Watsco, Inc. (NYSE: WSO) announced record operating results for the
fourth quarter and full year periods ended December 31, 2022 and
provided commentary on the Company’s business trends, growth
opportunities, technology innovation and financial position.
Through its entrepreneurial and
technology-driven culture, Watsco has established itself
as the largest participant in the highly fragmented $50+ billion
North American HVAC/R distribution market. Since entering
distribution in 1989, sales and operating income have grown at
compounded annual growth rates (CAGRs) of 15% and 19%,
respectively, reflecting strong and consistent performance across
various macroeconomic and industry cycles. Over this period,
Watsco’s dividends have grown at a 21% CAGR while maintaining a
healthy balance sheet and strong cash flow.
Today’s results establish new records for sales,
gross profit, operating income, net income, earnings per share
(EPS) and operating cash flow for the fourth quarter and full year
periods ended December 31, 2022. These results also reflect
steady progress to grow and scale adoption of Watsco’s
industry-leading technology platforms, which collectively transform
the customer experience, enhance operational efficiencies and help
contractors grow faster as they deliver a more contemporary
experience to homeowners and businesses. As our customers adapt to
using more technology and embrace the on-going digital
transformation, Watsco is uniquely positioned to benefit from its
investments in the industry’s most robust assortment of technology
platforms for HVAC/R contractors.
Albert H. Nahmad, Watsco’s Chairman and CEO,
commented: “Watsco delivered another exceptional year of
performance. Our leaders and associates in the field have
accomplished extraordinary things and we thank them for their
commitment and remarkable efforts to serve customers under
challenging circumstances. Our culture is one of continuous
improvement, so we continue to encourage our leaders to innovate
and build on this success, particularly given the meaningful growth
opportunities that we believe remain ahead of us.”
Mr. Nahmad added: “We also finished the year
with a strong balance sheet consistent with our core philosophy to
remain conservative and risk averse, while maintaining the capacity
and flexibility to invest in organic and inorganic growth
opportunities at a low cost of capital. We continue to seek
acquisitions to partner with successful entrepreneurs and we are
encouraged by current conditions. We also look to use our strength
to expand our product portfolio and build on key OEM and supplier
relationships to provide new opportunities for organic growth
within our existing network of 673 locations across North
America.”
Fourth Quarter Results
- 76% increase in EPS to a record
$3.55 (includes tax benefit of $1.20 per share from restricted
stock vesting)
- 16% increase in EPS to $2.35 on an
adjusted, non-GAAP basis (excludes tax benefit)
- 5% increase in sales to a record
$1.58 billion
- 5% increase in gross profit to a
record $434 million (10 basis-point increase in gross margin to a
record 27.4%)
- 3% increase in SG&A
expenses
- 11% increase in operating income to
a record $137 million (14% increase to $141 million on an adjusted
basis)
- 60 basis-point increase in
operating margins to a record 8.7% (80 basis-point increase to 8.9%
on an adjusted basis)
- 75% increase in net income
attributable to Watsco to $138 million (17% increase excluding tax
benefit)
- Record operating cash flow of $213
million
Sales trends
- 2% increase in HVAC equipment (67%
of sales), including 4% growth in the U.S.
- 6% increase in other HVAC products
(29% of sales)
- 19% increase in commercial
refrigeration products (4% of sales)
Mr. Nahmad stated: “Our record fourth quarter
performance is rewarding given the exceptional, comparative
performance achieved last year when same-store sales grew 21% and
EPS grew 77%. Our leadership teams have reacted to changing market
conditions and produced terrific results through innovation and
discipline, as evidenced by the enhanced gross margin and improved
operating efficiencies.”
Tax Benefit from Fourth Quarter Vesting of
Restricted Stock Fourth quarter and full-year results reflect the
vesting of 975,622 shares of Class B restricted stock previously
granted to the Company’s Chairman & CEO during the period from
1997 to 2011. The vesting occurred on October 15, 2022 and provided
a $49 million tax benefit to 2022 results pursuant to Accounting
Standards Update (ASU) 2016-09, Improvements to Employee
Share-Based Payment Accounting, as well as $3.6 million in
incremental SG&A expenses, primarily related to
employment-related taxes. The net benefit to fourth quarter EPS and
full-year EPS was $1.20 and $1.21, respectively. Due to the
infrequent nature of this event, certain key performance metrics in
2022 are presented on an “adjusted basis” to exclude the impact.
Please see “Use of Non-GAAP Financial Information” below.
It is important to note that the fourth and
first quarters of each calendar year are highly seasonal due to the
nature and timing of the replacement of HVAC systems. Results are
typically strongest in the second and third quarters and the
Company’s fourth quarter financial results are disproportionately
affected by seasonality.
Full Year Results
- 43% increase in EPS to a record
$15.41 (includes tax benefit of $1.21 per share from restricted
stock vesting)
- 32% increase in EPS to $14.20 on an
adjusted basis, non-GAAP basis (excludes tax benefit)
- 16% increase in sales to a record
$7.27 billion (14% increase on a same-store basis)
- 22% increase in gross profit to a
record $2.03 billion (130 basis-point increase in gross margin to a
record 27.9%)
- 15% increase in SG&A expenses
(13% increase on a same-store basis)
- 10 basis-point decline in SG&A
as a percentage of sales
- 32% increase in operating income to
a record $832 million (33% increase to $835 million on an adjusted
basis)
- 140 basis-point increase in
operating margin to a record 11.4% (11.5% on an adjusted
basis)
- 43% increase in net income
attributable to Watsco to $601 million (33% increase excluding tax
benefit)
- 64% increase in operating cash flow
to a record $572 million
Sales trends (excluding acquisitions)
- 13% increase in HVAC equipment (68%
of sales), including 14% growth in the U.S.
- 15% increase in other HVAC products
(28% of sales)
- 24% increase in commercial
refrigeration products (4% of sales)
Industry Catalysts &
TrendsWatsco believes there are several company-specific
and industry-wide factors that will provide incremental future
growth opportunities. Watsco’s scale, leading technology platforms,
financial strength, entrepreneurial culture and OEM relationships –
along with the essential nature of HVAC/R products – are important
competitive advantages that provide stability to the Company’s
performance over the long-term.
Regulatory Changes Impacting Climate Change. New
U.S. Federal regulatory standards became effective in 2023 that
raise the minimum required efficiency for HVAC systems nationwide.
Generally, higher-efficiency systems are sold at a higher price and
provide homeowners and businesses the opportunity to reduce energy
costs. New regulations are also in effect that institute a phase
down of global warming properties of refrigerants currently used in
older HVAC systems and a transition to new refrigerants beginning
in 2025. Historically, refrigerant transitions have resulted in an
increase in the cost to service and repair older HVAC
systems, which in turn can provide a catalyst for
replacement.
Federal Tax Credits and State Incentives. Demand
for higher-efficiency products, such as variable-speed systems and
heat pumps, is also expected to benefit following the passage of
the Inflation Reduction Act of 2022 (IRA). The legislation is
intended to promote replacement of older HVAC systems in favor of
high-efficiency heat pump systems that reduce greenhouse gas
emissions and thereby combat climate change. Programs include
enhanced tax credits for homeowners who install new qualifying HVAC
equipment and tax deductions for owners of commercial buildings
that are upgraded to achieve defined energy savings. The IRA also
sets aside $4.3 billion for state-administered consumer rebate
programs designed to promote energy savings for low and
medium-income households, including HVAC systems. Further details,
including qualifying products, specific programs and other
regulatory requirements contemplated by the IRA are being
determined and are expected to be finalized during 2023.
Movement Toward Heat Pumps & Electrification
of Fossil-Fuel Heating. The HVAC industry has improved the
operating characteristics of heat pumps, which offer the potential
for growth as an alternative to the millions of fossil fuel-burning
heating systems used throughout North America, particularly in
Northern climates. Heat pump systems provide a combination of air
conditioning and heating, may be ducted or ductless, generally sell
at higher average unit prices and are available in a wide array of
energy efficiencies. Watsco’s sales of residential heat pumps in
2022 increased 25% (a 21% increase during the fourth quarter)
outpacing overall HVAC equipment growth rates.
Product Breadth and End-Market Diversity. Watsco
possesses the broadest and deepest assortment of products in the
industry to support a wide array of customers and end-markets. The
Company serves a contractor’s complete product needs ranging from
residential ducted and ductless products, rooftops, VRF and
engineered/applied systems. The Company serves various end-markets
including residential, multi-family, commercial, institutional and
more. In addition, Watsco maintains a deep catalog of OEM and
aftermarket parts to support contractors and sustain
competitiveness in any environment.
OEM and Supplier Relationships. As the leading
distributor of HVAC/R products, Watsco sources from approximately
20 domestic and international OEMs and more than 1,300 other
suppliers globally. Unlike most competitors, Watsco sells multiple
name-brands of equipment at a wide variety of price points that
appeal to a broad cross-section of contractors and consumers. We
believe that close collaboration with manufacturing partners
enhances Watsco’s competitive positioning across its markets.
Geographic Positioning & Density in Key
Markets. Approximately 55% of Watsco’s revenues are derived in core
Sunbelt markets such as Florida, Texas, the Southeast and the
Mid-Atlantic. Such markets also account for the greatest share of
industry demand. Recent and ongoing demographic shifts within the
U.S. toward Sunbelt states favor continued growth in Watsco’s core
markets.
Network Expansion. Watsco’s network has grown by
67 locations over the last three years, primarily from six
acquisitions of market-leading businesses, located primarily in
markets that Watsco did not previously serve. Through its
market-leading 673 locations across North America, Watsco’s network
supports more than 350,000 contractors, technicians and installers
with critical technical assistance, training and other resources to
enhance their daily activities.
Advent of Ductless, High-Efficiency HVAC
Products. Watsco is the leading distributor of ductless HVAC
products used in both residential and commercial applications in
North America. Watsco’s sales of ductless products grew 22% in 2022
to approximately $560 million. We believe that the movement
toward higher-efficiency ductless products (primarily heat pumps),
the long-term upgrading of critical commercial infrastructure,
along with the increasing acceptance of ductless technology by
contractors and consumers, should benefit the sale of these
products now and over the long-term.
Culture of Innovation Watsco
has developed the industry’s most advanced, user-friendly and
customer-focused technology platforms, transforming how its
contractor-customers engage with the Company and, increasingly, how
those contractors engage with consumers and businesses. Watsco’s
community of active technology users grew sales faster than overall
sales and experienced approximately 63% less annual attrition. The
Company believes future results will benefit from continued
customer adoption, new customer acquisition, reduced attrition and
lower costs to serve. To that end, Watsco boosted its
technology spending in 2022 by 14% to $49 million.
Specific technology-related updates include:
- Product
Information Management (PIM) is Watsco’s leading repository of
product information delivered seamlessly through Watsco’s mobile
apps and e-commerce platform. Watsco’s PIM database
contains approximately 1 million SKUs accessed by more than 350,000
contractors and technicians annually.
- HVAC
Pro+ Mobile Apps provide customers real-time access to
critical information that improves speed and productivity. This
includes real time technical support, product detail, inventory
availability, warranty look-up, system match ups, e-commerce and
more. The authenticated user community (mobile app users linked to
an e-commerce account) grew 20% year-to-date to more than 51,000
users.
-
E-Commerce Sales grew 17% in 2022, outpacing organic sales growth
rates, to more than $2.3 billion. E-commerce sales were 32% of
total sales inclusive of acquired revenues.
- OnCall
Air®, Watsco’s digital sales platform
and CreditForComfort®, its companion consumer financing
platform, both increased penetration among HVAC/R contractors as
more customers engage digitally with homeowners. During 2022,
OnCall Air® presented quotes to approximately 225,000 households, a
37% increase over last year, and generated $939 million in
gross merchandise value, a 49% increase over the same period last
year.
A.J. Nahmad, Watsco’s President, added: “Our
technology platforms – which are unique to the industry – have
transformed nearly every aspect of our business. The
contractor-based platforms, like our HVAC Pro+ suite of apps and
OnCallAir, combined with our internal-facing technologies, have
bolstered Watsco’s market share, energized new customer acquisition
and driven margin expansion. We continue to see higher growth
rates, lower attrition and lower costs to serve among active users
of our technology. Consistent with our long-term focus, we are
investing more to accelerate adoption and sustain our leadership
position. As the industry evolves to operating in the digital age,
Watsco’s technology tools will provide added value to an
ever-growing number of contractors.”
Cash Flow &
DividendsWatsco’s full-year operating cash flow in 2022
increased 64% to a record $572 million (a record $213 million in
operating cash flow for the fourth quarter). The Company’s
philosophy is to share increasing amounts of cash flow through
higher dividends while maintaining a conservative financial
position with continued capacity to build its distribution network.
The Company’s Board of Directors authorized an 11% increase
in Watsco’s annual dividend rate effective in January 2023
to $9.80 per share. Future dividend increases will be
considered in light of investment opportunities, general economic
conditions and the Company’s overall financial position.
Fourth Quarter Earnings Conference Call
InformationDate and time: February 16, 2023 at 10:00 a.m.
(ET)Webcast: http://investors.watsco.com (a replay will be
available on the Company’s website)Dial-in number: United States
(844) 883-3908 / International (412) 317-9254
Use of Non-GAAP Financial
Information In this release, the Company discloses certain
performance measures on a “same-store basis”, which are non-GAAP
and exclude the effects of locations closed, acquired, or locations
opened, in each case during the immediately preceding 12 months,
unless such locations are within close geographical proximity to
existing locations. The Company also discloses operating income,
operating margins and diluted EPS on an adjusted, non-GAAP basis to
exclude the impact caused by the vesting of restricted stock on
October 15, 2022 as described above. The Company believes that this
information provides greater comparability regarding its ongoing
operating performance. These measures should not be considered an
alternative to measurements required by U.S. GAAP.
Reconciliation of operating income, a GAAP
measure, to operating income on an adjusted basis, a non-GAAP
measure:
|
Quarter Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
Operating income |
$ |
137,179 |
$ |
123,066 |
|
$ |
831,578 |
$ |
628,528 |
Primarily employment taxes related to |
|
|
|
|
|
the vesting of restricted stock |
|
3,636 |
|
- |
|
|
3,636 |
|
- |
Operating income on an
adjusted basis |
$ |
140,815 |
$ |
123,066 |
|
$ |
835,214 |
$ |
628,528 |
Operating margin on an
adjusted basis |
|
8.9% |
|
8.1% |
|
|
11.5% |
|
10.0% |
Reconciliation of diluted EPS for Common and
Class B common stock, a GAAP measure, to diluted EPS for Common and
Class B common stock on an adjusted basis, a non-GAAP measure:
|
Quarter Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
Diluted earnings per share for
Common and Class B common stock |
$ |
3.55 |
$ |
2.02 |
|
$ |
15.41 |
$ |
10.78 |
Primarily employment taxes related to |
|
|
|
|
|
the vesting of restricted stock |
|
0.08 |
|
- |
|
|
0.08 |
|
- |
Tax related benefit from the vesting of |
|
|
|
|
|
restricted stock |
|
(1.28) |
|
- |
|
|
(1.29) |
|
- |
Diluted earnings per share for
Common and Class B common stock on an adjusted basis |
$ |
2.35 |
$ |
2.02 |
|
$ |
14.20 |
$ |
10.78 |
About WatscoWatsco is the
largest distribution network for heating, air conditioning and
refrigeration (HVAC/R) products with locations in the United
States, Canada, Mexico and Puerto Rico, and on
an export basis to Latin America and the Caribbean.
Watsco estimates that over 350,000 contractors and technicians
visit or call one of its 673 locations each year to get
information, obtain technical support and buy products.
Watsco’s has the opportunity to be a
significant and important contributor toward climate change as its
business plays an important role in the drive to lower
CO2e emissions. According to the Department
of Energy, HVAC systems account for roughly half
of U.S. household energy consumption. As such, replacing
HVAC systems at higher efficiency levels is one of the most
meaningful steps homeowners can take to reduce electricity
consumption and carbon footprint over time. The
overwhelming majority of new HVAC systems sold
by Watsco replace systems that likely operate well below
current minimum efficiency standards in the U.S. As consumers
replace HVAC systems with new, higher-efficiency
systems, homeowners will consume less energy, save costs and
reduce the carbon footprint over time.
Based on estimates validated by independent
sources, Watsco averted an estimated 15.8 million metric
tons of CO2e emissions from January 1,
2020 to December 31, 2022 through the sale of
replacement HVAC systems at higher-efficiency standards (an
equivalent of removing 3.4 million gas powered vehicles off the
road for a year). More information, including sources and
assumptions used to support the Company’s estimates, can be found
at www.watsco.com.
This document includes certain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements may address,
among other things, our expected financial and operational results
and the related assumptions underlying our expected results. These
forward-looking statements are distinguished by use of words such
as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,”
“plan,” or “intend,” the negative of these terms, and similar
references to future periods. These statements are based on
management's current expectations and are subject to uncertainty
and changes in circumstances. Actual results may differ materially
from these expectations due to changes in economic, business,
competitive market, new housing starts and completions, capital
spending in commercial construction, consumer spending and debt
levels, regulatory and other factors, including, without
limitation, the effects of supplier concentration, competitive
conditions within Watsco’s industry, the seasonality of sales of
Watsco’s products, the ability of the Company to expand its
business, insurance coverage risks and final GAAP adjustments.
Detailed information about these factors and additional important
factors can be found in the documents filed by Watsco with the
Securities and Exchange Commission, such as Form 10-K, Form 10-Q
and Form 8-K. Forward-looking statements speak only as of the date
the statements were made. Watsco assumes no obligation to update
forward-looking information to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information, except as required by applicable law.
Barry S. LoganWatsco, Inc.Executive Vice
President(305) 714-4102
WATSCO, INC.Condensed
Consolidated Results of Operations(In thousands,
except per share data)(Unaudited)
|
Quarter Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Revenues |
$ |
1,581,223 |
|
$ |
1,511,865 |
|
$ |
7,274,344 |
|
$ |
6,280,192 |
Cost of sales |
|
1,147,673 |
|
|
1,099,746 |
|
|
5,244,055 |
|
|
4,612,647 |
Gross profit |
|
433,550 |
|
|
412,119 |
|
|
2,030,289 |
|
|
1,667,545 |
Gross profit margin |
|
27.4% |
|
|
27.3% |
|
|
27.9% |
|
|
26.6% |
SG&A expenses |
|
301,753 |
|
|
292,085 |
|
|
1,221,382 |
|
|
1,058,316 |
Other income |
|
5,382 |
|
|
3,032 |
|
|
22,671 |
|
|
19,299 |
Operating income |
|
137,179 |
|
|
123,066 |
|
|
831,578 |
|
|
628,528 |
Operating margin |
|
8.7% |
|
|
8.1% |
|
|
11.4% |
|
|
10.0% |
Interest expense, net |
|
14 |
|
|
239 |
|
|
2,165 |
|
|
996 |
Income before income
taxes |
|
137,165 |
|
|
122,827 |
|
|
829,413 |
|
|
627,532 |
Income taxes |
|
(19,965) |
|
|
27,196 |
|
|
125,717 |
|
|
128,797 |
Net income |
|
157,130 |
|
|
95,631 |
|
|
703,696 |
|
|
498,735 |
Less: net income attributable
to non-controlling interest |
|
19,459 |
|
|
16,745 |
|
|
102,529 |
|
|
79,790 |
Net income attributable to
Watsco |
$ |
137,671 |
|
$ |
78,886 |
|
$ |
601,167 |
|
$ |
418,945 |
|
|
|
|
|
|
|
|
Diluted earnings per
share: |
|
|
|
|
|
|
|
Net income attributable to
Watsco shareholders |
$ |
137,671 |
|
$ |
78,886 |
|
$ |
601,167 |
|
$ |
418,945 |
Less: distributed and
undistributed earnings allocated to non-vested restricted common
stock |
|
9,390 |
|
|
7,092 |
|
|
51,294 |
|
|
37,222 |
Earnings allocated to Watsco
shareholders |
$ |
128,281 |
|
$ |
71,794 |
|
$ |
549,873 |
|
$ |
381,723 |
|
|
|
|
|
|
|
|
Weighted-average Common and
Class B common shares and equivalent shares used to calculate
diluted earnings per share |
|
36,141,047 |
|
|
35,493,822 |
|
|
35,683,634 |
|
|
35,423,838 |
|
|
|
|
|
|
|
|
Diluted earnings per share for
Common and Class B common stock |
|
$3.55 |
|
|
$2.02 |
|
|
$15.41 |
|
|
$10.78 |
WATSCO, INC.Condensed
Consolidated Balance Sheets (Unaudited, in
thousands)
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
2021 |
|
|
|
|
Cash and cash equivalents |
$ |
147,505 |
|
$ |
118,268 |
Accounts receivable, net |
|
747,110 |
|
|
698,456 |
Inventories, net |
|
1,370,173 |
|
|
1,115,469 |
Other |
|
33,951 |
|
|
29,207 |
Total current assets |
|
2,298,739 |
|
|
1,961,400 |
|
|
|
|
Property and equipment,
net |
|
125,424 |
|
|
111,019 |
Operating lease right-of-use
assets |
|
317,314 |
|
|
268,528 |
Goodwill, intangibles, net and
other |
|
746,737 |
|
|
744,914 |
Total assets |
$ |
3,488,214 |
|
$ |
3,085,861 |
|
|
|
|
Accounts payable and accrued
expenses |
$ |
759,525 |
|
$ |
642,221 |
Current portion of long-term
obligations |
|
90,597 |
|
|
84,501 |
Borrowings under revolving
credit agreement |
|
56,400 |
|
|
- |
Total current liabilities |
|
906,522 |
|
|
726,722 |
|
|
|
|
Borrowings under revolving
credit agreement |
|
- |
|
|
89,000 |
Operating lease liabilities,
net of current portion |
|
232,144 |
|
|
187,024 |
Deferred income taxes and
other liabilities |
|
101,270 |
|
|
85,700 |
Total liabilities |
|
1,239,936 |
|
|
1,088,446 |
|
|
|
|
Watsco's shareholders’
equity |
|
1,889,237 |
|
|
1,664,948 |
Non-controlling interest |
|
359,041 |
|
|
332,467 |
Shareholders’ equity |
|
2,248,278 |
|
|
1,997,415 |
Total liabilities and shareholders’ equity |
$ |
3,488,214 |
|
$ |
3,085,861 |
WATSCO, INC.Condensed
Consolidated Statements of Cash Flows (Unaudited,
in thousands)
|
Year Ended December 31, |
|
|
2022 |
|
|
2021 |
Cash flows from operating
activities: |
|
|
|
Net income |
$ |
703,696 |
|
$ |
498,735 |
Non-cash items |
|
64,960 |
|
|
52,524 |
Changes in working capital, net of effects of acquisitions |
|
|
|
Accounts receivable, net |
|
(60,154) |
|
|
(130,414) |
Inventories, net |
|
(259,860) |
|
|
(243,660) |
Accounts payable and other liabilities |
|
121,993 |
|
|
182,819 |
Other, net |
|
1,329 |
|
|
(10,438) |
Net cash provided by operating activities |
|
571,964 |
|
|
349,566 |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Capital expenditures, net |
|
(33,789) |
|
|
(24,108) |
Business acquisitions, net of cash acquired |
|
(47) |
|
|
(129,462) |
Proceeds from sale of equity securities |
|
- |
|
|
5,993 |
Investment in PreFix Inc. |
|
- |
|
|
(1,000) |
Net cash used in investing activities |
|
(33,836) |
|
|
(148,577) |
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Dividends on Common and Class B Common stock |
|
(332,447) |
|
|
(294,522) |
Repurchases of common stock to satisfy employee withholding tax
obligations |
|
(87,107) |
|
|
(1,092) |
Distributions to noncontrolling interest |
|
(69,184) |
|
|
(61,980) |
Net (repayments) proceeds under revolving credit agreement |
|
(32,600) |
|
|
89,000 |
Other |
|
17,380 |
|
|
18,952 |
Proceeds from NCI for investment in TEC Distribution LLC |
|
- |
|
|
21,040 |
Net cash used in financing activities |
|
(503,958) |
|
|
(228,602) |
Effect of foreign exchange
rate changes on cash and cash equivalents |
|
(4,933) |
|
|
(186) |
Net increase (decrease) in
cash and cash equivalents |
|
29,237 |
|
|
(27,799) |
Cash and cash equivalents at
beginning of year |
|
118,268 |
|
|
146,067 |
Cash and cash equivalents at
end of year |
$ |
147,505 |
|
$ |
118,268 |
Watsco (NYSE:WSO)
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De Mai 2024 à Juin 2024
Watsco (NYSE:WSO)
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