Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q1 2024 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Apr 26, 2024
Slide 1: Q1 2024 Earnings Call
Qi 2024 Earnings Call NYSE: FIX April 26, 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: Q1 2024 results highlights
Q1 2024 Revenue was $1.54 billion compared to $1.17 billion in Q1 2023 Gross Profit percentage increased to 19.3% vs. 17.5% in Q1 2023 SG&A increased to $162.7 million from $135.0 million in Q1 2023 EPS was $2.69 per diluted share compared to $1.59 ($1.51 per diluted share excluding an $0.08 benefit
Slide 4: Income statement summary, three months ended March 31
($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended March 31, Variance 2024 2023 $ % Revenue $ 1,537,016 100.0% $ 1,174,640 100.0% $ 362,376 30.8% Cost of Services 1,239,653 80.7% 969,235 82.5% 270,418 27.9% Gross Profit 297,363 19.3% 205,405 17.5% 91,958 44.8% Selling, Gener
Slide 5: Cash, working capital, goodwill, debt and equity
($ Millions) 3/31/2024 12/31/2023 (Unaudited) Cash $ 100.8 $ 205.2 Working Capital $ (91.5) $ 189.9 Goodwill $ 862.9 $ 666.8 Intangible Assets, Net $ 489.9 $ 280.4 Total Debt $ 89.9 $ 44.2 Equity $ 1,372.5 $ 1,277.8
Slide 6: Cash flow and unearned customer cash commentary
($ Millions) - TTM operating cash flow far exceeds full year net income - At 3/31/24, 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 7: Backlog
BACKLOG ($ Millions) (Unaudited) $7,000 $6,000 $5,912 $5,157 $5,000 $4,064 $4,000 $3,000 $2,312 $2,000 $1,602 gsi $048 $1,166 $1,000 , $758 $763 $598 $630 $618 $604 (| | (| | [I 2010 2011 2012 2018 2014 2015 2016 2017 2018 2019 2020 2021 2022 2028 ai24 6 COMFORT LY SYSTEMS >
Slide 8: Revenue by type of customer
REVENUE BY TYPE OF CUSTOMER (TD) cub | Z oe nook ata Np, (e) M S 5.2% Healthcare 8.7% 2 % e Education 8.7% Government 5.7% Technology 30.2% Manufacturing 30.0% gz Ve OST ray COMFORT SYSTEMS USA
Slide 9: Revenue by activity type
REVENUE BY ACTIVITY TYPE Annual 2023 YTD 2024 6.8% @yew Construction Existing Building Construction @ Service Projects @service Calls, Maintenance & Monitoring 8 SOMFORTUGA.
Slide 10: Appendix
APPENDIX SOMFORT USA
Slide 11: Reconciliation to net income and EPS excluding tax gains
($ Thousands , Except Per Share Data) (Unaudited) Three Months Ended March 31, 2024 2023 Net Income $ 96,319 $ 57,216 Tax gains related to prior years - (3,368) Tax-related SG&A costs, net of tax - 333 Net income excluding tax gains $ 96,319 $ 54,181 Diluted income per share $ 2.69 $ 1.59 Tax gains
Slide 12: Adjusted EBITDA reconciliation
($ Thousands) (Unaudited) Three Months Ended March 31, 2024 2023 Net Income $ 96,319 $ 57,216 Provision (Benefit) for Income Taxes 26,737 8,609 Other Income, net (117) (1) Changes in the Fair Value of Contingent Earn-out Obligations 12,491 2,382 Interest Expense (Income), net 30 2,679 Gain on Sale o
Slide 13: Free cash flow reconciliation
($ Thousands) (Unaudited) Three Months Ended March 31, 2024 2023 Cash from Operating Activities $ 146,557 $ 126,909 Purchases of Property and Equipment (24,952) (16,520) Proceeds from Sales of Property and Equipment 1,014 622 Free Cash Flow $ 122,619 $ 111,011 Note: Free cash flow is defined as cash