$WSO
WATSCO INC

2013 Q1 Form 10-Q Financial Statement

#000119312513186949 Filed on April 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $713.6M $633.5M
YoY Change 12.65% 18.56%
Cost Of Revenue $538.2M $482.9M
YoY Change 11.45% 20.9%
Gross Profit $175.4M $150.6M
YoY Change 16.48% 11.58%
Gross Profit Margin 24.58% 23.78%
Selling, General & Admin $144.9M $130.7M
YoY Change 10.85% 10.77%
% of Gross Profit 82.58% 86.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.300M $3.081M
YoY Change 39.57% 18.5%
% of Gross Profit 2.45% 2.05%
Operating Expenses $144.9M $130.7M
YoY Change 10.85% 10.87%
Operating Profit $30.55M $19.91M
YoY Change 53.47% 16.52%
Interest Expense $1.182M $888.0K
YoY Change 33.11% -211.0%
% of Operating Profit 3.87% 4.46%
Other Income/Expense, Net
YoY Change
Pretax Income $29.37M $19.02M
YoY Change 54.42% 19.63%
Income Tax $8.283M $5.529M
% Of Pretax Income 28.2% 29.07%
Net Earnings $13.39M $8.466M
YoY Change 58.1% 12.88%
Net Earnings / Revenue 1.88% 1.34%
Basic Earnings Per Share $0.39 $0.23
Diluted Earnings Per Share $0.39 $0.23
COMMON SHARES
Basic Shares Outstanding 32.16M shares 30.76M shares
Diluted Shares Outstanding 32.21M shares 30.83M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.00M $18.10M
YoY Change 21.55% -49.01%
Cash & Equivalents $22.03M $18.06M
Short-Term Investments
Other Short-Term Assets $16.87M $21.10M
YoY Change -20.04% 24.12%
Inventory $647.1M $532.4M
Prepaid Expenses
Receivables $380.9M $339.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.067B $911.0M
YoY Change 17.11% 8.67%
LONG-TERM ASSETS
Property, Plant & Equipment $43.00M $40.70M
YoY Change 5.64% 33.88%
Goodwill $395.7M
YoY Change
Intangibles $214.9M
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.771M $4.700M
YoY Change 44.06% -33.8%
Total Long-Term Assets $660.4M $439.6M
YoY Change 50.22% 10.62%
TOTAL ASSETS
Total Short-Term Assets $1.067B $911.0M
Total Long-Term Assets $660.4M $439.6M
Total Assets $1.727B $1.351B
YoY Change 27.89% 9.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $217.9M $182.5M
YoY Change 19.41% -14.28%
Accrued Expenses $91.72M $82.40M
YoY Change 11.31% 14.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $42.50M
YoY Change -100.0% 42400.0%
Total Short-Term Liabilities $309.6M $307.3M
YoY Change 0.76% 7.9%
LONG-TERM LIABILITIES
Long-Term Debt $322.0M $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $322.0M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $309.6M $307.3M
Total Long-Term Liabilities $322.0M $0.00
Total Liabilities $631.7M $554.6M
YoY Change 13.89% 17.0%
SHAREHOLDERS EQUITY
Retained Earnings $256.2M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.4M
YoY Change
Treasury Stock Shares
Shareholders Equity $754.8M $796.0M
YoY Change
Total Liabilities & Shareholders Equity $1.727B $1.351B
YoY Change 27.89% 9.3%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $13.39M $8.466M
YoY Change 58.1% 12.88%
Depreciation, Depletion And Amortization $4.300M $3.081M
YoY Change 39.57% 18.5%
Cash From Operating Activities -$17.50M $9.453M
YoY Change -285.12% -121.05%
INVESTING ACTIVITIES
Capital Expenditures $3.069M $3.883M
YoY Change -20.96% -328.41%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K
YoY Change 0.0% 0.0%
Cash From Investing Activities -$2.959M -$3.812M
YoY Change -22.38% 138.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $497.0K $1.181M
YoY Change -57.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -31.08M -3.257M
YoY Change 854.25% -92.66%
NET CHANGE
Cash From Operating Activities -17.50M 9.453M
Cash From Investing Activities -2.959M -3.812M
Cash From Financing Activities -31.08M -3.257M
Net Change In Cash -51.54M 2.384M
YoY Change -2261.83% -102.62%
FREE CASH FLOW
Cash From Operating Activities -$17.50M $9.453M
Capital Expenditures $3.069M $3.883M
Free Cash Flow -$20.57M $5.570M
YoY Change -469.26% -112.89%

Facts In Submission

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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of condensed consolidated unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses for the reporting period. Significant estimates include valuation reserves for accounts receivable, inventories and income taxes, reserves related to self-insurance programs and the valuation of goodwill and indefinite lived intangible assets. While we believe that these estimates are reasonable, actual results could differ from such estimates.</font></p> </div>
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0.23
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3257000
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
25000
CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
148000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30756626 shares
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
67083000
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
77842 shares
CY2012Q1 us-gaap Revenues
Revenues
633512000
CY2012Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.62
CY2012Q1 us-gaap Gross Profit
GrossProfit
150622000
CY2012Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
8256000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
8466000
CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
148000
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
130713000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5529000
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7058000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
13508000
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
16000
CY2012Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.21
CY2012Q1 us-gaap Interest Expense
InterestExpense
888000
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
7058000
CY2012Q1 wso Pro Forma Net Income Loss Attributable To Noncontrolling Interest
ProFormaNetIncomeLossAttributableToNoncontrollingInterest
-4850000
CY2012Q1 wso Participating Securities Distributed And Undistributed Earnings After Dilution
ParticipatingSecuritiesDistributedAndUndistributedEarningsAfterDilution
1408000
CY2012Q1 wso Business Acquisitions Pro Forma Proft Loss
BusinessAcquisitionsProFormaProftLoss
13106000
CY2012Q1 wso Percentage Of Total Purchases From Related Party
PercentageOfTotalPurchasesFromRelatedParty
0.52 pure
CY2012Q1 wso Non Cash Contribution To401 K Plan
NonCashContributionTo401KPlan
1772000

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