Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q3 2018 Earnings Presentation
12 slides from Comfort Systems Usa's earnings presentation, Oct 26, 2018
Slide 1: Q3 2018 Earnings Call
Q3 2018 Earnings Call (NYSE: FIX) October 26, 2018 Comfort Systems USA Quality People. Building Solutions. 1
Slide 2: Q3 2018 Financial Results Highlights
Q3 2018 Financial Results Highlights Q3 Revenue increased $113.7 million to $594.5 million Gross Profit was 21.5% vs. 21.0 % in Q3 2017 SG&A increased $8.6 million to $75.3 million or 12.7% of revenue vs. $66.7 million or 13.9% of revenue in Q3 2017 EPS was $1.02 per diluted share Q3 2018 Cash Flow
Slide 3: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended September 30, Variance 2018 2017 $ % Revenue $ 594,536 100.0% $ 480,851 100.0% $ 113,685 23.6% Cost of Services 466,668 78.5% 379,993 79.0% 86,675 22.8% Gross Profit 127,868 21.5% 100,85
Slide 4: 2018 YTD Financial Results Highlights
2018 YTD Financial Results Highlights 2018 YTD Revenue increased $267.7 million to $1.59 billion (same-store increased $214.9 million) Gross Profit was 20.6% vs. 20.5% for the same period in 2017 SG&A increased $20.0 million to $216.5 million or 13.6% of revenue vs. $196.6 million or 14.8% of revenu
Slide 5: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Nine Months Ended September 30, Variance 2018 2017 $ % Revenue $ 1,594,520 100.0% $ 1,326,850 100.0% $ 267,670 20.2% Cost of Services 1,266,416 79.4% 1,054,300 79.5% 212,116 20.1% Gross Profit 328,104 20.6
Slide 6: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 9/30/2018 12/31/2017 (Unaudited) Cash $ 19.2 $ 36.5 Working Capital $ 153.8 $ 115.6 Goodwill $ 231.2 $ 200.6 Intangible Assets, Net $ 98.7 $ 76.0 Total Debt $ 97.0 $ 60.5 Equity $ 492.8 $ 417.9 6
Slide 7: Backlog
Backlog ($ Millions) (Unaudited) $1,200 $1,255 $1,000 $948 $800 $785 $758 $763 $707 $712 $600 $652 $598 $630 $618 $604 $508 $400 ` $200 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q3 2018 7
Slide 8: Revenue by Type of Customer
Revenue by Type of Customer (Unaudited) 4.1% 6.5% Education 19.6% Healthcare 10.7% Government Industrial 13.4% Office Buildings 14.1% Retail / Restaurants / Entertainment Multi-Family / Residential 6.6% Other 25.0% 8
Slide 9: Revenue by Activity Type
Revenue by Activity Type (Unaudited) YTD September 2018 FY 2017 9.4% 10.5% 35.5% 32.1% 17.5% 19.5% 37.6% 37.9% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 10: Appendix
APPENDIX COMFORT LIGAN
Slide 11: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net Income $ 38,541 $ 22,284 87,747 47,733 Income Tax Expense 13,595 13,585 26,466 27,188 Other Expense (Income), net (39) (10) (4,062) (
Slide 12: Appendix II – GAAP Reconciliation to Free Cash Flow
Appendix II – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September September 2018 2017 2018 2017 Cash from Operating Activities $ 30,484 $ 44,512 $ 68,002 $ 65,692 Purchases of Property and Equipment (7,936) (5,184) (22,059) (16,830) Proceeds