Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q3 2019 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Oct 25, 2019
Slide 1: Q3 2019 Earnings Call
Quality People. Building Solutions. Q3 2019 Earnings Call October 25, 2019 NYSE: FIX
Slide 2: 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, as amended. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,”
Slide 3: Q3 2019 Financial Results Highlights
Q3 2019 Financial Results Highlights Q3 Revenue increased $112.4 million to $706.9 million compared to Q3 2018 Gross Profit was 20.2% vs. 21.5% in Q3 2018 SG&A increased $14.7 million to $90.0 million or 12.7% of revenue vs. $75.3 million or 12.7% of revenue in Q3 2018 EPS was $0.98 per diluted shar
Slide 4: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended September 30, Variance 2019 2018 $ % Revenue $ 706,918 100.0% $ 594,536 100.0% $ 112,382 18.9% Cost of Services 564,216 79.8% 466,668 78.5% 97,548 20.9% Gross Profit 142,702 20.2% 127,86
Slide 5: 2019 YTD Financial Results Highlights
2019 YTD Financial Results Highlights 2019 YTD Revenue increased $301.2 million to $1.90 billion compared to the same period in 2018 Gross Profit was 19.5% vs. 20.6% for the same period in 2018 SG&A increased $36.9 million to $253.4 million or 13.4% of revenue vs. $216.5 million or 13.6% of revenue
Slide 6: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) (Unaudited) For the Nine Months Ended September 30, Variance 2019 2018 $ % Revenue $ 1,895,693 100.0% $ 1,594,520 100.0% $ 301,173 18.9% Cost of Services 1,526,310 80.5% 1,266,416 79.4% 259,894 20.5% Gross Profit 369,383 19.5
Slide 7: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 9/30/2019 12/31/2018 Cash $ 40.4 $ 45.6 Working Capital $ 172.7 $ 142.6 Goodwill $ 332.2 $ 235.2 Intangible Assets, Net $ 166.7 $ 95.3 Total Debt $ 242.0 $ 76.9 Equity $ 557.6 $ 498.0 6
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $1,600 $1,609 $1,400 $1,200 $1,166 $1,000 $800 $948 $758 $763 $600 $630 $712 $598 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q3 19 7
Slide 9: YTD Revenue by Type of Customer
YTD Revenue by Type of Customer 3.5% 4.4% 15.4% Education 9.7% Healthcare Government Industrial 13.5% 16.2% Office Buildings Retail / Restaurants / Entertainment 6.2% Multi-Family / Residential Other 31.1% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type YTD 2019 FY 2018 9.1% 9.5% 31.9% 15.3% 36.5% 16.0% 43.7% 38.0% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX COMFORT LIGAN
Slide 12: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net Income $ 36,233 $ 38,541 $ 80,272 $ 87,747 Provision for Income Taxes 12,473 13,595 26,339 26,466 Other Expense (Income), net (3) (39
Slide 13: Appendix II – GAAP Reconciliation to Free Cash Flow
Appendix II – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Cash from Operating Activities $ 73,115 $ 30,484 $ 99,715 $ 68,002 Purchases of Property and Equipment (6,961) (7,936) (22,641) (22,059)