4/28/2022

speaker
Justin
Conference Call Moderator

Good day, and thank you for standing by, and welcome to Q1 2022 Comfort Systems USA earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1 on your telephone. Please be advised that this call is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your host today, Julie Shafe, Chief Accounting Officer. You may begin.

speaker
Julie Shafe
Chief Accounting Officer

Thanks, Justin. Good morning. Welcome to Comfort Systems USA's first quarter of 2022 earnings call. Our comments today, as well as our press releases, contain forward-looking statements within the meaning of the applicable securities laws and regulations. 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. You can read a 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. The 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, Trent McKenna, Chief Operating Officer, and Bill George, Chief Financial Officer. Brian will open our remarks.

speaker
Brian Lane
President and Chief Executive Officer

Thanks, Julie. Good morning, everyone, and thank you for joining us on the call today. We are pleased to report a fantastic start to 2022. Our teams are busier than ever, and we are incredibly grateful for their hard work, and we thank them. Excluding the tax gains that Bill will discuss in a few minutes, we earned 91 cents per share this quarter compared to 73 cents a year ago. New work is commencing across our markets and our same store revenue increased by 16% compared to a year ago. Bookings climbed again as demand is strong for our services. We had good cash flow despite deploying working capital to support our growth. Yesterday, we also announced a one cent increase to our quarterly dividend. On April 1st, We acquired Atlantic Electric headquartered in Charleston, South Carolina. Atlantic performs electrical contracting in various South Carolina markets, as well as specialized work on airfields in the Southeast. This partnership brings new capabilities and new markets to Comfort Systems USA. I will discuss our business and outlook shortly. But first, I will turn this call over to Bill to review our financial performance.

Disclaimer

This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.

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