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10-Q Filing

WATSCO INC CIK: 105016 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001193125-21-152745
Period End Date 20210331
Filing Date 20210506
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance d124355d10q_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 $74.45M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $51.24M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $93.88M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $146.07M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $596.51M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $535.29M USD Point-in-time
Inventories, net InventoryNet $986.65M USD Point-in-time
Inventories, net InventoryNet $781.30M USD Point-in-time
Other current assets OtherAssetsCurrent $21.79M USD Point-in-time
Other current assets OtherAssetsCurrent $18.32M USD Point-in-time
Total current assets AssetsCurrent $1.70B USD Point-in-time
Total current assets AssetsCurrent $1.48B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $98.22M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $100.38M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $209.17M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $203.60M USD Point-in-time
Goodwill Goodwill $412.49M USD Point-in-time
Goodwill Goodwill $413.08M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $169.93M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $169.93M USD Point-in-time
Investment in unconsolidated entity EquityMethodInvestments $97.85M USD Point-in-time
Investment in unconsolidated entity EquityMethodInvestments $102.52M USD Point-in-time
Other assets OtherAssetsNoncurrent $7.40M USD Point-in-time
Other assets OtherAssetsNoncurrent $12.25M USD Point-in-time
Total assets Assets $2.69B USD Point-in-time
Total assets Assets $2.48B USD Point-in-time
Current portion of long-term obligations LongTermDebtAndCapitalLeaseObligationsCurrent $71.80M USD Point-in-time
Current portion of long-term obligations LongTermDebtAndCapitalLeaseObligationsCurrent $72.77M USD Point-in-time
Accounts payable AccountsPayableCurrent $384.11M USD Point-in-time
Accounts payable AccountsPayableCurrent $251.55M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $163.79M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $173.94M USD Point-in-time
Total current liabilities LiabilitiesCurrent $630.82M USD Point-in-time
Total current liabilities LiabilitiesCurrent $487.14M USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit - USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit $48.90M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilitiesNetOfCurrentPortion $139.53M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilitiesNetOfCurrentPortion $132.83M USD Point-in-time
Finance lease liabilities, net of current portion FinanceLeaseLiabilityNoncurrent $4.81M USD Point-in-time
Finance lease liabilities, net of current portion FinanceLeaseLiabilityNoncurrent $5.74M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $144.34M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $187.47M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $73.10M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $77.15M 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 $966.54M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $950.91M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-34.87M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-32.39M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-51.79M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $622.94M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $636.37M 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 $1.49B USD Point-in-time
Total Watsco, Inc. shareholders' equity StockholdersEquity $1.49B USD Point-in-time
Non-controlling interest MinorityInterest $305.42M USD Point-in-time
Non-controlling interest MinorityInterest $293.08M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.80B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.68B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.78B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.71B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.48B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.69B USD Point-in-time
Income Statement 26 line items
Line Item Tag Value Unit Period
Revenues Revenues $1.01B USD 1 Quarter
Revenues Revenues $1.14B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $760.54M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $841.30M USD 1 Quarter
Gross profit GrossProfit $247.62M USD 1 Quarter
Gross profit GrossProfit $294.82M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $217.61M 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 $4.67M USD 1 Quarter
Operating income OperatingIncomeLoss $45.24M USD 1 Quarter
Operating income OperatingIncomeLoss $81.88M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-790.00K USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-88.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $44.45M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $81.79M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $15.66M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $8.21M USD 1 Quarter
Net income ProfitLoss $36.25M USD 1 Quarter
Net income ProfitLoss $66.13M USD 1 Quarter
Less: net income attributable to non-controlling interest NetIncomeLossAttributableToNoncontrollingInterest $11.04M USD 1 Quarter
Less: net income attributable to non-controlling interest NetIncomeLossAttributableToNoncontrollingInterest $5.75M USD 1 Quarter
Net income attributable to Watsco, Inc. NetIncomeLoss $55.09M USD 1 Quarter
Net income attributable to Watsco, Inc. NetIncomeLoss $30.50M USD 1 Quarter
Basic and Diluted EarningsPerShareBasicAndDiluted $1.39 USD 1 Quarter
Basic and Diluted EarningsPerShareBasicAndDiluted $0.72 USD 1 Quarter
Cash Flow Statement 54 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $36.25M USD 1 Quarter
Net income ProfitLoss $66.13M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $6.90M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $6.48M USD 1 Quarter
Share-based compensation ShareBasedCompensation $5.89M USD 1 Quarter
Share-based compensation ShareBasedCompensation $4.91M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $5.15M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $4.54M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $393.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $2.00M USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $1.01M USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $4.67M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-668.00K USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-1.04M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $46.53M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $61.07M USD 1 Quarter
Inventories, net IncreaseDecreaseInInventories $27.28M USD 1 Quarter
Inventories, net IncreaseDecreaseInInventories $204.59M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayable $149.91M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayable $66.05M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $2.83M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $4.22M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-37.74M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $41.86M USD 1 Quarter
Proceeds from sale of equity securities ProceedsFromSaleOfAvailableForSaleSecuritiesEquity $5.99M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $10.00K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $50.00K USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $3.86M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $4.82M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-3.85M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $1.22M 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 $68.52M USD 1 Quarter
Repayments of finance lease liabilities RepaymentsOfFinanceLeaseLiabilities $343.00K USD 1 Quarter
Repayments of finance lease liabilities RepaymentsOfFinanceLeaseLiabilities $503.00K USD 1 Quarter
Repurchases of common stock to satisfy employee withholding tax obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $791.00K USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $2.54M USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $3.87M USD 1 Quarter
Net proceeds under revolving credit agreement ProceedsFromRepaymentsOfLinesOfCredit $48.90M USD 1 Quarter
Net proceeds under revolving credit agreement ProceedsFromRepaymentsOfLinesOfCredit $443.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-16.25M 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 $582.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-52.19M 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 $74.45M 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 $93.88M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $146.07M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $74.45M 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 $93.88M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $146.07M USD Point-in-time
Stockholders Equity 23 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 $1.77 USD 1 Quarter
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.80B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.68B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.78B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.71B USD Point-in-time
Net income ProfitLoss $36.25M USD 1 Quarter
Net income ProfitLoss $66.13M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-19.28M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $3.78M USD 1 Quarter
Common stock contribution to 401(k) plan StockIssuedDuringPeriodValueEmployeeBenefitPlan $5.15M 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 $2.54M USD 1 Quarter
Stock issuances from exercise of stock options and employee stock purchase plan StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue $3.87M USD 1 Quarter
Retirement of common stock StockRepurchasedAndRetiredDuringPeriodValue $791.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.10M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.66M 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 $68.52M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.80B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.68B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.78B 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 $36.25M USD 1 Quarter
Net income ProfitLoss $66.13M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-21.93M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $3.46M USD 1 Quarter
Unrealized gain on cash flow hedging instruments arising during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $76.00K USD 1 Quarter
Unrealized gain on cash flow hedging instruments arising during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $2.53M USD 1 Quarter
Reclassification of loss on cash flow hedging instruments into earnings OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $-115.00K USD 1 Quarter
Reclassification of loss on cash flow hedging instruments into earnings OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $-243.00K USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-19.28M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $3.78M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $16.97M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $69.90M USD 1 Quarter
Less: comprehensive income (loss) attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $12.34M USD 1 Quarter
Less: comprehensive income (loss) attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-796.00K USD 1 Quarter
Comprehensive income attributable to Watsco, Inc. ComprehensiveIncomeNetOfTax $57.57M 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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