Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q2 2022 Earnings Presentation
14 slides from Comfort Systems Usa's earnings presentation, Jul 28, 2022
Slide 1: Quality People. Building Solutions. Q2 2022 Earnings Call
Quality People. Building Solutions. Q2 2022 Earnings Call NYSE: FIX July 28, 2022
Slide 2: Safe Harbor
SAFE HARBOR 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 expre
Slide 3: Q2 2022 Financial Results Highlights
Q2 2022 Financial Results Highlights Q2 Revenue was $1,017.9 million compared to $713.9 million in Q2 2021 Gross Profit percentage decreased to 17.2% vs. 17.7% in Q2 2021 SG&A increased to $118.7 million from $87.5 million in Q2 2021 EPS was $1.17 per diluted share compared to $0.90 in Q2 2021 Q2 20
Slide 4: Key Financial Data – Income Statement - QTD
Key Financial Data – Income Statement - QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended June 30, Variance 2022 2021 $ % Revenue $ 1,017,948 100.0% $ 713,895 100.0% $ 304,053 42.6% Cost of Services 842,956 82.8% 587,440 82.3% 255,516 43.5% Gross Profit 174,992 17.2% 12
Slide 5: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 6/30/2022 12/31/2021 Cash $ 69.1 $ 58.8 Working Capital $ 270.0 $ 190.8 Goodwill $ 611.0 $ 592.1 Intangible Assets, Net $ 296.5 $ 304.8 Total Debt $ 405.6 $ 388.0 Equity $ 896.8 $ 805.7 4
Slide 6: 2022 YTD Financial Results Highlights
2022 YTD Financial Results Highlights 2022 YTD Revenue was $1.90 billion compared to $1.38 billion for the same period in 2021 Gross Profit percentage decreased to 17.2% from 18.1% for the same period in 2021 SG&A increased to $236.5 million from $175.8 million for the same period in 2021 EPS was $3
Slide 7: Key Financial Data – Income Statement - YTD
Key Financial Data – Income Statement - YTD ($ Thousands, Except Per Share Data) (Unaudited) For the Six Months Ended June 30, Variance 2022 2021 $ % Revenue $ 1,903,164 100.0% $ 1,383,656 100.0% $ 519,508 37.5% Cost of Services 1,575,028 82.8% 1,133,732 81.9% 441,296 38.9% Gross Profit 328,136 17.2
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $3,000 $2,808 $2,500 $2,312 $2,000 $1,500 $1,602 $1,511 $1,000 $1,166 $948 ` $500 $758 $712 $763 $598 $630 $618 $604 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q2 22 7
Slide 9: Revenue by Type of Customer
Revenue by Type of Customer (YTD) 2.7% 2.8% 7.7% 11.0% Education Healthcare 8.5% 14.5% Government Industrial Office Buildings 6.5% Retail / Restaurants / Entertainment Multi-Family / Residential Other 46.3% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type YTD 2022 Annual 2021 8.9% 9.1% 13.3% 29.6% 13.4% 31.3% 48.1% 46.3% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX SOMFORTLIGAN
Slide 12: Appendix I – Adjusted Net Income and EPS
Appendix I – GAAP Reconciliation to Adjusted Net Income and EPS ($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net Income $ 42,246 $ 32,965 $ 129,008 $ 59,456 Tax gains - - (57,255) - Tax-related SG&A costs, net of tax - - 3,519 - Net income exclu
Slide 13: Appendix II – Adjusted EBITDA
Appendix II – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net Income $ 42,246 $ 32,965 $ 129,008 $ 59,456 Provision (Benefit) for Income Taxes 11,269 9,817 (37,784) 18,554 Other Expense (Income), net 1 (16
Slide 14: Appendix III – Free Cash Flow
Appendix III – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Cash from Operating Activities $ 44,563 $ 25,422 $ 108,292 $ 110,069 Purchases of Property and Equipment (11,023) (5,950) (20,215) (10,762) Proceed