Comfort Systems USA, Inc. (NYSE:FIX) Q1 2022 Results Earnings Conference Call April 28, 2022 11:30 AM ET

Company Participants

Julie Shaeff - Senior Vice President and Chief Accounting Officer

Brian Lane - President and Chief Executive Officer

William George - Executive Vice President and Chief Financial Officer

Conference Call Participants

Sean Eastman - KeyBanc Capital Markets

Julio Romero - Sidoti & Company, LLC

Brent Thielman - D.A. Davidson & Co.

Adam Thalhimer - Thompson Davis

Operator

Good day. And thank you for standing by and welcome to Q1 2022 Comfort Systems USA Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that this call is being recorded. [Operator Instructions].

I would now like to hand the conference over to your host today, Julie Shaeff, Chief Accounting Officer. Please go ahead.

Julie Shaeff

Thanks, Justin. Good morning. Welcome to Comfort Systems USA's first 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; Trent McKenna, Chief Operating Officer; and Bill George, Chief Financial Officer. Brian will open our remarks.

Brian Lane

Thanks, Julie. Good morning, everyone. And thank you for joining us on the call today. We are pleased to report a fantastic start to 2022. Our teams are busier than ever, and we are incredibly grateful for their hard work and we thank them.

Excluding the tax gains that Bill will discuss in a few minutes, we earned $0.91 per share this quarter compared to $0.73 a year ago. New work is commencing across all markets and our same-store revenue increased by 16% compared to a year ago. Bookings climbed again, as demand is strong for our services. We had good cash flow, despite deploying working capital to support our growth. Yesterday, we also announced a $0.01 increase to our quarterly dividend.