Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (April 2022)
17 slides from Comfort Systems Usa's investor presentation, Apr 29, 2022
Slide 1: Investor Presentation April 29, 2022
NYSE: FIX April 29, 2022 SvstemsU) AA
Slide 2: Forward-looking statements
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 expressions are i
Slide 3: Leading national MEP installation and service provider
• 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 173 locations | 128 cities | 14,000 employees
Slide 5: Revenue Breakdown - YTD 2022
REVENUE BREAKDOWN - YTD 2022 YTD 2022 Revenue = $885.2M ACTIVITY MARKET SECTOR —; 8% | 8% s, iste ilding e New Construction i IAL e@ Existing Building Construction H <s Healthcare oN 15% a ey) ° Education vA 10% 4 Government 7% e@ Modular Construction e@ Service Projects 4 e@ Service Calls, Maintena
Slide 6: Construction Backlog
CONSTRUCTION BACKLOG (Sin millions) $3,000 $2,500 $2,000 $1,500 $1,000 $500 $ $763 $948 $1,166 $1,602 $1,511 $2,312 2016 2017 2018 2020 2021
Slide 7: Service Maintenance Base
SERVICE MAINTENANCE BASE (Sin millions) $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 $111 $116 $123 $127 $130 $147 $154 2016 2017 2018 2020 2021 Q1 2022 8 SOvFoRZ USA.
Slide 8: Financial summary
($ in millions, except per share information) (1) Adjusted EPS is a non-GAAP financial measure. Adjusted EPS excludes tax gains. See Appendix II for a GAAP reconciliation to Adjusted EPS. (2) Adjusted EBITDA is a non-GAAP financial measure. See Appendix I for a GAAP reconciliation to Adjusted EBITDA
Slide 9: Free cash flow and balance sheet
• 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 maturity
Slide 10: Consistent Capital Allocation
CONSISTENT CAPITAL ALLOCATION (S in thousands) AVERAGE 2006 - 2021 $9,711 10% $13,116 14% $73,595 76% = Acquisitions =Share Repurchases = Dividends $100,000 $96,423 $90,000 $80,000 $75,837 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- 9 Free Cash Flow Disc Spending SOMFORTUGA.
Slide 11: Capital Returned
CAPITAL RETURNED (S 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 10 COM
Slide 12: Growth markets and services
• Pharma • Tech • Institutional • Manufacturing • Industrial • Indoor Air Quality • Service • Modular
Slide 13: ¢ = Of te ff on | & ad
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Slide 14: Investment highlights
• Consistent free cash flow • Strong Balance Sheet • Acquisition record • Leading innovation • Profitable growth
Slide 15: Company summary and contact
14,000 of the most qualified HVAC and electrical contracting personnel in America 42 operating companies across America at $3.5+ billion in yearly revenue 173 locations in 128 cities Julie Shaeff Chief Accounting Officer 1-800-723-8431 ir@comfortsystemsusa.com www.comfortsystemsusa.com
Slide 16: Appendix I: Adjusted EBITDA reconciliation
($ in thousands) Note: The Company defines adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as net income, provision for income taxes, other expense (income), net, changes in the fair value of contingent earn-out obligations, interest expense, net, gain on
Slide 17: Appendix II: Adjusted EPS reconciliation
Note: Diluted income per share excluding tax gains is presented because the Company believes it reflects the results of the core ongoing operations of the Company, and we believe it is responsive to frequent questions we receive from third parties. This measure, however, is not considered a primary
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