Comfort Systems USA Inc. Q2 2024 10-Q Filed
Ticker: FIX · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 1035983
Sentiment: neutral
Topics: 10-Q, financials, stock-repurchase
TL;DR
CSUSA Q2 10-Q is in, showing retained earnings and stock repurchase details.
AI Summary
Comfort Systems USA, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial information, including retained earnings and additional paid-in capital as of various dates in 2023 and 2024. The company also references its 2007 Stock Repurchase Program.
Why It Matters
This filing provides investors with an update on Comfort Systems USA's financial health and capital structure, crucial for understanding its current valuation and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.
Key Numbers
- P47M — Other Liabilities Current (Reported for Q2 2024)
- P35M — Other Liabilities Current (Reported for Q1 2024)
- P3Y — Other Liabilities Current (Reported for Q2 2023)
Key Players & Entities
- COMFORT SYSTEMS USA INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240725 (date) — Filing Date
- 7138309600 (dollar_amount) — Business Phone
- 2007-03-29 (date) — Stock Repurchase Program Start Date
FAQ
What were Comfort Systems USA's retained earnings as of June 30, 2024?
The filing indicates retained earnings as of June 30, 2024, but the specific dollar amount is not provided in the header data.
What is the status of the 2007 Stock Repurchase Program as of June 30, 2024?
The filing references the 2007 Stock Repurchase Program and its status as of June 30, 2024, but specific details on remaining authorization or activity are not in the header.
What was the company's Additional Paid-In Capital on March 31, 2024?
The filing shows Additional Paid-In Capital as of March 31, 2024, but the specific dollar amount is not detailed in the header.
When was the 10-Q filing submitted?
The 10-Q filing was submitted on July 25, 2024.
What is Comfort Systems USA's Standard Industrial Classification (SIC) code?
Comfort Systems USA's SIC code is 1731, which corresponds to Electrical Work.
Filing Stats: 4,539 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-07-25 16:06:56
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-20240630x10q.htm (10-Q) — 1938KB
- fix-20240630xex31d1.htm (EX-31.1) — 9KB
- fix-20240630xex31d2.htm (EX-31.2) — 9KB
- fix-20240630xex32d1.htm (EX-32.1) — 7KB
- fix-20240630xex32d2.htm (EX-32.2) — 8KB
- 0001558370-24-010178.txt ( ) — 8081KB
- fix-20240630.xsd (EX-101.SCH) — 49KB
- fix-20240630_cal.xml (EX-101.CAL) — 68KB
- fix-20240630_def.xml (EX-101.DEF) — 203KB
- fix-20240630_lab.xml (EX-101.LAB) — 455KB
- fix-20240630_pre.xml (EX-101.PRE) — 326KB
- fix-20240630x10q_htm.xml (XML) — 1567KB
—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 33
—Controls and Procedures
Item 4—Controls and Procedures 33
—Other Information
Part II—Other Information 34
—Legal Proceedings
Item 1—Legal Proceedings 34
—Risk Factors
Item 1A—Risk Factors 34
—Unregistered Sales of Equity Securities and Use of Proceeds
Item 2—Unregistered Sales of Equity Securities and Use of Proceeds 34
—Other Information
Item 5—Other Information 35
—Exhibits
Item 6—Exhibits 36
Signatures
Signatures 37 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) June 30, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 199,419 $ 205,150 Billed accounts receivable, less allowance for credit losses of $ 13,513 and $ 11,926 , respectively 1,708,507 1,318,926 Unbilled accounts receivable, less allowance for credit losses of $ 1,055 and $ 850 , respectively 81,184 72,774 Other receivables, less allowance for credit losses of $ 519 and $ 522 , respectively 155,606 166,319 Inventories 63,778 65,538 Prepaid expenses and other 45,486 54,309 Costs and estimated earnings in excess of billings, less allowance for credit losses of $ 227 and $ 79 , respectively 69,391 28,084 Total current assets 2,323,371 1,911,100 PROPERTY AND EQUIPMENT, NET 240,319 208,568 LEASE RIGHT-OF-USE ASSET 226,721 205,712 GOODWILL 874,947 666,834 IDENTIFIABLE INTANGIBLE ASSETS, NET 480,880 280,397 DEFERRED TAX ASSETS 50,112 17,723 OTHER NONCURRENT ASSETS 17,634 15,245 Total assets $ 4,213,984 $ 3,305,579 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 17,686 $ 4,867 Accounts payable 590,529 419,962 Accrued compensation and benefits 209,390 169,136 Billings in excess of costs and estimated earnings and deferred revenue 1,149,896 909,538 Accrued self-insurance 31,881 27,774 Other current liabilities 335,566 189,928 Total current liabilities 2,334,948 1,721,205 LONG-TERM DEBT 73,377 39,345 LEASE LIABILITIES 208,710 188,136 DEFERRED TAX LIABILITIES 1,120 1,120 OTHER LONG-TERM LIABILITIES 113,535 77,944 Total liabilities 2,731,690 2,027,750 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $ .01 par, 5,000,000 shares authorized, none issued and