Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q1 2025 Earnings Presentation
11 slides from Comfort Systems Usa's earnings presentation, Apr 25, 2025
Slide 1: Q1 2025 Earnings Call
~ Q1 2025 Earnings Call NYSE: FIX April 25, 2025 svstemsU AA
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 2025 results highlights
Q1 2025 Revenue was $1.83 billion compared to $1.54 billion in Q1 2024 Gross Profit percentage increased to 22.0% vs. 19.3% in Q1 2024 SG&A increased to $194.9 million from $162.7 million in Q1 2024 EPS was $4.75 per diluted share compared to $2.69 in Q1 2024 Q1 2025 Cash Used in Operations was $88.
Slide 4: Revenue, Cost of Services, Gross Profit
($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended March 31, Variance 2025 2024 $ % Revenue $ 1,831,286 100.0% $ 1,537,016 100.0% $ 294,270 19.1% Cost of Services 1,427,870 78.0% 1,239,653 80.7% 188,217 15.2% Gross Profit 403,416 22.0% 297,363 19.3% 106,053 35.7% Selling, Ge
Slide 5: Cash, Working Capital, Goodwill
($ Millions) 3/31/2025 12/31/2024 (Unaudited) Cash $ 204.8 $ 549.9 Working Capital $ 186.3 $ 207.5 Goodwill $ 905.8 $ 875.3 Intangible Assets, Net $ 441.5 $ 434.4 Total Debt $ 67.8 $ 68.3 Equity $ 1,777.0 $ 1,704.7
Slide 6: Backlog
BACKLOG ($ Millions) (Unaudited) $8,000 $7,000 $6,889 $6,000 $5,994 $5,157 $5,000 $4,064 $4,000 $3,000 $2,312 $2,000 $1,602 gi 511 goag 82168 $1,000 $598 $630 $618 $604 I i I [J l ~>MEEEEEE EERE EEEEE 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Qi25 5 SOMFORTUGA.
Slide 7: Revenue by Type of Customer
REVENUE BY TYPE OF CUSTOMER (YTD) ace S Retail / Restaurant / Entertainment L Other 42% Vip, Healthcare 10.0% > fo) Education <p 8.8% G Government 5.3% Technology 37.0% Manufacturing 24.7% ff Svstems USA
Slide 8: Revenue by Activity Type
REVENUE BY ACTIVITY TYPE Annual 2024 y- YTD 2025 @yew Construction Existing Building Construction @ Service Projects @service Calls, Maintenance & Monitoring 7 SOMFORTUGA.
Slide 9: Appendix
APPENDIX SOMFoRT USGA
Slide 10: Adjusted EBITDA reconciliation
($ Thousands) (Unaudited) Three Months Ended March 31, 2025 2024 Net Income $ 169,289 $ 96,319 Provision for Income Taxes 38,723 26,737 Other Income, net (24) (117) Changes in the Fair Value of Contingent Earn-out Obligations 3,758 12,491 Interest Expense (Income), net (2,648) 30 Gain on Sale of Ass
Slide 11: Free cash flow reconciliation
($ Thousands) (Unaudited) Three Months Ended March 31, 2025 2024 Cash from Operating Activities $ (87,950) $ 146,557 Purchases of Property and Equipment (22,208) (24,952) Proceeds from Sales of Property and Equipment 1,095 1,014 Free Cash Flow $ (109,063) $ 122,619 Note: Free cash flow is defined as