Comfort Systems USA(FIX) - 2025 Q2 - Quarterly Results

Financial Performance - For Q2 2025, net income was $230.8 million, or $6.53 per diluted share, up from $134.0 million, or $3.74 per diluted share in Q2 2024, representing an increase of over 70%[2] - Revenue for Q2 2025 was $2.17 billion, compared to $1.81 billion in Q2 2024, marking a growth of approximately 20.5%[2] - For the first half of 2025, net income was $400.1 million, or $11.28 per diluted share, compared to $230.3 million, or $6.43 per diluted share in the same period of 2024, reflecting a growth of over 75%[4] - Revenue for the first half of 2025 was $4.00 billion, compared to $3.35 billion in the first half of 2024, representing an increase of approximately 19.5%[4] - Net income for Q2 2025 reached $230.8 million, a significant increase from $134.0 million in Q2 2024, representing a growth of 72.3%[12] Cash Flow and Assets - Operating cash flow for Q2 2025 was $252.5 million, an increase from $189.9 million in Q2 2024[2] - Cash provided by operating activities for Q2 2025 was $252.5 million, compared to $189.9 million in Q2 2024, marking a 32.9% increase[16] - Free cash flow for Q2 2025 was $222.2 million, up 32.8% from $167.3 million in Q2 2024, demonstrating improved cash generation capabilities[16] - Total current assets increased to $3.04 billion as of June 30, 2025, compared to $2.79 billion at the end of 2024, reflecting a growth of 9.0%[15] - Billed accounts receivable increased to $2.16 billion as of June 30, 2025, from $1.86 billion at the end of 2024, a rise of 16.2%[15] - Total assets grew to $5.06 billion as of June 30, 2025, compared to $4.71 billion at the end of 2024, reflecting an increase of 7.4%[15] Profitability and Expenses - The gross profit margin for Q2 2025 was 23.5%, compared to 20.1% in Q2 2024, indicating improved profitability[11] - Selling, General and Administrative (SG&A) expenses for Q2 2025 were $210.5 million, or 9.7% of revenue, compared to $179.5 million, or 9.9% of revenue in Q2 2024[11] - Adjusted EBITDA for Q2 2025 was $334.1 million, up 15.4% from $222.7 million in Q2 2024, indicating strong operational performance[12] Shareholder Returns and Equity - The company reported a dividend of $0.450 per share for Q2 2025, up from $0.300 per share in Q2 2024[11] - Total stockholders' equity increased to $1.97 billion as of June 30, 2025, from $1.70 billion at the end of 2024, representing a growth of 15.7%[15] Future Outlook - The company remains optimistic about continued success into 2026, supported by strong earnings and backlog growth[4] Backlog - The backlog as of June 30, 2025, was $8.12 billion, up from $6.89 billion as of March 31, 2025, and $5.77 billion as of June 30, 2024, indicating a year-over-year increase of $2.4 billion[3] Taxation - The company reported a provision for income taxes of $65.6 million in Q2 2025, up from $35.6 million in Q2 2024, indicating higher taxable income[12] Debt - Long-term debt remained relatively stable at $61.3 million as of June 30, 2025, compared to $62.3 million at the end of 2024[15]