Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (November 2015)
23 slides from Comfort Systems Usa's investor presentation, Nov 4, 2015
Slide 1: Safe Harbor
Safe Harbor Certain statements and information in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other sim
Slide 2: Comfort Systems USA
Comfort Systems USA 2 Leading mid-market HVAC and mechanical systems installation and service provider $1.4B Yearly revenues 7,000+ Employees 35 Operating companies Balanced construction & service portfolio
Slide 3: Broad Nationwide Footprint
Broad Nationwide Footprint 3 35 companies 88 locations in 83 cities 7,000+ employees
Slide 4: Our Markets
Our Markets 4 Light Commercial Commercial Residential Light Industrial Industrial Heavy Industrial Heavy Commercial
Slide 5: Targeted Portfolio Strategy
Targeted Portfolio Strategy 5 Light commercial to heavy commercial Continue to grow construction Leverage existing construction capabilities into retrofit market Access to new customers through service Data and manufacturing Revenue by Activity
Slide 6: Market Sectors
Market Sectors 6 September 2015 YTD Revenue Institutional Industrial
Slide 7: Diverse Project Mix
Diverse Project Mix 7 Average Project Size: $0.5M Average Project Length: 6–9 months (Information as of September 30, 2015) Aggregate Contract Value Jobs <$1M (Value: $439M) Jobs $1M–$5M (Value: $717M) Jobs >$5M (Value: $999M) 4,037 316 102 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 <$1M
Slide 8: Lifecycle Product Portfolio
Lifecycle Product Portfolio 8 5+ million nonresidential buildings Building solutions a necessity Diverse revenue streams throughout lifecycle 10 - 20 year replacement cycle Recurring service Increasing technical content Essential to energy efficiency
Slide 9: Why We Win
Why We Win 9 Be Here When I Need You Advantaged Value Position Make It Really Easy To Do Business With You Always Handle My Problems The First Time Leverage our scale and national footprint Technology investments Customer loyalty program Investment in service technology Real time GPS National traini
Slide 10: Book of Business
Book of Business 10 ($ in millions) $63 $72 $76 $75 $83 $89 $101 $0 $100 $200 $300 $400 $500 2009 2010 2011 2012 2013 2014 Q3 2015 Service Maintenance Base $508 $598 $630 $618 $604 $758 $666 $0 $200 $400 $600 $800 $1,000 2009 2010 2011 2012 2013 2014 Q3 2015 Construction Backlog
Slide 11: Recent Financial Performance
Recent Financial Performance 11 Three Months Ended Nine Months Ended ($ in millions, except per share information) 9/30/15 9/30/14 9/30/15 9/30/14 Revenue $410.6 $370.1 $1,196.7 $1,054.3 Net Income from Continuing Operations Attributable to Comfort Systems USA, Inc. $17.7 $7.6 $36.1 $12.4 Diluted EP
Slide 12: Revenue/Stock Price History
Revenue/Stock Price History 12 Revenue ($ in millions) Acquisition Phase and Industry Growth Sale of Assets New Acquisitions Stock Price at 12/31 $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 1997 1998 1999 2000 2001 2002 2003 2004 2005
Slide 13: Historical Financial Summary
Historical Financial Summary ($ in millions, except per share information) 13 (1) Adjusted EPS is a non-GAAP financial measure. Adjusted EPS excludes goodwill impairments, changes in the fair value of contingent earn-out obligations and tax valuation allowances. See Appendix IV for a GAAP reconcilia
Slide 14: Historical Financial Summary
Historical Financial Summary 14 (1) Operating income for 2011 excludes goodwill impairment of $57.4M. (2) Adjusted EBITDA is a non-GAAP financial measure. See Appendix III for a GAAP reconciliation to Adjusted EBITDA. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 2007 2008 2009 2010 2011 2012 2013 20
Slide 15: Balance Sheet Strength
Balance Sheet Strength $45.1M cash at September 30, 2015 Positive free cash flow for 16 consecutive years Debt capacity $10M debt at 9/30/2015 $250M revolving credit facility 2019 maturity 15
Slide 16: Profile for Growth
Profile for Growth 16 Time Earnings Grow Service Innovate Acquire Service Commercial HVAC Grow Construction
Slide 17: Our Strengths
Our Strengths 17 Long-term local relationships Collaboration Safety excellence Purchasing economics National service capability Bonding and insurance Balance sheet strength
Slide 18: Thank You
Thank You 18 $1.4 Billion $1.4 billion in yearly revenues 88 Locations Operating 35 companies across America at 88 locations in 83 cities Over 7,000 of the most qualified HVAC and Mechanical systems personnel in the USA 7,000+ Employees
Slide 19: Thank You
Thank You 88 Locations is $1.4 Bill $1.4 billion in yearly revenues svarems USA.
Slide 20: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA 20 Note: The Company defines adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as net income (loss) including non-controlling interests, excluding discontinued operations, income taxes, other (income) expen
Slide 21: Appendix II – GAAP Reconciliation to Adjusted EBITDA (Historical)
Appendix II – GAAP Reconciliation to Adjusted EBITDA (Historical) 21 Note: The Company defines adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as net income (loss) including non-controlling interests, excluding discontinued operations, income taxes, other
Slide 22: Appendix III – Supplemental Non-GAAP Information (Historical)
Appendix III – Supplemental Non-GAAP Information (Historical) 22 Note 1: Operating results from continuing operations attributable to Comfort Systems USA, Inc., excluding goodwill impairment, changes in the fair value of contingent earn-out obligations, tax valuation allowances and out of period adj
Slide 23: Contact
Contact Bill George Executive Vice President and CFO 1-800-723-8431 bill.george@comfortsystemsusa.com www.comfortsystemsusa.com SoMFoRzUSA
Comfort Systems USA — Investor Presentation (November 2015) on 6ix