Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q4 2017 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Feb 23, 2018
Slide 1: Q4 2017 Earnings Call
Q4 2017 Earnings Call (NYSE: FIX) February 23, 2018 Comfort Systems USA Quality People. Building Solutions. 1
Slide 2: Q4 2017 Financial Results Highlights
Q4 2017 Financial Results Highlights Q4 Revenue increased $69.0 million to $461.1 million (same store increase of $42.8 million) Gross Profit was 20.3% vs. 22.5% in Q4 2016 SG&A increased $7.1 million to $70.0 million or 15.2% of revenue vs. $63.0 million or 16.1% of revenue in Q4 2016 EPS was $0.20
Slide 3: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended December 31, Variance 2017 2016 $ % Revenue $ 461,072 100.0% $ 392,100 100.0% $ 68,972 17.6% Cost of Services 367,341 79.7% 303,835 77.5% 63,506 20.9% Gross Profit 93,731 20.3% 88,265 22
Slide 4: 2017 Financial Results Highlights
2017 Financial Results Highlights 2017 Revenue increased $153.6 million to $1,787.9 million Gross Profit was 20.5% vs. 21.0% for the same period in 2016 SG&A increased $23.4 million to $266.6 million or 14.9% of revenue vs. $243.2 million or 14.9% of revenue for the same period in 2016 EPS was $1.47
Slide 5: Key Financial Data – Income Statement
Key Financial Data – Income Statement For the Twelve Months Ended ($ Thousands, Except Per Share Data) December 31, Variance 2017 2016 $ % Revenue $ 1,787,922 100.0% $ 1,634,340 100.0% $ 153,582 9.4% Cost of Services 1,421,641 79.5% 1,290,331 79.0% 131,310 10.2% Gross Profit 366,281 20.5% 344,009 21
Slide 6: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 12/31/2017 12/31/2016 Cash $ 36.5 $ 32.1 Working Capital $ 115.6 $ 98.3 Goodwill $ 200.6 $ 149.2 Intangible Assets, Net $ 76.0 $ 42.4 Total Debt $ 60.5 $ 2.8 Equity $ 417.9 $ 376.6 6
Slide 7: Backlog
Backlog ($ Millions) (Unaudited) $1,000 $948 $800 $785 $758 $763 $707 $712 $600 $652 $630 $618 $598 $604 $508 $400 $200 ` $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 7
Slide 8: 2017 Revenue by Sector
2017 Revenue by Sector (Unaudited) 7% 3% Education 20% Healthcare 13% Government Industrial 13% Office Buildings 14% Retail / Restaurants / Entertainment Multi-Family / Residential 8% Other 22% 8
Slide 9: Revenue by Activity
Revenue by Activity (Unaudited) 2017 2016 11% 11% 32% 31% 19% 18% 38% 40% New Construction Existing Building Construction Service Projects Service & Maintenance 9
Slide 10: Appendix
APPENDIX COMFORT LIGAN
Slide 11: Appendix I – Adjusted Net Income and EPS
Appendix I – GAAP Reconciliation to Adjusted Net Income and EPS ($ Thousands, Except Per Share Data) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 Net Income $ 7,539 $ 16,867 $ 55,272 $ 64,896 Goodwill impairment, net of income tax expense of $-, $-
Slide 12: Appendix II – Adjusted EBITDA
Appendix II – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 Net Income $ 7,539 $ 16,867 55,272 $ 64,896 Provision for Income Taxes 18,478 9,113 45,666 36,165 Other Expense (Income), net (992) (642
Slide 13: Appendix III – Free Cash Flow
Appendix III – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 Cash from Operating Activities $ 48,398 $ 41,434 $ 114,090 $ 91,188 Purchases of Property and Equipment (18,637) (5,960) (35,467) (23,21