Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q4 2022 Earnings Presentation
14 slides from Comfort Systems Usa's earnings presentation, Feb 23, 2023
Slide 1: Q4 2022 Earnings Call
-Q4 2022 Earnings Call NYSE: FIX February 23, 2023 COMFORT SYSTEMS UA
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: Q4 2022 highlights
Q4 Revenue was $1,117.2 million compared to $856.1 million in Q4 2021 Gross Profit percentage increased to 18.9% vs. 18.0% in Q4 2021 SG&A increased to $131.7 million from $105.3 million in Q4 2021 EPS was $1.54 per diluted share compared to $1.04 in Q4 2021 Q4 2022 Cash Flow from Operations was $13
Slide 4: Q4 income statement summary
($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended December 31, Variance 2022 2021 $ % Revenue $ 1,117,188 100.0% $ 856,084 100.0% $ 261,104 30.5% Cost of Services 905,940 81.1% 702,013 82.0% 203,927 29.0% Gross Profit 211,248 18.9% 154,071 18.0% 57,177 37.1% Selling, Genera
Slide 5: Cash, working capital, goodwill and debt
($ Millions) 12/31/2022 12/31/2021 Cash $ 57.2 $ 58.8 Working Capital $ 136.9 $ 190.8 Goodwill $ 611.8 $ 592.1 Intangible Assets, Net $ 273.9 $ 304.8 Total Debt $ 256.2 $ 388.0 Equity $ 999.9 $ 805.7
Slide 6: 2022 full year highlights
2022 Revenue was $4.14 billion compared to $3.07 billion for 2021 Gross Profit percentage decreased to 17.9% from 18.3% for 2021 SG&A increased to $489.3 million from $376.3 million for 2021 EPS was $6.82 per diluted share ($5.29 per diluted share excluding a $1.53 benefit related to tax gains) comp
Slide 7: Full year 2022 income statement summary
($ Thousands, Except Per Share Data) For the Twelve Months Ended December 31, Variance 2022 2021 $ % Revenue $ 4,140,364 100.0% $ 3,073,636 100.0% $ 1,066,728 34.7% Cost of Services 3,398,756 82.1% 2,510,429 81.7% 888,327 35.4% Gross Profit 741,608 17.9% 563,207 18.3% 178,401 31.7% Selling, General
Slide 8: Backlog
BACKLOG ($ Millions) (Unaudited) $4,500 $4,064 $4,000 $3,500 $3,000 2,500 8 $2,312 $2,000 $1,500 $1602 gi st $1,166 $1,000 $948 $758 $763 $598 $630 $618 $604 orig - ‘Tt ll ll J l | 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020 2021 2022 7 SOMFORTUGA.
Slide 9: Revenue by type of customer
REVENUE BY TYPE OF CUSTOMER (YTD) Office Buildings 8.4% 8 SOMFORTUGA.
Slide 10: Revenue by activity type
REVENUE BY ACTIVITY TYPE 2021 y% 2022 yy’ @yew Construction Existing Building Construction @ Service Projects @service Calls, Maintenance & Monitoring 9 COMFORT USA SYSTEMS ,.
Slide 11: Appendix
APPENDIX SOMFORT USA
Slide 12: Reconciliation to net income excluding tax gains
($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 2022 2021 Net Income $ 55,424 $ 37,595 $ 245,947 $ 143,348 Tax gains - - (58,933) - Tax-related SG&A costs, net of tax - - 3,685 - Net income excluding tax gains $ 55,424 $ 37,595 $ 190,699 $ 143,348
Slide 13: Reconciliation to Adjusted EBITDA
($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 2022 2021 Net Income $ 55,424 $ 37,595 $ 245,947 $ 143,348 Provision (Benefit) for Income Taxes 14,775 13,373 (10,089) 46,926 Other Expense (Income), net (33) (76) (134) (188) Changes in the Fair Val
Slide 14: Free cash flow reconciliation
($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2022 2021 2022 2021 Cash from Operating Activities $ 132,007 $ 27,497 $ 301,531 $ 180,151 Purchases of Property and Equipment (13,566) (6,466) (48,359) (22,330) Proceeds from Sales of Property and Equipment 70