Price | 167.89 | EPS | 8 | |
Shares | 35 | P/E | 20 | |
MCap | 5,841 | P/FCF | 30 | |
Net Debt | 269 | EBIT | 352 | |
TEV | 6,109 | TEV/EBIT | 17 | TTM 2019-09-30, in MM, except price, ratios |
10-K | 2020-12-31 | Filed 2021-02-26 |
10-Q | 2020-09-30 | Filed 2020-11-05 |
10-Q | 2020-06-30 | Filed 2020-08-06 |
10-Q | 2020-03-31 | Filed 2020-05-07 |
10-K | 2019-12-31 | Filed 2020-02-28 |
10-Q | 2019-09-30 | Filed 2019-11-01 |
10-Q | 2019-06-30 | Filed 2019-08-08 |
10-Q | 2019-03-31 | Filed 2019-05-09 |
10-K | 2018-12-31 | Filed 2019-02-28 |
10-Q | 2018-09-30 | Filed 2018-11-08 |
10-Q | 2018-06-30 | Filed 2018-08-03 |
10-K | 2017-12-31 | Filed 2018-03-01 |
10-Q | 2017-09-30 | Filed 2017-11-07 |
10-Q | 2017-06-30 | Filed 2017-07-28 |
10-Q | 2017-03-31 | Filed 2017-05-05 |
10-K | 2016-12-31 | Filed 2017-02-21 |
10-Q | 2016-09-30 | Filed 2016-11-03 |
10-Q | 2016-06-30 | Filed 2016-08-09 |
10-Q | 2016-03-31 | Filed 2016-05-06 |
10-K | 2015-12-31 | Filed 2016-02-29 |
10-Q | 2015-09-30 | Filed 2015-11-05 |
10-Q | 2015-06-30 | Filed 2015-08-06 |
10-Q | 2015-03-31 | Filed 2015-05-07 |
10-K | 2014-12-31 | Filed 2015-02-24 |
10-Q | 2014-09-30 | Filed 2014-11-04 |
10-Q | 2014-06-30 | Filed 2014-08-01 |
10-Q | 2014-03-31 | Filed 2014-05-01 |
10-K | 2013-12-31 | Filed 2014-02-27 |
10-Q | 2013-09-30 | Filed 2013-11-01 |
10-Q | 2013-06-30 | Filed 2013-08-02 |
10-Q | 2013-03-31 | Filed 2013-04-30 |
10-K | 2012-12-31 | Filed 2013-02-28 |
10-Q | 2012-09-30 | Filed 2012-11-08 |
10-Q | 2012-06-30 | Filed 2012-08-09 |
10-Q | 2012-03-31 | Filed 2012-05-09 |
10-Q | 2011-09-30 | Filed 2011-11-08 |
10-Q | 2011-06-30 | Filed 2011-08-09 |
10-Q | 2011-03-31 | Filed 2011-05-10 |
10-K | 2010-12-31 | Filed 2011-03-01 |
10-Q | 2010-09-30 | Filed 2010-11-05 |
10-Q | 2010-06-30 | Filed 2010-08-06 |
10-Q | 2010-03-31 | Filed 2010-05-07 |
10-K | 2009-12-31 | Filed 2010-02-26 |
8-K | 2020-10-22 | |
8-K | 2020-07-23 | |
8-K | 2020-07-23 | |
8-K | 2020-07-23 | |
8-K | 2020-06-01 | |
8-K | 2020-04-23 | |
8-K | 2020-04-10 | |
8-K | 2020-02-13 | |
8-K | 2019-10-17 | |
8-K | 2019-08-01 | |
8-K | 2019-07-18 | |
8-K | 2019-06-03 | |
8-K | 2019-04-23 | |
8-K | 2019-04-01 | |
8-K | 2019-02-14 | |
8-K | 2018-12-11 | |
8-K | 2018-12-05 | |
8-K | 2018-10-25 | |
8-K | 2018-07-25 | |
8-K | 2018-06-04 | |
8-K | 2018-04-24 | |
8-K | 2018-03-13 | |
8-K | 2018-02-05 |
Part I |
Item 1. Business |
Item 1A. Risk Factors |
Item 1B. Unresolved Staff Comments |
Item 2. Properties |
Item 3. Legal Proceedings |
Item 4. Mine Safety Disclosures |
Part II |
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Item 6. Selected Financial Data |
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 7A. Quantitative and Qualitative Disclosures About Market Risk |
Item 8. Financial Statements and Supplementary Data |
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. Controls and Procedures |
Item 9B. Other Information |
Part III |
Part IV |
Item 15. Exhibits, Financial Statement Schedules |
Item 16. Form 10 - K Summary |
EX-10.1(W) | d23330dex101w.htm |
EX-13 | d23330dex13.htm |
EX-21.1 | d23330dex211.htm |
EX-23.1 | d23330dex231.htm |
EX-31.1 | d23330dex311.htm |
EX-31.2 | d23330dex312.htm |
EX-31.3 | d23330dex313.htm |
EX-32.1 | d23330dex321.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
ORIDA | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||
Emerging growth company |
Page | ||||||
Item 1. | 3 | |||||
Item 1A. | 11 | |||||
Item 1B. | 16 | |||||
Item 2. | 16 | |||||
Item 3. | 16 | |||||
Item 4. | 16 | |||||
Item 5. | 16 | |||||
Item 6. | 18 | |||||
Item 7. | 18 | |||||
Item 7A. | 18 | |||||
Item 8. | 18 | |||||
Item 9. | 18 | |||||
Item 9A. | 18 | |||||
Item 9B. | 19 | |||||
Item 15. | 19 | |||||
Item 16. | 22 | |||||
23 |
• | 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. |
ITEM 1. | BUSINESS |
The markets we serve are as follows: | % of Revenues for the Year Ended December 31, 2020 | Number of Locations as of December 31, 2020 | ||||||
United States | 90 | % | 541 | |||||
Canada | 6 | % | 36 | |||||
Latin America and the Caribbean | 4 | % | 23 | |||||
| | | | |||||
Total | 100 | % | 600 | |||||
| | | |
Florida | 100 | |||
Texas | 83 | |||
North Carolina | 45 | |||
California | 36 | |||
Georgia | 33 | |||
South Carolina | 31 | |||
Virginia | 24 | |||
Tennessee | 22 | |||
Louisiana | 18 | |||
New York | 18 | |||
Pennsylvania | 15 | |||
New Jersey | 14 | |||
Alabama | 10 | |||
Arizona | 9 | |||
Connecticut | 9 | |||
Massachusetts | 9 | |||
Mississippi | 8 | |||
Missouri | 8 | |||
Kansas | 6 | |||
Maryland | 6 | |||
Oklahoma | 5 | |||
Utah | 5 | |||
Arkansas | 4 | |||
Indiana | 2 | |||
Iowa | 2 | |||
Kentucky | 2 | |||
Maine | 2 | |||
Nebraska | 2 | |||
Nevada | 2 | |||
South Dakota | 2 | |||
West Virginia | 2 | |||
Colorado | 1 | |||
Delaware | 1 | |||
New Hampshire | 1 | |||
New Mexico | 1 | |||
North Dakota | 1 | |||
Rhode Island | 1 | |||
Vermont | 1 | |||
| | |||
United States | 541 | |||
Canada | 36 | |||
Mexico | 12 | |||
Puerto Rico | 11 | |||
| | |||
Total | 600 | |||
| |
ITEM 1A. | RISK FACTORS |
• | the ability to identify and consummate transactions with complementary acquisition candidates; |
• | the successful operation and/or integration of acquired companies; |
• | diversion of management’s attention from other daily functions; |
• | issuance by us of equity securities that would dilute ownership of our existing shareholders; |
• | incurrence and/or assumption of significant debt and contingent liabilities; and |
• | possible loss of key employees and/or customer relationships of the acquired companies. |
• | fluctuations in our operating results; |
• | a decision by the Board of Directors to reduce or eliminate cash dividends on our common stock; |
• | changes in recommendations or earnings estimates by securities analysts; |
• | general market conditions in our industry or in the economy as a whole; and |
• | political instability, natural disasters, war and/or events of terrorism. |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
12/31/15 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | |||||||||||||||||||
Watsco, Inc. | 100.00 | 130.00 | 153.87 | 129.98 | 175.41 | 228.94 | ||||||||||||||||||
Watsco Class B | 100.00 | 128.63 | 150.64 | 124.43 | 174.08 | 232.06 | ||||||||||||||||||
Russell 2000 Index | 100.00 | 121.31 | 139.08 | 123.76 | 155.35 | 186.36 | ||||||||||||||||||
S&P MidCap 400 Index | 100.00 | 120.74 | 140.35 | 124.80 | 157.49 | 179.00 | ||||||||||||||||||
S&P 500 Index | 100.00 | 111.96 | 136.40 | 130.42 | 171.49 | 203.04 |
ITEM 6. | SELECTED FINANCIAL DATA |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
(a)(1) | Financial Statements. Our consolidated financial statements are incorporated by reference from our 2020 Annual Report. | |
(2) | Financial Statement Schedules. The schedules are omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes thereto. | |
(3) | Exhibits. The following exhibits are submitted with this Annual Report on Form 10-K or, where indicated, incorporated by reference to other filings. |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. # | |
104 | The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL. |
# | filed herewith. |
+ | furnished herewith. |
* | Management contract or compensation plan or arrangement. |
ITEM 16. | FORM 10-K SUMMARY |
WATSCO, INC. | ||||||
February 26, 2021 | By: | /s/ Albert H. Nahmad | ||||
Albert H. Nahmad, Chief Executive Officer | ||||||
February 26, 2021 | By: | /s/ Ana M. Menendez | ||||
Ana M. Menendez, Chief Financial Officer |
SIGNATURE | TITLE | DATE | ||
/S/ ALBERT H. NAHMAD Albert H. Nahmad | Chairman of the Board and Chief Executive Officer (principal executive officer) | February 26, 2021 | ||
/S/ ANA M. MENENDEZ Ana M. Menendez | Chief Financial Officer (principal accounting officer and principal financial officer) | February 26, 2021 | ||
/S/ CESAR L. ALVAREZ Cesar L. Alvarez | Director | February 26, 2021 | ||
/S/ J. MICHAEL CUSTER J. Michael Custer | Director | February 26, 2021 | ||
/S/ DENISE DICKINS Denise Dickins | Director | February 26, 2021 | ||
/S/ BRIAN E. KEELEY Brian E. Keeley | Director | February 26, 2021 | ||
/S/ BOB L. MOSS Bob L. Moss | Director | February 26, 2021 | ||
/S/ AARON J. NAHMAD Aaron J. Nahmad | Director and President | February 26, 2021 | ||
/S/ STEVEN RUBIN Steven Rubin | Director | February 26, 2021 | ||
/S/ GEORGE P. SAPE George P. Sape | Director | February 26, 2021 |