$WTS
Watts Water Technologies Inc

2021 Q3 Form 10-Q Financial Statement

#000155837021014487 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2021 Q1
Revenue $455.0M $467.0M $413.3M
YoY Change 18.52% 37.88% 8.02%
Cost Of Revenue $261.0M $266.9M $239.6M
YoY Change 15.79% 30.96% 9.01%
Gross Profit $194.0M $200.1M $173.7M
YoY Change 22.4% 48.33% 6.7%
Gross Profit Margin 42.64% 42.85% 42.03%
Selling, General & Admin $128.4M $130.4M $113.8M
YoY Change 20.45% 33.61% -1.04%
% of Gross Profit 66.19% 65.17% 65.52%
Research & Development $11.00M $11.00M $10.90M
YoY Change 8.91% 12.24% -5.22%
% of Gross Profit 5.67% 5.5% 6.28%
Depreciation & Amortization $10.70M $11.50M $11.80M
YoY Change -9.32% 0.0% 3.51%
% of Gross Profit 5.52% 5.75% 6.79%
Operating Expenses $139.4M $141.4M $124.7M
YoY Change 19.45% 31.66% -1.42%
Operating Profit $64.70M $52.70M $59.60M
YoY Change 35.07% 70.0% 24.69%
Interest Expense $1.400M $1.500M $2.000M
YoY Change -53.33% -62.5% -33.33%
% of Operating Profit 2.16% 2.85% 3.36%
Other Income/Expense, Net -$1.200M -$1.000M -$1.700M
YoY Change -70.73% -71.43% -46.88%
Pretax Income $63.50M $51.70M $57.90M
YoY Change 44.98% 88.0% 29.82%
Income Tax $17.10M $14.20M $16.20M
% Of Pretax Income 26.93% 27.47% 27.98%
Net Earnings $46.40M $37.50M $41.70M
YoY Change 41.03% 85.64% 30.31%
Net Earnings / Revenue 10.2% 8.03% 10.09%
Basic Earnings Per Share $1.38 $1.11 $1.23
Diluted Earnings Per Share $1.37 $1.11 $1.23
COMMON SHARES
Basic Shares Outstanding 33.70M 33.80M 33.80M
Diluted Shares Outstanding 33.90M 33.90M 33.90M

Balance Sheet

Concept 2021 Q3 2021 Q2 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $238.7M $240.1M $225.4M
YoY Change 26.77% 61.47% -8.15%
Cash & Equivalents $238.7M $240.1M $225.4M
Short-Term Investments
Other Short-Term Assets $28.40M $33.60M $31.60M
YoY Change -3.07% 30.74% 7.12%
Inventory $352.7M $313.5M $279.0M
Prepaid Expenses
Receivables $243.2M $256.7M $238.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $863.0M $843.9M $774.6M
YoY Change 23.36% 26.43% -2.1%
LONG-TERM ASSETS
Property, Plant & Equipment $204.2M $207.0M $205.8M
YoY Change -3.36% 0.05% 1.98%
Goodwill $596.5M $599.1M $597.3M
YoY Change 1.32% 3.28% 3.7%
Intangibles $130.2M $133.9M $137.0M
YoY Change -8.89% -6.62% -6.23%
Long-Term Investments
YoY Change
Other Assets $61.00M $62.70M $65.30M
YoY Change -2.71% 31.17% 31.39%
Total Long-Term Assets $1.000B $1.011B $1.010B
YoY Change -0.91% 3.12% 3.44%
TOTAL ASSETS
Total Short-Term Assets $863.0M $843.9M $774.6M
Total Long-Term Assets $1.000B $1.011B $1.010B
Total Assets $1.863B $1.855B $1.784B
YoY Change 9.02% 12.56% 0.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $151.6M $155.6M $141.5M
YoY Change 51.75% 50.48% 20.12%
Accrued Expenses $266.2M $240.2M $203.7M
YoY Change 36.3% 36.87% 13.8%
Deferred Revenue $14.80M $14.50M $14.50M
YoY Change 15.63% 23.93% 23.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $417.8M $395.8M $345.2M
YoY Change 41.53% 41.91% -8.99%
LONG-TERM LIABILITIES
Long-Term Debt $151.7M $191.5M $198.6M
YoY Change -38.81% -27.05% -33.11%
Other Long-Term Liabilities $98.40M $100.4M $105.1M
YoY Change -2.57% 24.72% 28.8%
Total Long-Term Liabilities $250.1M $291.9M $303.7M
YoY Change -28.32% -14.9% -19.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $417.8M $395.8M $345.2M
Total Long-Term Liabilities $250.1M $291.9M $303.7M
Total Liabilities $667.9M $687.7M $648.9M
YoY Change 3.7% 10.58% -14.37%
SHAREHOLDERS EQUITY
Retained Earnings $638.8M $605.6M $581.0M
YoY Change 17.6% 16.15% 12.71%
Common Stock $625.0M $618.1M $611.0M
YoY Change 3.8% 3.21% 2.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.150B $1.118B $1.081B
YoY Change
Total Liabilities & Shareholders Equity $1.863B $1.855B $1.784B
YoY Change 9.02% 12.56% 0.96%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2021 Q1
OPERATING ACTIVITIES
Net Income $46.40M $37.50M $41.70M
YoY Change 41.03% 85.64% 30.31%
Depreciation, Depletion And Amortization $10.70M $11.50M $11.80M
YoY Change -9.32% 0.0% 3.51%
Cash From Operating Activities $61.70M $39.30M $33.90M
YoY Change -22.97% -18.46% -3866.67%
INVESTING ACTIVITIES
Capital Expenditures $6.600M $8.300M $4.900M
YoY Change -34.0% -44.3% -44.94%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.000M $2.900M
YoY Change -100.0% 1900.0% 107.14%
Cash From Investing Activities -$6.600M -$6.100M -$2.000M
YoY Change -60.71% -58.78% -73.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.800M
YoY Change -74.15%
Debt Paid & Issued, Net $20.00M
YoY Change
Cash From Financing Activities -53.60M -20.50M -21.20M
YoY Change 101.5% -84.47% -154.22%
NET CHANGE
Cash From Operating Activities 61.70M 39.30M 33.90M
Cash From Investing Activities -6.600M -6.100M -2.000M
Cash From Financing Activities -53.60M -20.50M -21.20M
Net Change In Cash 1.500M 12.70M 6.500M
YoY Change -95.91% -112.88% -74.71%
FREE CASH FLOW
Cash From Operating Activities $61.70M $39.30M $33.90M
Capital Expenditures $6.600M $8.300M $4.900M
Free Cash Flow $55.10M $31.00M $29.00M
YoY Change -21.4% -6.91% -395.92%

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 September 26, 2021, the Consolidated Statements of Operations for the third quarters and nine months ended September 26, 2021 and September 27, 2020, the Consolidated Statements of Comprehensive Income for the third quarters and nine months ended September 26, 2021 and September 27, 2020, the Consolidated Statements of Stockholders’ Equity for the third quarters and nine months ended September 26, 2021 and September 27, 2020, and the Consolidated Statements of Cash Flows for the nine months ended September 26, 2021 and September 27, 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_1EFmBUcSWUChZS3ejPs9gw;"><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_j_XZT0ik-UWWUr_tNS47fw;"><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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0.97
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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200000
CY2021Q3 wts Earnings Per Share Dilutive Shares Adjustment
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CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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46400000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.37
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q3 us-gaap Earnings Per Share Diluted
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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wts Earnings Per Share Dilutive Shares Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.50
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q3 us-gaap Stock Repurchased During Period Shares
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25375
CY2021Q3 us-gaap Stock Repurchased During Period Value
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4000000.0
CY2020Q3 us-gaap Stock Repurchased During Period Shares
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CY2020Q3 us-gaap Stock Repurchased During Period Value
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us-gaap Stock Repurchased During Period Shares
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us-gaap Stock Repurchased During Period Value
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us-gaap Stock Repurchased During Period Shares
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us-gaap Stock Repurchased During Period Value
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us-gaap Number Of Reportable Segments
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3
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1335300000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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455000000.0
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1105200000
CY2021Q3 us-gaap Operating Income Loss
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64700000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
47900000
us-gaap Operating Income Loss
OperatingIncomeLoss
177000000.0
us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Investment Income Interest
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CY2021Q3 us-gaap Interest Expense
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CY2020Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Interest Expense
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CY2021Q3 us-gaap Other Nonoperating Income Expense
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200000
CY2020Q3 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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63500000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
43800000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
173100000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
115900000
CY2021Q3 us-gaap Payments To Acquire Property Plant And Equipment
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6600000
CY2020Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10000000.0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19600000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33800000
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10700000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11800000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34000000.0
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34700000
CY2021Q3 us-gaap Assets
Assets
1863200000
CY2020Q3 us-gaap Assets
Assets
1709000000.0
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
204200000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
211300000
CY2021Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
5900000
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8900000
CY2021Q3 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
4600000

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