$WTS
WATTS WATER TECHNOLOGIES INC

2022 Q2 Form 10-Q Financial Statement

#000155837022012100 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $526.6M $463.2M $473.9M
YoY Change 12.76% 12.07% 17.48%
Cost Of Revenue $287.4M $264.6M $274.6M
YoY Change 7.68% 10.43% 17.25%
Gross Profit $239.2M $198.6M $199.3M
YoY Change 19.54% 14.34% 17.79%
Gross Profit Margin 45.42% 42.88% 42.06%
Selling, General & Admin $141.6M $126.1M $122.8M
YoY Change 8.59% 10.81% 19.92%
% of Gross Profit 59.2% 63.49% 61.62%
Research & Development $12.30M $11.90M $12.80M
YoY Change 11.82% 9.17% 18.52%
% of Gross Profit 5.14% 5.99% 6.42%
Depreciation & Amortization $10.00M $10.30M $11.10M
YoY Change -13.04% -12.71% -5.93%
% of Gross Profit 4.18% 5.19% 5.57%
Operating Expenses $153.9M $138.0M $135.6M
YoY Change 8.84% 10.67% 19.79%
Operating Profit $95.90M $71.50M $63.70M
YoY Change 81.97% 19.97% 13.75%
Interest Expense $1.700M $1.400M -$1.400M
YoY Change 13.33% -30.0% -57.58%
% of Operating Profit 1.77% 1.96% -2.2%
Other Income/Expense, Net -$1.700M -$1.600M -$200.0K
YoY Change 70.0% -5.88%
Pretax Income $94.20M $69.90M $61.00M
YoY Change 82.21% 20.73% 19.37%
Income Tax $24.50M $15.40M $20.90M
% Of Pretax Income 26.01% 22.03% 34.26%
Net Earnings $69.70M $54.50M $40.10M
YoY Change 85.87% 30.7% 37.33%
Net Earnings / Revenue 13.24% 11.77% 8.46%
Basic Earnings Per Share $2.08 $1.62
Diluted Earnings Per Share $2.07 $1.61 $1.183M
COMMON SHARES
Basic Shares Outstanding 33.50M 33.70M
Diluted Shares Outstanding 33.60M 33.80M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $230.0M $226.8M $242.0M
YoY Change -4.21% 0.62% 10.55%
Cash & Equivalents $230.0M $226.8M $242.0M
Short-Term Investments
Other Short-Term Assets $38.90M $29.30M $27.90M
YoY Change 15.77% -7.28% -5.1%
Inventory $431.7M $402.1M $370.7M
Prepaid Expenses
Receivables $267.1M $261.7M $220.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $967.7M $919.9M $861.5M
YoY Change 14.67% 18.76% 21.42%
LONG-TERM ASSETS
Property, Plant & Equipment $194.0M $196.6M $200.7M
YoY Change -6.28% -4.47% -5.46%
Goodwill $590.9M $597.7M $600.7M
YoY Change -1.37% 0.07% -0.28%
Intangibles $119.4M $123.8M $128.6M
YoY Change -10.83% -9.64% -9.31%
Long-Term Investments
YoY Change
Other Assets $59.00M $61.70M $60.60M
YoY Change -5.9% -5.51% -10.62%
Total Long-Term Assets $966.6M $983.4M $994.1M
YoY Change -4.43% -2.61% -3.36%
TOTAL ASSETS
Total Short-Term Assets $967.7M $919.9M $861.5M
Total Long-Term Assets $966.6M $983.4M $994.1M
Total Assets $1.934B $1.903B $1.856B
YoY Change 4.26% 6.66% 6.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $166.3M $156.8M $143.4M
YoY Change 6.88% 10.81% 30.25%
Accrued Expenses $254.8M $248.0M $265.1M
YoY Change 6.08% 21.75% 30.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $421.1M $404.8M $408.5M
YoY Change 6.39% 17.27% 30.59%
LONG-TERM LIABILITIES
Long-Term Debt $202.2M $202.0M $141.9M
YoY Change 5.59% 1.71% -28.41%
Other Long-Term Liabilities $85.30M $87.10M $91.50M
YoY Change -15.04% -17.13% -13.92%
Total Long-Term Liabilities $287.5M $289.1M $233.4M
YoY Change -1.51% -4.81% -23.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $421.1M $404.8M $408.5M
Total Long-Term Liabilities $287.5M $289.1M $233.4M
Total Liabilities $708.6M $693.9M $641.9M
YoY Change 3.04% 6.93% 3.99%
SHAREHOLDERS EQUITY
Retained Earnings $696.8M $655.9M $665.9M
YoY Change 15.06% 12.89% 18.89%
Common Stock $641.6M $636.5M $631.2M
YoY Change 3.8% 4.17% 4.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.187B $1.163B $1.173B
YoY Change
Total Liabilities & Shareholders Equity $1.934B $1.903B $1.856B
YoY Change 4.26% 6.66% 6.75%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $69.70M $54.50M $40.10M
YoY Change 85.87% 30.7% 37.33%
Depreciation, Depletion And Amortization $10.00M $10.30M $11.10M
YoY Change -13.04% -12.71% -5.93%
Cash From Operating Activities $46.90M -$2.000M $45.90M
YoY Change 19.34% -105.9% -54.73%
INVESTING ACTIVITIES
Capital Expenditures $7.500M $5.600M -$7.100M
YoY Change -9.64% 14.29% -29.0%
Acquisitions
YoY Change
Other Investing Activities $800.0K $0.00 -$8.900M
YoY Change -60.0% -100.0% 56.14%
Cash From Investing Activities -$6.700M -$5.600M -$16.00M
YoY Change 9.84% 180.0% 1.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $42.90M
YoY Change 1028.95%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.00M -4.700M -23.30M
YoY Change 41.46% -77.83% -62.66%
NET CHANGE
Cash From Operating Activities 46.90M -2.000M 45.90M
Cash From Investing Activities -6.700M -5.600M -16.00M
Cash From Financing Activities -29.00M -4.700M -23.30M
Net Change In Cash 11.20M -15.20M 6.600M
YoY Change -11.81% -333.85% -71.67%
FREE CASH FLOW
Cash From Operating Activities $46.90M -$2.000M $45.90M
Capital Expenditures $7.500M $5.600M -$7.100M
Free Cash Flow $39.40M -$7.600M $53.00M
YoY Change 27.1% -126.21% -52.42%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Local Phone Number
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dei Entity Current Reporting Status
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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;">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 26, 2022, the Consolidated Statements of Operations for the second quarters and six months ended June 26, 2022 and June 27, 2021, the Consolidated Statements of Comprehensive Income for the second quarters and six months ended June 26, 2022 and June 27, 2021, the Consolidated Statements of Stockholders’ Equity for the second quarters and six months ended June 26, 2022 and June 27, 2021, and the Consolidated Statements of Cash Flows for the six months ended June 26, 2022 and June 27, 2021.</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, 2021 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 10-K for the year ended December 31, 2021. 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, 2021. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2022.</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_Kj28yXM9VECKfEYreVONKA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">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_Ecr-vhurD0K7UjWLNur4NA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">13</span></span>-week period. </p>
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3500000
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
500000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-300000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
800000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
94200000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
51700000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
164100000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
109600000
CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7500000
CY2021Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8300000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13100000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13000000.0
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
23300000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20300000
CY2022Q2 us-gaap Assets
Assets
1934300000
CY2021Q2 us-gaap Assets
Assets
1855300000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
194000000.0
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
207000000.0
CY2022Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
4500000

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