UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
(Mark One) | |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended | |
OR | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Commission file number:
(Exact name of registrant as specified in its charter)
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Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Accelerated filer ◻ | Non-accelerated filer ◻ | Smaller reporting company | Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes
The number of shares outstanding of the issuer’s common stock as of July 22, 2020 was
COMFORT SYSTEMS USA, INC.
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2020
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
COMFORT SYSTEMS USA, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Amounts)
June 30, | December 31, | ||||||
| 2020 |
| 2019 |
| |||
(Unaudited) | |||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | | $ | | |||
Billed accounts receivable, less allowance for credit losses of $ |
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Unbilled accounts receivable, less allowance for credit losses of $ |
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Other receivables, less allowance for credit losses of $ |
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Inventories |
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Prepaid expenses and other |
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Costs and estimated earnings in excess of billings, less allowance for credit losses of $ |
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Total current assets |
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PROPERTY AND EQUIPMENT, NET |
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LEASE RIGHT-OF-USE ASSET | | | |||||
GOODWILL |
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IDENTIFIABLE INTANGIBLE ASSETS, NET |
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DEFERRED TAX ASSETS | | | |||||
OTHER NONCURRENT ASSETS |
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Total assets | $ | | $ | | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Current maturities of long-term debt | $ | | $ | | |||
Accounts payable |
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Accrued compensation and benefits |
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Billings in excess of costs and estimated earnings |
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Accrued self-insurance |
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Other current liabilities |
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Total current liabilities |
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LONG-TERM DEBT, NET |
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LEASE LIABILITIES | |
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DEFERRED TAX LIABILITIES |
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OTHER LONG-TERM LIABILITIES |
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Total liabilities |
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COMMITMENTS AND CONTINGENCIES | |||||||
STOCKHOLDERS’ EQUITY: | |||||||
Preferred stock, $ |
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Common stock, $ |
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Treasury stock, at cost, |
| ( |
| ( | |||
Additional paid-in capital |
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Retained earnings |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity | $ | | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
2
COMFORT SYSTEMS USA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | ||||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 |
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REVENUE | $ | | $ | | $ | | $ | | |||||
COST OF SERVICES |
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Gross profit |
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
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GAIN ON SALE OF ASSETS |
| ( |
| ( |
| ( |
| ( | |||||
Operating income |
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OTHER INCOME (EXPENSE): | |||||||||||||
Interest income |
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Interest expense |
| ( |
| ( |
| ( |
| ( | |||||
Changes in the fair value of contingent earn-out obligations |
| ( |
| ( |
| ( |
| ( | |||||
Other |
| — |
| |
| |
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Other income (expense) |
| ( |
| ( |
| ( |
| ( | |||||
INCOME BEFORE INCOME TAXES |
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PROVISION FOR INCOME TAXES |
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NET INCOME | $ | | $ | | $ | | $ | | |||||
INCOME PER SHARE: | |||||||||||||
Basic | $ | | $ | | $ | | $ | | |||||
Diluted | $ | | $ | | $ | | $ | | |||||
SHARES USED IN COMPUTING INCOME PER SHARE: | |||||||||||||
Basic |
| |
| |
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Diluted |
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DIVIDENDS PER SHARE | $ | $ | $ | $ |
The accompanying notes are an integral part of these consolidated financial statements.
3
COMFORT SYSTEMS USA, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In Thousands, Except Share Amounts)
(Unaudited)
Six Months Ended | ||||||||||||||||||||
June 30, 2019 | ||||||||||||||||||||
Additional | Total |
| ||||||||||||||||||
| Common Stock |
| Treasury Stock |
| Paid-In | Retained |
| Stockholders’ |
| |||||||||||
| Shares |
| Amount |
| Shares |
| Amount |
| Capital |
| Earnings |
| Equity |
| ||||||
BALANCE AT DECEMBER 31, 2018 |
| | $ | |
| ( | $ | ( | $ | | $ | |
| $ | | |||||
Net income |
| — | — | — | — | — | |
| | |||||||||||
Issuance of Stock: | ||||||||||||||||||||
Issuance of shares for options exercised |
| — | — | | | ( | — |
| | |||||||||||
Issuance of restricted stock & performance stock |
| — | — | | | | — |
| | |||||||||||
Shares received in lieu of tax withholding payment on vested restricted stock |
| — | — | ( | ( | — | — |
| ( | |||||||||||
Stock-based compensation |
| — | — | — | — | | — |
| | |||||||||||
Dividends |
| — | — | — | — | — | ( |
| ( | |||||||||||
Share repurchase |
| — | — | ( | ( | — | — |
| ( | |||||||||||
BALANCE AT MARCH 31, 2019 | | | ( | ( | | | | |||||||||||||
Net income |
| — | — | — | — | — | |
| | |||||||||||
Issuance of Stock: | ||||||||||||||||||||
Issuance of shares for options exercised |
| — | — | | | ( | — |
| | |||||||||||
Issuance of restricted stock & performance stock |
| — | — | | | ( | — |
| — | |||||||||||
Shares received in lieu of tax withholding payment on vested restricted stock |
| — | — | ( | ( | — | — |
| ( | |||||||||||
Stock-based compensation |
| — | — | — | — | | — |
| | |||||||||||
Dividends |
| — | — | — | — | — | ( |
| ( | |||||||||||
Share repurchase |
| — | — | ( | ( | — | — |
| ( | |||||||||||
BALANCE AT JUNE 30, 2019 | | $ | | ( | $ | ( | $ | | $ | | $ | | ||||||||
Six Months Ended | ||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||
Additional | Total | |||||||||||||||||||
| Common Stock |
| Treasury Stock |
| Paid-In | Retained |
| Stockholders’ |
| |||||||||||
| Shares |
| Amount |
| Shares |
| Amount |
| Capital |
| Earnings |
| Equity |
| ||||||
BALANCE AT DECEMBER 31, 2019 |
| | $ | |
| ( | $ | ( | $ | | $ | |
| $ | | |||||
Net income |
| — | — | — | — | — | |
| | |||||||||||
Cumulative-effect adjustment (1) | — | — | — | — | — | ( | ( | |||||||||||||
Issuance of Stock: | ||||||||||||||||||||
Issuance of shares for options exercised |
| — | — | — | — | — | — |
| — | |||||||||||
Issuance of restricted stock & performance stock |
| — | — | | | | — |
| | |||||||||||
Shares received in lieu of tax withholding payment on vested restricted stock |
| — | — | ( | ( | — | — |
| ( | |||||||||||
Stock-based compensation |
| — | — | — | — | | — |
| | |||||||||||
Dividends |
| — | — | — | — | — | ( |
| ( | |||||||||||
Share repurchase |
| — | — | ( | ( | — | — |
| ( | |||||||||||
BALANCE AT MARCH 31, 2020 |
| | |
| ( | ( | | | | |||||||||||
Net income | — | — | — | — | — | | | |||||||||||||
Issuance of Stock: | ||||||||||||||||||||
Issuance of shares for options exercised | — | — | | | ( | — | | |||||||||||||
Issuance of restricted stock & performance stock | — | — | | | ( | — | — | |||||||||||||
Shares received in lieu of tax withholding payment on vested restricted stock | — | — | ( | ( | — | — | ( | |||||||||||||
Stock-based compensation | — | — | — | — | | — | | |||||||||||||
Dividends | — | — | — | — | — | ( | ( | |||||||||||||
Share repurchase | — | — | ( | ( | — | — | ( | |||||||||||||
BALANCE AT JUNE 30, 2020 | | $ | | ( | $ | ( | $ | | $ | | $ | |
________________________________________
(1) | Represents the adjustment to Retained Earnings as a result of adopting Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments – Credit Losses (Topic 326),” on January 1, 2020. See Note 2 for more information. |
The accompanying notes are an integral part of these consolidated financial statements.
4
COMFORT SYSTEMS USA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Six Months Ended | |||||||
June 30, | |||||||
| 2020 |
| 2019 |
| |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | | $ | | |||
Adjustments to reconcile net income to net cash provided by operating activities— | |||||||
Amortization of identifiable intangible assets |
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Depreciation expense |
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Change in right-of-use assets | | | |||||
Bad debt expense |
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Deferred tax provision (benefit) |
| ( |
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Amortization of debt financing costs |
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Gain on sale of assets |
| ( |
| ( | |||
Changes in the fair value of contingent earn-out obligations |
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Stock-based compensation |
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Changes in operating assets and liabilities, net of effects of acquisitions and divestitures— | |||||||
(Increase) decrease in— | |||||||
Receivables, net |
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| ( | |||
Inventories |
| ( |
| ( | |||
Prepaid expenses and other current assets |
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| ( | |||
Costs and estimated earnings in excess of billings and unbilled accounts receivable |
| ( |
| ( | |||
Other noncurrent assets |
| ( |
| ( | |||
Increase (decrease) in— | |||||||
Accounts payable and accrued liabilities |
| ( |
| ( | |||
Billings in excess of costs and estimated earnings |
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Other long-term liabilities |
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| ( | |||
Net cash provided by operating activities |
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CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment |
| ( |
| ( | |||
Proceeds from sales of property and equipment |
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Cash paid for acquisitions, net of cash acquired |
| ( |
| ( | |||
Net cash used in investing activities |
| ( |
| ( | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from revolving credit facility |
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Payments on revolving credit facility |
| ( |
| ( | |||
Payments on term loan | ( | — | |||||
Payments on other debt |
| ( |
| ( | |||
Payments of dividends to stockholders |
| ( |
| ( | |||
Share repurchase |
| ( |
| ( | |||
Shares received in lieu of tax withholding |
| ( |
| ( | |||
Proceeds from exercise of options |
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Deferred acquisition payments | ( | ( | |||||
Payments for contingent consideration arrangements |
| ( |
| ( | |||
Net cash provided by (used in) financing activities |
| ( |
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EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | — | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
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| ( | |||
CASH AND CASH EQUIVALENTS, beginning of period |
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CASH AND CASH EQUIVALENTS, end of period | $ | | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
5
COMFORT SYSTEMS USA, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)
1. Business and Organization
Comfort Systems USA, Inc., a Delaware corporation, provides comprehensive mechanical and 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 install, maintain, repair and replace products and 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 its consolidated subsidiaries, as appropriate in the context.
2. Summary of Significant Accounting Policies
Basis of Presentation
These interim statements should be read in conjunction with the historical Consolidated Financial Statements and related notes of Comfort Systems included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2019 (the “Form 10-K”).
The accompanying unaudited consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the SEC. Accordingly, these financial statements do not include all the footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the Form 10-K. We believe all adjustments necessary for a fair presentation of these interim statements have been included and are of a normal and recurring nature. The results of operations for interim periods are not necessarily indicative of the results for the full fiscal year.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, revenue and expenses and disclosures regarding contingent assets and liabilities. Actual results could differ from those estimates. The most significant estimates used in our financial statements affect revenue and cost recognition for construction contracts, the allowance for credit losses, self-insurance accruals, deferred tax assets, warranty accruals, fair value accounting for acquisitions and the quantification of fair value for reporting units in connection with our goodwill impairment testing.
Recent Accounting Pronouncements
In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326).” The standard requires companies to consider historical experiences, current market conditions and reasonable and supportable forecasts in the measurement of expected credit losses. The standard requires us to accrue higher credit losses on financial assets compared to the legacy guidance on various items, such as contract assets and current receivables. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those years. We adopted ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326)”, on January 1, 2020, and the impact was not material to our overall financial statements. The adoption of ASU No. 2016-13 resulted in an increase in Allowance for Credit Losses of $
6
In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement.” This standard removes certain disclosure requirements including the valuation processes for Level 3 fair value measurements, the policy for timing of transfers between levels and the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. The standard requires certain additional disclosures for public entities, including disclosure of the changes in unrealized gains and losses included in Other Comprehensive Income for Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those years. Certain amendments, including the amendment on changes in unrealized gains and losses and the range and weighted average of significant unobservable inputs, should be applied prospectively while other amendments should be applied retrospectively to all periods presented upon their effective date. We have modified our fair value disclosures to conform with the requirements of ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which we adopted on January 1, 2020.
In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within that year. Early adoption is permitted. We are currently evaluating the potential impact of this authoritative guidance on our consolidated financial statements.
In May 2020, the SEC issued a final rule to amend the financial statement requirements for business combinations and dispositions, including the related pro forma financial information. The rule revises the significance tests, including consideration of registrant’s market capitalization for the investment test and consideration of registrant’s revenue for the income test. The significance threshold for business dispositions is also increased from 10% to 20%. The rule further eliminates the potential requirement that registrants present a third year of audited financial statements of acquired businesses and modifies pro forma adjustments rules for items directly related to accounting for the transaction. The rule is effective January 1, 2021. Early adoption is permitted. The impact of this authoritative guidance on our consolidated financial statements will depend on future acquisitions and dispositions completed subsequent to adoption of this guidance.
Revenue Recognition
Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Sales-based taxes are excluded from revenue.
We provide mechanical and electrical contracting services. Our mechanical segment principally includes HVAC, plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes installation and servicing of electrical systems. We install, maintain, repair and replace products and systems throughout the United States. All of our revenue is recognized over time as we deliver goods and services to our customers. Revenue can be earned based on an agreed upon fixed price or based on actual costs incurred, marked up at an agreed upon percentage.
We account for a contract when: (i) it has approval and commitment from both parties, (ii) the rights of the parties are identified, (iii) payment terms are identified, (iv) the contract has commercial substance, and (v) collectability of consideration is probable. We consider the start of a project to be when the above criteria have been met and we either have written authorization from the customer to proceed or an executed contract.
We generally do not incur significant incremental costs related to obtaining or fulfilling a contract prior to the start of a project. On rare occasions, when significant pre-contract costs are incurred, they are capitalized and amortized on a percentage of completion basis over the life of the contract. We do not currently have any capitalized obtainment or fulfillment costs on our Balance Sheet and did not incur any impairment loss on such costs in the current year.
7
Due to the nature of the work required to be performed on many of our performance obligations, the estimation of total revenue and cost at completion (the process described below in more detail) is complex, subject to many variables and requires significant judgment. The consideration to which we are entitled on our long-term contracts may include both fixed and variable amounts. Variable amounts can either increase or decrease the transaction price. A common example of variable amounts that can either increase or decrease contract value are pending change orders that represent contract modifications for which a change in scope has been authorized or acknowledged by our customer, but the final adjustment to contract price is yet to be negotiated. Other examples of positive variable revenue include amounts awarded upon achievement of certain performance metrics, program milestones or cost of completion date targets and can be based upon customer discretion. Variable amounts can result in a deduction from contract revenue if we fail to meet stated performance requirements, such as complying with the construction schedule.
Contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing performance obligation(s). The effect of a contract modification on the transaction price, and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase or decrease) on a cumulative catchup basis.
We have a Company-wide policy requiring periodic review of the Estimate at Completion in which management reviews the progress and execution of our performance obligations and estimated remaining obligations. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenue and costs. The risks and opportunities include management's judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly developed product versus a mature product) and other contract requirements. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by our subcontractors, the availability and timing of funding from our customer, and overhead cost rates, among other variables.
Based on this analysis, any adjustments to revenue, cost of services, and the related impact to operating income are recognized as necessary in the quarter when they become known. These adjustments may result from positive program performance if we determine we will be successful in mitigating risks surrounding the technical, schedule and cost aspects of those performance obligations or realizing related opportunities and may result in an increase in operating income during the performance of individual performance obligations. Likewise, if we determine we will not be successful in mitigating these risks or realizing related opportunities, these adjustments may result in a decrease in operating income. Changes in estimates of revenue, cost of services and the related impact to operating income are recognized quarterly on a cumulative catchup basis, meaning we recognize in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation's percentage of completion. A significant change in one or more of these estimates could affect the profitability of one or more of our performance obligations. For projects in which estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined.
In the first six months of 2020 and 2019, net revenue recognized from our performance obligations satisfied in previous periods was not material.
Disaggregation of Revenue
Our consolidated 2020 revenue was derived from contracts to provide service activities in the mechanical and electrical services segments we serve. Refer to Note 9 – Segment Information for additional information on our reportable segments. We disaggregate our revenue from contracts with customers by activity, customer type and service provided, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the following tables (dollars in thousands):
8
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
Revenue by Service Provided |
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||||||||||||||
Mechanical Services | $ | |
| | % | $ | |
| | % | $ | |
| | % | $ | |
| | % | ||||
Electrical Services | | | % | | | % | | | % | | | % | ||||||||||||
Total | $ | | | % | $ | | | % | $ | | | % | $ | | | % | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
Revenue by Type of Customer | 2020 | 2019 |
| 2020 | 2019 |
| ||||||||||||||||||
Industrial | $ | | | % | $ | | | % | $ | | | % | $ | | | % | ||||||||
Education | | | % | | | % | | | % | | | % | ||||||||||||
Office Buildings | | | % | | | % | | | % | | | % | ||||||||||||
Healthcare | | | % | | | % | | | % | | | % | ||||||||||||
Government | | | % | | | % | | | % | | | % | ||||||||||||
Retail, Restaurants and Entertainment | | | % | | | % | | | % | | | % | ||||||||||||
Multi-Family and Residential | | | % | | | % | | | % | | | % | ||||||||||||
Other | | | % | | | % | | | % | | | % | ||||||||||||
Total | $ | | | % | $ | | | % | $ | | | % | $ | | | % | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
Revenue by Activity Type | 2020 | 2019 |
| 2020 | 2019 |
| ||||||||||||||||||
New Construction | $ | | | % | $ | | | % | $ | | | % | $ | | | % | ||||||||
Existing Building Construction | | | % | | | % | | | % | | | % | ||||||||||||
Service Projects | | | % | | | % | | | % | | | % | ||||||||||||
Service Calls, Maintenance and Monitoring | | | % | | | % | | |