Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q1 2021 Earnings Presentation
11 slides from Comfort Systems Usa's earnings presentation, Apr 29, 2021
Slide 1: Q1 2021 Earnings Call
Quality People. Building Solutions. Q1 2021 Earnings Call NYSE: FIX April 29, 2021
Slide 2: Safe Harbor and Non-GAAP Measures
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: Q1 2021 Financial Results Highlights
Q1 2021 Financial Results Highlights Q1 Revenue was $669.8 million compared to $700.1 million in Q1 2020 Gross Profit percentage increased to 18.4% vs. 16.7% in Q1 2020 SG&A decreased to $88.2 million from $92.9 million in Q1 2020 EPS was $0.73 per diluted share compared to $0.48 in Q1 2020 Q1 2021
Slide 4: Key Financial Data – Income Statement – QTD
Key Financial Data – Income Statement ‐ QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended March 31, Variance 2021 2020 $ % Revenue $ 669,761 100.0% $ 700,131 100.0% $ (30,370) ‐4.3% Cost of Services 546,292 81.6% 583,038 83.3% (36,746) ‐6.3% Gross Profit 123,469 18.4% 1
Slide 5: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 3/31/2021 12/31/2020 (Unaudited) Cash $ 52.1 $ 54.9 Working Capital $ 70.9 $ 118.9 Goodwill $ 472.8 $ 464.4 Intangible Assets, Net $ 230.4 $ 231.8 Total Debt $ 171.8 $ 235.7 Equity $ 723.1 $ 696.4 4
Slide 6: Backlog
Backlog ($ Millions) (Unaudited) $1,600 $1,660 $1,602 $1,400 $1,511 $1,200 $1,166 $1,000 $800 $948 $758 $712 $763 $600 $630 $598 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 21 5
Slide 7: Revenue by Type of Customer
Revenue by Type of Customer 3.1% 3.7% 13.8% Education 6.7% Healthcare Government 11.8% 14.2% Industrial Office Buildings Retail / Restaurants / Entertainment 6.4% Multi‐Family / Residential Other 40.3% 6
Slide 8: Revenue by Activity Type
Revenue by Activity Type YTD 2021 2020 9.0% 8.4% 13.0% 13.6% 31.9% 32.3% 45.1% 46.7% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 7
Slide 9: Appendix
APPENDIX COMFORT LIGA
Slide 10: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended March 31, 2021 2020 Net Income $ 26,491 $ 17,716 Provision for Income Taxes 8,737 6,751 Other Income, net 69 (25) Changes in the Fair Value of Contingent Earn‐out Obligations (1,186) (2,272) Interest Exp
Slide 11: Appendix II – GAAP Reconciliation to Free Cash Flow
Appendix II – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended March 31, 2021 2020 Cash from Operating Activities $ 84,647 $ 21,920 Purchases of Property and Equipment (4,812) (7,497) Proceeds from Sales of Property and Equipment 498 690 Free Cash Flow $ 80,333 $ 15