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Text: What we will say today is based on 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; and Bill George, Chief Financial Officer.
Brian will open our remarks.
Due to the commitment and resilience of our people, we were able to overcome unprecedented challenges during 2020 to achieve record earnings and cash flow.
In addition to the ongoing challenges from the pandemic, our people and organizations also experienced and overcame significant adversity in Texas just last week.
In 2020, we earned more than 20% of our revenue in Texas, where we have multiple strong mechanical capabilities in many markets, and Texas is also the home to our largest electrical team.
Virtually, all of our operations were closed for at least three full days with loss of productivity throughout last week.
We are now back to full capacity.
I am deeply grateful for the courage and perseverance that our field employees demonstrated, last week, in Texas and in many other markets that experienced terrible weather.
And I am in awe of our field workforce's grit and perseverance through COVID as every day our essential workers overcame the challenges they faced.
We continue to work hard to keep our workforce and our community safe and healthy every day.
2020 was a record year for Comfort Systems USA.
We finished the year with strong fourth quarter earnings per share of $1.17, and for the full year, we earned $4.09.
This marks the highest annual earnings per share in the history of our company, even without our tax and valuation gain.
Revenue for full year 2020 was also a record at $2.9 billion.
Our backlog is up slightly since September, and we have very good ongoing bidding activity as we start 2021.
Our 2020 free cash flow was an unprecedented $265 million.
And yesterday, we again announced an increase in our dividend.
At the end of 2020, we acquired a Tennessee Electric Company headquartered in Kingsport, Tennessee, and we expect they will contribute $90 million to $100 million of revenues in 2021.
This acquisition was closed on December 31, 2020.
So their balance sheet and backlog are included as of the last day of December.
TEC is a strong electrical and mechanical contractor, but TEC also brings unique industrial construction and plant service expertise and relationships with complex industrial clients.
Their results will be reported in our electrical segment starting in 2021.
In December, we promoted Trent McKenna to Chief Operating Officer.
Trent has been with Comfort Systems USA for 16 years, and I believe he will be a valuable leader, as we continue to grow and improve our operations.
By the way, I am not going anywhere, but this added depth will provide much-needed bandwidth to our senior team.
Before I review our operating results and prospects, I want to ask Bill to review our financial performance.
So as Brian said, our results were again very strong.
I'm going to just briefly point out some things for most of the line items of our P&L.
So fourth quarter revenue was $699 million, a decrease of $21 million compared to the same quarter last year.
Our same-store revenue declined by a larger $68 million.
However, our recent acquisitions of TAS and Starr offset that decline somewhat as they added $48 million in revenue this quarter.
You may recall that last year, at this time, we had large data center work in Texas that created very high revenue in the comparable period.
We will continue to face tough revenue comparisons through the first half of this year, especially in electrical, as a result of last year's big deployments.
Revenue for the full year was $2.9 billion, an increase of $241 million or 9% compared to 2019.
Full year same-store revenue in 2020 was 2% lower than in 2019 due to the factors I just mentioned.
Gross profit was $137 million for the fourth quarter of 2020, an increase of $4 million.
And gross profit as a percentage of revenue rose to 19.6% in the fourth quarter of 2020 compared to 18.4% for the fourth quarter of 2019.
For the full year, gross profit increased $45 million, and our gross profit margin was approximately flat at 19.1%.
SG&A expense was $89 million or 12.7% of revenue for the fourth quarter of 2020 compared to $87 million or 12% of revenue for the fourth quarter of 2019.
The prior year fourth quarter benefited from insurance proceeds associated with the cyber incident of approximately $1.6 million, and that reduced SG&A last year.
For the full year, SG&A as a percentage of revenue was 12.5% for 2020 compared to 13% for 2019.
On a same-store basis, for the full year, SG&A declined $6 million, and that decrease was primarily due to austerity relating to COVID, such as reductions in travel-related expenses.
During the fourth quarter of 2020, we revalued estimates relating to our earn-out liabilities, and as a result, we reported an overall gain of $7 million or $0.18 per share.
For the full year, the gain associated with acquisition earn-out valuation changes was $0.20 per share.
These gains were due to lower-than-forecasted earnings associated with our recent acquisitions, especially at Walker, which was more affected by COVID than our other operations.
Our 2020 tax rate was 21.6% compared to 24.7% in 2019.
During the third quarter of 2020, we finalized advantageous settlements with the IRS from their examination of our amended federal tax returns for 2014 and 2015.
On a go-forward basis, we now expect our normalized effective tax rate will be between 25% and 30%.
Although 2014 and 2015 are now settled, we have open audits relating to refunds we are claiming for the 2016, 2017 and 2018 tax years.
But we believe that any benefits that arise from those years would most likely be recognized in 2022 or beyond.
So after giving effect to all these items, we achieved record net income.
Specifically, net income for the fourth quarter of 2020 was $43 million or $1.17 per share as compared to $34 million or $0.92 per share in 2019.
Earnings per share for the current quarter included that $0.18 gain associated with earn-out revaluations.
Our full year earnings per share was $4.09 per share compared to $3.08 per share in the prior year.
The current year also included a tax benefit of $0.17 that we reported in the third quarter of 2020 from a discrete tax item.
The gains associated with earn-out revaluations, which for the full year was $0.20.
For the fourth quarter, EBITDA was $63 million, which is 6% higher than the fourth quarter of last year.
Our annual 2020 EBITDA was a milestone achievement for us, as our full year EBITDA was $250 million.
Cash flow for 2020 was extraordinary.
Our full year free cash flow was $255 million compared to $112 million in 2019.
Our 2020 cash flow includes roughly $32 million of benefit, that's a direct result of the Federal Stimulus Bill, which allowed us to defer payroll tax payments in the last nine months of 2020.
These tax deferrals will be repaid in two equal installments in the fourth quarters of 2021 and 2022.
Even with our acquisition expenditures, we were able to reduce our debt to less than one turn of trailing 12-month EBITDA.
2020 was our largest year for share repurchases in quite some time, as we reduced our overall shares outstanding by repurchasing 685,000 of our shares at an average price of $43.99.
Since we began our repurchase program in 2007, we have bought back over 9.3 million shares at an average price under $20.
That's all I have, Brian.
I'm going to spend a few minutes discussing our backlog and markets.
I will also comment on our outlook for 2021.
Our backlog level at the end of the fourth quarter of 2020 was $1.51 billion.
Sequentially, our same-store backlog increased by $10 million, with particular strength in our modular backlog.
Same-store backlog compared to one year ago has decreased by $375 million, of which approximately, 1/3 related to an expected decline in our electrical segment.
We are also experiencing delays in bookings and in project starts at certain of our large private companies.
Overall, we are comfortable -- we are very comfortable with the backlog we have across our operating locations as our booked work at the end of 2019 included some live beta projects and that comparison represented an unusually high level of backlog.
Most of our sectors continued to have strong quotation activity, even the sectors where bookings have been delayed.
That is particularly true on our industrial business, which includes technology, manufacturing, pharmaceuticals and food processing.
Our industrial revenue has grown to 39% of total revenue in 2020 compared to 34% a year ago.
We expect this sector to continue to be strong, and the majority of TAS and TEC revenues are industrial.
Institutional markets, which includes education, healthcare and government, were 36% of our revenue, and that is roughly consistent with what we saw in 2019.
The commercial sector was 25% of our revenue.
For 2020, construction was 79% of our revenue with 47% from construction projects for new buildings and 32% from construction projects in existing buildings.
Both of our construction and service businesses achieved record operating income margin.
Service was 21% of our 2020 revenue with service projects providing 8% of revenue and pure service, including hourly work, providing 13% of revenue.
Beginning in late March, our service business experienced the first and most pronounced negative impacts associated with COVID-19, largely as a result of building closures and decisions by customers to limit facility access.
We are seeing good opportunities in internal air quality, which has helped many of our service departments return to pre-pandemic volumes.
The most important element of IAQ is this -- is not just the immediate revenue, but also the opportunity to use our unmatched expertise to create new relationships.
This really plays to our strength of solving problems for our customers, and it is not just a service story.
As air quality considerations really add to our ability to differentiate and add value in construction and at times will increase the size and complexity of even large projects.
Overall, our service operations ended the year with improved profitability, and thus, today, they are back to prior volumes.
Despite pandemic-related challenges, our mechanical segment performed incredibly well during the quarter.
We are grateful for our performance this year, and our prospects are much better than we would have expected this past spring.
Our electrical segment had a tougher 2020 than we would have liked, but we currently expect good margin improvement in electrical in 2021.
Our backlog strengthened this quarter, but our near-term business continues to reflect some delays in bookings and starts that will result in same-store revenue headwinds in the first half of 2021.
At the same time, we have really strong project development and planning activity with our customers.
We are increasingly optimistic about 2021 and beyond because of that strong pipeline.
We currently expect full year 2021 results that are similar to, but lower than, the record results that we achieved in 2020.
We continue to prepare for a wide range of potential circumstances in nonresidential construction in the coming quarters.
However, we perceived strong trends, especially in industrial, technology and manufacturing.
And we think our geographic markets are favorably positioned with comparatively strong prospects.
We look forward to good profits and cash flow in 2021.
We have an unmatched workforce and a great and essential business, and we will continue to invest our reliable cash flows to make the most of these advantages and opportunities.

user
q4 earnings per share $1.17.
q4 revenue $699 million versus refinitiv ibes estimate of $694.7 million.
backlog as of december 31, 2020 was $1.51 billion.

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