Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q4 2023 Earnings Presentation
15 slides from Comfort Systems Usa's earnings presentation, Feb 23, 2024
Slide 1: Q4 2023 Earnings Call
-Q4 2023 Earnings Call NYSE: FIX February 23, 2024 COMFORT SYSTEMS UA
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: Q4 2023 results highlights
Q4 2023 Revenue was $1.36 billion compared to $1.12 billion in Q4 2022 Gross Profit percentage increased to 20.6% vs. 18.9% in Q4 2022 SG&A increased to $160.0 million from $131.7 million in Q4 2022 EPS was $2.55 per diluted share compared to $1.54 in Q4 2022 Q4 2023 Cash Flow from Operations was $1
Slide 4: Q4 2023 Revenue, Cost of Services, Gross Profit
($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended December 31, Variance 2023 2022 $ % Revenue $ 1,357,566 100.0% $ 1,117,188 100.0% $ 240,378 21.5% Cost of Services 1,077,881 79.4% 905,940 81.1% 171,941 19.0% Gross Profit 279,685 20.6% 211,248 18.9% 68,437 32.4% Selling, Ge
Slide 5: Cash, Working Capital, Goodwill
($ Millions) 12/31/2023 12/31/2022 Cash $ 205.2 $ 57.2 Working Capital $ 189.9 $ 136.9 Goodwill $ 666.8 $ 611.8 Intangible Assets, Net $ 280.4 $ 273.9 Total Debt $ 44.2 $ 256.2 Equity $ 1,277.8 $ 999.9
Slide 6: 2023 full year results highlights
2023 Revenue was $5.21 billion compared to $4.14 billion for 2022 Gross Profit percentage increased to 19.0% from 17.9% for 2022 SG&A increased to $574.4 million from $489.3 million for 2022 EPS was $9.01 per diluted share ($8.74 per diluted share excluding a $0.27 benefit related to prior year tax
Slide 7: Twelve months ended December 31 results
($ Thousands, Except Per Share Data) For the Twelve Months Ended December 31, Variance 2023 2022 $ % Revenue $ 5,206,760 100.0% $ 4,140,364 100.0% $1,066,396 25.8% Cost of Services 4,216,251 81.0% 3,398,756 82.1% 817,495 24.1% Gross Profit 990,509 19.0% 741,608 17.9% 248,901 33.6% Selling, General a
Slide 8: Full year 2023 operating cash flow
($ Millions) - Full year 2023 operating cash flow far exceeds full year net income - At 12/31/23, we have a very substantial amount of unearned customer cash - Pre-bookings and equipment advances will normalize creating cash flow headwind when project costs are incurred
Slide 9: Backlog
BACKLOG ($ Millions) (Unaudited) $6,000 $5,157 $5,000 $4,064 $4,000 $3,000 $2,312 $2,000 $1,602 $1,511 $1,166 $948 $1,000 $758 $712 $763 $598 = $630 $618 $604 i i J | $- a i | i : . 2010 2011 2012 2014 2015 2016 2017 2018 2020 2021 2022 8 SOMFORTUGA.
Slide 10: Revenue by type of customer
REVENUE BY TYPE OF CUSTOMER (YTD) SOMFORTUGA.
Slide 11: Revenue by activity type
REVENUE BY ACTIVITY TYPE 2022 y’ 2023 @yew Construction Existing Building Construction @ Service Projects @service Calls, Maintenance & Monitoring 10 COMFORT U SYSTEMS <
Slide 12: Appendix
APPENDIX SOMFORT USA
Slide 13: Reconciliation to adjusted net income and EPS
($ Thousands , Except Per Share Data) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Net Income $ 91,581 $ 55,424 $ 323,398 $ 245,947 Tax gains related to prior years - - (10,761) (58,933) Tax-related SG&A costs, net of tax - - 1,063 3,685 Net income
Slide 14: Reconciliation to Adjusted EBITDA
($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended Decem ber 31, Decem ber 31, 2023 2022 2023 2022 Net Income $ 91,581 $ 55,424 $ 323,398 $ 245,947 Provision (Benefit) for Income Taxes 20,148 14,775 64,796 (10,089) Other Income, net (201) (33) (202) (134) Changes in the Fair Value of C
Slide 15: Free cash flow reconciliation
($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Cash from Operating Activities $ 173,008 $ 132,007 $ 639,568 $ 301,531 Purchases of Property and Equipment (25,264) (13,566) (94,838) (48,359) Proceeds from Sales of Property and Equipment