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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Watsco Inc | NYSE:WSO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
8.47 | 1.86% | 464.55 | 466.56 | 455.64 | 462.75 | 288,780 | 01:00:00 |
☒ |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐ |
Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
Common stock, $0.50 par value
|
WSO
|
New York Stock Exchange
|
||
Class B common stock, $0.50 par value
|
WSOB
|
New York Stock Exchange
|
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
|
Page No.
|
|
||||
|
||||||
Item 1.
|
|
|
||||
|
|
|
3
|
|
||
|
|
|
4
|
|
||
|
|
|
5
|
|
||
|
|
|
6
|
|
||
|
|
|
8
|
|
||
|
|
|
9
|
|
||
Item 2.
|
|
|
|
14
|
|
|
Item 3.
|
|
|
|
20
|
|
|
Item 4.
|
|
|
|
20
|
|
|
|
||||||
Item 1.
|
|
|
|
21
|
|
|
Item 1A.
|
|
|
|
21
|
|
|
Item 2.
|
|
|
|
21
|
|
|
Item 6.
|
|
|
|
22
|
|
|
|
|
23
|
|
|||
EXHIBITS
|
|
Quarters Ended March 31, | ||||||||
2021 | 2020 | |||||||
Revenues
|
$
|
1,136,118
|
|
$ | 1,008,156 | |||
Cost of sales
|
|
841,297
|
|
760,541 | ||||
|
|
|
|
|||||
Gross profit
|
|
294,821
|
|
247,615 | ||||
Selling, general and administrative expenses
|
|
217,612
|
|
203,386 | ||||
Other income
|
|
4,671
|
|
1,014 | ||||
|
|
|
|
|||||
Operating income
|
|
81,880
|
|
45,243 | ||||
Interest expense, net
|
|
88
|
|
790 | ||||
|
|
|
|
|||||
Income before income taxes
|
|
81,792
|
|
44,453 | ||||
Income taxes
|
|
15,665
|
|
8,206 | ||||
|
|
|
|
|||||
Net income
|
|
66,127
|
|
36,247 | ||||
Less: net income attributable to
non-controlling
interest
|
|
11,035
|
|
5,745 | ||||
|
|
|
|
|||||
Net income attributable to Watsco, Inc.
|
$
|
55,092
|
|
$ | 30,502 | |||
|
|
|
|
|||||
Earnings per share for Common and Class B common stock:
|
||||||||
Basic and Diluted
|
$
|
1.39
|
|
$ | 0.72 | |||
|
|
|
|
Quarters Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net income
|
$
|
66,127
|
|
$ | 36,247 | |||
Other comprehensive income (loss), net of tax
|
||||||||
Foreign currency translation adjustment
|
|
3,457
|
|
(21,929 | ) | |||
Unrealized gain on cash flow hedging instruments arising during the period
|
|
76
|
|
2,534 | ||||
Reclassification of loss on cash flow hedging instruments into earnings
|
|
243
|
|
115 | ||||
|
|
|
|
|||||
Other comprehensive income (loss)
|
|
3,776
|
|
(19,280 | ) | |||
Comprehensive income
|
|
69,903
|
|
16,967 | ||||
Less: comprehensive income (loss) attributable to
non-controlling
interest
|
|
12,337
|
|
(796 | ) | |||
|
|
|
|
|||||
Comprehensive income attributable to Watsco, Inc.
|
$
|
57,566
|
|
$ | 17,763 | |||
|
|
|
|
March 31,
2021 |
December 31,
2020 |
|||||||
(Unaudited) | ||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
93,875
|
|
$ | 146,067 | |||
Accounts receivable, net
|
|
596,513
|
|
535,288 | ||||
Inventories, net
|
|
986,648
|
|
781,299 | ||||
Other current assets
|
|
18,319
|
|
21,791 | ||||
|
|
|
|
|||||
Total current assets
|
|
1,695,355
|
|
1,484,445 | ||||
Property and equipment, net
|
|
100,378
|
|
98,225 | ||||
Operating lease
right-of-use
|
|
203,603
|
|
209,169 | ||||
Goodwill
|
|
413,082
|
|
412,486 | ||||
Intangible assets, net
|
|
169,931
|
|
169,929 | ||||
Investment in unconsolidated entity
|
|
102,518
|
|
97,847 | ||||
Other assets
|
|
7,397
|
|
12,246 | ||||
|
|
|
|
|||||
$
|
2,692,264
|
|
$ | 2,484,347 | ||||
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term obligations
|
$
|
72,767
|
|
$ | 71,804 | |||
Accounts payable
|
|
384,109
|
|
251,553 | ||||
Accrued expenses and other current liabilities
|
|
173,944
|
|
163,788 | ||||
|
|
|
|
|||||
Total current liabilities
|
|
630,820
|
|
487,145 | ||||
|
|
|
|
|||||
Long-term obligations:
|
||||||||
Borrowings under revolving credit agreement
|
|
48,900
|
|
— | ||||
Operating lease liabilities, net of current portion
|
|
132,829
|
|
139,527 | ||||
Finance lease liabilities, net of current portion
|
|
5,742
|
|
4,811 | ||||
|
|
|
|
|||||
Total long-term obligations
|
|
187,471
|
|
144,338 | ||||
|
|
|
|
|||||
Deferred income taxes and other liabilities
|
|
77,146
|
|
73,103 | ||||
|
|
|
|
|||||
Commitments and contingencies
|
||||||||
Watsco, Inc. shareholders’ equity:
|
||||||||
Common stock, $0.50 par value
|
|
18,863
|
|
18,851 | ||||
Class B common stock, $0.50 par value
|
|
2,897
|
|
2,846 | ||||
Preferred stock, $0.50 par value
|
|
—
|
|
— | ||||
Paid-in
capital
|
|
966,536
|
|
950,915 | ||||
Accumulated other comprehensive loss, net of tax
|
|
(32,393
|
)
|
(34,867 | ) | |||
Retained earnings
|
|
622,944
|
|
636,373 | ||||
Treasury stock, at cost
|
|
(87,440
|
)
|
(87,440 | ) | |||
|
|
|
|
|||||
Total Watsco, Inc. shareholders’ equity
|
|
1,491,407
|
|
1,486,678 | ||||
Non-controlling
interest
|
|
305,420
|
|
293,083 | ||||
|
|
|
|
|||||
Total shareholders’ equity
|
|
1,796,827
|
|
1,779,761 | ||||
|
|
|
|
|||||
$
|
2,692,264
|
|
$ | 2,484,347 | ||||
|
|
|
|
(In thousands, except share and per share data)
|
Common Stock,
Class B Common Stock and Preferred Stock Shares |
Common Stock,
Class B Common Stock and Preferred Stock Amount |
Paid-In
Capital |
Accumulated
Other Comprehensive Loss |
Retained
Earnings |
Treasury
Stock |
Non-
controlling
Interest |
Total
|
||||||||||||||||||||||||
Balance at December 31, 2020
|
|
38,521,694
|
|
$
|
21,697
|
|
$
|
950,915
|
|
$
|
(34,867
|
)
|
$
|
636,373
|
|
$
|
(87,440
|
)
|
$
|
293,083
|
|
$
|
1,779,761
|
|
||||||||
Net income
|
55,092 | 11,035 | 66,127 | |||||||||||||||||||||||||||||
Other comprehensive income
|
2,474 | 1,302 | 3,776 | |||||||||||||||||||||||||||||
Issuances of
non-vested
restricted shares of common stock
|
121,934 | 61 | (61 | ) | — | |||||||||||||||||||||||||||
Forfeitures of
non-vested
restricted shares of common stock |
(43,000 | ) | (21 | ) | 21 | — | ||||||||||||||||||||||||||
Common stock contribution to
plan |
22,752 | 11 | 5,143 | 5,154 | ||||||||||||||||||||||||||||
Stock issuances from exercise of stock options and employee
stock purchase plan |
24,735 | 12 | 3,862 | 3,874 | ||||||||||||||||||||||||||||
Share-based compensation
|
6,656 | 6,656 | ||||||||||||||||||||||||||||||
Cash dividends declared and paid
on Common and Class B common stock, $1.775 per share |
(68,521 | ) | (68,521 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2021
|
|
38,648,115
|
|
$
|
21,760
|
|
$
|
966,536
|
|
$
|
(32,393
|
)
|
$
|
622,944
|
|
$
|
(87,440
|
)
|
$
|
305,420
|
|
$
|
1,796,827
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share and per share data)
|
Common Stock,
Class B Common Stock and Preferred Stock Shares |
Common Stock,
Class B Common Stock and Preferred Stock Amount |
Paid-In
Capital |
Accumulated
Other Comprehensive Loss |
Retained
Earnings |
Treasury
Stock |
Non-
controlling
Interest |
Total
|
||||||||||||||||||||||||
Balance at December 31, 2019
|
|
38,194,056
|
|
$
|
21,533
|
|
$
|
907,877
|
|
$
|
(39,050
|
)
|
$
|
632,507
|
|
$
|
(87,440
|
)
|
$
|
279,340
|
|
$
|
1,714,767
|
|
||||||||
Net income
|
30,502 | 5,745 | 36,247 | |||||||||||||||||||||||||||||
Other comprehensive (loss)
|
(12,739 | ) | (6,541 | ) | (19,280 | ) | ||||||||||||||||||||||||||
Issuances of
non-vested
restricted shares of common stock
|
113,765 | 57 | (57 | ) | — | |||||||||||||||||||||||||||
Common stock contribution to 401(k) plan
|
25,216 | 13 | 4,530 | 4,543 | ||||||||||||||||||||||||||||
Stock issuances from exercise of stock options and employee stock purchase plan
|
18,674 | 9 | 2,532 | 2,541 | ||||||||||||||||||||||||||||
Retirement of common stock
|
(4,828 | ) | (2 | ) | (789 | ) | (791 | ) | ||||||||||||||||||||||||
Share-based compensation
|
6,097 | 6,097 | ||||||||||||||||||||||||||||||
Cash dividends declared and paid on Common and Class B common stock, $1.60 per share
|
(61,238 | ) | (61,238 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2020
|
|
38,346,883
|
|
$
|
21,610
|
|
$
|
920,190
|
|
$
|
(51,789
|
)
|
$
|
601,771
|
|
$
|
(87,440
|
)
|
$
|
278,544
|
|
$
|
1,682,886
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities:
|
||||||||
Net i
n
come
|
$
|
66,127
|
|
$ | 36,247 | |||
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
6,898
|
|
6,479 | ||||
Share-based compensation
|
|
5,892
|
|
4,912 | ||||
Non-cash
contribution to 401(k) plan
|
|
5,154
|
|
4,543 | ||||
Provision for doubtful accounts
|
|
393
|
|
2,005 | ||||
Other income from investment in unconsolidated entity
|
|
(4,671
|
)
|
(1,014 | ) | |||
Other, net
|
|
1,042
|
|
668 | ||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
|
(61,072
|
)
|
(46,534 | ) | |||
Inventories, net
|
|
(204,593
|
)
|
(27,280 | ) | |||
Accounts payable and other liabilities
|
|
149,914
|
|
66,049 | ||||
Other, net
|
|
(2,829
|
)
|
(4,216 | ) | |||
|
|
|
|
|||||
Net cash (used in) provided by operating activities
|
|
(37,745
|
)
|
41,859 | ||||
|
|
|
|
|||||
Cash flows from investing activities:
|
||||||||
Proceeds from sale of equity securities
|
|
5,993
|
|
— | ||||
Proceeds from sale of property and equipment
|
|
50
|
|
10 | ||||
Capital expenditures
|
|
|
(4,822
|
)
|
|
|
(3,859
|
)
|
|
|
|
|
|||||
Net cash provided by (used in) investing activities
|
|
1,221
|
|
(3,849 | ) | |||
|
|
|
|
|||||
Cash flows from financing activities:
|
||||||||
Dividends on Common and Class B common stock
|
|
(68,521
|
)
|
(61,238 | ) | |||
Repayments of finance lease liabilities
|
|
|
(503
|
)
|
|
|
(343
|
)
|
Repurchases of common stock to satisfy employee withholding tax obligations
|
|
—
|
|
(791 | ) | |||
Net proceeds from issuances of common stock
|
|
3,874
|
|
2,541 | ||||
Net proceeds under revolving credit agreement
|
|
48,900
|
|
443 | ||||
|
|
|
|
|||||
Net cash used in financing activities
|
|
(16,250
|
)
|
(59,388 | ) | |||
|
|
|
|
|||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
|
582
|
|
(1,840 | ) | |||
|
|
|
|
|||||
Net decrease in cash and cash equivalents
|
|
(52,192
|
)
|
(23,218 | ) | |||
Cash and cash equivalents at beginning of period
|
|
146,067
|
|
74,454 | ||||
|
|
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
93,875
|
|
$ | 51,236 | |||
|
|
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
REVENUES
|
Quarters Ended March 31,
|
2021
|
2020
|
||||||
Primary Geographical Regions:
|
||||||||
United States
|
$
|
1,011,266
|
|
$ | 899,545 | |||
Canada
|
|
74,492
|
|
55,341 | ||||
Latin America and the Caribbean
|
|
50,360
|
|
53,270 | ||||
|
|
|
|
|||||
$
|
1,136,118
|
|
$ | 1,008,156 | ||||
|
|
|
|
|||||
Major Product Lines:
|
||||||||
HVAC equipment
|
|
67
|
%
|
66 | % | |||
Other HVAC products
|
|
29
|
%
|
30 | % | |||
Commercial refrigeration products
|
|
4
|
%
|
4 | % | |||
|
|
|
|
|||||
|
100
|
%
|
100 | % | ||||
|
|
|
|
3.
|
EARNINGS PER SHARE
|
Quarters Ended March 31,
|
2021
|
2020
|
||||||
Basic Earnings per Share:
|
||||||||
Net income attributable to Watsco, Inc. shareholders
|
$
|
55,092
|
|
$ | 30,502 | |||
Less: distributed and undistributed earnings allocated to
non-vested
restricted common stock
|
|
6,054
|
|
5,233 | ||||
|
|
|
|
|||||
Earnings allocated to Watsco, Inc. shareholders
|
$
|
49,038
|
|
$ | 25,269 | |||
|
|
|
|
|||||
Weighted-average common shares outstanding – Basic
|
|
35,179,521
|
|
34,995,048 | ||||
Basic earnings per share for Common and Class B common stock
|
$
|
1.39
|
|
$ | 0.72 | |||
Allocation of earnings for Basic:
|
||||||||
Common stock
|
$
|
45,452
|
|
$ | 23,409 | |||
Class B common stock
|
|
3,586
|
|
1,860 | ||||
|
|
|
|
|||||
$
|
49,038
|
|
$ | 25,269 | ||||
|
|
|
|
|||||
Diluted Earnings per Share:
|
||||||||
Net income attributable to Watsco, Inc. shareholders
|
$
|
55,092
|
|
$ | 30,502 | |||
Less: distributed and undistributed earnings allocated to
non-vested
restricted common stock
|
|
6,054
|
|
5,233 | ||||
|
|
|
|
|||||
Earnings allocated to Watsco, Inc. shareholders
|
$
|
49,038
|
|
$ | 25,269 | |||
|
|
|
|
|||||
Weighted-average common shares outstanding – Basic
|
|
35,179,521
|
|
34,995,048 | ||||
Effect of dilutive stock options
|
|
150,312
|
|
28,941 | ||||
|
|
|
|
|||||
Weighted-average common shares outstanding – Diluted
|
|
35,329,833
|
|
35,023,989 | ||||
|
|
|
|
|||||
Diluted earnings per share for Common and Class B common stock
|
$
|
1.39
|
|
$ | 0.72 | |||
Anti-dilutive stock options not included above
|
|
5,911
|
|
164,130 |
4.
|
OTHER COMPREHENSIVE INCOME (LOSS)
|
Quarters Ended March 31,
|
2021
|
2020
|
||||||
Foreign currency translation adjustment
|
$
|
3,457
|
$ | (21,929 | ) | |||
Unrealized gain on cash flow hedging instruments
|
|
103
|
3,473 | |||||
Income tax expense
|
|
(27
|
)
|
(939 | ) | |||
|
|
|
|
|||||
Unrealized gain on cash flow hedging instruments, net of tax
|
|
76
|
2,534 | |||||
|
|
|
|
|||||
Reclassification of loss on cash flow hedging instruments into earnings
|
|
333
|
|
157 | ||||
Income tax benefit
|
|
(90
|
)
|
(42 | ) | |||
|
|
|
|
|||||
Reclassification of loss on cash flow hedging instruments into earnings, net of tax
|
|
243
|
|
115 | ||||
|
|
|
|
|||||
Other comprehensive income (loss)
|
$
|
3,776
|
|
$ | (19,280 | ) | ||
|
|
|
|
Quarters Ended March 31,
|
2021
|
2020
|
||||||
Foreign currency translation adjustment:
|
||||||||
Beginning balance
|
$
|
(34,694
|
)
|
$ | (38,599 | ) | ||
Current period other comprehensive income (loss)
|
|
2,282
|
|
(14,328 | ) | |||
|
|
|
|
|||||
Ending balance
|
|
(32,412
|
)
|
(52,927 | ) | |||
|
|
|
|
|||||
Cash flow hedging instruments:
|
||||||||
Beginning balance
|
|
(173
|
)
|
(451 | ) | |||
Current period other comprehensive income
|
|
46
|
1,520 | |||||
Reclassification adjustment
|
|
146
|
69 | |||||
|
|
|
|
|||||
Ending balance
|
|
19
|
1,138 | |||||
|
|
|
|
|||||
Accumulated other comprehensive loss, net of tax
|
$
|
(32,393
|
)
|
$ | (51,789 | ) | ||
|
|
|
|
5.
|
DERIVATIVES
|
Quarters Ended March 31,
|
2021
|
2020
|
||||||
Gain recorded in accumulated other comprehensive loss
|
$
|
103
|
|
$ | 3,473 | |||
Loss reclassified from accumulated other comprehensive loss into earnings
|
$
|
333
|
|
$ | 157 |
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||
March 31, 2021
|
December 31, 2020
|
March 31, 2021
|
December 31, 2020
|
|||||||||||
Derivatives designated as hedging instruments
|
$
|
—
|
$ | — |
$
|
—
|
|
$ | 91 | |||||
Derivatives not designated as hedging instruments
|
|
—
|
— |
|
5
|
|
10 | |||||||
|
|
|
|
|
|
|
|
|||||||
Total derivative instruments
|
$
|
—
|
$ | — |
$
|
5
|
|
$ | 101 | |||||
|
|
|
|
|
|
|
|
6.
|
FAIR VALUE MEASUREMENTS
|
Total
|
Fair Value Measurements
at March 31, 2021 Using |
||||||||||||||||||
Balance Sheet Location
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
Assets:
|
|||||||||||||||||||
Equity securities
|
Other assets |
$
|
1,412
|
|
$
|
1,412
|
|
$
|
—
|
|
$
|
—
|
|
||||||
Liabilities:
|
|||||||||||||||||||
Deriv
a
tive financial instruments
|
Accrued expenses and other
|
|
$
|
5
|
|
$
|
—
|
|
$
|
5
|
|
$
|
—
|
|
Fair Value Measurements
at December 31, 2020 Using
|
|||||||||||||||||||
Balance Sheet Location
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||
Assets:
|
|||||||||||||||||||
Equity securities
|
Other assets |
$
|
6,065
|
|
$
|
6,065
|
|
— | — | ||||||||||
Liabilities:
|
|||||||||||||||||||
Derivative financial instruments
|
Accrued expenses and other
|
|
$
|
101
|
|
|
—
|
|
$
|
101
|
|
— |
7.
|
SHAREHOLDERS’ EQUITY
|
8.
|
COMMITMENTS AND CONTINGENCIES
|
9.
|
RELATED PARTY TRANSACTIONS
|
10.
|
SUBSEQUENT EVENT
|
• |
general economic conditions, both in the United States and in the international markets we serve;
|
• |
competitive factors within the HVAC/R industry;
|
• |
effects of supplier concentration;
|
• |
fluctuations in certain commodity costs;
|
• |
consumer spending;
|
• |
consumer debt levels;
|
• |
the continued impact of the
COVID-19
pandemic;
|
• |
new housing starts and completions;
|
• |
capital spending in the commercial construction market;
|
• |
access to liquidity needed for operations;
|
• |
seasonal nature of product sales;
|
• |
weather patterns and conditions;
|
• |
insurance coverage risks;
|
• |
federal, state, and local regulations impacting our industry and products;
|
• |
prevailing interest rates;
|
• |
foreign currency exchange rate fluctuations;
|
• |
international risk;
|
• |
cybersecurity risk; and
|
• |
the continued viability of our business strategy.
|
|
|
2021
|
|
|
2020
|
|
||
Revenues
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
Cost of sales
|
|
|
74.1
|
|
|
|
75.4
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
25.9
|
|
|
|
24.6
|
|
Selling, general and administrative expenses
|
|
|
19.2
|
|
|
|
20.2
|
|
Other income
|
|
|
0.4
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
7.2
|
|
|
|
4.5
|
|
Interest expense, net
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
7.2
|
|
|
|
4.4
|
|
Income taxes
|
|
|
1.4
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
5.8
|
|
|
|
3.6
|
|
Less: net income attributable to
non-controlling
interest
|
|
|
1.0
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Watsco, Inc.
|
|
|
4.8
|
%
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Number of
Locations |
|
|
March 31, 2020
|
|
|
603
|
|
Opened
|
|
|
2
|
|
Closed
|
|
|
(5
|
)
|
|
|
|
|
|
December 31, 2020
|
|
|
600
|
|
Opened
|
|
|
2
|
|
Closed
|
|
|
(1
|
)
|
|
|
|
|
|
March 31, 2021
|
|
|
601
|
|
|
|
|
|
|
•
|
|
cash needed to fund our business (primarily working capital requirements);
|
|
•
|
|
borrowing capacity under our revolving credit facility;
|
|
•
|
|
the ability to attract long-term capital with satisfactory terms;
|
|
•
|
|
acquisitions, including joint ventures and investments in unconsolidated entities;
|
|
•
|
|
dividend payments;
|
|
•
|
|
capital expenditures; and
|
|
•
|
|
the timing and extent of common stock repurchases.
|
|
|
2021
|
|
|
2020
|
|
|
Change
|
|
|||
Cash flows (used in) provided by operating activities
|
|
$
|
(37.7
|
)
|
|
$
|
41.9
|
|
|
$
|
(79.6
|
)
|
Cash flows provided by (used in) investing activities
|
|
$
|
1.2
|
|
|
$
|
(3.8
|
)
|
|
$
|
5.0
|
|
Cash flows used in financing activities
|
|
$
|
(16.3
|
)
|
|
$
|
(59.4
|
)
|
|
$
|
43.1
|
|
# |
filed herewith.
|
+ |
furnished herewith.
|
* |
Management contract or compensation plan or arrangement.
|
WATSCO, INC
.
(Registrant)
|
||||||
Date: May 6, 2021 | By: | /s/ Ana M. Menendez | ||||
Ana M. Menendez | ||||||
Chief Financial Officer (on behalf of the Registrant and as Principal Financial Officer) |
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