Comfort Systems USA Inc. Q3 2024 10-Q Filing
Ticker: FIX · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 1035983
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**CSGS Q3 10-Q out: Financials updated, balance sheet details released.**
AI Summary
Comfort Systems USA Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and balance sheet items are presented, reflecting the company's ongoing business activities and financial position.
Why It Matters
This filing provides investors and analysts with the latest financial snapshot of Comfort Systems USA Inc., crucial for understanding the company's performance and making informed investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.
Key Numbers
- P47M — Other Liabilities Current (Represents current liabilities for the period ending 2024-09-30.)
- P35M — Other Liabilities Current (Represents current liabilities for the period ending 2024-06-30.)
- P3Y — Other Liabilities Current (Represents current liabilities for the period ending 2023-12-31.)
Key Players & Entities
- COMFORT SYSTEMS USA INC (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241024 (date) — Date of filing
- 77057 (dollar_amount) — ZIP code for business and mailing address
FAQ
What was the company's financial position as of September 30, 2024?
The filing indicates current liabilities related to 'Other Liabilities Current' were P47M as of September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on October 24, 2024.
What is the primary business of Comfort Systems USA Inc. according to the SIC code?
The Standard Industrial Classification (SIC) code indicates the company is involved in 'ELECTRICAL WORK [1731]'.
What is the company's fiscal year end?
Comfort Systems USA Inc.'s fiscal year ends on December 31.
What is the context of 'fix:StockRepurchaseProgram2007Member' mentioned in the filing?
This likely refers to a stock repurchase program initiated in 2007, with activity noted up to September 30, 2024.
Filing Stats: 4,584 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-10-24 16:39:00
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-20240930x10q.htm (10-Q) — 2048KB
- fix-20240930xex31d1.htm (EX-31.1) — 9KB
- fix-20240930xex31d2.htm (EX-31.2) — 9KB
- fix-20240930xex32d1.htm (EX-32.1) — 7KB
- fix-20240930xex32d2.htm (EX-32.2) — 8KB
- 0001558370-24-013635.txt ( ) — 8279KB
- fix-20240930.xsd (EX-101.SCH) — 48KB
- fix-20240930_cal.xml (EX-101.CAL) — 68KB
- fix-20240930_def.xml (EX-101.DEF) — 204KB
- fix-20240930_lab.xml (EX-101.LAB) — 458KB
- fix-20240930_pre.xml (EX-101.PRE) — 329KB
- fix-20240930x10q_htm.xml (XML) — 1562KB
—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 6 Condensed Notes to Consolidated Financial Statements 7
—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 23
—Quantitative and Qualitative Disclosures about Market Risk
Item 3—Quantitative and Qualitative Disclosures about Market Risk 34
—Controls and Procedures
Item 4—Controls and Procedures 34
—Other Information
Part II—Other Information 35
—Legal Proceedings
Item 1—Legal Proceedings 35
—Risk Factors
Item 1A—Risk Factors 35
—Unregistered Sales of Equity Securities and Use of Proceeds
Item 2—Unregistered Sales of Equity Securities and Use of Proceeds 35
—Other Information
Item 5—Other Information 36
—Exhibits
Item 6—Exhibits 37
Signatures
Signatures 38 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) September 30, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 415,583 $ 205,150 Billed accounts receivable, less allowance for credit losses of $ 15,280 and $ 11,926 , respectively 1,730,960 1,318,926 Unbilled accounts receivable, less allowance for credit losses of $ 953 and $ 850 , respectively 89,332 72,774 Other receivables, less allowance for credit losses of $ 515 and $ 522 , respectively 135,323 166,319 Inventories 55,680 65,538 Prepaid expenses and other 36,087 54,309 Costs and estimated earnings in excess of billings, less allowance for credit losses of $ 200 and $ 79 , respectively 73,934 28,084 Total current assets 2,536,899 1,911,100 PROPERTY AND EQUIPMENT, NET 250,150 208,568 LEASE RIGHT-OF-USE ASSET 225,301 205,712 GOODWILL 875,193 666,834 IDENTIFIABLE INTANGIBLE ASSETS, NET 456,459 280,397 DEFERRED TAX ASSETS 50,234 17,723 OTHER NONCURRENT ASSETS 18,529 15,245 Total assets $ 4,412,765 $ 3,305,579 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 6,046 $ 4,867 Accounts payable 603,546 419,962 Accrued compensation and benefits 258,174 169,136 Billings in excess of costs and estimated earnings and deferred revenue 1,197,532 909,538 Accrued self-insurance 36,924 27,774 Other current liabilities 326,921 189,928 Total current liabilities 2,429,143 1,721,205 LONG-TERM DEBT 62,315 39,345 LEASE LIABILITIES 208,268 188,136 DEFERRED TAX LIABILITIES 1,120 1,120 OTHER LONG-TERM LIABILITIES 124,197 77,944 Total liabilities 2,825,043 2,027,750 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $ .01 par, 5,000,000 shares authorized, none issued an