$WTS
Watts Water Technologies Inc

2021 Q1 Form 10-Q Financial Statement

#000155837021005827 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $413.3M $382.6M
YoY Change 8.02% -1.57%
Cost Of Revenue $239.6M $219.8M
YoY Change 9.01% -2.09%
Gross Profit $173.7M $162.8M
YoY Change 6.7% -0.85%
Gross Profit Margin 42.03% 42.55%
Selling, General & Admin $113.8M $115.0M
YoY Change -1.04% -0.95%
% of Gross Profit 65.52% 70.64%
Research & Development $10.90M $11.50M
YoY Change -5.22% 23.66%
% of Gross Profit 6.28% 7.06%
Depreciation & Amortization $11.80M $11.40M
YoY Change 3.51% 0.0%
% of Gross Profit 6.79% 7.0%
Operating Expenses $124.7M $126.5M
YoY Change -1.42% 0.88%
Operating Profit $59.60M $47.80M
YoY Change 24.69% 2.36%
Interest Expense $2.000M $3.000M
YoY Change -33.33% -16.67%
% of Operating Profit 3.36% 6.28%
Other Income/Expense, Net -$1.700M -$3.200M
YoY Change -46.88% -20.0%
Pretax Income $57.90M $44.60M
YoY Change 29.82% 4.45%
Income Tax $16.20M $12.60M
% Of Pretax Income 27.98% 28.25%
Net Earnings $41.70M $32.00M
YoY Change 30.31% 3.23%
Net Earnings / Revenue 10.09% 8.36%
Basic Earnings Per Share $1.23 $0.94
Diluted Earnings Per Share $1.23 $0.94
COMMON SHARES
Basic Shares Outstanding 33.80M 34.00M
Diluted Shares Outstanding 33.90M 34.10M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $225.4M $245.4M
YoY Change -8.15% 44.18%
Cash & Equivalents $225.4M $245.4M
Short-Term Investments
Other Short-Term Assets $31.60M $29.50M
YoY Change 7.12% 17.06%
Inventory $279.0M $279.6M
Prepaid Expenses
Receivables $238.6M $236.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $774.6M $791.2M
YoY Change -2.1% 8.4%
LONG-TERM ASSETS
Property, Plant & Equipment $205.8M $201.8M
YoY Change 1.98% 1.1%
Goodwill $597.3M $576.0M
YoY Change 3.7%
Intangibles $137.0M $146.1M
YoY Change -6.23%
Long-Term Investments
YoY Change
Other Assets $65.30M $49.70M
YoY Change 31.39% 165.78%
Total Long-Term Assets $1.010B $976.2M
YoY Change 3.44% 2.38%
TOTAL ASSETS
Total Short-Term Assets $774.6M $791.2M
Total Long-Term Assets $1.010B $976.2M
Total Assets $1.784B $1.767B
YoY Change 0.96% 4.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.5M $117.8M
YoY Change 20.12% 5.65%
Accrued Expenses $203.7M $179.0M
YoY Change 13.8% 0.22%
Deferred Revenue $14.50M $11.70M
YoY Change 23.93% 2.63%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $82.50M
YoY Change 160.25%
Total Short-Term Liabilities $345.2M $379.3M
YoY Change -8.99% 17.87%
LONG-TERM LIABILITIES
Long-Term Debt $198.6M $296.9M
YoY Change -33.11% -13.49%
Other Long-Term Liabilities $105.1M $81.60M
YoY Change 28.8% 15.42%
Total Long-Term Liabilities $303.7M $378.5M
YoY Change -19.76% -8.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $345.2M $379.3M
Total Long-Term Liabilities $303.7M $378.5M
Total Liabilities $648.9M $757.8M
YoY Change -14.37% -2.63%
SHAREHOLDERS EQUITY
Retained Earnings $581.0M $515.5M
YoY Change 12.71%
Common Stock $611.0M $597.1M
YoY Change 2.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.081B $967.8M
YoY Change
Total Liabilities & Shareholders Equity $1.784B $1.767B
YoY Change 0.96% 4.99%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $41.70M $32.00M
YoY Change 30.31% 3.23%
Depreciation, Depletion And Amortization $11.80M $11.40M
YoY Change 3.51% 0.0%
Cash From Operating Activities $33.90M -$900.0K
YoY Change -3866.67% -96.28%
INVESTING ACTIVITIES
Capital Expenditures $4.900M $8.900M
YoY Change -44.94% 28.99%
Acquisitions
YoY Change
Other Investing Activities $2.900M $1.400M
YoY Change 107.14%
Cash From Investing Activities -$2.000M -$7.500M
YoY Change -73.33% 8.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.800M $14.70M
YoY Change -74.15% 162.5%
Debt Paid & Issued, Net $20.00M
YoY Change
Cash From Financing Activities -21.20M 39.10M
YoY Change -154.22% -2055.0%
NET CHANGE
Cash From Operating Activities 33.90M -900.0K
Cash From Investing Activities -2.000M -7.500M
Cash From Financing Activities -21.20M 39.10M
Net Change In Cash 6.500M 25.70M
YoY Change -74.71% -175.81%
FREE CASH FLOW
Cash From Operating Activities $33.90M -$900.0K
Capital Expenditures $4.900M $8.900M
Free Cash Flow $29.00M -$9.800M
YoY Change -395.92% -68.49%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the Watts Water Technologies, Inc. (the Company) Consolidated Balance Sheet as of March 28, 2021, the Consolidated Statements of Operations for the first quarters ended March 28, 2021 and March 29, 2020, the Consolidated Statements of Comprehensive Income for the first quarters ended March 28, 2021 and March 29, 2020, the Consolidated Statements of Stockholders’ Equity for the first quarters ended March 28, 2021 and March 29, 2020, and the Consolidated Statements of Cash Flows for the first quarters ended March 28, 2021 and March 29, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The consolidated balance sheet at December 31, 2020 has been derived from the audited consolidated financial statements at that date. The accounting policies followed by the Company are described in the Company’s Annual Report on Form <span style="white-space:pre-wrap;">10-K for the year ended December 31, 2020. The financial statements included in this report should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2021, and may be further impacted by the effects of the </span>Coronavirus Disease 2019 (“COVID-19”)<span style="white-space:pre-wrap;"> global pandemic. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Company operates on a <span style="-sec-ix-hidden:Hidden_UdGe8wv9fkWFxuMgZBGHKw;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">52</span></span>-week fiscal year ending on December 31, with each quarter, except the fourth quarter, ending on a Sunday.  Any quarterly data contained in this Quarterly Report on Form 10-Q generally reflect the results of operations for a <span style="-sec-ix-hidden:Hidden_09-MNWhI1ESEk5sBAKnq4w;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">13</span></span>-week period. </p>
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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. The COVID-19 pandemic has created significant uncertainty in the global economy. There have been no comparable recent events that provide guidance as to the effect COVID-19 as a global pandemic may have, and, as a result, the ultimate impact of COVID-19 and the extent to which COVID-19 continues to impact the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict. 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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