$WSO
WATSCO INC

2017 Q3 Form 10-Q Financial Statement

#000119312517335682 Filed on November 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $1.230B $913.6M $1.241B
YoY Change -0.94% 1.08% 5.46%
Cost Of Revenue $933.7M $685.5M $939.0M
YoY Change -0.57% 0.54% 5.37%
Gross Profit $295.9M $228.1M $302.2M
YoY Change -2.09% 2.72% 5.72%
Gross Profit Margin 24.06% 24.96% 24.35%
Selling, General & Admin $183.7M $170.0M $182.9M
YoY Change 0.44% 1.31% 4.42%
% of Gross Profit 62.08% 74.54% 60.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.600M $5.000M $5.100M
YoY Change 9.8% 2.04% 6.25%
% of Gross Profit 1.89% 2.19% 1.69%
Operating Expenses $183.7M $170.0M $182.9M
YoY Change 0.44% 1.31% 4.42%
Operating Profit $112.2M $58.07M $119.3M
YoY Change -5.96% 7.06% 7.79%
Interest Expense $200.0K -$700.0K $996.0K
YoY Change -79.92% -30.0% -34.43%
% of Operating Profit 0.18% -1.21% 0.83%
Other Income/Expense, Net
YoY Change
Pretax Income $112.3M $57.40M $118.3M
YoY Change -5.08% 7.89% 8.38%
Income Tax $32.30M $17.50M $37.79M
% Of Pretax Income 28.76% 30.49% 31.94%
Net Earnings $65.03M $29.55M $63.10M
YoY Change 3.06% 11.56% 8.85%
Net Earnings / Revenue 5.29% 3.23% 5.08%
Basic Earnings Per Share $1.82 $0.81 $1.78
Diluted Earnings Per Share $1.82 $0.81 $1.78
COMMON SHARES
Basic Shares Outstanding 32.61M shares
Diluted Shares Outstanding 32.65M shares

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.70M $56.00M $35.90M
YoY Change 85.79% 59.09% 25.96%
Cash & Equivalents $66.67M $56.01M $35.91M
Short-Term Investments
Other Short-Term Assets $17.76M $23.16M $25.38M
YoY Change -30.02% 10.34% 5.57%
Inventory $786.1M $685.0M $739.7M
Prepaid Expenses
Receivables $568.5M $476.0M $548.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.439B $1.240B $1.349B
YoY Change 6.67% 4.99% 2.63%
LONG-TERM ASSETS
Property, Plant & Equipment $91.48M $90.50M $59.73M
YoY Change 53.16% 44.31% -5.64%
Goodwill $383.0M $379.7M $380.8M
YoY Change 0.57% 0.38% 0.21%
Intangibles $163.0M $158.6M $162.5M
YoY Change 0.33% -1.19% -1.98%
Long-Term Investments
YoY Change
Other Assets $71.81M $5.690M $5.601M
YoY Change 1182.15% 0.34% -5.55%
Total Long-Term Assets $709.3M $634.5M $608.6M
YoY Change 16.54% 4.5% -1.04%
TOTAL ASSETS
Total Short-Term Assets $1.439B $1.240B $1.349B
Total Long-Term Assets $709.3M $634.5M $608.6M
Total Assets $2.148B $1.875B $1.958B
YoY Change 9.74% 4.82% 1.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $296.3M $185.5M $229.7M
YoY Change 28.99% 27.78% 14.5%
Accrued Expenses $163.8M $129.2M $128.2M
YoY Change 27.79% 3.4% 0.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
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 $460.4M $314.9M $358.1M
YoY Change 28.56% 16.5% 8.18%
LONG-TERM LIABILITIES
Long-Term Debt $285.0M $235.6M $219.8M
YoY Change 29.67% -4.16% -28.06%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $285.0M $235.6M $219.8M
YoY Change 29.67% -4.16% -28.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $460.4M $314.9M $358.1M
Total Long-Term Liabilities $285.0M $235.6M $219.8M
Total Liabilities $1.096B $868.8M $577.9M
YoY Change 89.66% 68.33% -9.21%
SHAREHOLDERS EQUITY
Retained Earnings $596.0M $550.5M $558.2M
YoY Change 6.76% 11.15% 13.12%
Common Stock $601.1M $610.7M $633.2M
YoY Change -5.06% -1.63% 2.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $113.8M $114.4M $114.4M
YoY Change -0.55% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $1.052B $1.006B $1.039B
YoY Change
Total Liabilities & Shareholders Equity $2.148B $1.875B $1.958B
YoY Change 9.74% 4.82% 1.46%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $65.03M $29.55M $63.10M
YoY Change 3.06% 11.56% 8.85%
Depreciation, Depletion And Amortization $5.600M $5.000M $5.100M
YoY Change 9.8% 2.04% 6.25%
Cash From Operating Activities $154.4M $135.4M $104.4M
YoY Change 47.89% 11.35% -39.97%
INVESTING ACTIVITIES
Capital Expenditures -$3.500M -$34.60M -$3.400M
YoY Change 2.94% 1016.13% -43.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 0.0%
Cash From Investing Activities -$3.500M -$34.50M -$3.300M
YoY Change 6.06% 1050.0% -44.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -136.1M -80.50M -95.70M
YoY Change 42.22% -27.67% -40.49%
NET CHANGE
Cash From Operating Activities 154.4M 135.4M 104.4M
Cash From Investing Activities -3.500M -34.50M -3.300M
Cash From Financing Activities -136.1M -80.50M -95.70M
Net Change In Cash 14.80M 20.40M 5.400M
YoY Change 174.07% 179.45% -25.0%
FREE CASH FLOW
Cash From Operating Activities $154.4M $135.4M $104.4M
Capital Expenditures -$3.500M -$34.60M -$3.400M
Free Cash Flow $157.9M $170.0M $107.8M
YoY Change 46.47% 36.33% -40.08%

Facts In Submission

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dei Document Fiscal Period Focus
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Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
dei Document Type
DocumentType
10-Q
us-gaap Earnings Per Share Diluted
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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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain reclassifications of prior year amounts have been made to conform to the 2017 presentation. These reclassifications had no effect on net income or earnings per share as previously reported.</p> </div>
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dei Trading Symbol
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us-gaap Earnings Per Share Basic
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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
EntityRegistrantName
WATSCO INC
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