Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (March 2021)
15 slides from Comfort Systems Usa's investor presentation, Mar 16, 2021
Slide 1: Quality People. Building Solutions.
Quality People. Building Solutions. NYSE: FIX March 16, 2021
Slide 2: Safe Harbor / Non-GAAP Measures
SAFE HARBOR 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 expre
Slide 3: Comfort Systems USA
COMFORT SYSTEMS USA • Leading national mechanical, electrical and plumbing (“MEP”) installation and service provider • $2.9B yearly revenue • 11,100 employees • History of profitable growth • Balanced construction and service portfolio 2
Slide 4: National Footprint
NATIONAL FOOTPRINT 3 139 locations | 114 cities | 11,100 employees
Slide 5: Revenue Breakdown – 2020
Revenue Breakdown – 2020 2020 Revenue = $2.9B Activity Market Sector Retail / Restaurant / 7% 8% Healthcare Other Entertainment 13% 6% 8% 13% Office Buildings Education 11% 17% 32% Government 6% 40% Industrial 39% New Construction Existing Building Construction Modular Construction Service Projects
Slide 6: Construction Backlog
CONSTRUCTION BACKLOG ($ in millions) $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $763 $948 $1,166 $1,602 $1,511 $- 2016 2017 2018 2019 2020 5
Slide 7: Service Maintenance Base
SERVICE MAINTENANCE BASE ($ in millions) $135 $130 $125 $120 $115 $110 $105 $111 $116 $123 $127 $130 $100 2016 2017 2018 2019 2020 6
Slide 8: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE Three Months Ended Twelve Months Ended ($ in millions, except per share information) 12/31/20 12/31/19 12/31/20 12/31/19 Revenue $699.0 $719.6 $2,856.7 $2,615.3 Net Income $42.8 $34.1 $150.1 $114.3 Diluted EPS $1.17 $0.92 $4.09 $3.08 Adjusted EBITDA (1) $62.6 $59.1 $249.
Slide 9: Focus on Cash Flow
FOCUS ON CASH FLOW • Positive free cash flow for 22 consecutive years • Increased dividend for 8 consecutive years • Debt/TTM EBITDA = 0.94 • $54.9M cash at December 31, 2020 • $235.7M total debt at December 31, 2020 • Debt capacity – $205.0M borrowings at 12/31/20 – $600M senior credit facility – 2
Slide 10: Consistent Capital Allocation
CONSISTENT CAPITAL ALLOCATION ($ in thousands) Average 2006 - 2020 $9,199 12% $12,187 16% $54,427 72% Acquisitions Share Repurchases Dividends $80,000 $70,164 $75,814 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- Free Cash Flow Disc Spending 9
Slide 11: Strong Markets
STRONG MARKETS Vertical Exposure • Pharma • Tech Insert a • Institutional picture here • Manufacturing Trends • Industrial • Internal Air Quality • Service • Modular 10
Slide 12: Modular Off-Site Construction
MODULAR OFF-SITE CONSTRUCTION 11
Slide 13: Our Strength
OUR STRENGTH • Consistent free cash flow • Strong Balance Sheet • Acquisition record • Leading innovation • Profitable growth 12
Slide 14: Thank You
THANK YOU 11,100 Employees 11,100 of the most qualified HVAC and electrical contracting personnel in America 139 Locations $2.9 Billion 37 operating companies across America at $2.9 billion in yearly revenue 139 locations in 114 cities CONTACT: Bill George Executive Vice President & CFO 1-800-723-84
Slide 15: Appendix – GAAP Reconciliation to Adjusted EBITDA
APPENDIX – GAAP RECONCILIATION TO ADJUSTED EBITDA Three Months Ended December 31, Twelve Months Ended December 31, ($ in thousands) 2020 2019 2020 2019 Net Income $42,840 $34,052 $150,139 $114,324 Provision for Income Taxes 11,301 11,079 41,401 37,418 Other (Income) Expense, net (42) (20) (52) (187)
Comfort Systems USA — Investor Presentation (March 2021) on 6ix