WSO - Earnings call transcript Q1 2021

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Operator

Good morning and welcome to the Watsco First Quarter 2020-2021 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Albert Nahmad, Chairman and CEO. Please go ahead.

Albert Nahmad

Good morning, everyone. quarter first Watsco’s to earnings call. Welcome is this Al Nahmad, CEO. and Chairman And with is And A.J. me the is Presidents, Logan. and who and Paul Barry Nahmad, President; Johnston Vice our two Executive

share has usual or differ laws that grew materially results statements. to of for quarter are the forward-looking per per The Before On these by to regulations cautionary pursuant from margin, financial Harbor results. start, per margin, $X.XX earnings achieved report, sales, operating as defined income net gross the set our to first record XX% conference we share. our may call Safe Watsco forward-looking profits, made various statements operating were SEC Ultimate statement. record provisions laws. income, share. and a Earnings Records gross

growth sales were higher and And commercial equipment, When quarter markets we refrigeration. whole. international Now, driven at rates during U.S. along improved offering, sales markets were product growth of in double-digit our the similar terms strong by we operating for made with a results achieved as in look efficiencies. geography, margins growth selling and these non-equipment at

this trending XX% positively. HVAC are residential and equipment But one now just not For sales equipment, more stabilized commercial and about increased sales important, quarter. is more

been XX the Over have meaningful last markets XX% our share U.S. market have achieved. sales increased gains in months, residential equipment believe and we

another record we to greater to industry performance leads expect to Watsco’s development gain acquisition that of business will be year share. we customer and That forward, be our and new adoption. Looking continues market more of company. strong for technology leading color, believe Adding XXXX

Active rates meaningfully and non-users. used important among technology Customer of outpace continue is non-users few make to platforms of volumes CreditForComfort. the to Air users trends platforms and technology That through called Now sales users our that flow our are to attrition turn sales active more also users. compared at-home and lower gain continuing. sales a growth to number in OnCall contractors homeowners presentations by doubled increased

it terms full but once progress, explain technology technology Zoom We are to in investments. believe and with and reaching can our the we us you invite further with we still a is that early schedule again, happy call potential its of We, impact. our of

financially, along sheet condition our with a pristine debt. balance amount only Moving of in remains small

off million the establishes that start They We to Temperature also to locations Equipment must on are Chicago. are be XX the long TEC. Watsco’s accretive X great also a and we are a wonderful owned of is in $XXX are States. team adds headquartered honored their ago Corporation, major a we generationally known entrepreneurs XXXX acquisition their revenue excited part this family. history. company weeks presence United to proud first long a TEC They closed say and year and in of have with and be by This established, in led results. as company TEC approximately to strong expect is and of I to results Midwest

like businesses TEC. to continue other great look with for We transactions

growth. say legacy step our distinct we search, next well-known and great our when is offer continues doing for to respects a plans search, our We in for While that a we we family-owned culture is well-known their offer support culture company’s our Watsco industry. we think and that that again, companies

years of dividends from – year last long-term. have in in good XX the is to dividends Watsco to April believe in a achieved XX% a in by XX share over raised reason marks dividends, the per flow our the we XXXX consecutive XXth and $X.XX XXXX record dividend $X.XX the a in XXXX. our of our in ‘XX XXXX. to our paying we Lastly, years that reminder year We follow-up increased cash

me from $X.XX today’s in rate that year Let the ‘XX per again, of – $X.XX. to share annual in XXXX say

and to Paul, with Al, A.J., Paul, are I that, happy with answer all your – Now Barry questions.

Operator

[Operator Instructions] from Our first question Morgan Josh from comes Pokrzywinski Stanley.

Albert Nahmad

Josh. Hi

Josh Pokrzywinski

in should industry of things Thanks is a to have taking and that start maybe as that for pretty well. a easier you is the that quite over more day the to this solid. I then morning, Good all health visibility the because maybe morning the But squarely COVID to know, we be in of just everyone of think What point sense what’s any point you time focus will don’t tougher, be guess your of of maybe I because hope where I board. some question. than, months, couple I now. out or next about factor. of theory, early kind the are into lap time, of imagine, kind guys up over in don’t get you we fail of season, get and kind a selling comps volume is low Good going but you X% realize to market, the challenges were seasonal start before comps like now guys. folks of it key something are on approach here, and indicator given the have performance would market, really or the bit X%

that today business out So, strength seasonal here? tie wonky dynamic? isn’t sustainable, outside So, you of the of you are gives the today of understanding that sense probably what some kind get guys the just comps health of trying the that to seeing

Albert Nahmad

the months, me last you, equipment months. sales. Let and in The up that are XX to I digits am double remind XX turn over question then just we the over Barry, going to last

something show of in should Barry? you continuity. I terms And So,

Barry Logan

much but a good things were And year really shipment data well our I first, in third Again course, about look choppy, they the industry so data, last volatile. summer and if go were floating of think the Yes, do back Watsco is data. quarter and there you at time, not morning, second quarter, And data. Josh. focus OEM as is around the whole

think same-store X%. were sales quarter last second year not XX%, down not X%, I XX%,

I season, approach to not the So but dance kind volatility of is others tap there about. trying selling as yes, the comp that think are a in better most industry that’s this we

growth months that this us, really is OEM next into our is get kind and season time. gain. going this out going at very through will The really as of the of There with season who on into some seasonality we share we product stance Belt, is aggressive now and worked on launch a partners, important and be our for over sun year also. summer October. beyond technology, through And again, our course, Sun the with X So have partners, have the last we

forward, Josh, that of great So look volatility as others have us was not volatility distracted year. had simply by be too don’t you Watsco last the going when at for amount because that

Paul Johnston

I you So I company know a are that you and have also. do, to Watsco we long Josh, know know if you add, time

is performance playing technologies. ourselves quarterly just that distinct treating The less, long conversations our are more in thesis have customers are technology the are are while to story. over and run. is investments technology of our the using to from – make More that the also the competition able out. that we are goal That’s business it’s continuing faster, these over customers long are M&A So, being we our of using important, our the is – other customers. M&A they And better separate by invest of of our spurred leverage they that’s technologies all a businesses. in There with growing it we that byproduct and – more the

It’s just So, I – to focus a not remains quarter-to-quarter business. long-term. want just just the the

Albert Nahmad

said. Well

Josh Pokrzywinski

it. that have of helpful. inventory, able things bit is in follow-up you recent distributed guys on Got been years. just to A.J., that’s point, control of And the of a technology kind That’s out gotten a perhaps maybe little that better one

What’s little the from levels with out I a some rates? their inventories have the kind think And inventory your some on OEMs across high this maybe high. year? means broadly realization sense folks of a either of your competitors price look if those availability fill themselves extra that find industry, may there of hands on for and what little

Albert Nahmad

Paul think I be would best…

Paul Johnston

those in with very analyze being millions reaching have there. As are is. make our demand work our closely the technology very right sure We make time with inventories out it’s Yes, so that XX have working sure worked hard But you our at are also being months invested inventories we the internally. OEMs to us. far, that and spot in tough have through. invested what with inventory months right our far heavily with created the to in know, so a that’s our to able our And XX OEMs been line we demand

little a As there has for far among out distributors as increase lot inventory think been industry of a inventory, there. has in I the what

more it’s But inventories is data a out a the is than be that I going think normal I year, field of through are now in given the emotional most a to be really right demand it little of what is line don’t with summer the would that the this of think struck. year. normal if

Josh Pokrzywinski

appreciate okay. the will it, Got pass on I color that. on. it I

Operator

KeyBanc from is The Jeff next from Markets. Capital question Hammond

Jeff Hammond

Good morning. everybody. good morning Hi,

And the the bit walk XQ what seasonal sustainable you how know I But in as on – just think gross different is season? really sometimes little gross this the impressive selling SG&A margins, increase be given big into So through and you margins? both And a margins. the on just drove XQ can that light. and go me

Albert Nahmad

Barry?

Barry Logan

again, it’s Sure, progression. Jeff. a Well,

think, and XX gross margin story, margin the So story, later. spring months last carrying improving through started I

though periods I been these have I again, happened are. even a that So time where to of we have quarter going month analyzing am because over XX stories, we progressions are tell to here, all think

we call said the market simply products margin, the we what pushing we selling selling is meaning channel. make it the on margin as through script, So, in

marketplace saw increase SG&A some blocking pay for we thing. people of example, sharing tackling sharing is that have based our and earned the good That’s this commissions by And So, throughout which that’s increase, performance salespeople, part that which of in with quarter, a is and profitability it. exercise. an a

the overall again, use I As again. fixed far as the once structure, progression word cost

the quarters, achievement. fixed achieved for stay We one cost relatively this to last quarter. was few up have X that Again, in over quarters. different This quarter neutral margin incremental last the X no similar very it the and shows seen is

Jeff Hammond

had of piece years non-equipment are it lot construction, or environment repair a is you like more I Because replace – are with what’s new versus is then of much parts a didn’t Okay, wondering flattish know And uptick. it repair. lot robust a Thanks. seems seen a And the is? in of again, couple of feel spent And and you digits, you great. low-single have number grow driving kind sustainable that? to And just that how of quarters – shifting how we seeing a to still etcetera? associated

Albert Nahmad

Paul?

Paul Johnston

Yes. and switch never from figured we out I replacement repair have to when back forth.

dynamic each I think related have that them other. a them both to not to of are

as is We replaced they at and units break. XXX that million are But being units another that time, same aren’t there out the maintenance need there do replacing repair.

sales again. part up started have pick the so And to

And growing obviously, helped focus, our again, increased market us have in We too. that those. that’s start obviously

Albert Nahmad

you do add want to A.J., that? to something

Aaron Nahmad

I inventory on say, focused right very place focus. supplies and right the that’s the around and Paul, to product and customers’ tools is now, mean, the was word, getting price. the the optimization using at right needs pricing right going I and our are time, and they right sales parts using to are data, and understanding they our leadership

delivering which some focus, say, is, to it’s very So results. proud

Jeff Hammond

Thanks guys. Okay.

Operator

The next go Sprague from Vertical from question Please ahead. Research. is Jeff

Albert Nahmad

Good Jeff. morning

Jeff Sprague

of in appetite morning to see that I good through on of energy tension if what these the it you that with you just versus question. we of pay shifting consumer OEMs about replace. of digest repair the the behavior, provide color And little morning. that bit mix efficiency. to increases everyone. any ability like wondering so channel, higher more if, was price maybe bit and are consumer is and for Thanks could for little through? consumer I could maybe was a Good the flip But addressed price you taking side, all are do more the coming some a it talk looks partially and seeing Hi, are kind wonder pushing the the on still

Albert Nahmad

or Excellent one either you. Barry of question. Paul,

Barry Logan

and Well, you contractor largely going think into some – a Welcome into way, is I player Give home what should through is saying, the Jeff. us now going our the or do back, color, home the Jeff. the is that here technology a homeowner. by to first, I

us a confidence, lot And able and so critical. to sales, the the for, they that that contractor’s of drives people’s what is OEMs. And including other very job close are

capability think install So business the this a is about we that talk ahead well. facing efficiency, the contractor is contractor focus, technology help for that conversation of and high the go it heading, advocacy the where we and and customer lot to is recommend as his of

And one the go of to our about so we fundamental credit the we the contractors almost credit to also first are technology. seen. is business. credit, environments their in we have I ever the And mean understand when out seeing that’s to I What and market grow extend say best

do through pulling are We think no really them and But the one that very going goes due with right confidence in level. is these of like our and are things again, performance that, receivables, And we past seeing the our with an profile that all-time contractor helping metrics on credit now best it. the which about. customer and we ever making deals is to product, homeowners one ask write-offs, of

I Paul, color as some had well. know So you

Paul Johnston

Yes, the comfort efficiency high-efficiency products. I the their their comfort. bill also that the of with is finally that segment, were or we having the a also right associated efficiency lot continue are for years a to with to you quality indoor this following the is and that heating consumer grow attributes from are of also XX money this, just contract indoor high products It’s big It’s that And quality get it’s Those do. products. not air going on now. or saves all the a bill, market the air hoping high the which electric but consumer indoor play

Barry Logan

to much. don’t going actions I I price pricing And OEM I – think the think was add. you whether have, ultimate don’t I those question outcomes, very influence

goes about all get at of happens homeowner, the to pricing think really an the contractor that I you capability back system, If it it installed channel to profitability way through and that the level. think, what done with

Jeff Sprague

as add-on. I an Yes. was just to going ask

level? above minimum you the share percent of us zero what are gave of volumes of growth kind now You your revenues rate standard. minimum Could or above

Albert Nahmad

It’s there, I Well, appreciate out Jeff, not the curiosity. we something no. put

Jeff Sprague

will I guys. Thanks leave Right. it there.

Albert Nahmad

minority the the of still. business, It’s

that’s the news. good So

Aaron Nahmad

just, guess, earlier. it’s I’m when are are and Air systems the sell minority the technology is tool, But to they Barry they When mentioned it OnCall guy house, of systems of contractors dynamic I will no flips, platform add, sell the in high-efficiency the I high-efficiency the that [Indiscernible] our dynamic. use sell the use longer majority they

Jeff Sprague

guys. Thanks Interesting.

Operator

The next ahead. David from Please question Baird. is Manthey go from

Albert Nahmad

Good morning, David.

David Manthey

Hey, good morning everyone.

Let’s see.

could had of So you from tell a what you customers contract us of or end the the customer versus at XXXX standpoint, year XXXX? number year-end

Albert Nahmad

You want customers we the number have? know to of

David Manthey

Yes.

Albert Nahmad

you contractor our we’re Well, businesses, it business what were that’s we we estimates and in that XX,XXX those declined. doing Is hasn’t believe publish publish with about grown, say?

David Manthey

Okay.

Albert Nahmad

number… growing the In

David Manthey

the On sorry. –

so customers think what Could today today? forth. the that of I’m On retention at have the of a stand Air, OnCall you terms penetration kind of year you of you in us what and and rates that ago? penetration with where you do to your compares kind getting about technology tell talk there, And of is, where do uptake you

Albert Nahmad

AJ, we not to certainly, it even want Well, close color? where to be.

Aaron Nahmad

was thing. are I to say not growth going It’s but triple digits. almost the enough, rates same

they So it’s it front to a just of almost of up do the tool. we sign contractors, not almost the And get tool, they about lot it, the more value demo getting of but them showing times. when always, them the of a in sell

a them demo very it’s rates is tool, great use the us. and win high. small when for to very win So the a using the conversion from relatively tool numbers, still speaking. for But And they great a it’s

David Manthey

double a single or least tell number? digit us at you if it’s Could

Aaron Nahmad

overlap] I’m of what? Of don’t I percent customers? understand. As total [Speech a sorry, Of

David Manthey

As a total. percentage of

Aaron Nahmad

digits. Yes, a single it’s percent. Single

David Manthey

Good.

great. Okay,

Albert Nahmad

I driven Hey, press it million tool. our David. to They year, channel think full as $XXX And his About our mean just on behalf release. the the helped $XXX you. million using a books, was I in and last speak it’s business contractor year. that of was of into over on so

servicing sounds overall day. is of that the but every we’re installed It a like market Okay. a it lot, fraction

a of room is of there lot ahead So us.

David Manthey

of then Should And think business? the first ballpark? XX% and how TEC in finally and thinking the acquisition, be Okay. XX% should that seasonality we of and third second fourth, about we sort quarter on

Barry Logan

each, second second, say, Yes, third, third, first XX% fourth XX% fourth I would XX%, – second, – quarter sorry, and quarter.

David Manthey

Okay. Thanks a lot guys.

Albert Nahmad

Sure.

Operator

The from Ryan Blair. is next from question Please Merkel William go ahead.

Albert Nahmad

morning. good Hi,

Ryan Merkel

Great Hey. to quarter. see. Great

Albert Nahmad

Thank you.

Ryan Merkel

of you seeing Are demand kind to off, the first in us tell back you’re starting come seeing market. what here, So Paul? commercial

Paul Johnston

Yes.

rooftop We’re in excuse me, uptick a starting units. to definite commercial see the –

residential? the will at be So rush We’re saw magnitude at back yet. on not same we it sure the

Ryan Merkel

Great. Okay.

Paul Johnston

is government that, be larger are schools. demand like I things federal reinstalled The the would systems retrofits schools. to think in HVAC impact schools creating as eventually and that or created have change and incentives for and even pushing And They to well. to buildings

Albert Nahmad

all the Right. big That’s plan of infrastructure. part the for Biden’s

legislations, We’re is their school go buildings there seeing to where money the block also for rehabilitation. we’re of Congress a And for efficiency right, – credits commercial energy in seeing there other big to in moves improving also. will energy

Ryan Merkel

Yes. with I’m about pretty optimistic what’s commercial. coming

Okay. but say was answered it. and ask that south then going I next, again. going lot And that migration of I a question ESG actually population to was trends also to you

could was that to that now HVAC wanting you think the deals seems you family could technology? it the seeing that north? by up driven question TEC be, second close it is do So planted And that Is largely the me be there, the you’ve some then a works? on then also industry would more long-tailed pretty And helpful. trends flag deal, how

Albert Nahmad

him Logan the I’ll point Watsco. I Barry succeeded that. since and for When let say with man successfully, Well, was those are successfully two answer he questions TEC,

Barry Logan

Thanks, Al.

XX-year it’s last months. the relationship, in first been The a not XX on TEC,

siblings on time, ownership. and is family of a this working multi-generations well and building as family business been for we’ve a this multi and So as such, long as it of

reached for is they us brought think to time. the the talking right into time as a desire from And their things to And really, at sell of exclusively a is conclusion own by I family given I what them. complement this So light. think, of a and all timing technology great right them,

each our report than ago. know, selling The for [indiscernible] reasons my job distributor have lot notes year. friends. [indiscernible] years, other X annual joined the They shared this months in was in friends XX, primary years for one you has documented XX technology for And has longer as been last are both good guys about and years. carrier companies, after we that As XX last bought known why do to Philadelphia These as done. peers made XX Watsco. that. are the And and getting easier with And family a

So to growth plan grow that I’d help terms and set. a really as just in happy which very is their in wait met his be I also, other earlier, well. to are own Jay you’re meaningful PUC these at local kind asked their two. we’ve And markets, introduce be conversation grow to more and dialogue just beyond to out He’d is It’s big There as come, that personality can’t go think, acquisition in And team of if their said then grow, joining to story. him. find Chicago candidates and you relationships Skip to use and technology to their you us plan these least Watsco markets Skip, the selling the is not dynamics and in of part business. of as

acquisition. So it’s great a

Albert Nahmad

that Technology culture. it’s businesses, in to of add people And interest that. I’d like certainly to but own the also is

we that change record we track manage them. long of names, They a We it manage of the have respecting don’t companies their legacy buy. themselves. don’t We the

provide that We’re background. technology financial call support, in support, need. We they whatever the they

want very to people have don’t to bigger We’re what get created it. not already legacy that deal the they companies Quite and great to accomplished. about disassemble That’s to and We big even for just and wanted destroyed. see have a start support their contrary. go

Barry Logan

does nobody the and rest just And excited. was I question They better units to commercial, teach that on are eager front. a the business previous than add will of on commercial TEC. going lot to we our

a that’s the as So wonderful opportunity company. well for

Ryan Merkel

Thanks. it. Appreciate

Operator

Steve [Operator ahead. The from next Please go Tusa JPMorgan. question from Instructions] is

Albert Nahmad

Steve. Hi,

Steve Tusa

guys. Good Hi morning.

Albert Nahmad

Good morning.

Steve Tusa

us did The could in getting an equipment? year-over-year, it the what of was You idea kind actually in and just quarter – the you noted What actually commercial better. of commercial give was quarter? stabilized

Albert Nahmad

Paul?

Paul Johnston

a Well, variance, yes, basically commercial far as flat. was as

products a products. However, not we’re the – growth, see definitely suffering was obviously, are of and some influenced, showing the VRF we’re are being unitary to on other starting by that the a They flat. rebound bit. of type lot But little larger still products and some the applied

Steve Tusa

Was of On – the driven VRF? up a your VRF, stopped the it. rooftops growth Is to the traditional got unitary commercial that down? okay, there lot by flat was

Paul Johnston

slightly. No. Actually, up was unitary, it

Steve Tusa

What OEM rough Okay. an just you What through? that of the of kind – can currently give increase of dates price us of last you kind when that is goes idea the currently the see is?

Paul Johnston

X. June

Steve Tusa

X. June

Okay. Is majority that guys? of those the vast

Paul Johnston

Yes. publicly all announced. Yes, it They is. have

one is one there X, June yes, in May. in April So and

Steve Tusa

realization Okay. price the you was there what in actual that? quarter? guys And was And for

Albert Nahmad

Barry?

Barry Logan

small there was price in the Yes, market. amount in residential of a

So the rate, you a is rest percent units. in price, couple look growth overall XX% the at

Steve Tusa

mean, up year. two time then season you they and the them in status running? supply had OEMS? what I Got expect is back yet? of issues the up? are I by supply the major last And all cranks be full and really force some And one do backup they back or Are it. running the know to

Albert Nahmad

Go that Paul. answer ahead,

Paul Johnston

Yes.

now. but of more bit out a to the all Okay. period. Yes. normalized glitches – in this becoming now, things it’s entire they have probably are obtain. some we some shape been. that had – say they to have stock, that But harder during not right would We ever there – are I But work things best have have still They we’re with little

Steve Tusa

you between housing you housing, builders into And those that don’t kind Okay. two bigger last Can and for then of those one customers. – between your at differentiate one like I were all? if differentiate to know what sales you,

Albert Nahmad

that. business. not of don’t much really differentiate We too percentage a great of It’s the

Steve Tusa

Yes, okay.

Albert Nahmad

That that hasn’t much. grown

Steve Tusa

more one year was pricing there. Barry, guys? last What Sorry, follow-up for you

Barry Logan

year. It was negligible, last very Steve, very

Steve Tusa

it. got Okay,

Barry Logan

As the it up, almost equipment residential the business. wound no year in terms price was of

Steve Tusa

units, Got of of guess, trying margin. that was is gross for price it basically increases selling assume had kind we these I I of some your going any out you cost. inventory going to the cost But Like mean, we’re the parse mean, guys for before still is course pay the that over stuff the dynamics, – due assume I wrong of you all stays are would any due that of to it. to narrow kind hand strong was just of year? kind have I still through? put way And to to is the of Or you kind – this because should margin it you the way? price on

Barry Logan

our It’s to gross and profit. our being grow focuses, one of maintain major able again, is

we That’s initiatives that margin. in continue make of to can plan. sure got So lot in our place our a we’ve growth gross

Steve Tusa

Thanks for color the great. Okay, really it. appreciate guys. I

Operator

question next Dankert Chris is from ahead. The Research. go Please Longbow from

Chris Dankert

point? to really talking Is on more to about it really more or think incremental about more I that investment morning continuing trying point? just is I’m the goes? the developing penetration out tools it at is or at new you’ve tech this team the about guess good dollar the everybody. actual build rollout where been Hey, focus real technology tools deepening here, is the on opportunity thinking this about

Albert Nahmad

Good question. AJ?

Aaron Nahmad

and think ours built – some are customers using absolutely fantastic platforms that both. better I themselves enjoying we’ve We us. It’s and are they for of make them great success both. them It’s customers for that

with functionality assessing developing platforms. and our that also business. on in feature for are things customers trying constantly and be and we experimenting And might We those good our are additional new

So but technology HVAC. it’s ourselves that just a as cliché who happens like to sounds of we in we’d think are just now, to company XXXX, now. It maybe sell

to going stop. not it’s so And

modernization experimentation looking just need and new technology we people, all and catch And say really constantly term, process, things. and we an innovation. We’re and improvement. Technology’s technology, for when umbrella that’s continuous at trying a

Chris Dankert

to Got introducing you bring is kind it. this, Anything Got And this introduction product it. to you products your Are year. can about in later or us sorry you out? of I guys but being give back that think are Thanks. from new then you tools teased talking are it the suppliers, on new rolled that? Barry,

Barry Logan

want as far I my tease Well, because hand I know. as shouldn’t don’t I show to

Chris Dankert

No, here, guess. keep out in try you to and we’re the going future I

Barry Logan

part OEM That’s is products or gain either the to launch any of share. right. to No, relationship or sign and segments into benefits or features market

we’re what that’s so And doing.

us so going very say and out and points helping partners And to going really that opportunity when or and market it quiet. is it we we’ve product, But segments is markets we we’re share there keep price some are that. addressing where do feel aggressive got

Chris Dankert

Got a it. Well, can’t here. luck good Thanks blame guy for trying. so much guys and

Operator

to closing to remarks. like in for conference concludes question-and-answer I’d over Albert turn any the our This questions back session. more the no are queue. There Nahmad

Albert Nahmad

for company. interest Once our again, in your thanks

We long-term, for as always the will continue long-term. your are, on AJ said, interest and focused has we Nahmad hope

Bye-bye. So we will see u the quarter. next

Operator

has now conference attending The for today’s presentation. Thank concluded. you

You now disconnect. may

Watsco (WSO) 22 Apr 212021 Q1 Earnings call transcript