Comfort Systems USA, Inc. (NYSE: FIX) (the “Company”)
today reported results for the quarter ended March 31, 2024.
For the quarter ended March 31, 2024, net income was $96.3
million, or $2.69 per diluted share, as compared to $57.2 million,
or $1.59 per diluted share, for the quarter ended March 31, 2023.
Revenue for the first quarter of 2024 was $1,537.0 million compared
to $1,174.6 million in 2023. The Company reported operating cash
flow of $146.6 million in the current quarter compared to $126.9
million in 2023.
Brian Lane, Comfort Systems USA’s President and Chief Executive
Officer, said, “Our expert and dedicated employees achieved superb
execution for our customers this quarter, and our newly acquired
companies are off to a great start. First quarter results were
extraordinary, with per share earnings more than a dollar above the
same quarter last year, increased backlog, and over $140 million in
cash flow. Our mechanical business improved, and our electrical
segment profitability increased to unprecedented levels.
Construction and service continue to flourish, demand remains
supportive, and we are optimistic that we will continue to achieve
strong results in 2024.”
Backlog as of March 31, 2024 was $5.91 billion as compared to
$5.16 billion as of December 31, 2023 and $4.44 billion as of March
31, 2023. On a same-store basis, backlog increased from $4.44
billion as of March 31, 2023 to $5.25 billion as of March 31,
2024.
The Company will host a webcast and conference call to discuss
its financial results and position on Friday, April 26, 2024 at
10:00 a.m. Central Time. To register for the call, please visit
https://register.vevent.com/register/BI2d3f8046dbb64b0c8a8126b26147d877.
Upon registering, participants will receive dial-in information and
a unique PIN to join the call. The call and the slide presentation
to accompany the remarks can be accessed on the Company’s website
at www.comfortsystemsusa.com under the “Investor” tab. A replay of
the entire call will be available on the Company’s website on the
next business day following the call.
Comfort Systems USA® is a leading provider of commercial,
industrial and institutional heating, ventilation, air conditioning
and electrical contracting services, with 177 locations in 136
cities across the nation. For more information, visit the Company’s
website at www.comfortsystemsusa.com.
Certain statements and information in this press release may
constitute forward-looking statements regarding our future business
expectations, which are subject to applicable securities laws and
regulations. The words “believe,” “expect,” “anticipate,” “plan,”
“intend,” “foresee,” “should,” “would,” “could,” or other similar
expressions are intended to identify forward-looking statements,
which are generally not historic in nature. These forward-looking
statements are based on the current expectations and beliefs of
Comfort Systems USA, Inc. and its subsidiaries (collectively, the
“Company”) concerning future developments and their effect on the
Company. While the Company’s management believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting the Company
will be those that it anticipates, and the Company’s actual results
of operations, financial condition and liquidity, and the
development of the industry in which the Company operates, may
differ materially from those made in or suggested by the
forward-looking statements contained in this press release. In
addition, even if our results of operations, financial condition
and liquidity, and the development of the industry in which we
operate, are consistent with the forward-looking statements
contained in this press release, those results or developments may
not be indicative of our results or developments in subsequent
periods. All comments concerning the Company’s expectations for
future revenue and operating results are based on the Company’s
forecasts for its existing operations and do not include the
potential impact of any future acquisitions. The Company’s
forward-looking statements involve significant risks and
uncertainties (some of which are beyond the Company’s control) and
assumptions that could cause actual future results to differ
materially from the Company’s historical experience and its present
expectations or projections. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to: the use
of incorrect estimates for bidding a fixed-price contract;
undertaking contractual commitments that exceed the Company’s labor
resources; failing to perform contractual obligations efficiently
enough to maintain profitability; national or regional weakness in
construction activity and economic conditions; rising inflation and
fluctuations in interest rates; shortages of labor and specialty
building materials or material increases to the cost thereof; the
Company’s business being negatively affected by health crises or
outbreaks of disease, such as epidemics or pandemics (and related
impacts, such as supply chain disruptions); financial difficulties
affecting projects, vendors, customers, or subcontractors; the
Company’s backlog failing to translate into actual revenue or
profits; failure of third party subcontractors and suppliers to
complete work as anticipated; difficulty in obtaining, or increased
costs associated with, bonding and insurance; impairment to
goodwill; errors in the Company’s cost-to-cost input method of
accounting; the result of competition in the Company’s markets; the
Company’s decentralized management structure; material failure to
comply with varying state and local laws, regulations or
requirements; debarment from bidding on or performing government
contracts; retention of key management; seasonal fluctuations in
the demand for mechanical and electrical systems; the imposition of
past and future liability from environmental, safety, and health
regulations including the inherent risk associated with
self-insurance; adverse litigation results; an increase in our
effective tax rate; a material information technology failure or a
material cyber security breach; risks associated with acquisitions,
such as challenges to our ability to integrate those companies into
our internal control environment; our ability to manage growth and
geographically-dispersed operations; our ability to obtain
financing on acceptable terms; extreme weather conditions (such as
storms, droughts, extreme heat or cold, wildfires and floods),
including as a result of climate change, and any resulting
regulations or restrictions related thereto; and other risks
detailed in our reports filed with the Securities and Exchange
Commission (the “SEC”).
For additional information regarding known material factors that
could cause the Company’s results to differ from its projected
results, please see its filings with the SEC, including its Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
The Company undertakes no obligation to publicly update or revise
any forward-looking statements after the date they are made,
whether because of new information, future events, or
otherwise.
— Financial tables follow —
Comfort Systems USA, Inc.
Consolidated Statements of
Operations
(In Thousands, Except per Share
Amounts)
Three Months Ended
March 31,
(Unaudited)
2024
%
2023
%
Revenue
$
1,537,016
100.0
%
$
1,174,640
100.0
%
Cost of services
1,239,653
80.7
%
969,235
82.5
%
Gross profit
297,363
19.3
%
205,405
17.5
%
SG&A
162,723
10.6
%
135,032
11.5
%
Gain on sale of assets
(820
)
(0.1
)%
(512
)
—
Operating income
135,460
8.8
%
70,885
6.0
%
Interest income (expense), net
(30
)
—
(2,679
)
(0.2
)%
Changes in the fair value of contingent
earn-out obligations
(12,491
)
(0.8
)%
(2,382
)
(0.2
)%
Other income, net
117
—
1
—
Income before income taxes
123,056
8.0
%
65,825
5.6
%
Provision for income taxes
26,737
8,609
Net income
$
96,319
6.3
%
$
57,216
4.9
%
Income per share
Basic
$
2.70
$
1.60
Diluted
$
2.69
$
1.59
Shares used in computing income per
share:
Basic
35,739
35,812
Diluted
35,828
35,907
Dividends per share
$
0.250
$
0.175
Supplemental Non-GAAP Information — (Unaudited) (In Thousands,
Except per Share Amounts)
Three Months Ended
March 31,
2024
2023
Net income
$
96,319
$
57,216
Tax gains related to prior years
—
(3,368
)
Tax-related SG&A costs, net of tax
—
333
Net income excluding tax gains
$
96,319
$
54,181
Diluted income per share
$
2.69
$
1.59
Tax gains related to prior years
-
(0.09
)
Tax-related SG&A costs, net of tax
-
0.01
Diluted income per share excluding tax
gains
$
2.69
$
1.51
Note: Net income excluding tax gains and diluted income per
share excluding tax gains are presented because the Company
believes they reflect the results of the core ongoing operations of
the Company, and we believe they are responsive to frequent
questions we receive from third parties. These amounts, however,
are not considered primary measures of an entity’s financial
results under generally accepted accounting principles, and
accordingly, they should not be considered an alternative to
operating results as determined under generally accepted accounting
principles and as reported by the Company.
Supplemental Non-GAAP Information — Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)
— (Unaudited) (In Thousands)
Three Months Ended
March 31,
2024
%
2023
%
Net income
$
96,319
$
57,216
Provision for income taxes
26,737
8,609
Other income, net
(117
)
(1
)
Changes in the fair value of contingent
earn-out obligations
12,491
2,382
Interest expense (income), net
30
2,679
Gain on sale of assets
(820
)
(512
)
Tax-related SG&A costs
—
421
Amortization
23,913
10,331
Depreciation
11,254
9,187
Adjusted EBITDA
$
169,807
11.0
%
$
90,312
7.7
%
Note: The Company defines adjusted earnings before interest,
taxes, depreciation, and amortization (“Adjusted EBITDA”) as net
income, provision for income taxes, other expense (income), net,
changes in the fair value of contingent earn-out obligations,
interest expense (income), net, gain on sale of assets, goodwill
impairment, other one-time expenses or gains and depreciation and
amortization. Other companies may define Adjusted EBITDA
differently. Adjusted EBITDA is presented because it is a financial
measure that is frequently requested by third parties. However,
Adjusted EBITDA is not considered under generally accepted
accounting principles as a primary measure of an entity’s financial
results, and accordingly, Adjusted EBITDA should not be considered
an alternative to operating income, net income, or cash flows as
determined under generally accepted accounting principles and as
reported by the Company.
Comfort Systems USA, Inc.
Condensed Consolidated Balance
Sheets
(In Thousands)
March 31,
December 31,
2024
2023
(Unaudited)
Cash and cash equivalents
$
100,792
$
205,150
Billed accounts receivable, net
1,570,643
1,318,926
Unbilled accounts receivable, net
76,975
72,774
Costs and estimated earnings in excess of
billings, net
30,118
28,084
Other current assets, net
269,661
286,166
Total current assets
2,048,189
1,911,100
Property and equipment, net
226,197
208,568
Goodwill
862,934
666,834
Identifiable intangible assets, net
489,884
280,397
Other noncurrent assets
275,625
238,680
Total assets
$
3,902,829
$
3,305,579
Current maturities of long-term debt
$
12,885
$
4,867
Accounts payable
557,859
419,962
Billings in excess of costs and estimated
earnings and deferred revenue
1,131,928
909,538
Other current liabilities
436,987
386,838
Total current liabilities
2,139,659
1,721,205
Long-term debt
77,004
39,345
Other long-term liabilities
313,630
267,200
Total liabilities
2,530,293
2,027,750
Total stockholders’ equity
1,372,536
1,277,829
Total liabilities and stockholders’
equity
$
3,902,829
$
3,305,579
Selected Cash Flow Data (Unaudited) (In Thousands)
Three Months Ended
March 31,
2024
2023
Cash provided by (used in):
Operating activities
$
146,557
$
126,909
Investing activities
$
(221,648
)
$
(68,945
)
Financing activities
$
(29,267
)
$
(66,618
)
Free cash flow:
Cash from operating activities
$
146,557
$
126,909
Purchases of property and equipment
(24,952
)
(16,520
)
Proceeds from sales of property and
equipment
1,014
622
Free cash flow
$
122,619
$
111,011
Note: Free cash flow is defined as cash flow from operating
activities less customary capital expenditures, plus the proceeds
from asset sales. Other companies may define free cash flow
differently. Free cash flow is presented because it is a financial
measure that is frequently requested by third parties. However,
free cash flow is not considered under generally accepted
accounting principles as a primary measure of an entity’s financial
results, and accordingly, free cash flow should not be considered
an alternative to operating income, net income, or cash flows as
determined under generally accepted accounting principles and as
reported by the Company.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425854151/en/
Julie Shaeff, Chief Accounting Officer ir@comfortsystemsusa.com;
713-830-9687
Comfort Systems USA (NYSE:FIX)
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