Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q4 2018 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Feb 22, 2019
Slide 1: Q4 2018 Earnings Call
Q4 2018 Earnings Call (NYSE: FIX) February 22, 2019 Comfort Systems USA Quality People. Building Solutions. 1
Slide 2: Q4 2018 Financial Results Highlights
Q4 2018 Financial Results Highlights Q4 Revenue increased $127.3 million to $588.4 million (same store increase of $88.6 million) compared to Q4 2017 Gross Profit was 20.1% vs. 20.3% in Q4 2017 SG&A increased $10.4 million to $80.5 million or 13.7% of revenue vs. $70.0 million or 15.2% of revenue in
Slide 3: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended December 31, Variance 2018 2017 $ % Revenue $ 588,359 100.0% $ 461,072 100.0% $ 127,287 27.6% Cost of Services 470,184 79.9% 367,341 79.7% 102,843 28.0% Gross Profit 118,175 20.1% 93,731
Slide 4: 2018 Financial Results Highlights
2018 Financial Results Highlights 2018 Revenue increased $395.0 million to $2.18 billion (same-store increased $303.5 million) Gross Profit was 20.4% vs. 20.5% for the same period in 2017 SG&A increased $30.4 million to $297.0 million or 13.6% of revenue vs. $266.6 million or 14.9% of revenue for th
Slide 5: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) For the Twelve Months Ended December 31, Variance 2018 2017 $ % Revenue $ 2,182,879 100.0% $ 1,787,922 100.0% $ 394,957 22.1% Cost of Services 1,736,600 79.6% 1,421,641 79.5% 314,959 22.2% Gross Profit 446,279 20.4% 366,281 2
Slide 6: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 12/31/2018 12/31/2017 Cash $ 45.6 $ 36.5 Working Capital $ 142.6 $ 115.6 Goodwill $ 235.2 $ 200.6 Intangible Assets, Net $ 95.3 $ 76.0 Total Debt $ 76.9 $ 60.5 Equity $ 498.0 $ 417.9 6
Slide 7: Backlog
Backlog ($ Millions) (Unaudited) $1,200 $1,166 $1,000 $948 $800 $785 $758 $763 $707 $712 $600 $652 $598 $630 $618 $604 $508 $400 ` $200 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 7
Slide 8: Revenue by Type of Customer
Revenue by Type of Customer 3.7% 6.2% 18.0% Education 10.3% Healthcare Government Industrial 14.7% Office Buildings 13.2% Retail / Restaurants / Entertainment Multi-Family / Residential 6.6% Other 27.3% 8
Slide 9: Revenue by Activity Type
Revenue by Activity Type FY 2018 FY 2017 9.5% 11.1% 16.0% 32.4% 36.5% 18.2% 38.0% 38.3% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 10: Appendix
APPENDIX COMFORT LIGAN
Slide 11: Appendix I – GAAP Reconciliation to Adjusted Net Income and EPS
Appendix I – GAAP Reconciliation to Adjusted Net Income and EPS ($ Thousands, Except Per Share Data) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2018 2017 2018 2017 Net Income $ 25,156 $ 7,539 $ 112,903 $ 55,272 Goodwill impairment, net of income tax benefit of $-, $
Slide 12: Appendix II – GAAP Reconciliation to Adjusted EBITDA
Appendix II – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2018 2017 2018 2017 Net Income $ 25,156 $ 7,539 112,903 55,272 Income Tax Expense 9,307 18,478 35,773 45,666 Other Expense (Income), net (79) (992) (4,141)
Slide 13: Appendix III – GAAP Reconciliation to Free Cash Flow
Appendix III – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December December 2018 2017 2018 2017 Cash from Operating Activities $ 79,188 $ 48,398 $ 147,190 $ 114,090 Purchases of Property and Equipment (5,209) (18,637) (27,268) (35,467) Proc