Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q2 2021 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Jul 29, 2021
Slide 1: Q2 2021 Earnings Call
Quality People. Building Solutions. Q2 2021 Earnings Call NYSE: FIX July 29, 2021
Slide 2: Safe Harbor
SAFE HARBOR 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 expre
Slide 3: Q2 2021 Financial Results Highlights
Q2 2021 Financial Results Highlights Q2 Revenue was $713.9 million compared to $743.5 million Q2 2020 Gross Profit percentage decreased to 17.7% vs. 19.6% in Q2 2020 SG&A increased to $87.5 million from $85.0 million in Q2 2020 EPS was $0.90 per diluted share compared to $1.08 in Q2 2020 Q2 2021 Cas
Slide 4: Key Financial Data – Income Statement - QTD
Key Financial Data – Income Statement - QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended June 30, Variance 2021 2020 $ % Revenue $ 713,895 100.0% $ 743,468 100.0% $ (29,573) -4.0% Cost of Services 587,440 82.3% 597,773 80.4% (10,333) -1.7% Gross Profit 126,455 17.7% 14
Slide 5: 2021 YTD Financial Results Highlights
2021 YTD Financial Results Highlights 2021 YTD Revenue was $1.38 billion compared to $1.44 billion for the same period in 2020 Gross Profit percentage decreased slightly to 18.1% from 18.2% for the same period in 2020 SG&A decreased to $175.8 million from $178.0 million for the same period in 2020 E
Slide 6: Key Financial Data – Income Statement - YTD
Key Financial Data – Income Statement - YTD ($ Thousands, Except Per Share Data) (Unaudited) For the Six Months Ended June 30, Variance 2021 2020 $ % Revenue $ 1,383,656 100.0% $ 1,443,599 100.0% $ (59,943) -4.2% Cost of Services 1,133,732 81.9% 1,180,811 81.8% (47,079) -4.0% Gross Profit 249,924 18
Slide 7: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 6/30/2021 12/31/2020 (Unaudited) Cash $ 53.7 $ 54.9 Working Capital $ 98.0 $ 118.9 Goodwill $ 472.0 $ 464.4 Intangible Assets, Net $ 221.6 $ 231.8 Total Debt $ 160.5 $ 235.7 Equity $ 752.0 $ 696.4 6
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $2,000 $1,800 $1,840 $1,600 $1,602 $1,400 $1,511 $1,200 $1,000 $1,166 $800 $948 $600 $758 $712 $763 $598 $630 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q2 21 7
Slide 9: Revenue by Type of Customer
Revenue by Type of Customer (YTD) 3.1% 3.8% 13.4% Education 6.7% Healthcare Government 11.0% 13.8% Industrial Office Buildings 6.2% Retail / Restaurants / Entertainment Multi-Family / Residential Other 42.0% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type YTD 2021 2020 9.1% 8.4% 13.0% 14.0% 31.9% 31.2% 45.7% 46.7% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX COMFORT LIGAN
Slide 12: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net Income $ 32,965 $ 39,495 $ 59,456 $ 57,211 Provision for Income Taxes 9,817 15,070 18,554 21,821 Other Income, net (161) - (92) (25) 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, 2021 2020 2021 2020 Cash from Operating Activities $ 25,422 $ 141,866 $ 110,069 $ 163,786 Purchases of Property and Equipment (5,950) (7,042) (10,762) (14,539) Proceeds