Comfort Systems USA, Inc.

Good day, and thank you for standing by. Welcome to the fourth quarter 2024 Comfort System 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 this session, you'll need to press star 1-1 on your telephone. You will then hear automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I'd like to hand the conference over to your first speaker today, Julie Shafe, Chief Accounting Officer. Please go ahead.

Thanks, Marvin. Good morning. Welcome to Comfort Systems USA's fourth quarter and full year 2024 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 in these comments. You can read a detailed listing and commentary concerning our specific risk factors in our most recent Form 10-K, as well as in our press release covering these earnings. A slide presentation is provided as a companion to our remarks and 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.

All right. Thanks, Julie. Good morning, and thank you for joining our call today. Last night, we reported record annual and fourth-quarter earnings and exceptional cash flow thanks to excellent execution by our superb teams across the United States. Same-store revenue growth for the fourth quarter was 22%, and our margins were amazing. We earned $4.09 per share this quarter, up 60% from last year and $14.60 per share for the year compared to $9.01 from 2023. Backlog at the end of the year grew to a new all-time high of $6 billion. Our backlog is broadly based, and we continue to experience strength across virtually all sectors, including persistent strong demand from our technology customers. Thanks to strong fourth quarter bookings, we begin 2025 with same-store growth in both sequential and year-over-year backlog. 2024 operating cash flow was $849 million, laying a strong foundation for continued investment, and our ongoing cash flow strength is indicative of strong underlying trends in our execution, customer relationships, and prospects. Recently acquired companies continue to surpass our expectations, and we are pleased to announce that in January we added Century Contractors as our newest partner company. Century is an outstanding, well-established mechanical contractor based in Charlotte, North Carolina. and we expect they will earn about $90 million of revenue this year. We also announced a quarterly dividend increase of $0.05 to $0.40 per share. This increase reflects our strong cash flow, and like our share repurchases, it shows our commitment to reward our shareholders. I will discuss our business and outlook in a few minutes, but first I will turn this call over to Bill to review our financial performance. Bill?