Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q4 2024 Earnings Presentation
15 slides from Comfort Systems Usa's earnings presentation, Feb 21, 2025
Slide 1: Q4 2024 Earnings Call
Q4 2024 Earnings Call NYSE: FIX February 21, 2025 svstemsU AA
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: Q4 2024 highlights
Q4 2024 Revenue was $1.87 billion compared to $1.36 billion in Q4 2023 Gross Profit percentage increased to 23.2% vs. 20.6% in Q4 2023 SG&A increased to $207.6 million from $160.0 million in Q4 2023 EPS was $4.09 per diluted share compared to $2.55 in Q4 2023 Q4 2024 Cash Flow from Operations was $2
Slide 4: Three Months Ended December 31 results
($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended December 31, Variance 2024 2023 $ % Revenue $ 1,867,804 100.0% $ 1,357,566 100.0% $ 510,238 37.6% Cost of Services 1,434,066 76.8% 1,077,881 79.4% 356,185 33.0% Gross Profit 433,738 23.2% 279,685 20.6% 154,053 55.1% Selling,
Slide 5: Cash, Working Capital, Goodwill
($ Millions) 12/31/2024 12/31/2023 Cash $ 549.9 $ 205.2 Working Capital $ 207.5 $ 189.9 Goodwill $ 875.3 $ 666.8 Intangible Assets, Net $ 434.4 $ 280.4 Total Debt $ 68.3 $ 44.2 Equity $ 1,704.7 $ 1,277.8
Slide 6: 2024 full year highlights
2024 Revenue was $7.03 billion compared to $5.21 billion for 2023 Gross Profit percentage increased to 21.0% from 19.0% for 2023 SG&A increased to $730.1 million from $574.4 million for 2023 EPS was $14.60 per diluted share compared to $9.01 ($8.74 per diluted share excluding a $0.27 benefit related
Slide 7: Twelve Months Ended December 31 results
($ Thousands, Except Per Share Data) For the Twelve Months Ended December 31, Variance 2024 2023 $ % Revenue $ 7,027,476 100.0% $ 5,206,760 100.0% $ 1,820,716 35.0% Cost of Services 5,551,065 79.0% 4,216,251 81.0% 1,334,814 31.7% Gross Profit 1,476,411 21.0% 990,509 19.0% 485,902 49.1% Selling, Gene
Slide 8: Operating cash flow
($ Millions) - Full year 2024 operating cash flow far exceeds full year net income - At 12/31/24, 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 9: Backlog
BACKLOG ($ Millions) (Unaudited) $7,000 $6,000 $5 $04 $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 $604 [| i [| | [ 2010 2011 2012 2018 2014 2015 2016 2017 2018 2019 2020 2021 2022 2028 2024 8 COMFORT SYSTEMS USA.
Slide 10: Revenue by type of customer
REVENUE BY TYPE OF CUSTOMER (YTD) Retail / Restau: Entertainme: Other 5.4% /24% 9 SOMFORT UGA.
Slide 11: Revenue by activity type
REVENUE BY ACTIVITY TYPE 2023 2024 @yew Construction Existing Building Construction @ Service Projects @service Calls, Maintenance & Monitoring 10 COMFORT U SYSTEMS a
Slide 12: Appendix
APPENDIX SOMFoRT USGA
Slide 13: Net income excluding tax gains reconciliation
($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Net Income $ 145,870 $ 91,581 $ 522,433 $ 323,398 Tax gains related to prior years - - - (10,761) Tax-related SG&A costs, net of tax - - - 1,063 Net income excluding tax gains $ 145,870 $ 9
Slide 14: Adjusted EBITDA reconciliation
($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended Decem ber 31, Decem ber 31, 2024 2023 2024 2023 Net Income $ 145,870 $ 91,581 $ 522,433 $ 323,398 Provision for Income Taxes 40,168 20,148 144,128 64,796 Other Income, net (109) (201) (432) (202) Changes in the Fair Value of Contingent
Slide 15: Free cash flow reconciliation
($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Cash from Operating Activities $ 210,463 $ 173,008 $ 849,057 $ 639,568 Purchases of Property and Equipment (40,676) (25,264) (111,071) (94,838) Proceeds from Sales of Property and Equipment