Ies Holdings, Inc. · NASDAQ:IESC
Ies — Q1 2021 Earnings Presentation
15 slides from Ies's earnings presentation, Feb 5, 2021
Slide 1: First Quarter 2021 Update
IES Holdings, Inc. First Quarter 2021 Update February 5, 2021 Exhibit 99.2
Slide 2: Disclosures: Forward-Looking Statements
2 Disclosures Forward-Looking Statements Certain statements in this release may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, all of which are based upon various estimates and assumptions
Slide 3: First Quarter 2021 Highlights
3 First Quarter 2021 Highlights ♦ Revenue of $315 million, an increase of 14% year-over-year (“y-o-y”) ♦ Operating Income of $15.9 million, an increase of 28% y-o-y ♦ Net Income per Share of $0.58 (+49%) and Adjusted Net Income per Share* of $0.71 (+31%) ♦ Remaining Performance Obligations, a GAAP m
Slide 4: 1Q FY'21 Revenue and Operating Income
4 $12.4 $15.9 12/31/19 12/31/20 Three Months Ended $276 $315 12/31/19 12/31/20 Three Months Ended 1Q FY’21 Revenue and Operating Income Financial measures presented herein are in millions, except for earnings per share or as otherwise noted REVENUE OPERATING INCOME +14% +28%
Slide 5: 1Q FY'21 Net Income Per Share and Adjusted Net Income Per Share
5 $0.54 $0.71 12/31/19 12/31/20 Three Months Ended $0.39 $0.58 12/31/19 12/31/20 Three Months Ended 1Q FY’21 Net Income Per Share and Adjusted Net Income Per Share* * Non-GAAP financial measure; see reconciliation table NET INCOME PER SHARE ADJUSTED NET INCOME PER SHARE* +49% +31%
Slide 6: 1Q FY'21 Segment Results
6 1Q FY’21 Segment Results ♦ Revenue: $98.4 million (17% increase from 1Q FY’20) ♦ Operating Income: $9.2 million (+31%) Communications ♦ Revenue: $119.5 million (+29%) ♦ Operating Income: $6.2 million (-3%) Residential ♦ Revenue: $34.4 million (+10%) ♦ Operating Income: $5.3 million (+63%) Infrastr
Slide 7: Strong Backlog
7 Strong Backlog* Ba ck lo g ($ in m ill io ns ) $509 $587 $597 $602 $632 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 Remaining Performance Obligations: $505 $525$430 $469 * Non-GAAP financial measure; see reconciliation table $523
Slide 8: Appendix
APPENDIX
Slide 9: Income Statement
9 Income Statement Three Months Ended (in mill ions, except earnings per share) December 31, 2019 2020 Revenue $276.0 $314.8 Operating income 12.4 15.9 Interest expense & other 0.4 0.1 Income from operations before income taxes $12.0 $15.8 Provision for income taxes 3.5 3.6 Net income attributable t
Slide 10: Select Balance Sheet Data
10 (in mill ions) 12/31/19 9/30/20 12/31/20 Cash $27.3 $53.6 $27.3 Other Current Assets 262.4 317.9 331.6 Deferred Tax Assets 38.1 33.8 29.8 Non-Current Assets 142.1 155.3 220.7 Total Assets $469.9 $560.5 $609.4 Current Liabil ities $185.9 $242.4 $249.0 Other Liabil ities 25.9 32.7 37.8 Debt 0.3 0.2
Slide 11: Segment Results
11 Segment Results Three Months Ended (in mill ions) December 31, 2019 2020 Revenue Communications $84.3 $98.4 Residential 92.7 119.5 Infrastructure Solutions 31.3 34.4 Commercial & Industrial 67.7 62.6 Total Revenue $276.0 $314.8 Operating Income (Loss) Communications $7.0 $9.2 Residential 6.4 6.2
Slide 12: Non-GAAP Reconciliation of Adjusted Net Income
12 Non-GAAP Reconciliation of Adjusted Net Income Attributable to IES Holdings, Inc. Three Months Ended (in mill ions, except earnings per share) December 31, 2019 2020 Net income (loss) attributable to IES Holdings, Inc. $8.5 $12.1 Provision for income taxes 3.5 3.6 Adjusted net income before taxes
Slide 13: Non-GAAP Reconciliation of Adjusted EBITDA
13 Non-GAAP Reconciliation of Adjusted EBITDA Three Months Ended (in mill ions) December 31, 2019 2020 Comprehensive income attributable to IES Holdings, Inc. $8.5 $12.1 Provision for income taxes 3.5 3.6 Interest & other expense, net 0.4 0.1 Depreciation and amortization 2.4 4.0 EBITDA $14.8 $19.8
Slide 14: Reconciliation of Remaining Performance Obligations to Backlog
14 Non-GAAP Reconciliation of Remaining Performance Obligations to Backlog (in mill ions) December 31, 2020 September 30, 2020 December 31, 2019 Remaining performance obligations $525 $505 $430 Agreements without an enforceable obligation (1) 107 97 79 Backlog $632 $602 $509 (1) Our backlog contains
Slide 15: NOL Summary
15 NOL Summary ♦ Estimated net operating loss carry forwards (“NOLs”) of approximately $217 million as of September 30, 2020, including approximately $128 million resulting from net operating losses on which a deferred tax asset is not recorded ♦ Rights Plan implemented in 2016 to deter new 5% share