Comfort Systems USA, Inc. (NYSE:FIX) Q3 2022 Earnings Conference Call October 27, 2022 11:30 AM ET

Company Participants

Julie Shaeff - SVP & CAO

Brian Lane - CEO, President & Director

William George - EVP & CFO

Conference Call Participants

Julio Romero - Sidoti & Company

Sean Eastman - KeyBanc Capital Markets

Adam Thalhimer - Thompson, Davis & Company

Brent Thielman - D.A. Davidson & Co.

Operator

Good morning, and welcome to the Comfort Systems Third Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded.

I would now like to turn the conference over to Julie Shaeff, Chief Accounting Officer. Please go ahead.

Julie Shaeff

Thanks, Anthony. Good morning. Welcome to Comfort Systems USA's Third 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 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; and Bill George, Chief Financial Officer.

Brian will open our remarks.

Brian Lane

All right. Thanks, Julie. Good morning, everyone. We had another great quarter with continued increases in revenue, earnings and backlog, and we are really grateful for the success created by our employees amid unique challenges.

We earned $1.71 per share this quarter compared to $1.27 a year ago. Our results this quarter included a net gain of $0.10 per share related to legal matters and $0.04 related to tax benefits from prior years. This quarter marks the first time that we have achieved $100 million in EBITDA in a single quarter.

Strong activity levels and ongoing cost increases in equipment and other inputs have again produced same-store revenue growth of over 20%. Bookings increased this quarter and we continue to experience solid bidding and planning activity. Our strong cash flow also continues and is especially satisfying since we are investing working capital to support our growth. We have also announced an increase in our dividend to $0.15 this quarter.