Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (May 2020)
14 slides from Comfort Systems Usa's investor presentation, May 5, 2020
Slide 1: Quality People. Building Solutions.
Quality People. Building Solutions. NYSE: FIX May 5, 2020
Slide 2: Safe Harbor / Non-GAAP Measures
SAFE HARBOR Certain statements and information in this presentation may constitute forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The words “believe,” “expect,
Slide 3: Comfort Systems USA
COMFORT SYSTEMS USA • Leading national mechanical, electrical and plumbing (“MEP”) installation and service provider • $2.6B yearly revenue • 12,000+ employees • History of Profitable Growth • Balanced construction and service portfolio 2
Slide 4: National Footprint
NATIONAL FOOTPRINT 3 142 locations | 116 cities | 12,000 employees
Slide 5: Revenue Breakdown – YTD 2020
REVENUE BREAKDOWN – YTD 2020 YTD 2020 Revenue = $700.1M Activity Market Sector Retail / Restaurant / Healthcare 7% Other Entertainment 14% 5% 9% 30% 13% Office Buildings Education 11% 16% Government 6% 50% Industrial 39% New Construction Existing Building Construction Service Projects Service Calls,
Slide 6: Construction Backlog
CONSTRUCTION BACKLOG ($ in millions) $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $763 $948 $1,166 $1,602 $1,618 $- 2016 2017 2018 2019 Q1 2020 5
Slide 7: Service Maintenance Base
SERVICE MAINTENANCE BASE ($ in millions) $135 $130 $125 $120 $115 $110 $105 $111 $116 $123 $127 $130 $100 2016 2017 2018 2019 Q1 2020 6
Slide 8: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE Twelve Three Months Ended Months Ended ($ in millions, except per share information) 3/31/20 3/31/19 12/31/19 Revenue $700.1 $538.5 $2,615.3 Net Income $17.7 $19.9 $114.3 Diluted EPS $0.48 $0.53 $3.08 Adjusted EBITDA (1) $36.9 $38.5 $213.5 Operating Cash Flow $21.9 $1.0
Slide 9: Focus on Cash Flow
FOCUS ON CASH FLOW • Positive free cash flow for 21 consecutive years • Increased dividend for 7 consecutive years • Debt/TTM EBITDA = 1.58 • $133.3M cash at March 31, 2020 • $334.0M total debt at March 31, 2020 • Debt capacity – $290.6M borrowings at 3/31/20 – $600M senior credit facility – 2025 ma
Slide 10: Consistent Capital Allocation
CONSISTENT CAPITAL ALLOCATION ($ in thousands) Average 2006 - 2019 $8,749 13% $10,906 17% $45,034 70% Acquisitions Share Repurchases Dividends $70,000 $64,689 $60,000 $56,273 $50,000 $40,000 $30,000 $20,000 $10,000 $- Free Cash Flow Disc Spending 9
Slide 11: Modular Off-Site Construction
MODULAR OFF-SITE CONSTRUCTION 10
Slide 12: Our Strength
OUR STRENGTH • Consistent free cash flow • Strong Balance Sheet • Acquisition record • Leading innovation • Profitable growth 11
Slide 13: Thank You
THANK YOU 12,000+ Employees 12,000+ of the most qualified HVAC and electrical contracting personnel in America 142 Locations $2.6 Billion 35 operating companies across America at $2.6 billion in yearly revenue 142 locations in 116 cities CONTACT: Bill George Executive Vice President & CFO 1-800-723-
Slide 14: Appendix – GAAP Reconciliation to Adjusted EBITDA
APPENDIX – GAAP RECONCILIATION TO ADJUSTED EBITDA Twelve Months Three Months Ended March 31, Ended December 31, ($ in thousands) 2020 2019 2019 Net Income $17,716 $19,866 $114,324 Provision for Income Taxes 6,751 6,933 37,418 Other (Income) Expense, net (25) (15) (187) Changes in the Fair Value of C
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