Comfort Systems USA Inc 10-Q for FY2020 Q3

Comfort Systems USA Inc (FIX)

10-Q 2020-10-26 For: 2020-09-30

Added on April 03, 2026

About this 10-Q

Comfort Systems USA Inc filed this 10-Q on October 26, 2020, covering the quarter ended September 30, 2020 (FY2020 Q3).

Headline figures

Quarter ended September 30, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $714.1M; up 1.0% from $706.92M a year earlier
Net income: $50.09M; up 38.2% from net income of $36.23M a year earlier
Diluted EPS: $1.36; up 38.8% from $0.98 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	FIX	New York Stock Exchange

Large accelerated filer ⌧	Accelerated filer ◻	Non-accelerated filer ◻	Smaller reporting company ☐	Emerging growth company ☐


		Page
Part I—Financial Information		2
Item 1—Financial Statements		2
Consolidated Balance Sheets		2
Consolidated Statements of Operations		3
Consolidated Statements of Stockholders’ Equity		4
Consolidated Statements of Cash Flows		6
Condensed Notes to Consolidated Financial Statements		7
Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations		23
Item 3—Quantitative and Qualitative Disclosures about Market Risk		35
Item 4—Controls and Procedures		35
Part II—Other Information		35
Item 1—Legal Proceedings		35
Item 1A—Risk Factors		36
Item 2—Unregistered Sales of Equity Securities and Use of Proceeds		36
Item 6—Exhibits		38
Signatures		39


	September 30,		December 31,
	2020		2019
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	70,540	$	50,788
Billed accounts receivable, less allowance for credit losses of $9,896 and $6,907, respectively		608,861		619,037
Unbilled accounts receivable, less allowance for credit losses of $784 and $0, respectively		46,509		55,542
Other receivables, less allowance for credit losses of $884 and $0, respectively		36,991		37,632
Inventories		12,700		10,053
Prepaid expenses and other		10,313		14,396
Costs and estimated earnings in excess of billings, less allowance for credit losses of $79 and $0, respectively		25,382		2,736
Total current assets		811,296		790,184
PROPERTY AND EQUIPMENT, NET		119,131		109,796
LEASE RIGHT-OF-USE ASSET		95,815		84,073
GOODWILL		420,782		332,447
IDENTIFIABLE INTANGIBLE ASSETS, NET		201,998		159,974
DEFERRED TAX ASSETS		21,656		21,923
OTHER NONCURRENT ASSETS		7,291		6,615
Total assets	$	1,677,969	$	1,505,012
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	70	$	20,817
Accounts payable		176,484		196,195
Accrued compensation and benefits		119,931		102,891
Billings in excess of costs and estimated earnings		217,454		166,918
Accrued self-insurance		49,369		39,546
Other current liabilities		92,035		81,630
Total current liabilities		655,343		607,997
LONG-TERM DEBT, NET		222,213		205,318
LEASE LIABILITIES		81,638		72,697
DEFERRED TAX LIABILITIES		3,365		1,425
OTHER LONG-TERM LIABILITIES		47,284		32,271
Total liabilities		1,009,843		919,708
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $.01 par, 5,000,000 shares authorized, none issued and outstanding		—		—
Common stock, $.01 par, 102,969,912 shares authorized, 41,123,365 and 41,123,365 shares issued, respectively		411		411
Treasury stock, at cost, 4,723,672 and 4,465,448 shares, respectively		(118,551)		(103,960)
Additional paid-in capital		322,304		320,168
Retained earnings		463,962		368,685
Total stockholders’ equity		668,126		585,304
Total liabilities and stockholders’ equity	$	1,677,969	$	1,505,012

Delaware (State or other jurisdiction of Incorporation or Organization)	76-0526487 (I.R.S. Employer Identification No.)
675 Bering Drive Suite 400 Houston, Texas 77057 (Address of Principal Executive Offices) (Zip Code)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
REVENUE	$	714,099	$	706,918	$	2,157,698	$	1,895,693
COST OF SERVICES		566,903		564,216		1,747,714		1,526,310
Gross profit		147,196		142,702		409,984		369,383
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		90,888		90,006		268,857		253,417
GAIN ON SALE OF ASSETS		(377)		(708)		(1,243)		(1,119)
Operating income		56,685		53,404		142,370		117,085
OTHER INCOME (EXPENSE):
Interest income		7		82		99		174
Interest expense		(1,733)		(2,779)		(6,904)		(6,891)
Changes in the fair value of contingent earn-out obligations		3,423		(2,004)		1,824		(3,924)
Other		(15)		3		10		167
Other income (expense)		1,682		(4,698)		(4,971)		(10,474)
INCOME BEFORE INCOME TAXES		58,367		48,706		137,399		106,611
PROVISION FOR INCOME TAXES		8,279		12,473		30,100		26,339
NET INCOME	$	50,088	$	36,233	$	107,299	$	80,272

INCOME PER SHARE:
Basic	$	1.37	$	0.98	$	2.93	$	2.18
Diluted	$	1.36	$	0.98	$	2.92	$	2.16

SHARES USED IN COMPUTING INCOME PER SHARE:
Basic		36,557		36,805		36,604		36,891
Diluted		36,750		37,051		36,797		37,170
DIVIDENDS PER SHARE	$	0.105	$	0.100	$	0.314	$	0.295


	Nine Months Ended
	September 30, 2019
							Additional				Total
	Common Stock			Treasury Stock			Paid-In		Retained		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Earnings		Equity
BALANCE AT DECEMBER 31, 2018	41,123,365	$	411	(4,229,653)	$	(87,747)	$	316,479	$	268,904	$	498,047
Net income	—		—	—		—		—		19,866		19,866
Issuance of Stock:
Issuance of shares for options exercised	—		—	41,103		861		(61)		—		800
Issuance of restricted stock & performance stock	—		—	38,539		817		1,189		—		2,006
Shares received in lieu of tax withholding payment on vested restricted stock	—		—	(15,013)		(781)		—		—		(781)
Stock-based compensation	—		—	—		—		2,084		—		2,084
Dividends	—		—	—		—		—		(3,506)		(3,506)
Share repurchase	—		—	(67,394)		(3,321)		—		—		(3,321)
BALANCE AT MARCH 31, 2019	41,123,365		411	(4,232,418)		(90,171)		319,691		285,264		515,195
Net income	—		—	—		—		—		24,173		24,173
Issuance of Stock:
Issuance of shares for options exercised	—		—	1,408		31		(11)		—		20
Issuance of restricted stock & performance stock	—		—	69,067		1,486		(1,486)		—		—
Shares received in lieu of tax withholding payment on vested restricted stock	—		—	(13,573)		(717)		—		—		(717)
Stock-based compensation	—		—	—		—		1,685		—		1,685
Dividends	—		—	—		—		—		(3,692)		(3,692)
Share repurchase	—		—	(93,468)		(4,576)		—		—		(4,576)
BALANCE AT JUNE 30, 2019	41,123,365		411	(4,268,984)		(93,947)		319,879		305,745		532,088
Net income	—		—	—		—		—		36,233		36,233
Issuance of Stock:
Issuance of shares for options exercised	—		—	5,426		124		57		—		181
Issuance of restricted stock & performance stock	—		—	—		—		—		—		—
Shares received in lieu of tax withholding payment on vested restricted stock	—		—	—		—		—		—		—
Stock-based compensation	—		—	—		—		221		—		221
Dividends	—		—	—		—		—		(3,673)		(3,673)
Share repurchase	—		—	(183,880)		(7,420)		—		—		(7,420)
BALANCE AT SEPTEMBER 30, 2019	41,123,365	$	411	(4,447,438)	$	(101,243)	$	320,157	$	338,305	$	557,630


	Nine Months Ended
	September 30, 2020
							Additional				Total
	Common Stock			Treasury Stock			Paid-In		Retained		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Earnings		Equity
BALANCE AT DECEMBER 31, 2019	41,123,365	$	411	(4,465,448)	$	(103,960)	$	320,168	$	368,685	$	585,304
Net income	—		—	—		—		—		17,716		17,716
Cumulative-effect adjustment (1)	—		—	—		—		—		(515)		(515)
Issuance of Stock:
Issuance of shares for options exercised	—		—	—		—		—		—		—
Issuance of restricted stock & performance stock	—		—	43,902		1,054		801		—		1,855
Shares received in lieu of tax withholding payment on vested restricted stock	—		—	(14,722)		(622)		—		—		(622)
Stock-based compensation	—		—	—		—		2,134		—		2,134
Dividends	—		—	—		—		—		(3,844)		(3,844)
Share repurchase	—		—	(237,359)		(8,985)		—		—		(8,985)
BALANCE AT MARCH 31, 2020	41,123,365		411	(4,673,627)		(112,513)		323,103		382,042		593,043
Net income	—		—	—		—		—		39,495		39,495
Issuance of Stock:
Issuance of shares for options exercised	—		—	34,562		836		(280)		—		556
Issuance of restricted stock & performance stock	—		—	84,987		2,048		(2,048)		—		—
Shares received in lieu of tax withholding payment on vested restricted stock	—		—	(13,002)		(454)		—		—		(454)
Stock-based compensation	—		—	—		—		1,644		—		1,644
Dividends	—		—	—		—		—		(3,830)		(3,830)
Share repurchase	—		—	(52,991)		(2,021)		—		—		(2,021)
BALANCE AT JUNE 30, 2020	41,123,365		411	(4,620,071)		(112,104)		322,419		417,707		628,433
Net income	—		—	—		—		—		50,088		50,088
Issuance of Stock:
Issuance of shares for options exercised	—		—	54,207		1,324		(325)		—		999
Issuance of restricted stock & performance stock	—		—	—		—		—		—		—
Shares received in lieu of tax withholding payment on vested restricted stock	—		—	—		—		—		—		—
Stock-based compensation	—		—	—		—		210		—		210
Dividends	—		—	—		—		—		(3,833)		(3,833)
Share repurchase	—		—	(157,808)		(7,771)		—		—		(7,771)
BALANCE AT SEPTEMBER 30, 2020	41,123,365	$	411	(4,723,672)	$	(118,551)	$	322,304	$	463,962	$	668,126


	Three Months Ended September 30,								Nine Months Ended September 30,
Revenue by Service Provided	2020				2019				2020				2019
Mechanical Services	$	621,140	87.0	%	$	590,016	83.5	%	$	1,809,304	83.9	%	$	1,677,632	88.5	%
Electrical Services		92,959	13.0	%		116,902	16.5	%		348,394	16.1	%		218,061	11.5	%
Total	$	714,099	100.0	%	$	706,918	100.0	%	$	2,157,698	100.0	%	$	1,895,693	100.0	%

	Three Months Ended September 30,								Nine Months Ended September 30,
Revenue by Type of Customer	2020				2019				2020				2019
Industrial	$	268,651	37.6	%	$	222,156	31.4	%	$	844,719	39.1	%	$	588,818	31.1	%
Education		135,992	19.0	%		125,836	17.8	%		375,580	17.4	%		292,799	15.4	%
Office Buildings		81,183	11.4	%		83,271	11.8	%		232,349	10.8	%		254,966	13.5	%
Healthcare		86,061	12.1	%		126,909	18.0	%		281,370	13.0	%		306,810	16.2	%
Government		40,631	5.7	%		41,502	5.9	%		119,444	5.5	%		118,224	6.2	%
Retail, Restaurants and Entertainment		64,212	9.0	%		67,141	9.5	%		190,043	8.8	%		184,618	9.7	%
Multi-Family and Residential		21,776	3.0	%		24,121	3.4	%		61,062	2.8	%		83,417	4.4	%
Other		15,593	2.2	%		15,982	2.2	%		53,131	2.6	%		66,041	3.5	%
Total	$	714,099	100.0	%	$	706,918	100.0	%	$	2,157,698	100.0	%	$	1,895,693	100.0	%

	Three Months Ended September 30,								Nine Months Ended September 30,
Revenue by Activity Type	2020				2019				2020				2019
New Construction	$	310,000	43.4	%	$	312,279	44.2	%	$	1,034,833	48.0	%	$	827,718	43.7	%
Existing Building Construction		235,798	33.0	%		224,125	31.6	%		668,067	30.9	%		605,819	31.9	%
Service Projects		69,162	9.7	%		62,668	8.9	%		179,188	8.3	%		171,860	9.1	%
Service Calls, Maintenance and Monitoring		99,139	13.9	%		107,846	15.3	%		275,610	12.8	%		290,296	15.3	%
Total	$	714,099	100.0	%	$	706,918	100.0	%	$	2,157,698	100.0	%	$	1,895,693	100.0	%


	Service		Construction		Other		Total
Balance at beginning of year	$	3,192	$	3,400	$	315	$	6,907
Impact of new accounting standard		310		331		54		695
Bad debt expense (benefit)		2,651		2,678		(11)		5,318
Deductions for uncollectible receivables written off, net of recoveries		(913)		(623)		—		(1,536)
Credit allowance of acquired companies on the acquisition date		—		502		—		502
Purchase accounting adjustments		—		72		—		72
Reclass to other current liabilities		—		—		(315)		(315)
Balance at September 30, 2020	$	5,240	$	6,360	$	43	$	11,643


	Nine Months Ended September 30,					Year Ended December 31,
	2020				2019
	Contract		Contract		Contract		Contract
	Assets		Liabilities		Assets		Liabilities
Balance at beginning of period	$	2,736	$	166,918	$	10,213	$	130,986
Change due to acquisitions / disposals		7,469		37,047		6,573		31,556
Change related to credit allowance		(79)		—		—		—
Other changes in the period		15,256		13,489		(14,050)		4,376
Balance at end of period	$	25,382	$	217,454	$	2,736	$	166,918


	September 30, 2020		December 31, 2019
Lease right-of-use assets	$	95,815	$	84,073
Lease liabilities:
Other current liabilities		16,368		14,016
Long-term lease liabilities		81,638		72,697
Total lease liabilities	$	98,006	$	86,713


Year ending December 31—
2020 (excluding the nine months ended September 30, 2020)	$	5,306
2021		19,397
2022		16,353
2023		14,172
2024		12,671
Thereafter		47,693
Total Lease Payments		115,592
Less—Present Value Discount		(17,586)
Present Value of Lease Liabilities	$	98,006


	Fair Value Measurements at September 30, 2020
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	70,540	$	—	$	—	$	70,540
Life insurance—cash surrender value	$	—	$	4,729	$	—	$	4,729
Contingent earn-out obligations	$	—	$	—	$	25,962	$	25,962
Interest rate swaps	$	—	$	62	$	—	$	62

	Fair Value Measurements at December 31, 2019
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	50,788	$	—	$	—	$	50,788
Life insurance—cash surrender value	$	—	$	3,905	$	—	$	3,905
Contingent earn-out obligations	$	—	$	—	$	28,497	$	28,497


	Nine Months Ended
	September 30,
	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	107,299	$	80,272
Adjustments to reconcile net income to net cash provided by operating activities—
Amortization of identifiable intangible assets		25,306		20,221
Depreciation expense		20,818		18,222
Change in right-of-use assets		12,338		10,552
Bad debt expense		5,318		2,093
Deferred tax provision (benefit)		1,197		(2,620)
Amortization of debt financing costs		408		287
Gain on sale of assets		(1,243)		(1,119)
Changes in the fair value of contingent earn-out obligations		(1,824)		3,924
Stock-based compensation		5,949		4,861
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures—
(Increase) decrease in—
Receivables, net		33,304		(31,647)
Inventories		(708)		(248)
Prepaid expenses and other current assets		9,417		(4,625)
Costs and estimated earnings in excess of billings and unbilled accounts receivable		(7,007)		(2,081)
Other noncurrent assets		(631)		(544)
Increase (decrease) in—
Accounts payable and accrued liabilities		(16,030)		6,635
Billings in excess of costs and estimated earnings		13,489		4,555
Other long-term liabilities		9,000		(9,023)
Net cash provided by operating activities		216,400		99,715
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(19,459)		(22,641)
Proceeds from sales of property and equipment		1,890		1,447
Proceeds from sale of business		—		1,611
Cash paid for acquisitions, net of cash acquired		(112,945)		(196,470)
Net cash used in investing activities		(130,514)		(216,053)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility		198,000		320,000
Payments on revolving credit facility		(164,500)		(177,000)
Payments on term loan		(15,000)		—
Payments on other debt		(44,464)		(3,254)
Payments of dividends to stockholders		(11,507)		(10,871)


Consideration transferred:
Cash paid at closing	$	105,950
Working capital adjustment		39,715
Notes issued to former owners		14,000
Estimated fair value of contingent earn-out payments		9,100
	$	168,765


	Valuation Method	Estimated Useful Life		Estimated Fair Value
Backlog	Excess earnings	1 year	$	5,200
Trade Name	Relief-from-royalty	25 years		8,200
Customer Relationships	Excess earnings	10 years		40,000
Total			$	53,400


	Mechanical Services		Electrical Services
	Segment		Segment		Total
Balance at December 31, 2018	$	235,182	$	—	$	235,182
Acquisitions and purchase price adjustments (See Note 4)		579		96,686		97,265
Impact of segment reorganization		(1,101)		1,101		—
Balance at December 31, 2019		234,660		97,787		332,447
Acquisitions and purchase price adjustments (See Note 4)		73,409		14,926		88,335
Balance at September 30, 2020	$	308,069	$	112,713	$	420,782


	Nine Months Ended		Year Ended
	September 30, 2020		December 31, 2019
Balance at beginning of period	$	28,497	$	7,375
Issuances		9,155		19,500
Settlements		(9,866)		(1,369)
Adjustments to fair value		(1,824)		2,991
Balance at end of period	$	25,962	$	28,497

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	47,460
Billed and unbilled accounts receivable		18,702
Other current assets		15,634
Other long-term assets		935
Property and equipment		7,709
Goodwill		73,409
Identifiable intangible assets		53,400
Lease right-of-use asset		19,736
Accounts payable		(16,453)
Billings in excess of costs and estimated earnings		(24,196)
Current lease liabilities		(2,337)
Accrued expenses and other current liabilities		(4,849)
Long-term lease liabilities		(17,398)
Other long-term liabilities		(2,987)
	$	168,765


	Estimated	September 30, 2020				December 31, 2019
	Useful Lives	Gross Book		Accumulated		Gross Book		Accumulated
	in Years	Value		Amortization		Value		Amortization
Customer relationships	1 - 15	$	231,492	$	(97,901)	$	183,061	$	(80,813)
Backlog	1 - 2		12,600		(12,098)		7,400		(6,388)
Tradenames	2 - 25		85,695		(17,790)		71,995		(15,281)
Total		$	329,787	$	(127,789)	$	262,456	$	(102,482)


Year ended December 31—
2020 (remainder of the year)	$	7,391
2021		24,610
2022		21,989
2023		20,535
2024		19,185
Thereafter		108,288
Total	$	201,998


	Consolidated Total Indebtedness to
	Credit Facility Adjusted EBITDA
	Less than 1.00		1.00 to 1.75		1.75 to 2.50		2.50 or greater
Additional Per Annum Interest Margin Added Under:
Base Rate Loan Option	0.25	%	0.50	%	0.75	%	1.00	%
Eurodollar Rate Loan Option	1.25	%	1.50	%	1.75	%	2.00	%


	Three Months Ended September 30, 2020
	Mechanical Services		Electrical Services		Corporate		Consolidated
Revenue	$	621,140	$	92,959	$	—	$	714,099
Gross Profit	$	138,655	$	8,541	$	—	$	147,196

	Three Months Ended September 30, 2019
	Mechanical Services		Electrical Services		Corporate		Consolidated
Revenue	$	590,016	$	116,902	$	—	$	706,918
Gross Profit	$	128,501	$	14,201	$	—	$	142,702

	Nine Months Ended September 30, 2020
	Mechanical Services		Electrical Services		Corporate		Consolidated
Revenue	$	1,809,304	$	348,394	$	—	$	2,157,698
Gross Profit	$	383,334	$	26,650	$	—	$	409,984

	Nine Months Ended September 30, 2019
	Mechanical Services		Electrical Services		Corporate		Consolidated
Revenue	$	1,677,632	$	218,061	$	—	$	1,895,693
Gross Profit	$	344,632	$	24,751	$	—	$	369,383


		Aggregate
		Contract
	No. of	Price Value
Contract Price of Project	Projects	(millions)
Under $1 million	5,214	$	662.6
$1 million - $5 million	595		1,326.1
$5 million - $10 million	102		740.3
$10 million - $15 million	58		710.1
Greater than $15 million	53		1,588.0
Total	6,022	$	5,027.1


				Total Number of Shares	Maximum Number of
				Purchased as Part of	Shares that May Yet Be
	Total Number of	Average Price		Publicly Announced Plans	Purchased Under the Plans
Period	Shares Purchased	Paid Per Share		or Programs (1)	or Programs
July 1 - July 31	24,455	$	39.22	8,942,172	605,997
August 1 - August 31	23,966	$	51.00	8,966,138	582,031
September 1 - September 30	109,387	$	51.10	9,075,525	472,644
	157,808	$	49.24	9,075,525	472,644


		Incorporated by Reference to the Exhibit Indicated Below and to the Filing with the Commission Indicated Below
Exhibit Number	Description of Exhibits	Exhibit Number	Filing or File Number
3.1	Second Amended and Restated Certificate of Incorporation of the Registrant	3.1	333-24021
3.2	Certificate of Amendment dated May 21, 1998	3.2	1998 Form 10-K
3.3	Certificate of Amendment dated July 9, 2003	3.3	2003 Form 10-K
3.4	Certificate of Amendment dated May 20, 2016	3.1	May 20, 2016 Form 8-K
3.5	Amended and Restated Bylaws of Comfort Systems USA, Inc.	3.1	March 25, 2016 Form 8-K
31.1*	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	Inline XBRL Instance Document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document)


	Comfort Systems USA, Inc.

October 26, 2020	By:	/s/ Brian E. Lane
		Brian E. Lane
		President, Chief Executive Officer and Director

October 26, 2020	By:	/s/ William George
		William George
		Executive Vice President and Chief Financial Officer

October 26, 2020	By:	/s/ Julie S. Shaeff
		Julie S. Shaeff
		Senior Vice President and Chief Accounting Officer