Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q4 2019 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Feb 27, 2020
Slide 1: Q4 2019 Earnings Call
Quality People. Building Solutions. Q4 2019 Earnings Call February 27, 2020 NYSE: FIX
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 the Private Securities Litigation Reform Act of 1995, as amended. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,”
Slide 3: Q4 2019 Financial Results Highlights
Q4 2019 Financial Results Highlights Q4 Revenue increased $131.2 million to $719.6 million compared to Q4 2018 Gross Profit was 18.4% vs. 20.1% in Q4 2018 SG&A increased $6.1 million to $86.6 million or 12.0% of revenue vs. $80.5 million or 13.7% of revenue in Q4 2018 EPS was $0.92 per diluted share
Slide 4: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended December 31, Variance 2019 2018 $ % Revenue $ 719,584 100.0% $ 588,359 100.0% $ 131,225 22.3% Cost of Services 587,024 81.6% 470,184 79.9% 116,840 24.8% Gross Profit 132,560 18.4% 118,17
Slide 5: 2019 Financial Results Highlights
2019 Financial Results Highlights 2019 Revenue increased $432.4 million to $2.62 billion compared to 2018 Gross Profit was 19.2% vs. 20.4% for 2018 SG&A increased $43.0 million to $340.0 million or 13.0% of revenue vs. $297.0 million or 13.6% of revenue for 2018 EPS was $3.08 per diluted share 2019
Slide 6: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) For the Year Ended December 31, Variance 2019 2018 $ % Revenue $ 2,615,277 100.0% $ 2,182,879 100.0% $ 432,398 19.8% Cost of Services 2,113,334 80.8% 1,736,600 79.6% 376,734 21.7% Gross Profit 501,943 19.2% 446,279 20.4% 55,6
Slide 7: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 12/31/2019 12/31/2018 Cash $ 50.8 $ 45.6 Working Capital $ 182.2 $ 142.6 Goodwill $ 332.4 $ 235.2 Intangible Assets, Net $ 160.0 $ 95.3 Total Debt $ 226.1 $ 76.9 Equity $ 585.3 $ 498.0 6
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $1,600 $1,602 $1,400 $1,200 $1,166 $1,000 $800 $948 $758 $763 $600 $630 $712 $598 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 7
Slide 9: Revenue by Type of Customer
Revenue by Type of Customer 3.6% 4.0% 15.8% Education 9.5% Healthcare Government 13.7% Industrial 13.3% Office Buildings Retail / Restaurants / Entertainment 6.2% Multi-Family / Residential Other 33.9% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type 2019 2018 8.9% 9.5% 30.3% 14.9% 36.5% 16.0% 45.9% 38.0% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX COMFORT LIGAN
Slide 12: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Net Income $ 34,052 $ 25,156 $ 114,324 $ 112,903 Provision for Income Taxes 11,079 9,307 37,418 35,773 Other Income, net (20) (79) (187)
Slide 13: Appendix II – GAAP Reconciliation to Free Cash Flow
Appendix II – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Cash from Operating Activities $ 42,313 $ 79,188 $ 142,028 $ 147,190 Purchases of Property and Equipment (9,109) (5,209) (31,750) (27,268