Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q3 2021 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Oct 28, 2021
Slide 1: Q3 2021 Earnings Call
Quality People. Building Solutions. Q3 2021 Earnings Call NYSE: FIX October 28, 2021
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: Q3 2021 Financial Results Highlights
Q3 2021 Financial Results Highlights Q3 Revenue was $833.9 million compared to $714.1 million Q3 2020 Gross Profit percentage decreased to 19.1% vs. 20.6% in Q3 2020 SG&A increased to $95.3 million from $90.9 million in Q3 2020 EPS was $1.27 per diluted share compared to $1.36 in Q3 2020 Q3 2021 Cas
Slide 4: Key Financial Data – Income Statement – QTD
Key Financial Data – Income Statement ‐ QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended September 30, Variance 2021 2020 $ % Revenue $ 833,896 100.0% $ 714,099 100.0% $ 119,797 16.8% Cost of Services 674,684 80.9% 566,903 79.4% 107,781 19.0% Gross Profit 159,212 19.1%
Slide 5: 2021 YTD Financial Results Highlights
2021 YTD Financial Results Highlights 2021 YTD Revenue was $2.22 billion compared to $2.16 billion for the same period in 2020 Gross Profit percentage decreased to 18.4% from 19.0% for the same period in 2020 SG&A increased to $271.1 million from $268.9 million for the same period in 2020 EPS was $2
Slide 6: Key Financial Data – Income Statement – YTD
Key Financial Data – Income Statement ‐ YTD ($ Thousands, Except Per Share Data) (Unaudited) For the Nine Months Ended September 30, Variance 2021 2020 $ % Revenue $ 2,217,552 100.0% $ 2,157,698 100.0% $ 59,854 2.8% Cost of Services 1,808,416 81.6% 1,747,714 81.0% 60,702 3.5% Gross Profit 409,136 18
Slide 7: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 9/30/2021 12/31/2020 (Unaudited) Cash $ 67.7 $ 54.9 Working Capital $ 162.4 $ 118.9 Goodwill $ 527.0 $ 464.4 Intangible Assets, Net $ 268.1 $ 231.8 Total Debt $ 272.7 $ 235.7 Equity $ 771.8 $ 696.4 6
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $2,000 $1,800 $1,941 $1,600 $1,602 $1,400 $1,511 $1,200 $1,000 $1,166 $800 $948 $600 $758 $712 $763 $598 $630 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3 21 7
Slide 9: Revenue by Type of Customer
Revenue by Type of Customer (YTD) 3.2% 3.7% 13.5% Education 7.0% Healthcare Government 10.4% 13.2% Industrial Office Buildings 5.7% Retail / Restaurants / Entertainment Multi‐Family / Residential Other 43.3% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type YTD 2021 2020 9.1% 8.4% 13.0% 13.7% 31.9% 30.8% 46.4% 46.7% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX COMFORT LIGA
Slide 12: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net Income $ 46,297 $ 50,088 $ 105,753 $ 107,299 Provision for Income Taxes 14,999 8,279 33,553 30,100 Other Income, net (20) 15 (112) (1
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, 2021 2020 2021 2020 Cash from Operating Activities $ 42,585 $ 52,614 $ 152,654 $ 216,400 Purchases of Property and Equipment (5,102) (4,920) (15,864) (19,459