$WSO
WATSCO INC

2015 Q2 Form 10-Q Financial Statement

#000119312515280411 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $1.223B $1.170B
YoY Change 4.55% 4.44%
Cost Of Revenue $928.2M $890.9M
YoY Change 4.18% 4.35%
Gross Profit $295.2M $279.3M
YoY Change 5.72% 4.72%
Gross Profit Margin 24.13% 23.87%
Selling, General & Admin $170.4M $166.3M
YoY Change 2.46% 2.91%
% of Gross Profit 57.71% 59.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.800M $4.400M
YoY Change 9.09% 0.0%
% of Gross Profit 1.63% 1.58%
Operating Expenses $170.4M $166.3M
YoY Change 2.46% 2.91%
Operating Profit $124.9M $113.0M
YoY Change 10.51% 7.51%
Interest Expense $1.630M $1.247M
YoY Change 30.71% -26.13%
% of Operating Profit 1.31% 1.1%
Other Income/Expense, Net
YoY Change
Pretax Income $123.2M $111.7M
YoY Change 10.29% 8.06%
Income Tax $38.99M $33.35M
% Of Pretax Income 31.64% 29.85%
Net Earnings $65.42M $56.10M
YoY Change 16.62% 9.32%
Net Earnings / Revenue 5.35% 4.79%
Basic Earnings Per Share $1.86 $1.60
Diluted Earnings Per Share $1.85 $1.60
COMMON SHARES
Basic Shares Outstanding 32.43M shares 32.30M shares
Diluted Shares Outstanding 32.48M shares 32.35M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.90M $16.90M
YoY Change 29.59% -33.73%
Cash & Equivalents $21.85M $16.87M
Short-Term Investments
Other Short-Term Assets $21.44M $19.48M
YoY Change 10.09% 9.22%
Inventory $799.0M $760.0M
Prepaid Expenses
Receivables $599.1M $549.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.441B $1.346B
YoY Change 7.07% 6.76%
LONG-TERM ASSETS
Property, Plant & Equipment $60.99M $45.14M
YoY Change 35.11% 2.79%
Goodwill $383.3M $392.4M
YoY Change -2.31% -0.25%
Intangibles $174.7M $200.5M
YoY Change -12.88% -3.79%
Long-Term Investments
YoY Change
Other Assets $6.212M $6.629M
YoY Change -6.29% 3.77%
Total Long-Term Assets $625.1M $644.6M
YoY Change -3.02% -1.14%
TOTAL ASSETS
Total Short-Term Assets $1.441B $1.346B
Total Long-Term Assets $625.1M $644.6M
Total Assets $2.067B $1.991B
YoY Change 3.8% 4.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $243.5M $269.0M
YoY Change -9.5% 10.74%
Accrued Expenses $125.7M $116.5M
YoY Change 7.93% -2.0%
Deferred Revenue
YoY Change
Short-Term Debt $2.569M $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K
YoY Change 0.0%
Total Short-Term Liabilities $371.9M $385.7M
YoY Change -3.57% 6.6%
LONG-TERM LIABILITIES
Long-Term Debt $434.0M $349.6M
YoY Change 24.16% -12.23%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $434.0M $349.6M
YoY Change 24.16% -12.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $371.9M $385.7M
Total Long-Term Liabilities $434.0M $349.6M
Total Liabilities $805.9M $735.2M
YoY Change 9.62% -3.27%
SHAREHOLDERS EQUITY
Retained Earnings $460.2M $384.3M
YoY Change 19.74% 28.58%
Common Stock $611.3M $18.20M
YoY Change 3258.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.4M $114.4M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $925.9M $894.7M
YoY Change
Total Liabilities & Shareholders Equity $2.067B $1.991B
YoY Change 3.8% 4.07%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $65.42M $56.10M
YoY Change 16.62% 9.32%
Depreciation, Depletion And Amortization $4.800M $4.400M
YoY Change 9.09% 0.0%
Cash From Operating Activities -$57.30M -$90.10M
YoY Change -36.4% 51.68%
INVESTING ACTIVITIES
Capital Expenditures -$11.50M -$4.100M
YoY Change 180.49% 5.13%
Acquisitions
YoY Change
Other Investing Activities $500.0K $200.0K
YoY Change 150.0% 100.0%
Cash From Investing Activities -$11.00M -$3.900M
YoY Change 182.05% 2.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 73.80M 91.30M
YoY Change -19.17% 35.46%
NET CHANGE
Cash From Operating Activities -57.30M -90.10M
Cash From Investing Activities -11.00M -3.900M
Cash From Financing Activities 73.80M 91.30M
Net Change In Cash 5.500M -2.700M
YoY Change -303.7% -164.29%
FREE CASH FLOW
Cash From Operating Activities -$57.30M -$90.10M
Capital Expenditures -$11.50M -$4.100M
Free Cash Flow -$45.80M -$86.00M
YoY Change -46.74% 54.95%

Facts In Submission

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10-Q
dei Trading Symbol
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WSO
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dei Entity Central Index Key
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us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Reclassifications</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Certain reclassifications of prior year amounts have been made to conform to the 2015 presentation. These reclassifications had no effect on net income or earnings per share as previously reported.</p> </div>
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Q2
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dei Entity Registrant Name
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WATSCO INC
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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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CY2015Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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19516000

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