreement, which was entered into on May 20, 2019, permits the Company to repurchase up to 1.0 million additional shares of common stock pursuant to its previously authorized stock repurchase program for an aggregate purchase price (including for any remaining shares under the previous share repurchase authorization) not to exceed $ 25,000 . The Fifth Amendment to the Second Amendment and Restated Credit and Security Agreement, which was entered into on September 6, 2019, reduced the interest rate margin applicable to borrowings by 50 basis points, removed the Company's minimum EBITDA financial covenant, granted pre-approval for acquisitions meeting certain conditions with an aggregate purchase price of up to $25,000, and reduced the minimum liquidity covenant from 30% to 20% of the maximum revolver amount. Terms of the Amended Credit Agreement The Amended Credit Agreement contains other customary affirmative, negative and financial covenants, as well as events of default. As of September 30, 2019 , we were in compliance with the financial covenants under the Amended Credit Agreement, requiring that we maintain: ā¢ a Fixed Charge Coverage Ratio (as defined in the Amended Credit Agreement), measured quarterly on a trailing four-quarter basis at the end of each quarter, of at least 1.1 to 1.0; and ā¢ minimum Liquidity (as defined in the Amended Credit Agreement) of at least twenty percent (20%) of the Maximum Revolver Amount (as defined in the Amended Credit Agreement), or $20,000; with, for purposes of this covenant, at least fifty percent (50%) of our Liquidity comprised of Excess Availability (as defined in the Amended Credit Agreement). At September 30, 2019 , our Liquidity was $ 112,467 and our Excess Availability was $ 93,532 (or greater than 50% of minimum Liquidity), our Fixed Charge Coverage Ratio was 4.7 :1.0. Our Fixed Charge Coverage Ratio is calculated as follows (with capitalized terms as defined in the Amended Credit Agreement): (i) our trailing twelve month EBITDA, less Non-Financed Capital Expenditures (other than capital expenditures financed by means of an advance under the credit facility), cash taxes and all Restricted Junior Payments consisting of certain Pass-Through Tax Liabilities, divided by (ii) the sum of our cash interest (other than interest paid-in-kind, amortization of financing fees, and other non-cash interest expense) and principal debt payments (other than repayment of principal on advances under the credit facility and including cash payments with respect to capital leases), any management, consulting, monitoring, and advisory fees paid to an affiliate, and all Restricted Junior Payments (other than Pass-Through Tax Liabilities) and other cash distributions; provided, that if any acquisition is consented to by the lender after the date of the Amended Credit Agreement, the components of the Fixed Charge Coverage Ratio will be calculated for such fiscal period after giving pro forma effect to the acquisition assuming that such transaction has occurred on the first day of such period (including pro forma adjustments arising out of events which are directly attributable to such acquisition, are factually supportable, and are expected to have a continuing impact, in each case to be reasonably agreed to by the lender). If in the future our Liquidity falls below $20,000 (or Excess Availability falls below 50% of our minimum Liquidity), our Fixed Charge Coverage Ratio is less than 1.1:1.0, or if we otherwise fail to perform or otherwise comply with certain of our covenants or other agreements under the Amended Credit Agreement, it would result in an event of default under the Amended Credit Agreement, which could result in any indebtedness we may take on becoming immediately due and payable. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 9. LEASES We enter into operating leases for many of our facilities, vehicle and equipment needs. These leases allow us to retain cash, and we pay a monthly lease rental fee. At the end of the lease, we have no further obligation to the lessor. We may cancel or terminate a lease before the end of its term. Typically, we would be liable to the lessor for various lease cancellation or termination costs and the difference between the fair market value of the leased asset and the implied book value of the leased asset as calculated in accordance with the lease agreement. For a discussion of leases with certain related parties which are included below, see Note 13, āRelated-Party Transactions.ā Rent expense was $ 10,553 , $ 7,680 and $ 6,990 for the years ended September 30, 2019 , 2018 and 2017 , respectively. Future minimum lease payments under these non-cancelable operating leases that had commenced as of September 30, 2019 with terms in excess of one year are as follows: Year Ended September 30: 2020 $ 8,101 2021 6,235 2022 4,750 2023 3,139 2024 2,130 Thereafter 3,595 Total $ 27,950 Some of the lease agreements entered into will not commence until the year ended September 30, 2020 . The total future undiscounted cash flows related to lease agreements committed to but not yet commenced as of September 30, 2019 , is $ 1,964 .We also entered into two large building lease renewals at our Infrastructure Solutions segment in October 2019 that will commence in the year ended September 30, 2020 and have total future undiscounted cash flows of $ 2,422 . |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES Federal and state income tax provisions are as follows: Year Ended September 30, 2019 2018 2017 Federal: Current $ (1,330 ) $ (2,345 ) $ (3,092 ) Deferred 5,908 38,744 6,384 State: Current 2,312 1,536 1,432 Deferred (227 ) 216 487 Total provision for income taxes $ 6,663 $ 38,151 $ 5,211 Actual income tax expense differs from income tax expense computed by applying the U.S. federal statutory corporate rate to income (loss) before income taxes as follows: Year Ended September 30, 2019 2018 2017 Provision at the statutory rate (1) $ 8,430 $ 5,973 $ 6,582 Increase resulting from: Non-deductible expenses 1,277 1,241 1,173 State income taxes, net of federal deduction 2,009 1,193 1,003 Change in valuation allowance ā 1,761 142 Rate change ā 31,333 ā Other ā 183 17 Decrease resulting from: Share-based compensation (556 ) (238 ) (207 ) Change in valuation allowance (83 ) ā ā Contingent tax liabilities (3,967 ) (1,908 ) (3,499 ) State deferred true up ā (1,387 ) ā Other (447 ) ā ā Total provision for income taxes $ 6,663 $ 38,151 $ 5,211 (1) A statutory rate of 21 % was used in 2019 , 24.53 % in 2018 and 35% in 2017 . The lower effective tax rate used in 2019 and 2018 is related to the enactment of Tax Cuts and Jobs Act enacted on December 22, 2017. Deferred income tax provisions result from temporary differences in the recognition of income and expenses for financial reporting purposes and for income tax purposes. The income tax effects of these temporary differences, representing deferred income tax assets and liabilities, result principally from the following: Year Ended September 30, 2019 2018 Deferred income tax assets: Allowance for doubtful accounts $ 245 $ 207 Accrued expenses 9,783 8,054 Net operating loss carryforward 39,045 46,881 Various reserves 1,396 1,172 Equity losses in affiliate 119 119 Share-based compensation 672 665 Capital loss carryforward 74 94 Other 1,137 712 Subtotal 52,471 57,904 Less valuation allowance 4,044 4,127 Total deferred income tax assets 48,427 53,777 Deferred income tax liabilities: Property and equipment 840 1,122 Intangible assets 5,978 5,499 Other 735 576 Total deferred income tax liabilities 7,553 7,197 Net deferred income tax assets $ 40,874 $ 46,580 In fiscal 2019 and 2018 , the valuation allowance on our deferred tax assets decreased by $ 83 and increased by $ 1,761 , respectively, which is included in āProvision (benefit) for income taxesā in our Consolidated Comprehensive Income Statement. As of September 30, 2019 , we had available approximately $ 306,324 of federal net tax operating loss carry forward for federal income tax purposes, including $ 143,577 from net operating losses on which no tax benefit has been recognized and has not been recorded as a deferred tax asset. This carry forward, which may provide future tax benefits, will begin to expire in 2026. As of September 30, 2019 , we had available approximately $ 94,007 state net tax operating loss carry forwards, including $ 8,722 from net operating losses on which no tax benefit has been recognized and has not been recorded as a deferred tax asset. The carry forwards, which may provide future tax benefits, will begin to expire in 2020. We have provided valuation allowances on all net operating losses where it is determined it is more likely than not that they will expire without being utilized. In assessing the realizability of deferred tax assets at September 30, 2019 , we considered whether it was more likely than not that some portion or all of the deferred tax assets will not be realized. Our realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. As a result, we have recorded a net deferred tax asset of $ 40,874 on our Consolidated Balance Sheets. We will continue to evaluate the appropriateness of our remaining deferred tax assets and need for valuation allowances on a quarterly basis. Further, any future reduction in the federal statutory tax rate could result in a charge to reduce the book value of the net deferred tax assets recorded on our Consolidated Balance Sheet. As a result of a 2006 reorganization and related adjustment to the book basis in goodwill, we have tax basis in excess of book basis in amortizable goodwill of approximately $ 23,050 . The tax basis in amortizable goodwill in excess of book basis is not reflected as a deferred tax asset. To the extent the amortization of the excess tax basis results in a cash tax benefit, the benefit will first go to reduce goodwill, then other long-term intangible assets, and then tax expense. GAAP requires financial statement reporting of the expected future tax consequences of uncertain tax return reporting positions on the presumption that all relevant tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances, but it prohibits discounting of any of the related tax effects for the time value of money. The evaluation of a tax position is a two-step process. The first step is the recognition process to determine if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit/expense to recognize in the financial statements. The tax position is measured at the largest amount of benefit/expense that is more likely than not of being realized upon ultimate settlement. A reconciliation of the beginning and ending balances of unrecognized tax benefit is as follows: Year Ended September 30, 2019 2018 Balance at beginning of period $ 30,256 $ 51,968 Additions for position related to current year 93 13 Additions for positions of prior years 19 272 Reduction resulting from the lapse of the applicable statutes of limitations 4,074 3,361 Reduction resulting from rate change ā 18,636 Balance at end of period $ 26,294 $ 30,256 As of September 30, 2019 , and 2018 , $ 26,294 and $ 30,256 , respectively, of unrecognized tax benefits would result in a decrease in the provision for income tax expense. We anticipate that approximately $ 1,573 in liabilities for unrecognized tax benefits, including accrued interest, primarily from net operating losses on which no tax benefit has been recognized, may be reversed in the next twelve months. The reversal is predominately due to the expiration of the statutes of limitation for unrecognized tax benefits. We had approximately $ 43 and $ 35 accrued for the payment of interest and penalties at September 30, 2019 , and 2018 , respectively. We recognize interest and penalties related to unrecognized tax benefits as part of the provision for income taxes. The tax years ended September 30, 2017, and forward are subject to federal audit as are tax years prior to September 30, 2017, to the extent of unutilized net operating losses generated in those years. The tax years ended September 30, 2016, and forward are subject to state audits as are tax years prior to September 30, 2016, to the extent of unutilized net operating losses generated in those years. |
Operating Segments
Operating Segments | 12 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 11. 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 purposes 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 years ended September 30, 2019 , 2018 and 2017 is as follows: Year Ended September 30, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 305,624 $ 321,246 $ 136,790 $ 313,336 $ ā $ 1,076,996 Cost of services 275,722 264,746 105,863 248,562 ā 894,893 Gross profit 29,902 56,500 30,927 64,774 ā 182,103 Selling, general and administrative 27,815 31,850 18,664 46,864 15,382 140,575 Contingent consideration ā (97 ) (277 ) ā ā (374 ) Loss (gain) on sale of assets (30 ) (6 ) 105 (17 ) ā 52 Income (loss) from operations $ 2,117 $ 24,753 $ 12,435 $ 17,927 $ (15,382 ) $ 41,850 Other data: Depreciation and amortization expense $ 2,563 $ 1,513 $ 4,528 $ 852 $ 101 $ 9,557 Capital expenditures $ 2,402 $ 973 $ 1,377 $ 1,412 $ 136 $ 6,300 Total assets $ 82,050 $ 109,263 $ 116,867 $ 63,903 $ 73,175 $ 445,258 Year Ended September 30, 2018 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 274,299 $ 219,655 $ 97,163 $ 285,711 $ ā $ 876,828 Cost of services 244,656 179,518 75,337 227,355 ā 726,866 Gross profit 29,643 40,137 21,826 58,356 ā 149,962 Selling, general and administrative 27,031 26,003 18,293 41,401 11,192 123,920 Contingent consideration (100 ) (85 ) 288 ā ā 103 Loss (gain) on sale of assets (37 ) (4 ) 18 8 ā (15 ) Income (loss) from operations $ 2,749 $ 14,223 $ 3,227 $ 16,947 $ (11,192 ) $ 25,954 Other data: Depreciation and amortization expense $ 2,197 $ 1,247 $ 4,672 $ 637 $ 107 $ 8,860 Capital expenditures $ 2,216 $ 647 $ 735 $ 932 $ 33 $ 4,563 Total assets $ 89,729 $ 80,528 $ 109,506 $ 55,176 $ 87,055 $ 421,994 Year Ended September 30, 2017 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 227,606 $ 225,275 $ 83,824 $ 274,039 $ ā $ 810,744 Cost of services 208,619 187,419 63,399 210,809 ā 670,246 Gross profit 18,987 37,856 20,425 63,230 ā 140,498 Selling, general and administrative 20,170 24,219 17,859 43,689 14,433 120,370 Contingent consideration ā ā (145 ) ā ā (145 ) Loss (gain) on sale of assets (32 ) (1 ) (79 ) 43 ā (69 ) Income (loss) from operations $ (1,151 ) $ 13,638 $ 2,790 $ 19,498 $ (14,433 ) $ 20,342 Other data: Depreciation and amortization expense $ 1,648 $ 740 $ 6,412 $ 565 $ 269 $ 9,634 Capital expenditures $ 1,241 $ 2,046 $ 538 $ 561 $ 203 $ 4,589 Total assets $ 84,756 $ 63,917 $ 106,114 $ 51,994 $ 117,713 $ 424,494 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | 12. 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 824,676 shares were available for issuance at September 30, 2019 . 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 467,819 shares of our common stock during the year ended September 30, 2019 , in open market transactions at an average price of $ 17.34 per share. We repurchased 100,627 shares of our common stock during the year ended September 30, 2018 , in open market transactions at an average price of $ 15.41 per share. Treasury Stock During the year ended September 30, 2019 , we issued 216,679 shares of common stock from treasury and repurchased 97,003 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 467,819 shares of common stock on the open market pursuant to our stock repurchase program. During the year ended September 30, 2019 , we issued 1,923 unrestricted shares of common stock from treasury to members of our Board of Directors as part of their overall compensation and 22,500 unrestricted shares to satisfy the exercise of outstanding options. We also issued 283,195 shares out of treasury for restricted shares granted upon the appointment of the Companyās Chief Executive Officer in March 2019 (as described below). During the year ended September 30, 2018 , we repurchased 32,832 shares of common stock from our employees to satisfy minimum tax withholding requirements upon the vesting of restricted stock under the Equity Incentive Plan and repurchased 100,627 shares of common stock on the open market pursuant to our stock repurchase program. During the year ended September 30, 2018 , we issued 520 unrestricted shares of common stock from treasury to members of our Board of Directors as part of their overall compensation and 1,500 unrestricted shares to satisfy the exercise of outstanding options. Restricted Stock During the years ended September 30, 2019 , 2018 , and 2017 , we recognized $ 776 , $ 256 , and $ 538 , respectively, in compensation expense related to our restricted stock awards. At September 30, 2019 , the unamortized compensation cost related to outstanding unvested restricted stock was $ 3,024 . A summary of restricted stock awards for the years ended September 30, 2019 , 2018 , and 2017 is provided in the table below: Year Ended September 30, 2019 2018 2017 Unvested at beginning of year ā 140,668 174,334 Granted 283,195 ā ā Vested ā (140,668 ) (31,409 ) Forfeited ā ā (2,257 ) Unvested at end of year 283,195 ā 140,668 The fair value of shares vesting during the years ended September 30, 2019 , 2018 , and 2017 was $ 0 , $ 2,201 and $ 460 , respectively. Fair value was calculated as the number of shares vested times the market price of shares on the date of vesting. At September 30, 2019 , we had unvested restricted stock of $ 3,800 . Vesting of this restricted stock is as follows: 1. Time-Based Award: 80,000 restricted shares vest over a four-year period ending March 4, 2023, based on continued employment with the Company, with 20,000 shares vesting each year. 2. Long-term Incentive Plan Award: Subject to a service requirement, 23,195 restricted shares vest contingent upon the Company achieving specified performance targets for the three-year period ending September 30, 2021. 3. Stock Price-Based Awards: Subject to a service requirement, 180,000 restricted shares vest in four tranches when the closing price per share of the Company's common stock equals or exceeds the price specified below for such tranche for any 20 trading days out of 25 consecutive trading days (the "Vesting Stock Price") at any time during the five years ending March 4, 2024. a. Tranche 1: 60,000 shares with a Vesting Stock Price of $35 per share; b. Tranche 2: 40,000 shares with a Vesting Stock Price of $40 per share; c. Tranche 3: 40,000 shares with a Vesting Stock Price of $45 per share; d. Tranche 4: 40,000 shares with a Vesting Stock Price of $50 per share; All the restricted shares granted under the Equity Incentive Plan (vested or unvested) participate in dividends issued to common shareholders, if any. 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. We record compensation expense for the full value of the grant on the date of grant. For the years ended September 30, 2019 , 2018 , and 2017 , we recognized $ 300 , $ 189 , and $ 167 , respectively, in compensation expense related to these grants. At September 30, 2019 , the Company had an aggregate of 210,386 Director PSUs outstanding. Employee 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, the Company granted Employee PSUs, which, subject to the achievement of certain performance metrics, could result in the issuance of 264,815 shares of common stock. Of these Employee PSUs, 97,985 Employee PSUs were forfeited during the year ended September 30, 2019, and 3,991 Employee PSUs vested in conjunction with the departure of Company employees. As of September 30, 2019 , a maximum of 162,840 shares of common stock may be issued under outstanding Employee PSUs. During the year ended September 30, 2019 , we recognized compensation expense of $ 1,151 related to these grants. The vesting of these awards is subject to either the achievement of specified levels of cumulative net income before taxes or specified stock price levels and continued performance of services through mid-December 2021, or based on continued performance through the vesting date alone. At September 30, 2019 , redemption of a portion of the awards is deemed probable. During the year ended September 30, 2018 , we recognized a benefit to compensation expense of $ 581 related to Employee PSU grants. This benefit was the result of a reduction in the estimated number of units deemed probable of vesting, based on the projected achievement of specified performance objectives. Stock Options We did not issue stock options during the years ended September 30, 2019 , 2018 and 2017 . The following table summarizes activity relating to options granted in the years ended September 30, 2013 and 2015. Shares Weighted Average Exercise Price Outstanding, September 30, 2016 79,500 $ 6.43 Options granted ā ā Exercised 33,750 6.46 Forfeited and canceled ā ā Outstanding, September 30, 2017 45,750 $ 6.42 Options granted ā ā Exercised 1,500 7.21 Forfeited and canceled ā ā Outstanding, September 30, 2018 44,250 $ 6.39 Options granted ā ā Exercised 22,500 6.43 Forfeited and canceled ā ā Outstanding, September 30, 2019 21,750 $ 6.35 The following table summarizes options outstanding and exercisable at September 30, 2019 : Outstanding and Exercisable as of September 30, 2019 Remaining Contractual Life in Years Weighted-Average Exercise Price 13,000 3.58 $5.76 1,000 5.29 $7.27 7,750 5.34 $7.21 21,750 $6.35 Our 2013 and 2015 options cliff vested at the end of a two year period ending at the anniversary date of the grant. All options expire ten years from the grant date if they are not exercised. Upon exercise of stock options, it is our policy to first issue shares from treasury, then issue new shares. Unexercised stock options expire May 2023, January 2025 and February 2025. During the years ended September 30, 2019 , 2018 , and 2017 , we recognized zero, zero and $ 23 , respectively, in compensation expense related to our stock option awards. The intrinsic value of stock options outstanding and exercisable was $ 254 and $ 292 at September 30, 2019 , and 2018 , respectively. The intrinsic value is calculated as the difference between the fair value as of the end of the period and the exercise price of the stock options. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 12 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 13. RELATED-PARTY TRANSACTIONS The Company is a party to a sublease agreement with Tontine Associates, for corporate office space in Greenwich, Connecticut. The lease was renewed in November 2019, with monthly rent of approximately $ 8 . Payments by the Company are at a rate consistent with that paid by Tontine Associates to its landlord. See Note 3, āCon trolling Shareholderā for additional information regarding Tontine. |
Employee Benefit Plans (Notes)
Employee Benefit Plans (Notes) | 12 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 14. 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 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. We recognized $ 2,144 , $ 1,895 , and $ 1,157 in matching expenses in fiscal years 2019 , 2018 , and 2017 , respectively. Executive Savings Plan Under the Executive Deferred Compensation Plan adopted on July 1, 2004 (the āExecutive Savings Planā), certain employees are permitted to defer a portion (up to 75%) of their base salary and/or bonus for a plan year. The Human Resources and Compensation Committee of the Board of Directors may, in its sole discretion, credit one or more participants with an employer deferral (contribution) in such amount as the Committee may choose (āEmployer Contributionā). The Employer Contribution, if any, may be a fixed dollar amount, a fixed percentage of the participantās compensation, base salary, or bonus, or a āmatchingā amount with respect to all or part of the participantās elective deferrals for such plan year, and/or any combination of the foregoing as the Committee may choose. No compensation earned during the years ended September 30, 2019 , 2018 , or 2017 was deferred under this plan. Post Retirement Benefit Plans Certain individuals at one of the Companyās locations are entitled to receive fixed annual payments that reach a maximum amount, as specified in the related agreements, for a ten year period following retirement or, in some cases, the attainment of 62 years of age. We recognize the unfunded status of the plan in accrued expenses and other non-current liabilities in our Consolidated Balance Sheet. Benefits vest 50% after ten years of service, which increases by 10% per annum until benefits are fully vested after 15 years of service. We had an unfunded benefit liability of $ 738 and $ 755 recorded as of September 30, 2019 and 2018 , respectively. We recognized compensation expense related to these agreements of $ 42 , zero and zero during the years ended September 30, 2019 , 2018 , and 2017 , respectively. Multiemployer Pension Plan The Infrastructure Solutions segment participates in a multiemployer direct benefit pension plan for employees covered under our collective bargaining agreement. We do not administer the plan. We do not significantly participate in this plan. As of December 31, 2018 , this plan was funded at 83.27% . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 15. FAIR VALUE MEASUREMENTS 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 the asset or liability is (1) 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 September 30, 2019, 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 September 30, 2019 and 2018 , are summarized in the following tables by the type of inputs applicable to the fair value measurements: September 30, 2019 Total Fair Value Quoted Prices (Level 1) Significant Unobservable (Level 3) Executive savings plan assets $ 763 $ 763 $ ā Executive savings plan liabilities (646 ) (646 ) ā Contingent consideration liability (11 ) ā (11 ) Total $ 106 $ 117 $ (11 ) September 30, 2018 Total Fair Value Quoted Prices (Level 1) Significant Unobservable (Level 3) Executive savings plan assets $ 747 $ 747 $ ā Executive savings plan liabilities (631 ) (631 ) ā Contingent consideration liability (680 ) ā (680 ) Total $ (564 ) $ 116 $ (680 ) In fiscal years 2016, 2017, and 2018, we entered into contingent consideration arrangements related to certain acquisitions. Please see Note 19, āBusiness Combinationsā for further discussion. At September 30, 2019 , 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 Agreement Fair Value at September 30, 2018 $ 680 Settlements (295 ) Net adjustments to fair value (374 ) Fair Value at September 30, 2019 $ 11 Below is a description of the inputs used to value the assets summarized in the preceding tables: Level 1 ā Inputs represent unadjusted quoted prices for identical assets exchanged in active markets. Level 2 ā Inputs include directly or indirectly observable inputs other than Level 1 inputs such as quoted prices for similar assets exchanged in active or inactive markets; quoted prices for identical assets exchanged in inactive markets; and other inputs that are considered in fair value determinations of the assets. Level 3 ā Inputs include unobservable inputs used in the measurement of assets. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or related observable inputs that can be corroborated at the measurement date. |
Inventory
Inventory | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 16. INVENTORY Inventories consist of the following components: September 30, 2019 2018 Raw materials $ 4,104 $ 4,453 Work in process 6,301 5,168 Finished goods 1,861 1,746 Parts and supplies 9,277 9,599 Total inventories $ 21,543 $ 20,966 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 17. GOODWILL AND INTANGIBLE ASSETS Goodwill The following summarizes changes in the carrying value of goodwill by segment for the years ended September 30, 2019 and 2018 : Commercial & Industrial Communications Infrastructure Solutions Residential Total Balance at September 30, 2017 $ 7,176 $ ā $ 30,886 $ 8,631 $ 46,693 Acquisitions (Note 19) ā 2,892 ā 1,348 4,240 Purchase accounting adjustments (200 ) (76 ) 45 ā (231 ) Balance at September 30, 2018 6,976 2,816 30,931 9,979 50,702 Divestitures ā ā (119 ) ā (119 ) Purchase accounting adjustments ā ā ā 39 39 Balance at September 30, 2019 $ 6,976 $ 2,816 $ 30,812 $ 10,018 $ 50,622 Based upon the results of our annual impairment assessment, the fair value of our each of our four segments exceeded the book value at September 30, 2019 , and warranted no impairment. Intangible Assets Intangible assets consist of the following: September 30, 2019 Estimated Useful Lives (in Years) 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 $ 39,662 $ (13,039 ) $ 26,623 September 30, 2018 Estimated Useful Lives (in Years) Gross Carrying Amount Accumulated Amortization Net Trademarks/trade names 5 - 20 $ 5,084 $ (831 ) $ 4,253 Technical library 20 400 (101 ) 299 Customer relationships 6 - 15 33,539 (7,870 ) 25,669 Non-competition arrangements 5 40 (1 ) 39 Backlog and construction contracts 1 2,562 (2,232 ) 330 Total $ 41,625 $ (11,035 ) $ 30,590 For the years ended September 30, 2019 , 2018 , and 2017 , amortization expense of intangible assets was $ 3,950 , $ 4,101 and $ 5,766 , respectively. The weighted average useful life of our intangible assets at September 30, 2019 , was 9.3 years. Our estimated future amortization expense for years ended September 30 is as follows: Year Ended September 30, 2020 $ 3,222 2021 3,249 2022 3,422 2023 2,785 2024 2,240 Thereafter 11,705 Total $ 26,623 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 18. 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. As of September 30, 2019 , we did not have any significant outstanding legal matters. 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 September 30, 2019 and 2018 , we had $ 6,683 and $ 6,202 , respectively, accrued for self-insurance liabilities. We are also subject to construction defect liabilities, primarily within our Residential segment. As of September 30, 2019 and 2018 , we had $ 90 and $ 171 , 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 September 30, 2019 , $ 6,268 of our outstanding letters of credit was utilized to collateralize our insurance program. Surety As of September 30, 2019 , the estimated cost to complete our bonded projects was approximately $ 88,698 . 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. Posting letters of credit in favor of our sureties reduces the borrowing availability under our revolving credit facility. 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 September 30, 2019 , $ 200 of our outstanding letters of credit were to collateralize our vendors. From time to time, we may enter into firm purchase commitments for materials, such as copper or aluminum wire, which we expect to use in the ordinary course of business. These commitments are typically for terms of less than one year and require us to buy minimum quantities of materials at specific intervals at a fixed price over the term. As of September 30, 2019 |
Business Combinations and Dives
Business Combinations and Divestitures | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 19. BUSINESS COMBINATIONS The Company completed two acquisitions in the year ended September 30, 2018, for a total aggregate consideration of $ 7,413 , which includes cash consideration paid at closing of $ 7,091 , cash consideration paid subsequent to closing of $ 125 , cash consideration payable in the next fiscal year of $ 15 , and contingent consideration payable in July 2019 and 2020 with aggregate acquisition date fair value estimated at $ 182 . ā¢ Azimuth Communications, Inc. (āAzimuthā) ā On April 6, 2018, the Companyās Communications segment acquired all of the outstanding capital stock of Azimuth, a Portland, Oregon-based provider of design and integration services for structured cabling, physical security, access control systems, distributed antenna systems, wireless access, and audio visual systems. The acquisition of Azimuth has accelerated our Communications segment's expansion into the Pacific Northwest market, which the Company believes to be an attractive market. ā¢ Electrical Contractors North, Inc. ("ECNI") ā On July 31, 2018, the Companyās Residential segment acquired substantially all of the assets of ECNI, a Salt Lake City, Utah-based provider of electrical contracting for multi-family residential and hotel construction. We believe the acquisition of ECNI furthers our Residential segmentās growth strategy by providing a foothold in the Salt Lake City market. The Company accounted for these fiscal 2018 transactions under the acquisition method of accounting, which requires recording assets and liabilities at fair value (Level 3). The valuation of the assets and liabilities assumed for our fiscal 2018 acquisitions as of the acquisition dates is as follows: Current assets $ 1,767 Property and equipment 590 Intangible assets (primarily customer relationships) 3,182 Goodwill 4,164 Current liabilities (1,580 ) Long term liabilities (14 ) Deferred tax liability (696 ) Net assets acquired $ 7,413 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 the Azimuth and ECNI acquisitions, we acquired aggregate goodwill of $ 4,164 , of which $ 1,448 is tax deductible. |
Quarterly Results of Operations
Quarterly Results of Operations (Notes) | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 20. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) Quarterly financial information for the years ended September 30, 2019 and 2018 is summarized as follows: Year Ended September 30, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 243,842 $ 256,914 $ 282,633 $ 293,607 Gross profit $ 41,601 $ 43,235 $ 46,397 $ 50,870 Net income (loss) attributable to IES Holdings, Inc. $ 6,884 $ 5,489 $ 10,972 $ 9,861 Earnings (loss) per share: Basic $ 0.32 $ 0.26 $ 0.52 $ 0.47 Diluted $ 0.32 $ 0.26 $ 0.52 $ 0.46 Year Ended September 30, 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 198,300 $ 205,677 $ 232,576 $ 240,275 Gross profit $ 33,064 $ 33,840 $ 42,537 $ 40,521 Net income (loss) attributable to IES Holdings, Inc. $ (29,569 ) $ 2,221 $ 8,516 $ 4,675 Earnings (loss) per share: Basic $ (1.39 ) $ 0.11 $ 0.40 $ 0.22 Diluted $ (1.39 ) $ 0.11 $ 0.40 $ 0.22 The sum of the individual quarterly earnings per share amounts may not agree with year-to-date earnings per share as each periodās computation is based on the weighted average number of shares outstanding during the period. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of IES Holdings, Inc. and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Asset Impairment During the fiscal years ended September 30, 2019 , 2018 and 2017 , the Company recorded no asset impairment charges. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (āGAAPā) 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, investments, 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. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Inventories Inventories consist of raw materials, work in process, finished goods, and parts and supplies held for use in the ordinary course of business. Inventory is valued at the lower of cost or net realizable value generally using the historical average cost or first-in, first-out (FIFO) method. When circumstances dictate, we write down inventory to its estimated net realizable value based on assumptions about future demand, market conditions, plans for disposal, and physical condition of the product. Where shipping and handling costs on inventory purchases are borne by us, these charges are included in inventory and charged to cost of services upon use in our projects or the providing of services. Securities and Equity Investments Our investments in entities where we do not have the ability to exercise significant influence are accounted for using the cost method of accounting. Each period, we evaluate whether an event or change in circumstances has occurred that may indicate an investment has been impaired. If, upon further investigation of such events, we determine the investment has suffered a decline in value that is other than temporary, we write down the investment to its estimated fair value. Property and Equipment Additions of property and equipment are recorded at cost, and depreciation is computed using the straight-line method over the estimated useful life of the related asset. Leasehold improvements are capitalized and depreciated over the lesser of the life of the lease or the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing property and equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the capitalized cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of comprehensive income in the caption (gain) loss on sale of assets. Goodwill Goodwill attributable to each reporting unit is tested for impairment either by comparing the fair value of each reporting unit with its carrying value or by a qualitative assessment. These impairment tests are required to be performed at least annually. On an ongoing basis (absent any impairment indicators), we perform an impairment test annually using a measurement date of September 30. In evaluating goodwill for impairment, we have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is greater than its carrying value. If we determine that it is more likely than not that the carrying value of a reporting unit is greater than its fair value, then we perform an impairment test by calculating the fair value of the reporting unit and comparing this calculated fair value with the carrying value of the reporting unit. We estimate the fair value of the reporting unit based on both a market approach and an income approach, using discounted estimated future cash flows. The market approach uses market multiples of enterprise value to earnings before interest, taxes, depreciation and amortization for comparable publicly traded companies. The income approach relies on significant estimates for future cash flows, projected long-term growth rates, and the weighted average cost of capital. Intangible Assets Intangible assets with definite lives are amortized over their estimated useful lives based on expected economic benefit with no residual value. Debt Issuance Costs Debt issuance costs are included as a reduction of our debt outstanding, or alternately classified within other non-current assets if we have no borrowings drawn on our credit facility at the balance sheet date, and are amortized to interest expense over the scheduled maturity of the debt. Amortization expense of debt issuance costs was $ 318 , $ 288 and $ 294 , respectively, for the years ended 2019 , 2018 and 2017 . Remaining unamortized capitalized debt issuance costs were $ 782 and $ 912 at September 30, 2019 , and 2018 , respectively. Revenue Recognition Revenue is generally recognized from a contract with a customer 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. We recognize revenue on project contracts using the percentage of completion method. Project contracts generally provide that customers accept completion of progress to date and compensate us for services rendered measured in terms of units installed, hours expended or some other measure of progress. We recognize revenue on both signed contracts and change orders. A discussion of our treatment of claims and unapproved change orders is described later in this section. Percentage of completion for construction contracts is measured principally by the percentage of costs incurred and accrued to date for each contract to the estimated total cost for each contract at completion. We generally consider contracts to be substantially complete upon departure from the work site and acceptance by the customer. Contract costs include all direct material, labor and insurance costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. Changes in job performance, job conditions, estimated contract costs and profitability and final contract settlements can result in change orders under which the customer agrees to pay additional contract price. Revisions can also result in claims we might make against the customer to recover additional costs that have not been resolved through change orders with the customer. Except in certain circumstances, we do not recognize revenue or margin based on change orders or claims until they have been agreed upon with the customer. The amount of revenue associated with unapproved change orders and claims was immaterial for the years ended September 30, 2019 , 2018 and 2017 . Provisions for total estimated losses on uncompleted contracts are made in the period in which such losses are determined. The balances billed but not paid by customers pursuant to retainage provisions in project contracts are typically due upon completion of the contracts and acceptance by the customer. Based on our experience, the retention balance at each balance sheet date will be collected within the subsequent fiscal year. Certain divisions in the Residential and Infrastructure Solutions segments use the completed contract method of accounting because the duration of their contracts is short in nature. We recognize revenue on completed contracts when the project is complete and billable to the customer. Provisions for estimated losses on these contracts are recorded in the period such losses are determined. Accounts Receivable and Allowance for Doubtful Accounts We record accounts receivable for all amounts billed and not collected. Generally, we do not charge interest on outstanding accounts receivable; however, from time to time we may believe it necessary to charge interest on a case by case basis. Additionally, we provide an allowance for doubtful accounts for specific accounts receivable where collection is considered doubtful as well as for general unknown collection issues based on historical trends. Accounts receivable not determined to be collectible are written off as deemed necessary in the period such determination is made. As is common in our industry, some of these receivables are in litigation or require us to exercise our contractual lien rights in order to collect. Our allowance for doubtful accounts at September 30, 2019 and 2018 was $ 1,184 and $ 868 , respectively. We believe that our allowance for doubtful accounts is sufficient to cover uncollectible receivables as of September 30, 2019 . Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in equity during a period except those resulting from investments by and distributions to stockholders. Income Taxes We follow the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recorded for the future income tax consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities, and are measured using enacted tax rates and laws. We regularly evaluate valuation allowances established for deferred tax assets for which future realization is uncertain. We perform this evaluation on a quarterly basis. The estimation of required valuation allowances includes estimates of future taxable income. In assessing the realizability of deferred tax assets at September 30, 2019 , we concluded, based upon the assessment of positive and negative evidence, that it is more likely than not that the Company will generate sufficient taxable income within the applicable NOL carryforward periods to realize its net deferred tax assets of $ 40,874 . We considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income is different from these estimates, our results could be affected. 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. Each year, we compile our historical data pertaining to the insurance experiences and actuarially develop the ultimate loss associated with our insurance programs other than pollution coverage for our Infrastructure Solutions segment. We believe that the actuarial valuation provides the best estimate of the ultimate losses to be expected under these programs. The undiscounted ultimate losses of our workersā compensation, auto and general liability insurance reserves at September 30, 2019 , and 2018 , was $ 4,975 and $ 5,286 , respectively. Based on historical payment patterns, we expect payments of undiscounted ultimate losses to be made as follows: Year Ended September 30: 2020 $ 1,422 2021 1,065 2022 727 2023 504 2024 290 Thereafter 967 Total $ 4,975 We elect to discount the ultimate losses above to present value using an approximate risk-free rate over the average life of our insurance claims. For the years ended September 30, 2019 and 2018 , the discount rate used was 1.6 percent and 2.9 percent, respectively. The present value of all insurance reserves for the employee group health claims, workersā compensation, auto and general liability recorded at September 30, 2019 , and 2018 was $ 6,683 and $ 6,202 , respectively. Our employee group health claims are anticipated to be resolved within the year ended September 30, 2020 . We had letters of credit totaling $ 6,268 outstanding at September 30, 2019 to collateralize certain of our high deductible insurance obligations. Realization of Long-Lived Assets We evaluate the recoverability of property and equipment and other long-lived assets as facts and circumstances indicate that any of those assets might be impaired. If an evaluation is required for our assets we plan to hold and use, the estimated future undiscounted cash flows associated with the asset are compared to the assetās carrying amount to determine if an impairment of such property has occurred. The effect of any impairment would be to expense the difference between the fair value of such property and its carrying value. Estimated fair values are determined based on expected future cash flows discounted at a rate we believe incorporates the time value of money, the expectations about future cash flows and an appropriate risk premium. For the years ended September 30, 2019 , 2018 and 2017 , no indicators of impairments were identified, and no impairment charges were recorded. Risk Concentration Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash deposits and accounts receivable. Through delayed payment terms, we at times grant credit, usually without collateral, to our customers, who are generally large public companies, contractors and homebuilders throughout the United States. Consequently, we are subject to potential credit risk related to changes in business and economic factors throughout the United States, specifically, within the construction, homebuilding and mission critical facility markets. However, we are entitled to payment for work performed and generally have certain lien rights in that work. Further, management believes that its contract acceptance, billing and collection policies are adequate to manage potential credit risk. We routinely maintain cash balances in financial institutions in excess of federally insured limits. We periodically assess the financial condition of these institutions where these funds are held and believe the credit risk is minimal. We maintain the majority of our cash and cash equivalents in money market mutual funds. There can be no assurance, however, that we will not be adversely affected by credit risks we face. No single customer accounted for more than 10% of our consolidated revenues for the years ended September 30, 2019 , 2018 and 2017 . Fair Value of Financial Instruments Our financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable, and a loan agreement. We believe that the carrying value of financial instruments approximates their fair value due to their short-term nature. The carrying value of our debt approximates fair value, as debt incurs interest at a variable rate. Stock-Based Compensation We measure and record compensation expense for all share-based payment awards based on the fair value of the awards granted at the date of grant. The fair value of restricted stock awards and phantom stock unit awards is determined based on the number of shares granted and the closing price of IESās common stock on the date of grant. For awards vesting upon achievement of a market condition, the likelihood of achieving that market condition is considered in determining the fair value of the grant, which we expense ratably over the vesting period. For awards vesting upon achievement of a performance condition, we record expense based on the grant date fair value when it becomes probable the performance condition will be achieved. Forfeitures are recorded in the period in which they occur. The resulting compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. Deferred Compensation Plans The Company maintains a rabbi trust to fund certain deferred compensation plans. The securities held by the trust are classified as trading securities. The investments are recorded at fair value and are classified as other non-current assets in the accompanying Consolidated Balance Sheets as of September 30, 2019 , and 2018 . The changes in fair values are recorded as a component of other income (expense) in the Consolidated Statements of Comprehensive Income (Loss). The corresponding deferred compensation liability is included in other non-current liabilities on the Consolidated Balance Sheets and changes in this obligation are recognized as adjustments to compensation expense in the period in which they are determined. Noncontrolling Interest In connection with our acquisitions of STR Mechanical, LLC (āSTR Mechanicalā) in fiscal 2016 and NEXT Electric, LLC (āNEXT Electricā) in fiscal 2017, we acquired 80 percent interests in these entities, and the remaining 20 percent was retained by the third party sellers. The interests retained by those third party sellers are identified on our Consolidated Balance Sheets as noncontrolling interest, classified outside of permanent equity. Under the terms of the operating agreements governing these entities, after five years from the dates of the acquisitions, we may elect to purchase, or the third party sellers may require us to purchase, part of all of the remaining 20 percent interests in these entities. 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 ASC 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 September 30, 2019 , the redemption amount would have been $ 3,294 . For the year ended September 30, 2018, we recorded an increase to retained earnings of $ 44 to offset an increase to noncontrolling interest recorded in fiscal 2017, decreasing the carrying amount of the noncontrolling interest in STR to the balance determined under ASC 810, as if it had been redeemable at September 30, 2018, as the redemption amount would have been less than the carrying amount. Accounting Standards Not Yet Adopted In February 2016, the Financial Accounting Standards Board (the āFASBā) issued Accounting Standard Update No. 2016-02, Leases (āASU 2016-02ā). Under ASU 2016-02, we will recognize a right-of-use asset and a lease liability on our 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 will result in straight-line expense, similar to current operating leases, while finance leases will be accounted for similar to current capital leases. We plan to adopt this standard on October 1, 2019, using a modified retrospective transition approach. We plan to utilize the optional transition method allowed under Accounting Standard Update No. 2018-11, which allows the recognition of a cumulative-effect adjustment to retained earnings on such date and the continued reporting of retrospective periods using the previous accounting standards. We plan to elect all of the available practical expedients, which would allow the use of hindsight in the determination of the lease term and impairment assessment of the right-of-use assets, and eliminate the need to reassess whether our existing or expired contracts contain a lease and its corresponding classification. We have developed processes and internal controls to meet the reporting and disclosure requirements of the standard, including the validation and detailed assessment of our full lease population. Our balance sheet will be impacted from this standard by recording lease right-of-use assets and lease liabilities in similar amounts, which we currently estimate to be less than $ 35 million as of October 1, 2019, with any difference between the right-of-use asset and the lease liabilities recorded to previously accrued or deferred rent expense relating to prior periods. We do not anticipate that the standard will have a significant impact on our net earnings, cash flows or compliance with the financial covenants under our revolving credit facility. In June 2016, the FASB 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 Consolidated Financial Statements. We plan to adopt this standard on October 1, 2020. 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 is effective for the fiscal year ended September 30, 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 gains 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 do not expect ASU 2018-07 or ASU 2018-13 to have a material effect on our Consolidated Financial Statements and we plan to adopt these standards on October 1, 2019 and October 1, 2020, respectively. Accounting Standards Recently Adopted In May 2014, the FASB issued Accounting Standard Update No. 2014-09, which provides a single comprehensive accounting standard for revenue recognition for contracts with customers and supersedes prior industry-specific guidance. The new standard requires companies to recognize revenue when control of promised goods or services is transferred to customers at an amount that reflects the consideration to which the company expects to be entitled. The new model requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time for each obligation. The new standard also expands disclosure requirements regarding revenue and cash flows arising from contracts with customers. We adopted the new revenue recognition standard on October 1, 2018 (āAdoption Dateā), using the modified retrospective method, which provides for a cumulative effect adjustment to beginning fiscal 2019 retained earnings for uncompleted contracts impacted by the adoption. We recorded an adjustment of $ 80 to beginning fiscal 2019 retained earnings as a result of adoption of the new standard. The changes to the method and/or timing of our revenue recognition associated with the new standard primarily affect revenue recognition within our Infrastructure Solutions segment for which, as of October 1, 2018, certain of our contracts do not qualify for revenue recognition over time. In addition, we have now combined in process contracts that historically had been accounted for as separate contracts in cases where those contracts meet the criteria for combination of contracts under the new standard, and we now capitalize certain commissions which were previously expensed when incurred. The impact on our results for the year ended September 30, 2019 , of applying the new standard to our contracts was not material. Consistent with our adoption method, the comparative prior period information continues to be reported using the previous accounting standards in effect for the period presented. We have elected to utilize the modified retrospective transition practical expedient that allows us to evaluate the impact of contract modifications as of the Adoption Date rather than evaluating the impact of the modifications at the time they occurred prior to the Adoption Date. See Note 4, āRevenue Recognitionā for additional discussion of our revenue recognition accounting policies and expanded disclosures. In January 2016, the FASB issued Accounting Standard Update No. 2016ā01, Financial Instruments. This standard is associated with the recognition and measurement of financial assets and liabilities, with further clarifications made in February 2018 with the issuance of Accounting Standard Update No. 2018-03. The amended guidance requires certain equity investments that are not consolidated and not accounted for under the equity method to be measured at fair value with changes in fair value recognized in net income rather than as a component of accumulated other comprehensive income (loss). It further states that an entity may choose to measure equity investments that do not have readily determinable fair values using a quantitative approach, or measurement alternative, which is equal to its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Our adoption of this standard on October 1, 2018 had no impact on our Consolidated Financial Statements. In January 2017, the FASB issued Accounting Standard Update No. 2017-01, Business Combinations. This standard clarifies the definition of a business to assist entities with evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Our adoption of this standard on October 1, 2018 using the prospective transition method had no impact on our Condensed Consolidated Financial Statements. In May 2017, the FASB issued Accounting Standard Update No. 2017-09, CompensationāStock Compensation, to reduce the diversity in practice and the cost and complexity when changing the terms or conditions of a share-based payment award. Our adoption of this standard on October 1, 2018 using the prospective transition method had no impact on our Consolidated Financial Statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Year Ended September 30, 2019 2018 2017 Commercial & Industrial $ 305,624 $ 274,299 $ 227,606 Communications 321,246 219,655 225,275 Infrastructure Solutions Industrial Services 48,948 44,701 46,079 Custom Power Solutions 87,842 52,462 37,745 Total Infrastructure Solutions 136,790 97,163 83,824 Residential Single-family 212,358 190,379 162,100 Multi-family and Other 100,978 95,332 111,939 Total Residential 313,336 285,711 274,039 Total Revenue $ 1,076,996 $ 876,828 $ 810,744 Year Ended September 30, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 286,319 $ 229,143 $ 129,096 $ 313,336 $ 957,894 Time-and-material 19,305 92,103 7,694 ā 119,102 Total revenue $ 305,624 $ 321,246 $ 136,790 $ 313,336 $ 1,076,996 Year Ended September 30, 2018 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 244,464 $ 166,258 $ 90,155 $ 285,711 $ 786,588 Time-and-material 29,835 53,397 7,008 ā 90,240 Total revenue $ 274,299 $ 219,655 $ 97,163 $ 285,711 $ 876,828 Year Ended September 30, 2017 Commercial & Industrial Communications Infrastructure Solutions Residential Total Fixed-price $ 206,850 $ 174,922 $ 76,232 $ 274,039 $ 732,043 Time-and-material 20,756 50,353 7,592 ā 78,701 Total revenue $ 227,606 $ 225,275 $ 83,824 $ 274,039 $ 810,744 |
Contract with Customer, Asset and Liability [Table Text Block] | The net asset (liability) position for contracts in process consisted of the following: September 30, 2019 2018 Costs and estimated earnings on uncompleted contracts $ 761,401 $ 539,226 Less: Billings to date and unbilled accounts receivable (772,104 ) (541,606 ) $ (10,703 ) $ (2,380 ) The net asset (liability) position for contracts in process included in the accompanying consolidated balance sheets was as follows: September 30, 2019 2018 Costs and estimated earnings in excess of billings $ 29,860 $ 31,446 Billings in excess of costs and estimated earnings (40,563 ) (33,826 ) $ (10,703 ) $ (2,380 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Lives in Years Year Ended September 30, 2019 2018 Land N/A $ 1,436 $ 1,348 Buildings and improvements 5-20 13,608 12,479 Machinery and equipment 3-10 30,600 27,443 Information systems 2-8 7,945 7,854 Furniture and fixtures 5-7 1,587 1,579 $ 55,176 $ 50,703 Less-Accumulated depreciation (29,560 ) (25,613 ) Construction in progress 130 274 Property and equipment, net $ 25,746 $ 25,364 |
Per Share Information (Tables)
Per Share Information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended September 30, 2019 2018 2017 Numerator: Net income (loss) attributable to common shareholders of IES Holdings, Inc. $ 32,950 $ (14,113 ) $ 13,275 Increase (decrease) in noncontrolling interest ā (44 ) 44 Net income attributable to restricted shareholders of IES Holdings, Inc. 256 ā 103 Net income (loss) attributable to IES Holdings, Inc. $ 33,206 $ (14,157 ) $ 13,422 Denominator: Weighted average common shares outstanding ā basic 21,082,012 21,196,388 21,280,549 Effect of dilutive stock options and non-vested securities 233,233 ā 252,705 Weighted average common and common equivalent shares outstanding ā diluted 21,315,245 21,196,388 21,533,254 Earnings (loss) per share attributable to IES Holdings, Inc.: Basic $ 1.56 $ (0.67 ) $ 0.62 Diluted $ 1.55 $ (0.67 ) $ 0.62 |
Detail of Certain Balance She_2
Detail of Certain Balance Sheet Accounts (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Detail of Certain Balance Sheet Accounts [Abstract] | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended September 30, 2019 2018 Balance at beginning of period $ 868 $ 650 Additions to costs and expenses 552 515 Deductions for uncollectible receivables written off, net of recoveries (236 ) (297 ) Balance at end of period $ 1,184 $ 868 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Year Ended September 30, 2019 2018 Accounts payable, trade $ 85,276 75,293 Accrued compensation and benefits 42,828 34,058 Accrued insurance liabilities 6,683 6,202 Other accrued expenses 18,122 15,038 $ 152,909 130,591 |
Schedule of Other Assets [Table Text Block] | Year Ended September 30, 2019 2018 Executive Savings Plan assets $ 763 $ 747 Securities and equity investments 408 558 Other 3,767 4,760 Total $ 4,938 $ 6,065 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Year Ended September 30, 2019 2018 Revolving loan (long-term debt) $ ā $ 30,247 Debt issuance costs (1) ā (912 ) Other long-term debt 299 229 Total debt $ 299 $ 29,564 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended September 30: 2020 $ 8,101 2021 6,235 2022 4,750 2023 3,139 2024 2,130 Thereafter 3,595 Total $ 27,950 Some of the lease agreements entered into will not commence until the year ended September 30, 2020 . The total future undiscounted cash flows related to lease agreements committed to but not yet commenced as of September 30, 2019 , is $ 1,964 .We also entered into two large building lease renewals at our Infrastructure Solutions segment in October 2019 that will commence in the year ended September 30, 2020 and have total future undiscounted cash flows of $ 2,422 . |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended September 30, 2019 2018 2017 Federal: Current $ (1,330 ) $ (2,345 ) $ (3,092 ) Deferred 5,908 38,744 6,384 State: Current 2,312 1,536 1,432 Deferred (227 ) 216 487 Total provision for income taxes $ 6,663 $ 38,151 $ 5,211 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended September 30, 2019 2018 2017 Provision at the statutory rate (1) $ 8,430 $ 5,973 $ 6,582 Increase resulting from: Non-deductible expenses 1,277 1,241 1,173 State income taxes, net of federal deduction 2,009 1,193 1,003 Change in valuation allowance ā 1,761 142 Rate change ā 31,333 ā Other ā 183 17 Decrease resulting from: Share-based compensation (556 ) (238 ) (207 ) Change in valuation allowance (83 ) ā ā Contingent tax liabilities (3,967 ) (1,908 ) (3,499 ) State deferred true up ā (1,387 ) ā Other (447 ) ā ā Total provision for income taxes $ 6,663 $ 38,151 $ 5,211 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended September 30, 2019 2018 Deferred income tax assets: Allowance for doubtful accounts $ 245 $ 207 Accrued expenses 9,783 8,054 Net operating loss carryforward 39,045 46,881 Various reserves 1,396 1,172 Equity losses in affiliate 119 119 Share-based compensation 672 665 Capital loss carryforward 74 94 Other 1,137 712 Subtotal 52,471 57,904 Less valuation allowance 4,044 4,127 Total deferred income tax assets 48,427 53,777 Deferred income tax liabilities: Property and equipment 840 1,122 Intangible assets 5,978 5,499 Other 735 576 Total deferred income tax liabilities 7,553 7,197 Net deferred income tax assets $ 40,874 $ 46,580 |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended September 30, 2019 2018 Balance at beginning of period $ 30,256 $ 51,968 Additions for position related to current year 93 13 Additions for positions of prior years 19 272 Reduction resulting from the lapse of the applicable statutes of limitations 4,074 3,361 Reduction resulting from rate change ā 18,636 Balance at end of period $ 26,294 $ 30,256 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended September 30, 2019 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 305,624 $ 321,246 $ 136,790 $ 313,336 $ ā $ 1,076,996 Cost of services 275,722 264,746 105,863 248,562 ā 894,893 Gross profit 29,902 56,500 30,927 64,774 ā 182,103 Selling, general and administrative 27,815 31,850 18,664 46,864 15,382 140,575 Contingent consideration ā (97 ) (277 ) ā ā (374 ) Loss (gain) on sale of assets (30 ) (6 ) 105 (17 ) ā 52 Income (loss) from operations $ 2,117 $ 24,753 $ 12,435 $ 17,927 $ (15,382 ) $ 41,850 Other data: Depreciation and amortization expense $ 2,563 $ 1,513 $ 4,528 $ 852 $ 101 $ 9,557 Capital expenditures $ 2,402 $ 973 $ 1,377 $ 1,412 $ 136 $ 6,300 Total assets $ 82,050 $ 109,263 $ 116,867 $ 63,903 $ 73,175 $ 445,258 Year Ended September 30, 2018 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 274,299 $ 219,655 $ 97,163 $ 285,711 $ ā $ 876,828 Cost of services 244,656 179,518 75,337 227,355 ā 726,866 Gross profit 29,643 40,137 21,826 58,356 ā 149,962 Selling, general and administrative 27,031 26,003 18,293 41,401 11,192 123,920 Contingent consideration (100 ) (85 ) 288 ā ā 103 Loss (gain) on sale of assets (37 ) (4 ) 18 8 ā (15 ) Income (loss) from operations $ 2,749 $ 14,223 $ 3,227 $ 16,947 $ (11,192 ) $ 25,954 Other data: Depreciation and amortization expense $ 2,197 $ 1,247 $ 4,672 $ 637 $ 107 $ 8,860 Capital expenditures $ 2,216 $ 647 $ 735 $ 932 $ 33 $ 4,563 Total assets $ 89,729 $ 80,528 $ 109,506 $ 55,176 $ 87,055 $ 421,994 Year Ended September 30, 2017 Commercial & Industrial Communications Infrastructure Solutions Residential Corporate Total Revenues $ 227,606 $ 225,275 $ 83,824 $ 274,039 $ ā $ 810,744 Cost of services 208,619 187,419 63,399 210,809 ā 670,246 Gross profit 18,987 37,856 20,425 63,230 ā 140,498 Selling, general and administrative 20,170 24,219 17,859 43,689 14,433 120,370 Contingent consideration ā ā (145 ) ā ā (145 ) Loss (gain) on sale of assets (32 ) (1 ) (79 ) 43 ā (69 ) Income (loss) from operations $ (1,151 ) $ 13,638 $ 2,790 $ 19,498 $ (14,433 ) $ 20,342 Other data: Depreciation and amortization expense $ 1,648 $ 740 $ 6,412 $ 565 $ 269 $ 9,634 Capital expenditures $ 1,241 $ 2,046 $ 538 $ 561 $ 203 $ 4,589 Total assets $ 84,756 $ 63,917 $ 106,114 $ 51,994 $ 117,713 $ 424,494 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Year Ended September 30, 2019 2018 2017 Unvested at beginning of year ā 140,668 174,334 Granted 283,195 ā ā Vested ā (140,668 ) (31,409 ) Forfeited ā ā (2,257 ) Unvested at end of year 283,195 ā 140,668 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted Average Exercise Price Outstanding, September 30, 2016 79,500 $ 6.43 Options granted ā ā Exercised 33,750 6.46 Forfeited and canceled ā ā Outstanding, September 30, 2017 45,750 $ 6.42 Options granted ā ā Exercised 1,500 7.21 Forfeited and canceled ā ā Outstanding, September 30, 2018 44,250 $ 6.39 Options granted ā ā Exercised 22,500 6.43 Forfeited and canceled ā ā Outstanding, September 30, 2019 21,750 $ 6.35 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Outstanding and Exercisable as of September 30, 2019 Remaining Contractual Life in Years Weighted-Average Exercise Price 13,000 3.58 $5.76 1,000 5.29 $7.27 7,750 5.34 $7.21 21,750 $6.35 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2019 Total Fair Value Quoted Prices (Level 1) Significant Unobservable (Level 3) Executive savings plan assets $ 763 $ 763 $ ā Executive savings plan liabilities (646 ) (646 ) ā Contingent consideration liability (11 ) ā (11 ) Total $ 106 $ 117 $ (11 ) September 30, 2018 Total Fair Value Quoted Prices (Level 1) Significant Unobservable (Level 3) Executive savings plan assets $ 747 $ 747 $ ā Executive savings plan liabilities (631 ) (631 ) ā Contingent consideration liability (680 ) ā (680 ) Total $ (564 ) $ 116 $ (680 ) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Contingent Consideration Agreement Fair Value at September 30, 2018 $ 680 Settlements (295 ) Net adjustments to fair value (374 ) Fair Value at September 30, 2019 $ 11 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2019 2018 Raw materials $ 4,104 $ 4,453 Work in process 6,301 5,168 Finished goods 1,861 1,746 Parts and supplies 9,277 9,599 Total inventories $ 21,543 $ 20,966 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Commercial & Industrial Communications Infrastructure Solutions Residential Total Balance at September 30, 2017 $ 7,176 $ ā $ 30,886 $ 8,631 $ 46,693 Acquisitions (Note 19) ā 2,892 ā 1,348 4,240 Purchase accounting adjustments (200 ) (76 ) 45 ā (231 ) Balance at September 30, 2018 6,976 2,816 30,931 9,979 50,702 Divestitures ā ā (119 ) ā (119 ) Purchase accounting adjustments ā ā ā 39 39 Balance at September 30, 2019 $ 6,976 $ 2,816 $ 30,812 $ 10,018 $ 50,622 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2018 Estimated Useful Lives (in Years) Gross Carrying Amount Accumulated Amortization Net Trademarks/trade names 5 - 20 $ 5,084 $ (831 ) $ 4,253 Technical library 20 400 (101 ) 299 Customer relationships 6 - 15 33,539 (7,870 ) 25,669 Non-competition arrangements 5 40 (1 ) 39 Backlog and construction contracts 1 2,562 (2,232 ) 330 Total $ 41,625 $ (11,035 ) $ 30,590 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ended September 30, 2020 $ 3,222 2021 3,249 2022 3,422 2023 2,785 2024 2,240 Thereafter 11,705 Total $ 26,623 |
Business Combinations and Div_2
Business Combinations and Divestitures (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Current assets $ 1,767 Property and equipment 590 Intangible assets (primarily customer relationships) 3,182 Goodwill 4,164 Current liabilities (1,580 ) Long term liabilities (14 ) Deferred tax liability (696 ) Net assets acquired $ 7,413 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Quarterly financial information for the years ended September 30, 2019 and 2018 is summarized as follows: Year Ended September 30, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 243,842 $ 256,914 $ 282,633 $ 293,607 Gross profit $ 41,601 $ 43,235 $ 46,397 $ 50,870 Net income (loss) attributable to IES Holdings, Inc. $ 6,884 $ 5,489 $ 10,972 $ 9,861 Earnings (loss) per share: Basic $ 0.32 $ 0.26 $ 0.52 $ 0.47 Diluted $ 0.32 $ 0.26 $ 0.52 $ 0.46 Year Ended September 30, 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ 198,300 $ 205,677 $ 232,576 $ 240,275 Gross profit $ 33,064 $ 33,840 $ 42,537 $ 40,521 Net income (loss) attributable to IES Holdings, Inc. $ (29,569 ) $ 2,221 $ 8,516 $ 4,675 Earnings (loss) per share: Basic $ (1.39 ) $ 0.11 $ 0.40 $ 0.22 Diluted $ (1.39 ) $ 0.11 $ 0.40 $ 0.22 |
Business (Details)
Business (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounting Policies [Abstract] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ||
Noncontrolling Interest, Change in Redemption Value | $ 44 | $ (44) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 24.53% | 35.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (83) | $ 1,761 | $ 142 |
Cumulative effect adjustment from adoption of new accounting standard | 80 | $ 363 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 19 | $ 272 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounting Policies [Abstract] | |||
Deferred financing cost amortization | $ 318 | $ 288 | $ 294 |
Debt Issuance Costs, Noncurrent, Net | 782 | 912 | |
Accounts Receivable, Allowance for Credit Loss | (1,184) | (868) | $ (650) |
Deferred tax assets | $ 40,874 | $ 46,580 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 24.53% | 35.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 31,333 | ||
Loss Contingency, Undiscounted Amount of Insurance-related Assessment Liability | $ 4,975 | $ 5,286 | |
Accrual for Loss Contingencies, Undiscounted, First Year | 1,422 | ||
Accrual for Loss Contingencies, Undiscounted, Second Year | 1,065 | ||
Accrual for Loss Contingencies, Undiscounted, Third Year | 727 | ||
Accrual for Loss Contingencies, Undiscounted, Fourth Year | 504 | ||
Accrual for Loss Contingencies, Undiscounted, Fifth Year | 290 | ||
Accrual for Insurance Loss Contingencies, Undiscounted, after Fifth Year | $ 967 | ||
Loss Contingency Accrual, Insurance-related Assessment, Discount Rate | 1.60% | 2.90% | |
Accrued Insurance, Current | $ 6,683 | $ 6,202 | |
Letters of Credit Outstanding, Amount | $ 6,468 | ||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ||
Redeemable Noncontrolling Interest, Equity, Redemption Value | $ 3,294 | ||
Noncontrolling Interest, Change in Redemption Value | $ 44 | $ (44) | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 35,000 |
Controlling Shareholder (Detail
Controlling Shareholder (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Risks and Uncertainties [Abstract] | |
ControllingShareholderOwnershipPercentage | 58.00% |
Related Party Transaction, Purchases from Related Party | $ 8 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||
Capitalized Contract Cost, Net | $ 86 | $ 86 | |||||||||
Unbilled Receivables, Current | 11,329 | 11,329 | |||||||||
Estimated profits on contracts in process | 761,401 | $ 539,226 | 761,401 | $ 539,226 | |||||||
Billings to Date | (772,104) | (541,606) | (772,104) | (541,606) | |||||||
Contract with Customer, Asset, Net, Current | (10,703) | (2,380) | (10,703) | (2,380) | |||||||
Costs in Excess of Billings, Current | 29,860 | 31,446 | 29,860 | 31,446 | |||||||
Billings in Excess of Cost, Current | (40,563) | (33,826) | (40,563) | (33,826) | |||||||
Contract with Customer, Liability, Revenue Recognized | 31,831 | 31,135 | |||||||||
Revenue, Remaining Performance Obligation, Amount | 451,884 | 451,884 | |||||||||
Performance Obligation Next 12 Months | 391,769 | 391,769 | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 293,607 | $ 282,633 | $ 256,914 | $ 243,842 | $ 240,275 | $ 232,576 | $ 205,677 | $ 198,300 | 1,076,996 | 876,828 | $ 810,744 |
Commercial and Industrial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 305,624 | 274,299 | 227,606 | ||||||||
Communications [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 321,246 | 219,655 | 225,275 | ||||||||
Infrastructure Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 136,790 | 97,163 | 83,824 | ||||||||
Residential [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 313,336 | 285,711 | 274,039 | ||||||||
Fixed-price Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 957,894 | 786,588 | 732,043 | ||||||||
Fixed-price Contract [Member] | Commercial and Industrial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 286,319 | 244,464 | 206,850 | ||||||||
Fixed-price Contract [Member] | Communications [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 229,143 | 166,258 | 174,922 | ||||||||
Fixed-price Contract [Member] | Infrastructure Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 129,096 | 90,155 | 76,232 | ||||||||
Fixed-price Contract [Member] | Residential [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 313,336 | 285,711 | 274,039 | ||||||||
Time-and-materials Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 119,102 | 90,240 | 78,701 | ||||||||
Time-and-materials Contract [Member] | Commercial and Industrial [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 19,305 | 29,835 | 20,756 | ||||||||
Time-and-materials Contract [Member] | Communications [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 92,103 | 53,397 | 50,353 | ||||||||
Time-and-materials Contract [Member] | Infrastructure Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 7,694 | 7,008 | 7,592 | ||||||||
Time-and-materials Contract [Member] | Residential [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
industrial Services [Member] | Infrastructure Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 48,948 | 44,701 | 46,079 | ||||||||
Custom Power Solutions [Member] | Infrastructure Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 87,842 | 52,462 | 37,745 | ||||||||
Single Family Contracts [Member] | Residential [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 212,358 | 190,379 | 162,100 | ||||||||
Multi Family and Other [Member] | Residential [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 100,978 | $ 95,332 | $ 111,939 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Land | $ 1,436 | $ 1,348 | |
Buildings and Improvements, Gross | 13,608 | 12,479 | |
Machinery and Equipment, Gross | 30,600 | 27,443 | |
Capitalized Computer Software, Gross | 7,945 | 7,854 | |
Furniture and Fixtures, Gross | 1,587 | 1,579 | |
Property, Plant and Equipment, Gross | 55,176 | 50,703 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (29,560) | (25,613) | |
Construction in Progress, Gross | 130 | 274 | |
Property and equipment, net | 25,746 | 25,364 | |
Depreciation | $ 5,607 | $ 4,759 | $ 3,840 |
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | 5 years | |
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | 10 years | |
Software and Software Development Costs [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | 2 years | |
Software and Software Development Costs [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 8 years | 8 years | |
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | 7 years |
Per Share Information (Details)
Per Share Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Undistributed Earnings (Loss) Available to Common Shareholders, Basic | $ 32,950 | $ (14,113) | $ 13,275 | ||||||||
Noncontrolling Interest, Period Increase (Decrease) | (44) | 44 | |||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (256) | (103) | |||||||||
Comprehensive income attributable to IES Holdings, Inc. | $ 9,861 | $ 10,972 | $ 5,489 | $ 6,884 | $ 4,675 | $ 8,516 | $ 2,221 | $ (29,569) | $ 33,206 | $ (14,157) | $ 13,422 |
Weighted Average Number of Shares Outstanding, Basic | 21,082,012 | 21,196,388 | 21,280,549 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 233,233 | 0 | 252,705 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 21,315,245 | 21,196,388 | 21,533,254 | ||||||||
Earnings Per Share, Basic | $ 0.47 | $ 0.52 | $ 0.26 | $ 0.32 | $ 0.22 | $ 0.40 | $ 0.11 | $ (1.39) | $ 1.56 | $ (0.67) | $ 0.62 |
Earnings Per Share, Diluted | $ 0.46 | $ 0.52 | $ 0.26 | $ 0.32 | $ 0.22 | $ 0.40 | $ 0.11 | $ (1.39) | $ 1.55 | $ (0.67) | $ 0.62 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 301,879 |
Detail of Certain Balance She_3
Detail of Certain Balance Sheet Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Detail of Certain Balance Sheet Accounts [Abstract] | ||
Assets, Fair Value Disclosure | $ 763 | $ 747 |
Investments | 408 | 558 |
Other Assets, Miscellaneous, Noncurrent | 3,767 | 4,760 |
Other non-current assets | 4,938 | 6,065 |
Accounts Payable, Trade, Current | 85,276 | 75,293 |
Accounts Receivable, Allowance for Credit Loss | 868 | 650 |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 552 | 515 |
Accounts Receivable, Allowance for Credit Loss | 1,184 | 868 |
Accrued Salaries | 42,828 | 34,058 |
Accrued Insurance | 6,683 | 6,202 |
Other Accrued Liabilities, Current | 18,122 | 15,038 |
Accounts payable and accrued expenses | 152,909 | 130,591 |
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ (236) | $ (297) |
Debt (Details)
Debt (Details) $ in Thousands, shares in Millions | 12 Months Ended | |||
Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | May 20, 2019USD ($)shares | |
Debt Disclosure [Abstract] | ||||
Loans Payable to Bank, Noncurrent | $ 0 | $ 30,247 | ||
Debt Issuance Costs, Noncurrent, Net | 782 | 912 | ||
Other Long-term Debt, Noncurrent | 299 | 229 | ||
Long-term debt | 299 | $ 29,564 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 93,532 | |||
Letters of Credit Outstanding, Amount | 6,468 | |||
Line of Credit Facility, Interest Rate at Period End | 4.25% | |||
Interest Expense, Debt | 1,857 | $ 1,946 | $ 1,702 | |
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |||
Liquidity | $ 112,467 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 1.5 | 1 | ||
Stock Repurchase Program, Authorized Amount | $ 25,000 | |||
Fixed Charge Coverage Ratio | 4.7 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Leases [Abstract] | |||
Minimum payments for leases not yet commenced | $ 1,964 | ||
Other Commitment | 2,422 | ||
Operating Leases, Rent Expense | 10,553 | $ 7,680 | $ 6,990 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 8,101 | ||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 6,235 | ||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 4,750 | ||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 3,139 | ||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 2,130 | ||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 3,595 | ||
Operating Leases, Future Minimum Payments Due | $ 27,950 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Examination [Line Items] | |||
Deferred Tax Assets, Net of Valuation Allowance | $ 48,427 | $ 53,777 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 93 | 13 | |
Reorganization Of Goodwill Excess Tax Basis | 23,050 | ||
Unrecognized Tax Benefits | 30,256 | 51,968 | |
Unrecognized Tax Benefits | 26,294 | 30,256 | $ 51,968 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 19 | 272 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 4,074 | 3,361 | |
Unrecognized tax benefits reductions rate change | 0 | 18,636 | |
Operating Loss Carryforwards Attributable To Goodwill Amortization | 143,577 | ||
Increase in Unrecognized Tax Benefits is Reasonably Possible | 1,573 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 43 | 35 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 245 | 207 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 9,783 | 8,054 | |
Deferred Tax Assets, Operating Loss Carryforwards | 39,045 | 46,881 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 1,396 | 1,172 | |
Deferred Tax Assets, Investments | 119 | 119 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 672 | 665 | |
Deferred Tax Assets, Capital Loss Carryforwards | 74 | 94 | |
Deferred Tax Assets, Other | 1,137 | 712 | |
Deferred Tax Assets, Valuation Allowance | 4,044 | 4,127 | |
Deferred Tax Assets, Gross | 52,471 | 57,904 | |
Deferred Tax Liabilities, Property, Plant and Equipment | 840 | 1,122 | |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 5,978 | 5,499 | |
Deferred Tax Liabilities, Other | 735 | 576 | |
Deferred Tax Liabilities, Gross | 7,553 | 7,197 | |
Deferred tax assets | $ 40,874 | $ 46,580 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 24.53% | 35.00% |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 8,430 | $ 5,973 | $ 6,582 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 1,277 | 1,241 | 1,173 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 2,009 | 1,193 | 1,003 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (83) | 1,761 | 142 |
Operating Loss Carryforwards | 306,324 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 94,007 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 31,333 | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 183 | 17 |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | (556) | (238) | (207) |
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | (3,967) | (1,908) | (3,499) |
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Amount | 0 | (1,387) | 0 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (447) | 0 | 0 |
Current Federal Tax Expense (Benefit) | (1,330) | (2,345) | (3,092) |
Deferred Federal Income Tax Expense (Benefit) | 5,908 | 38,744 | 6,384 |
Current State and Local Tax Expense (Benefit) | 2,312 | 1,536 | 1,432 |
Deferred State and Local Income Tax Expense (Benefit) | (227) | 216 | 487 |
Provision for (benefit from) income taxes | 6,663 | $ 38,151 | $ 5,211 |
State and Local Jurisdiction [Member] | |||
Income Tax Examination [Line Items] | |||
Operating Loss Carryforwards Attributable To Goodwill Amortization | $ 8,722 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 293,607 | $ 282,633 | $ 256,914 | $ 243,842 | $ 240,275 | $ 232,576 | $ 205,677 | $ 198,300 | $ 1,076,996 | $ 876,828 | $ 810,744 |
Cost of services | 894,893 | 726,866 | 670,246 | ||||||||
Gross profit | 50,870 | $ 46,397 | $ 43,235 | $ 41,601 | 40,521 | $ 42,537 | $ 33,840 | $ 33,064 | 182,103 | 149,962 | 140,498 |
Selling, general and administrative expenses | 140,575 | 123,920 | 120,370 | ||||||||
Contingent consideration | (374) | 103 | (145) | ||||||||
Loss (gain) on sale of assets | 52 | (15) | (69) | ||||||||
Operating income (loss) | 41,850 | 25,954 | 20,342 | ||||||||
Depreciation and amortization | 9,557 | 8,860 | 9,634 | ||||||||
Capital expenditures | 6,300 | 4,563 | 4,589 | ||||||||
Total assets | 445,258 | 421,994 | 445,258 | 421,994 | 424,494 | ||||||
Commercial and Industrial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 305,624 | 274,299 | 227,606 | ||||||||
Cost of services | 275,722 | 244,656 | 208,619 | ||||||||
Gross profit | 29,902 | 29,643 | 18,987 | ||||||||
Selling, general and administrative expenses | 27,815 | 27,031 | 20,170 | ||||||||
Contingent consideration | 0 | (100) | 0 | ||||||||
Loss (gain) on sale of assets | (30) | (37) | (32) | ||||||||
Operating income (loss) | 2,117 | 2,749 | (1,151) | ||||||||
Depreciation and amortization | 2,563 | 2,197 | 1,648 | ||||||||
Capital expenditures | 2,402 | 2,216 | 1,241 | ||||||||
Total assets | 82,050 | 89,729 | 82,050 | 89,729 | 84,756 | ||||||
Communications [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 321,246 | 219,655 | 225,275 | ||||||||
Cost of services | 264,746 | 179,518 | 187,419 | ||||||||
Gross profit | 56,500 | 40,137 | 37,856 | ||||||||
Selling, general and administrative expenses | 31,850 | 26,003 | 24,219 | ||||||||
Contingent consideration | (97) | (85) | 0 | ||||||||
Loss (gain) on sale of assets | (6) | (4) | (1) | ||||||||
Operating income (loss) | 24,753 | 14,223 | 13,638 | ||||||||
Depreciation and amortization | 1,513 | 1,247 | 740 | ||||||||
Capital expenditures | 973 | 647 | 2,046 | ||||||||
Total assets | 109,263 | 80,528 | 109,263 | 80,528 | 63,917 | ||||||
Infrastructure Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 136,790 | 97,163 | 83,824 | ||||||||
Cost of services | 105,863 | 75,337 | 63,399 | ||||||||
Gross profit | 30,927 | 21,826 | 20,425 | ||||||||
Selling, general and administrative expenses | 18,664 | 18,293 | 17,859 | ||||||||
Contingent consideration | (277) | 288 | (145) | ||||||||
Loss (gain) on sale of assets | 105 | 18 | (79) | ||||||||
Operating income (loss) | 12,435 | 3,227 | 2,790 | ||||||||
Depreciation and amortization | 4,528 | 4,672 | 6,412 | ||||||||
Capital expenditures | 1,377 | 735 | 538 | ||||||||
Total assets | 116,867 | 109,506 | 116,867 | 109,506 | 106,114 | ||||||
Residential [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 313,336 | 285,711 | 274,039 | ||||||||
Cost of services | 248,562 | 227,355 | 210,809 | ||||||||
Gross profit | 64,774 | 58,356 | 63,230 | ||||||||
Selling, general and administrative expenses | 46,864 | 41,401 | 43,689 | ||||||||
Contingent consideration | 0 | 0 | 0 | ||||||||
Loss (gain) on sale of assets | (17) | 8 | 43 | ||||||||
Operating income (loss) | 17,927 | 16,947 | 19,498 | ||||||||
Depreciation and amortization | 852 | 637 | 565 | ||||||||
Capital expenditures | 1,412 | 932 | 561 | ||||||||
Total assets | 63,903 | 55,176 | 63,903 | 55,176 | 51,994 | ||||||
Corporate Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Cost of services | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 15,382 | 11,192 | 14,433 | ||||||||
Contingent consideration | 0 | 0 | 0 | ||||||||
Loss (gain) on sale of assets | 0 | 0 | 0 | ||||||||
Operating income (loss) | (15,382) | (11,192) | (14,433) | ||||||||
Depreciation and amortization | 101 | 107 | 269 | ||||||||
Capital expenditures | 136 | 33 | 203 | ||||||||
Total assets | $ 73,175 | $ 87,055 | $ 73,175 | $ 87,055 | $ 117,713 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | May 20, 2019 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 283,195 | |||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 21,750 | |||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 6.35 | |||||
Options exercised, shares | 22,500 | 1,500 | 33,750 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 6.39 | $ 6.39 | $ 6.42 | $ 6.43 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 6.35 | $ 6.39 | $ 6.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 44,250 | 44,250 | 45,750 | 79,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 21,750 | 44,250 | 45,750 | |||
Restricted Stock or Unit Expense | $ 3,800 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (140,668) | (31,409) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 0 | 140,668 | 174,334 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 283,195 | 0 | 140,668 | |||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||||
Treasury Stock, Shares, Acquired | 467,819 | 100,627 | ||||
Shares, Issued | 22,500 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 6.43 | $ 7.21 | $ 6.46 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 254 | $ 292 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,024 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 824,676 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,500,000 | 1,000,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 17.34 | $ 15.41 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 97,003 | 32,832 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (2,257) | |||||
Equity Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 23 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 0 | $ 2,201 | 460 | |||
Share-based Payment Arrangement, Expense | 776 | 256 | 538 | |||
Phantom Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 300 | $ 189 | $ 167 | |||
Shares, Outstanding | 210,386 | |||||
Performance Based Phantom Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, Issued | 264,815 | |||||
Shares Issued, Shares, Share-based Payment Arrangement, Forfeited | 97,985 | |||||
Shares, vested | 3,991 | |||||
Share-based Payment Arrangement, Expense | $ 581 | $ 1,151 | ||||
Shares, Outstanding | 162,840 | |||||
Treasury Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options exercised, shares | 22,500 | 1,500 | 33,750 | |||
Treasury Stock, Shares, Acquired | 564,822 | 133,459 | 152,860 | |||
Shares, Issued | 884,518 | 843,993 | 712,554 | 592,990 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 216,679 | |||||
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 | 1,500 | |||||
Share-based Payment Arrangement, Nonemployee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, Issued | 1,923 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 520 | |||||
Share Repurchase Program [Domain] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 467,819 | |||||
Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Shares Authorized | 3,000,000 | |||||
Chief Executive Officer [Member] | Restricted 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 | 283,195 | |||||
$5.76 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 13,000 | |||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 3 years 6 months 29 days | |||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 5.76 | |||||
$7.27 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 1,000 | |||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 5 years 3 months 14 days | |||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 7.27 | |||||
$7.21 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 7,750 | |||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 5 years 4 months 2 days | |||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 7.21 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Related Party Transactions [Abstract] | |
Related Party Transaction, Purchases from Related Party | $ 8 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||||
Defined Contribution Plan, Cost | $ 2,144 | $ 1,895 | $ 1,157 | |
Liability, Defined Benefit Plan | 738 | $ 755 | ||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | $ 42 | |||
Defined Benefit Plan, Funded Percentage | 83.27% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 763 | $ 747 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (646) | (631) |
Business Combination, Contingent Consideration, Liability, Noncurrent | (11) | (680) |
Fair Value, Net Asset (Liability) | 106 | (564) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 11 | 680 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (295) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (374) | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 763 | 747 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (646) | (631) |
Fair Value, Net Asset (Liability) | 117 | 116 |
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) | (680) |
Fair Value, Net Asset (Liability) | $ (11) | $ (680) |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | $ 4,104 | $ 4,453 |
Inventory, Work in Process, Gross | 6,301 | 5,168 |
Inventory, Finished Goods, Gross | 1,861 | 1,746 |
Other Inventory, Gross | 9,277 | 9,599 |
Inventory, Net | $ 21,543 | $ 20,966 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill [Line Items] | ||
Goodwill | $ 50,702 | $ 46,693 |
Goodwill, Acquired During Period | 4,240 | |
Goodwill, Written off Related to Sale of Business Unit | (119) | |
Goodwill, Purchase Accounting Adjustments | 39 | (231) |
Goodwill | 50,622 | 50,702 |
Commercial and Industrial [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 6,976 | 7,176 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | (200) |
Goodwill | 6,976 | 6,976 |
Residential [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 9,979 | 8,631 |
Goodwill, Acquired During Period | 1,348 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Goodwill, Purchase Accounting Adjustments | 39 | 0 |
Goodwill | 10,018 | 9,979 |
Infrastructure Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 30,931 | 30,886 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Written off Related to Sale of Business Unit | (119) | |
Goodwill, Purchase Accounting Adjustments | 0 | 45 |
Goodwill | 30,812 | 30,931 |
Communications [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 2,816 | 0 |
Goodwill, Acquired During Period | 2,892 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Goodwill, Purchase Accounting Adjustments | 0 | (76) |
Goodwill | $ 2,816 | $ 2,816 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 3,222 | ||
Finite-Lived Intangible Asset, Useful Life | 9 years 3 months 18 days | ||
Finite-Lived Intangible Assets, Gross | $ 39,662 | $ 41,625 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (13,039) | (11,035) | |
Intangible Assets, Net (Excluding Goodwill) | 26,623 | 30,590 | |
Amortization of Intangible Assets | 3,950 | 4,101 | $ 5,766 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,249 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,422 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,785 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2,240 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 11,705 | ||
Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 5,084 | 5,084 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,267) | (831) | |
Intangible Assets, Net (Excluding Goodwill) | 3,817 | 4,253 | |
Technical Library | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 400 | 400 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (121) | (101) | |
Intangible Assets, Net (Excluding Goodwill) | 279 | 299 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 33,539 | 33,539 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (11,051) | (7,870) | |
Intangible Assets, Net (Excluding Goodwill) | 22,488 | 25,669 | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 40 | 40 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (9) | (1) | |
Intangible Assets, Net (Excluding Goodwill) | 31 | 39 | |
Construction Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 599 | 2,562 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (591) | (2,232) | |
Intangible Assets, Net (Excluding Goodwill) | $ 8 | $ 330 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued Insurance, Current | $ 6,683 | $ 6,202 |
Liability for Claims and Claims Adjustment Expense | 90 | $ 171 |
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | 6,468 | |
Other Commitment | 2,422 | |
Estimated cost of completion of bonded projects | 88,698 | |
Insurance Related [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | 6,268 | |
Vendor Related [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 200 |
Business Combinations and Div_3
Business Combinations and Divestitures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 1,767 | ||
Business Combination, Consideration Transferred | 7,413 | ||
Loss (gain) on sale of assets | $ 52 | (15) | $ (69) |
Payments to Acquire Businesses, Gross | 125 | 7,091 | |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 15 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 182 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 590 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,182 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 4,164 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (1,580) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (14) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Current | (696) | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 7,413 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 1,448 | ||
Goodwill, Written off Related to Sale of Business Unit | $ 119 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 293,607 | $ 282,633 | $ 256,914 | $ 243,842 | $ 240,275 | $ 232,576 | $ 205,677 | $ 198,300 | $ 1,076,996 | $ 876,828 | $ 810,744 |
Gross profit | 50,870 | 46,397 | 43,235 | 41,601 | 40,521 | 42,537 | 33,840 | 33,064 | 182,103 | 149,962 | 140,498 |
Net income (loss) attributable to IES Holdings, Inc. | $ 9,861 | $ 10,972 | $ 5,489 | $ 6,884 | $ 4,675 | $ 8,516 | $ 2,221 | $ (29,569) | $ 33,206 | $ (14,157) | $ 13,422 |
Earnings Per Share, Basic | $ 0.47 | $ 0.52 | $ 0.26 | $ 0.32 | $ 0.22 | $ 0.40 | $ 0.11 | $ (1.39) | $ 1.56 | $ (0.67) | $ 0.62 |
Earnings Per Share, Diluted | $ 0.46 | $ 0.52 | $ 0.26 | $ 0.32 | $ 0.22 | $ 0.40 | $ 0.11 | $ (1.39) | $ 1.55 | $ (0.67) | $ 0.62 |