Comfort Systems USA (FIX) FY2020 results: revenue $2.9 billion, up 9.2% on the year
Comfort Systems USA Inc. (FIX) reported revenue of $2.9 billion for fiscal 2020, the year ended 31 December 2020, up 9.2% on the year before. Net income was $150 million, up 31.3%, and diluted earnings per share $4.09. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$2.9 billion
+9.2% on the year
FY2013FY2020
Operating margin
6.7%
6.3% a year earlier
FY2013FY2020
Net income
$150 million
+31.3% on the year
FY2013FY2020
Diluted EPS
$4.09
+32.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,857
2,615
2,183
+9.2%
Cost of revenue
2,310
2,113
1,737
+9.3%
Gross profit
547
502
446
+9.0%
Gross margin
19.1%
19.2%
20.4%
Selling, general and administrative
358
340
297
+5.2%
Operating income
191
164
150
+16.5%
Operating margin
6.7%
6.3%
6.9%
Interest expense
8.4
9.3
3.7
-10.0%
Pre-tax income
192
152
149
+26.2%
Income tax
41.4
37.4
35.8
+10.6%
Effective tax rate
21.6%
24.7%
24.1%
Net income
150
114
113
+31.3%
Net margin
5.3%
4.4%
5.2%
Diluted EPS
$4.09
$3.08
$3.00
+32.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
287
142
147
+101.7%
Capital expenditure
24.1
31.8
27.3
-24.0%
Free cash flow
262
110
120
+137.9%
Free cash flow margin
9.2%
4.2%
5.5%
Cash from investing
-208
-224
-95.7
Cash from financing
-74.6
87.6
-42.4
Depreciation and amortisation
27.9
24.5
42.7
+13.9%
Share-based compensation
6.9
5.9
7.2
+18.0%
Buybacks
30.1
19.6
28.5
+54.1%
Dividends paid
15.5
14.5
12.3
+6.6%
Dividend per share
$0.42
$0.40
$0.33
+7.6%
Diluted shares, weighted
37m
37m
38m
-1.1%
Shares outstanding at period end
36m
37m
37m
-1.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
696
585
498
+19.0%
Debt
236
226
76.9
+4.2%
Operating lease liabilities
80.6
72.7
n/a
+10.8%
Other liabilities
744
621
488
+20.0%
Total liabilities and equity
1,757
1,505
1,063
+16.8%
Fixed assets
117
110
99.6
+6.7%
Goodwill
464
332
235
+39.7%
Intangible assets
232
160
95.3
+44.9%
Cash and equivalents
54.9
50.8
45.6
+8.1%
Inventory
13.5
10.1
12.4
+34.0%
Other assets
876
842
574
+4.0%
Total assets
1,757
1,505
1,063
+16.8%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.