Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (August 2021)
15 slides from Comfort Systems Usa's investor presentation, Aug 10, 2021
Slide 1: Quality People. Building Solutions.
Quality People. Building Solutions. NYSE: FIX August 10, 2021
Slide 2: Safe Harbor
SAFE HARBOR Certain statements and information in this presentation may constitute forward - looking statements within the meaning of applicab le securities laws and regulations. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or oth er similar e
Slide 3: Comfort Systems USA
COMFORT SYSTEMS USA 2 • Leading national mechanical, electrical and plumbing (“MEP”) installation and service provider • $3+ billion yearly revenue • 10,900+ employees • History of profitable growth • Balanced construction and service portfolio
Slide 4: National Footprint
NATIONAL FOOTPRINT 3 142 locations | 114 cities | 10,900 + employees
Slide 5: Revenue Breakdown – YTD 2021
9% 14% 36% 31% 10% New Construction Existing Building Construction Modular Construction Service Projects Service Calls, Maintenance & Monitoring Revenue Breakdown – YTD 2021 4 Activity YTD 2021 Revenue = $1.38B Healthcare 14% Education 13% Government 6% Industrial 42% Office Buildings 11% Other 7% R
Slide 6: Construction Backlog
CONSTRUCTION BACKLOG 5 $763 $948 $1,166 $1,602 $1,511 $1,840 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2016 2017 2018 2019 2020 Q2 2021 ($ in millions)
Slide 7: Service Maintenance Base
SERVICE MAINTENANCE BASE 6 $111 $116 $123 $127 $130 $135 $0 $20 $40 $60 $80 $100 $120 $140 2016 2017 2018 2019 2020 Q2 2021 ($ in millions)
Slide 8: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE 7 Three Months Ended Six Months Ended ($ in millions, except per share information) 6/30/21 6/30/20 6/30/21 6/30/20 Revenue $713.9 $743.5 $1,383.7 $1,443.6 Net Income $33.0 $39.5 $59.5 $57.2 Diluted EPS $0.90 $1.08 $1.63 $1.55 Adjusted EBITDA (1) $54.6 $78.7 $105.8 $115.
Slide 9: Focus on Cash Flow
FOCUS ON CASH FLOW • Positive free cash flow for 22 consecutive years • Increased dividend for 9 consecutive years • Debt/TTM EBITDA = 0.67 • $53.7M cash at June 30, 2021 • $160.5M total debt at June 30, 2021 • Debt capacity – $135.0M borrowings at 6/30/21 – $600M senior credit facility – 2025 matur
Slide 10: Consistent Capital Allocation
9 CONSISTENT CAPITAL ALLOCATION ($ in thousands) $54,427 72% $12,187 16% $9,199 12% Average 2006 - 2020 Acquisitions Share Repurchases Dividends $75,814 $70,164 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 Free Cash Flow Disc Spending
Slide 11: Strong Markets
STRONG MARKETS 10 Vertical Exposure • Pharma • Tech • Institutional • Manufacturing Trends • Industrial • Indoor Air Quality • Service • Modular Insert a picture here
Slide 12: Modular Off-Site Construction
MODULAR OFF - SITE CONSTRUCTION 11
Slide 13: Our Strength
OUR STRENGTH 12 • Consistent free cash flow • Strong Balance Sheet • Acquisition record • Leading innovation • Profitable growth
Slide 14: Thank You
THANK YOU 13 142 Locations 38 operating companies across America at 142 locations in 114 cities 10,900+ of the most qualified HVAC and electrical contracting personnel in America 10,900+ Employees $3+ Billion $3+ billion in yearly revenue CONTACT: Julie Shaeff Chief Accounting Officer 1 - 800 - 723
Slide 15: Appendix – GAAP Reconciliation to Adjusted EBITDA
APPENDIX – GAAP RECONCILIATION TO ADJUSTED EBITDA 14 Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 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) Expense, net (161) — (92) (25) Changes in th
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