Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q1 2022 Earnings Presentation
12 slides from Comfort Systems Usa's earnings presentation, Apr 28, 2022
Slide 1: Q1 2022 Earnings Call
Quality People. Building Solutions. Q1 2022 Earnings Call NYSE: FIX April 28, 2022
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 2022 Financial Results Highlights
Q1 2022 Financial Results Highlights Q1 Revenue was $885.2 million compared to $669.8 million in Q1 2021 Gross Profit percentage decreased to 17.3% vs. 18.4% in Q1 2021 SG&A increased to $117.8 million from $88.2 million in Q1 2021 EPS was $2.40 per diluted share ($0.91 per diluted share excluding a
Slide 4: Key Financial Data – Income Statement - QTD
Key Financial Data – Income Statement - QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended March 31, Variance 2022 2021 $ % Revenue $ 885,216 100.0% $ 669,761 100.0% $ 215,455 32.2% Cost of Services 732,072 82.7% 546,292 81.6% 185,780 34.0% Gross Profit 153,144 17.3% 123
Slide 5: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 3/31/2022 12/31/2021 Cash $ 115.6 $ 58.8 Working Capital $ 282.4 $ 190.8 Goodwill $ 593.9 $ 592.1 Intangible Assets, Net $ 292.0 $ 304.8 Total Debt $ 412.5 $ 388.0 Equity $ 878.4 $ 805.7 4
Slide 6: Backlog
Backlog ($ Millions) (Unaudited) $2,800 $2,600 $2,733 $2,400 $2,200 $2,312 $2,000 $1,800 $1,600 $1,400 $1,602 $1,511 $1,200 $1,000 $1,166 $800 $948 $600 $758 $712 $763 ` $400 $598 $630 $618 $604 $200 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 22 5
Slide 7: Revenue by Type of Customer
Revenue by Type of Customer 3.2% 2.8% 7.4% 10.1% Education Healthcare 8.5% 15.2% Government Industrial Office Buildings 6.5% Retail / Restaurants / Entertainment Multi-Family / Residential Other 46.3% 6
Slide 8: Revenue by Activity Type
Revenue by Activity Type YTD 2022 Annual 2021 8.6% 9.1% 13.6% 13.3% 29.3% 31.3% 48.5% 46.3% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 7
Slide 9: Appendix
APPENDIX SOMFORTLIGAN
Slide 10: Appendix I – GAAP Reconciliation to Adjusted Net Income and EPS
Appendix I – GAAP Reconciliation to Adjusted Net Income and EPS ($ Thousands) (Unaudited) Three Months Ended March 31, 2022 2021 Net Income $ 86,762 $ 26,491 Tax gains (57,255) - Tax-related SG&A costs, net of tax 3,519 - Net income excluding tax gains $ 33,026 $ 26,491 Diluted income per share $ 2.
Slide 11: Appendix II – GAAP Reconciliation to Adjusted EBITDA
Appendix II – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended March 31, 2022 2021 Net Income $ 86,762 $ 26,491 Provision (Benefit) for Income Taxes (49,053) 8,737 Other Expense (Income), net (56) 69 Changes in the Fair Value of Contingent Earn-out Obligations (4,0
Slide 12: Appendix III – GAAP Reconciliation to Free Cash Flow
Appendix III – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended March 31, 2022 2021 Cash from Operating Activities $ 63,729 $ 84,647 Purchases of Property and Equipment (9,192) (4,812) Proceeds from Sales of Property and Equipment 1,056 498 Free Cash Flow $ 55,593 $