Comfort Systems USA Inc 10-Q for FY2024 Q3

Comfort Systems USA Inc (FIX)

10-Q 2024-10-24 For: 2024-09-30

Added on April 03, 2026

About this 10-Q

Comfort Systems USA Inc filed this 10-Q on October 24, 2024, covering the quarter ended September 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.81B; up 31.5% from $1.38B a year earlier
Net income: $146.24M; up 39.1% from net income of $105.13M a year earlier
Diluted EPS: $4.09; up 39.6% from $2.93 a year earlier

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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		34
Item 4—Controls and Procedures		34
Part II—Other Information		35
Item 1—Legal Proceedings		35
Item 1A—Risk Factors		35
Item 2—Unregistered Sales of Equity Securities and Use of Proceeds		35
Item 5—Other Information		36
Item 6—Exhibits		37
Signatures		38


	September 30,		December 31,
	2024		2023
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	415,583	$	205,150
Billed accounts receivable, less allowance for credit losses of $15,280 and $11,926, respectively		1,730,960		1,318,926
Unbilled accounts receivable, less allowance for credit losses of $953 and $850, respectively		89,332		72,774
Other receivables, less allowance for credit losses of $515 and $522, respectively		135,323		166,319
Inventories		55,680		65,538
Prepaid expenses and other		36,087		54,309
Costs and estimated earnings in excess of billings, less allowance for credit losses of $200 and $79, respectively		73,934		28,084
Total current assets		2,536,899		1,911,100
PROPERTY AND EQUIPMENT, NET		250,150		208,568
LEASE RIGHT-OF-USE ASSET		225,301		205,712
GOODWILL		875,193		666,834
IDENTIFIABLE INTANGIBLE ASSETS, NET		456,459		280,397
DEFERRED TAX ASSETS		50,234		17,723
OTHER NONCURRENT ASSETS		18,529		15,245
Total assets	$	4,412,765	$	3,305,579
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	6,046	$	4,867
Accounts payable		603,546		419,962
Accrued compensation and benefits		258,174		169,136
Billings in excess of costs and estimated earnings and deferred revenue		1,197,532		909,538
Accrued self-insurance		36,924		27,774
Other current liabilities		326,921		189,928
Total current liabilities		2,429,143		1,721,205
LONG-TERM DEBT		62,315		39,345
LEASE LIABILITIES		208,268		188,136
DEFERRED TAX LIABILITIES		1,120		1,120
OTHER LONG-TERM LIABILITIES		124,197		77,944
Total liabilities		2,825,043		2,027,750
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, 5,530,807 and 5,438,625 shares, respectively		(256,775)		(209,807)
Additional paid-in capital		350,182		339,562
Retained earnings		1,493,904		1,147,663
Total stockholders’ equity		1,587,722		1,277,829
Total liabilities and stockholders’ equity	$	4,412,765	$	3,305,579


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
REVENUE	$	1,812,366	$	1,378,124	$	5,159,672	$	3,849,194
COST OF SERVICES		1,430,652		1,100,625		4,116,999		3,138,370
Gross profit		381,714		277,499		1,042,673		710,824
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		180,177		142,935		522,437		414,397
GAIN ON SALE OF ASSETS		(1,347)		(579)		(2,778)		(1,683)
Operating income		202,884		135,143		523,014		298,110
OTHER INCOME (EXPENSE):
Interest income		3,825		952		6,692		2,441
Interest expense		(1,730)		(1,886)		(5,072)		(9,880)
Changes in the fair value of contingent earn-out obligations		(17,254)		(8,727)		(44,434)		(14,207)
Other		87		(44)		323		1
Other income (expense)		(15,072)		(9,705)		(42,491)		(21,645)
INCOME BEFORE INCOME TAXES		187,812		125,438		480,523		276,465
PROVISION FOR INCOME TAXES		41,577		20,313		103,960		44,648
NET INCOME	$	146,235	$	105,125	$	376,563	$	231,817

INCOME PER SHARE:
Basic	$	4.10	$	2.93	$	10.54	$	6.47
Diluted	$	4.09	$	2.93	$	10.52	$	6.46

SHARES USED IN COMPUTING INCOME PER SHARE:
Basic		35,669		35,820		35,718		35,819
Diluted		35,755		35,917		35,804		35,910


(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

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)


	Nine Months Ended
	September 30, 2023
							Additional				Total
	Common Stock			Treasury Stock			Paid-In		Retained		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Earnings		Equity
BALANCE AT DECEMBER 31, 2022	41,123,365	$	411	(5,362,224)	$	(187,212)	$	332,080	$	854,644	$	999,923
Net income	—		—	—		—		—		57,216		57,216
Issuance of Stock:
Issuance of shares for options exercised	—		—	1,000		36		(18)		—		18
Issuance of restricted stock & performance stock	—		—	31,960		1,131		3,384		—		4,515
Shares received in lieu of tax withholding on vested stock	—		—	(12,728)		(1,798)		—		—		(1,798)
Stock-based compensation	—		—	—		—		3,438		—		3,438
Dividends ($0.175 per share)	—		—	—		—		—		(6,254)		(6,254)
Share repurchase	—		—	(29,400)		(3,568)		—		—		(3,568)
BALANCE AT MARCH 31, 2023	41,123,365		411	(5,371,392)		(191,411)		338,884		905,606		1,053,490
Net income	—		—	—		—		—		69,476		69,476
Issuance of Stock:
Issuance of shares for options exercised	—		—	—		—		—		—		—
Issuance of restricted stock & performance stock	—		—	61,505		2,220		(2,220)		—		—
Shares received in lieu of tax withholding on vested stock	—		—	(19,739)		(2,891)		—		—		(2,891)
Stock-based compensation	—		—	—		—		1,749		—		1,749
Dividends ($0.20 per share)	—		—	—		—		—		(7,152)		(7,152)
Share repurchase	—		—	(24,000)		(3,208)		—		—		(3,208)
BALANCE AT JUNE 30, 2023	41,123,365		411	(5,353,626)		(195,290)		338,413		967,930		1,111,464
Net income	—		—	—		—		—		105,125		105,125
Issuance of Stock:
Issuance of shares for options exercised	—		—	—		—		—		—		—
Issuance of restricted stock & performance stock	—		—	761		28		(28)		—		—
Shares received in lieu of tax withholding on vested stock	—		—	(185)		(36)		—		—		(36)
Stock-based compensation	—		—	—		—		445		—		445
Dividends ($0.225 per share)	—		—	—		—		—		(8,049)		(8,049)
Share repurchase	—		—	(10,250)		(1,787)		—		—		(1,787)
BALANCE AT SEPTEMBER 30, 2023	41,123,365	$	411	(5,363,300)	$	(197,085)	$	338,830	$	1,065,006	$	1,207,162


	Nine Months Ended
	September 30, 2024
							Additional				Total
	Common Stock			Treasury Stock			Paid-In		Retained		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Earnings		Equity
BALANCE AT DECEMBER 31, 2023	41,123,365	$	411	(5,438,625)	$	(209,807)	$	339,562	$	1,147,663	$	1,277,829
Net income	—		—	—		—		—		96,319		96,319
Issuance of Stock:
Issuance of shares for options exercised	—		—	1,369		53		(26)		—		27
Issuance of restricted stock & performance stock	—		—	17,018		657		4,696		—		5,353
Shares received in lieu of tax withholding on vested stock	—		—	(6,763)		(2,126)		—		—		(2,126)
Stock-based compensation	—		—	—		—		4,350		—		4,350
Dividends ($0.25 per share)	—		—	—		—		—		(8,921)		(8,921)
Share repurchase	—		—	(1,500)		(295)		—		—		(295)
BALANCE AT MARCH 31, 2024	41,123,365		411	(5,428,501)		(211,518)		348,582		1,235,061		1,372,536
Net income	—		—	—		—		—		134,009		134,009
Issuance of Stock:
Issuance of shares for options exercised	—		—	—		—		—		—		—
Issuance of restricted stock & performance stock	—		—	47,344		1,851		(1,851)		—		—
Shares received in lieu of tax withholding on vested stock	—		—	(15,817)		(5,062)		—		—		(5,062)
Stock-based compensation	—		—	—		—		2,368		—		2,368
Dividends ($0.30 per share)	—		—	—		—		—		(10,713)		(10,713)
Share repurchase	—		—	(34,997)		(10,844)		—		—		(10,844)
BALANCE AT JUNE 30, 2024	41,123,365		411	(5,431,971)		(225,573)		349,099		1,358,357		1,482,294
Net income	—		—	—		—		—		146,235		146,235
Issuance of Stock:
Issuance of shares for options exercised	—		—	—		—		—		—		—
Issuance of restricted stock & performance stock	—		—	1,434		66		(66)		—		—
Shares received in lieu of tax withholding on vested stock	—		—	(309)		(104)		—		—		(104)
Stock-based compensation	—		—	—		—		1,149		—		1,149
Dividends ($0.30 per share)	—		—	—		—		—		(10,688)		(10,688)
Share repurchase	—		—	(99,961)		(31,164)		—		—		(31,164)
BALANCE AT SEPTEMBER 30, 2024	41,123,365	$	411	(5,530,807)	$	(256,775)	$	350,182	$	1,493,904	$	1,587,722


	Three Months Ended September 30,								Nine Months Ended September 30,
Revenue by Service Provided	2024				2023				2024				2023
Mechanical Segment	$	1,438,617	79.4	%	$	1,031,310	74.8	%	$	4,075,305	79.0	%	$	2,925,848	76.0	%
Electrical Segment		373,749	20.6	%		346,814	25.2	%		1,084,367	21.0	%		923,346	24.0	%
Total	$	1,812,366	100.0	%	$	1,378,124	100.0	%	$	5,159,672	100.0	%	$	3,849,194	100.0	%

	Three Months Ended September 30,								Nine Months Ended September 30,
Revenue by Type of Customer	2024				2023				2024				2023
Technology	$	615,398	34.0	%	$	303,847	22.0	%	$	1,641,525	31.8	%	$	795,327	20.7	%
Manufacturing		452,157	24.9	%		469,173	34.0	%		1,439,772	27.9	%		1,271,348	33.0	%
Education		195,737	10.8	%		139,206	10.1	%		523,153	10.1	%		376,637	9.8	%
Healthcare		149,974	8.3	%		133,130	9.7	%		424,450	8.2	%		431,329	11.2	%
Office Buildings		109,233	6.0	%		104,937	7.6	%		326,137	6.3	%		299,103	7.8	%
Retail, Restaurants and Entertainment		114,572	6.3	%		77,802	5.6	%		309,658	6.0	%		234,779	6.1	%
Government		92,555	5.1	%		85,220	6.3	%		271,429	5.3	%		227,232	5.9	%
Multi-Family and Residential		33,838	1.9	%		45,523	3.3	%		110,870	2.2	%		136,825	3.5	%
Other		48,902	2.7	%		19,286	1.4	%		112,678	2.2	%		76,614	2.0	%
Total	$	1,812,366	100.0	%	$	1,378,124	100.0	%	$	5,159,672	100.0	%	$	3,849,194	100.0	%

	Three Months Ended September 30,								Nine Months Ended September 30,
Revenue by Activity Type	2024				2023				2024				2023
New Construction	$	949,035	52.4	%	$	798,289	57.9	%	$	2,930,283	56.8	%	$	2,108,153	54.8	%
Existing Building Construction		570,288	31.5	%		305,795	22.2	%		1,407,231	27.3	%		974,085	25.3	%
Service Projects		125,249	6.9	%		117,202	8.5	%		355,643	6.9	%		335,053	8.7	%
Service Calls, Maintenance and Monitoring		167,794	9.2	%		156,838	11.4	%		466,515	9.0	%		431,903	11.2	%
Total	$	1,812,366	100.0	%	$	1,378,124	100.0	%	$	5,159,672	100.0	%	$	3,849,194	100.0	%


	September 30, 2024		December 31, 2023
Contract assets:
Costs and estimated earnings in excess of billings, less allowance for credit losses	$	73,934	$	28,084
Contract liabilities:
Billings in excess of costs and estimated earnings and deferred revenue	$	1,197,532	$	909,538


	Fair Value Measurements at September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	415,583	$	—	$	—	$	415,583
Contingent earn-out obligations	$	—	$	—	$	103,238	$	103,238

	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	205,150	$	—	$	—	$	205,150
Life insurance—cash surrender value	$	—	$	7,473	$	—	$	7,473
Contingent earn-out obligations	$	—	$	—	$	44,222	$	44,222


	Nine Months Ended		Year Ended
	September 30, 2024		December 31, 2023
Balance at beginning of period	$	44,222	$	32,317
Issuances		51,784		4,315
Settlements		(37,202)		(16,017)
Adjustments to fair value		44,434		23,607
Balance at end of period	$	103,238	$	44,222


Consideration transferred:
Cash paid at closing	$	267,500
Working capital adjustment		14,602
Notes issued to former owners		35,000
Estimated fair value of contingent earn-out payments		42,732
	$	359,834
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	171,027
Billed and unbilled accounts receivable		59,846
Prepaid expenses and other		1,476
Cost and estimated earnings in excess of billings		578
Property and equipment		2,528
Lease right-of-use asset		2,364
Goodwill		155,345
Identifiable intangible assets		170,100
Other noncurrent assets		136
Accounts payable		(15,130)
Billings in excess of costs and estimated earnings and deferred revenue		(179,895)
Current operating lease liabilities		(1,495)
Accrued expenses and other current liabilities		(6,293)
Long-term operating lease liabilities		(753)
	$	359,834


	Nine Months Ended
	September 30,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	376,563	$	231,817
Adjustments to reconcile net income to net cash provided by operating activities—
Amortization of identifiable intangible assets		75,224		32,273
Depreciation expense		35,377		27,717
Change in right-of-use assets		22,400		19,630
Bad debt expense		5,464		2,849
Deferred tax provision (benefit)		(32,511)		116,355
Amortization of debt financing costs		514		512
Gain on sale of assets		(2,778)		(1,683)
Changes in the fair value of contingent earn-out obligations		44,434		14,207
Stock-based compensation		12,129		9,128
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures—
(Increase) decrease in—
Receivables, net		(262,958)		(376,282)
Inventories		10,088		(18,272)
Prepaid expenses and other current assets		15,174		2,504
Costs and estimated earnings in excess of billings and unbilled accounts receivable		(58,473)		(5,326)
Other noncurrent assets		(1,882)		(247)
Increase (decrease) in—
Accounts payable and accrued liabilities		323,756		185,382
Billings in excess of costs and estimated earnings and deferred revenue		80,448		217,148
Other long-term liabilities		(4,375)		8,848
Net cash provided by operating activities		638,594		466,560
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(70,395)		(69,574)
Proceeds from sales of property and equipment		3,611		5,093
Cash paid for acquisitions, net of cash acquired		(235,466)		(53,404)
Payments for investments		(1,770)		(1,240)
Net cash used in investing activities		(304,020)		(119,125)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility		182,000		285,000
Payments on revolving credit facility		(182,000)		(500,000)
Proceeds from other debt		640		—
Payments on other debt		(26,550)		(1,980)
Payments of dividends to stockholders		(30,322)		(21,455)


	Valuation Method	Estimated Useful Life		Estimated Fair Value
Backlog	Excess earnings	1.8 years	$	35,800
Trade Name	Relief-from-royalty	22.9 years		11,300
Customer Relationships	Excess earnings	10 years		123,000
Total			$	170,100


		Estimated	Estimated
	Valuation Method	Useful Life	Fair Value
Backlog	Excess earnings	1.8 years	$	12,900
Trade Name	Relief-from-royalty	22 years		10,600
Customer Relationships	Excess earnings	9 years		39,800
Total			$	63,300


	Mechanical Segment		Electrical Segment		Total
Balance at December 31, 2022	$	363,929	$	247,860	$	611,789
Acquisitions and purchase price adjustments (See Note 5)		29,347		25,698		55,045
Balance at December 31, 2023		393,276		273,558		666,834
Acquisitions and purchase price adjustments (See Note 5)		208,159		200		208,359
Balance at September 30, 2024	$	601,435	$	273,758	$	875,193


Consideration transferred:
Cash paid at closing	$	100,000
Working capital adjustment		1,587
Notes issued to former owners		10,000
Estimated fair value of contingent earn-out payments		9,052
	$	120,639
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	14,802
Billed and unbilled accounts receivable		38,411
Inventory		230
Prepaid expenses and other		393
Costs and estimated earnings in excess of billings		728
Property and equipment		2,674
Lease right-of-use asset		4,552
Goodwill		40,706
Identifiable intangible assets		63,300
Other noncurrent assets		10
Accounts payable		(20,649)
Billings in excess of costs and estimated earnings and deferred revenue		(19,188)
Current operating lease liabilities		(133)
Accrued expenses and other current liabilities		(826)
Long-term debt		(59)
Long-term operating lease liabilities		(4,312)
	$	120,639


Year ending December 31—
2024 (remainder of the year)	$	22,042
2025		66,576
2026		55,961
2027		53,650
2028		52,103
Thereafter		206,127
Total	$	456,459


	Net Leverage Ratio
	Less than 1.00		1.00 to less than 1.75		1.75 to less than 2.50		2.50 to less than 3.00		3.00 or greater
Additional Per Annum Interest Margin Added Under:
Base Rate Loan Option	0.00	%	0.25	%	0.50	%	0.75	%	1.00	%
SOFR Loan Option	1.00	%	1.25	%	1.50	%	1.75	%	2.00	%


	Balance at		Range of Stated
	September 30, 2024		Interest Rates
2025	$	5,968	2.3 - 2.5	%
2026		30,625	2.5 - 5.5	%
2027		26,000	5.5	%
2028		5,000	5.5	%
Total	$	67,593



	September 30, 2024		December 31, 2023
Operating lease right-of-use assets	$	225,301	$	205,712
Operating lease liabilities:
Other current liabilities	$	26,979	$	24,426
Long-term operating lease liabilities		208,268		188,136
Total operating lease liabilities	$	235,247	$	212,562


Year ending December 31—
2024 (excluding the nine months ended September 30, 2024)	$	10,146
2025		39,434
2026		35,646
2027		31,101
2028		27,234
Thereafter		189,877
Total lease payments		333,438
Less—present value discount		(98,191)
Present value of operating lease liabilities	$	235,247


	Three Months Ended September 30, 2024
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	1,438,617	$	373,749	$	—	$	1,812,366
Gross Profit	$	292,372	$	89,342	$	—	$	381,714

	Three Months Ended September 30, 2023
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	1,031,310	$	346,814	$	—	$	1,378,124
Gross Profit	$	210,147	$	67,352	$	—	$	277,499

	Nine Months Ended September 30, 2024
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	4,075,305	$	1,084,367	$	—	$	5,159,672
Gross Profit	$	789,056	$	253,617	$	—	$	1,042,673

	Nine Months Ended September 30, 2023
	Mechanical Segment		Electrical Segment		Corporate		Consolidated
Revenue	$	2,925,848	$	923,346	$	—	$	3,849,194
Gross Profit	$	547,695	$	163,129	$	—	$	710,824


		Aggregate
		Contract
	No. of	Price Value
Contract Price of Project	Projects	(millions)
Under $2 million	7,764	$	1,565.9
$2 million - $10 million	715		3,312.5
$10 million - $20 million	150		2,113.2
$20 million - $40 million	118		3,362.2
Greater than $40 million	64		4,368.6
Total	8,811	$	14,722.4


				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	32,219	$	305.13	10,325,040	619,085
August 1 - August 31	44,192	$	315.12	10,369,232	986,319
September 1 - September 30	23,550	$	314.55	10,392,782	962,769
	99,961	$	311.77	10,392,782	962,769


		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 24, 2024	By:	/s/ Brian E. Lane
		Brian E. Lane
		President, Chief Executive Officer and Director

October 24, 2024	By:	/s/ William George
		William George
		Executive Vice President and Chief Financial Officer

October 24, 2024	By:	/s/ Julie S. Shaeff
		Julie S. Shaeff
		Senior Vice President and Chief Accounting Officer


Date: October 24, 2024	/s/ Brian E. Lane
	Brian E. Lane President and Chief Executive Officer


	/s/ William George
Date: October 24, 2024	William George Executive Vice President and Chief Financial Officer