$WTS
Watts Water Technologies Inc

2020 Q2 Form 10-Q Financial Statement

#000155837020009084 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $338.7M $416.8M $388.7M
YoY Change -18.74% 10.12%
Cost Of Revenue $203.8M $242.2M $224.5M
YoY Change -15.85% 9.2%
Gross Profit $134.9M $174.6M $164.2M
YoY Change -22.74% 11.42%
Gross Profit Margin 39.83% 41.89% 42.24%
Selling, General & Admin $97.60M $119.0M $116.1M
YoY Change -17.98% 14.09%
% of Gross Profit 72.35% 68.16% 70.71%
Research & Development $9.800M $9.500M $9.300M
YoY Change 3.16% 11.76%
% of Gross Profit 7.26% 5.44% 5.66%
Depreciation & Amortization $11.50M $11.40M $11.40M
YoY Change 0.88% -10.24%
% of Gross Profit 8.52% 6.53% 6.94%
Operating Expenses $107.4M $128.5M $125.4M
YoY Change -16.42% 13.92%
Operating Profit $31.00M $54.30M $46.70M
YoY Change -42.91% 23.69%
Interest Expense $4.000M $3.700M $3.600M
YoY Change 8.11% -194.87%
% of Operating Profit 12.9% 6.81% 7.71%
Other Income/Expense, Net -$3.500M -$3.500M -$4.000M
YoY Change 0.0% 400.0%
Pretax Income $27.50M $50.80M $42.70M
YoY Change -45.87% 29.26%
Income Tax $7.300M $14.40M $11.70M
% Of Pretax Income 26.55% 28.35% 27.4%
Net Earnings $20.20M $36.40M $31.00M
YoY Change -44.51% 29.08%
Net Earnings / Revenue 5.96% 8.73% 7.98%
Basic Earnings Per Share $0.60 $1.06 $0.91
Diluted Earnings Per Share $0.59 $1.06 $0.91
COMMON SHARES
Basic Shares Outstanding 33.80M 34.10M 34.20M
Diluted Shares Outstanding 34.00M 34.20M 34.20M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.7M $166.8M $170.2M
YoY Change -10.85% -9.69%
Cash & Equivalents $148.7M $166.8M $170.2M
Short-Term Investments
Other Short-Term Assets $25.70M $24.10M $25.20M
YoY Change 6.64% -22.26%
Inventory $283.9M $283.3M $293.9M
Prepaid Expenses
Receivables $209.2M $254.2M $240.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $667.5M $728.4M $729.9M
YoY Change -8.36% -0.3%
LONG-TERM ASSETS
Property, Plant & Equipment $206.9M $200.9M $199.6M
YoY Change 2.99% -0.1%
Goodwill $580.1M $544.2M
YoY Change 6.6%
Intangibles $143.4M $157.2M
YoY Change -8.78%
Long-Term Investments
YoY Change
Other Assets $47.80M $45.10M $18.70M
YoY Change 5.99% 107.83%
Total Long-Term Assets $980.8M $950.0M $953.5M
YoY Change 3.24% -0.82%
TOTAL ASSETS
Total Short-Term Assets $667.5M $728.4M $729.9M
Total Long-Term Assets $980.8M $950.0M $953.5M
Total Assets $1.648B $1.678B $1.683B
YoY Change -1.79% -0.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.4M $115.4M $111.5M
YoY Change -10.4% 2.03%
Accrued Expenses $175.5M $169.4M $178.6M
YoY Change 3.6% 0.0%
Deferred Revenue $11.70M $12.10M $11.40M
YoY Change -3.31% 5.22% 0.88%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $105.0M $31.70M
YoY Change -100.0% 366.67%
Total Short-Term Liabilities $278.9M $391.6M $321.8M
YoY Change -28.78% 28.39%
LONG-TERM LIABILITIES
Long-Term Debt $262.5M $238.8M $343.2M
YoY Change 9.92% -43.69%
Other Long-Term Liabilities $80.50M $71.00M $70.70M
YoY Change 13.38% 42.28%
Total Long-Term Liabilities $343.0M $309.8M $413.9M
YoY Change 10.72% -34.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $278.9M $391.6M $321.8M
Total Long-Term Liabilities $343.0M $309.8M $413.9M
Total Liabilities $621.9M $701.4M $778.3M
YoY Change -11.33% -15.77%
SHAREHOLDERS EQUITY
Retained Earnings $521.4M $475.6M
YoY Change 9.63%
Common Stock $598.9M $581.1M
YoY Change 3.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $985.2M $934.2M $905.1M
YoY Change
Total Liabilities & Shareholders Equity $1.648B $1.678B $1.683B
YoY Change -1.79% -0.6%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $20.20M $36.40M $31.00M
YoY Change -44.51% 29.08%
Depreciation, Depletion And Amortization $11.50M $11.40M $11.40M
YoY Change 0.88% -10.24%
Cash From Operating Activities $48.20M $43.90M -$24.20M
YoY Change 9.79% -268.2%
INVESTING ACTIVITIES
Capital Expenditures $14.90M $7.400M $6.900M
YoY Change 101.35% -201.37%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$14.80M -$7.400M -$6.900M
YoY Change 100.0% -15.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.400M $4.700M $5.600M
YoY Change 36.17%
Debt Paid & Issued, Net $12.50M
YoY Change
Cash From Financing Activities -132.0M -40.50M -2.000M
YoY Change 225.93% -36.62%
NET CHANGE
Cash From Operating Activities 48.20M 43.90M -24.20M
Cash From Investing Activities -14.80M -7.400M -6.900M
Cash From Financing Activities -132.0M -40.50M -2.000M
Net Change In Cash -98.60M -4.000M -33.90M
YoY Change 2365.0% -95.95%
FREE CASH FLOW
Cash From Operating Activities $48.20M $43.90M -$24.20M
Capital Expenditures $14.90M $7.400M $6.900M
Free Cash Flow $33.30M $36.50M -$31.10M
YoY Change -8.77% -294.15%

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WATTS WATER TECHNOLOGIES INC
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:11pt;margin:0pt;"><span style="font-size:11pt;font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. We are not aware of any specific event or circumstance that would require updates to the Company’s estimates or judgments or require the Company to revise the carrying value of the Company’s assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ from those estimates.</p>
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CY2019 wts Maximum Length Of Time Hedged In Foreign Currency Contract
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wts Maximum Length Of Time Hedged In Foreign Currency Contract
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20200000
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33900000
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CY2019Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4700000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
253535
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
21100000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
130397
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10300000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
338700000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
416800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
721300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
805500000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
31000000.0
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
54300000
us-gaap Operating Income Loss
OperatingIncomeLoss
78800000
us-gaap Operating Income Loss
OperatingIncomeLoss
101000000.0
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
100000
CY2019Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
100000
us-gaap Investment Income Interest
InvestmentIncomeInterest
200000
us-gaap Investment Income Interest
InvestmentIncomeInterest
200000
CY2020Q2 us-gaap Interest Expense
InterestExpense
4000000.0
CY2019Q2 us-gaap Interest Expense
InterestExpense
3700000
us-gaap Interest Expense
InterestExpense
7000000.0
us-gaap Interest Expense
InterestExpense
7300000
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
400000
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
100000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
100000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-400000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
27500000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
50800000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
72100000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
93500000
CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14900000
CY2019Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7400000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23800000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14300000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11500000
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11400000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22900000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22800000
CY2020Q2 us-gaap Assets
Assets
1648300000
CY2019Q2 us-gaap Assets
Assets
1678400000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
206900000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
200900000
CY2020Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
4800000

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