$WSO
WATSCO INC

2019 Q1 Form 10-Q Financial Statement

#000119312519142592 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $931.3M $991.3M $926.6M
YoY Change 0.51% 2.8% 6.25%
Cost Of Revenue $697.5M $741.7M $695.7M
YoY Change 0.25% 2.53% 6.46%
Gross Profit $233.8M $249.6M $230.8M
YoY Change 1.27% 3.62% 5.62%
Gross Profit Margin 25.1% 25.18% 24.91%
Selling, General & Admin $180.1M $191.9M $178.5M
YoY Change 0.86% 5.91% 5.11%
% of Gross Profit 77.03% 76.87% 77.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.768M $5.600M $5.538M
YoY Change 4.15% 1.82% 3.22%
% of Gross Profit 2.47% 2.24% 2.4%
Operating Expenses $180.1M $191.9M $178.5M
YoY Change 0.86% 5.91% 5.11%
Operating Profit $55.13M $57.74M $53.94M
YoY Change 2.22% -3.32% 10.76%
Interest Expense $600.0K $400.0K $1.000M
YoY Change -40.0% 33.33% -176.92%
% of Operating Profit 1.09% 0.69% 1.85%
Other Income/Expense, Net
YoY Change
Pretax Income $54.36M $58.10M $53.37M
YoY Change 1.84% -3.17% 12.49%
Income Tax $10.55M $11.00M $11.00M
% Of Pretax Income 19.41% 18.93% 20.6%
Net Earnings $35.04M $39.59M $34.22M
YoY Change 2.39% -8.47% 30.7%
Net Earnings / Revenue 3.76% 3.99% 3.69%
Basic Earnings Per Share $0.88 $1.02 $0.89
Diluted Earnings Per Share $0.88 $1.02 $0.89
COMMON SHARES
Basic Shares Outstanding 34.39M 34.25M
Diluted Shares Outstanding 34.40M 34.32M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.30M $82.90M $58.10M
YoY Change 33.05% 2.98% 22.57%
Cash & Equivalents $77.27M $82.89M $58.07M
Short-Term Investments
Other Short-Term Assets $14.75M $19.88M $16.98M
YoY Change -13.12% 13.87% -15.0%
Inventory $893.6M $837.1M $810.0M
Prepaid Expenses
Receivables $504.7M $501.9M $486.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.490B $1.442B $1.372B
YoY Change 8.65% 7.81% 5.48%
LONG-TERM ASSETS
Property, Plant & Equipment $93.18M $91.05M $90.24M
YoY Change 3.26% -0.17% -0.32%
Goodwill $393.5M $392.0M $381.6M
YoY Change 3.13% 2.42% 0.36%
Intangibles $148.8M $147.9M $156.5M
YoY Change -4.94% -8.2% -1.13%
Long-Term Investments
YoY Change
Other Assets $89.76M $88.33M $76.23M
YoY Change 17.74% 18.59% 1223.95%
Total Long-Term Assets $908.6M $719.2M $704.6M
YoY Change 28.96% 1.37% 10.99%
TOTAL ASSETS
Total Short-Term Assets $1.490B $1.442B $1.372B
Total Long-Term Assets $908.6M $719.2M $704.6M
Total Assets $2.399B $2.161B $2.076B
YoY Change 15.54% 5.58% 7.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $278.6M $200.2M $245.4M
YoY Change 13.54% -13.12% -5.52%
Accrued Expenses $130.3M $157.1M $132.1M
YoY Change -1.36% -15.43% 12.55%
Deferred Revenue $6.260K
YoY Change
Short-Term Debt $2.340M $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.100M $200.0K $200.0K
YoY Change 450.0% 0.0% 0.0%
Total Short-Term Liabilities $469.8M $357.6M $377.7M
YoY Change 24.37% -14.15% -0.31%
LONG-TERM LIABILITIES
Long-Term Debt $139.2M $135.8M $91.20M
YoY Change 52.63% 514.48% -67.5%
Other Long-Term Liabilities $124.5M
YoY Change
Total Long-Term Liabilities $263.7M $135.8M $91.20M
YoY Change 189.14% 514.48% -67.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $469.8M $357.6M $377.7M
Total Long-Term Liabilities $263.7M $135.8M $91.20M
Total Liabilities $1.064B $813.2M $783.6M
YoY Change 35.75% 8.59% -18.11%
SHAREHOLDERS EQUITY
Retained Earnings $603.0M $628.0M $581.9M
YoY Change 3.63% 5.62% 7.9%
Common Stock $841.6M $832.1M $814.7M
YoY Change 3.3% 3.5% 37.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $87.44M $87.44M $87.44M
YoY Change 0.0% 0.0% -23.58%
Treasury Stock Shares
Shareholders Equity $1.335B $1.348B $1.293B
YoY Change
Total Liabilities & Shareholders Equity $2.399B $2.161B $2.076B
YoY Change 15.54% 5.58% 7.29%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $35.04M $39.59M $34.22M
YoY Change 2.39% -8.47% 30.7%
Depreciation, Depletion And Amortization $5.768M $5.600M $5.538M
YoY Change 4.15% 1.82% 3.22%
Cash From Operating Activities $52.94M $100.5M -$41.61M
YoY Change -227.21% -14.18% -221.32%
INVESTING ACTIVITIES
Capital Expenditures $4.132M -$4.300M $3.494M
YoY Change 18.26% 4.88% -15.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 $200.0K $100.0K
YoY Change -100.0% 100.0%
Cash From Investing Activities -$4.103M -$4.000M -$3.432M
YoY Change 19.55% 0.0% -16.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.127M $2.958M
YoY Change -61.9% 113.27%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -54.86M -79.80M 23.34M
YoY Change -335.04% -19.48% -160.0%
NET CHANGE
Cash From Operating Activities 52.94M 100.5M -41.61M
Cash From Investing Activities -4.103M -4.000M -3.432M
Cash From Financing Activities -54.86M -79.80M 23.34M
Net Change In Cash -6.023M 16.70M -21.71M
YoY Change -72.25% 19.29% 149.51%
FREE CASH FLOW
Cash From Operating Activities $52.94M $100.5M -$41.61M
Capital Expenditures $4.132M -$4.300M $3.494M
Free Cash Flow $48.80M $104.8M -$45.11M
YoY Change -208.19% -13.53% -249.6%

Facts In Submission

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CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2329000
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10059000
CY2019Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
55560000
CY2018Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
49937000
CY2019Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
55350000
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-36649000
CY2019Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
1961000
CY2018Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-890000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
52936000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-41614000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4132000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3494000
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
46581000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
428000
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
29000
CY2018Q1 wso Sales Revenues From Product Lines Percentage
SalesRevenuesFromProductLinesPercentage
1.00
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
62000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4103000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3432000
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
59965000
CY2019Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
2586000
CY2018Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
2311000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
80496000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
77273000
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
58073000
CY2019Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
137500000
CY2018Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
135200000
CY2019Q1 wso Sales Revenues From Product Lines Percentage
SalesRevenuesFromProductLinesPercentage
1.00
CY2019Q1 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-230000
CY2018Q1 us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-60000
CY2018Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
2178000
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1127000
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2958000
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
2300000
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
69200000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-54856000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
23339000
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
402000
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-716000
CY2019Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5621000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-22423000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
82894000
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 18pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 6pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 loss contingencies and the valuation of goodwill, indefinite lived intangible assets and long-lived assets. While we believe that these estimates are reasonable, actual results could differ from such estimates. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
49782000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
54414000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
41900000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
28251000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
15745000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
8503000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
198595000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
181858000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
322584
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9228
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2173000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
843000
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
49000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
183326000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
124485000
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
221000
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-431000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
17776000
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
false
CY2019Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2783000
CY2019Q1 us-gaap Lease Cost
LeaseCost
20743000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
183326000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
124485000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
181858000
CY2019Q1 wso Imputed Interest
ImputedInterest
-16737000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
14000000
CY2019Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
2340000
CY2019Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
2340000
CY2019Q1 wso Lessee Operating Lease Other Lease Liability Current
LesseeOperatingLeaseOtherLeaseLiabilityCurrent
57373000
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
WATSCO INC
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000105016
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2019Q1 dei Trading Symbol
TradingSymbol
WSO
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
2882000
CY2019Q1 wso Operating Cash Flows From Operating Leases
OperatingCashFlowsFromOperatingLeases
17393000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
198976000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0456
CY2019Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y

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