$WSO
WATSCO INC

2018 Q3 Form 10-Q Financial Statement

#000119312518322537 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $1.296B $1.230B
YoY Change 5.4% -0.94%
Cost Of Revenue $977.0M $933.7M
YoY Change 4.64% -0.57%
Gross Profit $319.0M $295.9M
YoY Change 7.81% -2.09%
Gross Profit Margin 24.61% 24.06%
Selling, General & Admin $200.4M $183.7M
YoY Change 9.1% 0.44%
% of Gross Profit 62.82% 62.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.500M $5.600M
YoY Change -1.79% 9.8%
% of Gross Profit 1.72% 1.89%
Operating Expenses $200.4M $183.7M
YoY Change 9.1% 0.44%
Operating Profit $122.3M $112.2M
YoY Change 9.0% -5.96%
Interest Expense $2.700M $200.0K
YoY Change 1250.0% -79.92%
% of Operating Profit 2.21% 0.18%
Other Income/Expense, Net
YoY Change
Pretax Income $121.3M $112.3M
YoY Change 7.97% -5.08%
Income Tax $24.36M $32.30M
% Of Pretax Income 20.09% 28.76%
Net Earnings $79.16M $65.03M
YoY Change 21.73% 3.06%
Net Earnings / Revenue 6.11% 5.29%
Basic Earnings Per Share $2.12 $1.82
Diluted Earnings Per Share $2.11 $1.82
COMMON SHARES
Basic Shares Outstanding 34.34M shares
Diluted Shares Outstanding 34.40M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.60M $66.70M
YoY Change 1.35% 85.79%
Cash & Equivalents $67.61M $66.67M
Short-Term Investments
Other Short-Term Assets $20.61M $17.76M
YoY Change 16.05% -30.02%
Inventory $810.9M $786.1M
Prepaid Expenses
Receivables $602.8M $568.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.502B $1.439B
YoY Change 4.37% 6.67%
LONG-TERM ASSETS
Property, Plant & Equipment $91.28M $91.48M
YoY Change -0.23% 53.16%
Goodwill $397.5M $383.0M
YoY Change 3.78% 0.57%
Intangibles $153.4M $163.0M
YoY Change -5.87% 0.33%
Long-Term Investments
YoY Change
Other Assets $86.73M $71.81M
YoY Change 20.77% 1182.15%
Total Long-Term Assets $728.9M $709.3M
YoY Change 2.77% 16.54%
TOTAL ASSETS
Total Short-Term Assets $1.502B $1.439B
Total Long-Term Assets $728.9M $709.3M
Total Assets $2.231B $2.148B
YoY Change 3.84% 9.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $234.5M $296.3M
YoY Change -20.88% 28.99%
Accrued Expenses $157.8M $163.8M
YoY Change -3.69% 27.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $116.6M $200.0K
YoY Change 58200.0% 0.0%
Total Short-Term Liabilities $508.8M $460.4M
YoY Change 10.52% 28.56%
LONG-TERM LIABILITIES
Long-Term Debt $200.0K $285.0M
YoY Change -99.93% 29.67%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $200.0K $285.0M
YoY Change -99.93% 29.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $508.8M $460.4M
Total Long-Term Liabilities $200.0K $285.0M
Total Liabilities $863.5M $1.096B
YoY Change -21.22% 89.66%
SHAREHOLDERS EQUITY
Retained Earnings $642.6M $596.0M
YoY Change 7.83% 6.76%
Common Stock $829.1M $601.1M
YoY Change 37.91% -5.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $87.44M $113.8M
YoY Change -23.16% -0.55%
Treasury Stock Shares
Shareholders Equity $1.367B $1.052B
YoY Change
Total Liabilities & Shareholders Equity $2.231B $2.148B
YoY Change 3.84% 9.74%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $79.16M $65.03M
YoY Change 21.73% 3.06%
Depreciation, Depletion And Amortization $5.500M $5.600M
YoY Change -1.79% 9.8%
Cash From Operating Activities $89.40M $154.4M
YoY Change -42.1% 47.89%
INVESTING ACTIVITIES
Capital Expenditures -$4.100M -$3.500M
YoY Change 17.14% 2.94%
Acquisitions
YoY Change
Other Investing Activities -$9.500M $0.00
YoY Change -100.0%
Cash From Investing Activities -$13.60M -$3.500M
YoY Change 288.57% 6.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.60M -136.1M
YoY Change -40.78% 42.22%
NET CHANGE
Cash From Operating Activities 89.40M 154.4M
Cash From Investing Activities -13.60M -3.500M
Cash From Financing Activities -80.60M -136.1M
Net Change In Cash -4.800M 14.80M
YoY Change -132.43% 174.07%
FREE CASH FLOW
Cash From Operating Activities $89.40M $154.4M
Capital Expenditures -$4.100M -$3.500M
Free Cash Flow $93.50M $157.9M
YoY Change -40.79% 46.47%

Facts In Submission

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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-12884000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
41708000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
4.15
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
199102000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
240810000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2684719000
us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
301000
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3925000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16500000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
WATSCO INC
dei Entity Small Business
EntitySmallBusiness
false
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.43
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-845000
dei Entity Central Index Key
EntityCentralIndexKey
0000105016
dei Document Period End Date
DocumentPeriodEndDate
2018-09-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.44
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Gross Profit
GrossProfit
870608000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2375000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
311205000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
8491000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
63678000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-23286000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
126181000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
50566000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
5004000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-22342000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-7422000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-59762000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
16593000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
154951000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3782000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
186739000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
186746000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
78000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2178000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
70065000
us-gaap Net Income Loss
NetIncomeLoss
203339000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
44188000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
-2762000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6717000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
1043000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
762000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
281000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-927000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
2178000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
5828000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12897000
us-gaap Operating Income Loss
OperatingIncomeLoss
313580000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
57000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
21000
us-gaap Profit Loss
ProfitLoss
247527000
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3760000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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 2018 presentation. These reclassifications had no effect on net income or earnings per share as previously reported.</p> </div>
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-182000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4837000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
16600000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5979000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
752000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
143000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
94600000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
565519000
us-gaap Revenues
Revenues
3555327000
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
8180000
us-gaap Share Based Compensation
ShareBasedCompensation
11769000
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
110109 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
64850 shares
dei Trading Symbol
TradingSymbol
WSO
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
6716 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
53184 shares
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1142000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34366522 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34301672 shares
us-gaap Use Of Estimates
UseOfEstimates
<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>
wso Non Cash Contribution To401 K Plan
NonCashContributionTo401KPlan
2945000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
79316 shares
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
19006000
CY2018Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.45
CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
81465000
CY2018Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
100471000
CY2018Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
976998000
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.11
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.12
CY2018Q3 us-gaap Gross Profit
GrossProfit
319009000
CY2018Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1047000
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
121250000
CY2018Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3696000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24364000
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4269000
CY2018Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
6448000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
72712000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
72715000
CY2018Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
1253000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
79163000
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
17723000
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3585000
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
316000
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
231000
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
85000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
122297000
CY2018Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
915000
CY2018Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
338000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
96886000
CY2018Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
856000
CY2018Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
6451000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
200408000
CY2018Q3 us-gaap Revenues
Revenues
1296007000
CY2018Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
10000 shares
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
59530 shares
CY2018Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
2235 shares
CY2018Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
8600 shares
CY2018Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
382000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34399389 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34339859 shares

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