Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (March 2022)
16 slides from Comfort Systems Usa's investor presentation, Mar 15, 2022
Slide 1: Quality People. Building Solutions.
Quality People. Building Solutions. NYSE: FIX March 15, 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: Comfort Systems USA
COMFORT SYSTEMS USA • Leading national mechanical, electrical and plumbing (“MEP”) installation and service provider • $3+ billion yearly revenue • 13,200+ employees • History of profitable growth • Balanced construction and service portfolio 2
Slide 4: National Footprint
NATIONAL FOOTPRINT 3 169 locations | 126 cities | 13,200+ employees
Slide 5: Revenue Breakdown – 2021
REVENUE BREAKDOWN – 2021 2021 Revenue = $3.07B Activity Market Sector Retail / Restaurant / 11% 9% Entertainment 7% Healthcare Other 13% 7% 13% Education Office Buildings 13% 10% 31% Government 6% Industrial 36% 44% New Construction Existing Building Construction Modular Construction Service Project
Slide 6: Construction Backlog
CONSTRUCTION BACKLOG ($ in millions) $2,500 $2,000 $1,500 $1,000 $500 $763 $948 $1,166 $1,602 $1,511 $2,312 $- 2016 2017 2018 2019 2020 2021 5
Slide 7: Service Maintenance Base
SERVICE MAINTENANCE BASE ($ in millions) $160 $140 $120 $100 $80 $60 $40 $20 $111 $116 $123 $127 $130 $147 $0 2016 2017 2018 2019 2020 2021 6
Slide 8: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE Three Months Ended Twelve Months Ended ($ in millions, except per share information) 12/31/21 12/31/20 12/31/21 12/31/20 Revenue $856.1 $699.0 $3,073.6 $2,856.7 Net Income $37.6 $42.8 $143.3 $150.1 Diluted EPS $1.04 $1.17 $3.93 $4.09 Adjusted EBITDA (1) $67.8 $62.6 $255.
Slide 9: Focus on Cash Flow
FOCUS ON CASH FLOW • Positive free cash flow for 23 consecutive years • Increased dividend for 9 consecutive years • Debt/TTM EBITDA = 1.52 • $58.8M cash at December 31, 2021 • $388.0M total debt at December 31, 2021 • Debt capacity – $340M borrowings at 12/31/21 – $600M senior credit facility – 202
Slide 10: Consistent Capital Allocation
CONSISTENT CAPITAL ALLOCATION ($ in thousands) Average 2006 - 2021 $9,711 10% $13,116 14% $73,595 76% Acquisitions Share Repurchases Dividends $100,000 $96,423 $90,000 $80,000 $75,837 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- Free Cash Flow Disc Spending 9
Slide 11: Capital Returned
CAPITAL RETURNED ($ in thousands) Fiscal Periods Share Repurchases Dividends Capital Returned 2015 $8,330 $9,358 $17,688 2016 $13,088 $10,264 $23,352 2017 $9,007 $10,987 $19,994 2018 $28,533 $12,268 $40,801 2019 $19,550 $14,543 $34,093 2020 $30,120 $15,499 $45,619 2021 $27,054 $17,384 $44,438 10
Slide 12: Strong Markets
STRONG MARKETS Vertical Exposure • Pharma • Tech Insert a • Institutional picture here • Manufacturing Trends • Industrial • Indoor Air Quality • Service • Modular 11
Slide 13: Modular Off-Site Construction
MODULAR OFF-SITE CONSTRUCTION 12
Slide 14: Our Strength
OUR STRENGTH • Consistent free cash flow • Strong Balance Sheet • Acquisition record • Leading innovation • Profitable growth 13
Slide 15: Thank You
THANK YOU 13,200+ Employees 13,200+ of the most qualified HVAC and electrical contracting personnel in America 169 Locations $3+ Billion 41 operating companies across America at $3+ billion in yearly revenue 169 locations in 126 cities CONTACT: Julie Shaeff Chief Accounting Officer 1-800-723-8431 ir
Slide 16: Appendix – GAAP Reconciliation to Adjusted EBITDA
APPENDIX – GAAP RECONCILIATION TO ADJUSTED EBITDA Three Months Ended December 31, Twelve Months Ended December 31, ($ in thousands) 2021 2020 2021 2020 Net Income $37,595 $42,840 $143,348 $150,139 Provision for Income Taxes 13,373 11,301 46,926 41,401 Other (Income) Expense, net (76) (42) (188) (52)
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