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| --- | --- | --- | --- | --- | |----------------------------------------------|-------|-------------------|-------|-----------------| | Net Income | | 2024 \n$ 96,319 | | 2023 \n$ 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 ...

Comfort Systems USA, Inc. (NYSE:FIX) Q1 2024 Earnings Conference Call April 26, 2024 11:00 AM ET Company Participants Julie Shaeff – Chief Accounting Officer Brian Lane – President and Chief Executive Officer Bill George – Chief Financial Officer Conference Call Participants Alex Dwyer – KeyBanc Capital Markets Adam Thalhimer – Thompson Davis Josh Chan – UBS Julio Romero – Sidoti & Company Brent Thielman – D.A. Davidson Operator Good day, and thank you for standing by, and welcome to the Q1 2024 Comfort Sys ...

Financial Performance - Revenue for Q1 2024 was $1,537,016, an increase of 30.8% compared to $1,174,640 in Q1 2023[13] - Gross profit for Q1 2024 was $297,363, representing a gross margin of 19.4%, up from $205,405 in Q1 2023[13] - Net income for Q1 2024 was $96,319, a 68.4% increase from $57,216 in Q1 2023[13] - Basic earnings per share for Q1 2024 increased to $2.70, compared to $1.60 in Q1 2023[13] - Consolidated revenue for Q1 2024 was $1,537,016, a 30.9% increase from $1,174,640 in Q1 2023[54] - Gross profit for the consolidated entity was $297,363,000 for the three months ended March 31, 2024, compared to $205,405,000 for the same period in 2023, a growth of about 44.7%[115] - Revenue for Q1 2024 increased by $362.4 million, or 30.8%, to $1.54 billion compared to Q1 2023, driven by a 22.7% increase in same-store activity[146] - The mechanical segment revenue for Q1 2024 increased by $266.4 million, or 29.0%, to $1,185.0 million, with $178.9 million attributed to same-store activity[147] - The electrical segment revenue for Q1 2024 increased by $96.0 million, or 37.5%, to $352.0 million, primarily due to increased activity in the technology and manufacturing sectors[148] Assets and Liabilities - Total current assets rose to $2,048,189 as of March 31, 2024, up from $1,911,100 at the end of 2023[11] - Total assets increased to $3,902,829 as of March 31, 2024, compared to $3,305,579 at the end of 2023[11] - Total liabilities increased to $2,530,293 as of March 31, 2024, from $2,027,750 at the end of 2023[11] - Cash and cash equivalents decreased to $100,792 as of March 31, 2024, down from $205,150 at the end of 2023[11] - The outstanding balance of notes to former owners is $89.1 million, with future principal payments scheduled as follows: $4.8 million in 2024, $21.645 million in 2025, $31.625 million in 2026, $26 million in 2027, and $5 million in 2028[180]. Cash Flow - Net cash provided by operating activities for Q1 2024 was $146,557, compared to $126,909 in Q1 2023[19] - Cash used in investing activities for Q1 2024 was $221,648, significantly higher than $68,945 in Q1 2023, primarily due to cash paid for acquisitions[19] - Free cash flow for Q1 2024 was $122.6 million, compared to $111.0 million in Q1 2023[170] - Cash provided by operating activities was $146.6 million in Q1 2024, up from $126.9 million in Q1 2023, driven by higher pre-tax income and increases in accounts payable[167] - Cash paid for amounts included in the measurement of operating lease liabilities was $9,466,000 for the three months ended March 31, 2024, compared to $7,024,000 for the same period in 2023, representing a year-over-year increase of approximately 34.8%[100] Acquisitions - The acquisition of Summit Industrial Construction, LLC on February 1, 2024, involved a total consideration of $359,827, including cash and contingent earn-out payments[69] - The total preliminary purchase price for DECCO, Inc. acquisition was $59.8 million, including $48.8 million in cash paid at closing[80] - The total purchase price for Eldeco, Inc. acquisition was $74.0 million, including $60.8 million in cash paid at closing[81] - The fair value of identifiable intangible assets acquired from Summit was estimated at $170,100, with customer relationships valued at $123,000[71] - The contingent earn-out obligation from the Summit acquisition is tied to four earnings milestones, with payments ranging from $2.6 million to $20.5 million[73] Backlog and Performance Obligations - Remaining performance obligations totaled $5.91 billion, with an expectation to recognize 65-75% of this amount over the next 12 months[60] - The backlog as of March 31, 2024, was $5.91 billion, a 14.6% increase from $5.16 billion as of December 31, 2023, and a 33.0% increase from $4.44 billion as of March 31, 2023[150] - Approximately 10% to 20% of the company's business has historically required performance and payment bonds, which could be affected by future market conditions[184] Tax and Compliance - The company filed its 2022 federal tax return in October 2023, requesting a refund of $107.1 million for an overpayment, which has not been received as of March 31, 2024[38] - The provision for income taxes for Q1 2024 was $26.7 million with an effective tax rate of 21.7%, compared to $8.6 million and 13.1% in Q1 2023[158] - The company’s effective tax rate is influenced by profitability across various jurisdictions and can be impacted by discrete items such as tax law changes and judgments[36] Operational Insights - The company expects continued pressure on costs and availability of skilled labor throughout 2024[135] - The company has generated positive net free cash flow for the last twenty-five calendar years, indicating strong financial resilience[181] - The company maintains reasonable cash balances and significant borrowing capacity, which are expected to provide sufficient liquidity for operations in the foreseeable future[182] - There have been no changes in internal control over financial reporting that materially affected the company's financial reporting during the three months ended March 31, 2024[191] Shareholder Activities - The company has repurchased a cumulative total of 10.3 million shares at an average price of $26.29 per share under the stock repurchase program as of March 31, 2024[171] - During the three months ended March 31, 2024, the company repurchased less than 0.1 million shares for approximately $0.3 million at an average price of $196.89 per share[200]

Exhibit 99.1 CONTACT:Julie Shaeff, Chief Accounting Officer 675 Bering Drive, ir@comfortsystemsusa.com; 713-830-9687 Houston, Texas 77057 Suite 400 713-830-9600 FOR IMMEDIATE RELEASE COMFORT SYSTEMS USA REPORTS FIRST QUARTER RESULTS Houston, TX — April 25, 2024 — 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 $1.5 ...

Comfort Systems USA, Inc. (FIX) is scheduled to report its first-quarter 2024 results on Apr 25, after market close.In the last reported quarter, the company’s earnings topped the Zacks Consensus Estimate by 18.6%. On a year-over-year basis, the top and bottom lines grew 21.6% and 65.6%, respectively.Markedly, its earnings surpassed expectations in each of the last four quarters, the average surprise being 25.5%.The Trend in Estimate RevisionThe Zacks Consensus Estimate for first-quarter 2024 earnings per s ...

For those looking to find strong Construction stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Comfort Systems (FIX) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Construction peers, we might be able to answer that question.Comfort Systems is a member of our Construction group, which includes 96 different companies and currently sits at #2 in the Zacks Sector Rank. The Zacks Sector Rank gauges the ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Comfort Systems USA (FIX) : This company which, is a national provider of comprehensive heating, ventilation and air conditioning installation, maintenance, repair and replacement services, has seen the Zacks Consensus Estimate for its current year earnings increasing 19.5% over the last 60 days.General Motors (GM) : This company which is one of the world’s largest automakers, has seen the Zacks Consensus Estimate for its current year e ...

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a great growth stock is not easy at all.That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.However, the Zacks Growth Style Score (part of the Zacks Style Scores system), whic ...