Watsco, Inc
(NYSE:WSO)

Watsco, Inc., together with its subsidiaries, distributes air conditioning, heating, and refrigeration equipment; and related parts and supplies in the United States, Canada, Mexico, and Puerto Rico. It offers residential ducted and ductless air conditioners, including gas, electric, and oil furnace...

Website: http://www.watsco.com

Founded: 1945

Full Time Employees: 5,700

Sector: Industrials

Industry: Industrial Distribution

Technology Industrials

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At a glance:

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Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-09-30

revenues	1,578,757,000	2,067,005,000	2,062,442,000	1,531,086,000	1,753,962,000	2,160,036,000	2,139,328,000	1,564,991,000	1,603,197,000	2,126,845,000	2,003,084,000	1,550,641,000	1,581,223,000	2,035,796,000	2,133,755,000	1,523,570,000	1,511,865,000	1,782,569,000	1,849,640,000	1,136,118,000	1,154,716,000	1,536,671,000	1,355,385,000	1,008,156,000	1,072,315,000	1,394,915,000	1,371,854,000	931,278,000	991,326,000	1,296,007,000	1,332,743,000	926,577,000	964,345,000	1,229,591,000	1,275,924,000	872,095,000	913,611,000	1,241,232,000	1,214,435,000	851,424,000	903,816,000	1,177,012,000	1,223,439,000	808,972,000	876,787,000	1,134,999,000	1,170,186,000	762,568,000	827,352,000	1,081,893,000	1,120,452,000	713,633,000	765,540,000	1,020,859,000	1,011,801,000	633,512,000	645,833,000	914,039,000	883,548,000	534,339,000	657,248,000	812,787,000	864,805,000	509,755,000	563,606,000	741,895,000	404,971,000	291,343,000	334,791,000	475,225,000	509,822,000	380,399,000	397,635,000	518,596,000	471,110,000	376,843,000	387,565,000	506,858,000	512,029,000	394,307,000	477,553,000	443,030,000	345,952,000
cost of sales	1,150,319,000	1,498,090,000	1,458,954,000	1,101,463,000	1,285,878,000	1,593,792,000	1,559,568,000	1,134,366,000	1,188,781,000	1,559,900,000	1,440,462,000	1,102,484,000	1,147,673,000	1,484,948,000	1,538,222,000	1,073,212,000	1,099,746,000	1,299,905,000	1,371,699,000	841,297,000	872,472,000	1,162,908,000	1,036,186,000	760,541,000	811,794,000	1,060,224,000	1,043,870,000	697,518,000	741,682,000	976,998,000	1,011,977,000	695,744,000	723,415,000	933,696,000	965,646,000	653,539,000	685,539,000	939,028,000	922,574,000	638,977,000	681,775,000	891,166,000	928,194,000	604,747,000	662,492,000	860,234,000	890,913,000	574,499,000	628,822,000	823,296,000	853,772,000	538,187,000	582,747,000	778,354,000	773,326,000	482,890,000	485,123,000	694,632,000	670,357,000	399,353,000	503,221,000	617,246,000	663,736,000	387,151,000	430,002,000	569,886,000	303,986,000	217,109,000	248,534,000	348,552,000	378,762,000	282,395,000	296,487,000	387,664,000	351,518,000	280,373,000	290,446,000	373,645,000	379,541,000	294,227,000	357,435,000	331,505,000	258,527,000	229,448,000	264,835,000	276,538,000	207,268,000	215,276,000	262,765,000	256,172,000	193,612,000	246,275,000
gross profit	428,438,000	568,915,000	603,488,000	429,623,000	468,084,000	566,244,000	579,760,000	430,625,000	414,416,000	566,945,000	562,622,000	448,157,000	433,550,000	550,848,000	595,533,000	450,358,000	412,119,000	482,664,000	477,941,000	294,821,000	282,244,000	373,763,000	319,199,000	247,615,000	260,521,000	334,691,000	327,984,000	233,760,000	249,644,000	319,009,000	320,766,000	230,833,000	240,930,000	295,895,000	310,278,000	218,556,000	228,072,000	302,204,000	291,861,000	212,447,000	222,041,000	285,846,000	295,245,000	204,225,000	214,295,000	274,765,000	279,273,000	188,069,000	198,530,000	258,597,000	266,680,000	175,446,000	182,793,000	242,505,000	238,475,000	150,622,000	160,710,000	219,407,000	213,191,000	134,986,000	154,027,000	195,541,000	201,069,000	122,604,000	133,604,000	172,009,000	100,985,000	74,234,000	86,257,000	126,673,000	131,060,000	98,004,000	101,148,000	130,932,000	119,592,000	96,470,000	97,119,000	133,213,000	132,488,000	100,080,000	120,118,000	111,525,000	87,425,000	76,859,000	92,531,000	96,098,000	71,447,000	71,121,000	85,832,000	84,344,000	63,786,000	80,085,000
yoy	-8.47%	0.47%	4.09%	-0.23%	12.95%	-0.12%	3.05%	-3.91%	-4.41%	2.92%	-5.53%	-0.49%	5.20%	14.13%	24.60%	52.76%	46.02%	29.14%	49.73%	19.06%	8.34%	11.67%	-2.68%	5.93%	4.36%	4.92%	2.25%	1.27%	3.62%	7.81%	3.38%	5.62%	5.64%	-2.09%	6.31%	2.88%	2.72%	5.72%	-1.15%	4.03%	3.61%	4.03%	5.72%	8.59%	7.94%	6.25%	4.72%	7.19%	8.61%	6.64%	11.83%	16.48%	13.74%	10.53%	11.86%	11.58%	4.34%	12.21%	6.03%	10.10%	15.29%	13.68%	99.11%	65.16%	54.89%	35.79%	-22.95%	-24.25%	-14.72%	-3.25%	9.59%	1.59%	4.15%	-1.71%	-9.73%	-3.61%	-19.15%	19.45%	51.54%	30.21%	29.81%	16.05%	22.36%	8.07%	7.80%	13.94%	12.01%	-11.19%
qoq	-24.69%	-5.73%	40.47%	-8.22%	-17.34%	-2.33%	34.63%	3.91%	-26.90%	0.77%	25.54%	3.37%	-21.29%	-7.50%	32.24%	9.28%	-14.62%	0.99%	62.11%	4.46%	-24.49%	17.09%	28.91%	-4.95%	-22.16%	2.04%	40.31%	-6.36%	-21.74%	-0.55%	38.96%	-4.19%	-18.58%	-4.64%	41.97%	-4.17%	-24.53%	3.54%	37.38%	-4.32%	-22.32%	-3.18%	44.57%	-4.70%	-22.01%	-1.61%	48.49%	-5.27%	-23.23%	-3.03%	52.00%	-4.02%	-24.62%	1.69%	58.33%	-6.28%	-26.75%	2.92%	57.94%	-12.36%	-21.23%	-2.75%	64.00%	-8.23%	-22.33%	70.33%	36.04%	-13.94%	-31.91%	-3.35%	33.73%	-3.11%	-22.75%	9.48%	23.97%	-0.67%	-27.09%	0.55%	32.38%	-16.68%	7.70%	27.57%	13.75%	-16.94%	-3.71%	34.50%	0.46%	-17.14%	1.76%	32.23%	-20.35%
gross margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	30.48%	25.89%	25.79%	25.63%	24.83%	24.62%	24.77%	24.78%	24.54%
selling, general and administrative expenses	332,645,000	343,655,000	339,001,000	322,581,000	338,489,000	326,373,000	319,029,000	309,548,000	312,461,000	319,834,000	304,155,000	287,057,000	301,753,000	321,522,000	314,753,000	283,354,000	292,085,000	281,922,000	266,697,000	217,612,000	214,575,000	221,037,000	194,053,000	203,386,000	210,805,000	212,902,000	196,549,000	180,072,000	191,933,000	200,408,000	186,577,000	178,534,000	181,156,000	183,728,000	180,930,000	169,857,000	169,998,000	182,904,000	174,271,000	161,779,000	167,840,000	175,166,000	170,386,000	157,217,000	162,319,000	169,527,000	166,293,000	152,516,000	158,415,000	163,142,000	161,595,000	144,892,000	149,362,000	156,808,000	152,604,000	130,713,000	128,210,000	145,096,000	137,662,000	118,276,000	132,232,000	131,548,000	130,150,000	113,739,000	118,728,000	130,557,000	74,691,000	75,796,000	80,505,000	88,969,000	88,734,000	85,178,000	89,352,000	89,095,000	80,084,000	78,719,000	77,889,000	85,846,000	85,324,000	78,238,000	79,963,000	74,410,000	71,616,000	65,539,000	65,845,000	63,841,000	59,658,000	62,644,000	63,550,000	61,468,000	56,232,000	59,875,000
other income	5,735,000	9,502,000	7,382,000	5,146,000	6,593,000	10,376,000	8,072,000	5,460,000	5,793,000	9,506,000	7,238,000	3,640,000	5,382,000	6,927,000	6,317,000	4,045,000	3,032,000	6,057,000	5,539,000	4,671,000	2,092,000	4,055,000	4,103,000	1,014,000	2,317,000	3,530,000	2,965,000	1,444,000	791,000	3,696,000	3,157,000	1,638,000	1,592,000	2,294,000
operating income	101,528,000	234,762,000	271,869,000	112,188,000	136,188,000	250,247,000	268,803,000	126,537,000	107,748,000	256,617,000	265,705,000	164,740,000	137,179,000	236,253,000	287,097,000	171,049,000	123,066,000	206,799,000	216,783,000	81,880,000	69,761,000	156,781,000	129,249,000	45,243,000	52,033,000	125,319,000	134,400,000	55,132,000	58,502,000	122,297,000	137,346,000	53,937,000	61,366,000	114,461,000	129,348,000	48,699,000	58,074,000	119,300,000	117,590,000	50,668,000	54,201,000	110,680,000	124,859,000	47,008,000	51,976,000	105,238,000	112,980,000	35,553,000	40,115,000	95,455,000	105,085,000	30,554,000	33,431,000	85,697,000	85,871,000	19,909,000	32,500,000	74,311,000	75,529,000	16,710,000	21,795,000	63,993,000	70,919,000	8,865,000	14,876,000	41,452,000	26,294,000	-1,562,000	5,752,000	37,704,000	42,326,000	12,826,000	11,796,000	41,837,000	39,508,000	17,751,000	19,230,000	47,367,000	47,164,000	21,842,000	40,155,000	37,115,000	15,809,000	11,320,000	26,686,000	32,257,000	11,789,000	8,477,000	22,282,000	22,876,000	7,554,000	20,285,000
yoy	-25.45%	-6.19%	1.14%	-11.34%	26.39%	-2.48%	1.17%	-23.19%	-21.45%	8.62%	-7.45%	-3.69%	11.47%	14.24%	32.44%	108.90%	76.41%	31.90%	67.73%	80.98%	34.07%	25.11%	-3.83%	-17.94%	-11.06%	2.47%	-2.14%	2.22%	-4.67%	6.85%	6.18%	10.76%	5.67%	-4.06%	10.00%	-3.89%	7.15%	7.79%	-5.82%	7.79%	4.28%	5.17%	10.51%	32.22%	29.57%	10.25%	7.51%	16.36%	19.99%	11.39%	22.38%	53.47%	2.86%	15.32%	13.69%	19.14%	49.12%	16.12%	6.50%	88.49%	46.51%	54.38%	169.72%	-667.54%	158.62%	9.94%	-37.88%	-112.18%	-51.24%	-9.88%	7.13%	-27.74%	-38.66%	-11.67%	-16.23%	-18.73%	-52.11%	27.62%	198.34%	92.95%	50.47%	15.06%	34.10%	33.54%	19.76%	41.01%	56.06%	-58.21%
qoq	-56.75%	-13.65%	142.33%	-17.62%	-45.58%	-6.90%	112.43%	17.44%	-58.01%	-3.42%	61.29%	20.09%	-41.94%	-17.71%	67.84%	38.99%	-40.49%	-4.61%	164.76%	17.37%	-55.50%	21.30%	185.68%	-13.05%	-58.48%	-6.76%	143.78%	-5.76%	-52.16%	-10.96%	154.64%	-12.11%	-46.39%	-11.51%	165.61%	-16.14%	-51.32%	1.45%	132.08%	-6.52%	-51.03%	-11.36%	165.61%	-9.56%	-50.61%	-6.85%	217.78%	-11.37%	-57.97%	-9.16%	243.93%	-8.61%	-60.99%	-0.20%	331.32%	-38.74%	-56.26%	-1.61%	352.00%	-23.33%	-65.94%	-9.77%	699.99%	-40.41%	-64.11%	57.65%	-1783.35%	-127.16%	-84.74%	-10.92%	230.00%	8.73%	-71.80%	5.90%	122.57%	-7.69%	-59.40%	0.43%	115.93%	-45.61%	8.19%	134.77%	39.66%	-57.58%	-17.27%	173.62%	39.07%	-61.96%	-2.60%	202.83%	-62.76%
operating margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	4.49%	7.47%	8.66%	4.23%	2.96%	6.39%	6.72%	2.93%	6.22%
interest income	2,869,750	3,733,000	2,329,000	5,417,000
income before income taxes	107,378,000	238,495,000	274,198,000	117,605,000	142,901,000	257,020,000	273,716,000	129,007,000	108,748,000	254,727,000	262,290,000	164,125,000	137,165,000	235,770,000	285,987,000	170,491,000	122,827,000	206,578,000	216,335,000	81,792,000	69,703,000	156,673,000	128,966,000	44,453,000	51,423,000	123,885,000	133,188,000	54,356,000	58,137,000	121,250,000	136,583,000	53,372,000	60,022,000	112,344,000	127,701,000	47,444,000	57,397,000	118,304,000	116,536,000	49,682,000	53,180,000	109,161,000	123,229,000	45,631,000	50,560,000	103,704,000	111,733,000	34,544,000	38,936,000	93,674,000	103,397,000	29,372,000	32,189,000	84,512,000	84,521,000	19,021,000	31,213,000	72,959,000	74,532,000	15,888,000	20,965,000	63,124,000	70,025,000	7,968,000	16,120,250	40,421,000	25,950,000	-1,890,000								17,302,000	18,430,000	46,266,000	46,044,000	21,043,000	39,407,000	36,137,000	14,764,000	10,405,000	25,502,000	31,098,000	10,634,000	7,346,000	20,981,000	21,311,000	6,042,000	18,546,000
income taxes	20,328,000	49,265,000	57,430,000	23,065,000	27,721,000	55,373,000	59,065,000	24,745,000	11,007,000	54,103,000	56,887,000	33,754,000	-19,965,000	49,600,000	60,481,000	35,601,000	27,196,000	41,734,000	44,202,000	15,665,000	13,226,000	30,467,000	24,724,000	8,206,000	7,017,000	24,230,000	25,278,000	10,552,000	9,135,000	24,364,000	28,319,000	10,995,000	7,366,000	32,325,000	36,854,000	13,676,000	17,530,000	37,786,000	35,112,000	15,508,000	16,841,000	34,517,000	38,988,000	14,331,000	15,777,000	32,573,000	33,348,000	10,141,000	11,006,000	27,556,000	30,815,000	8,283,000	8,513,000	24,981,000	23,620,000	5,529,000	8,683,000	21,141,000	22,260,000	4,766,000	6,443,000	19,606,000	21,818,000		4,526,000	13,280,000	9,668,000		2,005,000	13,740,000	15,889,000	4,587,000	4,019,000	15,218,000	14,670,000	6,488,000	6,912,000	17,215,000	17,296,000	7,996,000	15,060,000	13,731,000	5,616,000	4,214,000	9,604,000	11,711,000	4,005,000	2,901,000	7,763,000	7,885,000	2,236,000	6,704,000
net income	87,050,000	189,230,000	216,768,000	94,540,000	115,180,000	201,647,000	214,651,000	104,262,000	97,741,000	200,624,000	205,403,000	130,371,000	157,130,000	186,170,000	225,506,000	134,890,000	95,631,000	164,844,000	172,133,000	66,127,000	56,477,000	126,206,000	104,242,000	36,247,000	44,406,000	99,655,000	107,910,000	43,804,000	49,002,000	96,886,000	108,264,000	42,377,000	52,656,000	80,019,000	90,847,000	33,768,000	39,867,000	80,518,000	81,424,000	34,174,000	36,339,000	74,644,000	84,241,000	31,300,000	34,783,000	71,131,000	78,385,000	24,403,000	27,930,000	66,118,000	72,582,000	21,089,000	23,676,000	59,531,000	60,901,000	13,492,000	22,530,000	51,818,000	52,272,000	11,122,000	14,522,000	43,518,000	48,207,000	5,475,000	9,322,000	27,141,000	16,282,000	-1,172,000	3,343,000	23,332,000	26,050,000	7,644,000	6,665,000	25,248,000	22,850,000	10,814,000	11,518,000	29,051,000	28,748,000	13,047,000	24,347,000	22,406,000	9,148,000	6,191,000	15,898,000	19,387,000	6,629,000	4,445,000	13,218,000	13,426,000	3,806,000	11,842,000
yoy	-24.42%	-6.16%	0.99%	-9.32%	17.84%	0.51%	4.50%	-20.03%	-37.80%	7.76%	-8.91%	-3.35%	64.31%	12.94%	31.01%	103.99%	69.33%	30.62%	65.13%	82.43%	27.18%	26.64%	-3.40%	-17.25%	-9.38%	2.86%	-0.33%	3.37%	-6.94%	21.08%	19.17%	25.49%	32.08%	-0.62%	11.57%	-1.19%	9.71%	7.87%	-3.34%	9.18%	4.47%	4.94%	7.47%	28.26%	24.54%	7.58%	8.00%	15.71%	17.97%	11.06%	19.18%	56.31%	5.09%	14.88%	16.51%	21.31%	55.14%	19.07%	8.43%	103.14%	55.78%	60.34%	196.08%	-567.15%	178.85%	16.33%	-37.50%	-115.33%	-49.84%	-7.59%	14.00%	-29.31%	-42.13%	-13.09%	-20.52%	-17.12%	-52.69%	29.66%	214.25%	110.74%	53.15%	15.57%	38.00%	39.28%	20.28%	44.40%	74.17%	-62.46%
qoq	-54.00%	-12.70%	129.29%	-17.92%	-42.88%	-6.06%	105.88%	6.67%	-51.28%	-2.33%	57.55%	-17.03%	-15.60%	-17.44%	67.18%	41.05%	-41.99%	-4.23%	160.31%	17.09%	-55.25%	21.07%	187.59%	-18.37%	-55.44%	-7.65%	146.35%	-10.61%	-49.42%	-10.51%	155.48%	-19.52%	-34.20%	-11.92%	169.03%	-15.30%	-50.49%	-1.11%	138.26%	-5.96%	-51.32%	-11.39%	169.14%	-10.01%	-51.10%	-9.25%	221.21%	-12.63%	-57.76%	-8.91%	244.17%	-10.93%	-60.23%	-2.25%	351.39%	-40.12%	-56.52%	-0.87%	369.99%	-23.41%	-66.63%	-9.73%	780.49%	-41.27%	-65.65%	66.69%	-1489.25%	-135.06%	-85.67%	-10.43%	240.79%	14.69%	-73.60%	10.49%	111.30%	-6.11%	-60.35%	1.05%	120.34%	-46.41%	8.66%	144.93%	47.76%	-61.06%	-18.00%	192.46%	49.13%	-66.37%	-1.55%	252.76%	-67.86%
net income margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	2.45%	4.45%	5.20%	2.38%	1.55%	3.79%	3.94%	1.48%	3.63%
less: net income attributable to non-controlling interest	15,305,000	27,655,000	33,155,000	14,479,000	18,339,000	30,616,000	33,241,000	17,258,000	15,194,000	29,671,000	32,639,000	20,298,000	19,459,000	28,529,000	32,949,000	21,592,000	16,745,000	23,979,000	28,031,000	11,035,000	10,467,000	19,717,000	17,664,000	5,745,000	7,128,000	16,175,000	17,755,000	8,767,000	9,409,000	17,723,000	18,307,000	8,158,000	9,401,000	14,990,000	17,091,000	7,587,000	10,314,000	17,419,000	16,803,000	8,637,000	9,849,000	16,676,000	18,818,000
net income attributable to watsco, inc.	71,745,000	161,575,000	183,613,000	80,061,000	96,841,000	171,031,000	181,410,000	87,004,000	82,547,000	170,953,000	172,764,000	110,073,000	137,671,000	157,641,000	192,557,000	113,298,000	78,886,000	140,865,000	144,102,000	55,092,000	46,010,000	106,489,000	86,578,000	30,502,000	37,278,000	83,480,000	90,155,000	35,037,000	39,593,000	79,163,000	89,957,000	34,219,000	43,255,000	65,029,000	73,756,000	26,181,000	29,553,000	63,099,000	64,621,000	25,537,000	26,490,000	57,968,000	65,423,000	23,048,000	24,072,000	54,461,000	56,101,000	16,753,000	17,321,000	45,699,000	51,318,000	13,385,000	14,759,000	41,005,000	39,103,000	8,466,000	13,380,000	33,547,000	36,023,000	7,500,000	10,445,000	31,437,000	35,045,000	3,833,000	7,073,000	21,131,000
earnings per share for common and class b common stock
basic	1.77	3.98	4.53		2.39	4.24	4.5	2.17	2.08	4.36	4.43	2.84	3.56	4.04	4.94	2.91	2.03	3.64	3.73		1.2	2.77	2.26		0.97	2.2	2.4	0.88	1.06	2.12	2.41		1.19	1.82	2.07		0.83	1.78	1.82				1.86	0.65	0.69	1.56	1.6	0.48	0.5	1.32	1.48	0.39	0.08	1.19	1.15	0.23	0.4	1.02	1.09	0.21	0.32	0.97	1.08	0.1	0.303	0.66	0.57	-0.04								0.41	0.44	1.11	1.1	0.5	0.94	0.86	0.35	0.24	0.62	0.76	0.26	0.18	0.53	0.54	0.15	0.47
diluted	1.77	3.98	4.52		2.38	4.22	4.49	2.17	2.07	4.35	4.42	2.83	3.55	4.03	4.93	2.9	2.03	3.62	3.71		1.19	2.76	2.26		0.96	2.2	2.4	0.88	1.06	2.11	2.4		1.19	1.82	2.07		0.83	1.78	1.82				1.85	0.65	0.68	1.56	1.6	0.48	0.5	1.32	1.48	0.39	0.09	1.19	1.15	0.23	0.4	1.02	1.09	0.21	0.33	0.97	1.08	0.1	0.303	0.66	0.56	-0.04								0.39	0.42	1.05	1.03	0.47	0.88	0.81	0.33	0.23	0.59	0.72	0.25	0.16	0.51	0.52	0.15	0.45
earnings per share for common and class b common stock
basic and diluted				1.93																1.39				0.72								0.89				0.71				0.71	1.04	1.64
interest expense					-6,713,000	-6,773,000	-4,913,000	-2,470,000	-1,000,000	1,890,000	3,415,000	615,000	14,000	483,000	1,110,000	558,000	239,000	221,000	448,000	88,000	58,000	108,000	283,000	790,000	610,000	1,434,000	1,212,000	776,000	365,000	1,047,000	763,000	565,000	1,344,000	2,117,000	1,647,000	1,255,000	677,000	996,000	1,054,000	986,000	1,021,000	1,519,000	1,630,000	1,377,000	1,416,000	1,534,000	1,247,000	1,009,000	1,179,000	1,781,000	1,688,000	1,182,000	1,242,000	1,185,000	1,350,000	888,000	1,287,000	1,352,000	997,000	822,000	830,000	869,000	894,000	897,000	1,028,000	1,031,000	344,000	328,000	404,000	632,000	387,000	595,000	1,078,000	1,255,000	390,000	449,000	800,000	1,101,000	1,120,000	799,000	748,000	978,000	1,045,000	915,000	1,184,000	1,159,000	1,155,000	1,131,000	1,301,000	1,565,000	1,512,000	1,739,000
earnings per share for common and class b common stock:
basic	1.77	3.98	4.53		2.39	4.24	4.5	2.17	2.08	4.36	4.43	2.84	3.56	4.04	4.94	2.91	2.03	3.64	3.73		1.2	2.77	2.26		0.97	2.2	2.4	0.88	1.06	2.12	2.41		1.19	1.82	2.07		0.83	1.78	1.82				1.86	0.65	0.69	1.56	1.6	0.48	0.5	1.32	1.48	0.39	0.08	1.19	1.15	0.23	0.4	1.02	1.09	0.21	0.32	0.97	1.08	0.1	0.303	0.66	0.57	-0.04								0.41	0.44	1.11	1.1	0.5	0.94	0.86	0.35	0.24	0.62	0.76	0.26	0.18	0.53	0.54	0.15	0.47
diluted	1.77	3.98	4.52		2.38	4.22	4.49	2.17	2.07	4.35	4.42	2.83	3.55	4.03	4.93	2.9	2.03	3.62	3.71		1.19	2.76	2.26		0.96	2.2	2.4	0.88	1.06	2.11	2.4		1.19	1.82	2.07		0.83	1.78	1.82				1.85	0.65	0.68	1.56	1.6	0.48	0.5	1.32	1.48	0.39	0.09	1.19	1.15	0.23	0.4	1.02	1.09	0.21	0.33	0.97	1.08	0.1	0.303	0.66	0.56	-0.04								0.39	0.42	1.05	1.03	0.47	0.88	0.81	0.33	0.23	0.59	0.72	0.25	0.16	0.51	0.52	0.15	0.45
earnings per share for common and class b common stock:
basic and diluted				1.93																1.39				0.72								0.89				0.71				0.71	1.04	1.64
less: net income attributable to noncontrolling interest																																												8,252,000	10,711,000	16,670,000	22,284,000	7,650,000	10,609,000	20,419,000	21,264,000	7,704,000	8,917,000	18,526,000	21,798,000	5,026,000	9,150,000	18,271,000	16,249,000	3,622,000	4,077,000	12,081,000	13,162,000
income tax benefit																																																																-2,493,000				718,000
less: net income attributable to the noncontrolling interest																																																																1,642,000	-14,269,000	6,010,000
weighted-average common and class b common shares and equivalent shares used to calculate earnings per share:
basic																																																																				26,673	26,453	26,539	26,467	26,278	26,297	26,399	26,336	26,203	26,150	26,136	26,186	26,121	26,030	26,044	25,935	25,507	25,560	25,455	25,313	25,086	25,059	25,016	25,122	25,369
diluted																																																																				26,673	27,736	27,884	27,754	27,564	27,824	27,919	27,939	27,792	27,829	27,689	27,891	27,984	27,777	27,771	27,554	26,931	26,974	26,920	26,729	26,037	26,077	25,786	25,778	26,367
income from continuing operations before income taxes																																																																					5,348,000	37,072,000	41,939,000	12,231,000	10,718,000	40,582,000	39,118,000
net income from continuing operations																																																																					3,343,000	23,332,000	26,050,000	7,644,000	6,699,000	25,364,000	24,448,000
loss from discontinued operations, net of income taxes
basic earnings per share for common and class b common stock :
net loss from discontinued operations
diluted earnings per share for common and class b common stock :
basic earnings per share for common and class b common stock:
diluted earnings per share for common and class b common stock:
income from discontinued operations, net of income taxes																																																																									-34,000	-116,000	-1,598,000
net income from discontinued operations																																																																											-0.06
revenue																																																																																				252,179,250	357,366,000	372,636,000	278,715,000	286,397,000	348,597,000	340,516,000	257,398,000	326,286,000
yoy																																																																																				-11.95%	2.52%	9.43%	8.28%	-12.23%
qoq																																																																																				-29.43%	-4.10%	33.70%	-2.68%	-17.84%	2.37%	32.29%	-21.11%
earnings per share for common stock and class b common stock:
basic	1.77	3.98	4.53		2.39	4.24	4.5	2.17	2.08	4.36	4.43	2.84	3.56	4.04	4.94	2.91	2.03	3.64	3.73		1.2	2.77	2.26		0.97	2.2	2.4	0.88	1.06	2.12	2.41		1.19	1.82	2.07		0.83	1.78	1.82				1.86	0.65	0.69	1.56	1.6	0.48	0.5	1.32	1.48	0.39	0.08	1.19	1.15	0.23	0.4	1.02	1.09	0.21	0.32	0.97	1.08	0.1	0.303	0.66	0.57	-0.04								0.41	0.44	1.11	1.1	0.5	0.94	0.86	0.35	0.24	0.62	0.76	0.26	0.18	0.53	0.54	0.15	0.47
diluted	1.77	3.98	4.52		2.38	4.22	4.49	2.17	2.07	4.35	4.42	2.83	3.55	4.03	4.93	2.9	2.03	3.62	3.71		1.19	2.76	2.26		0.96	2.2	2.4	0.88	1.06	2.11	2.4		1.19	1.82	2.07		0.83	1.78	1.82				1.85	0.65	0.68	1.56	1.6	0.48	0.5	1.32	1.48	0.39	0.09	1.19	1.15	0.23	0.4	1.02	1.09	0.21	0.33	0.97	1.08	0.1	0.303	0.66	0.56	-0.04								0.39	0.42	1.05	1.03	0.47	0.88	0.81	0.33	0.23	0.59	0.72	0.25	0.16	0.51	0.52	0.15	0.45
weighted-average shares and equivalent shares of common stock and class b common stock used to calculate earnings per share:
basic																																																																				26,673	26,453	26,539	26,467	26,278	26,297	26,399	26,336	26,203	26,150	26,136	26,186	26,121	26,030	26,044	25,935	25,507	25,560	25,455	25,313	25,086	25,059	25,016	25,122	25,369
diluted																																																																				26,673	27,736	27,884	27,754	27,564	27,824	27,919	27,939	27,792	27,829	27,689	27,891	27,984	27,777	27,771	27,554	26,931	26,974	26,920	26,729	26,037	26,077	25,786	25,778	26,367
earnings per share:
basic	1.77	3.98	4.53		2.39	4.24	4.5	2.17	2.08	4.36	4.43	2.84	3.56	4.04	4.94	2.91	2.03	3.64	3.73		1.2	2.77	2.26		0.97	2.2	2.4	0.88	1.06	2.12	2.41		1.19	1.82	2.07		0.83	1.78	1.82				1.86	0.65	0.69	1.56	1.6	0.48	0.5	1.32	1.48	0.39	0.08	1.19	1.15	0.23	0.4	1.02	1.09	0.21	0.32	0.97	1.08	0.1	0.303	0.66	0.57	-0.04								0.41	0.44	1.11	1.1	0.5	0.94	0.86	0.35	0.24	0.62	0.76	0.26	0.18	0.53	0.54	0.15	0.47
diluted	1.77	3.98	4.52		2.38	4.22	4.49	2.17	2.07	4.35	4.42	2.83	3.55	4.03	4.93	2.9	2.03	3.62	3.71		1.19	2.76	2.26		0.96	2.2	2.4	0.88	1.06	2.11	2.4		1.19	1.82	2.07		0.83	1.78	1.82				1.85	0.65	0.68	1.56	1.6	0.48	0.5	1.32	1.48	0.39	0.09	1.19	1.15	0.23	0.4	1.02	1.09	0.21	0.33	0.97	1.08	0.1	0.303	0.66	0.56	-0.04								0.39	0.42	1.05	1.03	0.47	0.88	0.81	0.33	0.23	0.59	0.72	0.25	0.16	0.51	0.52	0.15	0.45
weighted-average shares and equivalent shares used to calculate earnings per share:
basic																																																																				26,673	26,453	26,539	26,467	26,278	26,297	26,399	26,336	26,203	26,150	26,136	26,186	26,121	26,030	26,044	25,935	25,507	25,560	25,455	25,313	25,086	25,059	25,016	25,122	25,369
diluted																																																																				26,673	27,736	27,884	27,754	27,564	27,824	27,919	27,939	27,792	27,829	27,689	27,891	27,984	27,777	27,771	27,554	26,931	26,974	26,920	26,729	26,037	26,077	25,786	25,778	26,367
cost of sales – restructuring																																																																																												-74,000
restructuring reversals
weighted-average shares and equivalent shares used to calculate earnings per share
basic																																																																				26,673	26,453	26,539	26,467	26,278	26,297	26,399	26,336	26,203	26,150	26,136	26,186	26,121	26,030	26,044	25,935	25,507	25,560	25,455	25,313	25,086	25,059	25,016	25,122	25,369
diluted																																																																				26,673	27,736	27,884	27,754	27,564	27,824	27,919	27,939	27,792	27,829	27,689	27,891	27,984	27,777	27,771	27,554	26,931	26,974	26,920	26,729	26,037	26,077	25,786	25,778	26,367
restructuring costs																																																																																												-75,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30

assets
current assets:
cash and cash equivalents	433,283,000	324,348,000	292,978,000	431,823,000	526,271,000	294,354,000	224,854,000	278,864,000	210,112,000	175,022,000	162,526,000	140,955,000	147,505,000	130,228,000	129,049,000	110,607,000	118,268,000	137,201,000	96,787,000	93,875,000	146,067,000	92,600,000	79,573,000	51,236,000	74,454,000	60,150,000	55,915,000	77,273,000	82,894,000	67,612,000	72,000,000	58,073,000	80,496,000	66,667,000	51,034,000	47,421,000	56,010,000	35,910,000	30,544,000	32,856,000	35,229,000	28,505,000	21,851,000	16,251,000	24,447,000	16,691,000	16,865,000	19,457,000	19,478,000	29,229,000	25,531,000	22,033,000	73,770,000	45,961,000	35,207,000	18,057,000	15,673,000	21,022,000	18,627,000	35,535,000	126,498,000	99,871,000	87,757,000	74,096,000	58,093,000	65,317,000	45,303,000	45,743,000	41,444,000	8,773,000	5,844,000	7,475,000	9,405,000	620,000	40,363,000	40,374,000	34,340,000	790,000	7,204,000	675,000	42,222,000	5,615,000	6,665,000	85,144,000	37,256,000	16,548,000	10,369,000	36,339,000	16,413,000	12,304,000	19,138,000		7,299,000
short-term cash investments	300,000,000	200,000,000			255,669,000	255,669,000	200,000,000	200,000,000
accounts receivable	796,181,000	941,883,000	1,015,738,000	794,312,000	877,935,000	944,501,000	1,001,329,000	832,119,000	797,832,000	949,317,000	990,663,000	811,264,000	747,110,000	859,581,000	983,033,000	790,013,000	698,456,000	771,042,000	857,864,000	596,513,000	535,288,000	644,124,000	676,569,000	574,827,000	533,810,000	640,802,000	655,418,000	504,719,000	501,908,000	602,753,000	659,887,000	486,651,000	478,133,000	568,457,000	613,193,000	481,600,000	475,974,000	548,000,000	606,510,000	464,154,000	451,079,000	510,004,000	599,071,000	436,456,000	434,234,000	502,522,000	549,901,000	394,873,000	399,565,000	466,340,000	525,613,000	380,917,000	377,655,000	455,674,000	509,612,000	339,378,000	327,664,000	404,748,000	435,016,000	282,960,000	305,088,000	337,954,000	385,532,000	257,523,000	266,284,000	326,022,000	176,429,000	135,959,000	151,317,000	194,747,000	230,023,000	177,610,000	178,415,000	227,810,000	206,861,000	175,839,000	180,968,000	212,227,000	228,723,000	186,704,000	205,564,000	208,776,000	169,540,000	145,213,000	161,179,000	174,123,000	141,721,000	137,678,000	157,209,000	168,425,000	133,256,000		155,620,000
inventories	1,386,317,000	1,601,786,000	1,952,842,000	1,776,090,000	1,385,436,000	1,596,795,000	1,573,496,000	1,655,635,000	1,347,289,000	1,549,740,000	1,689,309,000	1,614,294,000	1,370,173,000	1,385,191,000	1,480,519,000	1,390,298,000	1,115,469,000	1,042,144,000	1,044,608,000	986,648,000	781,299,000	884,653,000	854,368,000	942,815,000	920,786,000	970,475,000	967,394,000	893,640,000	837,129,000	810,869,000	872,902,000	810,021,000	761,314,000	786,056,000	770,012,000	751,505,000	685,011,000	739,718,000	749,333,000	746,122,000	673,967,000	751,944,000	799,044,000	800,856,000	677,990,000	729,865,000	759,973,000	707,839,000	583,154,000	643,874,000	692,006,000	647,078,000	546,083,000	618,077,000	672,434,000	532,432,000	465,349,000	540,456,000	612,736,000	502,832,000	391,925,000	456,768,000	522,545,000	458,234,000	410,078,000	457,951,000	266,119,000	260,297,000	250,914,000	313,637,000	339,017,000	304,901,000	288,149,000	329,965,000	321,632,000	332,055,000	291,024,000	322,444,000	338,198,000	316,718,000	264,273,000	254,482,000	248,850,000	218,704,000	255,802,000	243,297,000	212,810,000	194,267,000	207,468,000	215,487,000	190,620,000		189,713,000
other current assets	38,725,000	47,950,000	38,160,000	33,124,000	34,670,000	41,673,000	34,718,000	31,754,000	36,698,000	56,493,000	40,070,000	31,302,000	33,951,000	34,876,000	31,330,000	29,210,000	29,207,000	30,474,000	22,803,000	18,319,000	21,791,000	22,742,000	20,959,000	21,501,000	17,680,000	19,400,000	16,367,000	14,752,000	19,875,000	20,611,000	16,664,000	16,979,000	17,454,000	17,761,000	17,502,000	19,975,000	23,161,000	25,381,000	20,438,000	18,793,000	20,990,000	24,041,000	21,444,000	19,773,000	20,664,000	22,258,000	19,479,000	16,997,000	18,905,000	22,372,000	17,834,000	16,872,000	17,943,000	21,258,000	20,342,000	21,095,000	19,491,000	27,489,000	16,300,000	16,962,000	14,493,000	22,107,000	19,784,000	18,989,000	20,843,000	18,485,000	12,381,000	14,317,000	13,028,000	13,292,000	11,003,000	12,549,000	11,259,000	14,069,000	8,784,000	10,837,000	11,476,000	13,972,000	10,426,000	13,404,000	8,931,000	9,711,000	8,987,000	8,638,000						9,332,000	11,576,000		13,711,000
total current assets	2,954,506,000	3,115,967,000	3,299,718,000	3,035,349,000	3,079,981,000	3,132,992,000	3,034,397,000	2,998,372,000	2,391,931,000	2,730,572,000	2,882,568,000	2,597,815,000	2,298,739,000	2,409,876,000	2,623,931,000	2,320,128,000	1,961,400,000	1,980,861,000	2,022,062,000	1,695,355,000	1,484,445,000	1,644,119,000	1,631,469,000	1,590,379,000	1,546,730,000	1,690,827,000	1,695,094,000	1,490,384,000	1,441,806,000	1,501,845,000	1,621,453,000	1,371,724,000	1,337,397,000	1,438,941,000	1,451,741,000	1,300,501,000	1,240,156,000	1,349,009,000	1,406,825,000	1,261,925,000	1,181,265,000	1,314,494,000	1,441,410,000	1,273,336,000	1,157,335,000	1,271,336,000	1,346,218,000	1,139,166,000	1,021,102,000	1,161,815,000	1,260,984,000	1,066,900,000	1,015,451,000	1,140,970,000	1,237,595,000	910,962,000	828,177,000	993,715,000	1,082,679,000	838,289,000	838,004,000	916,700,000	1,015,618,000	808,842,000	755,298,000	867,775,000	500,232,000	456,316,000	456,703,000	530,449,000	585,887,000	502,535,000	487,228,000	572,464,000	582,365,000	559,105,000	517,808,000	549,433,000	584,551,000	517,501,000	520,990,000	478,584,000	434,042,000	457,699,000	463,072,000	445,966,000	376,086,000	377,528,000	389,617,000	405,548,000	354,590,000		366,343,000
property and equipment	136,012,000	135,450,000	137,257,000	138,113,000	140,535,000	140,317,000	138,301,000	138,486,000	136,230,000	134,076,000	128,065,000	126,582,000	125,424,000	121,678,000	119,525,000	115,385,000	111,019,000	105,842,000	104,967,000	100,378,000	98,225,000	97,660,000	97,143,000	97,443,000	98,523,000	97,926,000	95,586,000	93,176,000	91,046,000	91,275,000	91,312,000	90,238,000	91,198,000	91,483,000	92,255,000	90,532,000	90,502,000	59,729,000	60,311,000	61,866,000	62,715,000	63,297,000	60,989,000	53,115,000	53,480,000	45,355,000	45,139,000	44,072,000	45,418,000	44,891,000	43,912,000	42,997,000	42,842,000	42,715,000	43,440,000	40,727,000	39,455,000	37,323,000	36,178,000	30,431,000	31,221,000	30,999,000	31,361,000	31,133,000	33,118,000	33,567,000	22,538,000	23,485,000	24,209,000	25,079,000	25,319,000	25,830,000	26,904,000	26,262,000	20,908,000	21,070,000	21,476,000	20,757,000	17,804,000	17,532,000	15,901,000	16,280,000	16,668,000	15,093,000	15,224,000	20,396,000	21,194,000	22,066,000	23,116,000	24,182,000	24,416,000		26,991,000
operating lease right-of-use assets	452,547,000	430,385,000	425,940,000	432,692,000	419,138,000	401,000,000	384,816,000	383,434,000	368,748,000	362,901,000	334,376,000	325,878,000	317,314,000	312,397,000	298,223,000	288,660,000	268,528,000	262,965,000	263,682,000	203,603,000	209,169,000	218,884,000	226,544,000	221,285,000	223,369,000	225,366,000	190,530,000	183,326,000
goodwill	462,509,000	465,063,000	466,167,000	454,868,000	451,858,000	458,829,000	458,353,000	459,440,000	457,148,000	491,522,000	431,592,000	430,743,000	430,711,000	430,231,000	432,777,000	434,139,000	434,019,000	432,514,000	434,946,000	413,082,000	412,486,000	409,783,000	408,772,000	406,998,000	411,217,000	407,009,000	398,575,000	393,504,000	391,998,000	397,451,000	380,690,000	381,553,000	382,729,000	382,969,000	381,223,000	380,166,000	379,737,000	380,786,000	381,496,000	381,238,000	378,310,000	379,985,000	383,272,000	382,534,000	387,311,000	389,364,000	392,354,000	390,125,000	392,610,000	394,746,000	393,332,000	395,737,000	397,262,000	385,826,000	386,954,000	319,440,000	319,440,000	318,406,000	316,060,000	303,703,000	303,703,000	303,703,000	304,154,000	303,257,000	303,257,000	287,790,000	219,810,000	219,810,000	219,810,000	219,809,000	218,732,000	217,138,000	217,129,000	225,045,000	163,097,000	162,155,000	161,107,000								132,546,000	132,544,000	130,476,000	130,412,000	130,174,000	129,873,000	125,533,000
intangible assets	210,427,000	206,990,000	209,792,000	207,361,000	208,472,000	211,757,000	211,586,000	214,055,000	218,146,000	172,473,000	175,766,000	174,290,000	175,191,000	174,978,000	183,133,000	187,995,000	186,896,000	187,662,000	190,093,000	169,931,000	169,929,000	164,551,000	163,638,000	160,736,000	172,004,000	171,310,000	155,120,000	148,797,000	147,851,000	153,446,000	152,817,000	156,530,000	161,065,000	163,013,000	159,803,000	158,322,000	158,564,000	162,472,000	165,537,000	166,240,000	160,481,000	165,753,000	174,672,000	174,379,000	186,476,000	192,470,000	200,499,000	197,112,000	203,843,000	209,832,000	208,393,000	214,878,000	219,501,000	223,157,000	219,683,000	74,753,000	75,366,000	76,007,000	76,155,000	56,135,000	56,627,000	57,089,000	57,552,000	58,016,000	58,566,000																												125,531,000
investment in unconsolidated entity	185,234,000	187,364,000	177,862,000	173,757,000	168,611,000	162,018,000	156,886,000	151,698,000	146,238,000	137,596,000	141,082,000	136,442,000	132,802,000	127,420,000	122,831,000	118,853,000	114,808,000	111,776,000	108,057,000	102,518,000	97,847,000	103,355,000	99,950,000	95,847,000	94,833,000
other assets	13,570,000	13,481,000	12,777,000	12,213,000	10,928,000	10,563,000	10,985,000	11,633,000	10,741,000	9,927,000	9,562,000	8,864,000	8,033,000	8,007,000	8,172,000	8,729,000	9,191,000	9,301,000	7,877,000	7,397,000	12,246,000	9,333,000	9,211,000	9,141,000	9,485,000	100,621,000	97,529,000	89,756,000	88,332,000	86,731,000	79,348,000	76,233,000	74,488,000	71,813,000	69,396,000	5,758,000	5,690,000	5,601,000	5,422,000	5,621,000	5,671,000	5,930,000	6,212,000	6,141,000	6,465,000	6,463,000	6,629,000	6,381,000	6,558,000	6,749,000	6,388,000	6,771,000	6,999,000	7,149,000	7,203,000	4,731,000	5,710,000	6,299,000	6,820,000	7,116,000	7,672,000	8,433,000	8,883,000	9,672,000	10,374,000	70,565,000	20,004,000	14,580,000	15,339,000	15,676,000	15,818,000	16,800,000	16,908,000	6,268,000	4,626,000	8,361,000	10,980,000	3,668,000	3,973,000	4,035,000	4,144,000	4,439,000	4,229,000	3,332,000						6,132,000	6,173,000		6,819,000
liabilities and shareholders’ equity
current liabilities:
current portion of lease liabilities	117,153,000	116,696,000	115,417,000	113,322,000	110,273,000	107,369,000	104,409,000	102,897,000		98,507,000												71,174,000	69,823,000	69,344,000
accounts payable	350,425,000	411,412,000	678,114,000	545,567,000	490,879,000	549,443,000	564,082,000	687,637,000	369,396,000	509,308,000	602,462,000	593,148,000	456,128,000	474,268,000	625,962,000	462,569,000	364,185,000	454,498,000	490,921,000	384,109,000	251,553,000	352,694,000	377,445,000	311,586,000	239,666,000	311,317,000	356,062,000	278,634,000	200,229,000	234,482,000	358,148,000	245,405,000	230,476,000	296,349,000	286,390,000	259,737,000	185,482,000	229,743,000	273,315,000	222,508,000	145,162,000	200,641,000	243,458,000	238,329,000	173,360,000	224,267,000	269,024,000	260,663,000	141,104,000	198,277,000	242,933,000	217,917,000	184,957,000	219,563,000	272,418,000	182,462,000	127,359,000	171,402,000	349,350,000	212,906,000	182,185,000	235,623,000	344,842,000	176,605,000	145,825,000	203,898,000	106,070,000	78,488,000	63,850,000	91,883,000	182,726,000	124,352,000	88,596,000	108,917,000	145,579,000	138,949,000	103,210,000	103,933,000	158,026,000	128,333,000	128,253,000	122,848,000	88,327,000	94,704,000	101,300,000	113,079,000	72,444,000	76,526,000	92,524,000	106,000,000	75,715,000		75,902,000
accrued expenses and other current liabilities	250,164,000	284,036,000	277,385,000	266,250,000	382,749,000	276,337,000	276,676,000	235,592,000	242,351,000	279,813,000	260,438,000	267,399,000	303,397,000	376,016,000	346,781,000	287,458,000	278,036,000	259,483,000	243,037,000	173,944,000	163,788,000	185,630,000	191,590,000	139,544,000	152,630,000	163,384,000	163,672,000	130,293,000	157,091,000	157,761,000	163,056,000	132,090,000	185,757,000	163,806,000	136,166,000	117,363,000	129,206,000	128,188,000	132,246,000	124,556,000	124,955,000	127,861,000	125,697,000	117,640,000	113,493,000	116,317,000	116,463,000	92,403,000	102,295,000	113,406,000	118,840,000	91,719,000	97,397,000	108,634,000	108,905,000	82,361,000	75,661,000	96,643,000	95,955,000	71,805,000	83,748,000	93,108,000	103,430,000	70,787,000	77,950,000	85,154,000	46,002,000	33,713,000	43,706,000	51,308,000	56,237,000	34,312,000	40,493,000	48,734,000	40,701,000	44,992,000	42,897,000	45,981,000	45,245,000	36,715,000	53,891,000	41,850,000	34,615,000	42,399,000
total current liabilities	717,742,000	812,144,000	1,070,916,000	925,139,000	983,901,000	933,149,000	945,167,000	1,026,126,000	712,012,000	887,628,000	955,999,000	953,083,000	906,522,000	939,522,000	1,061,343,000	836,839,000	726,722,000	796,693,000	815,264,000	630,820,000	487,145,000	609,498,000	638,858,000	520,474,000	461,717,000	542,288,000	580,518,000	469,773,000	357,566,000	508,821,000	522,923,000	377,731,000	416,477,000	460,399,000	424,436,000	378,898,000	314,888,000	358,127,000	406,549,000	347,251,000	270,301,000	331,037,000	371,898,000	356,141,000	287,022,000	340,751,000	385,652,000	353,175,000	243,506,000	311,789,000	361,777,000	309,640,000	282,358,000	328,204,000	381,336,000	307,339,000	223,039,000	383,075,000	445,346,000	284,772,000	266,005,000	328,860,000	448,425,000	247,503,000	223,926,000	289,230,000	152,302,000	112,457,000	107,824,000	143,472,000	239,251,000	158,962,000	129,364,000	157,913,000	186,363,000	194,028,000	156,191,000	159,995,000	213,351,000	175,128,000	192,248,000	174,779,000	132,999,000	147,159,000	154,792,000	159,613,000	100,658,000	108,003,000	128,003,000	136,130,000	95,023,000		103,262,000
long-term obligations:
operating lease liabilities, net of current portion	350,616,000	328,194,000	324,601,000	332,523,000	321,715,000	305,412,000	291,434,000	290,951,000	276,913,000	272,154,000	247,928,000	239,309,000	232,144,000	227,564,000	213,344,000	205,163,000	187,024,000	182,772,000	184,925,000	132,829,000	139,527,000	149,075,000	157,214,000	152,065,000	154,271,000	157,503,000	129,636,000	124,485,000
finance lease liabilities, net of current portion	11,019,000	12,618,000	14,068,000	13,847,000	15,475,000	15,580,000	15,684,000	15,362,000	12,214,000	12,585,000	10,975,000	11,230,000	11,388,000	10,764,000	10,204,000	10,633,000	9,189,000	6,676,000	6,165,000	5,742,000	4,811,000	3,569,000	2,315,000	2,106,000
total long-term obligations	361,635,000	340,812,000	338,669,000	346,370,000	337,190,000	320,992,000	307,118,000	306,313,000	304,527,000	390,339,000	601,803,000	448,139,000	243,532,000	247,128,000	427,148,000	478,296,000	285,213,000	191,172,000	305,257,000	187,471,000	144,338,000	153,312,000	192,886,000	310,314,000	311,980,000	328,666,000	350,948,000	263,734,000	135,752,000	169,000	141,799,000	91,233,000	22,085,000	285,045,000	379,544,000	280,597,000	235,642,000	219,792,000	267,791,000	238,366,000	245,814,000	305,502,000	434,010,000	341,295,000	303,885,000	352,732,000	349,560,000	227,229,000	230,557,000	285,340,000	398,288,000	322,017,000	316,196,000	202,194,000	235,638,000			7,000	65,016,000	24,116,000	10,016,000	22,664,000	20,574,000	47,650,000	13,429,000	43,688,000	20,697,000	20,739,000	20,783,000	48,840,000	24,206,000	39,978,000	55,042,000	96,061,000	30,077,000	30,095,000	30,118,000	55,129,000	60,149,000	45,176,000	40,293,000	40,188,000	55,143,000	50,155,000	50,153,000	50,125,000	60,126,000	60,153,000	60,157,000	80,193,000	80,195,000		82,237,000
deferred income taxes and other liabilities	113,367,000	100,117,000	98,109,000	94,984,000	94,194,000	101,464,000	98,849,000	97,106,000	96,453,000	95,338,000	93,159,000	91,095,000	89,882,000	81,784,000	80,326,000	78,039,000	76,511,000	81,531,000	79,630,000	77,146,000	73,103,000	74,937,000	68,901,000	68,155,000	67,697,000	69,083,000	67,606,000	66,181,000	66,002,000	61,208,000	58,904,000	57,688,000	57,338,000	70,740,000	70,078,000	67,566,000	72,371,000	73,344,000	72,011,000	70,569,000	68,606,000	71,355,000	69,949,000	67,662,000	68,121,000	71,944,000	70,093,000	68,403,000	68,076,000	64,381,000	62,877,000	61,465,000	61,461,000	48,096,000	47,115,000	43,315,000	43,399,000	37,040,000	36,159,000	32,299,000	32,310,000	28,655,000	28,737,000	28,125,000	28,450,000	24,462,000	18,476,000	18,575,000	16,794,000	17,497,000	15,472,000	13,844,000	13,806,000	13,953,000	11,208,000	9,986,000	8,676,000	12,669,000	10,791,000	9,202,000	12,331,000	10,236,000	7,791,000	8,237,000	6,421,000	5,357,000	6,227,000	6,070,000	5,564,000	6,189,000	6,012,000		10,387,000
commitments and contingencies
watsco, inc. shareholders’ equity:
common stock	19,504,000	19,496,000	19,484,000	19,468,000	19,431,000	19,447,000	19,427,000	19,408,000	19,353,000	19,323,000	19,155,000	19,122,000	19,054,000	19,039,000	19,007,000	18,987,000	18,941,000	18,913,000	18,893,000	18,863,000	18,851,000	18,830,000	18,804,000	18,789,000	18,768,000	18,734,000	18,531,000	18,498,000	18,476,000	18,464,000	18,437,000	18,438,000	18,412,000	18,350,000	18,351,000	18,359,000	18,341,000	18,340,000	18,328,000	18,330,000	18,308,000	18,283,000	18,275,000	18,268,000	18,222,000	18,209,000	18,200,000	18,208,000	18,182,000	18,166,000	18,147,000	18,147,000	18,131,000	18,047,000	18,017,000	17,364,000	17,338,000	17,314,000	17,303,000	17,294,000	17,223,000	17,190,000	17,199,000	17,191,000	17,105,000	17,098,000	15,557,000	15,471,000	15,442,000	15,421,000	15,355,000	15,298,000	15,256,000	15,245,000	15,193,000	15,131,000	15,059,000	15,051,000	15,040,000	14,956,000	14,520,000	14,527,000	14,470,000	14,293,000	14,242,000	14,146,000	14,120,000	14,031,000	13,929,000	13,798,000	13,739,000		13,614,000
class b common stock	2,817,000	2,817,000	2,813,000	2,808,000	2,789,000	2,795,000	2,800,000	2,801,000	2,781,000	2,788,000	2,791,000	2,791,000	2,757,000	2,917,000	2,918,000	2,925,000	2,895,000	2,904,000	2,906,000	2,897,000	2,846,000	2,830,000	2,826,000	2,821,000	2,765,000	2,751,000	2,735,000	2,723,000	2,691,000	2,684,000	2,683,000	2,681,000	2,638,000	2,687,000	2,683,000	2,658,000	2,610,000	2,590,000	2,579,000	2,574,000	2,533,000	2,540,000	2,531,000	2,518,000	2,467,000	2,467,000	2,462,000	2,449,000	2,367,000	2,368,000	2,355,000	2,355,000	2,315,000	2,383,000	2,377,000	2,379,000	2,350,000	2,353,000	2,354,000	2,353,000	2,187,000	2,187,000	2,191,000	2,191,000	2,150,000	2,106,000	1,977,000	1,984,000	1,907,000	1,910,000	1,915,000	1,917,000	1,861,000	1,867,000	1,874,000	1,875,000	1,875,000	1,876,000	1,878,000	1,949,000	2,077,000	1,967,000	1,945,000	1,857,000	1,864,000	1,896,000	1,835,000	1,838,000	1,782,000	1,798,000	1,812,000		1,721,000
preferred stock, 0.50 par value, 10,000,000 shares authorized; no shares issued
paid-in capital	1,563,389,000	1,550,113,000	1,531,598,000	1,508,819,000	1,472,170,000	1,486,504,000	1,466,537,000	1,452,450,000	1,153,459,000	1,138,749,000	1,023,147,000	997,316,000	973,060,000	1,047,317,000	1,032,291,000	1,023,680,000	1,003,932,000	988,310,000	979,430,000	966,536,000	950,915,000	940,015,000	928,845,000	920,190,000	907,877,000	894,917,000	828,932,000	841,575,000	832,121,000	829,050,000	817,559,000	814,711,000	804,008,000	582,789,000	575,661,000	574,954,000	592,350,000	614,811,000	610,255,000	610,285,000	602,522,000	597,519,000	593,015,000	588,092,000	580,564,000	576,280,000	616,011,000	613,280,000	606,384,000	603,586,000	599,713,000	597,491,000	592,820,000	589,347,000	595,269,000	498,675,000	493,519,000	489,963,000	488,209,000	479,235,000	472,883,000	468,874,000	468,159,000	466,057,000	461,563,000	461,621,000	294,078,000	288,188,000	282,636,000	280,144,000	274,801,000	271,144,000	267,669,000	265,473,000	262,656,000	258,855,000	253,422,000	251,776,000	249,846,000	247,774,000	262,863,000	260,342,000	255,283,000	238,627,000	236,627,000	233,933,000	229,449,000	226,363,000	220,367,000	218,701,000	217,511,000		215,289,000
accumulated other comprehensive loss, net of tax	-50,305,000	-53,530,000	-49,371,000	-59,729,000	-59,893,000	-46,888,000	-50,170,000	-47,870,000	-42,331,000	-47,405,000	-42,760,000	-47,540,000	-47,710,000	-50,108,000	-37,506,000	-31,241,000	-34,176,000	-35,098,000	-29,744,000	-32,393,000	-34,867,000	-43,245,000	-46,268,000	-51,789,000	-39,050,000	-42,040,000	-40,146,000	-43,185,000	-45,968,000	-38,157,000	-40,459,000	-37,569,000	-34,221,000	-33,872,000	-39,189,000	-42,490,000	-43,530,000	-40,532,000	-38,704,000	-39,476,000	-46,904,000	-42,033,000	-33,640,000	-34,690,000	-23,747,000	-18,881,000	-11,827,000	-16,847,000	-11,474,000	-6,859,000	-9,781,000	-4,979,000	-2,102,000	-434,000	-5,180,000	-336,000	-352,000	-392,000	-446,000	-515,000	-593,000	-688,000	-757,000	-790,000	-821,000	-872,000	-965,000	-1,106,000	-1,125,000	-604,000	-644,000	-898,000	-431,000	-74,000	-2,000	-94,000	-126,000	-197,000	-166,000	-296,000	-639,000	-943,000	-832,000	-1,268,000	-1,562,000	-1,466,000	-2,304,000	-2,075,000	-2,693,000	-3,291,000	-3,196,000		-3,533,000
retained earnings	1,319,201,000	1,369,136,000	1,329,149,000	1,266,996,000	1,295,972,000	1,308,166,000	1,246,053,000	1,173,446,000	1,183,207,000	1,197,184,000	1,121,944,000	1,044,619,000	1,029,516,000	977,050,000	905,167,000	798,299,000	760,796,000	756,992,000	691,658,000	622,944,000	636,373,000	658,622,000	620,272,000	601,771,000	632,507,000	656,187,000	632,983,000	603,041,000	627,969,000	642,643,000	617,666,000	581,893,000	594,556,000	595,980,000	575,584,000	539,280,000	550,482,000	558,235,000	525,270,000	490,780,000	495,276,000	493,478,000	460,185,000	419,403,000	420,879,000	417,793,000	384,307,000	342,192,000	339,362,000	335,919,000	298,880,000	256,220,000	251,475,000	430,556,000	410,927,000	392,356,000	404,360,000	409,770,000	395,002,000	377,749,000	387,186,000	393,584,000	378,994,000	360,795,000	372,454,000	380,760,000	374,887,000	372,308,000	386,225,000	395,613,000	385,005,000	371,663,000	375,207,000	379,820,000	363,846,000	341,034,000	346,375,000	341,814,000	319,714,000	297,933,000	281,780,000	261,267,000	242,708,000	237,342,000	233,828,000	220,599,000	201,212,000	199,340,000	196,978,000	184,802,000	172,411,000		169,230,000
treasury stock	-73,230,000	-73,230,000	-73,231,000	-73,312,000	-73,479,000	-73,649,000	-73,810,000	-73,810,000	-86,630,000	-86,630,000	-86,630,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-87,440,000	-113,795,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-114,425,000	-111,280,000	-109,605,000	-109,605,000	-109,605,000	-100,219,000	-100,219,000	-100,219,000	-100,219,000	-100,219,000	-100,219,000	-88,546,000	-75,781,000	-74,401,000	-67,170,000	-67,170,000	-67,170,000	-66,334,000	-66,334,000	-66,334,000	-66,334,000	-62,701,000	-62,645,000		-57,491,000
total watsco, inc. shareholders’ equity	2,781,376,000	2,814,802,000	2,760,442,000	2,665,050,000	2,656,990,000	2,696,375,000	2,610,837,000	2,526,425,000	2,229,839,000	2,224,009,000	2,037,647,000	1,928,868,000	1,889,237,000	1,908,775,000	1,834,437,000	1,725,210,000	1,664,948,000	1,644,581,000	1,575,703,000	1,491,407,000	1,486,678,000	1,489,612,000	1,437,039,000	1,404,342,000	1,435,427,000	1,443,109,000	1,355,595,000	1,335,212,000	1,347,849,000	1,367,244,000	1,328,446,000	1,292,714,000	1,297,953,000	1,052,139,000	1,018,665,000	978,336,000	1,005,828,000	1,039,019,000	1,003,303,000	968,068,000	957,310,000	955,362,000	925,941,000	879,166,000	883,960,000	881,443,000	894,728,000	844,857,000	840,396,000	838,755,000	794,889,000	754,809,000	748,214,000	925,474,000	906,985,000	796,013,000	802,790,000	804,583,000	787,997,000	761,691,000	764,461,000	766,722,000	751,361,000	731,019,000	738,026,000	746,288,000
non-controlling interest	440,685,000	486,825,000	461,377,000	422,810,000	407,248,000	465,496,000	433,353,000	401,148,000	386,351,000	441,753,000	414,403,000	379,429,000	359,041,000	407,378,000	385,338,000	355,505,000	332,467,000	376,944,000	355,830,000	305,420,000	293,083,000	320,326,000	299,043,000	278,544,000	279,340,000	309,913,000	277,767,000	264,043,000	253,864,000	293,306,000	273,548,000	256,912,000	253,024,000	279,896,000	261,695,000	229,882,000	245,920,000	267,315,000	269,937,000	252,636,000	246,411,000	266,203,000	264,757,000
total shareholders’ equity	3,222,061,000	3,301,627,000	3,221,819,000	3,087,860,000	3,064,238,000	3,161,871,000	3,044,190,000	2,927,573,000	2,616,190,000	2,665,762,000	2,452,050,000	2,308,297,000	2,248,278,000	2,316,153,000	2,219,775,000	2,080,715,000	1,997,415,000	2,021,525,000	1,931,533,000	1,796,827,000	1,779,761,000	1,809,938,000	1,736,082,000	1,682,886,000	1,714,767,000	1,753,022,000	1,633,362,000	1,599,255,000	1,601,713,000	1,660,550,000	1,601,994,000	1,549,626,000	1,550,977,000	1,332,035,000	1,280,360,000	1,208,218,000	1,251,748,000	1,306,334,000	1,273,240,000	1,220,704,000	1,203,721,000	1,221,565,000	1,190,698,000	1,124,407,000	1,132,039,000	1,139,561,000	1,185,534,000	1,128,049,000	1,127,392,000	1,156,523,000	1,090,067,000	1,034,161,000	1,022,040,000	1,221,323,000	1,230,786,000	999,959,000	1,001,710,000	1,011,628,000	971,371,000	894,487,000	928,896,000	936,745,000	919,832,000	887,642,000	894,808,000	902,317,000	571,109,000	562,420,000	570,660,000	581,204,000	566,827,000	549,519,000	549,957,000	562,112,000	543,348,000	516,582,000	516,386,000	510,101,000	486,093,000	473,770,000	460,641,000	437,867,000	423,305,000	402,738,000	403,168,000	387,370,000	365,749,000	360,869,000	354,393,000	343,223,000	329,482,000		329,798,000
preferred stock, 0.50 par value
borrowings under revolving credit agreement													56,400,000	8,800,000	203,600,000	262,500,000	89,000,000	1,724,000	114,167,000	48,900,000		668,000	33,357,000	156,143,000	155,700,000	169,300,000	219,600,000	137,500,000	135,200,000	116,400,000	141,600,000	91,000,000	21,800,000	284,700,000	379,300,000	280,300,000	235,294,000	219,400,000	267,348,000	237,900,000	245,300,000	304,941,000	433,412,000	340,653,000	303,199,000	352,003,000	348,787,000	226,744,000	230,044,000	284,800,000	398,276,000	322,004,000														43,000,000	20,000,000	20,000,000	20,000,000	48,000,000	23,300,000	39,000,000	54,000,000	95,000,000	30,000,000	30,000,000	30,000,000	55,000,000	60,000,000	35,000,000	30,000,000	30,000,000	35,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000	50,000,000	50,000,000		51,000,000
current portion of long-term obligations									100,265,000		93,099,000	92,536,000	90,597,000	89,238,000	88,600,000	86,812,000	84,501,000	82,712,000	81,306,000	72,767,000	71,804,000						60,784,000	58,506,000																								4,000	4,000			16,000	19,000	30,000	41,000	61,000	72,000	129,000	153,000	111,000	151,000	178,000	230,000	256,000	268,000	281,000	288,000	298,000	275,000	262,000	83,000	10,087,000	10,084,000	10,081,000	10,080,000	10,080,000	10,104,000	10,081,000	10,057,000	10,056,000	10,059,000	10,104,000	187,000	172,000	178,000	239,000	249,000		296,000
current portion of other long-term obligations																									69,421,000	67,587,000			246,000	178,000	209,000	236,000	244,000	244,000	204,000	202,000	200,000	196,000	195,000	187,000	184,000	182,000	174,000	172,000	169,000	167,000	165,000	109,000	107,000	106,000	4,000			7,000	13,000
other long-term obligations, net of current portion																									2,009,000	1,863,000	1,712,000	1,749,000	552,000	169,000	199,000	233,000	285,000	345,000	244,000	297,000	348,000	392,000	443,000	466,000	514,000	561,000	598,000	642,000	686,000	729,000	773,000	485,000	513,000	540,000	12,000	13,000	14,000	14,000	17,000			7,000	16,000	16,000	16,000	564,000	574,000	650,000	666,000	688,000	697,000	739,000	783,000	840,000	906,000	978,000	1,042,000	1,061,000	77,000	95,000	118,000	129,000	149,000	176,000	293,000	188,000	143,000
short-term borrowings																												2,340,000			1,510,000				1,676,000	1,596,000			793,000			2,353,000
short-term debt																																											2,569,000
noncontrolling interest																																												245,241,000	248,079,000	258,118,000	290,806,000	283,192,000	286,996,000	317,768,000	295,178,000	279,352,000	273,826,000	295,849,000	323,801,000	203,946,000	198,920,000	207,045,000	183,374,000	132,796,000	164,435,000	170,023,000	168,471,000	156,623,000	156,782,000	156,029,000
borrowings under revolving credit agreements																																																								42,500,000	20,000,000	115,000,000	65,000,000	24,100,000	10,000,000	22,100,000	20,000,000	47,000,000	12,763,000
preferred stock, .50 par value
shareholders’ equity:
net assets of discontinued operations																																																																											4,725,000
shareholders' equity:
long-term notes, net of current portion																																																																																10,000,000	10,000,000	10,000,000	20,000,000	20,000,000	20,000,000
deferred compensation on non-vested stock
goodwill and intangibles																																																																														164,036,000	164,056,000	164,208,000	164,478,000	163,767,000	164,299,000	132,165,000
deferred compensation on restricted stock																																																																																	-24,179,000	-24,892,000	-23,099,000	-20,943,000
other long term obligations, net of current portion																																																																																				155,000
other																																																																																					8,835,000	11,998,000	11,186,000	9,244,000	8,527,000
accrued liabilities																																																																																					43,433,000	36,430,000	28,027,000	31,305,000	35,301,000	29,891,000	19,059,000		27,064,000
other debt, net of current portion																																																																																					153,000	125,000	126,000	153,000
unearned compensation related to outstanding restricted stock																																																																																					-14,661,000	-15,404,000		-12,294,000	-9,636,000	-9,884,000	-10,150,000		-9,032,000
long-term notes																																																																																						20,000,000	30,000,000	30,000,000	30,000,000	30,000,000	30,000,000		30,000,000
unearned compensation - restricted stock																																																																																							-12,229,000
other debt																																																																																									157,000	193,000
bank and other debt																																																																																											195,000		1,237,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-09-30	2004-06-30	2004-03-31	2003-09-30	2003-06-30	2003-03-31	2002-09-30

cash flows from operating activities:
net income	87,050,000	189,230,000	216,768,000	94,540,000	115,180,000	201,647,000	214,651,000	104,262,000	97,741,000	200,624,000	205,403,000	130,371,000	157,130,000	186,170,000	225,506,000	134,890,000	95,631,000	164,844,000	172,133,000	66,127,000	56,477,000	126,206,000	104,242,000	36,247,000	44,406,000	99,655,000	107,910,000	43,804,000	49,002,000	96,886,000	108,264,000	42,377,000	52,656,000	80,019,000	90,847,000	33,768,000	39,867,000	80,518,000	81,424,000	34,174,000	36,339,000	74,644,000	84,241,000	31,300,000	34,783,000	71,131,000	78,385,000	24,403,000	159,789,000	93,671,000	21,089,000	133,925,000	74,394,000	13,492,000	115,212,000	63,394,000	11,122,000	97,200,000	53,682,000	5,475,000	42,251,000	15,110,000	-1,172,000	57,026,000	33,694,000	7,644,000			10,814,000	70,846,000	41,795,000	13,047,000	55,901,000	31,554,000	9,148,000	41,914,000	26,016,000	6,629,000	30,450,000	17,232,000	3,806,000	27,350,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	11,072,000	10,993,000	10,910,000	10,777,000	10,491,000	10,438,000	10,011,000	9,882,000	9,684,000	8,791,000	8,432,000	8,183,000	8,243,000	8,064,000	7,783,000	7,593,000	7,253,000	6,997,000	6,979,000	6,898,000	6,558,000	6,452,000	6,419,000	6,479,000	6,529,000	6,327,000	5,888,000	5,768,000	5,595,000	5,473,000	5,489,000	5,538,000	5,524,000	5,575,000	5,569,000	5,365,000	4,988,000	5,035,000	5,086,000	4,957,000	4,901,000	4,807,000	4,788,000	4,621,000	4,579,000	4,501,000	4,413,000	4,434,000	13,223,000	8,720,000	4,300,000	11,276,000	6,857,000	3,081,000	8,549,000	5,457,000	2,617,000	7,670,000	5,148,000	2,602,000	5,924,000	3,413,000	1,718,000	5,351,000	3,569,000	1,812,000	4,517,000	2,903,000	1,480,000	4,383,000	2,883,000	1,435,000	4,378,000	2,991,000	1,467,000	5,362,000	3,383,000	1,907,000	5,579,000	3,730,000	1,954,000	5,957,000
share-based compensation	8,661,000	9,071,000	8,812,000	8,800,000	9,959,000	8,546,000	8,390,000	8,127,000	9,209,000	7,262,000	6,828,000	6,701,000	6,804,000	7,056,000	6,987,000	7,974,000	6,706,000	6,308,000	6,459,000	5,892,000	6,327,000	5,662,000	5,228,000	4,912,000	5,040,000	3,818,000	4,325,000	3,849,000	3,739,000	4,433,000	3,746,000	3,590,000	3,694,000	3,335,000	3,237,000	3,027,000	3,960,000	2,885,000	2,689,000	2,785,000	3,734,000	3,022,000	3,009,000	2,831,000	3,623,000	2,671,000	2,691,000	2,488,000	6,453,000	4,274,000	2,298,000	5,609,000	3,966,000	2,162,000	4,658,000	2,986,000	1,497,000	3,799,000	2,907,000	1,477,000	3,791,000	2,659,000	1,395,000	4,876,000	3,368,000	1,836,000	3,895,000	2,689,000	1,253,000	3,863,000	2,537,000	1,109,000
non-cash contribution to 401(k) plan	0	0	0	8,743,000	0	0	0	8,735,000	0			8,862,000	0			6,737,000	0			5,154,000	0			4,543,000	0			4,274,000	0			2,945,000	0			2,428,000	0	0	0	2,348,000	0	0	0	1,963,000			0	1,759,000
deferred income tax provision	12,848,000	2,245,000			-5,749,000	2,410,000			-13,071,000	2,450,000			7,155,000	2,213,000			1,973,000	1,851,000			-3,137,000	1,501,000			-1,487,000	1,609,000			4,365,000	2,356,000			-14,836,000	1,362,000			-1,264,000	1,723,000			-947,000	2,625,000			-4,700,000				4,208,000			4,743,000			3,333,000	1,704,000
provision for doubtful accounts	2,651,000	1,846,000	-136,000	840,000	3,677,000	-961,000	707,000	862,000			362,000	1,043,000			3,078,000	1,061,000				393,000				2,005,000				1,406,000				898,000				401,000	1,382,000	776,000	273,000	1,056,000	1,383,000	829,000	-812,000	1,288,000			-511,000	927,000		186,000	1,160,000	396,000	134,000	520,000	1,115,000	410,000	915,000	1,931,000	1,816,000	2,036,000	3,558,000	3,245,000	3,104,000	1,996,000	1,533,000	1,133,000	1,202,000	821,000	650,000	2,126,000	1,160,000	414,000	1,029,000	520,000	767,000	764,000	752,000	633,000	2,270,000	1,729,000	1,148,000	3,787,000
loss on sale of property and equipment	357,000	97,000			-39,000																																															179,000			409,000	416,000	299,000																-1,150,000
other income from investment in unconsolidated entity	-5,735,000	-9,502,000	-7,382,000	-5,146,000	-6,593,000	-10,376,000	-8,072,000	-5,460,000	-5,793,000	-9,506,000	-7,238,000	-3,640,000	-5,382,000	-6,927,000	-6,317,000	-4,045,000	-3,032,000	-6,057,000	-5,539,000	-4,671,000	-2,092,000	-4,055,000	-4,103,000	-1,014,000	-2,317,000	-3,530,000	-2,965,000	-1,444,000	-791,000	-3,696,000	-3,157,000	-1,638,000	-1,592,000
changes in operating assets and liabilities, net of effects of acquisitions:
accounts receivable	143,659,000	70,885,000	-214,983,000	83,864,000	59,516,000	58,891,000	-170,460,000	-33,502,000	148,071,000	59,334,000	-178,749,000	-64,691,000	110,592,000	118,732,000	-197,703,000	-91,775,000	67,597,000	85,066,000	-222,005,000	-61,072,000	109,458,000	33,495,000	-99,978,000	-46,534,000	111,270,000	43,628,000	-144,112,000	-2,329,000	97,350,000	56,924,000	-173,046,000	-10,059,000	87,718,000	45,558,000	-129,272,000	-5,680,000	69,751,000	57,010,000	-141,768,000	-11,934,000	56,671,000	85,547,000	-161,455,000	-6,884,000	65,822,000	43,868,000	-152,750,000	1,992,000	-90,205,000	-150,636,000	-5,379,000	-81,793,000	-137,881,000	-12,234,000	-62,539,000	-104,798,000	21,213,000	-73,031,000	-120,494,000	6,725,000	9,769,000	-28,357,000	12,254,000	-18,194,000	-53,007,000	-269,000	-23,494,000	-30,199,000	4,287,000	-22,134,000	-37,653,000	5,112,000	-38,992,000	-42,141,000	-4,312,000	-23,029,000	-35,961,000	-4,676,000	-24,645,000	-35,260,000	-5,008,000	-15,407,000
inventories	216,436,000	348,477,000	-162,966,000	-389,990,000	206,524,000	-22,218,000	81,235,000	-307,219,000	208,366,000	169,888,000	-72,876,000	-240,758,000	16,793,000	89,706,000	-92,656,000	-273,703,000	-72,998,000	2,877,000	31,054,000	-204,593,000	105,481,000	-28,984,000	90,712,000	-27,280,000	58,923,000	43,143,000	-62,031,000	-55,560,000	-28,388,000	63,265,000	-63,894,000	-49,937,000	24,282,000	-14,162,000	-17,422,000	-66,101,000	53,751,000	8,890,000	-3,252,000	-69,118,000	76,513,000	44,312,000	2,423,000	-126,900,000	50,344,000	27,499,000	-50,268,000	-126,316,000	-99,655,000	-148,858,000	-102,122,000	-98,001,000	-154,240,000	-67,083,000	-96,620,000	-181,808,000	-110,907,000	-43,396,000	-109,173,000	-48,156,000	-44,291,000	-15,205,000	-9,383,000	-25,570,000	-50,950,000	-16,820,000	4,756,000	-31,278,000	-41,658,000	-54,516,000	-70,270,000	-48,790,000	-31,001,000	-21,072,000	-14,984,000	-60,509,000	-48,004,000	-18,543,000	-22,755,000	-30,769,000	-14,213,000	-3,095,000
accounts payable and other liabilities	-94,733,000	-258,092,000	140,887,000	8,887,000	-21,117,000	-14,635,000	-81,570,000	315,087,000	-179,650,000	-85,834,000	1,629,000	101,813,000	-90,836,000	-119,388,000	224,462,000	107,755,000	-80,933,000	-19,100,000	132,938,000	149,914,000	-124,158,000	-24,863,000	116,908,000	66,049,000	-86,893,000	-62,058,000	106,335,000	55,350,000	-34,112,000	-131,194,000	144,557,000	-36,649,000	-37,255,000	32,638,000	41,541,000	63,032,000	-43,790,000	-47,291,000	54,904,000	75,936,000	-58,583,000	-39,536,000	12,844,000	72,050,000	-53,933,000	-43,377,000	30,206,000	112,346,000	60,278,000	110,843,000	57,522,000	87,696,000	143,049,000	68,067,000	-26,805,000	169,220,000	28,922,000	100,796,000	221,543,000	23,197,000	22,328,000	48,174,000	7,237,000	13,272,000	108,383,000	29,015,000	-18,308,000	43,221,000	29,585,000	-5,955,000	47,325,000	8,957,000	27,645,000	16,918,000
other	17,500,000	-10,313,000	-2,423,000	811,000	7,048,000	360,000	-951,000	1,245,000	10,820,000	-5,540,000	7,221,000	1,160,000	-4,343,000	-1,181,000	5,436,000	1,417,000	-12,407,000	-4,181,000	5,108,000	1,042,000	-4,936,000	-4,699,000	5,807,000	668,000	-7,133,000	-4,384,000	5,865,000	-221,000	-3,918,000	-2,333,000	2,829,000	431,000	-989,000	-1,637,000	1,079,000	661,000	2,796,000	-5,331,000	-133,000	601,000	2,120,000	-2,102,000	-1,061,000	758,000	-3,077,000	591,000	1,433,000	961,000	1,510,000	2,864,000	769,000	-446,000	1,892,000	424,000	-7,010,000	-27,000	2,020,000	3,566,000	1,705,000	612,000	2,608,000	1,332,000	1,210,000	4,359,000	3,280,000	1,662,000	4,153,000	4,819,000	2,638,000	5,396,000	3,668,000	1,937,000	5,729,000	3,317,000	898,000	2,581,000	-108,000	653,000	70,000	186,000	-243,000	-270,000
net cash from operating activities	399,766,000	354,937,000	-7,446,000	-177,644,000	378,897,000	232,764,000	57,735,000	103,706,000	298,614,000	352,519,000	-41,758,000	-47,421,000	213,084,000	285,808,000	174,694,000	-101,622,000	29,894,000	237,790,000	119,627,000	-37,745,000	161,601,000	111,523,000	219,396,000	41,859,000	138,240,000	129,084,000	15,511,000	52,936,000	100,492,000	89,321,000	22,358,000	-41,614,000	121,815,000	152,466,000	-2,078,000	34,317,000	131,456,000	104,367,000	81,000	41,852,000	121,625,000	173,885,000	-57,344,000	-16,783,000	103,261,000	106,877,000	-90,059,000	24,901,000	51,183,000	-76,907,000	-17,499,000	64,443,000	-59,642,000	9,453,000	-58,704,000	-42,208,000	-44,926,000	96,695,000	56,830,000	-5,835,000	38,483,000	27,559,000	13,133,000	37,080,000	46,978,000	21,238,000	37,060,000	26,654,000	6,949,000	-9,926,000	-19,248,000	-30,334,000	32,259,000	-6,518,000	-30,043,000	5,279,000	-13,284,000	-25,410,000	39,383,000	12,168,000	-1,027,000	42,370,000
cash flows from investing activities:
purchases of short-term cash investments	-100,000,000				0	-55,669,000	0	-200,000,000
capital expenditures	-11,293,000	-8,879,000	-6,837,000	-7,541,000	-8,032,000	-9,796,000	-6,417,000	-5,845,000	-9,978,000	-9,669,000	-8,326,000	-7,505,000	-9,126,000	-7,574,000	-10,628,000	-8,324,000	-8,694,000	-5,762,000	-6,186,000	-4,822,000	-4,828,000	-3,589,000	-4,160,000	-3,859,000	-3,798,000	-4,810,000	-5,065,000	-4,132,000	-4,256,000	-4,073,000	-5,330,000	-3,494,000	-4,047,000	-3,517,000	-6,165,000	-4,147,000	-34,588,000	-3,371,000	-2,875,000	-2,743,000	-3,105,000	-5,960,000	-11,519,000	-3,114,000	-12,278,000	-3,388,000	-4,110,000	-1,736,000	-10,915,000	-6,964,000	-3,069,000	-9,228,000	-6,891,000	-3,883,000	-9,180,000	-5,730,000	-1,692,000	-5,540,000	-3,839,000	-1,708,000	-4,187,000	-1,578,000	-909,000	-3,219,000	-1,766,000	-628,000	-4,304,000	-2,864,000	-1,167,000	-7,944,000	-3,465,000	-1,685,000	-4,083,000	-2,747,000	-1,593,000	-3,340,000	-1,823,000	-823,000	-2,458,000	-1,816,000	-642,000	-3,276,000
free cash flows	388,473,000	346,058,000	-14,283,000	-185,185,000	370,865,000	222,968,000	51,318,000	97,861,000	288,636,000	342,850,000	-50,084,000	-54,926,000	203,958,000	278,234,000	164,066,000	-109,946,000	21,200,000	232,028,000	113,441,000	-42,567,000	156,773,000	107,934,000	215,236,000	38,000,000	134,442,000	124,274,000	10,446,000	48,804,000	96,236,000	85,248,000	17,028,000	-45,108,000	117,768,000	148,949,000	-8,243,000	30,170,000	96,868,000	100,996,000	-2,794,000	39,109,000	118,520,000	167,925,000	-68,863,000	-19,897,000	90,983,000	103,489,000	-94,169,000	23,165,000	40,268,000	-83,871,000	-20,568,000	55,215,000	-66,533,000	5,570,000	-67,884,000	-47,938,000	-46,618,000	91,155,000	52,991,000	-7,543,000	34,296,000	25,981,000	12,224,000	33,861,000	45,212,000	20,610,000	32,756,000	23,790,000	5,782,000	-17,870,000	-22,713,000	-32,019,000	28,176,000	-9,265,000	-31,636,000	1,939,000	-15,107,000	-26,233,000	36,925,000	10,352,000	-1,669,000	39,094,000
business acquisitions, net of cash acquired	105,000	80,000	-15,713,000	-3,670,000	0	0	5,000	-5,178,000	5,000	-838,000	0	-2,989,000	0	0			0	-2,913,000							-12,329,000																											-132,359,000	-82,148,000		-44,695,000	-35,695,000		-3,824,000	-2,406,000					76,000			-108,144,000	371,000		-1,137,000	-1,123,000	-1,260,000	-49,480,000	-49,834,000		-3,105,000	-3,105,000		-18,186,000	-18,798,000		-1,864,000
other investments
investment in unconsolidated entity																									0	0			0				0	0
proceeds from sale of property and equipment	87,000	26,000	246,000	98,000	81,000	61,000	62,000	58,000	29,000	45,000	1,176,000	56,000	1,696,000	56,000	-42,000	153,000	1,248,000	8,000	50,000	50,000	33,000	24,000	27,000	10,000	85,000	1,203,000	63,000	29,000	85,000	57,000	24,000	62,000	29,000	64,000	55,000	20,000	69,000	51,000	555,000	69,000	74,000	63,000	552,000	71,000	2,056,000	56,000	206,000	70,000	222,000	161,000	110,000	404,000	157,000	71,000	422,000	374,000	57,000	2,080,000	2,073,000	2,042,000	188,000	148,000	48,000	182,000	101,000	51,000	378,000	311,000	129,000	249,000	135,000	42,000	1,448,000	797,000	49,000	4,876,000	310,000	102,000	292,000	100,000	34,000	2,256,000
proceeds from maturities of short-term cash investments	0
net cash from investing activities	-111,601,000	-208,773,000	-22,304,000	244,556,000	-7,951,000	-65,404,000	-6,350,000	-210,965,000	-13,293,000	-10,462,000	-7,150,000	-10,438,000	-7,430,000	-7,518,000	-10,670,000	-8,218,000	-8,446,000	-8,667,000	-132,685,000	1,221,000	-4,795,000	-3,565,000	-4,133,000	-3,849,000	-16,042,000	-34,189,000	-26,703,000	-4,103,000	-3,969,000	-13,604,000	-5,306,000	-3,432,000	-4,018,000	-3,453,000	-69,710,000	-4,127,000	-34,519,000	-3,320,000	-2,320,000	-2,674,000	-3,031,000	-5,897,000	-10,967,000	-3,043,000	-10,222,000	-3,332,000	-3,904,000	-1,666,000	-10,693,000	-6,803,000	-2,959,000	-141,183,000	-88,882,000	-3,812,000	-53,453,000	-41,051,000	-1,635,000	-7,284,000	-4,172,000	334,000	-8,056,000	-1,430,000	-861,000	-2,961,000	-1,665,000	-577,000	-106,046,000	476,000	2,892,000	-8,832,000	-4,453,000	-2,903,000	-51,955,000	-51,624,000	-51,216,000	-1,569,000	-4,618,000	-721,000	-21,646,000	-21,808,000	-1,902,000	-2,884,000
cash flows from financing activities:
dividends on common stock	-121,680,000	-121,588,000	-121,460,000	-109,037,000
distributions to non-controlling interest	-62,367,000	0	0	-69,829,000																									-44,647,000	0	0	-2,178,000	-36,032,000	0	-1,000	-6,798,000	-12,873,000	-18,913,000	1,000	-7,115,000	-26,488,000	-9,612,000
net repayments of finance lease liabilities	-1,420,000	-1,444,000	-1,541,000	-1,569,000	-1,578,000	-1,548,000	-1,502,000	-1,399,000	-1,251,000	-999,000	-915,000	-880,000	-836,000	-769,000	-724,000	-713,000	-558,000	-516,000
repurchases of common stock to satisfy employee withholding tax obligations	0				-36,826,000	-1,638,000	-767,000	-442,000	-189,000	-385,000	-38,000	-2,216,000	-84,636,000	-292,000			-198,000				0	-1,265,000	-243,000	-791,000	0	-545,000	-555,000	-428,000	0	-1,569,000
net (repayments) proceeds under current revolving credit agreement					0	0	0	-15,400,000																																									-30,010,000
net proceeds from the sale of common stock					0	0	0	281,784,000	0	0																							242,353,000
net repayments under prior revolving credit agreement
payment of fees related to revolving credit agreement									-7,000	-257,000	0	-580,000					0				-7,000	0																							0	-36,000			-456,000			-2,072,000	-2,070,000
proceeds from non-controlling interest for investment in unconsolidated entity																									0	0			0				0	0
proceeds from non-controlling interest for investment in lashley	0	0	0	999,000
proceeds from dividend reinvestment plan	4,000	7,550,000	7,403,000	6,708,000
proceeds from issuances of common stock under employee related plans	5,150,000	5,569,000	3,044,000	11,049,000
net cash from financing activities	-180,313,000	-113,570,000	-112,554,000	-161,679,000	-133,469,000	-98,871,000	-104,591,000	178,401,000	-252,436,000	-328,108,000	69,167,000	51,301,000	-188,474,000	-273,212,000	-143,684,000	101,412,000	-40,701,000	-186,920,000	15,269,000	-16,250,000	-105,723,000	-95,471,000	-187,911,000	-59,388,000	-108,289,000	-90,407,000	-10,471,000	-54,856,000	-79,841,000	-80,536,000	-2,565,000	23,339,000	-103,863,000	-134,174,000	74,821,000	-38,929,000	-76,543,000	-95,695,000	-40,000	-41,638,000	-111,293,000	-160,849,000	73,805,000	12,017,000	-84,789,000	-103,607,000	91,301,000	-23,112,000	-84,695,000	36,257,000	-31,080,000	106,709,000	168,035,000	-3,257,000	6,681,000	-24,612,000	-44,402,000	-47,633,000	-22,994,000	21,504,000	-6,554,000	-22,270,000	-7,973,000	-34,751,000	-48,874,000	-22,591,000	35,806,000	-20,428,000	-3,807,000	-8,102,000	3,255,000	6,262,000	-23,226,000	-21,387,000	2,780,000	-2,793,000	-1,889,000	161,000	-27,204,000	-3,936,000	-3,813,000	-41,319,000
effect of foreign exchange rate changes on cash and cash equivalents	1,083,000	-1,224,000	3,459,000	319,000	-5,560,000	1,011,000	-804,000	-2,390,000	2,205,000	-1,453,000	1,312,000	8,000	97,000	-3,899,000	-1,898,000	767,000	320,000	-1,789,000	701,000	582,000	2,384,000	540,000	985,000	-1,840,000	395,000	-253,000	305,000	402,000	-1,400,000	431,000	-560,000	-716,000	-105,000	794,000	580,000	150,000	-294,000	14,000	-33,000	87,000	-577,000	-485,000	106,000	-387,000	-494,000	-112,000	70,000	-144,000	-336,000	-786,000	-199,000	319,000	23,000
net increase in cash and cash equivalents	108,935,000	31,370,000	-138,845,000	-94,448,000	231,917,000	69,500,000	-54,010,000	68,752,000	35,090,000	12,496,000			17,277,000	1,179,000			-18,933,000	40,414,000			53,467,000	13,027,000							15,282,000				13,829,000				20,100,000				6,724,000								-44,541,000	-48,239,000	-51,737,000	30,288,000	19,534,000	2,384,000	-105,476,000	-107,871,000	-90,963,000	41,778,000	29,664,000	16,003,000	23,873,000	3,859,000	4,299,000		-3,561,000	-1,930,000		6,702,000	6,034,000				-42,922,000			917,000						-1,833,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
net repayments under revolving credit agreement																																																																		-15,000,000													-20,000,000			-19,000,000
cash and cash equivalents at beginning of period		0	0	526,271,000		0	0	210,112,000		0	0	147,505,000		0	0	118,268,000		0	0	146,067,000		0	0	74,454,000		0	0	82,894,000		0	0	80,496,000		0	0	56,010,000		0	0	35,229,000		0	0	24,447,000		0	0	19,478,000	73,770,000	73,770,000	73,770,000	15,673,000	15,673,000	15,673,000	126,498,000	126,498,000	126,498,000	58,093,000	58,093,000	58,093,000	41,444,000	41,444,000	41,444,000	9,405,000	9,405,000	9,405,000	33,800,000	34,340,000	34,340,000	27,650,000	27,650,000	27,650,000	85,144,000	85,144,000	85,144,000	36,339,000	36,339,000	36,339,000	25,880,000	25,880,000	25,880,000	9,132,000
cash and cash equivalents at end of period		31,370,000	-138,845,000	431,823,000		69,500,000	-54,010,000	278,864,000		12,496,000	21,571,000	140,955,000		1,179,000	18,442,000	110,607,000		40,414,000	2,912,000	93,875,000		13,027,000	28,337,000	51,236,000		4,235,000	-21,358,000	77,273,000		-4,388,000	13,927,000	58,073,000		15,633,000	3,613,000	47,421,000		5,366,000	-2,312,000	32,856,000		6,654,000	5,600,000	16,251,000		-174,000	-2,592,000	19,457,000	29,229,000	25,531,000	22,033,000	45,961,000	35,207,000	18,057,000	21,022,000	18,627,000	35,535,000	99,871,000	87,757,000	74,096,000	65,317,000	45,303,000	45,743,000	8,773,000	5,844,000	7,475,000	620,000	41,042,000	40,374,000	790,000	7,204,000	675,000	42,222,000	5,615,000	6,665,000	37,256,000	16,548,000	10,369,000	16,413,000	12,304,000	19,138,000	7,299,000
supplemental cash flow information:
common stock issued for sie		0
common stock issued for lashley		0	0	493,000
common stock issued for csi
proceeds from (purchases of) short-term investments
proceeds from (purchases of) short-term cash investments				255,669,000
other investment
dividends on common and class b common stock						-108,918,000	-108,803,000	-96,765,000	-96,524,000	-95,713,000	-95,439,000	-94,970,000	-85,205,000	-85,758,000	-85,689,000	-75,795,000	-75,082,000	-75,531,000	-75,388,000	-68,521,000	-68,259,000	-68,139,000	-68,077,000	-61,238,000	-60,958,000	-60,276,000	-60,213,000	-59,965,000	-54,267,000	-54,186,000	-54,184,000	-46,581,000	-44,679,000	-44,633,000	-37,452,000	-37,383,000	-37,306,000	-30,134,000	-30,131,000	-30,033,000	-24,692,000	-24,675,000	-24,641,000	-24,524,000	-20,986,000	-20,975,000	-13,986,000	-13,923,000	-25,958,000	-17,298,000	-8,640,000	-62,379,000	-41,003,000	-20,470,000	-54,486,000	-35,707,000	-16,938,000	-49,185,000	-32,338,000	-15,492,000	-41,706,000	-26,451,000	-12,748,000	-36,622,000	-23,897,000	-11,190,000	-25,471,000	-16,197,000
net proceeds from dividend reinvestment plan						6,554,000
net proceeds from issuances of common stock under employee-related plans						6,679,000				6,546,000
common stock issued for gateway supply company, inc.
common stock issued for commercial specialists, inc.						0	0	752,000
net proceeds from issuances of common stock under employee related plans								10,623,000
proceeds from sale of equity securities																	0	0	0	5,993,000
net (repayments) proceeds under prior revolving credit agreement											0	-56,400,000
proceeds from non-controlling interest for investment in tec distribution llc																	0	0
net proceeds under current revolving credit agreement									-90,200,000	-237,300,000	145,300,000	197,600,000																																						84,254,000	6,651,000	252,271,000	287,157,000
supplemental cash flow information
net proceeds from issuances of common stock												8,747,000	3,787,000	8,407,000	3,808,000	4,420,000	9,841,000	2,486,000	4,813,000	3,874,000	6,050,000	6,974,000	3,692,000	2,541,000	5,861,000	4,404,000	1,949,000	1,127,000	612,000	1,238,000	1,783,000	2,958,000	2,129,000	1,203,000	525,000	1,387,000	691,000	2,120,000	741,000	2,101,000	1,429,000	1,293,000	1,854,000	1,381,000	1,641,000	872,000	859,000	873,000	1,998,000	676,000	497,000	3,977,000	3,189,000	1,181,000	3,356,000	3,108,000	2,648,000	3,754,000	3,224,000	2,643,000	9,993,000	5,847,000	2,379,000	5,227,000	2,288,000	362,000	3,763,000	2,914,000	1,743,000	3,472,000	2,946,000	2,448,000	6,666,000	3,419,000	1,577,000	5,510,000	2,918,000	2,248,000	2,784,000	1,290,000	129,000	3,672,000
net decrease in cash and cash equivalents												-6,550,000				-7,661,000				-52,192,000				-23,218,000		4,235,000	-21,358,000	-5,621,000			13,927,000	-22,423,000			3,613,000	-8,589,000			-2,312,000	-2,373,000			5,600,000	-8,196,000		-174,000	-2,592,000	-21,000																-632,000			-33,180,000			-26,860,000	-20,446,000	-26,975,000		-79,529,000	-78,479,000		-19,791,000	-25,970,000	-9,467,000	-13,576,000	-6,742,000
net (repayments) proceeds under revolving credit agreement													47,600,000									-32,689,000															15,894,000			-7,400,000								-2,553,000
common stock issued for acme refrigeration of baton rouge llc																		0
common stock issued for makdad industrial supply co., inc.
net proceeds under revolving credit agreement															-58,900,000	173,500,000				48,900,000				443,000		-50,300,000	82,100,000	2,300,000		-25,200,000	50,600,000	69,200,000										-127,819,000
changes in operating assets and liabilities, net of effects of acquisition:
business acquisition																-47,000
purchase of additional ownership from non-controlling interest																									0	0							0	0	0	-42,688,000
proceeds from non-controlling interest for investment in peirce-phelps, inc.																									0
net proceeds (repayments) under revolving credit agreement																	87,276,000	-112,443,000																		45,006,000								38,497,000																	23,000,000
changes in operating assets and liabilities:
repayments of finance lease liabilities																				-503,000
net (repayments) proceeds of other long-term obligations
net repayments of long-term obligations																						-352,000	-308,000	-343,000			0	-230,000
common stock issued for peirce-phelps, inc.
common stock issued for dunphey & associates supply co., inc.																										0
business acquisition, net of cash acquired																																																																											-49,672,000
proceeds from short-term borrowings																												2,340,000							80,000	1,596,000
net repayments of other long-term obligations																															-61,000	-60,000			-51,000	-49,000			-15,000	-45,000				-41,000				-26,000							-51,000	-31,000	-11,000	-124,000	-90,000	-56,000	-184,000	-124,000	-56,000	-196,000	-123,000	-41,000	-425,000	-42,000	-20,000			-12,000			-11,000
common stock issued for alert labs, inc.
adjustments to reconcile net income to net cash from by operating activities:
net proceeds (repayments) of other long-term obligations																																																				2,000	11,000
common stock issued for alert labs inc.
excess tax benefits from share-based compensation																																								-854,000	-439,000	-209,000	-1,416,000	-358,000	-252,000	-133,000	-1,312,000	-131,000	-590,000	-116,000	-50,000	-913,000	-742,000	-148,000	-724,000	-880,000	-725,000	-2,229,000	-2,088,000	-1,973,000	-9,038,000	-3,711,000	-2,452,000	-4,515,000	-3,558,000	-3,278,000	-3,409,000	-2,897,000	-1,430,000	-8,226,000	-8,139,000	-7,980,000
gain on sale of property and equipment																																					15,000	152,000			-67,000	-54,000																-421,000	-418,000	-400,000					-89,000			-15,000		-88,000	-21,000			-635,000
net (repayments) proceeds from other long-term obligations
net repayments under other long-term obligations
net proceeds from other long-term obligations																																																	628,000
proceeds from short-term debt
net (repayments of) proceeds from other long-term obligations																																																		-2,000																				-58,000	-39,000
distributions to noncontrolling interest																																												-3,654,000	-17,441,000	0	-18,203,000	-7,614,000	-31,487,000	-31,489,000	-29,637,000	-16,003,000	-9,991,000	-6,630,000	-15,824,000	-15,824,000	-12,926,000	-13,644,000	-3,115,000
purchase of additional ownership from noncontrolling interest																																													0
net repayments under prior revolving credit agreements
net proceeds from (repayments of) other long-term obligations																																																																									186,000	58,000
net proceeds (repayments) under current revolving credit agreement
non-cash contribution for 401(k) plan																																																		1,689,000	1,689,000	1,772,000	1,772,000	1,772,000
net (repayments) proceeds under prior revolving credit agreements																																																				-70,000,000	-70,000,000
return of capital contribution to noncontrolling interest																																																							-32,000,000	-32,000,000	-32,000,000
common stock issued for carrier enterprise iii																																																				93,250,000	93,250,000
net (repayments of) proceeds from long-term obligations																																																			-1,000
net proceeds under prior revolving credit agreements
payment of fees related to revolving credit agreements
repayments of other long-term obligations
net assets of locations contributed to carrier enterprise ii
net proceeds from (repayments of) long-term obligations																																																						14,000
net borrowings under revolving credit agreements																																																						22,500,000
net borrowings (repayments) under revolving credit agreements
non-cash contribution for 401(k) plans																																																							1,718,000	1,718,000
net proceeds under revolving credit agreements																																																							105,000,000	55,000,000	14,100,000	9,337,000	7,237,000	34,237,000
costs related to amendment of revolving credit agreement																																																							-38,000	-38,000						-5,253,000
net assets of locations contributed to joint venture																																																							14,769,000	14,769,000
net repayments under revolving credit agreements
purchase of treasury stock																																																																-1,675,000						-15,328,000	-15,328,000	-3,655,000	-8,611,000	-7,231,000		-836,000			-6,727,000	-3,094,000	-2,850,000	-22,170,000
distribution to noncontrolling interest																																																												-1,801,000
loss from discontinued operations, net of income taxes
gain on sale of available-for-sale securities																																																																			-1,156,000	-1,083,000	-1,083,000					-106,000
net cash from operating activities of continuing operations																																																																37,080,000	46,978,000	21,238,000	35,297,000	26,019,000
net cash from operating activities of discontinued operations																																																																			1,763,000	635,000
purchases of available-for-sale securities																																																																			-5,159,000	-4,405,000	-3,172,000
proceeds from sale of discontinued operations																																																																			3,342,000
proceeds from sale of available-for-sale securities																																																																			7,879,000	7,101,000	7,102,000				160,000	160,000
net cash from investing activities of continuing operations																																																																-2,961,000	-1,665,000	-577,000	-106,008,000	514,000
net cash from investing activities of discontinued operations																																																																			-38,000	-38,000
net (repayments) proceeds under revolving credit agreements
repayment of long-term notes																																																																			-10,000,000	-10,000,000		-10,000,000	-10,000,000		-10,000,000	-10,000,000
business acquisitions																																																													-4,057,000
costs to amend revolving credit agreement																																																													-5,483,000
costs of joint venture credit agreement																																																													-1,212,000
net repayment under prior revolving credit agreement
payment of current revolving credit agreement costs
net proceeds from sale of available-for-sale securities
net (repayments) proceeds under new revolving credit agreement																																																																-6,000,000
payment of new revolving credit agreement costs																																																																			-470,000
net repayment under revolving credit agreement																																																																	-30,700,000
net income from continuing operations																																																																			60,790,000	35,426,000
adjustments to reconcile net income from continuing operations to net cash from operating activities:
tax benefits from share-based compensation
net borrowings from new revolving credit agreement
net proceeds from new revolving credit agreement																																																																			95,000,000
net (repayment) borrowing under prior revolving credit agreement																																																																			-30,000,000
net borrowings under revolving credit agreement																																																																						25,000,000	30,000,000	5,000,000			5,000,000
common and class b common stock dividends																																																																					-6,960,000	-19,414,000	-12,463,000	-5,499,000	-11,467,000	-7,633,000
net gain on sale of available-for-sale securities
purchases of marketable securities
repayment under revolving credit agreement
proceeds from revolving credit agreement
payment of debt acquisition costs																																																																																		-775,000
changes in assets and liabilities, net of effects of acquisitions:
amortization of unearned compensation																																																																									1,864,000	1,216,000	476,000	661,000	722,000
(gain) on sale of available-for-sale securities																																																																									-106,000
tax benefit from stock-based compensation																																																																									6,959,000	1,955,000
tax benefit from exercise of stock options																																																																											868,000	2,224,000	947,000	647,000	1,476,000	115,000	19,000	2,717,000
tax benefit from stock restriction lapses																																																																											325,000
changes in assets and liabilities, net of effects of acquisition:
accounts payable and other current liabilities																																																																											-24,737,000
common stock dividends																																																																											-3,786,000	-7,354,000	-4,711,000	-2,075,000	-3,091,000	-2,059,000	-1,031,000	-2,250,000
restructuring activities
purchase of minority interest in consolidated subsidiary																																																																															-1,294,000	-1,294,000	-1,294,000
repayments under revolving credit agreement
net repayments of other long term obligations
accounts payable and accrued liabilities																																																																												25,783,000	36,248,000	-10,838,000	35,108,000	43,961,000	8,704,000	14,377,000
net repayments of other debt																																																																												-113,000	-96,000	-12,000	-170,000	-73,000
amortization of goodwill
non-cash stock contribution to 40l(k) plan
proceeds from issuance of long-term notes
restructuring reversals and other non-cash charges
net repayments of bank and other debt																																																																																	-61,000	-796,000
restructuring costs and other non-cash charges																																																																																		-293,000

Watsco, Inc(NYSE:WSO)

Watsco, Inc
(NYSE:WSO)