Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (August 2022)
20 slides from Comfort Systems Usa's investor presentation, Aug 15, 2022
Slide 1: Investor Presentation August 15, 2022
NYSE: FIX August 15, 2022 SvstemsU) AA
Slide 2: Forward-looking statements
Certain statements and information in this presentation may constitute forward-looking statements within the meaning of applicable securities laws and regulations. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are i
Slide 3: Leading national MEP installation and service provider
• Leading national mechanical, electrical and plumbing (“MEP”) installation and service provider • $3.5+ billion yearly revenue • 14,000 employees • History of profitable growth • Balanced construction and service portfolio
Slide 4: National Footprint
NATIONAL FOOTPRINT 1'74 locations | 128 cities | 14,000 employees
Slide 5: Revenue Breakdown - YTD 2022
REVENUE BREAKDOWN - YTD 2022 YTD 2022 Revenue = $1.90B ACTIVITY MARKET SECTOR : Retail / : Restaurant / : EnteNainment D : q ss Healthcare oN : her \’ 14% a i \ ey) : Education fe) : 11% & Co Government 40% e New Construction IAL e@ Existing Building Construction e@ Modular Construction e@ Service P
Slide 6: Construction Backlog
CONSTRUCTION BACKLOG (Sin millions) $3,000 $2,500 $2,000 $1,500 $1,000 $500 $ $763 $948 $1,166 $1,602 $1,511 $2,312 2016 2017 2018 2020 2021 Q2 2022
Slide 7: Service Maintenance Base
SERVICK MAINTENANCE BASE (Sin millions) $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 $111 $116 $123 $127 $130 $147 $157 2016 2017 2018 2020 2021 Q2 2022 6 SOvFoRZ USA.
Slide 8: Financial summary
($ in millions, except per share information) (1) Adjusted EPS is a non-GAAP financial measure. Adjusted EPS excludes tax gains. See Appendix II for a GAAP reconciliation to Adjusted EPS. (2) Adjusted EBITDA is a non-GAAP financial measure. See Appendix I for a GAAP reconciliation to Adjusted EBITDA
Slide 9: Free cash flow and balance sheet
• Positive free cash flow for 23 consecutive years • Increased dividend for 10 consecutive years • Debt/TTM EBITDA = 1.41 • $69.1M cash at June 30, 2022 • $405.6M total debt at June 30, 2022 • Debt capacity – $360M borrowings at 6/30/22 – $850M senior credit facility – 2027 maturity
Slide 10: Consistent Capital Allocation
CONSISTENT CAPITAL ALLOCATION AVERAGE 2006 - 2021 $13,116 14% $73,595 76% = Acquisitions = Share Repurchases = Dividends 8 SOMFORT USA.
Slide 11: Capital Returned
CAPITAL RETURNED (S in thousands) FISCAL PERIODS SHARE REPURCHASES DIVIDENDS CAPITAL RETURNED 2015 $8,330 $9,358 $17,688 2016 $13,088 $10,264 $23,352 2017 $9,007 $10,987 $19,994 2018 $28,533 $12,268 $40,801 2019 $19,550 $14,543 $34,093 2020 $30,120 $15,499 $45,619 2021 $27,054 $17,384 $44,438 2022 Y
Slide 12: Growth markets and trends
• Technology – Data Centers and Chip Manufacturing • Life Sciences - Pharmaceuticals • Food Processing • Manufacturing • Healthcare • Industrial • Re-Shoring • Indoor Air Quality • Service • Modular
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Slide 14: Core values
Be safe Be honest Be respectful Be innovative Be collaborative
Slide 15: Planet, Partners, People
Our environmental, social and corporate governance (ESG) goals are embedded in how we operate as a business – they are part of our very foundation and core values of being safe, honest, respectful, collaborative, and innovative – and we have diligently sought to develop transparent disclosures to su
Slide 16: Innovation initiatives
• Pilots of emerging technologies • Partnerships with industry leading tech firms • Data analytics to drive business insights • Investments in advanced BIM technologies • EAS & TAS modular construction • Mobile technology deployment in service • Early adoption of BIM • Industry-leading prefabricatio
Slide 17: Investment highlights
• Consistent free cash flow • Strong Balance Sheet • Acquisition record • Leading innovation • Profitable growth
Slide 18: Contact
14,000 of the most qualified HVAC and electrical contracting personnel in America 42 operating companies across America at $3.5+ billion in yearly revenue 174 locations in 128 cities Julie Shaeff Chief Accounting Officer 1-800-723-8431 ir@comfortsystemsusa.com www.comfortsystemsusa.com
Slide 19: Appendix I: Adjusted EBITDA reconciliation
($ in thousands) Note: The Company defines adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as net income, provision for income taxes, other expense (income), net, changes in the fair value of contingent earn-out obligations, interest expense, net, gain on
Slide 20: Appendix II: Adjusted EPS reconciliation
Note: Diluted income per share excluding tax gains is presented because the Company believes it reflects the results of the core ongoing operations of the Company, and we believe it is responsive to frequent questions we receive from third parties. This measure, however, is not considered a primary
Comfort Systems USA — Investor Presentation (August 2022) on 6ix