Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (February 2025)
22 slides from Comfort Systems Usa's investor presentation, Feb 21, 2025
Slide 1: Investor Presentation, February 21, 2025
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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 • $7.0+ billion yearly revenue • 61% industrial (including 33% tech) • 18,000+ employees • History of profitable growth and cash flow • Leading mechanical, electrical, and modular construction and servic
Slide 4: National Footprint
NATIONAL FOOTPRINT 18 0 locations | 13 6 cities | 18 9 0 0) 0 + employees
Slide 5: Key end markets and growth drivers
• Technology – Data Centers and Chip Manufacturing • Life Sciences - Pharmaceuticals • Food Processing • Manufacturing • Healthcare • EV Battery • Technology • On-Shoring • Modular • Service
Slide 6: 2024 Revenue and Gross Profit
2024 Revenue = $7,027.5M 2024 Gross Profit = $1,476.4M
Slide 7: Revenue Breakdown - 2024
REVENUE BREAKDOWN - 2024 2024 Revenue = $7.03B ACTIVITY MARKET SECTOR gal Ng aoe “py, Service Retail Projects & aa pects % Modular 7% BS 17% Service and Maintenance Education G 9% 10% Government 5% New . | Technology Manufacturing 33% 27% Construction 40% 6 SOMFORTUSA.
Slide 8: Backlog
BACKLOG (Sin millions) $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ $1,602 $1,511 $2,312 $4,064) $5,157 2016 2017 2018 2020 2021 2022 2024 7 SOMFORTUGA.
Slide 9: Service Maintenance Base
SERVICK MAINTENANCE BASE (Sin millions) $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $111 $116 $123 $127 $130 $147 $161 $165 % 2016 2017 2018 2020 2021 2022 2024 8 “ REEUSA
Slide 10: Financial summary ($ in millions, except per share)
($ 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 11: Operating cash flow
($ Millions) - Full year 2024 operating cash flow far exceeds full year net income - At 12/31/24, we have a very substantial amount of unearned customer cash - Pre-bookings and equipment advances will normalize creating cash flow headwind when project costs are incurred
Slide 12: Free cash flow, dividend and debt capacity
• Positive free cash flow for 26 consecutive years • Increased dividend for 13 consecutive years • Debt/TTM EBITDA = 0.08 • $549.9 M cash at December 31, 2024 • $68.3 M total debt at December 31, 2024 • Debt capacity – No borrowings at 12/31/24 – $850M senior credit facility – 2027 maturity
Slide 13: Capital Allocation
CAPITAL ALLOCATION ($ in thousands) AVERAGE 2007 - 2024 $13,496 11% $18,176 14% $93,906 75% = Acquisitions = Share Repurchases = Dividends 12 COMFORT SYSTEMS USA.
Slide 14: 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 $
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Slide 16: Planet, Partners, People
Our sustainability 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 support our sustainability commitments.
Slide 17: Innovation and technology 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 18: Core values
Be safe Be honest Be respectful Be innovative Be collaborative
Slide 19: Investment highlights
• Consistent free cash flow • Strong Balance Sheet • Acquisition record • Attractive geographies • Leading innovation • Profitable growth
Slide 20: Contact
18,000+ of the most qualified HVAC and electrical contracting personnel in America 47 operating companies across America at Approximately $7.0+ billion in yearly 180 locations in 136 cities revenue Julie Shaeff Chief Accounting Officer 1-800-723-8431 ir@comfortsystemsusa.com www.comfortsystemsusa.co
Slide 21: Appendix I: Adjusted EBITDA reconciliation
($ 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 (income), net
Slide 22: 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 (February 2025) on 6ix