$WTS
WATTS WATER TECHNOLOGIES INC

2020 Q3 Form 10-Q Financial Statement

#000155837020012741 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $383.9M $394.7M $416.8M
YoY Change -2.74% 0.97% 10.12%
Cost Of Revenue $225.4M $226.1M $242.2M
YoY Change -0.31% -0.13% 9.2%
Gross Profit $158.5M $168.6M $174.6M
YoY Change -5.99% 2.49% 11.42%
Gross Profit Margin 41.29% 42.72% 41.89%
Selling, General & Admin $106.6M $119.8M $119.0M
YoY Change -11.02% 4.9% 14.09%
% of Gross Profit 67.26% 71.06% 68.16%
Research & Development $10.10M $9.800M $9.500M
YoY Change 3.06% 12.64% 11.76%
% of Gross Profit 6.37% 5.81% 5.44%
Depreciation & Amortization $11.80M $11.60M $11.40M
YoY Change 1.72% -0.85% -10.24%
% of Gross Profit 7.44% 6.88% 6.53%
Operating Expenses $116.7M $129.6M $128.5M
YoY Change -9.95% 5.45% 13.92%
Operating Profit $47.90M $48.80M $54.30M
YoY Change -1.84% 4.05% 23.69%
Interest Expense $3.000M $3.500M $3.700M
YoY Change -14.29% -10.26% -194.87%
% of Operating Profit 6.26% 7.17% 6.81%
Other Income/Expense, Net -$4.100M -$2.600M -$3.500M
YoY Change 57.69% -10.34% 400.0%
Pretax Income $43.80M $46.20M $50.80M
YoY Change -5.19% 5.0% 29.26%
Income Tax $10.90M $13.90M $14.40M
% Of Pretax Income 24.89% 30.09% 28.35%
Net Earnings $32.90M $32.30M $36.40M
YoY Change 1.86% 2.54% 29.08%
Net Earnings / Revenue 8.57% 8.18% 8.73%
Basic Earnings Per Share $0.97 $0.95 $1.06
Diluted Earnings Per Share $0.97 $0.94 $1.06
COMMON SHARES
Basic Shares Outstanding 33.80M 34.00M 34.10M
Diluted Shares Outstanding 33.90M 34.20M 34.20M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $188.3M $173.7M $166.8M
YoY Change 8.41% 21.81% -9.69%
Cash & Equivalents $188.3M $173.7M $166.8M
Short-Term Investments
Other Short-Term Assets $29.30M $22.60M $24.10M
YoY Change 29.65% -37.4% -22.26%
Inventory $273.1M $279.2M $283.3M
Prepaid Expenses
Receivables $208.9M $238.6M $254.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $699.6M $714.1M $728.4M
YoY Change -2.03% 0.71% -0.3%
LONG-TERM ASSETS
Property, Plant & Equipment $211.3M $195.8M $200.9M
YoY Change 7.92% -1.36% -0.1%
Goodwill $588.7M $577.3M $544.2M
YoY Change 1.97%
Intangibles $142.9M $154.2M $157.2M
YoY Change -7.33%
Long-Term Investments
YoY Change
Other Assets $62.70M $52.50M $45.10M
YoY Change 19.43% 147.64% 107.83%
Total Long-Term Assets $1.009B $982.2M $950.0M
YoY Change 2.77% 4.43% -0.82%
TOTAL ASSETS
Total Short-Term Assets $699.6M $714.1M $728.4M
Total Long-Term Assets $1.009B $982.2M $950.0M
Total Assets $1.709B $1.696B $1.678B
YoY Change 0.75% 2.83% -0.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.90M $103.4M $115.4M
YoY Change -3.38% -13.91% 2.03%
Accrued Expenses $195.3M $186.4M $169.4M
YoY Change 4.77% 14.43% 0.0%
Deferred Revenue $12.80M $11.80M $12.10M
YoY Change 8.47% 5.36% 5.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $105.0M $105.0M
YoY Change -100.0% 300.76% 366.67%
Total Short-Term Liabilities $295.2M $396.5M $391.6M
YoY Change -25.55% 28.23% 28.39%
LONG-TERM LIABILITIES
Long-Term Debt $247.9M $238.5M $238.8M
YoY Change 3.94% -37.73% -43.69%
Other Long-Term Liabilities $101.0M $80.80M $71.00M
YoY Change 25.0% 70.46% 42.28%
Total Long-Term Liabilities $348.9M $319.3M $309.8M
YoY Change 9.27% -25.81% -34.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $295.2M $396.5M $391.6M
Total Long-Term Liabilities $348.9M $319.3M $309.8M
Total Liabilities $644.1M $715.8M $701.4M
YoY Change -10.02% -9.29% -15.77%
SHAREHOLDERS EQUITY
Retained Earnings $543.2M $494.9M $475.6M
YoY Change 9.76%
Common Stock $602.1M $585.9M $581.1M
YoY Change 2.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.025B $942.0M $934.2M
YoY Change
Total Liabilities & Shareholders Equity $1.709B $1.696B $1.678B
YoY Change 0.75% 2.97% -0.6%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $32.90M $32.30M $36.40M
YoY Change 1.86% 2.54% 29.08%
Depreciation, Depletion And Amortization $11.80M $11.60M $11.40M
YoY Change 1.72% -0.85% -10.24%
Cash From Operating Activities $80.10M $75.20M $43.90M
YoY Change 6.52% 172.46% -268.2%
INVESTING ACTIVITIES
Capital Expenditures $10.00M $4.700M $7.400M
YoY Change 112.77% -47.19% -201.37%
Acquisitions
YoY Change
Other Investing Activities -$6.800M -$42.60M $0.00
YoY Change -84.04% 42500.0% -100.0%
Cash From Investing Activities -$16.80M -$47.40M -$7.400M
YoY Change -64.56% 492.5% -15.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.700M $4.500M $4.700M
YoY Change -17.78% -4.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.60M -16.50M -40.50M
YoY Change 61.21% -69.56% -36.62%
NET CHANGE
Cash From Operating Activities 80.10M 75.20M 43.90M
Cash From Investing Activities -16.80M -47.40M -7.400M
Cash From Financing Activities -26.60M -16.50M -40.50M
Net Change In Cash 36.70M 11.30M -4.000M
YoY Change 224.78% -132.66% -95.95%
FREE CASH FLOW
Cash From Operating Activities $80.10M $75.20M $43.90M
Capital Expenditures $10.00M $4.700M $7.400M
Free Cash Flow $70.10M $70.50M $36.50M
YoY Change -0.57% 277.01% -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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wts Maximum Length Of Time Hedged In Foreign Currency Contract
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33900000
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.97
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.94
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
85100000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33900000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.51
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000
wts Earnings Per Share Dilutive Shares Adjustment
EarningsPerShareDilutiveSharesAdjustment
-0.01
us-gaap Operating Income Loss
OperatingIncomeLoss
126700000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
85100000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34000000.0
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.50
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
99700000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34200000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.91
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2015Q3 wts Stock Repurchase Program Number Of Programs
StockRepurchaseProgramNumberOfPrograms
2
CY2019Q3 wts Stock Repurchase Program Number Of Programs
StockRepurchaseProgramNumberOfPrograms
2
CY2019Q3 wts Stock Repurchase Program Number Of Programs
StockRepurchaseProgramNumberOfPrograms
2
CY2020Q3 wts Stock Repurchase Program Number Of Programs
StockRepurchaseProgramNumberOfPrograms
2
CY2020Q3 wts Stock Repurchase Program Number Of Programs
StockRepurchaseProgramNumberOfPrograms
2
CY2020Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
41142
CY2020Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3700000
CY2019Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
47943
CY2019Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4500000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
294677
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
24800000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
178340
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14800000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
383900000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
394700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1105200000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1200200000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
47900000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
48800000
us-gaap Operating Income Loss
OperatingIncomeLoss
149800000
CY2019Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
100000
us-gaap Investment Income Interest
InvestmentIncomeInterest
200000
us-gaap Investment Income Interest
InvestmentIncomeInterest
300000
CY2020Q3 us-gaap Interest Expense
InterestExpense
3000000.0
CY2019Q3 us-gaap Interest Expense
InterestExpense
3500000
us-gaap Interest Expense
InterestExpense
10000000.0
us-gaap Interest Expense
InterestExpense
10800000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1100000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
800000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000000.0
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
400000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
43800000
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
46200000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
115900000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
139700000
CY2020Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10000000.0
CY2019Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4700000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33800000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19100000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11800000
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11600000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34700000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34300000
CY2020Q3 us-gaap Assets
Assets
1709000000.0
CY2019Q3 us-gaap Assets
Assets
1696300000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
211300000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
195800000
CY2020Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
6100000

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