$WSO
WATSCO INC

2014 Q2 Form 10-Q Financial Statement

#000119312514291071 Filed on August 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $1.170B $1.120B
YoY Change 4.44% 10.74%
Cost Of Revenue $890.9M $853.8M
YoY Change 4.35% 10.4%
Gross Profit $279.3M $266.7M
YoY Change 4.72% 11.83%
Gross Profit Margin 23.87% 23.8%
Selling, General & Admin $166.3M $161.6M
YoY Change 2.91% 5.89%
% of Gross Profit 59.54% 60.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.400M $4.400M
YoY Change 0.0% 15.79%
% of Gross Profit 1.58% 1.65%
Operating Expenses $166.3M $161.6M
YoY Change 2.91% 5.89%
Operating Profit $113.0M $105.1M
YoY Change 7.51% 22.38%
Interest Expense $1.247M $1.688M
YoY Change -26.13% 25.04%
% of Operating Profit 1.1% 1.61%
Other Income/Expense, Net
YoY Change
Pretax Income $111.7M $103.4M
YoY Change 8.06% 22.33%
Income Tax $33.35M $30.82M
% Of Pretax Income 29.85% 29.8%
Net Earnings $56.10M $51.32M
YoY Change 9.32% 31.24%
Net Earnings / Revenue 4.79% 4.58%
Basic Earnings Per Share $1.60 $1.48
Diluted Earnings Per Share $1.60 $1.48
COMMON SHARES
Basic Shares Outstanding 32.30M shares 32.18M shares
Diluted Shares Outstanding 32.35M shares 32.25M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.90M $25.50M
YoY Change -33.73% -27.56%
Cash & Equivalents $16.87M $25.53M
Short-Term Investments
Other Short-Term Assets $19.48M $17.83M
YoY Change 9.22% -12.33%
Inventory $760.0M $692.0M
Prepaid Expenses
Receivables $549.9M $525.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.346B $1.261B
YoY Change 6.76% 1.89%
LONG-TERM ASSETS
Property, Plant & Equipment $45.14M $43.91M
YoY Change 2.79% 1.09%
Goodwill $392.4M $393.3M
YoY Change -0.25% 1.65%
Intangibles $200.5M $208.4M
YoY Change -3.79% -5.14%
Long-Term Investments
YoY Change
Other Assets $6.629M $6.388M
YoY Change 3.77% -11.31%
Total Long-Term Assets $644.6M $652.0M
YoY Change -1.14% -0.8%
TOTAL ASSETS
Total Short-Term Assets $1.346B $1.261B
Total Long-Term Assets $644.6M $652.0M
Total Assets $1.991B $1.913B
YoY Change 4.07% 0.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $269.0M $242.9M
YoY Change 10.74% -10.82%
Accrued Expenses $116.5M $118.8M
YoY Change -2.0% 9.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $0.00
YoY Change
Total Short-Term Liabilities $385.7M $361.8M
YoY Change 6.6% -5.13%
LONG-TERM LIABILITIES
Long-Term Debt $349.6M $398.3M
YoY Change -12.23% 69.03%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $349.6M $398.3M
YoY Change -12.23% 69.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $385.7M $361.8M
Total Long-Term Liabilities $349.6M $398.3M
Total Liabilities $735.2M $760.1M
YoY Change -3.27% 23.19%
SHAREHOLDERS EQUITY
Retained Earnings $384.3M $298.9M
YoY Change 28.58% -27.27%
Common Stock $18.20M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.4M $114.4M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $894.7M $794.9M
YoY Change
Total Liabilities & Shareholders Equity $1.991B $1.913B
YoY Change 4.07% 0.96%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $56.10M $51.32M
YoY Change 9.32% 31.24%
Depreciation, Depletion And Amortization $4.400M $4.400M
YoY Change 0.0% 15.79%
Cash From Operating Activities -$90.10M -$59.40M
YoY Change 51.68% -14.04%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$3.900M
YoY Change 5.13% 30.0%
Acquisitions
YoY Change
Other Investing Activities $200.0K $100.0K
YoY Change 100.0% -100.12%
Cash From Investing Activities -$3.900M -$3.800M
YoY Change 2.63% -95.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 91.30M 67.40M
YoY Change 35.46% -60.65%
NET CHANGE
Cash From Operating Activities -90.10M -59.40M
Cash From Investing Activities -3.900M -3.800M
Cash From Financing Activities 91.30M 67.40M
Net Change In Cash -2.700M 4.200M
YoY Change -164.29% -75.44%
FREE CASH FLOW
Cash From Operating Activities -$90.10M -$59.40M
Capital Expenditures -$4.100M -$3.900M
Free Cash Flow -$86.00M -$55.50M
YoY Change 54.95% -16.04%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
WATSCO INC
dei Trading Symbol
TradingSymbol
WSO
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dei Entity Filer Category
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us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Use of Estimates</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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>
dei Document Period End Date
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2014-06-30
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