$WSO
WATSCO INC

2014 Q3 Form 10-Q Financial Statement

#000119312514395461 Filed on November 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q4 2013 Q3
Revenue $1.135B $827.4M $1.082B
YoY Change 4.91% 8.07% 5.98%
Cost Of Revenue $860.2M $628.8M $823.3M
YoY Change 4.49% 7.91% 5.77%
Gross Profit $274.8M $198.5M $258.6M
YoY Change 6.25% 8.61% 6.64%
Gross Profit Margin 24.21% 24.0% 23.9%
Selling, General & Admin $169.5M $158.4M $163.1M
YoY Change 3.91% 6.1% 4.04%
% of Gross Profit 61.7% 79.79% 63.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.500M $4.500M $4.500M
YoY Change 0.0% -2.17% 2.27%
% of Gross Profit 1.64% 2.27% 1.74%
Operating Expenses $169.5M $158.4M $163.1M
YoY Change 3.91% 6.1% 4.04%
Operating Profit $105.2M $40.13M $95.46M
YoY Change 10.25% 19.82% 11.39%
Interest Expense $1.534M -$1.200M $1.781M
YoY Change -13.87% 0.0% 50.3%
% of Operating Profit 1.46% -2.99% 1.87%
Other Income/Expense, Net
YoY Change
Pretax Income $103.7M $38.90M $93.67M
YoY Change 10.71% 20.81% 10.84%
Income Tax $32.57M $11.00M $27.56M
% Of Pretax Income 31.41% 28.28% 29.42%
Net Earnings $54.46M $17.32M $45.70M
YoY Change 19.17% 17.35% 11.45%
Net Earnings / Revenue 4.8% 2.09% 4.22%
Basic Earnings Per Share $1.56 $0.50 $1.32
Diluted Earnings Per Share $1.56 $0.50 $1.32
COMMON SHARES
Basic Shares Outstanding 32.33M shares 32.21M shares
Diluted Shares Outstanding 32.38M shares 32.28M shares

Balance Sheet

Concept 2014 Q3 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.70M $19.50M $29.20M
YoY Change -42.81% -73.58% -36.52%
Cash & Equivalents $16.69M $19.48M $29.23M
Short-Term Investments
Other Short-Term Assets $22.26M $18.91M $22.37M
YoY Change -0.51% 5.36% 5.24%
Inventory $729.9M $583.2M $643.9M
Prepaid Expenses
Receivables $502.5M $399.6M $466.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.271B $1.021B $1.162B
YoY Change 9.43% 0.56% 1.83%
LONG-TERM ASSETS
Property, Plant & Equipment $45.36M $45.42M $44.89M
YoY Change 1.03% 6.01% 5.09%
Goodwill $389.4M $392.6M $394.7M
YoY Change -1.36% -1.17% 2.31%
Intangibles $192.5M $203.8M $209.8M
YoY Change -8.27% -7.13% -5.97%
Long-Term Investments
YoY Change
Other Assets $6.463M $6.558M $6.749M
YoY Change -4.24% -6.3% -5.6%
Total Long-Term Assets $633.7M $648.4M $656.2M
YoY Change -3.44% -2.73% -0.4%
TOTAL ASSETS
Total Short-Term Assets $1.271B $1.021B $1.162B
Total Long-Term Assets $633.7M $648.4M $656.2M
Total Assets $1.905B $1.670B $1.818B
YoY Change 4.78% -0.74% 1.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $224.3M $141.1M $198.3M
YoY Change 13.11% -23.71% -9.69%
Accrued Expenses $116.3M $102.3M $113.4M
YoY Change 2.57% 5.03% 4.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $100.0K $100.0K
YoY Change 100.0%
Total Short-Term Liabilities $340.8M $243.5M $311.8M
YoY Change 9.29% -13.76% -5.0%
LONG-TERM LIABILITIES
Long-Term Debt $352.7M $230.6M $285.3M
YoY Change 23.62% -27.08% 41.12%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $352.7M $230.6M $285.3M
YoY Change 23.62% -27.08% 41.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $340.8M $243.5M $311.8M
Total Long-Term Liabilities $352.7M $230.6M $285.3M
Total Liabilities $693.5M $474.1M $597.1M
YoY Change 16.14% -20.8% 12.58%
SHAREHOLDERS EQUITY
Retained Earnings $417.8M $339.4M $335.9M
YoY Change 24.37% 34.95% -21.98%
Common Stock $18.21M $18.18M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.4M $114.4M $114.4M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $881.4M $840.4M $838.8M
YoY Change
Total Liabilities & Shareholders Equity $1.905B $1.670B $1.818B
YoY Change 4.78% -0.74% 1.01%

Cashflow Statement

Concept 2014 Q3 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $54.46M $17.32M $45.70M
YoY Change 19.17% 17.35% 11.45%
Depreciation, Depletion And Amortization $4.500M $4.500M $4.500M
YoY Change 0.0% -2.17% 2.27%
Cash From Operating Activities $106.9M $99.10M $128.1M
YoY Change -16.55% -9.0% 3.31%
INVESTING ACTIVITIES
Capital Expenditures -$3.400M -$3.700M -$3.900M
YoY Change -12.82% 19.35% 69.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K $0.00
YoY Change 0.0% -100.0%
Cash From Investing Activities -$3.300M -$3.600M -$3.900M
YoY Change -15.38% 20.0% 875.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -103.6M -104.3M -121.0M
YoY Change -14.38% 33.89% 6.89%
NET CHANGE
Cash From Operating Activities 106.9M 99.10M 128.1M
Cash From Investing Activities -3.300M -3.600M -3.900M
Cash From Financing Activities -103.6M -104.3M -121.0M
Net Change In Cash -0.0000000009313 -8.800M 3.200M
YoY Change -100.0% -131.43% -69.23%
FREE CASH FLOW
Cash From Operating Activities $106.9M $99.10M $128.1M
Capital Expenditures -$3.400M -$3.700M -$3.900M
Free Cash Flow $110.3M $102.8M $132.0M
YoY Change -16.44% -8.21% 4.51%

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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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>
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