$WTS
Watts Water Technologies Inc

2021 Q2 Form 10-Q Financial Statement

#000155837021010451 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $467.0M $338.7M $382.6M
YoY Change 37.88% -18.74% -1.57%
Cost Of Revenue $266.9M $203.8M $219.8M
YoY Change 30.96% -15.85% -2.09%
Gross Profit $200.1M $134.9M $162.8M
YoY Change 48.33% -22.74% -0.85%
Gross Profit Margin 42.85% 39.83% 42.55%
Selling, General & Admin $130.4M $97.60M $115.0M
YoY Change 33.61% -17.98% -0.95%
% of Gross Profit 65.17% 72.35% 70.64%
Research & Development $11.00M $9.800M $11.50M
YoY Change 12.24% 3.16% 23.66%
% of Gross Profit 5.5% 7.26% 7.06%
Depreciation & Amortization $11.50M $11.50M $11.40M
YoY Change 0.0% 0.88% 0.0%
% of Gross Profit 5.75% 8.52% 7.0%
Operating Expenses $141.4M $107.4M $126.5M
YoY Change 31.66% -16.42% 0.88%
Operating Profit $52.70M $31.00M $47.80M
YoY Change 70.0% -42.91% 2.36%
Interest Expense $1.500M $4.000M $3.000M
YoY Change -62.5% 8.11% -16.67%
% of Operating Profit 2.85% 12.9% 6.28%
Other Income/Expense, Net -$1.000M -$3.500M -$3.200M
YoY Change -71.43% 0.0% -20.0%
Pretax Income $51.70M $27.50M $44.60M
YoY Change 88.0% -45.87% 4.45%
Income Tax $14.20M $7.300M $12.60M
% Of Pretax Income 27.47% 26.55% 28.25%
Net Earnings $37.50M $20.20M $32.00M
YoY Change 85.64% -44.51% 3.23%
Net Earnings / Revenue 8.03% 5.96% 8.36%
Basic Earnings Per Share $1.11 $0.60 $0.94
Diluted Earnings Per Share $1.11 $0.59 $0.94
COMMON SHARES
Basic Shares Outstanding 33.80M 33.80M 34.00M
Diluted Shares Outstanding 33.90M 34.00M 34.10M

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $240.1M $148.7M $245.4M
YoY Change 61.47% -10.85% 44.18%
Cash & Equivalents $240.1M $148.7M $245.4M
Short-Term Investments
Other Short-Term Assets $33.60M $25.70M $29.50M
YoY Change 30.74% 6.64% 17.06%
Inventory $313.5M $283.9M $279.6M
Prepaid Expenses
Receivables $256.7M $209.2M $236.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $843.9M $667.5M $791.2M
YoY Change 26.43% -8.36% 8.4%
LONG-TERM ASSETS
Property, Plant & Equipment $207.0M $206.9M $201.8M
YoY Change 0.05% 2.99% 1.1%
Goodwill $599.1M $580.1M $576.0M
YoY Change 3.28% 6.6%
Intangibles $133.9M $143.4M $146.1M
YoY Change -6.62% -8.78%
Long-Term Investments
YoY Change
Other Assets $62.70M $47.80M $49.70M
YoY Change 31.17% 5.99% 165.78%
Total Long-Term Assets $1.011B $980.8M $976.2M
YoY Change 3.12% 3.24% 2.38%
TOTAL ASSETS
Total Short-Term Assets $843.9M $667.5M $791.2M
Total Long-Term Assets $1.011B $980.8M $976.2M
Total Assets $1.855B $1.648B $1.767B
YoY Change 12.56% -1.79% 4.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $155.6M $103.4M $117.8M
YoY Change 50.48% -10.4% 5.65%
Accrued Expenses $240.2M $175.5M $179.0M
YoY Change 36.87% 3.6% 0.22%
Deferred Revenue $14.50M $11.70M $11.70M
YoY Change 23.93% -3.31% 2.63%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $82.50M
YoY Change -100.0% 160.25%
Total Short-Term Liabilities $395.8M $278.9M $379.3M
YoY Change 41.91% -28.78% 17.87%
LONG-TERM LIABILITIES
Long-Term Debt $191.5M $262.5M $296.9M
YoY Change -27.05% 9.92% -13.49%
Other Long-Term Liabilities $100.4M $80.50M $81.60M
YoY Change 24.72% 13.38% 15.42%
Total Long-Term Liabilities $291.9M $343.0M $378.5M
YoY Change -14.9% 10.72% -8.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $395.8M $278.9M $379.3M
Total Long-Term Liabilities $291.9M $343.0M $378.5M
Total Liabilities $687.7M $621.9M $757.8M
YoY Change 10.58% -11.33% -2.63%
SHAREHOLDERS EQUITY
Retained Earnings $605.6M $521.4M $515.5M
YoY Change 16.15% 9.63%
Common Stock $618.1M $598.9M $597.1M
YoY Change 3.21% 3.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.118B $985.2M $967.8M
YoY Change
Total Liabilities & Shareholders Equity $1.855B $1.648B $1.767B
YoY Change 12.56% -1.79% 4.99%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $37.50M $20.20M $32.00M
YoY Change 85.64% -44.51% 3.23%
Depreciation, Depletion And Amortization $11.50M $11.50M $11.40M
YoY Change 0.0% 0.88% 0.0%
Cash From Operating Activities $39.30M $48.20M -$900.0K
YoY Change -18.46% 9.79% -96.28%
INVESTING ACTIVITIES
Capital Expenditures $8.300M $14.90M $8.900M
YoY Change -44.3% 101.35% 28.99%
Acquisitions
YoY Change
Other Investing Activities $2.000M $100.0K $1.400M
YoY Change 1900.0%
Cash From Investing Activities -$6.100M -$14.80M -$7.500M
YoY Change -58.78% 100.0% 8.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.400M $14.70M
YoY Change 36.17% 162.5%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.50M -132.0M 39.10M
YoY Change -84.47% 225.93% -2055.0%
NET CHANGE
Cash From Operating Activities 39.30M 48.20M -900.0K
Cash From Investing Activities -6.100M -14.80M -7.500M
Cash From Financing Activities -20.50M -132.0M 39.10M
Net Change In Cash 12.70M -98.60M 25.70M
YoY Change -112.88% 2365.0% -175.81%
FREE CASH FLOW
Cash From Operating Activities $39.30M $48.20M -$900.0K
Capital Expenditures $8.300M $14.90M $8.900M
Free Cash Flow $31.00M $33.30M -$9.800M
YoY Change -6.91% -8.77% -68.49%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Registrant Name
EntityRegistrantName
WATTS WATER TECHNOLOGIES INC
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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 June 27, 2021, the Consolidated Statements of Operations for the second quarters and six months ended June 27, 2021 and June 28, 2020, the Consolidated Statements of Comprehensive Income for the second quarters and six months ended June 27, 2021 and June 28, 2020, the Consolidated Statements of Stockholders’ Equity for the second quarters and six months ended June 27, 2021 and June 28, 2020, and the Consolidated Statements of Cash Flows for the six months ended June 27, 2021 and June 28, 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_vQTiJ1veYkebGveirJvWuw;"><span style="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_QZ-qhCrCt06wwiSThzf5uw;"><span style="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 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 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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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7600000
CY2020 wts Maximum Length Of Time Hedged In Foreign Currency Contract
MaximumLengthOfTimeHedgedInForeignCurrencyContract
P12M
wts Percentage Of Projected Intercompany Purchase Transactions Hedged For Next Twelve Months By Forward Exchange Contracts
PercentageOfProjectedIntercompanyPurchaseTransactionsHedgedForNextTwelveMonthsByForwardExchangeContracts
0.60
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.11
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
20200000
wts Maximum Length Of Time Hedged In Foreign Currency Contract
MaximumLengthOfTimeHedgedInForeignCurrencyContract
P12M
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34000000.0
CY2021Q2 us-gaap Restructuring Settlement And Impairment Provisions
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17000000.0
CY2020Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
5300000
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
17300000
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
5300000
CY2021Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
17000000.0
CY2020Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
5300000
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
17300000
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
5300000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
37500000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33800000
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20200000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6400000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
62070
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
7800000
CY2021Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
30917
CY2021Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4000000.0
CY2020Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
78828
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
253535
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
21100000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
467000000.0
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
338700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
880300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
721300000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
52700000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
31000000.0
us-gaap Operating Income Loss
OperatingIncomeLoss
112300000
us-gaap Operating Income Loss
OperatingIncomeLoss
78800000
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
100000
us-gaap Investment Income Interest
InvestmentIncomeInterest
200000
CY2021Q2 us-gaap Interest Expense
InterestExpense
1500000
CY2020Q2 us-gaap Interest Expense
InterestExpense
4000000.0
us-gaap Interest Expense
InterestExpense
3500000
us-gaap Interest Expense
InterestExpense
7000000.0
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
500000
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
400000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
800000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
100000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
51700000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
27500000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
109600000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
72100000
CY2021Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8300000
CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14900000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13000000.0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23800000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11500000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11500000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
23300000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22900000
CY2021Q2 us-gaap Assets
Assets
1855300000
CY2020Q2 us-gaap Assets
Assets
1648300000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
207000000.0
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
206900000
CY2021Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
4000000.0
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
9000000.0
CY2021Q2 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
4600000

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