$WSO
WATSCO INC

2015 Q1 Form 10-Q Financial Statement

#000119312515177219 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $809.0M $762.6M
YoY Change 6.09% 6.86%
Cost Of Revenue $604.7M $574.5M
YoY Change 5.27% 6.75%
Gross Profit $204.2M $188.1M
YoY Change 8.59% 7.19%
Gross Profit Margin 25.25% 24.66%
Selling, General & Admin $157.2M $152.5M
YoY Change 3.08% 5.26%
% of Gross Profit 76.98% 81.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.621M $4.434M
YoY Change 4.22% 3.12%
% of Gross Profit 2.26% 2.36%
Operating Expenses $157.2M $152.5M
YoY Change 3.08% 5.26%
Operating Profit $47.01M $35.55M
YoY Change 32.22% 16.36%
Interest Expense $1.377M $1.009M
YoY Change 36.47% -14.64%
% of Operating Profit 2.93% 2.84%
Other Income/Expense, Net
YoY Change
Pretax Income $45.63M $34.54M
YoY Change 32.1% 17.61%
Income Tax $14.33M $10.14M
% Of Pretax Income 31.41% 29.36%
Net Earnings $23.05M $16.75M
YoY Change 37.58% 25.16%
Net Earnings / Revenue 2.85% 2.2%
Basic Earnings Per Share $0.65 $0.48
Diluted Earnings Per Share $0.65 $0.48
COMMON SHARES
Basic Shares Outstanding 32.38M shares 32.25M shares
Diluted Shares Outstanding 32.43M shares 32.31M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.30M $19.50M
YoY Change -16.41% -11.36%
Cash & Equivalents $16.25M $19.46M
Short-Term Investments
Other Short-Term Assets $19.77M $17.00M
YoY Change 16.33% 0.74%
Inventory $800.9M $707.8M
Prepaid Expenses
Receivables $436.5M $394.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.273B $1.139B
YoY Change 11.78% 6.77%
LONG-TERM ASSETS
Property, Plant & Equipment $53.12M $44.07M
YoY Change 20.52% 2.5%
Goodwill $382.5M $390.1M
YoY Change -1.95% -1.42%
Intangibles $174.4M $197.1M
YoY Change -11.53% -8.27%
Long-Term Investments
YoY Change
Other Assets $6.141M $6.381M
YoY Change -3.76% -5.76%
Total Long-Term Assets $616.2M $637.7M
YoY Change -3.37% -3.44%
TOTAL ASSETS
Total Short-Term Assets $1.273B $1.139B
Total Long-Term Assets $616.2M $637.7M
Total Assets $1.890B $1.777B
YoY Change 6.34% 2.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $238.3M $260.7M
YoY Change -8.57% 19.62%
Accrued Expenses $117.6M $92.40M
YoY Change 27.31% 0.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $100.0K
YoY Change 100.0%
Total Short-Term Liabilities $356.1M $353.2M
YoY Change 0.84% 14.06%
LONG-TERM LIABILITIES
Long-Term Debt $341.3M $227.2M
YoY Change 50.2% -29.44%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $341.3M $227.2M
YoY Change 50.2% -29.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $356.1M $353.2M
Total Long-Term Liabilities $341.3M $227.2M
Total Liabilities $697.4M $580.4M
YoY Change 20.16% -8.11%
SHAREHOLDERS EQUITY
Retained Earnings $419.4M $342.2M
YoY Change 22.56% 33.55%
Common Stock $606.4M $18.21M
YoY Change 3230.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.4M $114.4M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $879.2M $844.9M
YoY Change
Total Liabilities & Shareholders Equity $1.890B $1.777B
YoY Change 6.34% 2.87%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $23.05M $16.75M
YoY Change 37.58% 25.16%
Depreciation, Depletion And Amortization $4.621M $4.434M
YoY Change 4.22% 3.12%
Cash From Operating Activities -$16.80M $24.90M
YoY Change -167.47% -242.3%
INVESTING ACTIVITIES
Capital Expenditures $3.114M $1.736M
YoY Change 79.38% -43.43%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K
YoY Change 0.0% 0.0%
Cash From Investing Activities -$3.000M -$1.666M
YoY Change 80.07% -43.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.381M $873.0K
YoY Change 58.19% 75.65%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.00M -23.11M
YoY Change -151.92% -25.64%
NET CHANGE
Cash From Operating Activities -16.80M 24.90M
Cash From Investing Activities -3.000M -1.666M
Cash From Financing Activities 12.00M -23.11M
Net Change In Cash -7.800M 123.0K
YoY Change -6441.46% -100.24%
FREE CASH FLOW
Cash From Operating Activities -$16.80M $24.90M
Capital Expenditures $3.114M $1.736M
Free Cash Flow -$19.91M $23.17M
YoY Change -185.97% -212.63%

Facts In Submission

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CY2015Q1 dei Document Type
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10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
WATSCO INC
CY2015Q1 dei Trading Symbol
TradingSymbol
WSO
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53918 shares
CY2015Q1 dei Entity Filer Category
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CY2015Q1 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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CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4621000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-387000
CY2015Q1 us-gaap Interest Expense
InterestExpense
1377000
CY2015Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
1868000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
157217000
CY2015Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
604747000
CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
358000
CY2015Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1868000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1288000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-8196000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14331000
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
188000
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
137000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
12017000
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest
8032000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
4000
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1381000
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
71000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-3043000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
601000
CY2015Q1 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-41000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
72050000
CY2015Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
3654000
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
8252000
CY2015Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
38497000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2831000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
816000
CY2015Q1 wso Non Cash Contribution To401 K Plan
NonCashContributionTo401KPlan
1963000

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