Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q1 2019 Earnings Presentation
11 slides from Comfort Systems Usa's earnings presentation, Apr 26, 2019
Slide 1: Quality People. Building Solutions. Q1 2019 Earnings Call
Quality People. Building Solutions. Q1 2019 Earnings Call April 26, 2019 NYSE: FIX
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: Q1 2019 Financial Results Highlights
Q1 2019 Financial Results Highlights Q1 Revenue increased $73.5 million to $538.5 million (same store increase of $45.4 million) compared to Q1 2018 Gross Profit was 19.8% vs. 19.2% in Q1 2018 SG&A increased $8.9 million to $78.9 million or 14.7% of revenue vs. $70.0 million or 15.1% of revenue in Q
Slide 4: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended March 31, Variance 2019 2018 $ % Revenue $ 538,473 100.0% $ 464,941 100.0% $ 73,532 15.8% Cost of Services 431,808 80.2% 375,888 80.8% 55,920 14.9% Gross Profit 106,665 19.8% 89,053 19.2
Slide 5: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 3/31/2019 12/31/2018 Cash $ 29.1 $ 45.6 Working Capital $ 147.4 $ 142.6 Goodwill $ 235.9 $ 235.2 Intangible Assets, Net $ 91.1 $ 95.3 Total Debt $ 77.2 $ 76.9 Equity $ 515.2 $ 498.0 4
Slide 6: Backlog
Backlog ($ Millions) (Unaudited) $1,200 $1,166 $1,143 $1,000 $948 $800 $758 $763 $600 $712 $598 $630 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 19 5
Slide 7: Revenue by Type of Customer
Revenue by Type of Customer 4.3% 5.6% 12.4% Education Healthcare 11.0% Government 17.1% Industrial Office Buildings 12.3% Retail / Restaurants / Entertainment 6.0% Multi-Family / Residential Other 31.3% 6
Slide 8: Revenue by Activity Type
Revenue by Activity Type YTD 2019 FY 2018 9.4% 9.5% 33.8% 15.2% 36.5% 16.0% 41.6% 38.0% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 7
Slide 9: Appendix
APPENDIX COMFORT LIGAN
Slide 10: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended March 31, 2019 2018 Net Income $ 19,866 $ 16,659 Provision for Income Taxes 6,933 2,074 Other Expense (Income), net (15) (38) Changes in the Fair Value of Contingent Earn-out Obligations 158 (153) Intere
Slide 11: Appendix II – GAAP Reconciliation to Free Cash Flow
Appendix II – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended March 31, 2019 2018 Cash from Operating Activities $ 991 $ 3,851 Purchases of Property and Equipment (8,844) (5,588) Proceeds from Sales of Property and Equipment 357 366 Free Cash Flow $ (7,496) $ (1,37