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10-Q Filing

WATSCO INC CIK: 105016 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001193125-22-142336
Period End Date 20220331
Filing Date 20220505
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance d275076d10q_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 $118.27M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $93.88M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $110.61M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $146.07M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $698.46M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $790.01M USD Point-in-time
Inventories, net InventoryNet $1.12B USD Point-in-time
Inventories, net InventoryNet $1.39B USD Point-in-time
Other current assets OtherAssetsCurrent $29.21M USD Point-in-time
Other current assets OtherAssetsCurrent $29.21M USD Point-in-time
Total current assets AssetsCurrent $1.96B USD Point-in-time
Total current assets AssetsCurrent $2.32B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $111.02M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $115.39M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $268.53M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $288.66M USD Point-in-time
Goodwill Goodwill $434.02M USD Point-in-time
Goodwill Goodwill $434.14M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $186.90M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $188.00M USD Point-in-time
Investment in unconsolidated entity EquityMethodInvestments $114.81M USD Point-in-time
Investment in unconsolidated entity EquityMethodInvestments $118.85M USD Point-in-time
Other assets OtherAssetsNoncurrent $9.19M USD Point-in-time
Other assets OtherAssetsNoncurrent $8.73M USD Point-in-time
Total assets Assets $3.09B USD Point-in-time
Total assets Assets $3.47B USD Point-in-time
Current portion of long-term obligations LongTermDebtAndCapitalLeaseObligationsCurrent $86.81M USD Point-in-time
Current portion of long-term obligations LongTermDebtAndCapitalLeaseObligationsCurrent $84.50M USD Point-in-time
Accounts payable AccountsPayableCurrent $364.19M USD Point-in-time
Accounts payable AccountsPayableCurrent $462.57M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $278.04M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $287.46M USD Point-in-time
Total current liabilities LiabilitiesCurrent $726.72M USD Point-in-time
Total current liabilities LiabilitiesCurrent $836.84M USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit $262.50M USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit $89.00M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilitiesNetOfCurrentPortion $205.16M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilitiesNetOfCurrentPortion $187.02M USD Point-in-time
Finance lease liabilities, net of current portion FinanceLeaseLiabilityNoncurrent $9.19M USD Point-in-time
Finance lease liabilities, net of current portion FinanceLeaseLiabilityNoncurrent $10.63M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $478.30M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $285.21M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $76.51M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $78.04M 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 $1.00B USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $1.02B USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-34.18M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-31.24M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-32.39M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $798.30M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $760.80M 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 $1.73B USD Point-in-time
Total Watsco, Inc. shareholders' equity StockholdersEquity $1.66B USD Point-in-time
Non-controlling interest MinorityInterest $332.47M USD Point-in-time
Non-controlling interest MinorityInterest $355.50M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.00B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.80B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.78B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.08B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $3.47B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $3.09B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Revenues Revenues $1.52B USD 1 Quarter
Revenues Revenues $1.14B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $841.30M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $1.07B USD 1 Quarter
Gross profit GrossProfit $450.36M 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 $283.35M USD 1 Quarter
Other income IncomeLossFromEquityMethodInvestments $4.04M USD 1 Quarter
Other income IncomeLossFromEquityMethodInvestments $4.67M USD 1 Quarter
Operating income OperatingIncomeLoss $81.88M USD 1 Quarter
Operating income OperatingIncomeLoss $171.05M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-88.00K USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-558.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $170.49M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $81.79M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $15.66M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $35.60M USD 1 Quarter
Net income ProfitLoss $134.89M 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 $21.59M USD 1 Quarter
Net income attributable to Watsco, Inc. NetIncomeLoss $113.30M USD 1 Quarter
Net income attributable to Watsco, Inc. NetIncomeLoss $55.09M USD 1 Quarter
Basic EarningsPerShareBasic $2.91 USD 1 Quarter
Basic EarningsPerShareBasic $1.39 USD 1 Quarter
Diluted EarningsPerShareDiluted $2.90 USD 1 Quarter
Diluted EarningsPerShareDiluted $1.39 USD 1 Quarter
Cash Flow Statement 56 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $134.89M USD 1 Quarter
Net income ProfitLoss $66.13M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $7.59M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $6.90M USD 1 Quarter
Share-based compensation ShareBasedCompensation $7.97M USD 1 Quarter
Share-based compensation ShareBasedCompensation $5.89M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $6.74M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $5.15M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $393.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $1.06M USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $4.04M USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $4.67M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-1.42M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-1.04M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $61.07M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $91.78M USD 1 Quarter
Inventories, net IncreaseDecreaseInInventories $273.70M USD 1 Quarter
Inventories, net IncreaseDecreaseInInventories $204.59M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $107.75M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $149.91M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $2.83M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-474.00K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-101.62M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-37.74M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $8.32M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $4.82M USD 1 Quarter
Business acquisition OtherPaymentsToAcquireBusinesses - USD 1 Quarter
Business acquisition OtherPaymentsToAcquireBusinesses $47.00K USD 1 Quarter
Proceeds from sale of equity securities ProceedsFromSaleOfEquitySecuritiesFvNi $5.99M USD 1 Quarter
Proceeds from sale of equity securities ProceedsFromSaleOfEquitySecuritiesFvNi - USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $50.00K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $153.00K USD 1 Quarter
Net cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivities $1.22M USD 1 Quarter
Net cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivities $-8.22M USD 1 Quarter
Dividends on Common and Class B common stock PaymentsOfDividendsCommonStock $68.52M USD 1 Quarter
Dividends on Common and Class B common stock PaymentsOfDividendsCommonStock $75.80M USD 1 Quarter
Net repayments of finance lease liabilities NetRepaymentsOfFinanceLeaseLiabilities $503.00K USD 1 Quarter
Net repayments of finance lease liabilities NetRepaymentsOfFinanceLeaseLiabilities $713.00K USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $4.42M USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $3.87M USD 1 Quarter
Net proceeds under revolving credit agreement ProceedsFromRepaymentsOfLinesOfCredit $173.50M USD 1 Quarter
Net proceeds under revolving credit agreement ProceedsFromRepaymentsOfLinesOfCredit $48.90M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $101.41M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-16.25M USD 1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $767.00K 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 $-7.66M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $118.27M 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 $110.61M 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 $118.27M 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 $110.61M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $146.07M USD Point-in-time
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Cash dividends declared and paid, common stock CommonStockDividendsPerShareDeclared $1.95 USD 1 Quarter
Cash dividends declared and paid, common stock CommonStockDividendsPerShareDeclared $1.77 USD 1 Quarter
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.00B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.80B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.78B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.08B USD Point-in-time
Net income ProfitLoss $134.89M USD 1 Quarter
Net income ProfitLoss $66.13M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $3.78M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $4.38M USD 1 Quarter
Common stock contribution to 401(k) plan StockIssuedDuringPeriodValueEmployeeBenefitPlan $6.74M USD 1 Quarter
Common stock contribution to 401(k) plan StockIssuedDuringPeriodValueEmployeeBenefitPlan $5.15M USD 1 Quarter
Stock issuances from exercise of stock options and employee stock purchase plan StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue $3.87M USD 1 Quarter
Stock issuances from exercise of stock options and employee stock purchase plan StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue $4.42M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.66M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $8.67M USD 1 Quarter
Cash dividends declared and paid on Common and Class B common stock DividendsCommonStockCash $68.52M USD 1 Quarter
Cash dividends declared and paid on Common and Class B common stock DividendsCommonStockCash $75.80M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.00B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.80B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.78B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.08B USD Point-in-time
Comprehensive Income 16 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $134.89M USD 1 Quarter
Net income ProfitLoss $66.13M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $4.38M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $3.46M USD 1 Quarter
Unrealized gain on cash flow hedging instruments arising during the period OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTax $76.00K USD 1 Quarter
Unrealized gain on cash flow hedging instruments arising during the period OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTax - USD 1 Quarter
Reclassification of loss on cash flow hedging instruments into earnings DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet - USD 1 Quarter
Reclassification of loss on cash flow hedging instruments into earnings DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet $243.00K USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $3.78M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $4.38M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $139.27M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $69.90M USD 1 Quarter
Less: comprehensive income attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $23.04M USD 1 Quarter
Less: comprehensive income attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $12.34M USD 1 Quarter
Comprehensive income attributable to Watsco, Inc. ComprehensiveIncomeNetOfTax $116.23M USD 1 Quarter
Comprehensive income attributable to Watsco, Inc. ComprehensiveIncomeNetOfTax $57.57M USD 1 Quarter

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

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