Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q1 2022 Earnings Presentation
17 slides from Comfort Systems Usa's earnings presentation, Apr 29, 2022
Slide 1: Quality People. Building Solutions.
Quality People. Building Solutions. NYSE: FIX April 29, 2022
Slide 2: Safe Harbor
SAFE HARBOR Certain statements and information in this presentation may constitute forward - looking statements within the meaning of applicab le securities laws and regulations. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” o r o ther similar
Slide 3: Comfort Systems USA
COMFORT SYSTEMS USA 2 • Leading national mechanical, electrical and plumbing (“MEP”) installation and service provider • $3.5+ billion yearly revenue • 14,000 employees • History of profitable growth • Balanced construction and service portfolio
Slide 4: National Footprint
NATIONAL FOOTPRINT 3 173 locations | 128 cities | 14,000 employees
Slide 5: Revenue Breakdown – YTD 2022
8% 14% 41% 29% 8% New Construction Existing Building Construction Modular Construction Service Projects Service Calls, Maintenance & Monitoring REVENUE BREAKDOWN – YTD 2022 4 Activity YTD 2022 Revenue = $885.2M Healthcare 15% Education 10% Government 7% Industrial 46% Office Buildings 9% Other 6% Re
Slide 6: Construction Backlog
CONSTRUCTION BACKLOG 5 $763 $948 $1,166 $1,602 $1,511 $2,312 $2,733 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 2016 2017 2018 2019 2020 2021 Q1 2022 ($ in millions)
Slide 7: Service Maintenance Base
SERVICE MAINTENANCE BASE 6 $111 $116 $123 $127 $130 $147 $154 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 2016 2017 2018 2019 2020 2021 Q1 2022 ($ in millions)
Slide 8: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE 7 Three Months Ended Twelve Months Ended ($ in millions, except per share information) 3/31/22 3/31/21 12/31/21 Revenue $885.2 $669.8 $3,073.6 Net Income $86.8 $26.5 $143.3 Diluted EPS $2.40 $0.73 $3.93 Adjusted EPS (1) $0.91 $0.73 $3.93 Adjusted EBITDA (2) $60.7 $51.2 $
Slide 9: Focus on Cash Flow
FOCUS ON CASH FLOW • Positive free cash flow for 23 consecutive years • Increased dividend for 10 consecutive years • Debt/TTM EBITDA = 1.56 • $115.6M cash at March 31, 2022 • $412.5M total debt at March 31, 2022 • Debt capacity – $372.5M borrowings at 3/31/22 – $600M senior credit facility – 2025 m
Slide 10: Consistent Capital Allocation
9 CONSISTENT CAPITAL ALLOCATION ($ in thousands) $73,595 76% $13,116 14% $9,711 10% Average 2006 - 2021 Acquisitions Share Repurchases Dividends $96,423 $75,837 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Free Cash Flow Disc Spending
Slide 11: Capital Returned
10 CAPITAL RETURNED ($ 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
Slide 12: Strong Markets
STRONG MARKETS 11 Vertical Exposure • Pharma • Tech • Institutional • Manufacturing Trends • Industrial • Indoor Air Quality • Service • Modular Insert a picture here
Slide 13: Modular Off-Site Construction
MODULAR OFF - SITE CONSTRUCTION 12
Slide 14: Our Strength
OUR STRENGTH 13 • Consistent free cash flow • Strong Balance Sheet • Acquisition record • Leading innovation • Profitable growth
Slide 15: Thank You
THANK YOU 14 173 Locations 42 operating companies across America at 173 locations in 128 cities 14,000 of the most qualified HVAC and electrical contracting personnel in America 14,000 Employees $3.5+ Billion $3.5+ billion in yearly revenue CONTACT: Julie Shaeff Chief Accounting Officer 1 - 800 - 72
Slide 16: Appendix I – GAAP Reconciliation to Adjusted EBITDA
APPENDIX I – GAAP RECONCILIATION TO ADJUSTED EBITDA 15 Three Months Ended March 31, Twelve Months Ended December 31, ($ in thousands) 2022 2021 2021 Net Income $86,762 $26,491 $143,348 Provision (Benefit) for Income Taxes (49,053) 8,737 46,926 Other (Income) Expense, net (56) 69 (188) Changes in the
Slide 17: Appendix II – GAAP Reconciliation to Adjusted EPS
APPENDIX II – GAAP RECONCILIATION TO ADJUSTED EPS 16 Three Months Ended March 31, 2022 2021 Diluted Income per Share $2.40 $0.73 Tax Gains (1.59) — Tax - Related SG&A Costs, Net of Tax 0.10 — Diluted Income per Share Excluding Tax Gains $0.91 $0.73 Note: Diluted income per share excluding tax gains