$WSO
WATSCO INC

2014 Q1 Form 10-Q Financial Statement

#000119312514177150 Filed on May 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $762.6M $713.6M
YoY Change 6.86% 12.65%
Cost Of Revenue $574.5M $538.2M
YoY Change 6.75% 11.45%
Gross Profit $188.1M $175.4M
YoY Change 7.19% 16.48%
Gross Profit Margin 24.66% 24.58%
Selling, General & Admin $152.5M $144.9M
YoY Change 5.26% 10.85%
% of Gross Profit 81.1% 82.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.434M $4.300M
YoY Change 3.12% 39.57%
% of Gross Profit 2.36% 2.45%
Operating Expenses $152.5M $144.9M
YoY Change 5.26% 10.85%
Operating Profit $35.55M $30.55M
YoY Change 16.36% 53.47%
Interest Expense $1.009M $1.182M
YoY Change -14.64% 33.11%
% of Operating Profit 2.84% 3.87%
Other Income/Expense, Net
YoY Change
Pretax Income $34.54M $29.37M
YoY Change 17.61% 54.42%
Income Tax $10.14M $8.283M
% Of Pretax Income 29.36% 28.2%
Net Earnings $16.75M $13.39M
YoY Change 25.16% 58.1%
Net Earnings / Revenue 2.2% 1.88%
Basic Earnings Per Share $0.48 $0.39
Diluted Earnings Per Share $0.48 $0.39
COMMON SHARES
Basic Shares Outstanding 32.25M shares 32.16M shares
Diluted Shares Outstanding 32.31M shares 32.21M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.50M $22.00M
YoY Change -11.36% 21.55%
Cash & Equivalents $19.46M $22.03M
Short-Term Investments
Other Short-Term Assets $17.00M $16.87M
YoY Change 0.74% -20.04%
Inventory $707.8M $647.1M
Prepaid Expenses
Receivables $394.9M $380.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.139B $1.067B
YoY Change 6.77% 17.11%
LONG-TERM ASSETS
Property, Plant & Equipment $44.07M $43.00M
YoY Change 2.5% 5.64%
Goodwill $390.1M $395.7M
YoY Change -1.42%
Intangibles $197.1M $214.9M
YoY Change -8.27%
Long-Term Investments
YoY Change
Other Assets $6.381M $6.771M
YoY Change -5.76% 44.06%
Total Long-Term Assets $637.7M $660.4M
YoY Change -3.44% 50.22%
TOTAL ASSETS
Total Short-Term Assets $1.139B $1.067B
Total Long-Term Assets $637.7M $660.4M
Total Assets $1.777B $1.727B
YoY Change 2.87% 27.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $260.7M $217.9M
YoY Change 19.62% 19.41%
Accrued Expenses $92.40M $91.72M
YoY Change 0.75% 11.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $353.2M $309.6M
YoY Change 14.06% 0.76%
LONG-TERM LIABILITIES
Long-Term Debt $227.2M $322.0M
YoY Change -29.44%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $227.2M $322.0M
YoY Change -29.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $353.2M $309.6M
Total Long-Term Liabilities $227.2M $322.0M
Total Liabilities $580.4M $631.7M
YoY Change -8.11% 13.89%
SHAREHOLDERS EQUITY
Retained Earnings $342.2M $256.2M
YoY Change 33.55%
Common Stock $18.21M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.4M $114.4M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $844.9M $754.8M
YoY Change
Total Liabilities & Shareholders Equity $1.777B $1.727B
YoY Change 2.87% 27.89%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $16.75M $13.39M
YoY Change 25.16% 58.1%
Depreciation, Depletion And Amortization $4.434M $4.300M
YoY Change 3.12% 39.57%
Cash From Operating Activities $24.90M -$17.50M
YoY Change -242.3% -285.12%
INVESTING ACTIVITIES
Capital Expenditures $1.736M $3.069M
YoY Change -43.43% -20.96%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K
YoY Change 0.0% 0.0%
Cash From Investing Activities -$1.666M -$2.959M
YoY Change -43.7% -22.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $873.0K $497.0K
YoY Change 75.65% -57.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.11M -31.08M
YoY Change -25.64% 854.25%
NET CHANGE
Cash From Operating Activities 24.90M -17.50M
Cash From Investing Activities -1.666M -2.959M
Cash From Financing Activities -23.11M -31.08M
Net Change In Cash 123.0K -51.54M
YoY Change -100.24% -2261.83%
FREE CASH FLOW
Cash From Operating Activities $24.90M -$17.50M
Capital Expenditures $1.736M $3.069M
Free Cash Flow $23.17M -$20.57M
YoY Change -212.63% -469.26%

Facts In Submission

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CY2013Q1 wso Percentage Of Total Purchases From Related Party
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CY2014Q1 dei Trading Symbol
TradingSymbol
WSO
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
WATSCO INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
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CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
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0000105016
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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.</p> </div>
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131000
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15511000
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7614000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-9214000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1992000
CY2014Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-2038000
CY2014Q1 us-gaap Revenues
Revenues
762568000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
11380000
CY2014Q1 us-gaap Gross Profit
GrossProfit
188069000
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-961000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
35553000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
2000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
16753000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
126316000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
3810000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-23112000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2488000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
927000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-21000
CY2014Q1 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-26000
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
152516000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10141000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-144000
CY2014Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
7614000
CY2014Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1759000
CY2014Q1 us-gaap Interest Expense
InterestExpense
1009000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
112346000
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
873000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
1000
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
70000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4434000
CY2014Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-2553000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
131000
CY2014Q1 us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
1242000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1666000
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
7650000
CY2014Q1 wso Percentage Of Total Purchases From Related Party
PercentageOfTotalPurchasesFromRelatedParty
0.61 pure

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