FIXComfort Systems USA

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“For example, in 2025, one customer represented approximately 12.8% of our consolidated revenue.”

Read it in the 10-K ↗

“For the years ended December 31, 2025, 2024, and 2023, one customer represented 12.8%, 13.3% and 13.8% of consolidated revenue, respectively, and was included in our mechanical segment revenues.”

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Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Pending cases, settlements and what the company has set aside for them.

“We have estimated and provided accruals for probable losses and related legal fees associated with certain litigation in our consolidated financial statements.”

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“We have estimated and provided accruals for probable losses and related legal fees associated with certain litigation in the accompanying consolidated financial statements.”

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Promises to pay someone else's debts or losses if they cannot.

“We also perform some project work on a cost-plus or a time and materials basis, under which we are paid our costs incurred plus an agreed-upon profit margin, and such projects are sometimes subject to a guaranteed maximum cost.”

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New “The Facility is composed of a revolving credit line guaranteed by certain of our subsidiaries, in the amount of $1.10 billion.”

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Conditions in loan agreements that, if broken, can make debt due early.

“The Facility contains financial covenants defining various financial measures and the levels of these measures with which we must comply.”

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New “Covenant compliance is assessed as of each quarter end for the four fiscal quarters then ended.”

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“Credit Facility Adjusted EBITDA is defined under the Facility for financial covenant purposes as consolidated net income for the four fiscal quarters ending as of any given quarterly covenant compliance measurement date, plus the corresponding amounts for (a) interest expense; (b) provision for income taxes; (c) depreciation and amortization; (d) stock or equity compensation; and (e) other non-cash charges, in each case calculated on a pro forma basis for acquisitions or dispositions during such measurement period.”

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“While the Facility’s financial covenants do not specifically govern capacity under the Facility, if our debt level under the Facility at a quarter-end covenant compliance measurement date were to cause us to violate the Facility’s Net Leverage Ratio covenant, our borrowing capacity under the Facility and the favorable terms that we currently have could be negatively impacted.”

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“We were in compliance with all of our financial covenants as of December 31, 2025.”

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Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.