Watsco inc (WSO)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Cash flows from operating activities:
Net income

36,247

44,406

99,655

107,910

43,804

49,002

96,886

108,264

42,377

52,656

80,019

90,847

33,768

39,867

80,518

81,424

34,174

36,339

74,644

84,241

31,300

34,783

71,131

78,385

24,403

27,930

66,118

72,582

21,089

23,676

59,531

60,902

13,492

22,530

51,818

52,272

11,122

14,522

43,518

48,207

5,475

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

6,479

6,529

6,327

5,888

5,768

5,595

5,473

5,489

5,538

5,524

5,575

5,569

5,365

4,988

5,035

5,086

4,957

4,901

4,807

4,788

4,621

4,579

4,501

4,413

4,434

4,483

4,503

4,420

4,300

4,635

4,419

3,776

3,081

3,176

3,092

2,840

2,617

3,101

2,522

2,546

2,602

Share-based compensation

4,912

5,040

3,818

4,325

3,849

3,739

4,433

3,746

3,590

3,694

3,335

3,237

3,027

3,960

2,885

2,689

2,785

3,734

3,022

3,009

2,831

3,623

2,671

2,691

2,488

3,514

2,179

1,976

2,298

2,330

1,643

1,804

2,162

2,005

1,672

1,489

1,497

1,376

892

1,430

1,477

Non-cash contribution to 401(k) plan

4,543

-

-

-

4,274

-

-

-

2,945

-

-

-

2,428

-

-

-

2,348

0

0

0

1,963

0

0

0

1,759

-

-

0

1,689

-

-

-

1,772

0

0

0

1,718

-

-

-

-

Provision for doubtful accounts

2,005

-

-

-

1,406

-

-

-

898

-

-

-

401

-

-

-

1,056

1,383

829

-812

1,288

1,234

959

-511

927

-

-

-974

1,160

-

-

-386

520

1,259

705

-505

915

1,085

115

-220

2,036

(Gain) loss on sale of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11

3

18

400

Other income from investment in unconsolidated entity

1,014

2,317

3,530

2,965

1,444

791

3,696

3,157

1,638

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from share-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

854

439

209

1,416

358

252

133

1,312

131

921

474

66

50

166

171

594

148

135

-156

155

725

633

141

115

1,973

Other, net

-668

-

4,384

-5,865

221

-

2,333

-2,829

-431

-

1,637

-1,079

-661

-

1,420

-2,720

-601

-

-

-

-758

-

-

-

-961

-

1,354

-2,095

-769

-

-455

-1,468

-424

-

-

-2,721

601

-

-

-

612

Changes in operating assets and liabilities:
Accounts receivable

46,534

-111,270

-43,628

144,112

2,329

-97,350

-56,924

173,046

10,059

-87,718

-45,558

129,272

5,680

-69,751

-57,010

141,768

11,934

-56,671

-85,547

161,455

6,884

-65,822

-43,868

152,750

-1,992

-64,359

-60,431

145,257

5,379

-76,041

-56,088

125,647

12,234

-74,526

-42,259

126,011

-21,213

-31,781

-47,463

127,219

-6,725

Inventories

27,280

-58,923

-43,143

62,031

55,560

28,388

-63,265

63,894

49,937

-24,282

14,162

17,422

66,101

-53,751

-8,890

3,252

69,118

-76,513

-44,312

-2,423

126,900

-50,344

-27,499

50,268

126,316

-59,080

-49,203

46,736

102,122

-71,349

-56,239

87,157

67,083

-74,131

-85,188

70,901

110,907

-64,843

-65,777

61,017

48,156

Accounts payable and other liabilities

66,049

-86,893

-62,058

106,335

55,350

-34,112

-131,194

144,557

-36,649

-41,929

34,541

44,312

63,032

-39,815

-47,291

54,904

75,936

-57,118

-39,536

12,844

72,050

-53,933

-43,377

30,206

112,346

-67,534

-50,565

53,321

57,522

-75,823

-55,353

74,982

68,067

-71,806

-196,025

140,298

28,922

-72,708

-120,747

198,346

23,197

Other, net

4,216

-666

3,398

1,180

1,961

-2,013

5,738

156

-890

379

356

-2,433

2,584

-2,796

5,331

1,433

-1,901

-2,120

2,102

2,851

-2,548

-2,904

2,688

2,346

-2,038

-2,810

4,284

769

-1,225

-3,523

1,603

-1,757

600

-9,731

6,983

-1,872

1,899

-3,100

1,392

-4,772

2,570

Net cash provided by operating activities

41,859

138,240

129,084

15,511

52,936

100,492

89,321

22,358

-41,614

117,141

154,369

693

34,317

135,431

104,367

81

41,852

123,090

173,885

-57,344

-16,783

103,261

106,877

-90,059

24,901

99,086

128,090

-59,408

-17,499

108,900

124,085

-69,095

9,453

120,156

-16,496

2,718

-44,926

56,104

39,865

62,665

-5,835

Cash flows from investing activities:
Capital expenditures

3,859

3,798

4,810

5,065

4,132

4,256

4,073

5,330

3,494

4,047

3,517

6,165

4,147

34,588

3,371

2,875

2,743

3,105

5,960

11,519

3,114

12,278

3,388

4,110

1,736

3,665

3,951

3,895

3,069

3,089

2,337

3,008

3,883

4,745

3,450

4,038

1,692

2,881

1,701

2,131

1,708

Proceeds from sale of property and equipment

10

85

1,203

63

29

85

57

24

62

29

64

55

20

69

51

555

69

74

63

552

71

2,056

56

206

70

101

61

51

110

99

248

86

71

315

48

317

57

31

7

31

2,042

Net cash used in investing activities

-3,849

-16,042

-34,189

-26,703

-4,103

-3,969

-13,604

-5,306

-3,432

-4,018

-3,453

-69,710

-4,127

-34,519

-3,320

-2,320

-2,674

-3,031

-5,897

-10,967

-3,043

-10,222

-3,332

-3,904

-1,666

-3,564

-3,890

-3,844

-2,959

-2,990

-420

-85,070

-3,812

-3,190

-12,402

-39,416

-1,635

-2,850

-3,112

-4,506

334

Cash flows from financing activities:
Dividends on Common and Class B common stock

61,238

60,958

60,276

60,213

59,965

54,267

54,186

54,184

46,581

44,679

44,633

37,452

37,383

37,306

30,134

30,131

30,033

24,692

24,675

24,641

24,524

20,986

20,975

13,986

13,923

13,878

8,660

8,658

8,640

193,840

21,376

20,533

20,470

18,790

18,779

18,769

16,938

16,843

16,847

16,846

15,492

Distributions to non-controlling interest

-

-

-

-

-

44,647

0

0

2,178

36,032

0

1

6,798

12,873

18,913

-1

7,115

26,488

9,612

0

3,654

17,441

0

18,203

7,614

38,007

-2

1,852

29,637

0

6,012

3,361

6,630

10,645

0

2,898

12,926

0

10,529

1,314

1,801

Purchase of additional ownership from non-controlling interest

-

-

-

-

-

-

-

-

-

-

-

-

42,688

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

32,000

-

-

-

-

Repurchases of common stock to satisfy employee withholding tax obligations

791

0

545

555

428

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net repayments of long-term obligations

-343

-320

-690

0

-230

451

-61

-61

-60

-60

141

-51

-49

-40

-50

-15

-45

-45

-29

-42

-41

-41

-42

344

-26

-26

630

-1

-1

-3

-9

-3

14

-18

-20

-42

11

-853

34

34

56

Proceeds from short-term borrowings

-

-

-

-

2,340

-

-

-

-

-

-

80

1,596

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds under revolving credit agreement

443

-

-50,300

82,100

2,300

-

-25,200

50,600

69,200

-

-94,600

99,000

45,006

-

-47,925

29,425

-7,400

-59,583

-127,819

92,649

38,497

-48,214

4,176

121,320

-2,553

-53,549

-114,264

77,603

6,651

-

-

-

-

-

-

-

14,100

-

2,100

-27,000

34,237

Excess tax benefits from share-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

854

439

209

1,416

358

252

133

1,312

131

921

474

66

50

166

171

594

148

135

-156

155

725

633

141

115

1,973

Net proceeds from issuances of common stock

2,541

5,861

4,404

1,949

1,127

612

1,238

1,783

2,958

2,129

1,203

525

1,387

691

2,120

741

2,101

1,429

1,293

1,854

1,381

1,641

872

859

873

187

1,322

179

497

1,335

788

2,008

1,181

2,003

248

460

2,648

2,288

530

581

2,643

Net cash used in financing activities

-59,388

-108,289

-90,407

-10,471

-54,856

-79,841

-80,536

-2,565

23,339

-99,189

-136,077

72,050

-38,929

-80,518

-95,695

-40

-41,638

-112,758

-160,849

73,805

12,017

-84,789

-103,607

91,301

-23,112

-104,354

-120,952

67,337

-31,080

-77,909

-113,207

171,292

-3,257

-122,315

31,293

19,790

-44,402

-26,627

-24,639

-44,498

21,504

Effect of foreign exchange rate changes on cash and cash equivalents

-1,840

395

-253

305

402

-1,400

431

-560

-716

-105

794

580

150

-294

14

-33

87

-577

-485

106

-387

-494

-112

70

-144

-919

450

-587

-199

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash and cash equivalents

-23,218

14,304

4,235

-21,358

-5,621

15,282

-4,388

13,927

-22,423

13,829

15,633

3,613

-8,589

20,100

5,366

-2,312

-2,373

6,724

6,654

5,600

-8,196

7,756

-174

-2,592

-21

-9,751

3,698

3,498

-51,737

27,809

10,754

17,150

2,384

-5,349

2,395

-16,908

-90,963

26,627

12,114

13,661

16,003