Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (May 2021)
15 slides from Comfort Systems Usa's investor presentation, May 4, 2021
Slide 1: Quality People. Building Solutions.
Quality People. Building Solutions. NYSE: FIX May 4, 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: Comfort Systems USA
COMFORT SYSTEMS USA • Leading national mechanical, electrical and plumbing (“MEP”) installation and service provider • $2.9B yearly revenue • 11,000+ employees • History of profitable growth • Balanced construction and service portfolio 2
Slide 4: National Footprint
NATIONAL FOOTPRINT 3 139 locations | 113 cities | 11,000+ employees
Slide 5: Revenue Breakdown – YTD 2021
Revenue Breakdown – YTD 2021 YTD 2021 Revenue = $669.8M Activity Market Sector Retail / Restaurant / 8% 9% Other Entertainment Healthcare 7% 14% 7% 14% Office Buildings Education 12% 14% 32% Government 6% 37% Industrial 40% New Construction Existing Building Construction Modular Construction Service
Slide 6: Construction Backlog
CONSTRUCTION BACKLOG ($ in millions) $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $763 $948 $1,166 $1,602 $1,511 $1,660 $- 2016 2017 2018 2019 2020 Q1 2021 5
Slide 7: Service Maintenance Base
SERVICE MAINTENANCE BASE ($ in millions) $135 $130 $125 $120 $115 $110 $105 $111 $116 $123 $127 $130 $133 $100 2016 2017 2018 2019 2020 Q1 2021 6
Slide 8: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE Twelve Months Three Months Ended Ended ($ in millions, except per share information) 3/31/21 3/31/20 12/31/20 Revenue $669.8 $700.1 $2,856.7 Net Income $26.5 $17.7 $150.1 Diluted EPS $0.73 $0.48 $4.09 Adjusted EBITDA (1) $51.2 $36.9 $249.8 Operating Cash Flow $84.6 $21.9
Slide 9: Focus on Cash Flow
FOCUS ON CASH FLOW • Positive free cash flow for 22 consecutive years • Increased dividend for 8 consecutive years • Debt/TTM EBITDA = 0.65 • $52.1M cash at March 31, 2021 • $171.8M total debt at March 31, 2021 • Debt capacity – $137.5M borrowings at 3/31/21 – $600M senior credit facility – 2025 mat
Slide 10: Consistent Capital Allocation
CONSISTENT CAPITAL ALLOCATION ($ in thousands) Average 2006 - 2020 $9,199 12% $12,187 16% $54,427 72% Acquisitions Share Repurchases Dividends $80,000 $70,164 $75,814 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- Free Cash Flow Disc Spending 9
Slide 11: Strong Markets
STRONG MARKETS Vertical Exposure • Pharma • Tech Insert a • Institutional picture here • Manufacturing Trends • Industrial • Indoor Air Quality • Service • Modular 10
Slide 12: Modular Off-Site Construction
MODULAR OFF-SITE CONSTRUCTION 11
Slide 13: Our Strength
OUR STRENGTH • Consistent free cash flow • Strong Balance Sheet • Acquisition record • Leading innovation • Profitable growth 12
Slide 14: Thank You
THANK YOU 11,000+ Employees 11,000+ of the most qualified HVAC and electrical contracting personnel in America 139 Locations $2.9 Billion 37 operating companies across America at $2.9 billion in yearly revenue 139 locations in 113 cities CONTACT: Bill George Executive Vice President & CFO 1-800-723-
Slide 15: Appendix – GAAP Reconciliation to Adjusted EBITDA
APPENDIX – GAAP RECONCILIATION TO ADJUSTED EBITDA Twelve Months Three Months Ended March 31, Ended December 31, ($ in thousands) 2021 2020 2020 Net Income $26,491 $17,716 $150,139 Provision for Income Taxes 8,737 6,751 41,401 Other (Income) Expense, net 69 (25) (52) Changes in the Fair Value of Cont
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