☒ | 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 |
FLORIDA | 59-0778222 | |
(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 | ||
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 | ||||||
Item 1. | 3 | |||||
Item 1A. | 13 | |||||
Item 1B. | 18 | |||||
Item 2. | 18 | |||||
Item 3. | 18 | |||||
Item 4. | 18 | |||||
Item 5. | 18 | |||||
Item 6. | 20 | |||||
Item 7. | 20 | |||||
Item 7A. | 20 | |||||
Item 8. | 20 | |||||
Item 9. | 20 | |||||
Item 9A. | 20 | |||||
Item 9B. | 21 | |||||
Item 9C. | 21 | |||||
PART IV | ||||||
Item 15. | 21 | |||||
Item 16. | 24 | |||||
25 |
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 | % of Revenues for the Year Ended December 31, 2021 | Number of Locations as of December 31, 2021 | ||||||||||||
United States | 90 | % | 541 | 90 | % | 611 | ||||||||||
Canada | 6 | % | 36 | 6 | % | 36 | ||||||||||
Latin America and the Caribbean | 4 | % | 23 | 4 | % | 24 | ||||||||||
Total | 100 | % | 600 | 100 | % | 671 | ||||||||||
Florida | ||||
Texas | ||||
North Carolina | ||||
California | ||||
Louisiana | 35 | |||
Georgia | 33 | |||
South Carolina | 31 | |||
Virginia | ||||
Tennessee | ||||
Illinois | 17 | |||
New York | ||||
New Jersey | ||||
Alabama | 10 | |||
Massachusetts | 10 | |||
Arizona | 9 | |||
9 | ||||
9 | ||||
8 | ||||
Kansas | ||||
Maryland | ||||
Indiana | 5 | |||
Oklahoma | 5 | |||
Utah | 5 | |||
Arkansas | 4 | |||
3 | ||||
West Virginia | 3 | |||
Colorado | 2 | |||
Iowa | 2 | |||
Kentucky | 2 | |||
Maine | 2 | |||
Nebraska | 2 | |||
Nevada | 2 | |||
South Dakota | 2 | |||
2 | ||||
1 | ||||
1 | ||||
New Hampshire | 1 | |||
New Mexico | 1 | |||
North Dakota | 1 | |||
Rhode Island | 1 | |||
Vermont | 1 | |||
United States | ||||
Canada | 36 | |||
Mexico | 12 | |||
Puerto Rico | ||||
Total | ||||
ITEM 1A. | RISK FACTORS |
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 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 | |||||||||||||||||||||||||||||||||||||
Watsco, Inc. | 100.00 | 130.00 | 153.87 | 129.98 | 175.41 | 228.94 | 100.00 | 118.36 | 99.99 | 134.94 | 176.11 | 250.19 | ||||||||||||||||||||||||||||||||||||
Watsco Class B | 100.00 | 128.63 | 150.64 | 124.43 | 174.08 | 232.06 | ||||||||||||||||||||||||||||||||||||||||||
Watsco, Inc. Class B | 100.00 | 117.11 | 96.73 | 135.33 | 180.41 | 244.52 | ||||||||||||||||||||||||||||||||||||||||||
Russell 2000 Index | 100.00 | 121.31 | 139.08 | 123.76 | 155.35 | 186.36 | 100.00 | 114.65 | 102.02 | 128.06 | 153.62 | 176.39 | ||||||||||||||||||||||||||||||||||||
S&P MidCap 400 Index | 100.00 | 120.74 | 140.35 | 124.80 | 157.49 | 179.00 | 100.00 | 116.24 | 103.36 | 130.44 | 148.26 | 184.96 | ||||||||||||||||||||||||||||||||||||
S&P 500 Index | 100.00 | 111.96 | 136.40 | 130.42 | 171.49 | 203.04 | 100.00 | 121.83 | 116.49 | 153.17 | 181.35 | 233.41 |
ITEM 6. |
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 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
(a)(1) | Financial . Our consolidated financial statements are incorporated by reference from our |
(2) | Financial Statement . 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 Form10-K or, where indicated, incorporated by reference to other filings. |
32.1 | Certification of Chief Executive Officer, Executive Vice President and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. + | |
101.INS | Inline XBRL Instance | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. # | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. # | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. # | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. # |
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, |
# | filed herewith. |
+ | furnished herewith. |
* |
ITEM 16. | FORM 10-K SUMMARY |
WATSCO, INC. | ||||||
February | By: | /s/ Albert H. Nahmad | ||||
Albert H. Nahmad, Chief Executive Officer | ||||||
February | 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 | ||
/ S / ANA M. MENENDEZ Ana M. Menendez | Chief Financial Officer (principal accounting officer and principal financial officer) | February | ||
/ S / CESAR L. ALVAREZ Cesar L. Alvarez | Director | February | ||
/ S / J. MICHAEL CUSTER J. Michael Custer | Director | February | ||
/ S / DENISE DICKINS Denise Dickins | Director | February | ||
/ S / BRIAN E. EELEY Brian E. Keeley | Director | February | ||
/ S / OHN A. MACDONALD John A. Macdonald | Director | February | ||
/ S / OB L. MOSS Bob L. Moss | Director | February | ||
/ S / ARON J. NAHMAD Aaron J. Nahmad | Director and President | February | ||
/ S / TEVEN RUBIN Steven Rubin | Director | February |