Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q4 2021 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Feb 24, 2022
Slide 1: Quality People. Building Solutions. Q4 2021 Earnings Call
Quality People. Building Solutions. Q4 2021 Earnings Call NYSE: FIX February 24, 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: Q4 2021 Financial Results Highlights
Q4 2021 Financial Results Highlights Q4 Revenue was $856.1 million compared to $699.0 million in Q4 2020 Gross Profit percentage decreased to 18.0% vs. 19.6% in Q4 2020 SG&A increased to $105.3 million from $88.9 million in Q4 2020 EPS was $1.04 per diluted share compared to $1.17 in Q4 2020 Q4 2021
Slide 4: Key Financial Data – Income Statement - QTD
Key Financial Data – Income Statement - QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended December 31, Variance 2021 2020 $ % Revenue $ 856,084 100.0% $ 698,961 100.0% $ 157,123 22.5% Cost of Services 702,013 82.0% 561,962 80.4% 140,051 24.9% Gross Profit 154,071 18.0%
Slide 5: 2021 Financial Results Highlights
2021 Financial Results Highlights 2021 Revenue was $3.07 billion compared to $2.86 billion for 2020 Gross Profit percentage decreased to 18.3% from 19.1% for 2020 SG&A increased to $376.3 million from $357.8 million for 2020 EPS was $3.93 per diluted share compared to $4.09 for 2020 2021 Cash Flow f
Slide 6: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) For the Twelve Months Ended December 31, Variance 2021 2020 $ % Revenue $ 3,073,636 100.0% $ 2,856,659 100.0% $ 216,977 7.6% Cost of Services 2,510,429 81.7% 2,309,676 80.9% 200,753 8.7% Gross Profit 563,207 18.3% 546,983 19.
Slide 7: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 12/31/2021 12/31/2020 Cash $ 58.8 $ 54.9 Working Capital $ 190.8 $ 118.9 Goodwill $ 592.1 $ 464.4 Intangible Assets, Net $ 304.8 $ 231.8 Total Debt $ 388.0 $ 235.7 Equity $ 805.7 $ 696.4 6
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $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 $598 $630 $618 $604 ` $400 $200 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 7
Slide 9: Revenue by Type of Customer
Revenue by Type of Customer 3.2% 3.7% 12.7% Education 6.9% Healthcare 10.1% Government 13.6% Industrial Office Buildings 5.7% Retail / Restaurants / Entertainment Multi-Family / Residential Other 44.1% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type 2021 2020 9.1% 8.4% 13.0% 13.3% 31.9% 31.3% 46.3% 46.7% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX SOMFORTLIGAN
Slide 12: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2021 2020 2021 2020 Net Income $ 37,595 $ 42,840 $ 143,348 $ 150,139 Provision for Income Taxes 13,373 11,301 46,926 41,401 Other Income, net (76) (42) (188)
Slide 13: Appendix II – GAAP Reconciliation to Free Cash Flow
Appendix II – GAAP Reconciliation to Free Cash Flow ($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2021 2020 2021 2020 Cash from Operating Activities $ 27,497 $ 70,110 $ 180,151 $ 286,510 Purchases of Property and Equipment (6,466) (4,672) (22,330) (24,131