Comfort Systems USA, Inc.

- There is no mention of any current or future fundraising through debt or equity in the provided transcript. - The company highlights a strong balance sheet and talks about capital expenditures funded internally, such as the purchase of buildings and investments in modular capabilities. - No discussion or plans regarding issuing new debt or equity were disclosed during the call.

- Capital expenditures (CapEx) were $147 million in Q1 2026, up from $22 million in 2025, representing 5.1% of revenue versus 1.2% prior year. - Q1 CapEx included a large modular assembly building purchase in Houston, Texas, involving investments in automation such as cranes and robots. - The company plans similar capital investments for the remainder of 2026, targeting about 5% of revenue. - Additional building investments are being evaluated later in the year to expand modular capacity to 4 million square feet by end of 2026. - Investments are made only when there is high confidence in customer demand, often secured by multiyear volume commitments. - Recently entered into an agreement to acquire a highly skilled electrical contractor expected to add ~$250 million in annualized revenue and EBITDA margins of 8%-10%, subject to regulatory approval and closing in early May 2026.

- Comfort Systems expects same-store revenue growth for full year 2026 in the mid- to high 20% range. - The company acknowledges tougher comparisons in the second half of 2026 but remains confident in growth. - Strong backlog of $12.5 billion, up $5 billion year-over-year, supports future revenue increases. - Book-to-bill ratio remains strong at 1.2, with robust project pipelines coast to coast. - Demand especially strong in technology and data center sectors across multiple states. - Growth constrained primarily by labor availability, with ongoing efforts to recruit and expand workforce. - The company is investing in modular capacity (targeting 4 million square feet by end of 2026) to support volume growth. - Acquisition of a skilled electrical contractor expected to add approximately $250 million in annual revenue.

- Comfort Systems expects same-store revenue growth for full-year 2026 in the mid- to high 20% range, despite higher comparables in the second half of the year. - Gross profit margins are anticipated to remain strong, consistent with the high margins averaged over recent quarters. - Operating income percentage increased sharply to 17.0% in Q1 2026, up from 11.4% in Q1 2025, demonstrating improved gross profit margins and SG&A leverage. - Net income for Q1 2026 was $370 million ($10.51 per share), more than double the prior year’s first quarter. - EBITDA for Q1 2026 increased 116% to $524 million; trailing 12-month EBITDA is $1.74 billion. - Future CapEx investments support growth, including modular capacity expansion and acquisition of an electrical contractor adding ~$250 million in annual revenue. - The company emphasizes focus on gross profit dollars and sustaining high-margin work, with confidence in maintaining strong profitability.

- Record backlog at the end of Q1 2026 was $12.5 billion. - This reflected a same-store sequential increase of just over $500 million. - Year-over-year, the backlog increased by $5.3 billion. - First quarter bookings were especially strong in the technology sector. - Pipelines remain very full and strong nationwide. - Demand, particularly from data centers, still exceeds supply. - Book-to-bill ratio for the quarter was about 1.2, consistent with recent trends. - The company is maintaining discipline in selecting work to ensure quality delivery. - Strong repeat business and multiyear commitments from major customers support the order book.