Comfort Systems USA Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Comfort Systems USA Inc. filed its Q1 2024 10-Q, detailing financial performance, segment data, and capital structure.</b>

AI Summary

COMFORT SYSTEMS USA INC (FIX) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Comfort Systems USA Inc. reported financial results for the quarter ended March 31, 2024. The company's filing includes data on its Mechanical and Electrical segments. Information regarding stock repurchase programs and treasury stock is detailed. Details on subordinate debt and promissory notes are provided as of March 31, 2024. The filing references credit facilities and letters of credit as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking COMFORT SYSTEMS USA INC, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Comfort Systems USA Inc., crucial for understanding recent performance and trends. The inclusion of segment-specific data allows for a deeper analysis of which business areas are driving growth or facing challenges within the company.

Risk Assessment

Risk Level: medium — COMFORT SYSTEMS USA INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures. However, the absence of specific financial performance metrics in the provided text limits a deeper risk assessment.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management's discussion and analysis, and risk factors to form a comprehensive investment thesis.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Quarterly Report)
• 2024-04-25 — Filing Date (10-Q Filing)
• 2007-03-29 — Stock Repurchase Program Start Date (fix:StockRepurchaseProgram2007Member)

Key Players & Entities

• COMFORT SYSTEMS USA INC (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-04-25 (date) — Filing Date
• FIX (ticker) — Ticker Symbol
• 10-Q (form) — Filing Type
• Mechanical Segment (segment) — Business Segment
• Electrical Segment (segment) — Business Segment

FAQ

Industry Context

Comfort Systems USA Inc. operates in the electrical and mechanical contracting industry, providing services for commercial, industrial, and institutional facilities.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the detailed financial statements within the full 10-Q for revenue, net income, and cash flow.
2. Examine the segment information for the Mechanical and Electrical divisions to identify growth drivers and potential risks.
3. Review the company's debt and credit facilities to understand its financial leverage and liquidity.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q
• 2024-04-25: Filing Date — Date the 10-Q was submitted to the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing an update from the previous fiscal year-end filings.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FIX New York Stock Exchan
• $1 b — djusted financial statement income over $1 billion, which is effective for tax years

Filing Documents

• fix-20240331x10q.htm (10-Q) — 1555KB
• fix-20240331xex31d1.htm (EX-31.1) — 9KB
• fix-20240331xex31d2.htm (EX-31.2) — 9KB
• fix-20240331xex32d1.htm (EX-32.1) — 7KB
• fix-20240331xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-005763.txt (&nbsp;) — 7147KB
• fix-20240331.xsd (EX-101.SCH) — 48KB
• fix-20240331_cal.xml (EX-101.CAL) — 68KB
• fix-20240331_def.xml (EX-101.DEF) — 202KB
• fix-20240331_lab.xml (EX-101.LAB) — 454KB
• fix-20240331_pre.xml (EX-101.PRE) — 325KB
• fix-20240331x10q_htm.xml (XML) — 1273KB

—Financial Information

Part I—Financial Information 2

—Financial Statements

Item 1—Financial Statements 2 Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Consolidated Statements of Stockholders' Equity 4 Consolidated Statements of Cash Flows 5 Condensed Notes to Consolidated Financial Statements 6

—Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2—Management's Discussion and Analysis of Financial Condition and Results of Operations 22

—Quantitative and Qualitative Disclosures about Market Risk

Item 3—Quantitative and Qualitative Disclosures about Market Risk 31

—Controls and Procedures

Item 4—Controls and Procedures 31

—Other Information

Part II—Other Information 33

—Legal Proceedings

Item 1—Legal Proceedings 33

—Risk Factors

Item 1A—Risk Factors 33

—Unregistered Sales of Equity Securities and Use of Proceeds

Item 2—Unregistered Sales of Equity Securities and Use of Proceeds 33

—Other Information

Item 5—Other Information 34

—Exhibits

Item 6—Exhibits 34

Signatures

Signatures 36 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements COMFORT SYSTEMS USA, INC. CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share Amounts) March 31, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 100,792 $ 205,150 Billed accounts receivable, less allowance for credit losses of $ 11,949 and $ 11,926 , respectively 1,570,643 1,318,926 Unbilled accounts receivable, less allowance for credit losses of $ 929 and $ 850 , respectively 76,975 72,774 Other receivables, less allowance for credit losses of $ 519 and $ 522 , respectively 136,100 166,319 Inventories 71,061 65,538 Prepaid expenses and other 62,500 54,309 Costs and estimated earnings in excess of billings, less allowance for credit losses of $ 108 and $ 79 , respectively 30,118 28,084 Total current assets 2,048,189 1,911,100 PROPERTY AND EQUIPMENT, NET 226,197 208,568 LEASE RIGHT-OF-USE ASSET 227,157 205,712 GOODWILL 862,934 666,834 IDENTIFIABLE INTANGIBLE ASSETS, NET 489,884 280,397 DEFERRED TAX ASSETS 31,928 17,723 OTHER NONCURRENT ASSETS 16,540 15,245 Total assets $ 3,902,829 $ 3,305,579 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 12,885 $ 4,867 Accounts payable 557,859 419,962 Accrued compensation and benefits 153,859 169,136 Billings in excess of costs and estimated earnings and deferred revenue 1,131,928 909,538 Accrued self-insurance 29,712 27,774 Other current liabilities 253,416 189,928 Total current liabilities 2,139,659 1,721,205 LONG-TERM DEBT 77,004 39,345 LEASE LIABILITIES 209,717 188,136 DEFERRED TAX LIABILITIES 1,120 1,120 OTHER LONG-TERM LIABILITIES 102,793 77,944 Total liabilities 2,530,293 2,027,750 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $ .01 par, 5,000,000 shares authorized, none issued and o

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View this 10-Q filing on SEC EDGAR