Note 2: The tax rate on these items was computed using the pro forma effective tax rate of the Company exclusive of these charges.
Supplemental Non-GAAP Information – Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) (Unaudited):
|Three Months Ended||Twelve Months Ended|
|December 31,||December 31,|
|Interest expense, net||283||163||1,506||617|
|Gain on sale of assets||(23||)||(8||)||(525||)||(106||)|
|Depreciation and amortization||5,560||3,630||17,442||13,432|
Note 1: The Company defines adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as net income, excluding discontinued operations, income taxes, other income, interest expense, net, gain on sale of assets, goodwill impairment and depreciation and amortization. Other companies may define Adjusted EBITDA differently. Adjusted EBITDA is presented because it is a financial measure that is frequently requested by third parties. However, Adjusted EBITDA is not considered under generally accepted accounting principles as a primary measure of an entity’s financial results, and accordingly, Adjusted EBITDA should not be considered an alternative to operating income, net income, or cash flows as determined under generally accepted accounting principles and as reported by the Company.
Comfort Systems USA, Inc.
|Condensed Consolidated Balance Sheets|
| December 31,
| December 31,
|Cash and cash equivalents||$||86,346||$||127,850|
|Accounts receivable, net||233,893||203,353|
|Costs and estimated earnings in excess of billings||26,648||20,432|
|Other current assets||56,061||61,520|
|Total current assets||402,948||413,155|
|Property and equipment, net||43,620||34,671|
|Identifiable intangible assets, net||39,616||19,380|
|Other noncurrent assets||6,018||7,548|
|Current maturities of long-term debt||$||300||$||250|
|Current maturities of notes to former owners||967||917|
|Billings in excess of costs and estimated earnings||63,422||66,343|
|Other current liabilities||102,387||97,672|
|Total current liabilities||268,210||249,030|
|Long-term debt, net of current maturities||2,700||―|
|Notes to former owners, net of current maturities||25,969||6,441|
|Other long-term liabilities||30,357||13,493|
|Total stockholders’ equity||312,784||305,984|
|Total liabilities and stockholders’ equity||$||640,020||$||574,948|
Selected Cash Flow Data (in thousands):
| Three Months Ended
| Twelve Months Ended
|Cash provided by (used in):|
|Free cash flow:|
|Cash from operating activities||$||46,620||$||9,497||$||32,149||$||54,251|
|Purchases of property and equipment||(2,986||)||(3,037||)||(7,089||)||(9,457||)|
|Proceeds from sales of property and equipment||152||270||1,381||770|
|Taxes paid related to pre-acquisition equity transactions of an acquired company||―||―||7,056||―|
|Free cash flow||$||43,786||$||6,730||$||33,497||$||45,564|
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