Comfort Systems USA Inc 2025年季度报告

TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF1934 For the transition period fromtoCommission file number:1-13011 675 Bering DriveSuite400 Houston,Texas77057(Address of Principal Executive Offices) (Zip Code) Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,a non-accelerated filer, a smaller reporting company, or an emerging growth company. See thedefinitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and Largeacceleratedfiler⌧Acceleratedfiler◻Non-acceleratedfiler◻Smaller reportingcompany☐Emerging growthcompany☐ use the extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a) of the Exchange Act.◻ PartI—Financial Information Consolidated Statements of Stockholders’ EquityConsolidated Statements of Cash FlowsCondensed Notes to Consolidated Financial StatementsItem2—Management’s Discussion and Analysis of Financial Condition and Results ofOperationsItem3—Quantitative and Qualitative Disclosures about Market RiskItem4—Controls and ProceduresPartII—Other InformationItem1—Legal ProceedingsItem1A—Risk FactorsItem2—Unregistered Sales of Equity Securities and Use of ProceedsItem 5—Other InformationItem6—ExhibitsSignatures (Unaudited) (Unaudited) 1. Business and Organization Comfort Systems USA, Inc., a Delaware corporation, provides comprehensive mechanicaland electrical contracting services, which principally includes heating, ventilation and air conditioning (“HVAC”), plumbing, electrical, piping and controls, as well as off-site construction,monitoring and fire protection. We build, install, maintain, repair and replace mechanical, electrical and plumbing (“MEP”) systems throughout the United States. The terms “Comfort Systems,” “we,” “us,” or the “Company,” refer to Comfort Systems USA,Inc. or Comfort Systems USA,Inc. and itsconsolidated subsidiaries, as appropriate in the context.2. Summary of Significant Accounting Policies and Estimates Form10-K as filed with the Securities and Exchange Commission (“SEC”) for the year endedDecember 31, 2024 (the “Form10-K”). The accompanying unaudited consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions toForm10-Q and applicable rules of RegulationS-X of the SEC. Accordingly, these financialstatements do not include all the footnotes required by generally accepted accounting principles for adjustments necessary for a fair presentation of these interim statements have been included and areof a normal and recurring nature. The results of operations for interim periods are not necessarilyindicative of the results for the full fiscal year.Use of Estimates and liabilities. Actual results could differ from those estimates. The most significant estimates used inour financial statements affect revenue and cost recognition for construction contracts, self-insurance accruals, accounting for income taxes, fair value accounting for acquisitions and the quantification offair value for reporting units in connection with our goodwill impairment testing.Recent Accounting Pronouncements Improvements to Income Tax Disclosures.”This standard requires entities to disclose more detailedinformation in the reconciliation of their statutory tax rate to their effective tax rate. The standard also requires entities to make additional disclosures on income taxes paid as well as on certain incomestatement-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024.We expect to adopt this standard in our 2025 Form 10-K. Early adoption is permitted. Thisstandard will not have an impact on our consolidated financial position, results of operations or cashflows, but will affect our financial statement disclosures as discussed above. income statement expense line items in the notes to the financial statements. ASU 2024-03 iseffective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years impact ASU 2024-03 will have on our disclosures; however, the standard will not have an impact onour consolidated financial position, results of operations or cash flows.Revenue Recognition either by contractual termination clauses or by our rights to payment for work performed to date, plusa reasonable profit, for delivery of products or services that do not have an alternative use to the Company.For the reasons listed above, revenue is recognized based on the extent of progress towards performance obligation for our contracts, as it best depicts the transfer of assets to the customer thatoccurs as we incur costs on our contracts. Under the cost-to-cost input method, the extent of progresstowards completion is measured based on the ratio of costs incurred to date to the total estimatedcosts at completion of the performance obligation. Re