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Text: What we will say today is based upon the current plans and expectations of Comfort Systems USA.
Those plans and expectations include risks and uncertainties that might cause actual future activities and results of our operations to be materially different from those set forth in our comments.
Joining me on the call today are Brian Lane, President and Chief Executive Officer; Trent McKenna, Chief Operating Officer; and Bill George, Chief Financial Officer.
Brian will open our remarks.
We are happy to report an excellent second quarter.
We earned $0.90 per share despite some revenue headwinds arising from pandemic-related delays in some areas and projects.
Our sequential backlog increased by $180 million this quarter on a same-store basis, and our year-over-year same-store backlog also increased by $200 million.
And this is the first time since the pandemic decline that we have seen a same-store increase in our backlog from the prior year.
These increases support our belief that direct pandemic effects are abating.
Our free cash flow continues to be strong and yesterday we increased our dividend.
Our essential workforce proved its mettle during the recent challenges and they continue to excel as circumstances improve.
We are grateful for their strength and perseverance.
We are optimistic about our prospects for the next several quarters.
We recently announced that Amteck will be joining Comfort Systems USA and that acquisition is expected to close in the third quarter.
Amteck provides electrical contracting solutions and services, including core electric and low voltage systems as well as services for plans of maintenance, retrofit and emergency work.
Amteck is headquartered in Kentucky and focuses on the Southeastern United States, including Kentucky, Tennessee and the Carolinas.
Amteck brings experienced professionals and a fantastic reputation for electrical contracting and services in industrial markets such as food processing.
Amteck will add world-class capabilities in complex projects, deep customer relationships, design build confidence and opportunities for synergy.
Before I review second quarter details, I want to discuss the impact of COVID and how that has affected the composition and timing of earnings and revenues so far this year and in the comparable period last year.
Our first quarter results in 2020 were lowered by COVID.
As we closed that quarter last year in the midst of governmental orders in building and job shutdowns, we were very concerned about how the pandemic and work precautions would affect our productivity.
Accordingly, the judgments we made to close the first quarter last year led us to expect higher cost on jobs and reduced margins and we also reserve certain receivables.
Three months later, by the time we were closing our second quarter, it had become clear that our activities were deemed essential and that we could work at good productivity levels, or would be paid for lost productivity in most cases.
As a result, we reassess some cautious estimates and partially as a result of those judgments the second quarter of 2020 was particularly robust.
We continue to benefit from those factors in last year's order as well and the third quarter of 2020 also benefited from a very discrete gain relating to the settlement of open issues with the IRS for our 2014 and 2015 tax years.
As a result, although underlying trends are strengthening, we continue to face tough comparables in the third quarter.
Now during the first half of this year and a year later, we have good execution and productivity.
However, we have had some revenue softness due to delays in work preparation and pre-construction due to the pandemic.
We are also toward the end of closing out some work that was performed under the worst conditions of the pandemic and so the margins we achieved this quarter reflect a little of that headwind.
Fortunately, those effects are subsiding, and our research and backlog and active pipeline is a sign of good demand and prospects.
And so with that background and context, let me review the numbers in more detail.
Revenue for the 2021 second quarter was $714 million, a decrease of $30 million compared to last year and our same-store revenue declined by $46 million.
Gross profit this quarter was $126 million, lower by $19 million.
And gross profit as a percentage of revenue declined to 17.7% this quarter compared to 19.6% for the second quarter of 2020.
Our gross profit this quarter reflected the headwinds that we are experiencing in construction, particularly in our Mechanical segment.
If you compare the six months period this year to the same period in 2020, gross profit was 18.1% for the first six months of 2021, which is roughly equivalent to 18.2% for the first half of 2020.
SG&A expense for the quarter was $88 million, or 12.3% of revenue compared to $85 million, or 11.4% of revenue for the same quarter in 2020.
On a same-store basis, SG&A was similar to last year with a same-store increase of $1 million.
Our 2021 tax rate was 23.8% compared to 27.6% in 2020.
Our quarterly tax rate benefited from permanent differences related to stock-based compensation, and we expect a more normal rates in the second half of the year.
Net income for the second quarter of 2021 was $33 million, or $0.90 per share.
And that resulted -- that result included $0.10 of income related to the revaluation of our contingent earn-out obligations.
We have four large earn-outs active in 2021 and so we expect more variability than usual in earn-out valuation this year.
Our net income for the second quarter of 2020 was $39 million, or $1.08 per share.
For our second quarter, EBITDA was $55 million and year-to-date we have $106 million of EBITDA.
Free cash flow in the first six months was $101 million as compared to $151 million for the first half of 2020.
The slowdown and some temporary tax benefits created unprecedented cash flow last year.
Our cash flow is very strong through six months.
But as activity levels improve, we are likely to continue deploying some working capital to start new projects in many of our geographies.
Ongoing strong cash flow has allowed us to reduce our debt faster than expected, and also to remain active in repurchasing our stock, and we have reduced our outstanding share count for five consecutive years.
Brian mentioned that we recently entered into an agreement to acquire Amteck, and that transaction is expected to close shortly and during the third quarter.
We have not yet closed Amteck, so no revenue or backlog is yet included.
Amteck will be included in our Electrical segment, and it is expected to contribute annualized revenues of approximately $175 million to $200 million and EBITDA of $14 million to $17 million.
In light of the required amortization expense related to intangibles and other costs associated with that transaction, the acquisition is expected to make a neutral to slightly accretive contribution to earnings per share for the first 12 months to 18 months.
So that's all I have on financials, Brian.
I'm going to spend a few minutes discussing our backlog and markets.
I will also comment on our outlook for the remainder of 2021.
New bookings significantly exceeded backlog performed during the second quarter.
Backlog at the end of the second quarter of 2021 was $1.84 billion.
We believe that the business impacts relating to COVID-19 have now stabilized, and as a result same-store backlog increased sequentially by 11% or $180 million.
That is a strong increase, particularly for the second quarter.
The increase is broad based with strength across our markets, most notably, in industrial projects.
Although delays might modestly impact activity levels for the third quarter, we see strong underlying trends in the coming quarters, and we are comfortable with the backlog we have across our operating locations.
Our industrial activities were 42% of total revenue in the first half of 2021.
We think this sector will continue growing as the majority of the revenues at our new companies of TAS and TEC are industrial, and because industrial is heavily represented in new backlog.
Institutional markets, which include education, healthcare and the government, are strong and with 33% of our revenue.
The commercial sector is also solid.
But with our changing mix it is now about 25% of our revenue.
For the first six months of 2021, construction was 77% of our revenue with 46% from construction projects for new buildings, and 31% from construction projects in existing buildings.
Service was a great story this quarter, and service revenue was 23% of year-to-date revenue with service projects providing 9% of revenue, and pure service, including hourly work, providing 14% of revenue.
Year-to-date service revenue is up approximately 12% with improved profitability.
Service is now rebounded to full activity levels.
Profitable small project activity is back and we continue to help customers with their indoor air quality.
Overall, Service was a major source of profit for us this quarter and really help to offset the temporary air pockets in construction.
Our Mechanical segment continues to perform well, despite being most impacted by the pandemic-related air pockets.
Our Electrical gross margins improved from 6.5% in the first six months of 2020 to 14.3% this year.
Our backlog grew this quarter and strength is returning.
Project development and planning activities continue to be strong with our customers.
We are confident in recent acquisitions and are excited about the pending addition of Amteck.
We also continue to invest in our workforce and businesses in order to grow earnings and cash flow.
For the balance of 2021 the pandemic recovery will continue to affect revenue timing and work, and we also faced a tough third quarter comparison as Bill mentioned.
As work picks up, we will be impacted by timing, and we will invest some working capital in order to ramp up.
For the next few quarters, we will have relatively fewer closeouts also.
We are paying more for materials, but so far material availability and increases have been manageable.
We are closely monitoring material shortages and costs, and are taking steps to add additional protections on new work.
All of these considerations make it hard to predict exactly how the next quarter or two will unfold, but the underlying trends and opportunities are very positive.
Despite some moving pieces in carryover effects in the near term, we look forward to continued profitability and our increased backlog and strong pipeline indicate that we can expect stronger activity levels later this year and into 2022.
We are optimistic about finishing 2021 on a strong note, and we are even more optimistic about 2022.

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q2 earnings per share $0.90.

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