Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q2 2020 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Jul 28, 2020
Slide 1: Q2 2020 Earnings Call
Quality People. Building Solutions. Q2 2020 Earnings Call NYSE: FIX July 28, 2020
Slide 2: Safe Harbor
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: Q2 2020 Financial Results Highlights
Q2 2020 Financial Results Highlights Q2 Revenue increased $93.2 million to $743.5 million compared to Q2 2019 Gross Profit was 19.6% vs. 18.5% in Q2 2019 SG&A increased $0.5 million to $85.0 million or 11.4% of revenue vs. $84.5 million or 13.0% of revenue in Q2 2019 EPS was $1.08 per diluted share
Slide 4: Key Financial Data – Income Statement - QTD
Key Financial Data – Income Statement - QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended June 30 Variance 2020 2019 $ % Revenue $ 743,468 100.0% $ 650,302 100.0% $ 93,166 14.3% Cost of Services 597,773 80.4% 530,286 81.5% 67,487 12.7% Gross Profit 145,695 19.6% 120,016
Slide 5: 2020 YTD Financial Results Highlights
2020 YTD Financial Results Highlights 2020 YTD Revenue increased $254.8 million to $1.44 billion compared to the same period in 2019 Gross Profit was 18.2% vs. 19.1% in the same period in 2019 SG&A increased $14.6 million to $178.0 million or 12.3% of revenue vs. $163.4 million or 13.7% of revenue i
Slide 6: Key Financial Data – Income Statement - YTD
Key Financial Data – Income Statement - YTD ($ Thousands, Except Per Share Data) (Unaudited) For the Six Months Ended June 30 Variance 2020 2019 $ % Revenue $ 1,443,599 100.0% $ 1,188,775 100.0% $ 254,824 21.4% Cost of Services 1,180,811 81.8% 962,094 80.9% 218,717 22.7% Gross Profit 262,788 18.2% 2
Slide 7: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 6/30/2020 12/31/2019 (Unaudited) Cash $ 53.3 $ 50.8 Working Capital $ 111.0 $ 182.2 Goodwill $ 420.8 $ 332.4 Intangible Assets, Net $ 210.2 $ 160.0 Total Debt $ 231.5 $ 226.1 Equity $ 628.4 $ 585.3 6
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $1,600 $1,602 $1,400 $1,531 $1,200 $1,166 $1,000 $800 $948 $758 $763 $600 $630 $712 $598 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2 20 7
Slide 9: YTD Revenue by Type of Customer
YTD Revenue by Type of Customer 2.6% 2.7% 8.7% 16.6% Education Healthcare Government 10.5% Industrial 13.5% Office Buildings Retail / Restaurants / Entertainment 5.5% Multi-Family / Residential Other 39.9% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type YTD 2020 FY 2019 7.6% 8.9% 12.3% 14.9% 29.9% 30.3% 50.2% 45.9% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX COMFORT LIGAN
Slide 12: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Net Income $ 39,495 $ 24,173 $ 57,211 $ 44,039 Provision for Income Taxes 15,070 6,933 21,821 13,866 Other Income, net - (149) (25) (164) Changes in
Slide 13: Appendix II – GAAP Reconciliation to Free Cash Flow
Appendix II – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Cash from Operating Activities $ 141,866 $ 25,609 $ 163,786 $ 26,600 Purchases of Property and Equipment (7,042) (6,836) (14,539) (15,680) Proceeds