Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q1 2018 Earnings Presentation
10 slides from Comfort Systems Usa's earnings presentation, Apr 27, 2018
Slide 1: Q1 2018 Earnings Call
Q1 2018 Earnings Call (NYSE: FIX) April 27, 2018 Comfort Systems USA Quality People. Building Solutions. 1
Slide 2: Q1 2018 Financial Results Highlights
Q1 2018 Financial Results Highlights Q1 Revenue increased $84.4 million to $464.9 million (same store increase of $58.9 million) Gross Profit was 19.2% vs. 20.0% in Q1 2017 SG&A increased $6.8 million to $70.0 million or 15.1% of revenue vs. $63.2 million or 16.6% of revenue in Q1 2017 EPS was $0.44
Slide 3: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended March 31, Variance 2018 2017 $ % Revenue $ 464,941 100.0% $ 380,588 100.0% $ 84,353 22.2% Cost of Services 375,888 80.8% 304,634 80.0% 71,254 23.4% Gross Profit 89,053 19.2% 75,954 20.0%
Slide 4: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 3/31/2018 12/31/2017 (Unaudited) Cash $ 25.2 $ 36.5 Working Capital $ 125.8 $ 115.6 Goodwill $ 203.2 $ 200.6 Intangible Assets, Net $ 78.3 $ 76.0 Total Debt $ 66.0 $ 60.5 Equity $ 429.1 $ 417.9 4
Slide 5: Backlog
Backlog ($ Millions) (Unaudited) $1,200 $1,000 $1,079 $948 $800 $785 $758 $763 $600 $707 $712 $652 $598 $630 $618 $604 $508 $400 ` $200 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 5
Slide 6: Revenue by Type of Customer
Revenue by Type of Customer (Unaudited) 4% 7% 19% Education Healthcare 11% Government Industrial 14% Office Buildings 15% Retail / Restaurants / Entertainment Multi-Family / Residential 8% Other 22% 6
Slide 7: Revenue by Activity Type
Revenue by Activity Type (Unaudited) YTD March 2018 FY 2017 9% 11% 33% 32% 19% 19% 39% 38% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 7
Slide 8: Appendix
APPENDIX COMFORT LIGAN
Slide 9: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended March 31, 2018 2017 Net Income $ 16,659 $ 7,477 Provision for Income Taxes 2,074 3,892 Other Expense (Income), net (38) (18) Changes in the Fair Value of Contingent Earn-out Obligations (153) 26 Interest
Slide 10: Appendix II – GAAP Reconciliation to Free Cash Flow
Appendix II – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended March 31, 2018 2017 Cash from Operating Activities $ 3,851 $ 10,053 Purchases of Property and Equipment (5,588) (5,077) Proceeds from Sales of Property and Equipment 366 292 Free Cash Flow $ (1,371) $ 5,