Workflow
Comfort Systems USA(FIX)
icon
Search documents
Comfort Systems USA(FIX) - 2023 Q1 - Quarterly Report
2023-04-25 16:00
Free Cash Flow—We define free cash flow as cash provided by operating activities, less customary capital expenditures, plus the proceeds from asset sales. We believe free cash flow, by encompassing both profit margins and the use of working capital over our approximately one year working capital cycle, is an effective measure of operating effectiveness and efficiency. We have included free cash flow information here for this reason, and because we are often asked about it by third parties evaluating us. How ...
Comfort Systems USA(FIX) - 2022 Q4 - Earnings Call Transcript
2023-02-23 20:07
Financial Data and Key Metrics Changes - The company reported a revenue of $1.1 billion for Q4 2022, an increase of $261 million or 30% compared to the previous year [10] - Full year revenue surpassed $4 billion, reflecting a growth of over 35% compared to 2021 [38] - Net income for Q4 2022 increased by over 40% to $55 million or $1.54 per share, compared to $38 million or $1.04 in Q4 2021 [16] - EBITDA for Q4 increased by 47% to $100 million, while full year EBITDA rose by 32% to $338 million [17] - Full year gross profit margin was 17.9% in 2022, down from 18.3% in 2021 [13] Business Line Data and Key Metrics Changes - Mechanical Services segment revenue increased by $636 million or 25%, while Electrical Services segment revenue surged by 81% to $431 million [12] - Same-store revenue increased by 22% or $669 million in 2022, driven by strong market conditions and inflation in equipment and materials [12] - Gross profit for Q4 2022 was $211 million, a $57 million improvement compared to the previous year, with a gross profit percentage of 18.9% [6] Market Data and Key Metrics Changes - Industrial customers accounted for 48% of total revenue in 2022, with strong representation in new backlog [23] - Institutional markets, including education, healthcare, and government, represented 31% of revenue [23] - Construction made up 78% of full year 2022 revenue, with service revenue exceeding $900 million, constituting 22% of total revenues [24] Company Strategy and Development Direction - The company plans to continue investing in workforce, technology, and execution capabilities to maintain its competitive edge [26] - The acquisition of Eldeco is expected to strengthen the Electrical segment and contribute annualized revenue of approximately $130 million to $140 million [45] - The company aims to double its modular production capacity to over 2 million square feet by mid-2023 [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued profitability and strong gross margins in 2023, despite potential pressures from inflation and cost increases [14] - The company anticipates same-store revenue growth in the low to mid-teens for 2023, with larger percentage increases likely to occur earlier in the year [39] - Management highlighted ongoing demand and a record backlog as indicators of expected growth and profitability in 2023 [25] Other Important Information - The company repurchased 442,000 shares at an average price of $86.45 in 2022, totaling 10.1 million shares repurchased since 2007 [20] - Interest expense in 2022 was higher due to increased interest rates, with an average interest rate of 5.7% on the credit facility [42] - The company expects capital expenditures for 2023 to be between $55 million and $70 million, driven by investments in production facilities [45] Q&A Session Summary Question: What percentage of sales does modular construction currently make up, and what is the outlook for the next five years? - Management indicated that modular currently accounts for about 10% of revenue and is expected to grow to around 15% as new capacity comes online [29][56] Question: How far out is the backlog booked, and are there signs of slowing? - Management confirmed that they are in good shape for 2024 and have capacity to take on more work [58] Question: What is the outlook for gross margins in 2023 and 2024? - Management expects gross profit margins for 2023 to be similar to those achieved in 2022, despite potential pressures from new construction and early project stages [71] Question: Can you discuss the Eldeco acquisition and the M&A pipeline? - The acquisition of Eldeco is seen as a strategic move to enhance capabilities in the Electrical segment, with a cautious approach to future acquisitions due to existing backlog [107][111] Question: What factors could influence margin performance this year? - Management noted that deflation could be a tailwind if it materializes, but emphasized a long-term perspective on margin management [112][113]
Comfort Systems USA(FIX) - 2022 Q4 - Annual Report
2023-02-21 16:00
We plan to continue to maintain and strengthen internal controls and procedures to enhance the effectiveness of our disclosure controls and internal controls over financial reporting. Any system of controls, however well designed and operated, is based in part on certain assumptions and can provide only reasonable, and not absolute, assurances that the objectives of the system are met. Any failure of our disclosure controls and procedures or internal controls over financial reporting could harm our financia ...
Comfort Systems USA(FIX) - 2022 Q3 - Earnings Call Transcript
2022-10-27 21:41
Comfort Systems USA, Inc. (NYSE:FIX) Q3 2022 Earnings Conference Call October 27, 2022 11:30 AM ET Company Participants Julie Shaeff - SVP & CAO Brian Lane - CEO, President & Director William George - EVP & CFO Conference Call Participants Julio Romero - Sidoti & Company Sean Eastman - KeyBanc Capital Markets Adam Thalhimer - Thompson, Davis & Company Brent Thielman - D.A. Davidson & Co. Operator Good morning, and welcome to the Comfort Systems Third Quarter 2022 Earnings Conference Call. [Operator Instruct ...
Comfort Systems USA(FIX) - 2022 Q2 - Earnings Call Transcript
2022-07-30 23:10
Comfort Systems USA, Inc. (NYSE:FIX) Q2 2022 Earnings Conference Call July 28, 2022 11:30 AM ET Company Participants Julie Shaeff - Senior Vice President and Chief Accounting Officer Brian Lane - President and Chief Executive Officer William George - Executive Vice President and Chief Financial Officer Conference Call Participants Julio Romero - Sidoti Brent Thielman - D.A. Davidson Sean Eastman - KeyBanc Adam Thalhimer - Thompson, Davis Operator Good morning, and welcome to the Comfort Systems USA Second Q ...
Comfort Systems USA(FIX) - 2022 Q2 - Quarterly Report
2022-07-26 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-13011 COMFORT SYSTEMS USA, INC. (Exact name of registrant as specified in its charter) Delaware (State or other ...
Comfort Systems USA(FIX) - 2022 Q1 - Earnings Call Transcript
2022-04-29 07:49
Comfort Systems USA, Inc. (NYSE:FIX) Q1 2022 Results Earnings Conference Call April 28, 2022 11:30 AM ET Company Participants Julie Shaeff - Senior Vice President and Chief Accounting Officer Brian Lane - President and Chief Executive Officer William George - Executive Vice President and Chief Financial Officer Conference Call Participants Sean Eastman - KeyBanc Capital Markets Julio Romero - Sidoti & Company, LLC Brent Thielman - D.A. Davidson & Co. Adam Thalhimer - Thompson Davis Operator Good day. And th ...
Comfort Systems USA(FIX) - 2022 Q1 - Earnings Call Presentation
2022-04-28 18:45
| --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quality People. Building Solutions. | | | | | | | | Q1 2022 Earnings Call NYSE: FIX | | | | | | | SAFE HARBOR Certain statements and information in this presentation may constitute forward-looking statements within the meaning of applicable securities laws and regul ...
Comfort Systems USA(FIX) - 2021 Q4 - Earnings Call Transcript
2022-02-24 20:33
Comfort Systems USA, Inc. (NYSE:FIX) Q4 2021 Earnings Conference Call February 24, 2022 12:00 PM ET Company Participants Brian Lane – President and Chief Executive Officer William George – Chief Financial Officer Trent McKenna – Chief Operating Officer Julie Shaeff – Chief Accounting Officer Conference Call Participants Sean Eastman – KeyBanc Capital Markets Brent Thielman – DA Davidson Julio Romero – Sidoti & Company Adam Thalhimer – Thompson Davis Operator Thank you for standing by and welcome to the Fou ...
Comfort Systems USA(FIX) - 2021 Q4 - Earnings Call Presentation
2022-02-24 15:37
| --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quality People. Building Solutions. Q4 2021 Earnings Call | | | | | | | SAFE HARBOR Certain statements and information in this presentation may constitute forward-looking statements within the meaning of applicable securities laws and regulati ...