For the year ending 2025-12-31, FIX had $431,959K increase in cash & cash equivalents over the period. $1,031,453K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,022,558 | 522,433 | 323,398 | 245,947 |
| Amortization of identifiable intangible assets | 79,580 | 97,266 | 43,404 | 47,795 |
| Depreciation expense | 62,379 | 48,219 | 38,162 | 33,552 |
| Change in right-of-use assets | 33,848 | 30,950 | 25,964 | 21,557 |
| Bad debt expense | 6,609 | 6,952 | 4,944 | 2,670 |
| Deferred tax provision (benefit) | -5,277 | -66,613 | 95,296 | -94,505 |
| Amortization of debt financing costs | 1,018 | 687 | 685 | 786 |
| Gain on sale of assets | 1,974 | 3,030 | 2,302 | 1,585 |
| Changes in the fair value of contingent earn-out obligations | 33,473 | 88,146 | 23,607 | 4,819 |
| Stock-based compensation | 21,809 | 16,646 | 12,939 | 10,532 |
| Receivables, net | 594,298 | 333,233 | 381,555 | 223,178 |
| Inventories | 24,411 | -6,544 | 29,688 | 13,495 |
| Prepaid expenses and other current assets | 91,359 | 7,868 | 11,137 | 26,238 |
| Costs and estimated earnings in excess of billings and unbilled accounts receivable | 19,945 | 82,081 | -7,350 | 9,643 |
| Other noncurrent assets | 386 | 2,220 | 152 | 995 |
| Accounts payable and other current liabilities | -276,051 | 502,888 | 136,467 | 165,888 |
| Billings in excess of costs and estimated earnings and deferred revenue | 910,084 | 32,173 | 349,166 | 153,241 |
| Other long-term liabilities | 28,699 | -8,802 | 3,020 | -15,617 |
| Net cash provided by operating activities | 1,186,356 | 849,057 | 639,568 | 301,531 |
| Purchases of property and equipment | 154,903 | 111,071 | 94,838 | 48,359 |
| Proceeds from sales of property and equipment | 3,695 | 5,538 | 5,951 | 2,858 |
| Cash paid for acquisitions, net of cash acquired | 279,610 | 235,466 | 102,261 | 49,217 |
| Payments for investments | 64,201 | 2,510 | 1,860 | 2,460 |
| Proceeds from investments | 27,747 | - | - | - |
| Net cash used in investing activities | -467,272 | -343,509 | -193,008 | -97,178 |
| Proceeds from revolving credit facility | 200,000 | 182,000 | 285,000 | 555,000 |
| Payments on revolving credit facility | 100,000 | 182,000 | 500,000 | 560,000 |
| Payments on term loan | - | - | - | 120,000 |
| Proceeds from other debt | - | 640 | - | - |
| Payments on other debt | 43,059 | 26,576 | 12,033 | 12,256 |
| Payments on finance lease liabilities | - | - | - | 899 |
| Debt financing costs | 3,709 | - | - | 2,297 |
| Payments of dividends to stockholders | 68,833 | 42,766 | 30,379 | 20,077 |
| Share repurchases | 215,999 | 57,912 | 21,184 | 38,216 |
| Shares received in lieu of tax withholding | 10,016 | 8,915 | 4,725 | 3,247 |
| Proceeds from exercise of options | 793 | 184 | 18 | 1,086 |
| Deferred acquisition payments | - | 50 | - | 50 |
| Payments for contingent consideration arrangements | 46,302 | 25,364 | 15,321 | 4,959 |
| Net cash used in financing activities | -287,125 | -160,759 | -298,624 | -205,915 |
| Net increase in cash and cash equivalents | 431,959 | 344,789 | 147,936 | -1,562 |
| Cash and cash equivalents, beginning of period | 549,939 | 205,150 | 57,214 | 58,776 |
| Cash and cash equivalents, end of period | 981,898 | 549,939 | 205,150 | 57,214 |
COMFORT SYSTEMS USA INC (FIX)
COMFORT SYSTEMS USA INC (FIX)