Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q3 2022 Earnings Presentation
14 slides from Comfort Systems Usa's earnings presentation, Oct 27, 2022
Slide 1: Q3 2022 Earnings Call
Quality People. Building Solutions. Q3 2022 Earnings Call NYSE: FIX October 27, 2022
Slide 2: Safe Harbor
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: Q3 2022 Financial Results Highlights
Q3 2022 Financial Results Highlights Q3 Revenue was $1,120.0 million compared to $833.9 million in Q3 2021 Gross Profit percentage decreased to 18.1% vs. 19.1% in Q3 2021 SG&A increased to $121.2 million from $95.3 million in Q3 2021 EPS was $1.71 per diluted share ($1.67 per diluted share excluding
Slide 4: Key Financial Data – Income Statement - QTD
Key Financial Data – Income Statement - QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended September 30, Variance 2022 2021 $ % Revenue $ 1,120,012 100.0% $ 833,896 100.0% $ 286,116 34.3% Cost of Services 917,788 81.9% 674,684 80.9% 243,104 36.0% Gross Profit 202,224 18.
Slide 5: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 9/30/2022 12/31/2021 Cash $ 71.1 $ 58.8 Working Capital $ 314.1 $ 190.8 Goodwill $ 611.0 $ 592.1 Intangible Assets, Net $ 285.1 $ 304.8 Total Debt $ 380.7 $ 388.0 Equity $ 951.1 $ 805.7 4
Slide 6: 2022 YTD Financial Results Highlights
2022 YTD Financial Results Highlights 2022 YTD Revenue was $3.02 billion compared to $2.22 billion for the same period in 2021 Gross Profit percentage decreased to 17.5% from 18.4% for the same period in 2021 SG&A increased to $357.7 million from $271.1 million for the same period in 2021 EPS was $5
Slide 7: Key Financial Data – Income Statement - YTD
Key Financial Data – Income Statement - YTD ($ Thousands, Except Per Share Data) (Unaudited) For the Nine Months Ended September 30, Variance 2022 2021 $ % Revenue $ 3,023,176 100.0% $ 2,217,552 100.0% $ 805,624 36.3% Cost of Services 2,492,816 82.5% 1,808,416 81.6% 684,400 37.8% Gross Profit 530,36
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $3,500 $3,000 $3,251 $2,500 $2,312 $2,000 $1,500 $1,602 $1,511 $1,000 $1,166 ` $948 $500 $598 $630 $618 $604 $758 $712 $763 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q3 22 7
Slide 9: Revenue by Type of Customer
Revenue by Type of Customer (YTD) 2.4% 2.9% 7.6% 11.3% Education Healthcare 8.5% Government 14.0% Industrial Office Buildings 6.2% Retail / Restaurants / Entertainment Multi-Family / Residential Other 47.1% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type YTD 2022 Annual 2021 9.0% 9.1% 13.3% 30.1% 13.3% 31.3% 47.6% 46.3% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX COMFORT UGA
Slide 12: Appendix I – Adjusted Net Income and EPS
Appendix I – GAAP Reconciliation to Adjusted Net Income and EPS ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net Income $ 61,515 $ 46,297 $ 190,523 $ 105,753 Tax gains (1,678) - (58,933) - Tax-related SG&A costs, net of tax 166 - 3,68
Slide 13: Appendix II – Adjusted EBITDA
Appendix II – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net Income $ 61,515 $ 46,297 $ 190,523 $ 105,753 Provision (Benefit) for Income Taxes 12,920 14,999 (24,864) 33,553 Other Expense (Incom
Slide 14: Appendix III – Free Cash Flow
Appendix III – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Cash from Operating Activities $ 61,232 $ 42,585 $ 169,524 $ 152,654 Purchases of Property and Equipment (14,578) (5,102) (34,793) (15,8