Watsco Boosts Annual Dividend 11% to $9.80 Per Share – 49th Consecutive Year of Paying Dividends

MIAMI, FLORIDA – (GLOBENEWSWIRE), January 3, 2023 – Watsco, Inc.’s (NYSE: WSO) Board of Directors has

declared a regular quarterly cash dividend of $2.45 on each outstanding share of its Common and Class B common

stock payable on January 31, 2023 to shareholders of record at the close of business on January 17, 2023.

Watsco has paid dividends to shareholders for 49 consecutive years. The Company’s philosophy is to share increasing

amounts of cash flow through higher dividends while maintaining a conservative balance sheet with continued

capacity to build its distribution network. Future changes in dividends are considered in light of investment

opportunities, cash flow, general economic conditions and Watsco’s overall financial condition.


About Watsco

Watsco 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 675 locations

each year to get information, obtain technical support and buy products.

Watsco 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, heating and air

conditioning accounts 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 14.2 million metric tons of CO2e

emissions from January 1, 2020 to September 30, 2022 through the sale of replacement HVAC systems at higherefficiency

standards (an equivalent of removing 3.1 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, seasonal nature 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 that Watsco files 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.