$FIX
COMFORT SYSTEMS USA INC

2020 Q2 Form 10-Q Financial Statement

#000155837020008436 Filed on July 27, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $743.5M $650.3M
YoY Change 14.33% 21.54%
Cost Of Revenue $597.8M $530.3M
YoY Change 12.73% 25.11%
Gross Profit $145.7M $120.0M
YoY Change 21.4% 7.94%
Gross Profit Margin 19.6% 18.46%
Selling, General & Admin $85.05M $84.51M
YoY Change 0.64% 18.67%
% of Gross Profit 58.37% 70.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.00M $14.30M
YoY Change 25.87% 34.91%
% of Gross Profit 12.35% 11.92%
Operating Expenses $85.05M $84.51M
YoY Change 0.64% 18.67%
Operating Profit $60.96M $35.70M
YoY Change 70.75% -11.13%
Interest Expense $2.554M $3.050M
YoY Change -16.26% 314.4%
% of Operating Profit 4.19% 8.54%
Other Income/Expense, Net -$6.397M -$4.596M
YoY Change 39.19% -245.03%
Pretax Income $54.57M $31.11M
YoY Change 75.42% -28.23%
Income Tax $15.07M $6.933M
% Of Pretax Income 27.62% 22.29%
Net Earnings $39.50M $24.17M
YoY Change 63.38% -25.73%
Net Earnings / Revenue 5.31% 3.72%
Basic Earnings Per Share $1.08 $0.65
Diluted Earnings Per Share $1.08 $0.65
COMMON SHARES
Basic Shares Outstanding 36.58M 36.94M
Diluted Shares Outstanding 36.74M 37.22M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.30M $36.80M
YoY Change 44.84% 31.43%
Cash & Equivalents $53.25M $36.79M
Short-Term Investments
Other Short-Term Assets $10.50M $7.300M
YoY Change 43.84% 40.38%
Inventory $12.21M $12.73M
Prepaid Expenses
Receivables $695.7M $644.5M
Other Receivables $20.90M $25.30M
Total Short-Term Assets $792.5M $726.6M
YoY Change 9.07% 29.33%
LONG-TERM ASSETS
Property, Plant & Equipment $121.6M $108.3M
YoY Change 12.21% 17.89%
Goodwill $420.8M $332.6M
YoY Change 26.53%
Intangibles $210.2M $174.0M
YoY Change 20.79%
Long-Term Investments
YoY Change
Other Assets $7.004M $5.304M
YoY Change 32.05% -76.22%
Total Long-Term Assets $882.9M $718.0M
YoY Change 22.97% 80.68%
TOTAL ASSETS
Total Short-Term Assets $792.5M $726.6M
Total Long-Term Assets $882.9M $718.0M
Total Assets $1.675B $1.445B
YoY Change 15.98% 50.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $202.1M $165.1M
YoY Change 22.38% 13.56%
Accrued Expenses $164.0M $134.4M
YoY Change 22.02% 36.17%
Deferred Revenue $226.0M $165.3M
YoY Change 36.76%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $85.00K $10.38M
YoY Change -99.18% 843.64%
Total Short-Term Liabilities $681.5M $527.1M
YoY Change 29.3% 26.0%
LONG-TERM LIABILITIES
Long-Term Debt $231.4M $284.7M
YoY Change -18.7% 391.65%
Other Long-Term Liabilities $46.96M $29.31M
YoY Change 60.24% 70.4%
Total Long-Term Liabilities $278.4M $314.0M
YoY Change -11.33% 318.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $681.5M $527.1M
Total Long-Term Liabilities $278.4M $314.0M
Total Liabilities $1.047B $912.5M
YoY Change 14.74% 83.16%
SHAREHOLDERS EQUITY
Retained Earnings $417.7M $305.7M
YoY Change 36.62%
Common Stock $322.8M $320.3M
YoY Change 0.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $112.1M $93.95M
YoY Change 19.33%
Treasury Stock Shares $4.620M $4.269M
Shareholders Equity $628.4M $532.1M
YoY Change
Total Liabilities & Shareholders Equity $1.675B $1.445B
YoY Change 15.98% 50.6%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $39.50M $24.17M
YoY Change 63.38% -25.73%
Depreciation, Depletion And Amortization $18.00M $14.30M
YoY Change 25.87% 34.91%
Cash From Operating Activities $141.9M $25.60M
YoY Change 454.3% -23.81%
INVESTING ACTIVITIES
Capital Expenditures -$7.000M -$6.900M
YoY Change 1.45% -18.82%
Acquisitions
YoY Change
Other Investing Activities -$92.60M -$194.7M
YoY Change -52.44% 2850.0%
Cash From Investing Activities -$99.70M -$201.5M
YoY Change -50.52% 1225.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -122.3M 183.6M
YoY Change -166.61% -1269.43%
NET CHANGE
Cash From Operating Activities 141.9M 25.60M
Cash From Investing Activities -99.70M -201.5M
Cash From Financing Activities -122.3M 183.6M
Net Change In Cash -80.10M 7.700M
YoY Change -1140.26% 185.19%
FREE CASH FLOW
Cash From Operating Activities $141.9M $25.60M
Capital Expenditures -$7.000M -$6.900M
Free Cash Flow $148.9M $32.50M
YoY Change 358.15% -22.8%

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COMFORT SYSTEMS USA, INC.
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ProfitLoss
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CY2020Q1 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
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CY2020Q1 fix Stock Issued During Period Value Restricted And Performance Stock Award Gross
StockIssuedDuringPeriodValueRestrictedAndPerformanceStockAwardGross
1855000
CY2020Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2020Q1 us-gaap Dividends Common Stock Cash
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CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2020Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Profit Loss
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AmortizationOfIntangibleAssets
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us-gaap Depreciation
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13633000
us-gaap Depreciation
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8687000
fix Change In Right Of Use Assets
ChangeInRightOfUseAssets
7150000
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ProvisionForDoubtfulAccounts
4593000
us-gaap Provision For Doubtful Accounts
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us-gaap Amortization Of Financing Costs
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
735000
fix Increase Decrease In Contract With Customer Assets
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6185000
fix Increase Decrease In Contract With Customer Assets
IncreaseDecreaseInContractWithCustomerAssets
3070000
us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Repayments Of Other Debt
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us-gaap Repayments Of Other Debt
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us-gaap Payments For Repurchase Of Common Stock
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
556000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
820000
fix Deferred Acquisition Payments
DeferredAcquisitionPayments
400000
fix Deferred Acquisition Payments
DeferredAcquisitionPayments
500000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
593000
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">1. Business and Organization</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Comfort Systems USA, Inc., a Delaware corporation, provides comprehensive mechanical and electrical contracting services, which principally includes heating, ventilation and air conditioning (“HVAC”), plumbing, electrical, piping and controls, as well as off-site construction, monitoring and fire protection. We install, maintain, repair and replace products and systems throughout the United States. The terms “Comfort Systems,” “we,” “us,” or the “Company,” refer to Comfort Systems USA, Inc. or Comfort Systems USA, Inc. and its consolidated subsidiaries, as appropriate in the context.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p>
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 36pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, revenue and expenses and disclosures regarding contingent assets and liabilities. Actual results could differ from those estimates. The most significant estimates used in our financial statements affect revenue and cost recognition for construction contracts, the allowance for credit losses, self-insurance accruals, deferred tax assets, warranty accruals, fair value accounting for acquisitions and the quantification of fair value for reporting units in connection with our goodwill impairment testing. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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PercentageOfRevenueFromContractWithCustomer
1.000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
650302000
CY2019Q2 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
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fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
1.000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020Q2 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
1.000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
650302000
CY2019Q2 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1443599000
fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
1.000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020Q2 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
1.000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
650302000
CY2019Q2 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1443599000
fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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fix Percentage Of Revenue From Contract With Customer
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ProvisionForDoubtfulAccounts
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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fix Allowance For Doubtful Accounts Receivable Acquired
AllowanceForDoubtfulAccountsReceivableAcquired
502000
fix Accounts Receivable Allowance For Credit Loss Purchase Accounting Adjustment
AccountsReceivableAllowanceForCreditLossPurchaseAccountingAdjustment
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fix Reclassification Of Allowance For Credit Losses
ReclassificationOfAllowanceForCreditLosses
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us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
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fix Contract With Customer Asset Increase Decrease For Change Due To Conditional Versus Unconditional
ContractWithCustomerAssetIncreaseDecreaseForChangeDueToConditionalVersusUnconditional
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CY2019 fix Contract With Customer Asset Increase Decrease For Change Due To Conditional Versus Unconditional
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CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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fix Renewable Service Maintenance Agreements Term
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fix Variable Lease And Short Term Lease Cost
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3400000
fix Variable Lease And Short Term Lease Cost
VariableLeaseAndShortTermLeaseCost
4200000
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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us-gaap Payments For Rent
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CY2019Q4 us-gaap Operating Lease Liability
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us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2020Q2 fix Life Insurance Contracts Number Of Employees Covered
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74
CY2020Q2 fix Life Insurance Contracts Face Amount
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54200000
CY2020Q2 us-gaap Cash Surrender Value Of Life Insurance
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4300000
CY2019Q4 us-gaap Cash Surrender Value Of Life Insurance
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
108288000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
210164000
CY2020Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
231835000
CY2019Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
226483000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
308000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
348000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
231527000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
226135000
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
85000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
20817000
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
231442000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
205318000
CY2020Q2 fix Debt Instrument Covenant Fixed Charge Coverage Ratio
DebtInstrumentCovenantFixedChargeCoverageRatio
2.00
CY2019Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
36854000
CY2020Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
36503000
CY2019Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
36854000
CY2020Q2 fix Effect Of Using Weighted Average Common Shares Outstanding
EffectOfUsingWeightedAverageCommonSharesOutstanding
78000
CY2019Q2 fix Effect Of Using Weighted Average Common Shares Outstanding
EffectOfUsingWeightedAverageCommonSharesOutstanding
89000
fix Effect Of Using Weighted Average Common Shares Outstanding
EffectOfUsingWeightedAverageCommonSharesOutstanding
125000
fix Effect Of Using Weighted Average Common Shares Outstanding
EffectOfUsingWeightedAverageCommonSharesOutstanding
79000
CY2020Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
36503000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36581000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36943000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36628000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36933000
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
99000
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
221000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
124000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
226000
CY2020Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
57000
CY2019Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
59000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
69000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
69000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36737000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37223000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36821000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37228000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q2 us-gaap Revenues
Revenues
743468000
CY2020Q2 us-gaap Gross Profit
GrossProfit
145695000
CY2019Q2 us-gaap Revenues
Revenues
650302000
CY2019Q2 us-gaap Gross Profit
GrossProfit
120016000
us-gaap Revenues
Revenues
1443599000
us-gaap Gross Profit
GrossProfit
262788000
us-gaap Revenues
Revenues
1188775000
us-gaap Gross Profit
GrossProfit
226681000

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