Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (October 2020)
15 slides from Comfort Systems Usa's investor presentation, Oct 30, 2020
Slide 1: Quality People. Building Solutions.
Quality People. Building Solutions. NYSE: FIX October 30, 2020
Slide 2: Safe Harbor
SAFE HARBOR Certain statements and information in this presentation may constitute forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The words “believe,” “expect,
Slide 3: Comfort Systems USA
COMFORT SYSTEMS USA • Leading national mechanical, electrical and plumbing (“MEP”) installation and service provider • $2.8B yearly revenue • 11,000 employees • History of profitable growth • Balanced construction and service portfolio 2
Slide 4: National Footprint
NATIONAL FOOTPRINT 3 137 locations | 112 cities | 11,000 employees
Slide 5: Revenue Breakdown – YTD 2020
REVENUE BREAKDOWN – YTD 2020 YTD 2020 Revenue = $2.16B Activity Market Sector Retail / Restaurant / Healthcare 7% 8% Other Entertainment 13% 5% 9% 13% Office Buildings Education 11% 17% 30% Government 6% 42% Industrial 39% New Construction Existing Building Construction Modular Construction Service
Slide 6: Cost of Sales Breakdown
Cost of Sales Breakdown 2019 2018 15% 15% 36% 34% 11% 11% 38% 40% Materials Labor Subcontract Other 5 Other includes equipment rentals, vehicles, rent etc.
Slide 7: Construction Backlog
CONSTRUCTION BACKLOG ($ in millions) $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $763 $948 $1,166 $1,602 $1,429 $- 2016 2017 2018 2019 Q3 2020 6
Slide 8: Service Maintenance Base
SERVICE MAINTENANCE BASE ($ in millions) $135 $130 $125 $120 $115 $110 $105 $111 $116 $123 $127 $130 $100 2016 2017 2018 2019 Q3 2020 7
Slide 9: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE Three Months Ended Nine Months Ended ($ in millions, except per share information) 9/30/20 9/30/19 9/30/20 9/30/19 Revenue $714.1 $706.9 $2,157.7 $1,895.7 Net Income $50.1 $36.2 $107.3 $80.3 Diluted EPS $1.36 $0.98 $2.92 $2.16 Adjusted EBITDA (1) $71.7 $66.1 $187.3 $154.
Slide 10: Focus on Cash Flow
FOCUS ON CASH FLOW • Positive free cash flow for 21 consecutive years • Increased dividend for 7 consecutive years • Debt/TTM EBITDA = 0.90 • $70.5M cash at September 30, 2020 • $222.3M total debt at September 30, 2020 • Debt capacity – $196.5M borrowings at 9/30/20 – $600M senior credit facility –
Slide 11: Consistent Capital Allocation
CONSISTENT CAPITAL ALLOCATION ($ in thousands) Average 2006 - 2019 $8,749 13% $10,906 17% $45,034 70% Acquisitions Share Repurchases Dividends $70,000 $64,689 $60,000 $56,273 $50,000 $40,000 $30,000 $20,000 $10,000 $- Free Cash Flow Disc Spending 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 11,000 Employees 11,000 of the most qualified HVAC and electrical contracting personnel in America 137 Locations $2.8 Billion 36 operating companies across America at $2.8 billion in yearly revenue 137 locations in 112 cities CONTACT: Bill George Executive Vice President & CFO 1-800-723-84
Slide 15: Appendix – GAAP Reconciliation to Adjusted EBITDA
APPENDIX – GAAP RECONCILIATION TO ADJUSTED EBITDA Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2020 2019 2020 2019 Net Income $50,088 $36,233 $107,299 $80,272 Provision for Income Taxes 8,279 12,473 30,100 26,339 Other (Income) Expense, net 15 (3) (10) (167) Chan
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