$WSO
WATSCO INC

2023 Q1 Form 10-Q Financial Statement

#000119312523137075 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $1.551B $1.524B
YoY Change 1.78% 34.11%
Cost Of Revenue $1.102B $1.073B
YoY Change 2.73% 27.57%
Gross Profit $448.2M $450.4M
YoY Change -0.49% 52.77%
Gross Profit Margin 28.9% 29.56%
Selling, General & Admin $287.1M $283.4M
YoY Change 1.31% 30.22%
% of Gross Profit 64.05% 62.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.183M $7.593M
YoY Change 7.77% 10.04%
% of Gross Profit 1.83% 1.69%
Operating Expenses $287.1M $283.4M
YoY Change 1.31% 30.22%
Operating Profit $161.1M $167.0M
YoY Change -3.54% 116.33%
Interest Expense $3.025M $3.487M
YoY Change -13.25% -24.2%
% of Operating Profit 1.88% 2.09%
Other Income/Expense, Net
YoY Change
Pretax Income $164.1M $170.5M
YoY Change -3.73% 108.42%
Income Tax $33.75M $35.60M
% Of Pretax Income 20.57% 20.88%
Net Earnings $102.7M $134.9M
YoY Change -23.89% 103.99%
Net Earnings / Revenue 6.62% 8.85%
Basic Earnings Per Share $2.84 $2.91
Diluted Earnings Per Share $2.83 $3.190M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.0M $110.6M
YoY Change 27.44% 17.79%
Cash & Equivalents $141.0M $110.6M
Short-Term Investments
Other Short-Term Assets $31.30M $29.21M
YoY Change 7.16% 59.62%
Inventory $1.614B $1.390B
Prepaid Expenses
Receivables $811.3M $790.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.598B $2.320B
YoY Change 11.97% 36.85%
LONG-TERM ASSETS
Property, Plant & Equipment $452.5M $404.0M
YoY Change 11.98% 32.91%
Goodwill $430.7M
YoY Change
Intangibles $174.3M
YoY Change
Long-Term Investments $136.4M $118.9M
YoY Change 14.8% 15.95%
Other Assets $8.864M $8.729M
YoY Change 1.55% 17.96%
Total Long-Term Assets $1.203B $1.154B
YoY Change 4.25% 15.73%
TOTAL ASSETS
Total Short-Term Assets $2.598B $2.320B
Total Long-Term Assets $1.203B $1.154B
Total Assets $3.801B $3.474B
YoY Change 9.41% 29.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $860.5M $462.6M
YoY Change 86.04% 20.43%
Accrued Expenses $267.4M $287.5M
YoY Change -6.98% 65.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $92.54M $86.81M
YoY Change 6.59% 19.25%
Total Short-Term Liabilities $953.1M $836.8M
YoY Change 13.89% 32.66%
LONG-TERM LIABILITIES
Long-Term Debt $197.6M $273.1M
YoY Change -27.65% 400.24%
Other Long-Term Liabilities $239.3M $205.2M
YoY Change 16.64% 54.49%
Total Long-Term Liabilities $436.9M $478.3M
YoY Change -8.65% 155.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $953.1M $836.8M
Total Long-Term Liabilities $436.9M $478.3M
Total Liabilities $1.872B $1.749B
YoY Change 7.04% 45.61%
SHAREHOLDERS EQUITY
Retained Earnings $1.045B
YoY Change
Common Stock $997.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $87.44M
YoY Change
Treasury Stock Shares
Shareholders Equity $1.929B $1.725B
YoY Change
Total Liabilities & Shareholders Equity $3.801B $3.474B
YoY Change 9.41% 29.03%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $102.7M $134.9M
YoY Change -23.89% 103.99%
Depreciation, Depletion And Amortization $8.183M $7.593M
YoY Change 7.77% 10.04%
Cash From Operating Activities -$47.42M -$101.6M
YoY Change -53.34% 169.55%
INVESTING ACTIVITIES
Capital Expenditures $7.449M -$8.324M
YoY Change -189.49% 73.42%
Acquisitions $2.989M $47.00K
YoY Change 6259.57%
Other Investing Activities -$2.989M $106.0K
YoY Change -2919.81% -98.23%
Cash From Investing Activities -$10.44M -$8.218M
YoY Change 27.01% -784.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 51.30M 101.4M
YoY Change -49.41% -722.16%
NET CHANGE
Cash From Operating Activities -47.42M -101.6M
Cash From Investing Activities -10.44M -8.218M
Cash From Financing Activities 51.30M 101.4M
Net Change In Cash -6.558M -8.428M
YoY Change -22.19% -84.04%
FREE CASH FLOW
Cash From Operating Activities -$47.42M -$101.6M
Capital Expenditures $7.449M -$8.324M
Free Cash Flow -$54.87M -$93.30M
YoY Change -41.19% 183.58%

Facts In Submission

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WATSCO, INC.
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CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0
CY2023Q1 wso Net Repayments Of Finance Lease Liabilities
NetRepaymentsOfFinanceLeaseLiabilities
880000
CY2022Q1 wso Net Repayments Of Finance Lease Liabilities
NetRepaymentsOfFinanceLeaseLiabilities
713000
CY2023Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
580000
CY2022Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8747000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4420000
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
197600000
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
51301000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
101412000
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8000
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
767000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6550000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7661000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
147505000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
118268000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
140955000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110607000
CY2023Q1 wso Number Of Joint Ventures
NumberOfJointVentures
4
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div> <div 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, net realizable value adjustments to inventories, 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>
CY2023Q1 us-gaap Revenues
Revenues
1550641000
CY2022Q1 us-gaap Revenues
Revenues
1523570000
CY2023Q1 wso Sales Revenues From Product Lines Percentage
SalesRevenuesFromProductLinesPercentage
1
CY2022Q1 wso Sales Revenues From Product Lines Percentage
SalesRevenuesFromProductLinesPercentage
1
CY2023Q1 wso Convertible Class B Common Stock Outstanding
ConvertibleClassBCommonStockOutstanding
3232844
CY2022Q1 wso Convertible Class B Common Stock Outstanding
ConvertibleClassBCommonStockOutstanding
2562448
CY2023Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
12590000
CY2022Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
12256000

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