$WSO
WATSCO INC

2015 Q3 Form 10-Q Financial Statement

#000119312515368339 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q4 2014 Q3
Revenue $1.177B $876.8M $1.135B
YoY Change 3.7% 5.98% 4.91%
Cost Of Revenue $891.2M $662.5M $860.2M
YoY Change 3.6% 5.36% 4.49%
Gross Profit $285.8M $214.3M $274.8M
YoY Change 4.03% 7.94% 6.25%
Gross Profit Margin 24.29% 24.44% 24.21%
Selling, General & Admin $175.2M $162.3M $169.5M
YoY Change 3.33% 2.46% 3.91%
% of Gross Profit 61.28% 75.74% 61.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.800M $4.600M $4.500M
YoY Change 6.67% 2.22% 0.0%
% of Gross Profit 1.68% 2.15% 1.64%
Operating Expenses $175.2M $162.3M $169.5M
YoY Change 3.33% 2.46% 3.91%
Operating Profit $110.7M $52.00M $105.2M
YoY Change 5.17% 29.57% 10.25%
Interest Expense $1.519M -$1.400M $1.534M
YoY Change -0.98% 16.67% -13.87%
% of Operating Profit 1.37% -2.69% 1.46%
Other Income/Expense, Net
YoY Change
Pretax Income $109.2M $50.60M $103.7M
YoY Change 5.26% 30.08% 10.71%
Income Tax $34.52M $15.80M $32.57M
% Of Pretax Income 31.62% 31.23% 31.41%
Net Earnings $57.97M $24.07M $54.46M
YoY Change 6.44% 38.98% 19.17%
Net Earnings / Revenue 4.93% 2.75% 4.8%
Basic Earnings Per Share $1.64 $0.69 $1.56
Diluted Earnings Per Share $1.64 $0.69 $1.56
COMMON SHARES
Basic Shares Outstanding 32.46M shares 32.33M shares
Diluted Shares Outstanding 32.50M shares 32.38M shares

Balance Sheet

Concept 2015 Q3 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.50M $24.40M $16.70M
YoY Change 70.66% 25.13% -42.81%
Cash & Equivalents $28.51M $24.45M $16.69M
Short-Term Investments
Other Short-Term Assets $24.04M $20.66M $22.26M
YoY Change 8.01% 9.3% -0.51%
Inventory $751.9M $678.0M $729.9M
Prepaid Expenses
Receivables $510.0M $434.2M $502.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.314B $1.157B $1.271B
YoY Change 3.39% 13.34% 9.43%
LONG-TERM ASSETS
Property, Plant & Equipment $63.30M $53.48M $45.36M
YoY Change 39.56% 17.75% 1.03%
Goodwill $380.0M $387.3M $389.4M
YoY Change -2.41% -1.35% -1.36%
Intangibles $165.8M $186.5M $192.5M
YoY Change -13.88% -8.52% -8.27%
Long-Term Investments
YoY Change
Other Assets $5.930M $6.465M $6.463M
YoY Change -8.25% -1.42% -4.24%
Total Long-Term Assets $615.0M $633.7M $633.7M
YoY Change -2.95% -2.27% -3.44%
TOTAL ASSETS
Total Short-Term Assets $1.314B $1.157B $1.271B
Total Long-Term Assets $615.0M $633.7M $633.7M
Total Assets $1.929B $1.791B $1.905B
YoY Change 1.28% 7.28% 4.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.6M $173.4M $224.3M
YoY Change -10.53% 22.86% 13.11%
Accrued Expenses $127.9M $113.5M $116.3M
YoY Change 9.92% 10.95% 2.57%
Deferred Revenue
YoY Change
Short-Term Debt $2.353M $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K $200.0K
YoY Change 0.0% 100.0% 100.0%
Total Short-Term Liabilities $331.0M $287.0M $340.8M
YoY Change -2.85% 17.87% 9.29%
LONG-TERM LIABILITIES
Long-Term Debt $305.5M $303.9M $352.7M
YoY Change -13.39% 31.8% 23.62%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $305.5M $303.9M $352.7M
YoY Change -13.39% 31.8% 23.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $331.0M $287.0M $340.8M
Total Long-Term Liabilities $305.5M $303.9M $352.7M
Total Liabilities $636.5M $590.9M $693.5M
YoY Change -8.21% 24.65% 16.14%
SHAREHOLDERS EQUITY
Retained Earnings $493.5M $420.9M $417.8M
YoY Change 18.12% 24.02% 24.37%
Common Stock $615.8M $598.8M $18.21M
YoY Change 3281.86% 3193.29%
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 $955.4M $884.0M $881.4M
YoY Change
Total Liabilities & Shareholders Equity $1.929B $1.791B $1.905B
YoY Change 1.28% 7.28% 4.78%

Cashflow Statement

Concept 2015 Q3 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $57.97M $24.07M $54.46M
YoY Change 6.44% 38.98% 19.17%
Depreciation, Depletion And Amortization $4.800M $4.600M $4.500M
YoY Change 6.67% 2.22% 0.0%
Cash From Operating Activities $173.9M $103.3M $106.9M
YoY Change 62.68% 4.24% -16.55%
INVESTING ACTIVITIES
Capital Expenditures -$6.000M -$12.30M -$3.400M
YoY Change 76.47% 232.43% -12.82%
Acquisitions
YoY Change
Other Investing Activities $100.0K $2.100M $0.00
YoY Change 2000.0%
Cash From Investing Activities -$5.900M -$10.20M -$3.300M
YoY Change 78.79% 183.33% -15.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -160.8M -84.80M -103.6M
YoY Change 55.21% -18.7% -14.38%
NET CHANGE
Cash From Operating Activities 173.9M 103.3M 106.9M
Cash From Investing Activities -5.900M -10.20M -3.300M
Cash From Financing Activities -160.8M -84.80M -103.6M
Net Change In Cash 7.200M 8.300M -0.0000000009313
YoY Change -773094113279990700.0% -194.32% -100.0%
FREE CASH FLOW
Cash From Operating Activities $173.9M $103.3M $106.9M
Capital Expenditures -$6.000M -$12.30M -$3.400M
Free Cash Flow $179.9M $115.6M $110.3M
YoY Change 63.1% 12.45% -16.44%

Facts In Submission

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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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WATSCO INC
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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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