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Comfort Systems USA, Inc. is a national provider of mechanical and electrical services, specializing in the installation, renovation, maintenance, repair, and replacement of mechanical and electrical systems. The company primarily serves commercial, industrial, and institutional markets, offering solutions for facilities such as healthcare centers, educational institutions, office buildings, and manufacturing plants. Its operations are divided into two main segments, focusing on HVAC systems and electrical construction and engineering.
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Mechanical Segment - Provides installation, renovation, and maintenance of HVAC systems, including core equipment like packaged heating and air conditioning units, chillers, boilers, air handlers, and cooling towers. Also handles connecting and distribution elements such as piping and ducting.
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Electrical Segment - Delivers electrical construction and engineering services for commercial and industrial projects, including electrical logistics, service work, and system installations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian E. Lane ExecutiveBoard | President, CEO, and Director | Board Member at Main Street Capital Corporation | Joined FIX in 2003; became CEO in 2011. Previously held leadership roles at Halliburton and Capstone Turbine Corporation. Holds a B.S. in Chemistry and an MBA. | View Report → |
Julie S. Shaeff Executive | SVP and Chief Accounting Officer | None | Joined FIX in 1999 as Assistant Corporate Controller. Promoted to CAO in 2005. Holds a BBA in Accounting from Texas A&M University and is a CPA. | |
Trent T. McKenna Executive | EVP and COO | None | Joined FIX in 2004 as Associate General Counsel. Promoted to COO in 2022. Holds a B.A. in English and a J.D. from Duke University School of Law. | |
William George Executive | EVP and CFO | None | Founding management team member of FIX since 1997. Previously served as General Counsel and Secretary. Holds a B.S. in Economics and a J.D. from Harvard Law School. | |
Cindy L. Wallis-Lage Board | Director | Board Member at Veralto and Metiri Group; Advisory Board Member at Cambi ASA | Director since 2021. Retired President of Black & Veatch's Water Business. Holds a B.S. in Civil Engineering from Kansas State University and an M.S. in Environmental Health Engineering from the University of Kansas. | |
Constance E. Skidmore Board | Director | Board Member at Sensata Technologies and Proterra, Inc.; Board Member at The V Foundation | Director since 2012. Retired PwC partner with expertise in accounting and finance. Holds a B.S. from Florida State University and an M.S. in Taxation from Golden Gate University. | |
Darcy G. Anderson Board | Director | Vice Chairman of Hillwood Management; Executive Committee Member of Dallas Regional Chamber | Director since 2008. Vice Chairman of Hillwood Management. Graduate of the United States Military Academy at West Point. | |
Franklin Myers Board | Chair of the Board | Chairman of HF Sinclair Corporation; Board Member of three private manufacturing companies | Director since 2005; Chair since 2014. Former CFO of Cameron International and attorney at Fulbright & Jaworski. Holds a B.S. in Industrial Engineering and a J.D. | |
Gaurav Kapoor Board | Director | None | Director since 2024. Former CFO and COO of AECOM. Holds a B.B.A. and B.A. from SMU and an MBA from the University of Chicago Booth School of Business. | |
Herman E. Bulls Board | Director | Vice Chairman at JLL; Chairman of Fluence Energy; Director at Host Hotels and USAA | Director since 2001. Founder of JLL's Public Institutions division. Retired Colonel from the U.S. Army. Graduate of West Point and Harvard Business School. | |
Pablo G. Mercado Board | Director | EVP and CFO of Lithium Americas Corp. | Director since 2018. Former CFO of EnLink Midstream and Forum Energy Technologies. Holds a B.B.A. and B.A. from SMU and an MBA from the University of Chicago Booth School of Business. | |
Rhoman J. Hardy Board | Director | Director at HF Sinclair; Operating Partner at Bernhard Capital; Board Member at LSU Foundation | Appointed in 2023. Former SVP at Shell Chemicals and Products. Holds a B.S. in Electrical Engineering and an Executive MBA from Rice University. | |
Vance W. Tang Board | Director | Chairman of American Woodmark Corporation; President of VanTegrity Consulting | Director since 2012. Former President and CEO of KONE U.S. subsidiary. Holds a B.S. in Electrical Engineering and an MBA from the University of Wisconsin. | |
William J. Sandbrook Board | Director | Chairman and Co-CEO of Andretti Acquisition Corp.; Board Member at Knife River Corporation | Director since 2018. Former CEO of U.S. Concrete. Holds multiple advanced degrees, including an MBA from Wharton and a Master’s in Systems Engineering from the University of Pennsylvania. |
- The manufacturing vertical has taken a step back relative to last year and the second quarter; can you elaborate on the challenges you're facing in this area and what steps you're taking to address them?
- Given the tougher revenue comparables in the next few quarters, how do you plan to sustain your revenue growth momentum into 2025, especially if market conditions change?
- With record levels of net cash exceeding debt by $347 million, how are you prioritizing the use of this cash between share repurchases, dividends, and acquisitions, particularly when acquisition multiples may have changed?
- You're achieving record margins, but how sustainable are these margins in the face of potential market shifts, and what measures are you taking to ensure margins remain strong if conditions become less favorable?
- Your extraordinary cash flow benefits from favorable payment terms and advanced payments; are these terms sustainable across your customer base, and how might changes in these terms affect your cash flow and working capital management?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Century Contractors, Inc. | 2025 | Added as a new partner in January 2025, Century Contractors, Inc.—a well-established mechanical contractor in Charlotte, NC—was integrated without disclosed financial terms or detailed strategic rationale. |
Summit Industrial Construction, LLC | 2024 | Acquired on February 1, 2024 for a total consideration of $359.83 million (including cash, working capital adjustments, notes, and contingent earn-out payments), the acquisition strengthens offerings in modular construction and expands capabilities in advanced technology and heavy industrial sectors. |
J & S Mechanical Contractors, Inc. | 2024 | Completed on February 1, 2024 for approximately $120.583 million (including cash, working capital adjustments, notes, and contingent earn-out payments), this acquisition bolsters the mechanical segment by adding expertise in HVAC systems for data centers and hospital medical gas systems, with J&S becoming a wholly owned subsidiary. |
Eldeco, Inc. | 2023 | Finalized on February 1, 2023, the acquisition of Eldeco, Inc.—a South Carolina-based electrical design and construction services provider—was valued at a preliminary purchase price of $74.0 million (combining cash, notes, earn-out contingents, and working capital adjustments) and is expected to add $130–140 million in annualized revenue in the electrical services segment. |
Atlantic Electric, LLC | 2022 | Completed on April 1, 2022, the acquisition of Atlantic Electric, LLC for a preliminary purchase price of $48.1 million (including cash, notes, and working capital adjustments) expanded operations in the electrical services segment by adding expertise in electrical contracting and airport runway lighting, with the deal largely funded through a revolving credit facility. |
Recent developments and announcements about FIX.
Earnings
New Earnings (Q4 2024)
·7 days agoView full earnings summary →FIX Q4 2024: Strong data center demand fuels record backlog, with elevated margins likely in 2025. Same-store revenue growth slows to high single digits, but management sees robust visibility into 2026.