IES Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 22, 2024.
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FY2024 · Filed Nov 22, 2024
IESC$172.43-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In Thousands)
| Year Ended September 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $232,501 | $119,787 | $40,186 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Bad debt expense (benefit) | 1,481 | (120) | 3,141 |
| Deferred financing cost amortization | 287 | 268 | 199 |
| Depreciation and amortization | 37,103 | 29,407 | 25,468 |
| Gain on sale of assets | (1,684) | (14,139) | (69) |
| Non-cash compensation expense | 5,532 | 4,372 | 3,775 |
| Deferred income tax expense (benefit) and other non-cash tax adjustments, net | (1,126) | 5,185 | (31) |
| Unrealized gain on trading securities | (1,789) | — | — |
| Changes in operating assets and liabilities | |||
| Marketable securities | (33,214) | — | — |
| Accounts receivable | (93,507) | 2,917 | (87,160) |
| Inventories | (3,522) | (1,142) | (27,760) |
| Costs and estimated earnings in excess of billings | (3,979) | 3,456 | (8,688) |
| Prepaid expenses and other current assets | (16,720) | (7,322) | (18,609) |
| Other non-current assets | 174 | 2,067 | (3,006) |
| Accounts payable and accrued expenses | 57,894 | (10,047) | 67,128 |
| Billings in excess of costs and estimated earnings | 54,550 | 19,051 | 22,450 |
| Other non-current liabilities | 423 | 162 | (762) |
| Net cash provided by operating activities | 234,404 | 153,902 | 16,262 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (45,159) | (17,667) | (29,255) |
| Proceeds from sales of assets | 3,694 | 20,602 | 219 |
| Cash paid in conjunction with equity investments | (380) | (165) | (500) |
| Cash paid in conjunction with business combinations or dispositions, net of cash acquired | (67,002) | — | — |
| Net cash provided by (used in) investing activities | (108,847) | 2,770 | (29,536) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Borrowings of debt | 2,896,346 | 2,381,562 | 1,924,469 |
| Repayments of debt | (2,896,346) | (2,464,221) | (1,882,148) |
| Cash paid for finance leases | (4,257) | (3,338) | (1,801) |
| Purchase of noncontrolling interest | (32,000) | — | — |
| Settlement of contingent consideration liability | (4,074) | — | — |
| Distribution to noncontrolling interest | (16,155) | (11,491) | (7,000) |
| Purchase of treasury stock | (44,028) | (8,284) | (18,556) |
| Options exercised | 19 | 22 | 53 |
| Net cash provided by (used in) financing activities | (100,495) | (105,750) | 15,017 |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 25,062 | 50,922 | 1,743 |
| CASH, CASH EQUIVALENTS, beginning of period | 75,770 | 24,848 | 23,105 |
| CASH, CASH EQUIVALENTS, end of period | $100,832 | $75,770 | $24,848 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
| Cash paid for interest | $536 | $2,089 | $3,068 |
| Cash paid for income taxes, net | $61,614 | $12,056 | $3,953 |
| SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
| Property and equipment acquired in exchange for liabilities | $— | $4,712 | $— |
| Contingent consideration liability assumed in conjunction with business combinations | $2,790 | $— | $— |
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