COMFORT SYSTEMS USA INC
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 25, 2024
FIX$1,105.93-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
(In Thousands)
| | | | | | | | |
|---|---|---|---|---|---|---|---|
| · · Three Months Ended · | |||||||
| · · March 31, · | |||||||
| · 2024 · 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |
| Net income | | $96,319 | | $57,216 | | ||
| Adjustments to reconcile net income to net cash provided by operating activities— | | | | | | | |
| Amortization of identifiable intangible assets | | 23,913 | | 10,331 | | ||
| Depreciation expense | | 11,254 | | 9,187 | | ||
| Change in right-of-use assets | | | 7,981 | | | 5,357 | |
| Bad debt expense | | 356 | | 946 | | ||
| Deferred tax provision (benefit) | | (14,205) | | (27,537) | | ||
| Amortization of debt financing costs | | 171 | | 169 | | ||
| Gain on sale of assets | | (820) | | (512) | | ||
| Changes in the fair value of contingent earn-out obligations | | 12,491 | | 2,382 | | ||
| Stock-based compensation | | 7,414 | | 6,141 | | ||
| Changes in operating assets and liabilities, net of effects of acquisitions and divestitures— | | | | | | | |
| (Increase) decrease in— | | | | | | | |
| Receivables, net | | (125,582) | | (125,937) | | ||
| Inventories | | (5,293) | | (1,386) | | ||
| Prepaid expenses and other current assets | | (4,499) | | (911) | | ||
| Costs and estimated earnings in excess of billings and unbilled accounts receivable | | (4,822) | | (2,281) | | ||
| Other noncurrent assets | | (280) | | (298) | | ||
| Increase (decrease) in— | | | | | | | |
| Accounts payable and accrued liabilities | | 118,757 | | 28,652 | | ||
| Billings in excess of costs and estimated earnings and deferred revenue | | 23,307 | | 159,140 | | ||
| Other long-term liabilities | | 95 | | 6,250 | | ||
| Net cash provided by operating activities | | 146,557 | | 126,909 | | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |
| Purchases of property and equipment | | (24,952) | | (16,520) | | ||
| Proceeds from sales of property and equipment | | 1,014 | | 622 | | ||
| Cash paid for acquisitions, net of cash acquired | | (196,670) | | (53,047) | | ||
| Payments for investments | | | (1,040) | | | — | |
| Net cash used in investing activities | | (221,648) | | (68,945) | | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |
| Proceeds from revolving credit facility | | 162,000 | | 85,000 | | ||
| Payments on revolving credit facility | | (162,000) | | (140,000) | | ||
| Proceeds from other debt | | | 640 | | | — | |
| Payments on other debt | | (22) | | (16) | | ||
| Payments of dividends to stockholders | | (8,921) | | (6,254) | | ||
| Share repurchase | | (295) | | (3,568) | | ||
| Shares received in lieu of tax withholding | | (2,126) | | (1,798) | | ||
| Proceeds from exercise of options | | 27 | | 18 | | ||
| Payments for contingent consideration arrangements | | (18,570) | | — | | ||
| Net cash used in financing activities | | (29,267) | | (66,618) | | ||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | | (104,358) | | (8,654) | | ||
| CASH AND CASH EQUIVALENTS, beginning of period | | 205,150 | | 57,214 | | ||
| CASH AND CASH EQUIVALENTS, end of period | | $100,792 | | $48,560 | | ||
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