Comfort Systems USA (FIX) FY2019 results: revenue $2.6 billion, up 19.8% on the year
Comfort Systems USA Inc. (FIX) reported revenue of $2.6 billion for fiscal 2019, the year ended 31 December 2019, up 19.8% on the year before. Net income was $114 million, up 1.3%, and diluted earnings per share $3.08. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$2.6 billion
+19.8% on the year
FY2012FY2019
Operating margin
6.3%
6.9% a year earlier
FY2012FY2019
Net income
$114 million
+1.3% on the year
FY2012FY2019
Diluted EPS
$3.08
+2.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,615
2,183
1,788
+19.8%
Cost of revenue
2,113
1,737
1,422
+21.7%
Gross profit
502
446
366
+12.5%
Gross margin
19.2%
20.4%
20.5%
Selling, general and administrative
340
297
267
+14.5%
Operating income
164
150
99.3
+8.9%
Operating margin
6.3%
6.9%
5.6%
Interest expense
9.3
3.7
3.2
+151.1%
Pre-tax income
152
149
101
+2.1%
Income tax
37.4
35.8
45.7
+4.6%
Effective tax rate
24.7%
24.1%
45.2%
Net income
114
113
55.3
+1.3%
Net margin
4.4%
5.2%
3.1%
Diluted EPS
$3.08
$3.00
$1.47
+2.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
142
147
114
-3.5%
Capital expenditure
31.8
27.3
35.5
+16.4%
Free cash flow
110
120
78.6
-8.0%
Free cash flow margin
4.2%
5.5%
4.4%
Cash from investing
-224
-95.7
-129
Cash from financing
87.6
-42.4
19.3
Depreciation and amortisation
24.5
42.7
37.5
-42.6%
Share-based compensation
5.9
7.2
6.4
-17.9%
Buybacks
19.6
28.5
9.0
-31.5%
Dividends paid
14.5
12.3
11.0
+18.5%
Dividend per share
$0.40
$0.33
$0.29
+19.7%
Diluted shares, weighted
37m
38m
38m
-1.2%
Shares outstanding at period end
37m
37m
37m
-0.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
585
498
418
+17.5%
Debt
226
76.9
60.5
+194.4%
Operating lease liabilities
72.7
n/a
n/a
Other liabilities
621
488
403
+27.3%
Total liabilities and equity
1,505
1,063
881
+41.6%
Fixed assets
110
99.6
87.6
+10.2%
Goodwill
332
235
201
+41.4%
Intangible assets
160
95.3
76.0
+67.9%
Cash and equivalents
50.8
45.6
36.5
+11.3%
Receivables
n/a
n/a
383
Inventory
10.1
12.4
10.3
-19.0%
Other assets
842
574
87.2
+46.6%
Total assets
1,505
1,063
881
+41.6%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.