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10-Q Filing

WATSCO INC CIK: 105016 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001193125-23-137075
Period End Date 20230331
Filing Date 20230505
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance d378631d10q_htm.xml
Balance Sheet 67 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 $147.50M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $140.96M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $747.11M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $811.26M USD Point-in-time
Inventories, net InventoryNet $1.37B USD Point-in-time
Inventories, net InventoryNet $1.61B USD Point-in-time
Other current assets OtherAssetsCurrent $33.95M USD Point-in-time
Other current assets OtherAssetsCurrent $31.30M USD Point-in-time
Total current assets AssetsCurrent $2.60B USD Point-in-time
Total current assets AssetsCurrent $2.30B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $125.42M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $126.58M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $317.31M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $325.88M USD Point-in-time
Goodwill Goodwill $430.74M USD Point-in-time
Goodwill Goodwill $430.71M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $175.19M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $174.29M USD Point-in-time
Investment in unconsolidated entity EquityMethodInvestments $136.44M USD Point-in-time
Investment in unconsolidated entity EquityMethodInvestments $132.80M USD Point-in-time
Other assets OtherAssetsNoncurrent $8.03M USD Point-in-time
Other assets OtherAssetsNoncurrent $8.86M USD Point-in-time
Total assets Assets $3.49B USD Point-in-time
Total assets Assets $3.80B USD Point-in-time
Current portion of long-term obligations LongTermDebtAndCapitalLeaseObligationsCurrent $92.54M USD Point-in-time
Current portion of long-term obligations LongTermDebtAndCapitalLeaseObligationsCurrent $90.60M USD Point-in-time
Borrowings under revolving credit agreement LinesOfCreditCurrent $56.40M USD Point-in-time
Borrowings under revolving credit agreement LinesOfCreditCurrent - USD Point-in-time
Accounts payable AccountsPayableCurrent $593.15M USD Point-in-time
Accounts payable AccountsPayableCurrent $456.13M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $267.40M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $303.40M USD Point-in-time
Total current liabilities LiabilitiesCurrent $953.08M USD Point-in-time
Total current liabilities LiabilitiesCurrent $906.52M USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit - USD Point-in-time
Borrowings under revolving credit agreement LongTermLineOfCredit $197.60M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilitiesNetOfCurrentPortion $239.31M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilitiesNetOfCurrentPortion $232.14M USD Point-in-time
Finance lease liabilities, net of current portion FinanceLeaseLiabilityNoncurrent $11.39M USD Point-in-time
Finance lease liabilities, net of current portion FinanceLeaseLiabilityNoncurrent $11.23M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $448.14M USD Point-in-time
Total long-term obligations LongTermDebtAndCapitalLeaseObligations $243.53M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $91.09M USD Point-in-time
Deferred income taxes and other liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $89.88M 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 $973.06M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $997.32M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-47.71M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-47.54M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.04B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.03B 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 $1.89B USD Point-in-time
Total Watsco, Inc. shareholders' equity StockholdersEquity $1.93B USD Point-in-time
Non-controlling interest MinorityInterest $379.43M USD Point-in-time
Non-controlling interest MinorityInterest $359.04M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.31B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.08B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.00B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.25B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $3.49B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $3.80B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Revenues Revenues $1.55B USD 1 Quarter
Revenues Revenues $1.52B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $1.10B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $1.07B USD 1 Quarter
Gross profit GrossProfit $448.16M USD 1 Quarter
Gross profit GrossProfit $450.36M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $287.06M 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 $3.64M USD 1 Quarter
Operating income OperatingIncomeLoss $164.74M USD 1 Quarter
Operating income OperatingIncomeLoss $171.05M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-558.00K USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-615.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $170.49M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $164.12M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $35.60M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $33.75M USD 1 Quarter
Net income ProfitLoss $134.89M USD 1 Quarter
Net income ProfitLoss $130.37M USD 1 Quarter
Less: net income attributable to non-controlling interest NetIncomeLossAttributableToNoncontrollingInterest $20.30M 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 $110.07M USD 1 Quarter
Basic EarningsPerShareBasic $2.84 USD 1 Quarter
Basic EarningsPerShareBasic $2.91 USD 1 Quarter
Diluted EarningsPerShareDiluted $2.90 USD 1 Quarter
Diluted EarningsPerShareDiluted $2.83 USD 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $134.89M USD 1 Quarter
Net income ProfitLoss $130.37M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $8.18M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $7.59M USD 1 Quarter
Share-based compensation ShareBasedCompensation $6.70M USD 1 Quarter
Share-based compensation ShareBasedCompensation $7.97M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $6.74M USD 1 Quarter
Non-cash contribution to 401(k) plan NonCashContributionTo401KPlan $8.86M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $1.06M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $1.04M USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $4.04M USD 1 Quarter
Other income from investment in unconsolidated entity IncomeLossFromEquityMethodInvestments $3.64M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-1.16M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-1.42M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $91.78M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $64.69M USD 1 Quarter
Inventories, net IncreaseDecreaseInInventories $240.76M USD 1 Quarter
Inventories, net IncreaseDecreaseInInventories $273.70M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $107.75M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $101.81M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-474.00K USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-3.54M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $-47.42M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $-101.62M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $7.50M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $8.32M USD 1 Quarter
Business acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $47.00K USD 1 Quarter
Business acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $2.99M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $56.00K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $153.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-8.22M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-10.44M USD 1 Quarter
Dividends on Common and Class B common stock PaymentsOfDividendsCommonStock $75.80M USD 1 Quarter
Dividends on Common and Class B common stock PaymentsOfDividendsCommonStock $94.97M USD 1 Quarter
Net (repayments) proceeds under prior revolving credit agreement NetRepaymentsProceedsUnderRevolvingCreditAgreement $173.50M USD 1 Quarter
Net (repayments) proceeds under prior revolving credit agreement NetRepaymentsProceedsUnderRevolvingCreditAgreement $-56.40M USD 1 Quarter
Repurchases of common stock to satisfy employee withholding tax obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $2.22M USD 1 Quarter
Repurchases of common stock to satisfy employee withholding tax obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation - USD 1 Quarter
Net repayments of finance lease liabilities NetRepaymentsOfFinanceLeaseLiabilities $880.00K USD 1 Quarter
Net repayments of finance lease liabilities NetRepaymentsOfFinanceLeaseLiabilities $713.00K USD 1 Quarter
Payment of fees related to revolving credit agreement PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Payment of fees related to revolving credit agreement PaymentsOfDebtIssuanceCosts $580.00K USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $8.75M USD 1 Quarter
Net proceeds from issuances of common stock ProceedsFromIssuanceOfCommonStock $4.42M USD 1 Quarter
Net proceeds under current revolving credit agreement ProceedsFromLinesOfCredit $197.60M USD 1 Quarter
Net proceeds under current revolving credit agreement ProceedsFromLinesOfCredit - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $101.41M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $51.30M USD 1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $8.00K USD 1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $767.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-6.55M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-7.66M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $118.27M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $140.96M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $147.50M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $110.61M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $118.27M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $140.96M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $147.50M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $110.61M USD Point-in-time
Stockholders Equity 24 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 $2.45 USD 1 Quarter
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.31B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.08B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.00B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.25B USD Point-in-time
Net income ProfitLoss $134.89M USD 1 Quarter
Net income ProfitLoss $130.37M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $4.38M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $260.00K USD 1 Quarter
Common stock contribution to 401(k) plan StockIssuedDuringPeriodValueEmployeeBenefitPlan $6.74M USD 1 Quarter
Common stock contribution to 401(k) plan StockIssuedDuringPeriodValueEmployeeBenefitPlan $8.86M USD 1 Quarter
Stock issuances from exercise of stock options and employee stock purchase plan StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue $4.42M USD 1 Quarter
Stock issuances from exercise of stock options and employee stock purchase plan StockIssuancesFromExerciseOfStockOptionsAndEmployeeStockPurchasePlanValue $12.98M USD 1 Quarter
Issuance of Class B common stock StockIssuedDuringPeriodValueNewIssues $200.00K USD 1 Quarter
Retirement of common stock StockRepurchasedAndRetiredDuringPeriodValue $6.45M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $8.67M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $8.76M USD 1 Quarter
Cash dividends declared and paid on Common and Class B common stock DividendsCommonStockCash $75.80M USD 1 Quarter
Cash dividends declared and paid on Common and Class B common stock DividendsCommonStockCash $94.97M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.31B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.08B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.00B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.25B USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $134.89M USD 1 Quarter
Net income ProfitLoss $130.37M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $260.00K USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $4.38M USD 1 Quarter
Other comprehensive Income OtherComprehensiveIncomeLossNetOfTax $4.38M USD 1 Quarter
Other comprehensive Income OtherComprehensiveIncomeLossNetOfTax $260.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $130.63M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $139.27M 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 $20.39M USD 1 Quarter
Comprehensive income attributable to Watsco, Inc. ComprehensiveIncomeNetOfTax $110.24M USD 1 Quarter
Comprehensive income attributable to Watsco, Inc. ComprehensiveIncomeNetOfTax $116.23M USD 1 Quarter

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

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