Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q2 2018 Earnings Presentation
12 slides from Comfort Systems Usa's earnings presentation, Jul 27, 2018
Slide 1: Q2 2018 Earnings Call
Q2 2018 Earnings Call (NYSE: FIX) July 27, 2018 Comfort Systems USA Quality People. Building Solutions. 1
Slide 2: Q2 2018 Financial Results Highlights
Q2 2018 Financial Results Highlights Q2 Revenue increased $69.6 million to $535.0 million Gross Profit was 20.8% vs. 20.6% in Q2 2017 SG&A increased $4.6 million to $71.2 million or 13.3% of revenue vs. $66.6 million or 14.3% of revenue in Q2 2017 EPS was $0.87 per diluted share Q2 2018 Cash Flow fr
Slide 3: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended June 30, Variance 2018 2017 $ % Revenue $ 535,043 100.0% $ 465,411 100.0% $ 69,632 15.0% Cost of Services 423,860 79.2% 369,673 79.4% 54,187 14.7% Gross Profit 111,183 20.8% 95,738 20.6%
Slide 4: 2018 YTD Financial Results Highlights
2018 YTD Financial Results Highlights 2018 YTD Revenue increased $154.0 million to $1.00 billion (same-store increased $128.5 million) Gross Profit was 20.0% vs. 20.3% for the same period in 2017 SG&A increased $11.4 million to $141.2 million or 14.1% of revenue vs. $129.8 million or 15.3% of revenu
Slide 5: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Six Months Ended June 30, Variance 2018 2017 $ % Revenue $ 999,984 100.0% $ 845,999 100.0% $ 153,985 18.2% Cost of Services 799,748 80.0% 674,307 79.7% 125,441 18.6% Gross Profit 200,236 20.0% 171,692 20.3
Slide 6: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 6/30/2018 12/31/2017 (Unaudited) Cash $ 28.0 $ 36.5 Working Capital $ 143.5 $ 115.6 Goodwill $ 205.2 $ 200.6 Intangible Assets, Net $ 78.0 $ 76.0 Total Debt $ 59.0 $ 60.5 Equity $ 461.0 $ 417.9 6
Slide 7: Backlog
Backlog ($ Millions) (Unaudited) $1,200 $1,228 $1,000 $948 $800 $785 $758 $763 $707 $712 $600 $652 $598 $630 $618 $604 $508 $400 ` $200 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q2 2018 7
Slide 8: Revenue by Type of Customer
Revenue by Type of Customer (Unaudited) 5% 7% 20% Education Healthcare 11% Government Industrial 14% Office Buildings 15% Retail / Restaurants / Entertainment Multi-Family / Residential 7% Other 21% 8
Slide 9: Revenue by Activity Type
Revenue by Activity Type (Unaudited) YTD June 2018 FY 2017 9% 11% 32% 36% 18% 19% 37% 38% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 10: Appendix
APPENDIX COMFORT LIGAN
Slide 11: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net Income $ 32,547 $ 17,972 $ 49,206 $ 25,449 Income Tax Expense 10,797 9,711 12,871 13,603 Other Expense (Income), net (3,985) (29) (4,023) (47) C
Slide 12: 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, 2018 2017 2018 2017 Cash from Operating Activities $ 33,667 $ 11,127 $ 37,518 $ 21,180 Purchases of Property and Equipment (8,535) (6,569) (14,123) (11,646) Proceeds fr