7/28/2022

speaker
Kate
Conference Call Operator

Good morning and welcome to the Comfort Assistance USA second quarter 2022 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw from the question queue, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Julie Shafe, Chief Accounting Officer. Please go ahead.

speaker
Julie Shafe
Chief Accounting Officer

Thanks, Kate. Good morning. Welcome to Comfort Systems USA's second quarter 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 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 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

All right. Thanks, Julie. Good morning, and thank you for joining us on the call today. Before we start... I want to sincerely thank our employees across the country working through so many tough challenges, including record heat, and achieving amazing results for our customers. We had a strong second quarter. Thanks to careful planning and superb execution, our teams continue to perform for our customers and our stakeholders. We earned $1.17 per share this quarter compared to $0.90 a year ago. Unprecedented market conditions resulted in same-store revenue growth of approximately 25 percent, driven by increased activity and strong markets combined with the effects of cost increases in materials, equipment, and other inputs. New work is commencing across our footprint, and our backlog and pipeline remain strong. Cash flow was also excellent this quarter. especially since we are investing capital to support our growth. During the quarter, we also amended our credit facility to increase it to $850 million and improve flexibility and cost. We want to thank our banks for recognizing the strength of our balance sheet and providing us with this additional financial flexibility. I will discuss our business and outlook shortly. But first, I will turn this call over to Bill to review our financial performance. Bill? Thanks, Brian.

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.

-

-