Comfort Systems USA(FIX) - 2024 Q4 - Annual Results

Financial Performance - For Q4 2024, net income was $145.9 million, or $4.09 per diluted share, compared to $91.6 million, or $2.55 per diluted share in Q4 2023, representing a 59.3% increase in net income [2]. - Revenue for Q4 2024 was $1.87 billion, up from $1.36 billion in Q4 2023, marking a 37.5% year-over-year growth [2]. - For the full year 2024, net income reached $522.4 million, or $14.60 per diluted share, compared to $323.4 million, or $9.01 per diluted share in 2023, reflecting a 61.5% increase in net income [4]. - Full year revenue for 2024 was $7.03 billion, up from $5.21 billion in 2023, representing a 34.8% increase [4]. - Adjusted EBITDA for Q4 2024 was $260,987,000, a 14.0% increase from $141,235,000 in Q4 2023 [14]. - The diluted income per share for Q4 2024 was $4.09, compared to $2.55 in Q4 2023, reflecting a 60.8% increase [13]. Cash Flow and Assets - Operating cash flow for Q4 2024 was $210.5 million, compared to $173.0 million in Q4 2023, showing a 21.7% increase [2]. - The company reported operating cash flow of $849.1 million for the full year 2024, up from $639.6 million in 2023, a 32.8% increase [4]. - Free cash flow for the twelve months ended December 31, 2024, was $743,524,000, up from $550,681,000 in 2023, indicating a 35% increase [17]. - Total current assets increased to $2,790,241,000 in 2024 from $1,911,100,000 in 2023, reflecting a 46% growth [16]. - Cash and cash equivalents rose to $549,939,000 in 2024, compared to $205,150,000 in 2023, marking a 168% increase [16]. - Billed accounts receivable increased to $1,861,212,000 in 2024 from $1,318,926,000 in 2023, a growth of 41% [16]. - Operating cash flow for the twelve months ended December 31, 2024, was $849,057,000, up from $639,568,000 in 2023, indicating a 32.7% increase [17]. Liabilities and Goodwill - Total liabilities increased to $3,006,412,000 in 2024 from $2,027,750,000 in 2023, representing a 48% increase [16]. - The company reported a significant increase in goodwill, rising to $875,270,000 in 2024 from $666,834,000 in 2023, a 31% increase [16]. Backlog and Future Outlook - The company's backlog as of December 31, 2024, was $5.99 billion, an increase from $5.68 billion as of September 30, 2024, and $5.16 billion as of December 31, 2023, indicating a 16.1% year-over-year growth [3]. - The company expects continued strong results in 2025 due to a robust backlog and healthy project pipelines [5]. - The company achieved same-store growth in backlog both sequentially and year-over-year, indicating strong operational performance [5]. - The company announced the acquisition of Century Contractors, Inc. in January 2025, enhancing its operational capabilities [5].