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Construction & Engineering: Liquidity & capital resources (MD&A)

Note: Item 303(b)(1) requires analysis of liquidity, capital resources and material cash requirements.
COMFORT SYSTEMS USA INC (FIX) · Form 10-K for period ended 2025-12-31 · filed 2026-02-19 · Section: ​

Our material cash expenditures consist of normal operating expenditures, such as personnel costs, as well as the items noted in the following table. The table below summarizes current and long-term material cash requirements as of December 31, 2025, which we expect to fund primarily with operating cash flows (in thousands):

​​​​​​​​​​​​​​​​​​​​​​​
​Twelve Months Ending December 31,​​​​​​​
​​ ​ ​2026​ ​ ​2027​ ​ ​2028​ ​ ​2029​ ​ ​2030​ ​ ​Thereafter​ ​ ​Total
Revolving credit facility​ ​ ​—​ ​ ​—​ ​ ​—​ ​ ​—​ ​ ​100,000​ ​ ​—​ ​ ​100,000​
Notes to former owners​​6,125​​24,200​​14,250​​—​​—​​—​​44,575​
Other debt​​38​46​22​545​—​—​651​
Interest payable​6,969​6,421​5,227​​4,969​3,725​—​27,311​
Operating lease obligations​53,668​49,622​43,633​37,828​34,395​266,684​485,830​
Total​66,800​80,289​63,132​43,342​138,120​266,684​658,367​

As of December 31, 2025, we have $79.0 million in letter of credit commitments, of which $60.7 million will expire in 2026 and $18.3 million will expire in 2027. The substantial majority of these letters of credit are posted with insurers who disburse funds on our behalf in connection with our workers’ compensation, auto liability and general liability insurance program. These letters of credit provide additional security to the insurers that sufficient financial resources will be available to fund claims on our behalf, many of which develop over long periods of time, should we ever encounter financial duress. Posting of letters of credit for this purpose is a common practice for entities that manage their self-insurance programs through third-party insurers as we do. While some of these letter of credit commitments expire in 2026, we expect nearly all of them, particularly those supporting our insurance programs, will be renewed annually.

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