WSO - Earnings call transcript Q4 2024

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Operator

Good day, and welcome to the Watsco Fourth Quarter 2024 and Year-end 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. ahead. go Please

Albert Nahmad

Earnings Nahmad, [indiscernible] and is Nahmad. Albert Gomez. Good of call. Watsco; A.J. President Logan; Paul [indiscernible] morning. This Johnston; Rick Barry

Now harbor laws differ forward-looking and always. that are results statement forward-looking our may to materially as these regulations before statements. the various pursuant call Ultimate safe statements SEC the conference of has as by defined made we start, provisions from This cautionary laws.

on margins, residential emphasis fourth Watsco We record had equipment efficiency Market a goes which and to flow. Now a quarter and growth conditions cash on to out improve, in -- that sales XX% led the call. achieved products. terrific record improved generated terrific strong a year. to growth continue in and sales, earnings expanded operating XX%

financial XX% Our today announce and is per ever, share. $XX than position happy we to are stronger dividend to increase an

are us. our we opportunities forward, about of ahead optimistic Looking

products more well The equipment environmentally base First, transition upgrade systems opportunity is installed underway. friendly. products and to are new that provide of to the existing to the efficient AXL next-generation AXL

also of our to the transition XX% We that XX% sales. made influence

close customers, inventories opportunity. We train making to and billion our to $X our investments advantage technology transition aggressively are [indiscernible] this to in leverage of

platforms momentum. our gained have Second, technology

And XX% our There gross with of homeowners have these will and grow time. to to technology merchandise and our [indiscernible]. overall sales rates a of $X.X XX,XXX community us competitive number sales Our growth our is XXX,XXX investments has sales, no OnCall platform apps represents during XX%, of which value, to Air, digital active our presented users approximately year. that annual environment. E-commerce users generating outpacing immense a quarter mobile X.X to over XX% an contractor million provide performance importance of contributed billion expanded only is investments question in Watsco increase. the of increased now a proposals

we is position an also differentiator. our Finally, believe important strong financial

market ability opportunities invest the gain share. in growth and have big We to to accelerate

we many great family believe XXth join that XXXX, since reasons believe January industry, XXXX. -- completed acquisition we [indiscernible]. In forces our to them businesses for our we and offer in There compelling are

As always, the on long focus emphasize this, our I and is term.

a and We spend welcome of [indiscernible]. accomplish, have and in more and team deal you Miami any great with to we visit our time to

turn With Q&A. that, to let's

Operator

Instructions] [Operator

The comes first David question Manthey Baird. with from

David Manthey

uptick to versus that First to things? new that question mix. transitioned you're is like Was is residential with update, mid-single-digit consistent just do seems you XX% pricing. about when and expect guess that channel feedback general implies unit double-digit XX% thinking I And AXL to with how X% price in growth a of technology? the driver reported, fully Is a be

Albert Nahmad

answer. for to that Paul Let's Johnston turn

Paul Johnston

pricing the no, going have the the Pricing In Yes. impact White that there's here going to from like House, X% of are be an seems with were coming the fourth announced actions, more on much didn't the we AXL. percent be it actions We is on XXXA. really was quarter, to from previously some shortly. what announced online tariffs yes, XX-plus manufacturers

going increases. price we're seeing So more start to single-digit

Barry S. Logan

is your residential the I growth. the muster it products logic But to I your the with math, quarter. super followed And unit about about Dave, at look let's for -- just we don't up clear be of it. if just the I the what Dave question quite, careful math. inside, be your saw

the growth, unitary say words we with compressor-bearing AHRI at when unit which it growth, looks equates product, how is equipment growth, unit So which units.

an Domestically terms that was bit unit the and stronger of that price markets, is in all actually up So than for was quarter across growth. XX% a additional X%. Watsco,

unit mix Paul as we growth and price influence influence the some is said, greater a there a and minute get much there's -- XXXX. in from stronger is and quarter influence driven as AXL by into it So and small also

David Manthey

Barry. talk Pro. encouraging. give you us? Yes. just Watsco That's on position an of you about us Could And for HouseCall Could there. in ownership scale Ventures that one kind And a tangent. quick just update one

Albert Nahmad

A.J?

Aaron Nahmad

Watsco Housecall have Pro. an does ownership not in

sales We continues Air, the that any in are enjoyed customer and winning software investment and OnCall that's our a powered to everybody. to sell deals, commercial growing HouseCall original not grow have and the deals of being have our at long it, contractor homegrown which called faster, and the now they're were in portfolio we've at through from now them relationship, worth for is Watsco in higher-margin does very hometown benefited more which business a Air, which with Ventures and that helps it's billion is they're platform $X.X both OnCall ticket flagship home deals, for used using But win-win-win scale have to their time our a Watsco or customers your question, ours answer about higher customers Pro. they're

Operator

next The with Tommy from Stephens. comes question Moll

Thomas Moll

Yes.

question on what's First you've and guess reasonable your balance outlook position and run is, the when the today, best what's sheet depend on a the down weather fully other transition mean factors. should at there? will product? you the if that inventory new it to on look But I XXXA currently

Albert Nahmad

to a want Paul, shot that? Barry, do take at you

Barry S. Logan

Paul. ahead, Go

Paul Johnston

we much almost running probably our quarter. be and that XXX And what AXL. have be going with time, sure been probably still have we're second our at big with say we the at try the XXX reasonable would second say, products. beginning We and -- throughout is, into We've the a engaged probably transition the year. working to in will not nothing, we not the going AXL. to is almost fully It's do down still subsidiaries to the products that But the looking we're we should occur make should to present through to pretty of sell transition I to XXXA quarter, Yes. XXX

Aaron Nahmad

through our the regulation that that's selling whether in position and the to specifically our I'll to says do fully inventory I by and scale the of with just because or of want would add, is XXX large part that expect And it it noise that. be to a data some cleared around that. we agree inventory and XXXX, to can and Watsco, it's be size be other. is the there's and good that to where help also just products the time. There's clarify, because what's out end can of through and each each need time units of other help power we be terms clear what needs they business in a are lot our out what out to moved of we surrounding

Thomas Moll

question. Follow-up Okay.

articulate for your product occurs the are are increases. turn, the of of more in As it's gross run how in table. there, price What, impact substantial you -- start But the I you question. volumes on the benefits the here? about the the to through, if think any, kitchen do at to with all customers obviously, end AXL call, user at mix this percentage in execute X-part And day, helping marketplace, the we're terms of mix of really we this then the prepared tailwind? you the we, mean margin the should as a end

So as these forward. how move your customers these conversations how we you with are are conversations? helping Or

Aaron Nahmad

Can we Barry? our give you I mean, specific, what are what that's more matter the no do Paul, changes. job. That's

Paul Johnston

our transition for to the provide to extensive ready new to customers we training get the Yes, them refrigerant.

product know, to different aren't got in has you on it, that be are As bit other to the it's slight handled it to and it's on a so going got flammability be XXX. little that the manner components

product. the So introduction a lot of gone in has training of to prior the

the the go the much XX%. you'll with. product, expensive It's gross neighborhood As far we profit see percentage to the brand-new a up, because gross be see the be as much to that profit you're XXXA dollars gross that somewhere it's profit movement, up so product, to going but start a not of move to X% to expect going than and product more in probably

Barry S. Logan

what needed things been to fit match that down we product the and add probably be even XX%, Watsco, database permits of Watsco. and can product all on be now a to is residential XX% pulled new XX% -- of in for our of products it's and say upgraded total information to digital for Just the obviously, to is how experience and business how that, and own closer entire new all upgraded to we has

drift. platform kind smoothing products, match and get this that's products into actually the buy correlated of you digital those you customers specify the have product, transition products add to how the So the the products,

that would So and tools these on this, the you I time scale, least to them. we didn't of we did at we have have say, the this, kind have not way last

OnCall mentioned OnCall in discussion. mentioned And so we that's important Air. this super Air, A.J. And

on For those program. signed customers up that

and learn to going is new consumer how feeding and actually are tools these those Now experience see products.

of of stuff wish size, products. a I consumer billion community very timing. good their time but these lives the it's OnCall XXx Air just So in user for $X.X it was digitally buying is the the seeing first is that

there momentum, of So the and is answer. that's part

on what that margin, to technology we the platform our we it is use break And can just of going. a is course, older how is the can, other for right? if one to and that's apply we to to our profit, intent if the the a just pricing business, where has better sure. cost of good technologies add higher that's inform Paul said, back Going same of gross equation an benefit margin there for make And teams and to

of bit So pricing but technology see abstract with as of in one more the answer, place an it's well. new we that's a opportunities

Operator

comes question next Markets. KeyBanc with The Jeff from Hammond Capital

Jeffrey Hammond

were kind there around was fourth wondering And unit fourth just issue, supplier comps? kind the any underlying What's change taking to evidence of last, unpack strong then lapping supplier contractors this of easy Just would demand? that quarter, the then very you mean, just quarter? any And impacted just growth. what's of XXXA can back in kind that have issue? optimism I I'm if

Rick Gomez

of Jeff, customer take question trends the this and is just the I within Rick. saw can we unit the the about part base. what first Yes,

X% the quarter fourth about year, of we last said First comps, think on down I were we [ ].

units when at X-year up organically over looked it's the we And about XX%. period, so

it So just not that. that's is benefiting comp a

good be going underlying there's share forward. good new data that evident the demand, think, and underlying some in think will acquisition, I customer market we

than you they question did I'll the do. the was -- Now couple normally And more demand, there. points give holding inventory some of a contractor becomes, data that channel of then

inventory hand, have contractor business an First, facilities not and store of of inventory trucks. months foot all days hand. inventory. because we of know inventory just-in-time conceptually, small we have not just on square XXX,XXX the I don't tend capital -- a handful They a the generally, on just there working And to partner. are are invest we, in distributor, they just inventory think They average owner-operator, is to

channel whole conceptually, a never beyond the us, So has really of the distributor. had inventory lot

secondly, to to were be December, have the ones the And when throughout would look we not strong large-scale we looked conclusion among at what data all there's out and buy a that fourth inventory. hold if spike level which balanced contractors customer then customers. quarter, to in see own trends that the then who just there. easily as inventory nothing points would was -- more capacity throughout very buying, that October So you'd would our December saw quarter, you our growth the largest forward was there's buying. and And at They you'd lead movement our the does not and fourth as in say,

believe I just not. see flat and lot dollars to question. fourthly, our sheet, a beyond the on been beat units very you And own balanced balance dead that now, it in the X have And versus inventory this horse inventory the about ago, or think years says

rates like. don't the alarm we a evidence contractors XXXX are us growth much what channel see carrying and look that beyond would about lot So in whole nothing that of inventory cause might

Jeffrey Hammond

Great color. Okay.

Barry S. Logan

feel like turned some dead more, the up Jeff. horse [indiscernible] beating We globe. I

concepts OEMs I not And principal have but of new You doing want of of we growth this of of from to that's Rick had not emphasize, There [indiscernible] is it, are progress, quarter who seen reasons component recovery, mentioned the about what's new it's It's you one anywhere recovery technology driving that growth. ago. growth near customers. generation We component or see. greatest either is issues customer reason. the X share is the whatever the business our a that year but really said, a market

year, that next progressive to a want we it words I in like trend So say year-to-date. like going have those sure. that this but for And and direction, we feel quarter seen we've really saw

Jeffrey Hammond

shape. great is in sheet Balance Okay.

equity private been the talk does seem environment. has maybe the about It Just space. like more M&A present in

seeing to get et on? what and guys Just ability pipeline, the stocked you are in your cetera,

Albert Nahmad

Barry?

Barry S. Logan

careers, families, that career know and story are there have same businesses this COVID, earnings. at of there always relationships much -- own the the to is, for are point. X, stability XX in a in my the The personal still the $XXX families would you much question to say of that And is We've third is our easily have that them I you've wild increases in were heard not. or those multigenerational XXX this now Yes, million tried or more. generation year valuation had second, families, right, wild variations relationship, last of

still terms for businesses to say, in know we'll there private valuation. But how to in a run I know more people had than during where these have years stand look now. seems behind we as that would interested, would kind their it's see. of it's in debate are when factor confidence COVID us taking and but think usual builder the a things at were couple of should I business It's a less of respect that invest. wild equity bit things I now Well, reality and that say valuations of some maybe where a and own respect.

our want and relationships on the to good when great there's going to and good there have As always, be play families that out in today. respect that activity we something job some feel is

Operator

Karas next comes The Damian question UBS. from with

Damian Karas

stagnant guess just still little in the around give area I color that's us a Could the maybe one a business? quarter. area sales. non-equipment bit what that the maybe in is little bit you you're work Nice seeing of the

Paul Johnston

got One, seeing that of that think lot we've driven Yes, commodities, by I steel. you're a refrigerant, business of there. couple happening things copper, a is

a unit you going I When to field, install has the pop and copper, definite actually pop think to business, a get refrigerant in a see a repair into which the is been unit in a steel parts takes still we're in perhaps it slow. what saw we or increase.

had right same sales parts double-digit in we've action go equipment parts seen of we're we go could dual the kind up. which seeing increase be going now In a the up that sales where on in fact, actually there time, indicate a industry at

the with outside So we're aftermarket the we're what I have very portion, would seeing now commodity of right pleased to also. say in

Damian Karas

absolutely lot when I getting follow-up, really wanted about to know That's that Great. curious I my or new hear driving customers talking helpful. in about might talked the growth. just And confidence of But to gross just back are of you kind these any margins. a guys And be. higher of in Barry that I'm delight your to if path XX% the

you to any of that the on have expect profitability some customers new these bring kind you meaningful as of into mix? If impact your

Albert Nahmad

customers response lot to products or market achieve our to have Well, add you value may a XX% to think in we're going not a services. may our or is and heard of aspiration that we that

-- and to do we period we have have possible, time aspire we Do than we you to get and better and needs else. presently So than it's do But the No. want anybody we of we that? a add that? to there, anything the have think tools probably more

Barry S. Logan

at you have XX our have Yes. Again, portfolio, something. some any business I'll units. mean outperformers depth. ] near are and today. Within we And like or units add of outperformer number Watsco, a [ business I just and

described with is year impact expect Obviously, about in we your on maturity any near this much hopefully So see this about term, number, want quarter But XX the we the to like us again, a work and capability year our some of cost something that higher had which question, term, in last portfolio, towards within overall vendors, that we pie and short periods. recovery one recover that that to our margins. -- of well in as it's the we expand future not sky it's points the as network the we like we basis

of And anyone understand come the move Also, business told story doing better. that we and this again, is technology. needed. And view. point that on that technology that's was now from this and the welcome of to on year cost And pricing we've down

basis we So on of learn points. down term, it sound Anyone culture Long be conference And short long-term. XX just it's our margin, the improving non-equipment. it's This sentiments of to the is flatness grow the more, of year, to not I right of a want accretive want percentage our -- Short bite every term, equipment to our Paul is a they welcome the bit certainly mix come be if a call. part a points. and but to And to product price sell idea so probably that's together, term. growth of little and because we technology the still in ongoing, their or is points in headwind, versus product of basis another. that's in

Operator

from William question comes next Ryan with Merkel Blair. The

Ryan Merkel

go being back in tech-forward these Are to in these I quarter that to growth sudden you your big are Or Yes. fourth the quarter, technology? the new about customers? And the contractors did similar see is customers? this? Why fourth customer want there more anything then the these who appreciate driver. the

Albert Nahmad

Barry?

Barry S. Logan

ahead. go Rick,

Rick Gomez

don't... Yes, Ryan. I

Albert Nahmad

That's I very by said very way. the junior. junior that's

Rick Gomez

to So the you fourth was all the trend quarter. isolated not

year. I think we of kind build saw trend that throughout the

last go at well where good gaining share. If of back year, call have this market. was, in very been do are a Those we kind generally it sideways it, markets time I'll you time, and choppy in

like? I But do more. look new highest amount measuring is we it question. and showed exactly annual of ago. a really the mix saw contribution years the where revenue mean itself the represented same well bit from customers we're with I saw in good yes, say the different. bit What like really little we is are Snowflake, it quarter the just It's year, we so that almost would a the that, they look that throughout it's many And a metric they little fourth contractor. build large since trend

this That's what what a technology market. it's where even point contractor it, in is customer inflection can And the a hear non-equipment sometimes our matters product inventory to do a sophistication deal. we that A.J. depth diversity technology time, we our good portfolio operation expand an in We mid-tier go our be is think. our the than offering contributor biggest in have the same always where job the over of what meaningful of very X-, is lot. the more. carry the that on can And contractor. for resonates that's the want X-truck and does we And after and same and that rules and very, great bit I that of has X-, a also turning where that

Barry S. Logan

of add our -- Yes. need of to And part and a we that be in mean market. example, and that with a investment -- have to large partner historically, its I OEM for say part to other to just to of that discussion if to business, build we're network, part SG&A protect we partners, it nucleus an price programs to contractors name markets. to people customers, that brand here's of market X to depth not serve listen, a the grow some and time working say, I been our addressing. to inventory some purposely of -- large when careful. I'm example dealers, go it abstract inventory long as big customers of And But is be add serve local be thousands of and not the that intentionally dealers, to it, large that needed to the and in is was competitive we going

keep want again, out it's level. last dollars -- momentum without the a sales two. specific, and being to the that of to think that's example because And adding at an going over that's location share, adding every nice it's margin been playing year too I we or something probably

Ryan Merkel

by like into year. I the release, gain it And is, then the and growth, That's first incremental sounds volume of opportunity mentioned in growth is unpack question continuing helpful. an And there's part at you opportunity. what improved the press Can AXL, that? my share mean you guess Okay. the least you

Barry S. Logan

rather after the First, think I to opportunity. offers this right? opportunity presents thing the create with selling Every year same than juncture new any product that old year, value like customers

kind that, the of So sales do technology enabled opportunity is investment. change the The energy is an is it energized. this force takes but flow to from

competitive that transition. of so energy in lies bringing and those where making And is to advantage our that's think we this investments kind

And so look I would that be that's it. -- how at

Paul Johnston

side, a a the And pricing product has the in lift you're see price going cost. to on higher

going outdoor. and be installing You're to an indoor

not You are devices can't field can't replace be outdoor to indoor the unit All just replaced the unit. replace for refrigerant and they indoor the the and safety installed. on be the unit have and

So we're revenue from in definitely going to see dollars a definite that. dollars profit uptick gross and in

Operator

Jeffrey comes next Sprague question with Research. The from Vertical

Jeffrey Sprague

Glad to all. hear you

on the Just any your there a channel to one, is ask is right, final so what the is just prebuy. your case pretty not their unusual light And look made dealer up the if simplistically a in I that so reason do you in simplicity, convincing wonder not and -- inventories is historical of is notion it verdict, eyeballs.

What this spilled happened. on pre-buy have So of what and do that's actually look kind of it like at the you and what kind when you ink actually be been all happened? final on might view back a

Albert Nahmad

that wants Who one?

Paul Johnston

a Sounds like me. question Rick to

Rick Gomez

math Paul. I you, I'll tried that Thank than I the quantify And have say, more is it, science. would to OEMs Jeff. stab of art exercise, at Yes, take some a this. think

just algorithm alter in or the a for pockets? year, that is they've million don't quantified X% think I of would an X% happen if did price what question anything it to so you year? get competitive assume right? million, what somewhere a average if And unit, -- we And so Maybe. and growth X.X Is a outdoor XX -- for is, so. but the an fundamentally if just selling systems dynamic we you take or it

Jeffrey Sprague

to those But we pretty the that for indicated, as you prepare interesting Yes, to I new balanced normal reported now year? XXXA me. mix the see they inventories be they inventories, takeaway. own -- your as it Or And mostly seem in then a be would your it? as to relates there's as would they there look

Paul Johnston

as we sales -- the indicated, but pushed second We of And was our our AXL much it XXXA, product of and quarter the of overwhelmingly year are this had inventory the until next out into basically -- has also, we purchase XXXA. first pretty this the XXXA. and overwhelmingly quarter of been the year

Aaron Nahmad

Yes. What goal we've our far, Yes. a think I'll the success that and to old the harmonious was, transition say said that. good I of so had we new scale [indiscernible]. was on for a products pretty from

Jeffrey Sprague

of of X, getting mechanical reaction market almost tariffs sort that to have want a the expect of up happen, go be like to to sounds it you're they're day from with this a immediate you obviously, kind place, concert prices sort through signal tariffs going price. And that. move OEMs push into Would in

Paul Johnston

definitely to of product price comes already side see going product You're China the in directly. as announced China. tariffs Most been far increase the has a lot from what as with a discharge of ductless in

see So definitely of think location of I adjust the in those to until pricing. going the the manufacturers uptick you're can products, an manufacturing

Jeffrey Sprague

I referring risk. Mexico more Any thoughts maybe on was to that?

Paul Johnston

to that I him if satisfy knows, going something or Trump happen that's Mexico, to a going he only What's is going President not believe. don't we have satisfy yet. to it's clue

be So we as that as a once mover we what the down would if that, a identify big put be obviously pricing XX% would action far there.

Operator

with Brett next The Linzey from question Mizuho. comes

Brett Linzey

margins. on specifically mix one and just more dynamic Yes, gross price this

price/mix new pricing So gross any about but versus also the of you think tariff percent that drops this for mix single-digit double-digit units, Is how margin Watsco? there on to talked through pricing. on additional some incremental year to high this way about

Barry S. Logan

that's XX% about very sell a idea margin makes cost XX% or of more this. of X% OEM Any kind about, we there or no want just X% more talking that we're product gross I Again, that AXL gift to equation. is be in that then price, in increase careful kind for any the

price release, be any to in to impacted by the right? XX% at it, AXL. look in our benefit those concepts mixing XX% margin of careful have it we pricing, of the you from So So press versus business said gets just

of we the You've call half heard as during is year, get business then part the our second more the year. than into of the inverts the first it XXXA half that certainly

So where you across out, can the on in -- not and X second current year. of benefit and flows not gross inflationary quarter but The that as Paul plays as rest blend that, Paul, quarters ball the the the state. well the increase benefit be the that an fit the that you concept And top where pricing that It's as of maybe price I'm of see through. it's about, of would quarters. affect year, your sure whatever talked would some X something what crystal inflationary last the next margin as that tells you, it's something that's

Rick Gomez

there's that gross think, rightly add to relates on -- a focus quickly, to margin of one this. mean, I just add one just element I element it I that lot to as Brett, to

equally you're I think or direct and this more powerful SG&A base aspect able you more this. the of is do the as to your that leverage

I we profit ultimate that this the so reacting a at the margin more near is compelling day because and in it's elements think, really to gross the opportunity end probably, at aren't have level the of in probably And margin some of and in growth at operating term, beneficiary the level. EBIT the SG&A margin

Brett Linzey

for just me. appreciate Okay. last that. one And Got then it. Yes. I

a replacement component that that big in or this seen it suggest apparent inform that versus ongoing or there's pretty debate the up on parts you've case, maybe any but resilient, to doesn't the would So all anything that's data look down repair. that ticked just repair there. look But does replace, at in step is the thoughts but

Paul Johnston

indicated Well, double go sales digit. unit both saw we've already parts we and that up

repair year? It's seeing at of both and that seeing continue we're the replace. We're replace. throughout not occur wait time. versus and the to have So same see. a We'll them And will repair

Operator

Tusa question with comes Steve Our JPMorgan. next from

C. Stephen Tusa

reads Love the Chairman and it when that unique. is CEO statements, quite the forward-looking

So thank that. you for

thanks Just we're trending how what price you this be anything may volatility on side into speak color guys than Are with trending in any differently the of to refrigerant the for seeing year, there RXX the like all prebuy, of to and on XXXA. how this happened kind et on cetera.

Albert Nahmad

deal please. with you Paul, Yes. that,

Paul Johnston

Yes, XXX the seeing of price no. we're yet, not really spike

that's commodities you're seen on side. what Obviously, not XXX have be I during earlier having if is any that And price there. is year, when uptick. we're higher we with XXX, movement talking we're any XXX. that's any that not of the get If will We sort to great XXX and what repaired issue the the seeing indicated than used the about a with

C. Stephen Tusa

And I any need you channel aftermarket issues think Are are guess, do field price it you you charge install a off. actually to there? Right. or that little top you bit it's in that refrigerant of the understanding to seeing -- is availability the my or

Paul Johnston

far as handle with it availability does XXA. to take We're nothing seeing be containers the now, as XXX special of to to right little the or availability containers has of has a with the containers the able do a to the issue bit this -- -- do container and refrigerant the because

C. Stephen Tusa

volumes the it. that quarter. may My is Got that -- kind up clarify have the maybe how this had reestablishment of that number? supplier little are more a year. Can just And this last on just you volume that those helped the bit pretty then issue dramatically understanding much of on

Barry S. Logan

it's competitive I again, data, think. Steve,

in product of of with it sale So sales. terms general be XX% is total context, can Watsco it. brand current in less I want a careful only quarter's growth. sales, be to that vendor in I so than mean -- of that But somewhat the portion

C. Stephen Tusa

Right. last just And one you. then one for

You replace talked about the how can't you outdoor unit. just

the to You've relative full difference a soup of got to to to cost unit? the the -- that What's the replacement kind doing the of for in consumer just nuts outdoor do type here.

Paul Johnston

able indoor the unit, a saw indoor has the It's of haven't to that. be the price, as come turn that switch in with to a air have got number well going an unit We the up flow to a be on obviously, because sold a as really enough leak. to you on sensor to higher good you've event

provide the delta And the information quarter, you we'll so units. able though. as we on by to indoor the to be know going cost did more with be on far you than more, second it's you've what as is. the more Maybe got XXX difference

C. Stephen Tusa

don't Right. the contractor Do you think you? eats that. And

Paul Johnston

No, not. I do

Operator

I Albert like This the to back concludes for question-and-answer session. any our turn remarks. conference closing to Named would over

Albert Nahmad

your appreciate a your Thanks the and Bye-bye. We again following forward we and interest. year, for [indiscernible]. us look all to great

Operator

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

disconnect. now may You

Watsco (WSO) 18 Feb 252024 Q4 Earnings call transcript