$WSO
WATSCO INC

2016 Q2 Form 10-Q Financial Statement

#000119312516676582 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $1.214B $1.223B
YoY Change -0.74% 4.55%
Cost Of Revenue $922.6M $928.2M
YoY Change -0.61% 4.18%
Gross Profit $291.9M $295.2M
YoY Change -1.15% 5.72%
Gross Profit Margin 24.03% 24.13%
Selling, General & Admin $174.3M $170.4M
YoY Change 2.28% 2.46%
% of Gross Profit 59.71% 57.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.000M $4.800M
YoY Change 4.17% 9.09%
% of Gross Profit 1.71% 1.63%
Operating Expenses $174.3M $170.4M
YoY Change 2.28% 2.46%
Operating Profit $117.6M $124.9M
YoY Change -5.82% 10.51%
Interest Expense $1.054M $1.630M
YoY Change -35.34% 30.71%
% of Operating Profit 0.9% 1.31%
Other Income/Expense, Net
YoY Change
Pretax Income $116.5M $123.2M
YoY Change -5.43% 10.29%
Income Tax $35.11M $38.99M
% Of Pretax Income 30.13% 31.64%
Net Earnings $64.62M $65.42M
YoY Change -1.23% 16.62%
Net Earnings / Revenue 5.32% 5.35%
Basic Earnings Per Share $1.82 $1.86
Diluted Earnings Per Share $1.82 $1.85
COMMON SHARES
Basic Shares Outstanding 32.57M shares 32.43M shares
Diluted Shares Outstanding 32.61M shares 32.48M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.50M $21.90M
YoY Change 39.27% 29.59%
Cash & Equivalents $30.54M $21.85M
Short-Term Investments
Other Short-Term Assets $20.44M $21.44M
YoY Change -4.69% 10.09%
Inventory $749.3M $799.0M
Prepaid Expenses
Receivables $606.5M $599.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.407B $1.441B
YoY Change -2.4% 7.07%
LONG-TERM ASSETS
Property, Plant & Equipment $60.31M $60.99M
YoY Change -1.11% 35.11%
Goodwill $381.5M $383.3M
YoY Change -0.46% -2.31%
Intangibles $165.5M $174.7M
YoY Change -5.23% -12.88%
Long-Term Investments
YoY Change
Other Assets $5.422M $6.212M
YoY Change -12.72% -6.29%
Total Long-Term Assets $612.8M $625.1M
YoY Change -1.98% -3.02%
TOTAL ASSETS
Total Short-Term Assets $1.407B $1.441B
Total Long-Term Assets $612.8M $625.1M
Total Assets $2.020B $2.067B
YoY Change -2.27% 3.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $273.3M $243.5M
YoY Change 12.26% -9.5%
Accrued Expenses $132.2M $125.7M
YoY Change 5.21% 7.93%
Deferred Revenue
YoY Change
Short-Term Debt $793.0K $2.569M
YoY Change -69.13%
Long-Term Debt Due $200.0K $200.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $406.5M $371.9M
YoY Change 9.32% -3.57%
LONG-TERM LIABILITIES
Long-Term Debt $267.8M $434.0M
YoY Change -38.3% 24.16%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $267.8M $434.0M
YoY Change -38.3% 24.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $406.5M $371.9M
Total Long-Term Liabilities $267.8M $434.0M
Total Liabilities $674.3M $805.9M
YoY Change -16.33% 9.62%
SHAREHOLDERS EQUITY
Retained Earnings $525.3M $460.2M
YoY Change 14.14% 19.74%
Common Stock $628.6M $611.3M
YoY Change 2.83% 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 $1.003B $925.9M
YoY Change
Total Liabilities & Shareholders Equity $2.020B $2.067B
YoY Change -2.27% 3.8%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $64.62M $65.42M
YoY Change -1.23% 16.62%
Depreciation, Depletion And Amortization $5.000M $4.800M
YoY Change 4.17% 9.09%
Cash From Operating Activities $0.00 -$57.30M
YoY Change -100.0% -36.4%
INVESTING ACTIVITIES
Capital Expenditures -$2.900M -$11.50M
YoY Change -74.78% 180.49%
Acquisitions
YoY Change
Other Investing Activities $500.0K $500.0K
YoY Change 0.0% 150.0%
Cash From Investing Activities -$2.300M -$11.00M
YoY Change -79.09% 182.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 73.80M
YoY Change -100.14% -19.17%
NET CHANGE
Cash From Operating Activities 0.000 -57.30M
Cash From Investing Activities -2.300M -11.00M
Cash From Financing Activities -100.0K 73.80M
Net Change In Cash -2.400M 5.500M
YoY Change -143.64% -303.7%
FREE CASH FLOW
Cash From Operating Activities $0.00 -$57.30M
Capital Expenditures -$2.900M -$11.50M
Free Cash Flow $2.900M -$45.80M
YoY Change -106.33% -46.74%

Facts In Submission

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dei Current Fiscal Year End Date
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dei Entity Filer Category
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us-gaap Line Of Credit Facility Expiration Date1
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us-gaap Use Of Estimates
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<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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