FIX - Earnings call transcript Q3 2020 | Comfort Systems USA, Inc.

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Operator

Good day, and welcome everyone to the Quarter Three 2020 Comfort Systems USA Earnings Conference Call hosted by Comfort Systems USA. My name is Sheila, I'm the operator for today.

During the presentation, your lines will remain on listen-only. [Operator Instructions] 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 Shaeff, Chief Accounting Officer. proceed. Please

Julie Shaeff

morning. Systems Good earnings third to call. Welcome Sheila. USA's Comfort quarter Thanks,

those morning, our Securities well forward-looking comments current say as Our this on based as XXXX. we the the of today is cause our Those to and activities results our of operations Systems and statements, meaning expectations expectations risks press future the Act of USA. Comfort in and actual include materially Private set different Litigation from plans What be and will comments. within plans uncertainties contain forth that might of releases

read detailed is as A company's posted a found has section been Form a XX-K You presentation release, as commentary companion can recent of Relations the factors slide presentation to XX-Q, Form press more earnings. well concerning risk our these as specific This and most comfortsystemsusa.com. on provided in and remarks. our website Investor our in the our listing covering at

today Lane, Officer. call our Brian the Financial on remarks. are will Chief Chief me President Executive and George, Brian Joining open Bill Officer; and

Brian Lane

Thank Julie. for thanks, everyone. call you morning, Good the joining us today. Okay, on

and that, We appreciate pandemic and commitment resilience I want of the of for are our all challenges them global am time. facing the during than their midst and good our all from in anything, More employees and unique now solid this performance I for prospects. we grateful to difficult thank

gratitude occasion, the feel to and day. for rise to I continue employees them admiration Our every

to year. earned same impressive per workforce Systems We the $X.XX quarter achieved healthy COVID-XX. Comfort during keep flow. We USA quarter share in of are this share and working and earnings Despite hard and last compared per our safe our $X.XX community to record adversity, cash

had tax in from a the This quarter same frame This [ph] $XXX months, million Revenues $X.X EPS for double marks our tax discrete year-to-date results the the was flow quarter history more than a it million year. billion. good of of revenues the company time our Through cash out quarterly all last benefit. $XXX exceed highest $X.XX with in and free we nine the the item. included achieved benefit we

trended you prospects. we on increase us Our I a time see, on next few but affect continue about as our And has downwards will we this spend our can dividend. good might to feel how backlog In quarter, year. minutes, that some

our of Before results details Bill? and to I Bill performance. our I operational prospects. want ask to review financial review the

Bill George

Brian. Thanks,

due by offset year our of $X of TAS $XXX to achieved current a we offering. to said, increase an positive expanding both results. of to increase contributed the construction and same-store record This the same last modular X%. decrease which Starr, is quarter million, third Revenue Brian increase million once quarter As again in of compared This was in acquisitions the revenue was year.

mechanical Our was on segment basis. slightly up a same-store

So certain on a in lower revenues we from delays very the resulted due and second we until starts of mobilized half electrical from electrical this prior very in XXXX year volume Last of year. high the large exceptionally as this our were experienced segment year year. with jobs in the other revenue comparisons the combination deferred decrease combined of high services to middle

air profit was Texas as third quarter to to the result expense especially a for SG&A experiencing, headwinds million of for are remained year. Gross last two same-store XXXX, of XX.X% rose X% for third increase next face third comparisons for of the in through of XXXX SG&A quarter we our year. million profit of of quarter in third revenue that $XXX combined currently markets. a is the quarter $X and XX.X% of factors, revenue to of will percentage at XXXX. continuing in during primarily And next million compared to expect measures year, quarter compared second for compared a steady XXXX. largest the we travel-related these of as XXXX cost electrical declined pockets $XX $XX the XX.X% half continue we As the the was third first tough in the delays to revenue a with This control both percentage such due quarters. same-store as to expenses. million. reduction of decrease revenue basis, On SG&A a quarter Gross

tax we and which XXXX, million fees in consulting the approximately offset had an During partially other third $X of planning of quarter increase declines.

commercial previously Our benefited energy-efficient from credits quarter-to-date were building XX.X% R&D and rate that tax reserved. and effective deductions for was

settlement, finalized their from third XX% would XXXX will amended the currently which rate rate for tax tax in reflects XXXX benefits our and of and will the these full we effective between tax our Starting XX% between We IRS settlements. we During and our XXXX. rate the quarter our quarter, tax the examination slightly have over quarterly XXXX, settlements federal be be estimate XX%. with effective this of for if year returns and you eliminate XX%, expect been the XX%

and third recognizable fees in tax to XXXX, from beyond. $XX XXXX, processes XXXX million the per related share million current benefited $X.XX most Net settled, completely XXXX for that you benefits of benefits XXXX we had included Even in years. the that likely million the to ongoing incurred compared share of per or years quarter XXXX discussed that are quarter earnings or increase and any be during possible, quarter. the Earnings was if XX% in the a I $XX $X.XX tax for believe those per exclude or $X.X that tax Although benefit, for $X.XX benefit tax as of future previously XXXX share. now arise we open we and were the per related are XXXX. consulting share And income have while net will

quarter compared we to $XX the of of year. of For increase last that EBITDA X% third the quarter, in was EBITDA an the $XX third million million, reported

is to was and up XX-month in a $XXX compared free cash $XX last million. basis, the Coming million $XXX cash flow flow in EBITDA the On strong Our flow a XXXX. million quarter, $XX to be year-to-date extraordinary record current our cash million free quarter. our an in trailing was continues

$XX payments benefit which includes months' Our a the to that flow nine second defer bill, the million direct us is roughly stimulus tax allowed of cash third result and certain of payroll federal quarter. in

to cash equal in in that installments discrete will of flow balance than in of year we XXXX. the sheet to tax cash phenomenal flow fourth reduce and full-year EBITDA has be is provisions XXXX The to fourth first, XXXX XX-month estimate provisions quarters trailing resulted about turn This had the our year leverage approximately from cash best $XX accomplishments; by this will million able these Our X estimated anticipated. sooner benefit repaid a the benefit million. $XX we two flow less were quarter tax than two important federal government of

XXXX, second Second, acquisition we second ever. our funded during the of largest quarter

to able acquisition we still during that cash fund were debt entirely reduce flow free from managed the levels. our we However, to quarter, and

of we average back price of XXXX, our beginning $XXX shares flow million. at average $XX.XX. began nine XX-month bought in price $XX.XX. free million Since year, we program this of the cash repurchase purchased of we our have at have Our an over is XXX,XXX Since an trailing shares

Brian Now financial. for [ph] to

Brian Lane

going our I and our for minutes am Bill. Okay. also comment I markets. backlog full XXXX spend will outlook to a and discussing few year on XXXX. Thanks,

$XXX compared have are expected at in backlog processing. our Sequentially, in decreased but our strong have one where sectors project include manufacturing, in we in to business, level segment, by includes in at an Same-store pharmaceuticals, has also electrical by delayed. related the our Most true starts is decline food million backlog delays of electrical continued XXXX and ago backlog backlog companies. our quotation Our was seasonality the our our activity of end $XXX even the quarter sectors quarter $XXX decreased segment. the million. of which That particularly effects third bookings of industrial to of which large and third technology, experiencing of the been $X.XX million billion. and in certain Changes year project bookings to

the XX% of with education, what compared care ago. revenue were The XXXX has revenue health XX% grown roughly in of in months nine industrial XX% markets, of consistent Institutional we include government year the Our which XXXX. is to a and first XX% to that of was our total saw sector our and revenue revenue. commercial

and March, service of businesses For XXXX, revenue our service our in projects achieved of XX% our is for or most by construction Both from to impacts business XX% COVID-XX a access. Service revenue pure margin. providing first and providing total largely XX% buildings revenue. work XX% the of record new projects of construction existing Beginning with from decisions operating of and late including service is building pronounced income XX% X% with hourly construction in closures construction buildings. limit building revenue projects result year-to-date and with experienced negative our associated as customers of service

improved service very saw this our quarter, operations we or levels pre-pandemic during at profitability. However, near with

services incredibly construction our the continue pandemic as essential activities well classified related Fortunately, most to during segment be in mechanical quarter. performed our challenges, markets. Despite

for grateful past we this than performance and better our have are much are would year We this expected prospects spring. our

the broad with more I'm and in related unusual. unfold. range high our experienced No frankly, pipeline outcomes predict decisions is of to outlook. time, and levels I take that With possible comment may the currently uncertain delays impact two-year possible in the which confidence mind, activity have our minutes on both at is It intermediate decisions and government and pandemic seeing customers. one going timeframe. not to a to a few a never are we of Finally, are any same environment the will pandemic how other currently of

We will in significantly our results expect record results surpass our XXXX XXXX. full-year

Bill to Nevertheless, the revenue segment expect fourth profitability electrical conditions headwinds, our the cash mentioned, will and quarter through currently we and same-store half solid foresee feel we of of Although, given in year. lead the next especially confident that flow XXXX. as declines that first revenue in of also we range in same-store

XXXX match earnings extraordinary Although we will expect our XXXX that earnings. not

environment pockets possible Given investment ongoing XXXX a we evidence expect the to capital are the starts, including and in preparing of we and project during markets for XXXX. in air and challenges and bookings incremental of in some delays in range first uncertainties pandemic of economic broad related the XXXX half and

Our growth for whatever business takes successfully. and give We great very and segments are employees that verticals of to make with Thank geographic back good that hard and invest and a to to now medical ongoing the the over once over workforce have the necessary in you. positioned and again to challenges most and for solvent we markets next in our with quarters, unmatched opportunities. industry us opportunity of we the to continue a advantages to Thank it are well any cope an and your believe and plan turn industrial pharmaceutical, We puts prospects. these work I'll questions. technology, several Sheila dedication. you

Operator

sir. question first Brent you, comes DA Davidson. And Thielman line of [Operator proceed. Thank of Instructions] from Please the the

Brent Thielman

morning. Good you. thank Hey,

Bill George

morning, Brent, how good you? Hey, are

Brent Thielman

well. good levels? sort execution. had service usually I doing year, do guess I'm this topline with margins, I I are [indiscernible] Brian, levels margins. sorts strong good about but how thinking these of you mechanical guess of up I Thanks. mean chalk some know or pullback. which extraordinarily headwind, I'm sustaining I sustaining a you've the kind for that is really guess on Hey, it that potentially pretty really Will, they these of feel to

Bill George

I'll I go mean Yes, first.

the quarter, our see service front, business at really highest which construction - margins you the made we at produced exceptional we've If since is on execution. just in what tremendous second service Comfort the we other recovery you a that said ever, look and of started third had

did continue margins service gross think level, range, in as business the see XX% in it. a a We revenue still we us decline. over I I there. we execute Brent, with XX% still will high at go forward to to is XX% the even

Brian Lane

more. I couldn't agree

Brent Thielman

than mean you've what higher the and that I in past. is been structurally Okay.

kind It's mean I what trying to. that's was I [indiscernible]. So what to normal of yes, that's, get

Bill George

than higher yes. the past; we It's except recent where then, for

Brent Thielman

Right.

Bill George

years, for in consistently five been we've - XX range, Brent, You'll pretty that XX to pretty consistent. XX,

Brian Lane

do a We have more now. lot industrial right

just profit for those good in service is So and back up. talking gross felt opening that some about mechanical We with coming and we're margins. margins about that mechanical of

Brent Thielman

one this made are up segment, higher-value you maybe electrical I'm a quarter, side, that? little guys you is progress then you you these that, know work. think can think can that part like bit one-part backlog How kind of the out quickly the pursue market, continue you here push creep margins And if just do on back it. within of of it I lower Okay. deliver sounds looking maybe part, to you wondering

Bill George

middle unfortunate thing, planned revenue gross about ever Having is of very other giant have is very an as that side we in averaging low work of jobs. our until that it just fee-based in They we although had of big that some that was had that, of our sort side far was some the second because we on third quarter as the though effect the from of so that year was the certainly expected of year. of it's we of said revenue will that our, going margin One even a some lower revenue goes. margins sense of this and a is, simply last bulge had performed expected a the had down, summer and quarter biggest work some

get the up get change So mix, we'll just actually electrical. lot margins on we'll and we electrical so by rate on the a volume, them will but back help in get on

Brian Lane

And continues has also in come the made and momentum, the back quarter gain of particularly a to service but Brett. basically was low side part in zero voltage terrific the it in electrical third March,

that's electrical I and the mean lot are the clearly, margins side a well. as So higher service

Brent Thielman

pretty the Okay. you're you of where the are across talk activity, areas question, pretty looks award where that seeing one, across one where you're guys still and are all still last bigger about robust. And the are across seeing country. curious good country, you picture some the pipeline pockets the, seeing what air the particular you Maybe a

Brian Lane

Yes.

So, Brent, give broad pretty it's strokes. some Brian. I'll you

think the it I you up north, most see in of in in general.

some a seeing we're more activity think we bit feedback delays up getting little a where here I'm are, I Have positive there. in probably than down this more we're still of bit that south, but a the a little to that? view some Bill, and are, sure. I going think works between for different maybe is go, the on have That anything reasons Northeast is you up the there south, sooner. little north whatever bit little do seeing the

Bill George

No doubt just things in it work And get there's willing simply more there shut do Northeast, happen. somebody just is the have started that right. take to stuff doesn't down to that to it,

so engineering delays delayed government doesn't have have because You a permits are sorts you have on have to soil and have with shut and things drainage much and to all done plans, been critical there critical to It of take you these to is path. down a and have things create offices. path lot of the

build big to going complex as a you're as If something building. big,

least there's So of business it's that, more of usual in as at of the the the more Northeast point south is a support. view from lot

Brent Thielman

Thanks. okay. it, it Got on. I'll pass

Brian Lane

Brett. you, Thank right. All

Operator

of And you. Markets. line comes Eastman next Capital Thank the the question of from Sean KeyBank

Sean Eastman

for Thanks Hi, morning, guys. gentlemen. my taking Good questions.

just the market project dynamic, delayed I size, end broad-based how of Just an guess dynamic, and just covered bookings going kind perspective, this sort across back to end markets. this but from curious of and perspective we geographic Starr's is

Bill George

of one center data at say but I'd a is delayed, in Brian. there big it's least that's general, broad-based, example So

Brian Lane

delays smaller it's think for pretty Projects over I sure seeing broad-based. XX to projects. we're

Bill George

going, much Sean. pretty Still

Brian Lane

And the geographies. to got back geography, you to the go

Sean Eastman

Yes, got you.

positioned coming manage really work of seems is to out expect really amount of around when immediate I healthy hate of be already, I Okay. imminently? but dynamic that sort you've prospect to drag going the margin sort words, still and sure dynamic you we wonder a again. where We on use the do got not term belabor margins. went in unusual point about totally healthy work through of an as to what this just do your detail this How through pipeline sort do on you that but stay

Bill George

temporary. in That's to that question forward, we're How at we few checked about Sean. really it had going stuff we I've statement, the good and Yes, on manage don't don't it in down, all. these you to most is manage have I general when But activity to before, according and and construction your a going that it we decrease in the looking what big is. the the holding to same margins conversations last we're way you the have there out are days, any work guys haven't a manage at, of have know hopefully, work to costs, you it's the workload evolve. is reduce any labor the have slows done

For the been before, all of it, first activity bidding terms this, time fluctuations the of this of through but I've much delays seen the cyclicality this with like we've in

Brian Lane

bidding So don't going there to start. to that something happen with be is where get that to should sense sense congratulating shouldn't - activity, right have is else for that on we no the now a have we we

Sean Eastman

that's another a like in coming bright our helpful. be quarters? And Alright, for cash from The spot is XXXX. should balance last, me how capital the ready we we looks Okay. How one acquisition. - about flow in it's deployment it sheet, clearly should the thinking

Bill George

So say of we I a year worth we would. we EBITDA thought sooner absolutely paid year's a off have than would

decade So as sell, imagine about is to you more as and to years with we've the But know, acquisitions. buy the we yes, Having there of talked into conviction that we for to if that are, anything companies to are ready timing do plays this has company because we seen, is ready and might have the done acquisitions. it uncertainty. Lane Brian you ton says we be for ever sometimes also to a What a will conviction it. make open-minded you uncertainty all most of said the

think. I

at we Systems, a we think forever. for companies us make we do quote really don't will we right, So buy just, decades Comfort better

Brian Lane

companies. good find But if do we

them, do Sean. will We

Sean Eastman

I and to compliment execution, insight. you. this I very date team All the on got year much very Okay, impressive. the appreciate Thanks right, guys,

Brian Lane

it. Sean. Thanks, Appreciate

Operator

Davis. Adam Thompson question go of the line next ahead from of the And you. Thalhimer Please is Thank

Adam Thalhimer

guys. quarter. Good a morning, on Congrats record

Brian Lane

Hey, Thanks lot. it. a I Adam. appreciate

Adam Thalhimer

the said still trying markets. bidding are I I'm you your strong, is through comments you the that you Brian, I institutional to the commercial industrial, because at and parse - bidding, what on think seeing said within guess

Brian Lane

at pretty mean, use are back pretty dormant so, I people obviously are if slow. buildings, the quiet the they run are them, for gone yes, hotels to right, So part, Commercial specifics, most moment.

education go schools pretty of work doesn't work it front. are still good, but we're that actually in at in backlog and Our some is course doing quality, air backlog, looking on into some we still,

we're So or want in buildings future. in the you not Bill, to. near to here expecting do see hotels office

Bill George

Meanwhile, very know. prospects in a then you - for starting. Manufacturing, always they're Yes, food intermediate-term piece really indications, Mid-Atlantic the it's but and like and pharma there always good are good, just of paper processing finding the good. is not is

If about of you several we're it, uncertainty next think the lot months, facing and over right. a weeks

a would why contract understand can't whether now. work delay in you kind have it, why right too anybody to So surprising somebody anybody to keep would be like signing they of but doing on the

to the running that out couple don't matters, months to a think for know, few and who if of the you're weeks you'll in going next another, out a find human just health example, find and who services hospital, why FDA, you're is pharma, I would way If is in understandable. you're next I it's run they're or going the one

Adam Thalhimer

question. sure not more I'm I it's a mean And the virus Okay. or the now? I it's right election, if think fair

Brian Lane

I'll that let one. answer Bill

Bill George

it's would think definitely level I a part, an it's I general uncertainty, I say, it's but think of equal both.

Adam Thalhimer

what range the I Okay. of for might how mean, trend? looking specific expectations guidance, but for are the not backlog And

Brian Lane

hard I far lumpy backlog be to it's going like, to signing. be So as think really is that the how might trend as

get a the something standard be us year. now the to hard of firm will before at and very end it's going for the we signatures have by high put in to We backlog

as the where be we, pick real I growth. report it by winners year-end, by first over we backlog revenue stabilize quarter. the time see tell by think our we far the as to the so not the time start much will and and up Well,

for we revenue quarter big last think quarter we the year. job the jobs the electrical, we of was electrical in is So had on had biggest fourth

third was of year. at, look you last I quarter if up million, may, you $XX quarter to think electrical fourth from like the the So

that So down we revenue sure the by really have comparison to in fourth delays first then big And with some backlog pass. some electrical work has for was that's bias going towards it second come and make that to because overall big planned the for isn't exacerbated quarter. same-store quarter, quarter a of the a in and down these just fourth there of so

what I know don't if know. I that's So that's helpful. But

Adam Thalhimer

me. million No, because on that's helpful. then wanted almost from came A I sequentially. the one it And in ask D very to $X and last Bill,

Just the what for puts takes the on next few curious are and quarters.

Bill George

and right? the So of then is there that kinds amortization, for There the talking that are there think we're different fastest ever acquisition amortization goes about is several we've coming kinds different the our are is of backlog the I through several amortization, backlog, [indiscernible]; TIS that down. stuff And it. SG&A is had

So may you help. you've got,

in XX-month So with is is day, backlog Walker, TAS have to a they about in XX five burns given next three, for whatever amortization you months. the over an coming built their because, their plant, stuff the down all four, it had period on a backlog.

that's So The seeing good wonder to is about you don't news this. you're drop. big a have why

there, the page, coming page years. a to go I for XX, that table around we put amortization you shows If think

once show the year. rules then that we're we put you're amortization there's We for and quarter for a doing in show of something the we this years quarter So put with you when to year last on. we put four the the each by in amortization craziness - and next the you it going required when

be want there'll very impair just. and you as assets of another you just these if do But wanted for can to that math, unlikely hard do didn't it another if can put your up So model, we change acquisition absent go look right acquisition. in that an even amortization to are do, we kind not to acquisition, you impairment that

Page got XX. You it

Adam Thalhimer

Okay. guys. over. Perfect. Thanks I'll it turn

Brian Lane

Adam. All right. care, Take

Operator

of [indiscernible]. Please the the line And you. go is from next Thank ahead. question

Unidentified Analyst

Bill and hear can Brian. Julie, guys you me? morning, Good

Brian Lane

hear absolutely. can you we Yes,

Unidentified Analyst

Fantastic. take calls. the you Glad

on following you and it. the your operations Just done to side core like doing seems you've mechanical it really kudos for up, well,

Walker, acquisitions, are they the a us like expected we it, look but pipeline, kind XX% and sequentially at Starr and fill in maybe through if I it the down I pocket bit think here but of air around Looking I the little inability way think to and seems at walked Electric TAS you the XX.

maybe business, it, is talk can question, bit about there thought nature kind business, not for because but something specific first the about of specifically on that doing you or something of about So, the - a maybe talked end air markets business you the about little created I the type they're the that pockets those of really the is pockets there modular two.

Bill George

one likely, that's So for really you told the about that's everything Walker. TAS, already we but have we not

they very it million so XX like million. third second XX plus quarter and big or was revenue a had For quarter, they've plus wise, very, million had more XX in TAS, like XX the

big deliveries and plant in gigantic plant, they things the going out they second equipment the a had had order So in in the and manufacture they quarter.

good that the in it there's numbers year our things chance just we WIP a we a where about book, next and quarter, up will they'll pick have because we that let's the the quarter pick I then equipment it that based Here's called those have of but it and order have really and think at will that [indiscernible]. a up probably deliveries impacting what's on say, fourth the the in very are adjustment have third ongoing them, of lot the they end much, another make quarter day, up do we and similar buy will didn't year, on back day next pick thing the is none a

we it in reasons about in script lot not the not, as of a huge talk it's one it's the quarter. it's So don't the

called this we You seen line. a outline for I $X through outline, the what's amount adjustment through $X or may up significant million, have WIP we while through quarter, earn think last similar back picked the the little a example in gave money the that earn

- why to air that's washes we so don't kind and their next I pocket, backlog think we start that backlog the don't the fast Walker and their with early for where burns. because more far So it because year year of was don't like said really because get as an mention we'll of this out. very as we heavy, we from have we TAS, very, compared TAS next it But prospects, benefit to we prospects amortization definitely on, really foresee amortization as how for

Unidentified Analyst

All right.

So, then I'm that same-store similar kind commentary XXXX. going us gave the Electric in look half keeping of I and broad Starr assuming about play and if first December on - sales of your you guidance in, the at would mind, in XXXX the

expectations mechanical it's there? was the question of fair are business to I think what I mechanical that the a like? if look what is your to TAS So core were take ask, core and you kind looking forward for

Bill George

I'm In being lot mechanical sorry, I to to to I next mechanical COVID, they a improvement, a flat think quarter looking electrical at this low flat. and down little gigantic year was it because be I were slightly mid-single-digit quarters we down thought there might be Starr, was, a are the quarter, for fourth with is for quarters bias three or say, two comparing bit a will the ago. it's towards down actually

So, that same-store in far hoping put get that were revenue script as will have electrical we it zero. but I growth but shrinking down electrical. of reason anything, I'd signs round there. won't we see we say declines The the is for, our or and as They as to mechanical, year-over-year don't

Unidentified Analyst

well in confidence plumbing, going glad it really it's because some heating hear should sounds like doing forward. I'm it and and to And with that the give HVAC core the business you

to here adjacencies, maybe was bit seems Board thought than doing somewhat more my really your of them that and maybe business, business a that acquisitions there say, should them be So the cost the there going is And are is in a little to maybe core maybe business. compare recent me as stock that's your a own capital. in core in acquisitions, in businesses is well to should better maybe if shares your we forward. and And really being different are at the the for it then well use acquisitions and making going there because case to are aggressive if these adjacencies way the adjacent higher to your bar if buybacks core of look

own business, your your business shares. best at own in your Looking

Brian Lane

So we're buying them. acquisitions, at of have do we about lot pretty also, But shares. when back a we we aggressive conviction these

or same example, six when five years we million the got the are buying or $XX quarter last have same we've but getting been from million them, for argument people, exact year EAS them. we why you from shares a So bought for exact X - XX ago, you should a only the had

are our but these to shares think until stock. believe share have we're the we licensed we we that affect shares we be our is to thousand when going price that to wrong happy buy to our electricians, we we not buy tend when only about good, might company very a thing up the price. We're that wants going So be acquisitions other to build start the is

will We know. shares we buy continue a don't So back bought to conviction our shares. we and shares. we that's have, buy I nine we million just

Unidentified Analyst

Obviously, they've I And the agree barring think should little the if that but business, a more your I I seeing your way. Will, shouldn't I core think bit. if better, you've And acquisitions done think, higher HVAC that you, put acquisitions perspective changes bar for in is the these be with question your business I I better. case, in understand. I just done adjacent businesses.

that do obviously it's you of been I what acquisitions lot do said think capital going a to - said decision if and with and the your lowered in you to make. is the core there like has Assuming like business, leverage you to come substantially of question easier it's

Brian Lane

All right.

Unidentified Analyst

All look and you. But with know out thank we next weeks, the and right. there, actually are Thank few in for more interesting. I and know I results, you may difficult the quite I agree there think may times you, business

Brian Lane

Fingers crossed. you. All right, thank

Operator

so much. you Thank

turn We more Brian to I the remarks. like call Lane over questions. no have closing would And for to

Brian Lane

employees. wonderful truly thank this want never The and I about team results felt our company to All its all once this I our again have has right, in accomplished of quarter amazing. closing, future. better were

We are in but Thanks, person, safe. many be take care. the to please again meanwhile, and of you forward seeing looking in

Operator

you the Thank now so everyone And concludes much. call. that

you Thank disconnect. for now joining. may You

Comfort Systems USA (FIX) 27 Oct 202020 Q3 Earnings call transcript