Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q3 2020 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Oct 27, 2020
Slide 1: Quality People. Building Solutions. Q3 2020 Earnings Call
Quality People. Building Solutions. Q3 2020 Earnings Call NYSE: FIX October 27, 2020
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 2020 Financial Results Highlights
Q3 2020 Financial Results Highlights Q3 Revenue increased $7.2 million to $714.1 million compared to Q3 2019 Gross Profit was 20.6% vs. 20.2% in Q3 2019 SG&A increased $0.9 million to $90.9 million or 12.7% of revenue vs. $90.0 million or 12.7% of revenue in Q3 2019 EPS was $1.36 per diluted share Q
Slide 4: Key Financial Data – Income Statement - QTD
Key Financial Data – Income Statement - QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended September 30, Variance 2020 2019 $ % Revenue $ 714,099 100.0% $ 706,918 100.0% $ 7,181 1.0% Cost of Services 566,903 79.4% 564,216 79.8% 2,687 0.5% Gross Profit 147,196 20.6% 142,7
Slide 5: 2020 YTD Financial Results Highlights
2020 YTD Financial Results Highlights 2020 YTD Revenue increased $262.0 million to $2.2 billion compared to the same period in 2019 Gross Profit was 19.0% vs. 19.5% in the same period in 2019 SG&A increased $15.4 million to $268.9 million or 12.5% of revenue vs. $253.4 million or 13.4% of revenue in
Slide 6: Key Financial Data – Income Statement - YTD
Key Financial Data – Income Statement - YTD ($ Thousands, Except Per Share Data) (Unaudited) For the Nine Months Ended September 30, Variance 2020 2019 $ % Revenue $ 2,157,698 100.0% $ 1,895,693 100.0% $ 262,005 13.8% Cost of Services 1,747,714 81.0% 1,526,310 80.5% 221,404 14.5% Gross Profit 409,98
Slide 7: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 9/30/2020 12/31/2019 (Unaudited) Cash $ 70.5 $ 50.8 Working Capital $ 156.0 $ 182.2 Goodwill $ 420.8 $ 332.4 Intangible Assets, Net $ 202.0 $ 160.0 Total Debt $ 222.3 $ 226.1 Equity $ 668.1 $ 585.3 6
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $1,600 $1,602 $1,400 $1,429 $1,200 $1,166 $1,000 $800 $948 $758 $763 $600 $630 $712 $598 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q3 20 7
Slide 9: YTD Revenue by Type of Customer
YTD Revenue by Type of Customer 2.6% 2.8% 8.8% 17.4% Education Healthcare Government 10.8% Industrial 13.0% Office Buildings Retail / Restaurants / Entertainment 5.5% Multi-Family / Residential Other 39.1% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type YTD 2020 FY 2019 8.3% 8.9% 12.8% 14.9% 30.9% 30.3% 48.0% 45.9% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX COMFORT LIGAN
Slide 12: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net Income $ 50,088 $ 36,233 $ 107,299 $ 80,272 Provision for Income Taxes 8,279 12,473 30,100 26,339 Other Income, net 15 (3) (10) (167)
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, 2020 2019 2020 2019 Cash from Operating Activities $ 52,614 $ 73,115 $ 216,400 $ 99,715 Purchases of Property and Equipment (4,920) (6,961) (19,459) (22,641)