$WSO
WATSCO INC

2016 Q3 Form 10-Q Financial Statement

#000119312516758213 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $1.241B $903.8M $1.177B
YoY Change 5.46% 3.08% 3.7%
Cost Of Revenue $939.0M $681.8M $891.2M
YoY Change 5.37% 2.91% 3.6%
Gross Profit $302.2M $222.0M $285.8M
YoY Change 5.72% 3.61% 4.03%
Gross Profit Margin 24.35% 24.57% 24.29%
Selling, General & Admin $182.9M $167.8M $175.2M
YoY Change 4.42% 3.39% 3.33%
% of Gross Profit 60.52% 75.57% 61.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.100M $4.900M $4.800M
YoY Change 6.25% 6.52% 6.67%
% of Gross Profit 1.69% 2.21% 1.68%
Operating Expenses $182.9M $167.8M $175.2M
YoY Change 4.42% 3.39% 3.33%
Operating Profit $119.3M $54.24M $110.7M
YoY Change 7.79% 4.32% 5.17%
Interest Expense $996.0K -$1.000M $1.519M
YoY Change -34.43% -28.57% -0.98%
% of Operating Profit 0.83% -1.84% 1.37%
Other Income/Expense, Net
YoY Change
Pretax Income $118.3M $53.20M $109.2M
YoY Change 8.38% 5.14% 5.26%
Income Tax $37.79M $16.80M $34.52M
% Of Pretax Income 31.94% 31.58% 31.62%
Net Earnings $63.10M $26.49M $57.97M
YoY Change 8.85% 10.04% 6.44%
Net Earnings / Revenue 5.08% 2.93% 4.93%
Basic Earnings Per Share $1.78 $0.75 $1.64
Diluted Earnings Per Share $1.78 $0.75 $1.64
COMMON SHARES
Basic Shares Outstanding 32.61M shares 32.46M shares
Diluted Shares Outstanding 32.65M shares 32.50M shares

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.90M $35.20M $28.50M
YoY Change 25.96% 44.26% 70.66%
Cash & Equivalents $35.91M $35.23M $28.51M
Short-Term Investments
Other Short-Term Assets $25.38M $20.99M $24.04M
YoY Change 5.57% 1.58% 8.01%
Inventory $739.7M $674.0M $751.9M
Prepaid Expenses
Receivables $548.0M $451.1M $510.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.349B $1.181B $1.314B
YoY Change 2.63% 2.07% 3.39%
LONG-TERM ASSETS
Property, Plant & Equipment $59.73M $62.72M $63.30M
YoY Change -5.64% 17.27% 39.56%
Goodwill $380.8M $378.3M $380.0M
YoY Change 0.21% -2.32% -2.41%
Intangibles $162.5M $160.5M $165.8M
YoY Change -1.98% -13.94% -13.88%
Long-Term Investments
YoY Change
Other Assets $5.601M $5.671M $5.930M
YoY Change -5.55% -12.28% -8.25%
Total Long-Term Assets $608.6M $607.2M $615.0M
YoY Change -1.04% -4.19% -2.95%
TOTAL ASSETS
Total Short-Term Assets $1.349B $1.181B $1.314B
Total Long-Term Assets $608.6M $607.2M $615.0M
Total Assets $1.958B $1.788B $1.929B
YoY Change 1.46% -0.15% 1.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $229.7M $145.2M $200.6M
YoY Change 14.5% -16.27% -10.53%
Accrued Expenses $128.2M $125.0M $127.9M
YoY Change 0.26% 10.1% 9.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $2.353M
YoY Change -100.0%
Long-Term Debt Due $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $358.1M $270.3M $331.0M
YoY Change 8.18% -5.83% -2.85%
LONG-TERM LIABILITIES
Long-Term Debt $219.8M $245.8M $305.5M
YoY Change -28.06% -19.11% -13.39%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $219.8M $245.8M $305.5M
YoY Change -28.06% -19.11% -13.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $358.1M $270.3M $331.0M
Total Long-Term Liabilities $219.8M $245.8M $305.5M
Total Liabilities $577.9M $516.1M $636.5M
YoY Change -9.21% -12.66% -8.21%
SHAREHOLDERS EQUITY
Retained Earnings $558.2M $495.3M $493.5M
YoY Change 13.12% 17.68% 18.12%
Common Stock $633.2M $620.8M $615.8M
YoY Change 2.82% 3.68% 3281.86%
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 $1.039B $957.3M $955.4M
YoY Change
Total Liabilities & Shareholders Equity $1.958B $1.788B $1.929B
YoY Change 1.46% -0.15% 1.28%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $63.10M $26.49M $57.97M
YoY Change 8.85% 10.04% 6.44%
Depreciation, Depletion And Amortization $5.100M $4.900M $4.800M
YoY Change 6.25% 6.52% 6.67%
Cash From Operating Activities $104.4M $121.6M $173.9M
YoY Change -39.97% 17.72% 62.68%
INVESTING ACTIVITIES
Capital Expenditures -$3.400M -$3.100M -$6.000M
YoY Change -43.33% -74.8% 76.47%
Acquisitions
YoY Change
Other Investing Activities $100.0K $100.0K $100.0K
YoY Change 0.0% -95.24%
Cash From Investing Activities -$3.300M -$3.000M -$5.900M
YoY Change -44.07% -70.59% 78.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -95.70M -111.3M -160.8M
YoY Change -40.49% 31.25% 55.21%
NET CHANGE
Cash From Operating Activities 104.4M 121.6M 173.9M
Cash From Investing Activities -3.300M -3.000M -5.900M
Cash From Financing Activities -95.70M -111.3M -160.8M
Net Change In Cash 5.400M 7.300M 7.200M
YoY Change -25.0% -12.05% -773094113279990700.0%
FREE CASH FLOW
Cash From Operating Activities $104.4M $121.6M $173.9M
Capital Expenditures -$3.400M -$3.100M -$6.000M
Free Cash Flow $107.8M $124.7M $179.9M
YoY Change -40.08% 7.87% 63.1%

Facts In Submission

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dei Document Type
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10-Q
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dei Trading Symbol
TradingSymbol
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dei Current Fiscal Year End Date
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dei Document Period End Date
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2016-09-30
us-gaap Earnings Per Share Basic
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dei Entity Filer Category
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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>
dei Entity Registrant Name
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WATSCO INC
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