Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q4 2020 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Feb 26, 2021
Slide 1: Q4 2020 Earnings Call
Quality People. Building Solutions. Q4 2020 Earnings Call NYSE: FIX February 26, 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: Q4 2020 Financial Results Highlights
Q4 2020 Financial Results Highlights Q4 Revenue decreased $20.6 million to $699.0 million compared to Q4 2019 Gross Profit was 19.6% vs. 18.4% in Q4 2019 SG&A increased $2.3 million to $88.9 million or 12.7% of revenue vs. $86.6 million or 12.0% of revenue in Q4 2019 EPS was $1.17 per diluted share
Slide 4: Key Financial Data – Income Statement - QTD
Key Financial Data – Income Statement - QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended December 31, Variance 2020 2019 $ % Revenue $ 698,961 100.0% $ 719,584 100.0% $ (20,623) -2.9% Cost of Services 561,962 80.4% 587,024 81.6% (25,062) -4.3% Gross Profit 136,999 19.6
Slide 5: 2020 Financial Results Highlights
2020 Financial Results Highlights 2020 Revenue increased $241.4 million to $2.9 billion compared to the same period in 2019 Gross Profit was 19.1% vs. 19.2% in the same period in 2019 SG&A increased $17.8 million to $357.8 million or 12.5% of revenue vs. $340.0 million or 13.0% of revenue in the sam
Slide 6: Key Financial Data – Income Statement
Key Financial Data – Income Statement ($ Thousands, Except Per Share Data) For the Twelve Months Ended December 31, Variance 2020 2019 $ % Revenue $ 2,856,659 100.0% $ 2,615,277 100.0% $ 241,382 9.2% Cost of Services 2,309,676 80.9% 2,113,334 80.8% 196,342 9.3% Gross Profit 546,983 19.1% 501,943 19.
Slide 7: Key Financial Data – Balance Sheet
Key Financial Data – Balance Sheet ($ Millions) 12/31/2020 12/31/2019 Cash $ 54.9 $ 50.8 Working Capital $ 118.9 $ 182.2 Goodwill $ 464.4 $ 332.4 Intangible Assets, Net $ 231.8 $ 160.0 Total Debt $ 235.7 $ 226.1 Equity $ 696.4 $ 585.3 6
Slide 8: Backlog
Backlog ($ Millions) (Unaudited) $1,600 $1,602 $1,400 $1,511 $1,200 $1,166 $1,000 $800 $948 $758 $763 $600 $630 $712 $598 $618 $604 $400 $508 ` $200 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 7
Slide 9: Revenue by Type of Customer
Revenue by Type of Customer 2.7% 3.0% 8.4% 17.1% Education Healthcare Government 11.2% Industrial 13.0% Office Buildings Retail / Restaurants / Entertainment 5.7% Multi-Family / Residential Other 38.9% 8
Slide 10: Revenue by Activity Type
Revenue by Activity Type 2020 2019 8.4% 8.9% 13.0% 14.9% 30.3% 31.9% 46.7% 45.9% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX COMFORT LIGAN
Slide 12: Appendix I – GAAP Reconciliation to Adjusted EBITDA
Appendix I – GAAP Reconciliation to Adjusted EBITDA ($ Thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 Net Income $ 42,840 $ 34,052 $ 150,139 $ 114,324 Provision for Income Taxes 11,301 11,079 41,401 37,418 Other Income, net (42) (20) (52)
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, 2020 2019 2020 2019 Cash from Operating Activities $ 70,110 $ 42,313 $ 286,510 $ 142,028 Purchases of Property and Equipment (4,672) (9,109) (24,131) (31,750