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10-Q Filing

WATSCO INC CIK: 105016 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001193125-20-135959
Period End Date 20200331
Filing Date 20200507
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance d898966d10q_htm.xml
Balance Sheet 69 line items
Line Item Tag Value Unit Period
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.50 USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.50 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $77.27M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $82.89M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $51.24M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $74.45M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $533.81M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $574.83M USD Point-in-time
Inventories InventoryNet $942.82M USD Point-in-time
Inventories InventoryNet $920.79M USD Point-in-time
Other current assets OtherAssetsCurrent $21.50M USD Point-in-time
Other current assets OtherAssetsCurrent $17.68M USD Point-in-time
Total current assets AssetsCurrent $1.59B USD Point-in-time
Total current assets AssetsCurrent $1.55B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $98.52M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $97.44M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $223.37M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $221.28M USD Point-in-time
Goodwill Goodwill $411.22M USD Point-in-time
Goodwill Goodwill $407.00M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $160.74M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $172.00M USD Point-in-time
Investment in unconsolidated entity EquityMethodInvestments $95.85M USD Point-in-time
Investment in unconsolidated entity EquityMethodInvestments $94.83M USD Point-in-time
Other assets OtherAssetsNoncurrent $9.48M USD Point-in-time
Other assets OtherAssetsNoncurrent $9.14M USD Point-in-time
Total assets Assets $2.58B USD Point-in-time
Total assets Assets $2.56B USD Point-in-time
Current portion of lease liabilities LeaseLiabilityCurrent $69.42M USD Point-in-time
Current portion of lease liabilities LeaseLiabilityCurrent $69.34M USD Point-in-time
Accounts payable AccountsPayableCurrent $239.67M USD Point-in-time
Accounts payable AccountsPayableCurrent $311.59M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $152.63M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $139.54M USD Point-in-time
Total current liabilities LiabilitiesCurrent $520.47M USD Point-in-time
Total current liabilities LiabilitiesCurrent $461.72M USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit $155.70M USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit $156.14M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilityNoncurrent $152.06M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilityNoncurrent $154.27M USD Point-in-time
Finance lease liabilities, net of current portion FinanceLeaseLiabilityNoncurrent $2.11M USD Point-in-time
Finance lease liabilities, net of current portion FinanceLeaseLiabilityNoncurrent $2.01M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $311.98M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $310.31M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $68.16M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $67.70M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Preferred stock, $0.50 par value PreferredStockValue - USD Point-in-time
Preferred stock, $0.50 par value PreferredStockValue - USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $920.19M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $907.88M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-43.19M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-51.79M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-39.05M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $601.77M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $632.51M USD Point-in-time
Treasury stock, at cost TreasuryStockValue $87.44M USD Point-in-time
Treasury stock, at cost TreasuryStockValue $87.44M USD Point-in-time
Total Watsco, Inc. shareholders' equity StockholdersEquity $1.44B USD Point-in-time
Total Watsco, Inc. shareholders' equity StockholdersEquity $1.40B USD Point-in-time
Non-controlling interest MinorityInterest $279.34M USD Point-in-time
Non-controlling interest MinorityInterest $278.54M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.68B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.71B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.58B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.56B USD Point-in-time
Income Statement 26 line items
Line Item Tag Value Unit Period
Revenues Revenues $931.28M USD 1 Quarter
Revenues Revenues $1.01B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $697.52M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $760.54M USD 1 Quarter
Gross profit GrossProfit $233.76M USD 1 Quarter
Gross profit GrossProfit $247.62M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $180.07M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $203.39M USD 1 Quarter
Other income IncomeLossFromEquityMethodInvestments $1.01M USD 1 Quarter
Other income IncomeLossFromEquityMethodInvestments $1.44M USD 1 Quarter
Operating income OperatingIncomeLoss $45.24M USD 1 Quarter
Operating income OperatingIncomeLoss $55.13M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-790.00K USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-776.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $44.45M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $54.36M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $8.21M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $10.55M USD 1 Quarter
Net income ProfitLoss $43.80M USD 1 Quarter
Net income ProfitLoss $36.25M USD 1 Quarter
Less: net income attributable to non-controlling interest NetIncomeLossAttributableToNoncontrollingInterest $5.75M USD 1 Quarter
Less: net income attributable to non-controlling interest NetIncomeLossAttributableToNoncontrollingInterest $8.77M USD 1 Quarter
Net income attributable to Watsco, Inc. NetIncomeLoss $30.50M USD 1 Quarter
Net income attributable to Watsco, Inc. NetIncomeLoss $35.04M USD 1 Quarter
Basic and Diluted EarningsPerShareBasicAndDiluted $0.72 USD 1 Quarter
Basic and Diluted EarningsPerShareBasicAndDiluted $0.88 USD 1 Quarter
Cash Flow Statement 55 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $43.80M USD 1 Quarter
Net income ProfitLoss $36.25M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $6.48M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $5.77M USD 1 Quarter
Share-based compensation ShareBasedCompensation $4.91M USD 1 Quarter
Share-based compensation ShareBasedCompensation $3.85M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $4.54M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $4.27M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $2.00M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $1.41M USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $1.01M USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $1.44M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $221.00K USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-668.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $46.53M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $2.33M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $55.56M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $27.28M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayable $66.05M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayable $55.35M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $1.96M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $4.22M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $41.86M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $52.94M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $4.13M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $3.86M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $10.00K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $29.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-3.85M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-4.10M USD 1 Quarter
Dividends on Common and Class B common stock PaymentsOfDividendsCommonStock $61.24M USD 1 Quarter
Dividends on Common and Class B common stock PaymentsOfDividendsCommonStock $59.97M USD 1 Quarter
Repurchases of common stock to satisfy employee withholding tax obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $428.00K USD 1 Quarter
Repurchases of common stock to satisfy employee withholding tax obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $791.00K USD 1 Quarter
Net repayments of long-term obligations ProceedsFromRepaymentsOfOtherLongTermDebt $-230.00K USD 1 Quarter
Net repayments of long-term obligations ProceedsFromRepaymentsOfOtherLongTermDebt $-343.00K USD 1 Quarter
Proceeds from short-term borrowings ProceedsFromShortTermDebt $2.34M USD 1 Quarter
Net proceeds under revolving credit agreement ProceedsFromRepaymentsOfLinesOfCredit $2.30M USD 1 Quarter
Net proceeds under revolving credit agreement ProceedsFromRepaymentsOfLinesOfCredit $443.00K USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $2.54M USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $1.13M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-54.86M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-59.39M USD 1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-1.84M USD 1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $402.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-5.62M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-23.22M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $77.27M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $82.89M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $51.24M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $74.45M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $77.27M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $82.89M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $51.24M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $74.45M USD Point-in-time
Stockholders Equity 24 line items
Line Item Tag Value Unit Period
Cash dividends declared and paid, common stock CommonStockDividendsPerShareDeclared $1.60 USD 1 Quarter
Cash dividends declared and paid, common stock CommonStockDividendsPerShareDeclared $1.60 USD 1 Quarter
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.68B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.71B USD Point-in-time
Net income ProfitLoss $43.80M USD 1 Quarter
Net income ProfitLoss $36.25M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $4.20M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-19.28M USD 1 Quarter
Common stock contribution to 401(k) plan StockIssuedDuringPeriodValueEmployeeBenefitPlan $4.27M USD 1 Quarter
Common stock contribution to 401(k) plan StockIssuedDuringPeriodValueEmployeeBenefitPlan $4.54M USD 1 Quarter
Stock issuances from exercise of stock options and employee stock purchase plan StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue $1.12M USD 1 Quarter
Stock issuances from exercise of stock options and employee stock purchase plan StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue $2.54M USD 1 Quarter
Retirement of common stock StockRepurchasedAndRetiredDuringPeriodValue $791.00K USD 1 Quarter
Retirement of common stock StockRepurchasedAndRetiredDuringPeriodValue $428.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.10M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.54M USD 1 Quarter
Cash dividends declared and paid on Common and Class B common stock DividendsCommonStockCash $61.24M USD 1 Quarter
Cash dividends declared and paid on Common and Class B common stock DividendsCommonStockCash $59.97M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.60B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.68B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.71B USD Point-in-time
Comprehensive Income 16 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $43.80M USD 1 Quarter
Net income ProfitLoss $36.25M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $5.00M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-21.93M USD 1 Quarter
Unrealized gain (loss) on cash flow hedging instruments arising during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $2.53M USD 1 Quarter
Unrealized gain (loss) on cash flow hedging instruments arising during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $-536.00K USD 1 Quarter
Reclassification of loss (gain) on cash flow hedging instruments into earnings OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $274.00K USD 1 Quarter
Reclassification of loss (gain) on cash flow hedging instruments into earnings OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $-115.00K USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $4.20M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-19.28M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $16.97M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $48.00M USD 1 Quarter
Less: comprehensive (loss) income attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $10.18M USD 1 Quarter
Less: comprehensive (loss) income attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-796.00K USD 1 Quarter
Comprehensive income attributable to Watsco, Inc. ComprehensiveIncomeNetOfTax $37.82M USD 1 Quarter
Comprehensive income attributable to Watsco, Inc. ComprehensiveIncomeNetOfTax $17.76M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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