Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q1 2023 Earnings Presentation
12 slides from Comfort Systems Usa's earnings presentation, Apr 27, 2023
Slide 1: Q1 2023 Earnings Call
Qi 2023 Earnings Call NYSE: FIX April 27, 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: Q1 2023 results highlights
Q1 2023 Revenue was $1,174.6 million compared to $885.2 million in Q1 2022 Gross Profit percentage increased to 17.5% vs. 17.3% in Q1 2022 SG&A increased to $135.0 million from $117.8 million in Q1 2022 EPS was $1.59 per diluted share ($1.51 per diluted share excluding an $0.08 benefit related to ta
Slide 4: Income statement summary, three months ended March 31
($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended March 31, Variance 2023 2022 $ % Revenue $ 1,174,640 100.0% $ 885,216 100.0% $ 289,424 32.7% Cost of Services 969,235 82.5% 732,072 82.7% 237,163 32.4% Gross Profit 205,405 17.5% 153,144 17.3% 52,261 34.1% Selling, General a
Slide 5: Cash, working capital, goodwill and debt
($ Millions) 3/31/2023 12/31/2022 (Unaudited) Cash $ 48.6 $ 57.2 Working Capital $ 52.4 $ 136.9 Goodwill $ 637.4 $ 611.8 Intangible Assets, Net $ 296.1 $ 273.9 Total Debt $ 209.2 $ 256.2 Equity $ 1,053.5 $ 999.9
Slide 6: Backlog
BACKLOG ($ Millions) (Unaudited) $5,000 $4,445 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,602 $1,166 $948 $1,000 $598 $630 $618 $604 $758 $712 $763 “UT $- 4 $4,064 $2,312 2010 2011 2012 2013 2014 2019 2015 2016 2017 2018 $1,511 2020 2021 2022 = Q123 SOMFORTUGA.
Slide 7: Revenue by type of customer
REVENUE BY TYPE OF CUSTOMER (YTD) Healthcare se Retail / Restaurant / <p. Ay X Entertainment “9. 2 13.5% dD, eo Education (e) 9.4% Zs Government 5.5% 8 SOMFORTUGA.
Slide 8: Revenue by activity type
REVENUE BY ACTIVITY TYPE Annual 2022 y’ YTD 2023 @yew Construction Existing Building Construction @ Service Projects @service Calls, Maintenance & Monitoring 7 COMFORT U SYSTEMS <
Slide 9: Appendix
APPENDIX SOMFORT USA
Slide 10: Reconciliation to net income excluding tax gains
($ Thousands) (Unaudited) Three Months Ended March 31, 2023 2022 Net Income $ 57,216 $ 86,762 Tax gains related to prior years (3,368) (57,255) Tax-related SG&A costs, net of tax 333 3,519 Net income excluding tax gains $ 54,181 $ 33,026 Diluted income per share $ 1.59 $ 2.40 Tax gains related to pr
Slide 11: Adjusted EBITDA reconciliation
($ Thousands) (Unaudited) Three Months Ended March 31, 2023 2022 Net Income $ 57,216 $ 86,762 Provision (Benefit) for Income Taxes 8,609 (49,053) Other Expense (Income), net (1) (56) Changes in the Fair Value of Contingent Earn-out Obligations 2,382 (4,088) Interest Expense, net 2,679 2,126 Gain on
Slide 12: Free cash flow reconciliation
($ Thousands) (Unaudited) Three Months Ended March 31, 2023 2022 Cash from Operating Activities $ 126,909 $ 63,729 Purchases of Property and Equipment (16,520) (9,192) Proceeds from Sales of Property and Equipment 622 1,056 Free Cash Flow $ 111,011 $ 55,593 Note: Free cash flow is defined as cash fl