$FIX
COMFORT SYSTEMS USA INC

2022 Q4 Form 10-Q Financial Statement

#000155837022015407 Filed on October 26, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $1.117B $1.120B
YoY Change 30.5% 34.31%
Cost Of Revenue $905.9M $917.8M
YoY Change 29.05% 36.03%
Gross Profit $211.2M $202.2M
YoY Change 37.11% 27.02%
Gross Profit Margin 18.91% 18.06%
Selling, General & Admin $122.5M $121.2M
YoY Change 26.23% 27.19%
% of Gross Profit 57.97% 59.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.10M $19.79M
YoY Change 6.11% 8.0%
% of Gross Profit 9.52% 9.79%
Operating Expenses $131.6M $121.2M
YoY Change 25.07% 27.19%
Operating Profit $79.60M $81.44M
YoY Change 63.07% 27.04%
Interest Expense -$9.905M $3.609M
YoY Change -734.53% 127.55%
% of Operating Profit -12.44% 4.43%
Other Income/Expense, Net $33.00K -$7.001M
YoY Change -56.58% 149.23%
Pretax Income $70.20M $74.44M
YoY Change 37.73% 21.44%
Income Tax $14.78M $12.92M
% Of Pretax Income 21.05% 17.36%
Net Earnings $55.42M $61.52M
YoY Change 47.42% 32.87%
Net Earnings / Revenue 4.96% 5.49%
Basic Earnings Per Share $1.72
Diluted Earnings Per Share $1.54 $1.71
COMMON SHARES
Basic Shares Outstanding 35.76M 35.78M
Diluted Shares Outstanding 35.97M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.21M $71.14M
YoY Change -2.66% 5.05%
Cash & Equivalents $57.21M $71.14M
Short-Term Investments
Other Short-Term Assets $48.46M $27.37M
YoY Change 104.42% 137.62%
Inventory $35.31M $38.15M
Prepaid Expenses
Receivables $1.128B $1.138B
Other Receivables $38.37M $83.27M
Total Short-Term Assets $1.308B $1.358B
YoY Change 27.29% 50.11%
LONG-TERM ASSETS
Property, Plant & Equipment $143.9M $138.2M
YoY Change 11.98% 19.64%
Goodwill $611.8M $611.0M
YoY Change 3.32% 15.95%
Intangibles $273.9M $285.1M
YoY Change -10.13% 6.34%
Long-Term Investments
YoY Change
Other Assets $13.84M $12.25M
YoY Change 59.36% 38.04%
Total Long-Term Assets $1.290B $1.191B
YoY Change 9.14% 13.83%
TOTAL ASSETS
Total Short-Term Assets $1.308B $1.358B
Total Long-Term Assets $1.290B $1.191B
Total Assets $2.597B $2.549B
YoY Change 17.58% 30.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $337.4M $330.3M
YoY Change 32.42% 39.72%
Accrued Expenses $176.6M $196.3M
YoY Change 3.1% 11.96%
Deferred Revenue $461.8M $411.9M
YoY Change 50.23% 68.43%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.000M $2.514M
YoY Change 222.81% -57.8%
Total Short-Term Liabilities $1.171B $1.044B
YoY Change 39.96% 40.65%
LONG-TERM LIABILITIES
Long-Term Debt $247.2M $378.2M
YoY Change -35.82% 41.77%
Other Long-Term Liabilities $67.76M $59.96M
YoY Change -6.15% -25.29%
Total Long-Term Liabilities $315.0M $438.1M
YoY Change -31.14% 26.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.171B $1.044B
Total Long-Term Liabilities $315.0M $438.1M
Total Liabilities $1.598B $1.598B
YoY Change 13.83% 35.5%
SHAREHOLDERS EQUITY
Retained Earnings $854.6M $804.6M
YoY Change 35.92% 35.03%
Common Stock $332.5M $332.1M
YoY Change 1.53% 1.6%
Preferred Stock
YoY Change
Treasury Stock (at cost) $187.2M $185.6M
YoY Change 24.33% 22.91%
Treasury Stock Shares $5.362M $5.349M
Shareholders Equity $999.9M $951.1M
YoY Change
Total Liabilities & Shareholders Equity $2.597B $2.549B
YoY Change 17.58% 30.65%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $55.42M $61.52M
YoY Change 47.42% 32.87%
Depreciation, Depletion And Amortization $20.10M $19.79M
YoY Change 6.11% 8.0%
Cash From Operating Activities $132.0M $61.23M
YoY Change 380.08% 43.79%
INVESTING ACTIVITIES
Capital Expenditures $13.57M -$14.58M
YoY Change -309.81% 185.73%
Acquisitions
YoY Change
Other Investing Activities -$853.0K -$8.916M
YoY Change -99.29% -90.47%
Cash From Investing Activities -$14.42M -$23.49M
YoY Change -88.66% -76.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -131.5M -35.73M
YoY Change -245.04% -150.96%
NET CHANGE
Cash From Operating Activities 132.0M 61.23M
Cash From Investing Activities -14.42M -23.49M
Cash From Financing Activities -131.5M -35.73M
Net Change In Cash -13.92M 2.010M
YoY Change 55.67% -85.71%
FREE CASH FLOW
Cash From Operating Activities $132.0M $61.23M
Capital Expenditures $13.57M -$14.58M
Free Cash Flow $118.4M $75.81M
YoY Change 248.74% 58.97%

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us-gaap Depreciation
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us-gaap Depreciation
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12904000
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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fix Deferred Acquisition Payments
DeferredAcquisitionPayments
50000
fix Deferred Acquisition Payments
DeferredAcquisitionPayments
400000
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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us-gaap Revenues
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fix Percentage Of Revenue From Contract With Customer
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1.000
us-gaap Revenues
Revenues
2217552000
fix Percentage Of Revenue From Contract With Customer
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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 build, install, maintain, repair and replace mechanical, electrical and plumbing (“MEP”) 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>
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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, self-insurance accruals, deferred tax assets, fair value accounting for acquisitions and the quantification of fair value for reporting units in connection with our goodwill impairment testing. </p>
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CY2022Q1 fix Income Tax Examination Interest Income Expense Net
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CY2022Q3 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
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CY2021Q3 us-gaap Revenues
Revenues
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CY2021Q3 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
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Revenues
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CY2022Q3 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
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Revenues
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CY2021Q3 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
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us-gaap Revenues
Revenues
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fix Percentage Of Revenue From Contract With Customer
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Revenues
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fix Percentage Of Revenue From Contract With Customer
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CY2022Q3 fix Percentage Of Revenue From Contract With Customer
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Revenues
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CY2021Q3 fix Percentage Of Revenue From Contract With Customer
PercentageOfRevenueFromContractWithCustomer
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us-gaap Revenues
Revenues
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fix Percentage Of Revenue From Contract With Customer
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fix Percentage Of Revenue From Contract With Customer
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CY2021 us-gaap Contract With Customer Receivable Credit Loss Expense Reversal
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CY2021 fix Contract With Customer Asset Increase Decrease For Change Due To Conditional Versus Unconditional
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927000
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CY2022Q3 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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us-gaap Revenue Practical Expedient Remaining Performance Obligation
RevenuePracticalExpedientRemainingPerformanceObligation
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CY2022Q3 fix Life Insurance Contracts Number Of Employees Covered
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CY2022Q3 fix Life Insurance Contracts Face Amount
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80600000
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CY2021Q4 us-gaap Finance Lease Liability
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CY2022Q3 fix Other Debt Long Term And Short Term Combined Amount
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227000
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380706000
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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31876000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
31032000
CY2022Q3 fix Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
140678000
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2022Q3 us-gaap Debt And Capital Lease Obligations
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fix Variable Lease And Short Term Lease Cost
VariableLeaseAndShortTermLeaseCost
6100000
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Expense
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us-gaap Lessee Operating Lease Existence Of Option To Extend
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us-gaap Payments For Rent
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us-gaap Payments For Rent
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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124756000
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
21056000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
19050000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
114443000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
107701000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
135499000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
126751000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6753000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
25578000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
22934000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
21760000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
18740000
CY2022Q3 fix Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
65470000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
161235000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
25736000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
135499000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35966000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36328000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
6777000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
5597000
us-gaap Operating Lease Payments
OperatingLeasePayments
19793000
us-gaap Operating Lease Payments
OperatingLeasePayments
16297000
CY2022Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6191000
CY2021Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
13154000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
24560000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
22513000
CY2022Q3 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
4500000
CY2022Q3 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
4500000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
35774000
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
36042000
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
35774000
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
36042000
CY2022Q3 fix Effect Of Using Weighted Average Common Shares Outstanding
EffectOfUsingWeightedAverageCommonSharesOutstanding
79000
CY2021Q3 fix Effect Of Using Weighted Average Common Shares Outstanding
EffectOfUsingWeightedAverageCommonSharesOutstanding
254000
fix Effect Of Using Weighted Average Common Shares Outstanding
EffectOfUsingWeightedAverageCommonSharesOutstanding
192000
fix Effect Of Using Weighted Average Common Shares Outstanding
EffectOfUsingWeightedAverageCommonSharesOutstanding
286000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35853000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36296000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
32000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
73000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
39000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
100000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
87000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
65000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
73000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
72000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35972000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36434000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36078000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36500000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022Q3 us-gaap Revenues
Revenues
1120012000
CY2022Q3 us-gaap Gross Profit
GrossProfit
202224000
CY2021Q3 us-gaap Revenues
Revenues
833896000
CY2021Q3 us-gaap Gross Profit
GrossProfit
159212000
us-gaap Revenues
Revenues
3023176000
us-gaap Gross Profit
GrossProfit
530360000
us-gaap Revenues
Revenues
2217552000
us-gaap Gross Profit
GrossProfit
409136000

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