Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2018 | Jan. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | IES Holdings, Inc. | |
Entity Central Index Key | 1,048,268 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,138,486 | |
Entity Current Reporting Status | Yes | |
TradingSymbol | IESC | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 20,578 | $ 26,247 |
Accounts receivable: | ||
Trade, net of allowance | 161,290 | 151,578 |
Retainage | 22,568 | 24,312 |
Inventories | 23,881 | 20,966 |
Costs and estimated earnings in excess of billings | 24,431 | 31,446 |
Prepaid expenses and other current assets | 13,035 | 8,144 |
Total current assets | 265,783 | 262,693 |
Property and equipment, net | 26,126 | 25,364 |
Goodwill | 50,702 | 50,702 |
Intangible assets, net | 29,545 | 30,590 |
Deferred tax assets | 45,019 | 46,580 |
Other non-current assets | 5,962 | 6,065 |
Total assets | 423,137 | 421,994 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 125,877 | 130,591 |
Billings in excess of costs and estimated earnings | 35,304 | 33,826 |
Total current liabilities | 161,181 | 164,417 |
Long-term debt | 29,597 | 29,564 |
Other non-current liabilities | 3,797 | 4,374 |
Total liabilities | 194,575 | 198,355 |
Noncontrolling interest | 3,331 | 3,232 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized | 0 | 0 |
Common stock, $0.01 par value, 100,000,000 shares authorized | 220 | 220 |
Treasury stock, at cost | (8,896) | (8,937) |
Additional paid-in capital | 194,607 | 196,810 |
Retained earnings | 39,300 | 32,314 |
Total stockholders' equity | 225,231 | 220,407 |
Total liabilities and stockholders' equity | $ 423,137 | $ 421,994 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Trade, allowance | $ 870 | $ 868 |
Preferred stock, par value | $ 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 value | $ 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 | 21,286,103 | 21,205,536 |
Treasury stock, shares | 763,426 | 843,993 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Revenues | $ 243,842 | $ 198,300 |
Cost of services | 202,241 | 165,236 |
Gross profit | 41,601 | 33,064 |
Selling, general and administrative expenses | 32,086 | 30,089 |
Contingent consideration | 34 | 0 |
Gain on sale of assets | (3) | (14) |
Operating income | 9,484 | 2,989 |
Interest and other (income) expense: | ||
Interest expense | 547 | 441 |
Other income, net | 47 | (98) |
Income from operations before income taxes | 8,890 | 2,646 |
Provision (Benefit) for income taxes | 1,907 | 32,159 |
Net Income (loss) | 6,983 | (29,513) |
Net income attributable to noncontrolling interest | (99) | (56) |
Comprehensive income (loss) attributable to IES Holdings, Inc. | $ 6,884 | $ (29,569) |
Earnings (loss) per share attributable to IES Holdings, Inc.: | ||
Basic | $ 0.32 | $ (1.39) |
Diluted | $ 0.32 | $ (1.39) |
Shares used in the computation of earnings (loss) per share | ||
Basic | 21,233,132 | 21,196,854 |
Diluted | 21,261,065 | 21,196,854 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] |
Balance at Sep. 30, 2017 | $ 220 | $ 6,898 | $ 196,955 | $ 46,427 | |
Balance, shares at Sep. 30, 2017 | 22,049,529 | (712,554) | |||
Restricted stock grant | $ (3) | (3) | |||
Restricted stock grant, shares | 270 | ||||
Non-cash compensation | 364 | ||||
Options Exercised (Value) | $ (15) | (4) | |||
Options Exercised (Shares) | 1,500 | ||||
Net income (loss) attributable to IES Holdings, Inc. | $ (29,569) | ||||
Balance at Dec. 31, 2017 | (29,569) | ||||
Balance at Sep. 30, 2018 | $ 220,407 | $ 220 | $ 8,937 | 196,810 | 32,314 |
Balance, shares at Sep. 30, 2018 | 22,049,529 | 843,993 | |||
Restricted stock grant | $ (2,252) | ||||
Restricted stock grant, shares | (212,688) | ||||
Acquisition of Tresury Stock | $ (2,211) | 2,252 | |||
Acquisition of Treasury Stock Shares | (212,688) | (132,121) | |||
Non-cash compensation | $ 49 | ||||
Net income (loss) attributable to IES Holdings, Inc. | $ 6,884 | 6,884 | |||
Cumulative Effect of ASU | $ 102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (loss) | $ 6,983 | $ (29,513) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Bad debt expense | 38 | (3) |
Deferred financing cost amortization | 77 | 70 |
Depreciation and amortization | 2,372 | 2,208 |
Gain on sale of assets | (3) | (14) |
Deferred income taxes | 1,907 | 32,159 |
Non-cash compensation | 49 | 364 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Accounts receivable | (9,750) | 15,717 |
Inventories | (2,915) | (80) |
Costs and estimated earnings in excess of billings | 7,015 | (474) |
Prepaid expenses and other current assets | (3,012) | (389) |
Other non-current assets | (1,449) | (69) |
Accounts payable and accrued expenses | (3,552) | (12,727) |
Billings in excess of costs and estimated earnings | 1,478 | (2,506) |
Other non-current liabilities | (603) | 242 |
Net cash provided by operating activities | (1,365) | 4,985 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (2,088) | (1,203) |
Proceeds from sale of property and equipment | 3 | 17 |
Cash paid for acquisitions | 0 | (175) |
Net cash used in investing activities | (2,085) | (1,361) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings of debt | 93 | 24 |
Repayments of debt | (101) | (61) |
Distribution to noncontrolling interest | 0 | 0 |
Options exercised | 0 | 0 |
Purchase of treasury stock | (2,211) | 0 |
Net cash used in financing activities | (2,219) | (26) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,669) | 3,598 |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of period | 26,247 | 28,290 |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period | 20,578 | 31,888 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 524 | 392 |
Cash paid for income taxes | $ 92 | $ 15 |
Business
Business | 3 Months Ended |
Dec. 31, 2018 | |
Business [Abstract] | |
Description of the Business | 1 . BUSINESS AND ACCOUNTING POLICIES Description of the Business IES Holdings, Inc. is a holding company that owns and manages operating subsidiaries in business activities across a variety of end markets. Our operations are currently organized into four principal business segments, based upon the nature of our current services : Commercial & Industrial – 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. Communications – Nationwide provider of technology infrastructure products and services to large corporations and independent businesses. Infrastructure Solutions – Provider of electro-mechanical solutions for industrial operations , including apparatus repair and custom-engineered products . Residential – Regional provider of e lectrical installation services for single-family housing and multi-family apartment complexes. The words “IES”, the “Company”, “we”, “our”, and “us” refer to IES Holdings, Inc. and, except as otherwise specified herein, to our subsidiaries. Seasonality and Quarterly Fluctuations Results of operations from our Residential construction segment are seasonal, depending on weather trends, with typically higher revenues generated during spring and summer and lower revenues generated during fall and winter, with an impact from precipitation in the warmer months. The Commercial & Industrial, Communications and Infrastructure Solutions segments of our business are less subject to seasonal trends, as work in these segments generally is performed inside structures protected from the weather, although weather can still impact these businesses, especially in the early stages of projects. Our service and maintenance business is generally not affected by seasonality. Our volume of business ma y be adversely affected by declines in construction projects resulting from adverse regional or national economic conditions. Quarterly results may also be materially affected by the timing of new construction projects. Results for our Infrastructure Solut ions segment may be affected by the timing of outages at our customers’ facilities. Accordingly, operating results for any fiscal period are not necessarily indicative of results that may be achieved for any subsequent fiscal period. Basis of Financial Statement Preparation T he accompanying unaudited Condensed Consolidated Financial Statements include the accounts of IES, its wholly-owned subsidiaries, and entities that we control due to ownership of a majority of voting interest and have been prepared in accordance with the instructions to interim financial reporting as prescribed by the Securities and Exchange Commission (the “SEC”) . The results for the interim periods are not necessarily indicative of results for the entire year. T hese interim financial statements do not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”), and should be read in conjunction with the consolidated financial statements and notes thereto filed with the SEC in our An nual Report on Form 10-K for the fiscal year ended September 30, 2018 . In the opinion of management, the unaudited Condensed Consolidated Financial Statements contained in this report include all known accruals and adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods reported herein. Any such adjustments are of a normal recurring nature . Noncontrolling Interest In connection with our acquisitions of STR Mechanical, LLC (“STR Mechanical”) in fiscal 2016 and NEXT Electric, LLC (“NEXT Electric”) in fiscal 2017, we acquired an 80 percent interest in each of the entities, with the remaining 20 percent interest in each such entity being retained by the respective third party seller. The interes ts retained by those third party sellers are identified on our Condensed Consolidated Balance Sheets as noncontrolling interest, classified outside of permanent equity. Under the terms of each entity’s operating agreement, after five years from the date of the acquisition, we may elect to purchase, or the third party seller may require us to purchase, part or all of the remaining 20 percent interest in the applicable entity. The purchase price is variable, based on a multiple of earnings as defined in the o perating 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 inter ests had been redeemable at December 31, 2018 , the redemption amount would have been $ 2,126 . Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses duri ng 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, investmen ts, 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 claim s liabilities and related reserves. Income Taxes In December 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, which, among other changes, reduced the federal statutory corporate tax rate from 35% to 21%, effective January 1, 2018. As a result of this change, the Company’s statutory tax rate for fiscal 2018 was a blended rate of 24.53 % and decrease d to 21 % in 2019 . For the three months ended December 31, 2017 , our effective tax rate differed from the statutory tax rate as a result of a charge of $ 31,306 to re-measure our deferred tax assets and liabilities to reflect the impact of the new statutory tax rate. The company completed its accounting for the income tax effects of the Act and fully re corded the impact in the year ended September 30, 2018 . Accounting Standards Not Yet Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2016-02, Leases (“ASU 2016-02”). Under ASU 2016-02, lessees will need to recognize a right-of-use asset and a lease liability for all of their leases, other than those that meet the definition of a short-term lease. For income statement purposes, leases m ust be classified as either operating or finance. Operating leases will result in straight-line expense, similar to current operating leases, while finance leases will result in a front-loaded pattern, similar to current capital leases. ASU 2016-02 becomes effective for the fiscal year ended September 30, 2020. We are currently evaluating the impact it will have on our Condensed Consolidated Financial Statements. In June 2018, the FASB issued Accounting Standard Update No. 2018-07, Compensation — Stock Compe nsation (“ASU 2018-07”), 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 US GAAP because the measurement generally will occur earlier and will be fixed at the grant date. This update is effective for annual financial reporting periods, and interim periods within those annual periods, b eginning after December 15, 2018, although early adoption is permitted. In August 2018, the FASB issued Accounting Standard Update No. 2018-13, Fair Value Measurement Disclosure Framework (“ASU 2018-13”), to modify certain disclosure requirements for fai r 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 weight ed average, but requires them to explain their calculation. The new guidance also requires disclosing the changes in unrealized gain and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements of instrumen ts 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 pro visions that eliminate or modify the requirements. We do not expect ASU 2018-07, or ASU 2018-13 to have a material effect on our Condensed Consolidated Financial Statements Accounting Standards Recently Adopted In May 2014, the FASB issued Accounting St andard 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 reve nue 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. The impact on our results for the quarter ended Dece mber 31, 2018, of applying the new standard to our contracts was not material. We adopted the new standard on October 1, 2018 (“Adoption Date”), 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 $ 102 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 rec ognition 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 c ombined 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 previousl y expensed when incurred. Consistent with our adoption method, the comparative prior period information for the quarter ended December 31, 2017 continues to be reported using the previous accounting standards in effect for the period presented. We have e lected 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 th e Adoption Date. See Note 3, “Revenue Recognition” for additional discussion of our revenue recognition accounting policies and expanded disclosures. In January 2016, the FASB issued Accounting Standard Update No. 2016 -01, Financial Instruments. This sta ndard 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 invest ments 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 th at 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 obs ervable 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 our condensed 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 ass ist 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 our condensed consolidated financial statements. In May 2017, the FASB issued Accounting Standard Update No. 2017-09, Compensation — Stock 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 our condensed consolid ated financial statements . |
Controlling Shareholder
Controlling Shareholder | 3 Months Ended |
Dec. 31, 2018 | |
Controlling Shareholder [Abstract] | |
Controlling Shareholder | 2 . CONTROLLING SHAREHOLDER Tontine Associates, L.L.C. and its affiliat es (collectively, “Tontine”), i s the Company’s controlling shareholder, owning appr oximately 58.5 percent of the Company’s outstanding common stock according to a Schedule 13D/A filed with the SEC by Tontine on January 11, 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 Ton tine is subject to 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 lo ng 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 st atement 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 c hange in ownership, as defined by Internal Revenue Code Section 382, could reduce the availability of the Company’s net operating losses (“NOLs”) for federal and state income tax purposes. On November 8, 2016, the Company implemented a new tax benefit prot ection plan (the “NOL Rights Plan”). 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 of control within the meaning of Internal Revenue Code Section 382. There can b e no assurance that the NOL Rights Plan will be effective in deterring a change of ownership or protecting the NOLs. Furthermore, a change in control would trigger the change of control provisions in a number of our material agreements, including our credi t facility, bonding agreements with our sureties and our severance arrangements. Jeffrey L. Gendell was appointed as a member of the Board of Directors and as Chairman of the Board in November 2016. He is the managing member and founder of Tontine, and the brother of David B. Gendell, who has served as a member of the Board of Directors since February 2012 , as Interim Director of Operations from November 2017 to January 2019 , and who p reviously served 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 su blease agreement with Tontine Associates, LLC, an affiliate of Tontine, for corporate office space in Greenwich, Connecticut. The lease was renewed for a three-year term in April 2016 , with an increase in the monthly rent to $ 8 , reflecting t he increase paid by Tontine Associates, LLC to its landlord and the Company’s increased use of the corporate office space. The lease has terms at market rates , and payments by the Company are at a rate consistent with that paid by Tontine Associates, LLC t o its landlord. On December 6, 2018, the Company entered into a Board Observer Letter Agreement with Tontine Associates, LLC in order to assist Tontine in managing its investment in the Company. Subject to the terms and conditions set forth in the Agreeme nt, 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 “Board Observer”). 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 Agreement, so long as Tontine has the right to appoi nt 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 Company’s directors’ and officers’ liability insurance policy as are available to the Company’s directors . |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue From Contract With Customer [Text Block] | 3 . REVENUE RECOGNITION Contracts Our revenue is derived from contracts with customers, and we determine the appropriate accounting treatment for each contract at contract inception. Our contracts primarily relate to electrical and mechanical contracting services, technology infrastructure products and services, and electro-mechanical solutions for industrial operations. Revenue is earned based upon an agreed fixed price or actual costs incurred plus an agreed upon percentage. We account for a contract w hen: (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 s tart 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 custom er. A contract’s 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) con trol 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 ter mination 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 custo mer. 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 res ult 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 inc lude variable consideration, which includes increases to transaction price for approved and unapproved change orders, claims and incentives, and reductions to transaction price for liquidated damages. Change orders, claims and incentives are generally not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as a modification of the existing contract and performance obligation. We estimate variable consideration for a per formance 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 wi ll 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 perfo rmance and all information (historical, current and forecasted) that is reasonably available to us. The effect of variable consideration on the transaction price of a performance obligation is recognized as an adjustment to revenue on a cumulative catch-up basis. To the extent unapproved change orders and claims reflected in transaction price (or excluded from transaction price in the case of liquidated damages) are not resolved in our favor, or to the extent incentives reflected in transaction price are no t 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 contr act. When this occurs, we capitalize that cost and amortize it over the expected term of the contract . At December 31, 2018 , we had capitalized commission costs of $ 119 . We generally do not incur significant incremental costs related to obtaining or fulfilling a contract prior to the start of a project. On rare occasions, when significant pre -contract costs are incurred, they will be capitalized and amortized on a percentage of completion basis over the life of the contract. Disaggregation of Revenu e 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 2018 revenue was derived from the following service activities. See details in the following tables: Three Months Ended December 31, 2018 2017 Commercial & Industrial Commercial $ 43,282 $ 29,141 Industrial 29,301 23,861 Total 72,583 53,002 Communications 69,325 54,459 Infrastructure Solutions Industrial Services 12,223 11,053 Custom Power Solutions 17,256 10,632 Total 29,479 21,685 Residential Single-family 50,476 44,614 Multi-family 14,517 17,218 Other 7,462 7,322 Total 72,455 69,154 Total Revenue $ 243,842 $ 198,300 Three Months Ended December 31, 2018 Commercial & Infrastructure Industrial Communications Solutions Residential Total Fixed-price $ 65,830 $ 48,829 $ 27,511 $ 72,455 $ 214,625 Time-and-material 6,753 20,496 1,968 - 29,217 Total revenue $ 72,583 $ 69,325 $ 29,479 $ 72,455 $ 243,842 Three Months Ended December 31, 2017 Commercial & Infrastructure Industrial Communications Solutions Residential Total Fixed-price $ 48,920 $ 44,156 $ 19,673 $ 69,154 $ 181,903 Time-and-material 4,082 10,303 2,012 - 16,397 Total revenue $ 53,002 $ 54,459 $ 21,685 $ 69,154 $ 198,300 Accounts Receivable Accounts receivable include amounts which we have billed or have an unconditional right to bill our customers. As of December 31, 2018 , Accounts receivable included $ 9,973 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 per formance 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 bi lled to the customer at any point during the contract. Amounts by which cumulative contract revenue recognized on a contract as of a given date exceed cumulative billings and unbilled receivables to the customer under the contract are reflected as a curren t asset in our balance sheet under the caption “Costs and estimated earnings in excess of billings”. To the extent amounts by which cumulative billings to the customer under a contract as of a given date exceed cumulative contract revenue recognized are r eflected as a current liability in our balance sheet under the caption “Billings in excess of costs and estimated earnings”. The net asset (liability) position for contracts in process consisted of the following: December 31, September 30, 2018 2018 Costs and estimated earnings on uncompleted contracts $ 554,909 $ 539,226 Less: Billings to date (565,782) (541,606) $ (10,873) $ (2,380) The net asset (liability) position for contracts in process included in the accompanying consolidated balance sheets was as follows: December 31, September 30, 2018 2018 Costs and estimated earnings in excess of billings $ 24,431 $ 31,446 Billings in excess of costs and estimated earnings (35,304) (33,826) $ (10,873) $ (2,380) In the quarters ended December 31, 2018 and 2017, we recognized revenue of $ 20,167 and $ 16,555 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 quarters ended December 31, 2018 or 2017. R emaining 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 commitment s. At December 31, 2018, we had remaining performance obligations of $ 406,917 . The Company expects to recognize revenue on approximately $ 386,990 of the remaining performance obligations over the next 12 months, with the remaining recognized thereafter. In the first quarter of fiscal 2019, net revenue recognized from our performance obligations satisfied in previous periods was not material. |
Debt
Debt | 3 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Debt | 4 . DEBT At December 31, 2018 , and September 30, 2018 , our long-term debt of $ 29,597 and $ 29,564 , respectively, primarily related to amounts drawn on our revolving credit facility. Our weighted-average annual interest rate on these borrowings was 4.52 % at December 31, 2018 , and 3.86 % at September 30, 2018 . At December 31, 2018 , we also had $ 6,809 in outstanding letters of credit and total availability of $ 57,920 under this facility without violating our financial covenants. Pursuant to our Second Amended and Restated Credit and Security Agreement (as amended, the “Credit Agreement”), the Company is subject to the financial or other covenants disclosed in Item 7 of our Annual Report on Form 10-K for the year ended September 30, 2018 . There have been no other changes to those covenants. The Company was in compliance with the financial covenants as of December 31, 2018 . At December 31, 2018 , the carrying value of amounts outstanding on our revolving credit facility approximated fair value, as debt incurs interest at a variable rate. The fair value of the debt is classified as a Level 2 measurement. |
Per Share Information
Per Share Information | 3 Months Ended |
Dec. 31, 2018 | |
Per Share Information [Abstract] | |
Per Share Information | 5 . PER SHARE INFORMATION The following table s reconcile the components of basic and diluted earnings per share for the three months ended December 31, 2018 , and 2017 : Three Months Ended December 31, 2018 2017 Numerator: Net income (loss) attributable to IES Holdings, Inc. $ 6,884 $ (29,569) Denominator: Weighted average common shares outstanding — basic 21,233,132 21,196,854 Effect of dilutive stock options and non-vested restricted stock 27,933 - Weighted average common and common equivalent shares outstanding — diluted 21,261,065 21,196,854 Earnings (loss) per share attributable to IES Holdings, Inc.: Basic $ 0.32 $ (1.39) Diluted $ 0.32 $ (1.39) Three Months Ended December 31, 2018 2017 Numerator: Net income (loss) attributable to common shareholders of IES Holdings, Inc. $ (18,565) $ 10,195 Decrease in noncontrolling interest (44) - Net income (loss) attributable to restricted shareholders of IES Holdings, Inc. 25,493 (39,764) Net income (loss) attributable to IES Holdings, Inc. $ 6,884 $ (29,569) Denominator: Weighted average common shares outstanding — basic 21,233,132 21,196,854 Effect of dilutive stock options and non-vested restricted stock 27,933 - Weighted average common and common equivalent shares outstanding — diluted 21,261,065 21,196,854 Earnings (loss) per share attributable to IES Holdings, Inc.: Basic $ 0.32 $ (1.39) Diluted $ 0.32 $ (1.39) 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 three months ended December 31, 2017 . The number of potential anti-dilutive shares excluded from the calculation was 255,306 shares. For the three months ended December 31, 2018 , the average price of our common shares exceeded the exercise price of all of our outstan ding options ; therefore, all of our outstanding stock options were included in the computation of fully diluted earnings per share . |
Operating Segments
Operating Segments | 3 Months Ended |
Dec. 31, 2018 | |
Operating Segments [Abstract] | |
Operating Segments | 6 . OPERATING SEGMENTS We manage and measure performance of our business in four distinct operating segments: Commercial & Industrial, Communications, Infrastructure Solutions and Residential . These segments are reflective of how the Company’s Chief Operating Decision Maker (“CODM”) reviews operating results for the purpose of allocating resources and assessing performance. The Company’s CODM is its President . 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 expe nses and depreciation expense. Segment information for the three months ended December 31, 2018 , and 2017 is as follows: Three Months Ended December 31, 2018 Commercial & Infrastructure Industrial Communications Solutions Residential Corporate Total Revenues $ 72,583 $ 69,325 $ 29,479 $ 72,455 $ - $ 243,842 Cost of services 63,908 57,359 23,552 57,422 - 202,241 Gross profit 8,675 11,966 5,927 15,033 - 41,601 Selling, general and administrative 6,716 6,934 4,481 11,137 2,818 32,086 Contingent consideration - - 34 - - 34 Loss (gain) on sale of assets (3) - - - - (3) Operating income (loss) $ 1,962 $ 5,032 $ 1,412 $ 3,896 $ (2,818) $ 9,484 Other data: Depreciation and amortization expense $ 626 $ 415 $ 1,094 $ 209 $ 28 $ 2,372 Capital expenditures $ 852 $ 500 $ 187 $ 447 $ 102 $ 2,088 Total assets $ 78,924 $ 88,534 $ 114,475 $ 55,352 $ 85,852 $ 423,137 Three Months Ended December 31, 2017 Commercial & Infrastructure Industrial Communications Solutions Residential Corporate Total Revenues $ 53,002 $ 54,459 $ 21,685 $ 69,154 $ - $ 198,300 Cost of services 48,159 45,339 17,000 54,738 - 165,236 Gross profit 4,843 9,120 4,685 14,416 - 33,064 Selling, general and administrative 5,795 6,084 4,557 10,366 3,287 30,089 Loss (gain) on sale of assets (12) (1) (1) - - (14) Operating income (loss) $ (940) $ 3,037 $ 129 $ 4,050 $ (3,287) $ 2,989 Other data: Depreciation and amortization expense $ 557 $ 216 $ 1,243 $ 141 $ 51 $ 2,208 Capital expenditures $ 510 $ 75 $ 140 $ 478 $ - $ 1,203 Total assets $ 63,085 $ 66,522 $ 101,026 $ 50,342 $ 99,691 $ 380,666 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 7 . STOCKHOLDERS’ EQUITY Equity Incentive Plan The Company’s 2006 Equity Incentive Plan, as amended and restated (the “Equity Incentive Plan”), 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 1,299,815 shares were available for issuance at December 31, 2018 . Stock Repurchase Program Our Board of Director s has authorized a stock repurchase program for the purchase from time to time of up to 1.5 million shares of the Company’s common stock. Share purchases are made for cash in open market transactions at prevailing market prices or in priv ately 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 doe s not require the Company to purchase any specific number of shares and may be modified, suspended or reinstated at any time at the Company’s discretion and without notice. We repurchased 46,133 shares of our common stock during the three months ended December 31, 2018 , in open market transactions at an average price of $ 16.08 per share. We made no purchases of stock pursuant to this plan during the three months ended December 31, 2017 . Treasury Stock During the three months ended December 31, 2018 , we issued 212,688 shares of common stock from treasury stock to employees and repurchased 85,988 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 46,133 shares of common stock on the open market pursuant to our stock repurchase program . During the three months ended December 31, 2017 , we issued 270 unrestricted shares of common stock from treasury stock to members of our Board of Directors as part of their overall compensation and 1,500 unrestricted shares of common stock to sa tisfy the exercise of out standing options for employees and directors . Restricted Stock During the three months ended December 31, 2018 , and 2017 , we recognized zero and $ 114 , respectively, in compensation expense related to our restricted stock awards . At December 31, 2018 , the unamortized compensation cost related to outstanding unvested restricted stock was zero . Phantom Stock Units Director p hantom stock units (“ Director PSUs”) 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. During the three months ended December 31, 2018 , and 2017 , we recognized $ 42 and $ 36 , respectively, in compensation expense related to these grants . Performance Based Phantom Stock Units A perform ance based phantom stock unit (a “ PPSU”) is a contractual right to r eceive one share of the Company’s common stock upon the achievement of certain specified performance objectives and continued performance of services. During the three months ended December 31, 2018 , the Company’s aggregate of three-year PPSU s vested, resulti ng in the issuance of common stock to employees, leaving no outstanding PPSUs at quarter end. During the three months ended December 31, 2018 , and December 31, 2017, we recognized compensation expense of zero and $ 203 , respectively, relat ed to these grants. |
Securities and Equity Investmen
Securities and Equity Investments | 3 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Cost And Equity Method Investments | 8 . SECURITIES AND EQUITY INVESTMENTS Our financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, investments, accounts payable and a loan agreement . We believe that the carrying value of these financial instruments in the accompanying Condensed Consolidated Balance Sheets approximates their fair value due to their short-term nature. At December 31, 2018 and September 30, 2018, we carried a cost method investment at $ 558 , which is equal to our cost less impairment . |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Plans [Abstract] | |
401(k) and Retirement Plans | 9 . 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. During the three months ended December 31, 2018 and 2017 , we recognized $ 423 and $ 429 , resp ectively, in matching expense . Post Retirement Benefit Plans Certain individuals at one of the Company’s locations are entitled to receive fixed annual payments pursuant to post retirement benefit plans. We had an unfunded benefit liability of $ 755 recorded as of December 31, 2018 and September 30, 2018 , related to such plans. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 10 . FAIR VALUE MEASUREMENTS Fair Value Measurement Accounting Fair value is considered the price to sell an asset, or transfer a liability, between market participants on the measurement date. Fair value measurements assume that 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 account ing 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 estimatio n methods could have a material effect on the estimated fair value. At December 31, 2018 , 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 December 31, 2018 , and September 30, 2018 , are summarized in the following tables by the type of inputs applicable to the fair value measurements: December 31, 2018 Total Fair Value Quoted Prices (Level 1) Significant Unobservable Inputs (Level 3) Executive savings plan assets $ 654 $ 654 $ - Executive savings plan liabilities (540) (540) - Contingent consideration (714) - (714) Total $ (600) $ 114 $ (714) September 30, 2018 Total Fair Value Quoted Prices (Level 1) Significant Unobservable Inputs (Level 3) Executive savings plan assets $ 747 $ 747 $ - Executive savings plan liabilities (631) (631) - Contingent consideration (680) - (680) Total $ (564) $ 116 $ (680) In fiscal years 2016, 2017 and 2018 , we entered into contingent consideration arrangements related to certain acquisitions. At December 31, 2018 , we estimated the fair value of these contingent consideration liabilities at $ 714 . The table below presents a reconciliation of the fair value of these obligations, which used significant unobservable inputs (Level 3). Contingent Consideration Agreements Fair value at September 30, 2018 $ (680) Net adjustments to fair value (34) Fair value at December 31, 2018 $ (714) |
Inventory
Inventory | 3 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | 11 . INVENTORY Inventories consist of the following components: December 31, September 30, 2018 2018 Raw materials $ 4,385 $ 4,453 Work in process 5,926 5,168 Finished goods 1,830 1,746 Parts and supplies 11,740 9,599 Total inventories $ 23,881 $ 20,966 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure | 12 . GOODWILL AND INTANGIBLE ASSETS Goodwill The following is a progression of goodwill by segment for the three months ended December 31, 2018 : Commercial & Infrastructure Industrial Communications Solutions Residential Total Goodwill at September 30, 2018 $ 6,976 $ 2,816 $ 30,931 $ 9,979 $ 50,702 Adjustments - - - - - Goodwill at December 31, 2018 $ 6,976 $ 2,816 $ 30,931 $ 9,979 $ 50,702 Intangible Assets Intangible assets consist of the following: December 31, 2018 Estimated Useful Lives Gross Carrying Accumulated (in Years) Amount Amortization Net Trademarks/trade names 5 - 20 $ 5,084 $ 941 $ 4,143 Technical library 20 400 106 294 Customer relationships 6 - 15 33,539 8,665 24,874 Backlog 1 378 267 111 Non-competition arrangements 5 40 3 37 Construction contracts 1 2,184 2,098 86 Total intangible assets $ 41,625 $ 12,080 $ 29,545 September 30, 2018 Estimated Useful Lives Gross Carrying Accumulated (in Years) Amount 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 1 378 176 202 Construction contracts 1 2,184 2,056 128 Total intangible assets $ 41,625 $ 11,035 $ 30,590 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Legal Matters | 13 . 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 pr oceedings, 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. The following is a discussion of our significant legal matters: USAMRIID Claim On December 6, 2017, IES Commercial, Inc. filed suit in the United States District Court of Maryland in the matter USA for the use and benefit of IES Commercial, Inc. and IES Commercial, Inc. v. Manhattan Construction Co., Torcon, Inc., Manhattan Torcon A Joint Venture, Federal Ins. Co., Fidelity & Deposit Co. of Maryland, Zurich American Ins. Co., and Travelers Casualty & Surety Co . This suit related to a large project (“USAMRIID”) which has been ongoing since 2009 , having originally bee n scheduled for completion in early 2013 with a contract value of approximately $ 61,146 , subject to additions or deductions. The Company had sought in the suit approximately $ 25 ,500 for claims incurred and expected to be incurred through completion of the project. On January 22, 2018, the defendants in this matter filed a motion to dismiss the suit, and on September 26, 2018, the District Court ruled on the motion, granting it in part and denying it in part. The ruling, were it to withstand an appeal, would likely have reduced the size of the Company’s estimated damages claim by approximately 50% . Following mediation in September 2018, the parties entered into a memorandum of agreement to settle all claims brought in the suit, and entered into a formalized settlement agreement on December 21, 2018. IES moved to dismiss the case on December 28, 2018. Pursuant to the settlement agreement, the parties have agreed that in exchange for IES Commercial, Inc.’s dismissal of the suit and completion of a limited scop e of subcontracting work, as well as mutual releases and parent guaranties by the parties, among other items, MTJV will make $ 2,500 in cash payments to IES Commercial, Inc., including $ 1,000 up front and $ 1,500 contingent upon completion of the remaining w ork, less an agreed credit amount of $ 150 in connection with a pending change order. In January 2019, we received the initial $ 1,000 . The Company has not made any material change to the charge it recorded the quarter ended September 30, 2018, in connectio n with this claim. At December 31, 2018, based on our most current revised cost estimates, the Company estimates this project to be 99% complete . Risk-Management We retain the risk for workers’ compensation, employer’s 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 insur eds 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 o f litigation. At December 31, 2018 , and September 30, 2018 , we had $ 5,931 and $ 6,202 , respectively, accrued for self-insurance liabilities. We are also subject to construction defect liabilities, primarily within our Residential segment. As of December 31, 2018 , and September 30, 2018 , we had $ 154 and $ 171 , respectively, reserved for these claims. Because the reserves are based on judgment and estimates and involve variables that are inherently uncertain, su ch 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 December 31, 2018 , and September 30, 2018 , $ 6,351 and $ 6,101 , respectively, of our outstanding letters of credit was utilized to collateralize our insurance program. Surety As of December 31, 2018 , the estimated cost to complete our bonded projects was approximately $ 60,948 . 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 forese eable future. Posting letters of credit in favor of our sureties reduces the borrowing availability under our c redit 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 December 31, 2018 , and September 30, 2018 , $ 458 and $ 508 , respectively, 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 expe ct 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 December 31, 2018 , we had no such c ommitments. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | Three Months Ended December 31, 2018 2017 Commercial & Industrial Commercial $ 43,282 $ 29,141 Industrial 29,301 23,861 Total 72,583 53,002 Communications 69,325 54,459 Infrastructure Solutions Industrial Services 12,223 11,053 Custom Power Solutions 17,256 10,632 Total 29,479 21,685 Residential Single-family 50,476 44,614 Multi-family 14,517 17,218 Other 7,462 7,322 Total 72,455 69,154 Total Revenue $ 243,842 $ 198,300 Three Months Ended December 31, 2018 Commercial & Infrastructure Industrial Communications Solutions Residential Total Fixed-price $ 65,830 $ 48,829 $ 27,511 $ 72,455 $ 214,625 Time-and-material 6,753 20,496 1,968 - 29,217 Total revenue $ 72,583 $ 69,325 $ 29,479 $ 72,455 $ 243,842 Three Months Ended December 31, 2017 Commercial & Infrastructure Industrial Communications Solutions Residential Total Fixed-price $ 48,920 $ 44,156 $ 19,673 $ 69,154 $ 181,903 Time-and-material 4,082 10,303 2,012 - 16,397 Total revenue $ 53,002 $ 54,459 $ 21,685 $ 69,154 $ 198,300 |
Contract With Customer Asset And Liability [Table Text Block] | December 31, September 30, 2018 2018 Costs and estimated earnings on uncompleted contracts $ 554,909 $ 539,226 Less: Billings to date (565,782) (541,606) $ (10,873) $ (2,380) December 31, September 30, 2018 2018 Costs and estimated earnings in excess of billings $ 24,431 $ 31,446 Billings in excess of costs and estimated earnings (35,304) (33,826) $ (10,873) $ (2,380) |
Per Share Information (Tables)
Per Share Information (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Per Share Information [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted [Table Text Block] | Three Months Ended December 31, 2018 2017 Numerator: Net income (loss) attributable to IES Holdings, Inc. $ 6,884 $ (29,569) Denominator: Weighted average common shares outstanding — basic 21,233,132 21,196,854 Effect of dilutive stock options and non-vested restricted stock 27,933 - Weighted average common and common equivalent shares outstanding — diluted 21,261,065 21,196,854 Earnings (loss) per share attributable to IES Holdings, Inc.: Basic $ 0.32 $ (1.39) Diluted $ 0.32 $ (1.39) |
Operation Segments (Tables)
Operation Segments (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Operating Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, 2018 Commercial & Infrastructure Industrial Communications Solutions Residential Corporate Total Revenues $ 72,583 $ 69,325 $ 29,479 $ 72,455 $ - $ 243,842 Cost of services 63,908 57,359 23,552 57,422 - 202,241 Gross profit 8,675 11,966 5,927 15,033 - 41,601 Selling, general and administrative 6,716 6,934 4,481 11,137 2,818 32,086 Contingent consideration - - 34 - - 34 Loss (gain) on sale of assets (3) - - - - (3) Operating income (loss) $ 1,962 $ 5,032 $ 1,412 $ 3,896 $ (2,818) $ 9,484 Other data: Depreciation and amortization expense $ 626 $ 415 $ 1,094 $ 209 $ 28 $ 2,372 Capital expenditures $ 852 $ 500 $ 187 $ 447 $ 102 $ 2,088 Total assets $ 78,924 $ 88,534 $ 114,475 $ 55,352 $ 85,852 $ 423,137 Three Months Ended December 31, 2017 Commercial & Infrastructure Industrial Communications Solutions Residential Corporate Total Revenues $ 53,002 $ 54,459 $ 21,685 $ 69,154 $ - $ 198,300 Cost of services 48,159 45,339 17,000 54,738 - 165,236 Gross profit 4,843 9,120 4,685 14,416 - 33,064 Selling, general and administrative 5,795 6,084 4,557 10,366 3,287 30,089 Loss (gain) on sale of assets (12) (1) (1) - - (14) Operating income (loss) $ (940) $ 3,037 $ 129 $ 4,050 $ (3,287) $ 2,989 Other data: Depreciation and amortization expense $ 557 $ 216 $ 1,243 $ 141 $ 51 $ 2,208 Capital expenditures $ 510 $ 75 $ 140 $ 478 $ - $ 1,203 Total assets $ 63,085 $ 66,522 $ 101,026 $ 50,342 $ 99,691 $ 380,666 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2018 Total Fair Value Quoted Prices (Level 1) Significant Unobservable Inputs (Level 3) Executive savings plan assets $ 654 $ 654 $ - Executive savings plan liabilities (540) (540) - Contingent consideration (714) - (714) Total $ (600) $ 114 $ (714) September 30, 2018 Total Fair Value Quoted Prices (Level 1) Significant Unobservable Inputs (Level 3) Executive savings plan assets $ 747 $ 747 $ - Executive savings plan liabilities (631) (631) - Contingent consideration (680) - (680) Total $ (564) $ 116 $ (680) |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Text Block] | Contingent Consideration Agreements Fair value at September 30, 2018 $ (680) Net adjustments to fair value (34) Fair value at December 31, 2018 $ (714) |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventory Current [Table Text Block] | December 31, September 30, 2018 2018 Raw materials $ 4,385 $ 4,453 Work in process 5,926 5,168 Finished goods 1,830 1,746 Parts and supplies 11,740 9,599 Total inventories $ 23,881 $ 20,966 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Commercial & Infrastructure Industrial Communications Solutions Residential Total Goodwill at September 30, 2018 $ 6,976 $ 2,816 $ 30,931 $ 9,979 $ 50,702 Adjustments - - - - - Goodwill at December 31, 2018 $ 6,976 $ 2,816 $ 30,931 $ 9,979 $ 50,702 |
Schedule Of Intangible Assets And Goodwill [Table Text Block] | December 31, 2018 Estimated Useful Lives Gross Carrying Accumulated (in Years) Amount Amortization Net Trademarks/trade names 5 - 20 $ 5,084 $ 941 $ 4,143 Technical library 20 400 106 294 Customer relationships 6 - 15 33,539 8,665 24,874 Backlog 1 378 267 111 Non-competition arrangements 5 40 3 37 Construction contracts 1 2,184 2,098 86 Total intangible assets $ 41,625 $ 12,080 $ 29,545 September 30, 2018 Estimated Useful Lives Gross Carrying Accumulated (in Years) Amount 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 1 378 176 202 Construction contracts 1 2,184 2,056 128 Total intangible assets $ 41,625 $ 11,035 $ 30,590 |
Business (Details)
Business (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Income Taxes [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | 24.53% |
Income Tax Reconciliation Change In Enacted Tax Rate | $ 31,306 | |
Business Acquisition [Line Items] | ||
Minority Interest Ownership Percentage By Parent | 80.00% | |
MinorityInterestOwnershipPercentageByNoncontrollingOwners | 20.00% | |
Redeemable Noncontrolling Interest, Current Value | $ 2,126 | |
New Accounting Pronouncements And Changes In Accounting Principles (Abstract) | ||
New Accounting Pronouncement Or Change In Accounting Principle Cumulative Effect Of Change On Equity Or Net Assets 1 | $ 102 |
Controlling Shareholder (Detail
Controlling Shareholder (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |
Monthly Lease Payments | $ 8 |
Ownership Percentage Of Common Stock | 58.50% |
Tontine [Member] | |
Related Party Transaction [Line Items] | |
Ownership Percentage Of Common Stock | 59.00% |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |||
Accrued Liabilities For Commissions Expense And Taxes | $ 119 | ||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 243,842 | $ 198,300 | |
Unbilled Receivables Current | 9,973 | ||
estimatedprofitoncontractsinprocess | 554,909 | $ 539,226 | |
billingstodate | 565,782 | 541,606 | |
contractsinprocessnet | 10,873 | 2,380 | |
Costs in Excess of Billings on Uncompleted Contracts or Programs | 24,431 | 31,446 | |
Billings in Excess of Cost | 35,304 | $ 33,826 | |
Performance obligations | 406,917 | ||
Revenue recognized on contract liabilities | 20,167 | 16,555 | |
Performance obligation next 12 months | 386,990 | ||
Fixed Price Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 214,625 | 181,903 | |
Time And Materials Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 29,217 | 16,397 | |
Commercial & Industrial [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 72,583 | 53,002 | |
Commercial & Industrial [Member] | Fixed Price Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 65,830 | 48,920 | |
Commercial & Industrial [Member] | Time And Materials Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 6,753 | 4,082 | |
Commercial Member [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 43,282 | 29,141 | |
Industrial Member [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 29,301 | 23,861 | |
Communications [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 69,325 | 54,459 | |
Communications [Member] | Fixed Price Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 48,829 | 44,156 | |
Communications [Member] | Time And Materials Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 20,496 | 10,303 | |
Infrastructure Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 29,479 | 21,685 | |
Infrastructure Solutions [Member] | Fixed Price Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 27,511 | 19,673 | |
Infrastructure Solutions [Member] | Time And Materials Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 1,968 | 2,012 | |
Industrial Services Member [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 12,223 | 11,053 | |
Custom Power Solutions Member [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 17,256 | 10,632 | |
Residential [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 72,455 | 69,154 | |
Residential [Member] | Fixed Price Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 72,455 | 69,154 | |
Residential [Member] | Time And Materials Contract [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 0 | 0 | |
Single-Family Member [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 50,476 | 44,614 | |
Multi-Family Member [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 14,517 | 17,218 | |
Other Member [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | $ 7,462 | $ 7,322 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Debt [Abstract] | ||
Long-term Debt, Excluding Current Maturities | $ 29,597 | $ 29,564 |
Revolving Credit Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Line Of Credit Facility Interest Rate At Period End | 4.52% | 3.86% |
Letters of Credit Outstanding, Amount | $ 6,809 | |
Excess Availability | $ 57,920 |
Per Share Information EPS (Deta
Per Share Information EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share Reconciliation [Abstract] | ||
Net income (loss) attributable to common shareholders of IES Holdings, Inc. | $ 0 | $ 0 |
Net income attributable to restricted shareholders of IES Holdings, Inc. | 6,884 | (29,569) |
Net income (loss) attributable to IES Holdings, Inc. | $ 6,884 | $ (29,569) |
Weighted average common shares outstanding - basic | 21,233,132 | 21,196,854 |
Effect of dilutive stock options and non-vested restricted stock | 27,933 | 0 |
Weighted average common and common equivalent shares sutstanding - diluted | 21,261,065 | 21,196,854 |
Earnings (loss) per share attributable to IES Holdings, Inc.: | ||
Basic | $ 0.32 | $ (1.39) |
Diluted | $ 0.32 | $ (1.39) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 255,306 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 243,842 | $ 198,300 | |
Cost of services | 202,241 | 165,236 | |
Gross profit | 41,601 | 33,064 | |
Selling, general and administrative expenses | 32,086 | 30,089 | |
Contingent consideration | 34 | 0 | |
Loss (gain) on sale of assets | (3) | (14) | |
Operating income (loss) | 9,484 | 2,989 | |
Depreciation and amortization expense | 2,372 | 2,208 | |
Capital expenditures | 2,088 | 1,203 | |
Total assets | 423,137 | 380,666 | $ 421,994 |
Commercial & Industrial [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 72,583 | 53,002 | |
Cost of services | 63,908 | 48,159 | |
Gross profit | 8,675 | 4,843 | |
Selling, general and administrative expenses | 6,716 | 5,795 | |
Loss (gain) on sale of assets | (3) | (12) | |
Operating income (loss) | 1,962 | (940) | |
Depreciation and amortization expense | 626 | 557 | |
Capital expenditures | 852 | 510 | |
Total assets | 78,924 | 63,085 | |
Communications [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 69,325 | 54,459 | |
Cost of services | 57,359 | 45,339 | |
Gross profit | 11,966 | 9,120 | |
Selling, general and administrative expenses | 6,934 | 6,084 | |
Loss (gain) on sale of assets | 0 | (1) | |
Operating income (loss) | 5,032 | 3,037 | |
Depreciation and amortization expense | 415 | 216 | |
Capital expenditures | 500 | 75 | |
Total assets | 88,534 | 66,522 | |
Infrastructure Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 29,479 | 21,685 | |
Cost of services | 23,552 | 17,000 | |
Gross profit | 5,927 | 4,685 | |
Selling, general and administrative expenses | 4,481 | 4,557 | |
Contingent consideration | 34 | 0 | |
Loss (gain) on sale of assets | 0 | (1) | |
Operating income (loss) | 1,412 | 129 | |
Depreciation and amortization expense | 1,094 | 1,243 | |
Capital expenditures | 187 | 140 | |
Total assets | 114,475 | 101,026 | |
Residential [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 72,455 | 69,154 | |
Cost of services | 57,422 | 54,738 | |
Gross profit | 15,033 | 14,416 | |
Selling, general and administrative expenses | 11,137 | 10,366 | |
Loss (gain) on sale of assets | 0 | 0 | |
Operating income (loss) | 3,896 | 4,050 | |
Depreciation and amortization expense | 209 | 141 | |
Capital expenditures | 447 | 478 | |
Total assets | 55,352 | 50,342 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Cost of services | 0 | 0 | |
Gross profit | 0 | 0 | |
Selling, general and administrative expenses | 2,818 | 3,287 | |
Loss (gain) on sale of assets | 0 | 0 | |
Operating income (loss) | (2,818) | (3,287) | |
Depreciation and amortization expense | 28 | 51 | |
Capital expenditures | 102 | 0 | |
Total assets | $ 85,852 | $ 99,691 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Shares, Outstanding | 21,286,103 | 21,205,536 | |
Equity Class Of Treasury Stock [Line Items] | |||
Treasury Stock Shares Acquired | 212,688 | ||
The 2006 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Shares Authorized | 3,000,000 | ||
Common shares repurchased for tax withholding | 85,988 | ||
Available Common Stock Authorized Shares | 1,299,815 | ||
The 2015 Stock Repurchase Program [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Approved Number of shares to be repurchased | 1,500,000 | ||
Treasury Stock Shares Acquired | 46,133 | ||
Average Share Price | $ 16.08 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense | $ 114 | ||
Phantom Share Units PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense | $ 42 | 36 | |
Performance Based Phantom Share Units PPSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense | $ 203 | ||
Unrestricted Stock [Member] | The 2006 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Exercised (Shares) | 1,500 | ||
Unrestricted Stock [Member] | The 2006 Equity Incentive Plan [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares repurchased for tax withholding | 270 |
Securities and Equity Investm_2
Securities and Equity Investments - Enertech FV (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value | $ 558 | $ 558 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Employee Benefit Plans [Abstract] | |||
401 (k) Matching Expenses | $ 423 | $ 429 | |
Unfunded Benefit Liability | $ 755 | $ 755 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Executive savings plan assets | $ 654 | $ 747 |
Executive savings plan liabilities | (540) | (631) |
Contingent consideration | (714) | (786) |
Total fair value net asset (liability) | (600) | (564) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Executive savings plan assets | 654 | 747 |
Executive savings plan liabilities | (540) | (631) |
Total fair value net asset (liability) | 114 | 116 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | (714) | (786) |
Total fair value net asset (liability) | $ (714) | $ (786) |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs (Details) - Contingent Consideration [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Fair value beginning balance | $ (680) |
Issuances | 0 |
Settlements | 0 |
Net adjustments to fair value | (34) |
Fair value ending balance | $ (714) |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,385 | $ 4,453 |
Work in process | 5,926 | 5,168 |
Finished goods | 1,830 | 1,746 |
Parts and supplies | 11,740 | 9,599 |
Total inventories | $ 23,881 | $ 20,966 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill RollForward (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 50,702 |
Acquisitions | 0 |
Divestitures | 0 |
Goodwill Purchase Accounting Adjustments | 0 |
Goodwill, Ending Balance | 50,702 |
Commercial & Industrial [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 6,976 |
Acquisitions | 0 |
Divestitures | 0 |
Goodwill Purchase Accounting Adjustments | 0 |
Goodwill, Ending Balance | 6,976 |
Communications [Member] | |
Goodwill [Line Items] | |
Acquisitions | 0 |
Goodwill, Ending Balance | 2,816 |
Infrastructure Solutions [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 30,931 |
Acquisitions | 0 |
Divestitures | 0 |
Goodwill Purchase Accounting Adjustments | 0 |
Goodwill, Ending Balance | 30,931 |
Residential [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 9,979 |
Acquisitions | 0 |
Divestitures | 0 |
Goodwill Purchase Accounting Adjustments | 0 |
Goodwill, Ending Balance | $ 9,979 |
Goodwil and Intangible Assets -
Goodwil and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
IntangibleAssets [Line Items] | ||
Gross Carrying Amount | $ 41,625 | $ 41,625 |
Accumulated Amortization | 12,080 | 11,035 |
Intangible assets, net | 29,545 | 30,590 |
Trademarks And Trade Names [Member] | ||
IntangibleAssets [Line Items] | ||
Gross Carrying Amount | 5,084 | 5,084 |
Accumulated Amortization | 941 | 831 |
Intangible assets, net | $ 4,143 | $ 4,253 |
Trademarks And Trade Names [Member] | Maximum [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 20 years | 20 years |
Trademarks And Trade Names [Member] | Minimum [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 5 years | 5 years |
Technical Library [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 20 years | 20 years |
Gross Carrying Amount | $ 400 | $ 400 |
Accumulated Amortization | 106 | 101 |
Intangible assets, net | 294 | 299 |
Customer Relationships [Member] | ||
IntangibleAssets [Line Items] | ||
Gross Carrying Amount | 33,539 | 33,539 |
Accumulated Amortization | 8,665 | 7,870 |
Intangible assets, net | $ 24,874 | $ 25,669 |
Customer Relationships [Member] | Maximum [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 15 years | 15 years |
Customer Relationships [Member] | Minimum [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 6 years | 6 years |
Order Backlog [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 1 year | 1 year |
Gross Carrying Amount | $ 378 | $ 378 |
Accumulated Amortization | 267 | 176 |
Intangible assets, net | $ 111 | $ 202 |
Construction Contract Value [Member] | ||
IntangibleAssets [Line Items] | ||
Estimated Useful Lives | 1 year | 1 year |
Gross Carrying Amount | $ 2,184 | $ 2,184 |
Accumulated Amortization | 2,098 | 2,056 |
Intangible assets, net | $ 86 | $ 128 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2018 | |
Commitments And Contingencies [Abstract] | ||
Accrued Insurance | $ 5,931 | $ 6,202 |
Liability for Claims and Claims Adjustment Expense | 154 | 171 |
Estimated cost of completion of bonded project | 60,948 | |
Insurance Related [Member] | ||
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | 6,351 | 6,101 |
Vendor Related [Member] | ||
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 458 | $ 508 |
USAMRIID [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Name Of Plaintiff | IES Commercial, Inc. | |
Contract Revenue Earned To Date | $ 61,146 | |
Proceeds From Legal Settlements | 2,500 | |
Proceeds payment - contingent | 1,500 | |
USAMRIID [Member] | Scenario Forecast [Member] | ||
Loss Contingencies [Line Items] | ||
Unbilled Change Orders | $ 25,500 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Business Acquisition [Line Items] | ||
Minority Interest Ownership Percentage By Parent | 80.00% | |
Contingent consideration | $ 714 | $ 786 |
Business Combinations - Assets
Business Combinations - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Business Acquisition [Line Items] | ||
Current assets | $ 265,783 | $ 262,693 |
Property and equipment | 26,126 | 25,364 |
Intangible assets (primarily customer relationships) | 29,545 | 30,590 |
Goodwill | 50,702 | 50,702 |
Current liabilities | $ (161,181) | $ (164,417) |