10/27/2020

speaker
Sheila
Operator

and welcome everyone to the quarter three 2020 Comfort Systems USA earnings conference call hosted by Comfort Systems USA. My name's Sheila. I'm the operator for today. During the presentation, your lines will remain on listen only. If you require assistance at any time, just key star zero on your telephone and a coordinator will be happy to help you. I'd like to advise all parties this conference is being recorded for replay purposes. And now I'd like to hand over to Julie Schafer Chief Accounting Officer, please proceed.

speaker
Julie Schafer
Chief Accounting Officer

Thanks, Sheila. Good morning. Welcome to Comfort Systems USA's third quarter earnings call. Our comments this morning, as well as our press releases, contain forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. 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. You can read a more detailed listing and commentary concerning our specific risk factors in our most recent Form 10-K and Form 10-Q, as well as in our press release covering these earnings. A slide presentation has been provided as a companion to our remarks. This presentation is posted on the investor relations section of the company's website, found at ComfortSystemsUSA.com. 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.

speaker
Brian Lane
President and Chief Executive Officer

Okay. Thanks, Julie. Good morning, everyone. Thank you for joining us on the call today. We are all facing unique challenges now from the global pandemic. And in the midst of that, we appreciate our good performance and solid prospects. More than anything, I am grateful for our employees, and I want to thank all of them for their commitment and resilience during this difficult time. Our employees continue to rise to the occasion. I feel gratitude and admiration for them every day. We are working hard. to keep our workforce and our community safe and healthy during COVID-19. Despite adversity, Comfort Systems USA achieved a record earnings and impressive cash flow. We earned $1.36 per share this quarter, compared to $0.98 per share in the same quarter of last year. This quarter included a $0.17 benefit from a discrete tax item. This marks the highest quarterly EPS in the history of our company with or without the tax benefit. Revenues were $714 million for the quarter, and our year-to-date revenues exceed $2.1 billion. Through nine months, we had $199 million of free cash flow, more than double the good results we achieved in the same timeframe last year. Our backlog has trended downwards some this quarter, but we feel good about our prospects, and as you can see, we continue to increase our dividend. In a few minutes, I will spend some time on how that might affect us next year. Before I review our operation results and prospects, I want to ask Bill to review the details of our financial performance. Bill?

Disclaimer

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