Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q2 2024 Earnings Presentation
15 slides from Comfort Systems Usa's earnings presentation, Jul 26, 2024
Slide 1: Q2 2024 Earnings Call
-Q2 2024 Earnings Call NYSE: FIX July 26, 2024 COMFORT SYSTEMS UA
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: Q2 2024 results highlights
Q2 2024 Revenue was $1.81 billion compared to $1.30 billion in Q2 2023 Gross Profit percentage increased to 20.1% vs. 17.6% in Q2 2023 SG&A increased to $179.5 million from $136.4 million in Q2 2023 EPS was $3.74 per diluted share compared to $1.93 in Q2 2023 Q2 2024 Cash Flow from Operations was $1
Slide 4: Three months ended June 30 income statement
($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended June 30, Variance 2024 2023 $ % Revenue $ 1,810,290 100.0% $ 1,296,430 100.0% $ 513,860 39.6% Cost of Services 1,446,694 79.9% 1,068,510 82.4% 378,184 35.4% Gross Profit 363,596 20.1% 227,920 17.6% 135,676 59.5% Selling, Gen
Slide 5: Cash, working capital, goodwill and debt
($ Millions) 6/30/2024 12/31/2023 (Unaudited) Cash $ 199.4 $ 205.2 Working Capital $ (11.6) $ 189.9 Goodwill $ 874.9 $ 666.8 Intangible Assets, Net $ 480.9 $ 280.4 Total Debt $ 91.1 $ 44.2 Equity $ 1,482.3 $ 1,277.8
Slide 6: 2024 YTD results highlights
2024 YTD Revenue was $3.35 billion compared to $2.47 billion for the same period in 2023 Gross Profit percentage increased to 19.7% from 17.5% for the same period in 2023 SG&A increased to $342.3 million from $271.5 million for the same period in 2023 EPS was $6.43 per diluted share compared to $3.5
Slide 7: Six months ended June 30 income statement
($ Thousands, Except Per Share Data) (Unaudited) For the Six Months Ended June 30, Variance 2024 2023 $ % Revenue $ 3,347,306 100.0% $ 2,471,070 100.0% $ 876,236 35.5% Cost of Services 2,686,347 80.3% 2,037,745 82.5% 648,602 31.8% Gross Profit 660,959 19.7% 433,325 17.5% 227,634 52.5% Selling, Gener
Slide 8: Operating cash flow and unearned customer cash
($ Millions) (Unaudited) - TTM operating cash flow far exceeds TTM net income - At 6/30/24, we have a very substantial amount of unearned customer cash - Pre-bookings and equipment advances will normalize creating cash flow headwind when project costs are incurred
Slide 9: Backlog
BACKLOG ($ Millions) (Unaudited) $7,000 $6,000 $5,772 $5,157 $5,000 $4,000 $3,000 $2,000 $1,000 $598 $630 $618 $604 JEEP $758 $4,064 $2,312 $1,602 $1,511 $1,166 $948 $763 l [I | 2010 2011 2012 2013 2014 2016 42017 2018 2019 2020 2021 2022 COMFORT SYSTEMS 2023 Q224 USA.
Slide 10: Revenue by type of customer (YTD)
REVENUE BY TYPE OF CUSTOMER (YTD) cyab ye Retail / Restauranty) L, Vs», % 2, AY Srieakiima: Other 5.8% Heal Multi-F; Heal theare 9.8% Government 5.3% Technology 30.7% Manufacturing 29.5% a SoMreans USA
Slide 11: Revenue by activity type
REVENUE BY ACTIVITY TYPE Annual 2023 YTD 2024 @yew Construction Existing Building Construction @ Service Projects @service Calls, Maintenance & Monitoring 10 COMFORT U SYSTEMS <
Slide 12: Appendix
APPENDIX SOMFORT USA
Slide 13: Net income excluding tax gains reconciliation
($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net Income $ 134,009 $ 69,476 $ 230,328 $ 126,692 Tax gains related to prior years - - - (3,368) Tax-related SG&A costs, net of tax - - - 333 Net income excluding tax gains $ 134,009 $ 69,476 $ 230,32
Slide 14: Adjusted EBITDA reconciliation
($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net Income $ 134,009 $ 69,476 $ 230,328 $ 126,692 Provision (Benefit) for Income Taxes 35,646 15,726 62,383 24,335 Other Expense (Income), net (119) (44) (236) (45) Changes in the Fair Value of Contin
Slide 15: Free cash flow reconciliation
($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Cash from Operating Activities $ 189,858 $ 125,410 $ 336,415 $ 252,319 Purchases of Property and Equipment (23,384) (24,610) (48,336) (41,130) Proceeds from Sales of Property and Equipment 815 1,464 1