Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q1 2020 Earnings Presentation
11 slides from Comfort Systems Usa's earnings presentation, Apr 28, 2020
Slide 1: Q1 2020 Earnings Call
Quality People. Building Solutions. Q1 2020 Earnings Call NYSE: FIX April 28, 2020
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 2020 Financial Results Highlights
Q1 2020 Financial Results Highlights Q1 Revenue increased $161.7 million to $700.1 million compared to Q1 2019 Gross Profit was 16.7% vs. 19.8% in Q1 2019 SG&A increased $14.0 million to $92.9 million or 13.3% of revenue vs. $78.9 million or 14.7% of revenue in Q1 2019 EPS was $0.48 per diluted shar
Slide 4: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended March 31, Variance 2020 2019 $ % Revenue $ 700,131 100.0% $ 538,473 100.0% $ 161,658 30.0% Cost of Services 583,038 83.3% 431,808 80.2% 151,230 35.0% Gross Profit 117,093 16.7% 106,665 1
Slide 5: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 3/31/2020 12/31/2019 (Unaudited) Cash $ 133.3 $ 50.8 Working Capital $ 278.8 $ 182.2 Goodwill $ 347.4 $ 332.4 Intangible Assets, Net $ 167.7 $ 160.0 Total Debt $ 334.0 $ 226.1 Equity $ 593.0 $ 585.3 4
Slide 6: Backlog
Backlog ($ Millions) (Unaudited) $1,600 $1,602 $1,618 $1,400 $1,200 $1,166 $1,000 $800 $948 $758 $763 $600 $630 $712 $598 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 20 5
Slide 7: Revenue by Type of Customer
Revenue by Type of Customer 3.0% 2.7% 15.7% Education 8.7% Healthcare Government 10.8% 14.2% Industrial Office Buildings Retail / Restaurants / Entertainment 5.6% Multi-Family / Residential Other 39.3% 6
Slide 8: Revenue by Activity Type
Revenue by Activity Type YTD 2020 FY 2019 7.4% 8.9% 13.4% 14.9% 29.6% 30.3% 49.6% 45.9% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 7
Slide 9: Appendix
APPENDIX COMFORT LIGAN
Slide 10: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended March 31, 2020 2019 Net Income $ 17,716 $ 19,866 Provision for Income Taxes 6,751 6,933 Other Income, net (25) (15) Changes in the Fair Value of Contingent Earn-out Obligations (2,272) 158 Interest Expen
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, 2020 2019 Cash from Operating Activities $ 21,920 $ 991 Purchases of Property and Equipment (7,497) (8,844) Proceeds from Sales of Property and Equipment 690 357 Free Cash Flow $ 15,113 $ (7,49