Watsco Inc (WSO.B) 2025 Q2 法說會逐字稿

Good day, and welcome to the Watsco's second-quarter of 2025 earnings conference call. (Operator Instructions) Please also note that this event is being recorded today. I would now like to turn the conference over to Albert Nahmad, CEO and Chairman. Please go ahead.

大家好，歡迎參加 Watsco 2025 年第二季財報電話會議。（操作員指示）另請注意，今天正在記錄此事件。現在，我想將會議交給執行長兼董事長 Albert Nahmad。請繼續。

Good morning, everyone. Welcome to our second quarter earnings call. This is Al Nahmad, Chairman and CEO, and with me is AJ Nahmad, President; Paul Johnston, Barry Logan and Rick Gomez. Before we start our normal cautionary statement, this conference call has forward-looking statements as defined by SEC laws and regulations and are made pursuant to the safe harbor provisions of these various laws. Ultimate results may differ materially for the forward-looking statements.

大家早安。歡迎參加我們的第二季財報電話會議。我是董事長兼執行長 Al Nahmad，和我一起的是總裁 AJ Nahmad、Paul Johnston、Barry Logan 和 Rick Gomez。在我們開始正常的警示聲明之前，本次電話會議包含美國證券交易委員會法律法規所定義的前瞻性聲明，並根據這些法律的安全港條款作出。最終結果可能與前瞻性陳述有重大差異。

Watsco delivered healthy second quarter results and a soft market conditions, I should say, in soft market conditions. 2025 marks a year of significant product transition to next-generation equipment containing AQL refrigerants. The transition affects roughly 55% of our historical product sales. This transition affects our inventories, our supply chain, staffing levels in our branches and other aspects of our business.

Watsco 在第二季取得了良好的業績，而且市場環境也比較疲軟，應該說，這是在疲軟的市場環境下。 2025 年是產品向包含 AQL 冷媒的下一代設備進行重大轉變的一年。此次轉型影響了我們歷史產品銷售額的約 55%。這種轉變影響了我們的庫存、供應鏈、分公司的人員配備水準以及業務的其他方面。

Regulatory changes have historically been good for our business and good for our customers we expect that transition to be no different than has happened in the past. The changes are substantial and complete, and we'll look forward to operations of simpler business in 2026.

從歷史上看，監管變化對我們的業務和我們的客戶都是有利的，我們預計這種轉變與過去沒有什麼不同。這些變化是實質的、全面的，我們期待 2026 年的業務運作會更加簡化。

Let me turn to second quarter highlights. Sales declined 4%, like in double-digit pricing gains for the new equipment, offset by lower volumes. We had a late start to the summer season. Sales for residential new construction and international markets remain subdued. On the plus side, Watsco achieved record gross profit margins.

讓我來談談第二季的亮點。銷售額下降了 4%，因為新設備的價格上漲了兩位數，但銷量下降抵消了這一影響。我們的夏季開始得比較晚。住宅新建銷售和國際市場依然低迷。從好的方面來看，Watsco 實現了創紀錄的毛利率。

Our performance yielded an increase in EBIT and expanded EBIT margins despite lower sales. Our results benefited from OEM pricing actions, our pricing technology platform called Pricefx also contributed. Gross margins remain a focus. There is much potential to improve over time.

儘管銷售額下降，但我們的業績仍使息稅前利潤 (EBIT) 增加，息稅前利潤率也擴大。我們的業績得益於 OEM 定價行動，我們的定價技術平台 Pricefx 也做出了貢獻。毛利率仍然是關注的焦點。隨著時間的推移，還有很大的改進潛力。

SG&A increased 6% as we incurred extra cost during the transition. We all cited 10 new locations from recent acquisitions. Our balance sheet remains solid. We have a strong cash position and no debt. We continue to invest in innovation and technology to separate us from our competitors.

由於我們在過渡期間產生了額外成本，銷售、一般及行政費用增加了 6%。我們都列舉了最近收購的 10 個新地點。我們的資產負債表依然穩健。我們的現金狀況良好，沒有債務。我們不斷投資於創新和技術，以使自己從競爭對手中脫穎而出。

Watsco's technology journey began 15 years ago, and we have made terrific progress. For example, e-commerce continues to grow and is now a $2.5 billion business or 34% of our sales. Mobile apps have now 70,000 users and grew 17% versus last year. The annual volume of products sold through OnCall Air, which is our digital selling platform for customer contractors increased 19% to $1.6 billion. It's a great assist to our customers.

Watsco 的科技之旅始於 15 年前，我們取得了巨大的進步。例如，電子商務持續成長，目前已達到 25 億美元的規模，占我們銷售額的 34%。行動應用程式目前擁有 7 萬名用戶，比去年成長了 17%。OnCall Air 是我們為客戶承包商提供的數位銷售平台，透過該平台銷售的產品年銷量成長了 19%，達到 16 億美元。這對我們的客戶來說是一個很大的幫助。

But we're not standing still in terms of ideas and making further investments. We are building on or adding new initiatives to drive growth and to delight our customers. Examples include a new technology-driven sales platform being developed to capture a larger national customers, we're talking about national customers here. This would be incremental to Watsco's core replacement business and is expected to be launched in 2026.

但我們在想法和進一步投資方面不會停滯不前。我們正在建立或增加新的措施來推動成長並取悅我們的客戶。例如，正在開發一個新的技術驅動的銷售平台來吸引更多的全國客戶，我們在這裡談論的是全國客戶。這將對 Watsco 的核心替代業務產生增量作用，預計將於 2026 年推出。

We have accelerated adoption of our pricing platform, price, FX in the neighborhood. Our goal is to reach 30% gross profit margin. We have launched an initiative to grow the parts of the supply segment of our business, which today is roughly 30% of sales and can be a much larger over time.

我們已加速在周邊地區採用我們的定價平台、價格和外匯。我們的目標是達到30%的毛利率。我們已經啟動了一項計劃來擴大我們業務的供應部分，目前該部分約佔銷售額的 30%，並且隨著時間的推移會更大。

And we launched two AI platforms, one internal and one external to harness our data. Artificial intelligence offers the potential to further transform our customer experience, improve operating efficiency and create new data-driven growth strategies. This is an exciting time, and these are just a few of the many initiatives underway. Now we will expand on these themes at an investor event in Miami which will occur -- temps have dropped a bit. Stay tuned for additional details.

我們推出了兩個人工智慧平台，一個內部，一個外部，以利用我們的數據。人工智慧有可能進一步改變我們的客戶體驗、提高營運效率並創建新的數據驅動成長策略。這是一個激動人心的時刻，這些只是正在進行的眾多舉措中的一小部分。現在，我們將在邁阿密舉行的投資者活動中詳細討論這些主題——氣溫已經下降。請繼續關注更多詳細資訊。

Finally, we believe our culture of innovation, along with our scale entrepreneureal culture and capacity to invest are unmatched in our industry.

最後，我們相信我們的創新文化、規模創業文化和投資能力在我們的產業中是無與倫比的。

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

接下來，讓我們進入問答環節。

(Operator Instructions)

（操作員指示）

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

Hey. Good morning, everyone. My first question is just on volumes in the quarter were a little bit worse than I was expecting. I know you mentioned weather, A2L, new construction. Would just love to hear from you what happened there? And then more importantly, are you seeing trends improve in July?

嘿。大家早安。我的第一個問題是本季的銷售量比我預期的要差一些。我知道您提到了天氣、A2L、新建築。我很想聽聽你的情況？更重要的是，您是否看到七月的趨勢有所改善？

I'm going to ask both Paul and Barry to respond to that.

我將請保羅和巴里對此作出回應。

Yeah. Revenues were not as strong as we anticipated going into Q2. What we saw was a kind of a lumpy picture in the marketplace where April came in strong, May ended up being very weak, mainly because of the weather patterns in the north. And then in June, they came back again. And it was pretty much -- RNC is probably -- our new construction -- residential new construction is probably down 15% to 20%.

是的。第二季的營收並不像我們預期的那麼強勁。我們看到的市場狀況是，四月表現強勁，而五月表現疲軟，主要是因為北方的天氣狀況。然後在六月，他們又回來了。而且 RNC 很可能是我們的新住宅建築數量下降了 15% 至 20%。

Replacement is still holding fairly strong. We didn't really see a lot of repair in the beginning of the quarter, which we saw towards the end of the quarter and continues into July but not enough to offset the unit sales that were certainly down.

替代性仍然保持相當強勁。我們在本季度初並沒有看到太多的修復，雖然在本季度末看到了修復，並且這種情況一直持續到 7 月份，但不足以抵消明顯下降的單位銷售額。

On international sales.

關於國際銷售。

Yeah, I'll comment on that. Also, on one of the exposures we talked about in the first quarter that repeated itself in the second quarter was our international, which is Mexico. Mexico is probably the most volatile market. It's a small part of our business, but a big contributor from a margin point of view.

是的，我會對此發表評論。此外，我們在第一季談到的、在第二季度再次出現的風險之一是我們的國際業務，即墨西哥。墨西哥可能是最不穩定的市場。這是我們業務的一小部分，但從利潤的角度來看卻是一個很大的貢獻者。

But Mexico was down -- well, let's put it this way, it cost us about $0.10 a share in the quarter, $0.20 a share year-to-date. And June, it grew in July, it's grown since then. So I'll take kind of one market that's been irritating, which seems to be a lot better in the last couple of months.

但墨西哥的利潤卻下降了——好吧，這麼說吧，本季每股成本約為 0.10 美元，年初至今每股成本為 0.20 美元。到了六月份，七月它又開始生長，從那時起它就一直在生長。因此，我將選擇一個令人惱火的市場，但在過去幾個月裡，該市場似乎已經好多了。

As far as July goes, Ryan, I would say it's better. August is bigger than July in our forward-looking commentary. So if I say that the July is better than what we saw in June, that's okay, but it needs to extend itself and extrapolate itself as the year goes on. The good news is that, in general, what we can control is margin, pricing and wherewithal of our business to support all these new products in the market with our customers.

就 7 月而言，Ryan，我認為情況會更好。在我們的前瞻性評論中，八月比七月更重要。因此，如果我說七月的表現比六月更好，那就沒問題，但隨著時間的推移，這種表現需要不斷延續和推論。好消息是，總的來說，我們可以控制利潤、定價和業務能力，以便為客戶在市場上推出所有這些新產品提供支援。

I'm glad we have our balance sheet to do that with because it's been a pretty extraordinary product change this year. You can see the building of inventories, that's a customer-focused effort to help our customers get going in this market. The margin speaks to capturing new pricing on, as we say, over half the products we sell, we had to capture price inflation since that price and get off on the right track in margins.

我很高興我們有資產負債表來做到這一點，因為今年的產品變化相當特別。您可以看到庫存的建立，這是以客戶為中心的努力，旨在幫助我們的客戶在這個市場上立足。利潤率顯示要抓住新的定價，正如我們所說，我們銷售的超過一半的產品，我們必須抓住自該價格以來的價格通膨，並使利潤率走上正軌。

And needless to say, that's been accomplished. So we like what we can control. We'll be patient about what we can't control. And I think also, maybe this is more of a 2026 discussion. But the entire industry, every OEM we sell products for have been through an extreme product cycle probably for the last two or three years.

不用說，這已經完成了。所以我們喜歡我們能夠控制的事情。對於我們無法控制的事情，我們會保持耐心。我還認為，這也許更像是 2026 年的討論。但整個產業，我們為其銷售產品的每家 OEM 廠商在過去兩三年都經歷了極端的產品週期。

And at what point does that serenity play itself out in terms of growth and market share development and product expansion, the blocking and tackling that I think is particularly good for us and that we're good at. So maybe that's more of a next year event, but we're kind of looking forward to it, quite honestly.

在成長、市場佔有率開發和產品擴展方面，這種平靜會在什麼時候發揮作用？我認為，這種阻止和解決問題對我們來說特別有利，也是我們擅長的。所以也許這更像是明年的活動，但老實說，我們對此很期待。

Yeah. That's fair. Okay. Since you mentioned gross margin, that was the other metric that was really strong this quarter. My sense is it's both price cost and initiatives. But my question is, I don't want us to extrapolate that 29% into the back half. So just how sustainable that is that? Was 2Q kind of temporary due to price cost timing?

是的。這很公平。好的。既然您提到了毛利率，那麼這是本季另一個非常強勁的指標。我的感覺是，這既涉及價格成本，也涉及措施。但我的問題是，我不希望我們將這 29% 推斷到後半部。那麼，這種做法的可持續性到底有多強？由於價格成本時機的原因，第二季的表現是否具有暫時性？

Go ahead, Barry.

繼續吧，巴里。

Yeah. I think there is obviously an algebra benefit to margin when OEMs raised prices. In April and May, we talked last quarter that OEMs had face some inflationary realities going on with tariffs and raw materials and so on, on top of the like-for-like price increase on the new product, they introduced inflationary pricing early in the quarter. That clearly helped build a bigger margin this quarter. And the benefit of that kind of slides off into the third quarter and fourth quarter.

是的。我認為，當 OEM 提高價格時，利潤率顯然會具有代數效益。我們在上個季度的 4 月和 5 月談到，OEM 面臨關稅和原材料等通膨現實，除了新產品的同類價格上漲之外，他們在本季度初還引入了通膨定價。這顯然有助於本季實現更大的利潤。這種好處會延續到第三季和第四季。

But I'm the one that probably three years ago, talked about 27% as a floor, as a benchmark, and I stand by that obviously. And if I say now 27%-plus, I would expect that for the last half of the year, but we won't have the benefit of those pricing actions that you see in the first half of this year.

但大概三年前，我就曾討論過將 27% 作為底線、作為基準，現在我顯然仍然堅持這一觀點。如果我說現在的成長率是 27% 以上，我預計今年下半年的成長率將會如此，但我們不會從今年上半年的定價行動中獲益。

So somewhere in between would be my conjecture and the market will play out and determine what it is. But -- so I think we have a chance to beat our benchmark and -- but not have the benefit that we saw as extraordinarily this quarter in terms of pricing.

因此，我的猜測是介於兩者之間，市場將發揮作用並確定其結果。但是 - 所以我認為我們有機會超越我們的基準 - 但在本季度的定價方面，我們並沒有看到特別大的收益。

That's great.

那太棒了。

Just want to add. I mean, this is AJ just real quickly. I mean there is the benefit from the OEM price increases but also the efforts we're making on our price optimization and the leadership of those teams and the pricing teams, that's also working. So it's a combination of both, but we continue to put points on the board in terms of the pricing efforts that we're taking internally.

只是想補充一下。我的意思是，這真的很快就是 AJ。我的意思是，OEM 價格上漲帶來了好處，但我們在價格優化方面所做的努力以及這些團隊和定價團隊的領導力也發揮了作用。所以這是兩者的結合，但我們會繼續在內部採取的定價措施方面提出要點。

Let me add that as we move our product mix, which I mentioned in the opening statements, towards parts and supplies. And that's what we're focused on with our technology. That, by its nature, carries a higher margin than equipment sales. So our product mix, hopefully, sometime later this year or into next year will improve margins to as parts and supplies carry higher margin.

讓我補充一點，正如我在開場白中提到的，我們的產品組合正在轉向零件和供應品方向。這正是我們的技術所關注的重點。從本質上來說，這比設備銷售的利潤還要高。因此，希望我們的產品組合在今年稍後或明年能夠提高利潤率，因為零件和供應品的利潤率更高。

Thank you very much, all. I'll pass it on.

非常感謝大家。我會傳達的。

Brett Linzey, Mizuho.

瑞穗的布雷特‧林齊 (Brett Linzey)。

Hey, good morning. Maybe just a follow-up on the last point there. So if you could maybe just unpack the year-over-year gross margin contribution. Is there any way to delineate that between the pricing optimization tools versus the parts mix versus some of that raw pricing just in the marketplace in the quarter?

嘿，早安。也許只是最後一點的後續討論。因此，您是否可以解釋一下年比毛利率貢獻？有沒有辦法區分定價優化工具、零件組合以及本季市場上的一些原始定價？

That's an interesting question. Who wants to deal with that?

這是一個有趣的問題。誰想處理這個問題？

Yeah, Brett, I'll take a stab at that. This is Rick. This is directional because there's a lot of art and a lot of science to this as well and -- but it's not all science. So when we look at the quarter, there was -- and when we look at the year as well, pretty consistent, there's about 50 to 60 basis points gross margin enhancement that we can attribute to that raw selling margin, which is basically the day-to-day job of a distributor in the market is what are you buying for and what are you selling for?

是的，布雷特，我會嘗試一下。這是里克。這是有方向性的，因為這裡面有很多藝術和科學——但並非全是科學。因此，當我們看本季時，並且當我們看全年時，我們發現情況相當一致，毛利率提高了約 50 到 60 個基點，我們可以將其歸因於原始銷售利潤，這基本上是市場上分銷商的日常工作，即您購買什麼以及您銷售什麼？

And so gross margins would have been in the high 27s absent any of that inflation and the inflation helps, but it's not something that you can underwrite perpetually obviously. So that's what it's amounted to. By the way, that's been pretty consistent. If I look back maybe two or three years in the data. We've been at that -- we can aggregate and say that there's been about 200 basis points of gross margin expansion attributable to this pricing optimization and bringing more technology to how we price.

因此，如果沒有通貨膨脹，毛利率本來會達到 27% 左右，通貨膨脹確實有幫助，但顯然這不是可以永久承保的事情。這就是它的全部內容。順便說一句，這是相當一致的。如果我回顧一下兩、三年前的數據。我們一直在這樣做——我們可以匯總並說，由於這種定價優化和為我們的定價方式帶來更多技術，毛利率擴大了約 200 個基點。

Keep in mind that the complexity of price in the industry is something that generally benefits a distributor. What I mean by that is that virtually every SKU has a different price to every customer. And so to imagine that we are optimized -- well, it's the opposite we're far from optimized. And that's why we think there's so much room still to go.

請記住，行業價格的複雜性通常對分銷商有利。我的意思是，實際上每個 SKU 對每個客戶都有不同的價格。因此，想像一下我們已經優化了——但事實恰恰相反，我們還遠遠沒有優化。這就是我們認為還有很大發展空間的原因。

And oh, by the way, just to finish the thought is that during that period of time, we've also gained market share. We have about 200 to 250 basis points of incremental market share over that three-year period, if I measure it. So that's mainly attributable to all the technology. And my point there is that everything that we're doing on the technology side with margin has not borrowed from customer acquisition and market growth at the end.

哦，順便說一下，在那段時間裡，我們的市佔率也增加了。如果我來衡量的話，我們在這三年內市佔率增加了約 200 到 250 個基點。所以這主要歸功於所有技術。我的觀點是，我們在技術方面所做的一切，最終都沒有借鏡客戶獲取和市場成長的利潤。

That's very helpful. I appreciate that. And then just a follow-up on the cylinder shortage. It sounds like you guys think it abates by the second half. I know some of the peers think it does persist into the second half. So maybe what was the impact, do you think, in the quarter from the shortage situation. And then are you assuming that some of that does carry into H2?

這非常有幫助。我很感激。然後只是對氣瓶短缺問題的後續跟進。聽起來你們認為下半場這種現象會減弱。我知道有些同行認為這種情況會持續到下半年。那麼您認為本季的短缺情況可能造成什麼影響？那麼您是否假設其中一些確實會延續到 H2？

Yeah, I think -- it's Paul, what we had was we had an allocation situation where we were being allocated refrigerant. What the OEMs did was they came through and did an overcharge in the units so that they didn't require as much field installation type refrigerant.

是的，我認為——是保羅，我們的情況是，我們有一個分配情況，我們正在分配冷媒。OEM 所做的就是對設備進行過度充電，這樣他們就不需要那麼多的現場安裝冷媒。

And so it was -- it's become less and less of a concern as time goes on as our allocations continue to increase. We feel good that sometime in August, we should be off of allocation. And I think it's -- it was very irritating. It was very disturbing that we had to go through that. But I don't think that really is the total cause of why the market was slower than what it was.

事實確實如此——隨著時間的推移，隨著我們的分配不斷增加，這個問題變得越來越不令人擔憂。我們感覺很好，八月的某個時候，我們應該可以停止分配。我認為這非常令人惱火。我們不得不經歷這樣的事情，這讓我們非常不安。但我並不認為這就是市場發展放緩的全部原因。

Thanks for the color.

謝謝你的顏色。

Yeah. Just an editorial on that, the like-for-like SKUs that we're selling now, A2L versus the prior is the 10% difference in price and a speed bump on the canisters a refrigerant is that a speed bump. And so the transition itself, as we look forward, again, to that word serenity I used earlier, we're looking forward to it.

是的。這只是一篇社論，我們現在銷售的同類 SKU，A2L 與之前的產品相比，價格有 10% 的差異，而冷媒罐上的減速帶就是減速帶。因此，當我們再次期待過渡本身時，再次回到我之前使用的「寧靜」這個詞，我們期待著它。

Thanks, Barry.

謝謝，巴里。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Morning. Thanks for taking my questions. I wanted to start on inventory. Maybe you could characterize for us the investment there versus what you would have expected to need for the transition. Just in dollar terms, is it about what you would have soft circled or maybe a little elevated. Anything you can do to frame that for us? And then also how you think it might trend over the next couple of quarters?

早晨。感謝您回答我的問題。我想開始盤點庫存。也許您可以為我們描述那裡的投資以及您預期的轉型所需的投資。僅從美元角度來看，這是否與你所期望的大致相同，或者可能略有提高。您能為我們做些什麼來解決這個問題嗎？您認為未來幾季的趨勢會如何？

Well, the honest answer is that it's more than we had hoped for. And some of that is because we expected not to have the unusual demand -- industry demand the lower industry demand. So we peaked at about $2 billion, but we are now very focused on what to do about it, and we've lost in terms of inventory investment, $200 million so far in the third quarter, we're down to $1.8 billion plus this transition on product, you have to have the old and you have to have the new on the equipment side, and we'll transition out of the old before the end of the year, and that will help reduce the inventory investment.

嗯，誠實的回答是，這超出了我們的預期。部分原因是我們預期不會有異常需求——產業需求較低。因此，我們的損失達到了約 20 億美元的峰值，但我們現在非常專注於如何應對，而且我們在庫存投資方面已經損失了 2 億美元，目前已降至 18 億美元，再加上產品轉型，在設備方面，你必須有舊的，也必須有新的，我們將在年底之前淘汰舊的，這將有助於減少庫存投資。

That's a very good question. I'm very dedicated to increasing our inventory turns. And it's been a rough time to do that, but I think that --

這是一個非常好的問題。我非常致力於提高我們的庫存週轉率。這是一個艱難的時刻，但我認為--

Go ahead.

前進。

Yeah. On a raw number basis, we had double inventory. We had about 5% of the total inventory was 4.10%, and then we had the more expensive A2L product in there. So we probably had a 15% rise just between what we had in 4.10% left over and what we experienced when we have price increase. The balance of it is exactly what Al said, the demand just wasn't there to be able to take the inventory back down that you're going to see come down at the end of the third quarter.

是的。從原始數字來看，我們的庫存是雙倍的。我們的庫存約佔總庫存的 5%，即 4.10%，其中還有更昂貴的 A2L 產品。因此，在剩下的 4.10% 和價格上漲時所經歷的漲幅之間，我們可能已經經歷了 15% 的漲幅。實際情況正如艾爾所說，需求不足以將庫存降低，而庫存將在第三季末下降。

Thank you, both. As a follow-up, I wanted to ask about the M&A environment and pipeline, hasn't gotten a ton of their time lately, but how can you characterize that for us?

謝謝你們兩位。作為後續問題，我想問一下有關併購環境和通路的問題，最近他們沒有花太多時間，但您能如何為我們描述這一點？

That's a very good question. We are eager, eager to see what owners of this distribution [businesses] in HVAC are going to do with this existing very soft market. They may do nothing. They may continue or they may say, well, now it's time to do something in terms of an M&A. And of course, we have a great reputation with independent distributors because the way we treat sellers, we're very careful about relationship build continuing post-acquisition with the increasing leadership in the business acquired.

這是一個非常好的問題。我們迫切地想看看 HVAC 領域的經銷商將如何利用現有的非常疲軟的市場。他們可能什麼都不做。他們可能會繼續，或者他們可能會說，好吧，現在是時候在併購方面採取一些行動了。當然，我們在獨立分銷商中享有盛譽，因為我們對待賣家的方式，我們非常重視在收購後繼續建立關係，並不斷提高所收購業務的領導地位。

So I can't say it's going to happen, but I'm sure hoping we have a very, very strong balance sheet. We could take advantage of opportunities as they come that I cannot -- I can only tell you that, well, I can't disclose it, but there is one that we think we're not disclosing much more than that, in some size, and we'll see how that turns out. It's still under the study.

所以我不能說這會發生，但我確信希望我們有非常非常強大的資產負債表。我們可以利用出現的機遇，而這些機會是我不能透露的——我只能告訴你，我不能透露，但我們認為，就某種程度而言，我們不會透露太多，我們將拭目以待結果如何。目前仍在研究中。

Yeah. I would say rest assured, we're having as many of those conversations as we can. We're super ambitious and you have the balance sheet to support anything you want if we can manage to muster up. So hopefully, it can be an exciting period in M&A.

是的。我想說的是，請放心，我們正在盡可能地進行這樣的對話。我們雄心勃勃，只要我們能夠集結力量，您就有足夠的資產負債表來支持您想要的任何東西。因此希望這會成為併購領域令人興奮的時期。

Thank you, both. I'll turn it back.

謝謝你們兩位。我會把它轉回去。

David Manthey, Baird.

大衛‧曼西，貝爾德。

Hey, Al, good morning. I was wondering if you had any thoughts on consumer preference during this product transition, like -- are you continuing to see a premium on the R-410 systems. And then as people are buying the A2L, are they gravitating to one end or the other of the good, better, best tier.

嘿，艾爾，早安。我想知道您是否對此次產品轉型期間的消費者偏好有什麼看法，例如—您是否繼續看到 R-410 系統的溢價。那麼，當人們購買 A2L 時，他們是否會被「好」、「更好」、「最好」這幾個等級所吸引呢？

That's an interesting question. I wonder who on our team can respond to that. Are you the one, Paul? You always are.

這是一個有趣的問題。我想知道我們團隊中誰可以對此作出回應。是你嗎，保羅？你一直都是這樣。

Yeah. The industry really hasn't popped as far as high-efficiency product. it's still at the entry level. I mean we're at -- basically using the old SEER rating, we're at above 15 SEER for minimum efficiency. So it's high-efficiency product. So we really haven't seen a change in the direction of the industry, it's still very much sliding along the idea that it's going to be whatever the minimum efficiency is. And that represents probably 85% of the market. That has not changed.

是的。就高效產品而言，該行業確實還沒有出現突破，它仍然處於入門級水平。我的意思是，我們基本上使用舊的 SEER 等級，我們的最低效率處於 15 SEER 以上。所以它是一種高效產品。因此，我們確實沒有看到產業方向的改變，它仍然在沿著「只要是最低效率就一定是什麼」的理念滑行。這大概佔了 85% 的市佔率。這一點沒有改變。

And then when you get into the brands that we're selling, the brands have been consistent throughout the year, and they continue to hold steady. We're seeing the Carrier brand and the Rheem brand, the Goodman brands all doing their job and holding up their share of the business. We're not seeing a migration to a lower branded product, no.

然後，當您了解我們銷售的品牌時，您會發現這些品牌全年都保持一致，並且繼續保持穩定。我們看到 Carrier 品牌、Rheem 品牌和 Goodman 品牌都在履行自己的職責，並保持自己的業務份額。我們沒有看到向低品牌產品的遷移，沒有。

And David, just to add to that for the front of it, if I look at brands, products, markets, customers, geographies, north and south, east and west, and we're selling close to 20 brands in the first half of the year is very consistent amongst that collection of data points. So nothing stands out, Dave. And I don't think this has been disruptive to what kind of the baseline products being sold is going on.

戴維，我再補充一點，如果我看一下品牌、產品、市場、客戶、地理、東西南北，我們上半年銷售了近 20 個品牌，這些數據點非常一致。所以沒有什麼特別突出的，戴夫。我不認為這會對正在銷售的基礎產品造成乾擾。

Yeah. The exciting anomaly though, and I think it's in our press release is on call here. When our customers are using the tool that we've created for them, which we call a [sales] engine, they are selling high-efficiency systems at a much higher rate, like the inverse amount, meaning I think it's like 70% or 75% of the time a contractor selling -- using OnCall Air, they're selling high-efficiency systems.

是的。不過，令人興奮的異常現象，我想它在我們的新聞稿中已經提到了。當我們的客戶使用我們為他們創建的工具（我們稱之為「銷售」引擎）時，他們會以高得多的速度銷售高效系統，就像相反的數量一樣，這意味著我認為承包商使用 OnCall Air 銷售高效系統的時間佔 70% 或 75%。

So when we can help influence that through that tool, that's powerful because the consumer gets a better product, those contracts or make a bigger ticket as do we. So it's a win-win-win.

因此，當我們能夠透過該工具來影響這一點時，這將非常有力，因為消費者可以獲得更好的產品、合約或獲得更大的收益，就像我們一樣。所以這是一個三贏的局面。

It sounds good. Thanks for all the color there. My follow-up, it's the first time we've seen other do better than the equipment in a long time. And as Paul said, the residential new construction is not helping. I assume all the DUC work and thermostats and things in the other category. So should we not read into this that there's a stronger fix versus replace trend this quarter? Or is it, I don't know, commodities or I'm just making this up. Any thoughts on that?

聽起來不錯。感謝那裡的所有色彩。我的後續問題是，這是我們很長時間以來第一次看到其他人的表現比設備更好。正如保羅所說，新建住宅並沒有起到什麼幫助作用。我認為所有 DUC 工作和恆溫器以及其他類別的東西。那麼，我們是否應該認為本季的修復趨勢比替換趨勢更強勁？或者，我不知道，它是商品，或者我只是在編造這個。對此有什麼想法嗎？

It's pretty small. When you take a look at the entire marketplace, you just take compressors. The normal demand for compressors in the US was about 1.2 million to 1.3 million, and the balance of them go warranty because you have a 5- and a 10-year warranty in most of the equipment. If you take a look at the equipment side, it's 7 million to 8 million units.

它非常小。當你放眼整個市場時，你只會看到壓縮機。美國對壓縮機的正常需求量約為 120 萬至 130 萬台，其餘部分用於保修，因為大多數設備都有 5 年和 10 年的保固期。如果你看一下設備方面，數量是700萬到800萬台。

So for the offset of a down market on the unit side through additional parts, yes, it's going to help our gross margin. But no, it's not going to help the top line. It's not going to help a revenue line. The ratio is just too great between what parts represent versus equipment.

因此，透過增加零件來抵消單位市場的低迷，是的，這將有助於提高我們的毛利率。但不，這對收入沒有任何幫助。這對收入沒有任何幫助。零件與設備的比例實在太大了。

Are we seeing an uptick? Yes, we started seeing an uptick in June, which historically is the month in which you're going to see that up. It's continued into July, but we really haven't seen a radical increase in units. We've seen an increase in dollars more than we have units.

我們是否看到了上漲趨勢？是的，我們從六月開始看到上漲，從歷史上看，六月是上漲的月份。這種現像一直持續到七月份，但我們確實沒有看到銷量大幅成長。我們發現美元數量的增長超過了單位數量的增長。

Let's not mislead either. Our sales in the new quarter are not -- they're pretty flattish, small incremental low-digit increase. It's nothing -- does not signify a major double-digit increase yet. No.

我們也不要誤導。我們新季度的銷售額並不是——相當平穩，只有小幅低位數成長。這沒什麼——還未達到兩位數的大幅成長。不。

Yeah. When we talk about unit growth of compressors and coil, things like that, year-to-date is single digit. It's not -- it was not an avalanche of transition to that. It could be us just selling more compressors in the market. I think you heard Carrier talk yesterday very directly about that.

是的。當我們談論壓縮機和線圈等的單位成長時，年初至今的成長率都是個位數。這並不是──這並不是一場雪崩式的轉變。這可能只是我們在市場上銷售了更多的壓縮機。我想您昨天已經聽到 Carrier 非常直接地談論過這個問題。

And they're talking to 150 independent distributors when they're answering your question to that. So it's obviously an opportunity to sell more parts, but the wholesale trend is not something that I think is quite in the numbers yet.

當他們回答您的問題時，他們正在與 150 家獨立分銷商交談。因此，這顯然是一個銷售更多零件的機會，但我認為批發趨勢尚未達到相當的規模。

Thanks, Barry.

謝謝，巴里。

And somebody mentioned earlier, the M&A, we're very eager to do more M&A. Some kind of opportunities arise when you have these kind of markets, I'm sure hoping for it.

之前有人提到併購，我們非常渴望進行更多的併購。當你擁有這樣的市場時，就會出現某種機會，我當然希望如此。

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jeff Hammond。

Good morning, everyone. Is this real Al or AI Al.

大家早安。這是真正的Al還是AI Al。

There's a combination. You have to figure that.

有一個組合。你必須弄清楚這一點。

Yeah. Just to clarify on the flattish sales comment, was that parts for July? Or is that overall?

是的。只是想澄清一下持平的銷售評論，那是七月份的銷售數據嗎？或者總體而言是這樣？

Overall.

全面的。

Okay. And then just on -- back to inventories, can you just maybe talk about where you want to ultimately get your turns to? I know you were kind of running 4.5 turns a year, pre-COVID and pre all these regulatory changes and now you're kind of 3 to 3.5. And kind of where you see that happening and over one timeframe?

好的。然後回到庫存問題，能否談談您最終想要達到的目標？我知道在新冠疫情和所有這些監管變化之前，你們每年的輪班次數大概是4.5次，而現在大概是3到3.5次。您認為這種情況會在什麼情況下發生，並且會在一個時間段內發生嗎？

Well, first of all, let me compliment you on the day you're right about those turns. I'd like -- I'm not going to put a time limit on this, but I'd like to get the (inaudible) At some point in time, given all the technology we're investing in it, I'd like it to 5.

好吧，首先，讓我對你那天關於這些轉變的判斷表示稱讚。我希望——我不會對此設定時間限制，但我希望（聽不清楚）在某個時間點，考慮到我們投資的所有技術，我希望它能達到 5。

If you think about pre-COVID, we were at 4.5%. We didn't have the technology investment in inventory systems and the management systems that we currently have. So as we come out of it, I think Al's goal of 5 is very attainable.

如果你想想新冠疫情之前的情況，我們的比例是 4.5%。我們沒有對庫存系統和管理系統進行現有的技術投資。因此，當我們走出困境時，我認為 Al 的 5 的目標是非常容易實現的。

We have what we call the Dream plan. We may have mentioned it before. Actually Dream Plan 2 because Dream Plan 1 was achieved after three years of effort and Dream Plan 2 is new, and it may take three years to do that. Dream Plan 2 is $10 billion in revenue, 30% in gross profit margin and 5x on the inventory turn. And that's the -- those are the targets that we're focused on.

我們有所謂的夢想計劃。我們之前可能有提到過。其實是《夢想計畫 2》，因為《夢想計畫 1》是經過三年的努力才實現的，而《夢想計畫 2》是新的，可能也需要三年的時間才能實現。夢想計畫 2 的收入為 100 億美元，毛利率為 30%，庫存週轉率為 5 倍。這就是──這些就是我們關注的目標。

I remember when it was 10% growth in -- and 10% margins for you guys lose you that one. (inaudible)

我記得當時成長率是 10%，而利潤率是 10%，你們就損失了這一點。（聽不清楚）

Believe it or not, that was 20 years ago.

不管你信不信，那已經是20年前的事了。

(inaudible) a history last one here today.

（聽不清楚）今天是歷史上最後一次。

For those 20-something-year-old listening to us, Jeff is right. We call it it's called [10 x 10 equals 100] We got our management team together and rallied around that. Many of them thought Al was out of his mind. And obviously, we've blown past that some time ago.

對於那些正在聽我們講話的 20 多歲的人來說，傑夫是對的。我們稱之為 [10 x 10 等於 100] 我們召集了管理團隊並圍繞這一點團結起來。他們中的許多人認為艾爾瘋了。顯然，我們早就超越了這個目標。

So we reinstituted that cultural kind of concept about six months ago, actually a year ago and got everyone together in some of the initiatives that you're not asking about today that you will ask about as we develop them is built on that Dream Plan 2 concept and if we got -- had 75 other Watsco core managers on this call, you would be able to ask them about it, not just ask us. I just know that culturally, those kind of things go on and we have fun with it.

因此，我們在大約六個月前（實際上是一年前）重新建立了這種文化概念，並讓所有人共同參與一些舉措。這些舉措今天您不會詢問，但在我們制定這些舉措時您會詢問，這些舉措建立在夢想計劃 2 概念的基礎上，如果我們有 75 名其他 Watsco 核心經理參加此次電話會議，您將能夠向他們詢問，而不僅僅是問我們。我只知道，從文化角度來說，這樣的事情仍在繼續，我們也樂在其中。

Yeah. And culturally, I mean, really, the takeaway is that we're super ambitious and that's why we're investing in these big goals that we expect to hit in time.

是的。從文化角度來說，我的意思是，真正的要點是我們非常有野心，這就是為什麼我們要投資這些我們期望及時實現的大目標。

And the truth is, is that we also have an equity culture that really inspires people to achieve and to meet the goals set by senior management, which means what is the equity culture. Many, many employees own Watsco shares either through our [1K] or through the different stock plans.

事實上，我們也擁有一種公平文化，它真正激勵人們實現並達到高階管理層設定的目標，這就是公平文化。許多員工透過我們的 [1K] 或不同的股票計劃擁有 Watsco 股份。

And we like that. We like the ownership culture throughout the organization. It's very unique and it's very extensive. And so that ownership culture drives their desire to meet goals, I think, and I've always used it, and it's been working. And I expect them to continue working.

我們喜歡這樣。我們喜歡整個組織的所有權文化。它非常獨特，而且範圍非常廣泛。因此，我認為，所有權文化能夠激發他們實現目標的願望，我一直在使用它，而且它一直都很有效。我希望他們繼續努力。

Great. Thanks for the color, guys.

偉大的。謝謝你們的顏色，夥伴們。

Patrick Baumann, JPMorgan.

摩根大通的派崔克‧鮑曼。

Good morning. Thanks for taking my questions. Maybe I was just curious if you could provide some examples of the large enterprise institutional customers you cite as offering emerging opportunities for growth, like -- and what exactly are you doing to go after them?

早安.感謝您回答我的問題。也許我只是好奇，您是否可以提供一些大型企業機構客戶的例子，您提到的這些客戶提供了新興的成長機會，例如—您究竟在做什麼來爭取這些客戶？

Sure. Barry?

當然。巴里？

Go ahead, I would have answer that.

繼續吧，我會回答這個問題。

I'll jump in first. And we teased some of this in our press release and also teas that we want you guys to come down in Miami and spend time with us and see it and hear it and feel it more succinctly, but -- it's -- there are macro trends going on in our industry, including private equity trying to buy up and consolidate contractors.

我先跳進去。我們在新聞稿中透露了一些這方面的情況，並且我們希望你們能來邁阿密，與我們一起度過這段時光，更直觀地看到、聽到和感受它，但是——我們的行業正在發生一些宏觀趨勢，包括私募股權試圖收購和整合承包商。

And between that and home warranty companies and other institutional type customers, they're emerging and have emerged, I would call it multi-location contractors. You may have some business in Florida, some in Texas, some in Tennessee, you name it.

在這和房屋保固公司以及其他機構類型的客戶之間，他們正在出現並且已經出現，我稱之為多地點承包商。您可能在佛羅裡達州、德克薩斯州、田納西州等地都有業務。

And with our size and scale, we should be able to -- we should be the preferred vendor, we should be the most exciting place for them to buy product, but we don't necessarily have a unified experience for them to take advantage of our whole offering and our whole scale. And that's what we're building. We call it Watsco 1, and it'll be exactly that. It will be one interface for these large institutional-type contractors to buy and secure the products that they need for many of our locations whenever they need it.

憑藉我們的規模和範圍，我們應該能夠——我們應該成為首選供應商，我們應該成為他們購買產品的最令人興奮的地方，但我們不一定能為他們提供統一的體驗，讓他們充分利用我們的全部產品和整個規模。這就是我們正在建造的。我們稱它為 Watsco 1，它就是那樣的。它將成為這些大型機構承包商的一個介面，以便他們隨時為我們的許多地點購買和獲取所需的產品。

Interesting.

有趣的。

It doesn't -- this is a huge, huge undertaking. It doesn't sound that way just using words. But we are a very, very decentralized system. And to aggregate to meet -- to aggregate our inventories and our pricing systems and all our support systems to meet the needs of large national customer. That is -- it takes a lot of initiatives, and we're investing to compare all those tools to do that, but it should have a very significant impact once we've accomplished it. Because no one else has these capabilities.

事實並非如此——這是一項龐大的工程。僅從文字上看，聽起來並不是那樣的。但我們是一個非常非常分散的系統。並彙總以滿足 - 匯總我們的庫存和定價系統以及所有支援系統，以滿足大型全國客戶的需求。也就是說——這需要很多舉措，我們正在投資比較所有這些工具來實現這一點，但一旦我們完成它，它將產生非常重大的影響。因為其他人都沒有這些能力。

A follow-up to that. Would you see selling to like a larger national account contractor, any different than -- I guess, you said it is. But like in terms of like they're buying capacity, is that something that you would see as a headwind for your gross margin over time?

對此進行跟進。您是否認為向更大的全國客戶承包商銷售產品會有什麼不同？我想，您說的是不同的。但是就他們購買產能而言，您是否認為這會對您的毛利率造成長期的阻礙？

Of course, that's one of the elements.

當然，這是其中一個因素。

I would say yes, but we can also -- we also have the opportunity to sell a lot more parts and supplies, but which, as we discussed earlier, had a higher gross margin profile.

我想說是的，但我們也可以——我們也有機會銷售更多的零件和耗材，但正如我們之前討論的那樣，這具有更高的毛利率。

Right. That's why I think it's not so -- the answer is not so linear, Pat. It's because today, when we look at those big institutional-type accounts, we're largely selling them equipment and we're selling them equipment in bulk. And so to broaden that offering means we're taking -- all else equal, we're taking a customer and broadening the mix of products we sell them and that's generally accretive to margin at the end of the day.

正確的。這就是為什麼我認為事實並非如此——答案不是那麼線性的，帕特。這是因為今天，當我們查看那些大型機構類型的帳戶時，我們主要向他們出售設備，而且是大量出售設備。因此，擴大產品範圍意味著，在其他條件相同的情況下，我們要吸引客戶，擴大銷售給他們的產品組合，最終通常會增加利潤。

That makes sense. OKay.

這很有道理。好的。

Just Pat, I'm just going to say this again for the more or the front of it. I mean, a great home services business you could invest in the last 50 years as Rollins, if you don't know the company, look it up. I mean technology deployed at Rollins yielded [10%] higher EBIT margins for their business over time, right?

只是帕特，我只是想再說一遍，或者說是前面的內容。我的意思是，像羅林斯一樣，你可以在過去 50 年裡投資一家偉大的家庭服務公司，如果你不了解這家公司，可以去查一下。我的意思是，隨著時間的推移，羅林斯部署的技術為他們的業務帶來了 [10%] 更高的息稅前利潤率，對嗎？

So the question is, in our partnership with any customer of any size, do we have a business model, an ecosystem that can help them grow, help them price products, help them operate their business 24/7. So part of the visibility of what we've done for most smaller contractors, the question is, is that a playable technology for larger accounts and larger contractors?

所以問題是，在我們與任何規模的客戶的合作中，我們是否有一個商業模式，一個可以幫助他們成長、幫助他們為產品定價、幫助他們全天候經營業務的生態系統。因此，我們為大多數小型承包商所做的工作部分可見，問題是，這對於較大的帳戶和較大的承包商來說是否是一種可行的技術？

And it's not about just selling more stuff, it's about helping any kind of size customer, operate our business more profitably through us. Products just happen to be the ones they'll scale with to do that with. So this is as much of a technology play as it is a product or any other kind of label you might put on it.

這不僅是為了銷售更多的產品，而是為了幫助任何規模的客戶，透過我們更有利可圖地經營我們的業務。產品恰好是他們可以擴展以實現這一目標的產品。因此，這既是一種技術遊戲，也是一種產品或任何其他類型的標籤。

Thanks for the color. Sounds interesting and exciting. Maybe just switching gears, my next question on the operating cost side. I think you said something in the release about targeting cost efficiencies for the rest of the year.

謝謝你的顏色。聽起來很有趣也很令人興奮。也許只是換個話題，我的下一個問題是關於營運成本方面的。我認為您在新聞稿中提到了有關今年剩餘時間的成本效率目標。

Could you provide any color on, I guess, one, the 6% growth rate in the second quarter of SG&A expense. You mentioned cost of the A2L transition. I don't know how that kind of maybe to SG&A, but if you can give color on that? And then can you bend that growth rate in the second half with some of the cost efficiencies you're targeting?

您能否提供一些詳細信息，我想，第一，第二季度銷售、一般及行政費用的增長率為 6%。您提到了 A2L 轉換的成本。我不知道這對銷售、一般和行政費用 (SG&A) 有何影響，您能具體說明一下嗎？那麼，您能否透過所針對的一些成本效率來改變下半年的成長率？

Sure, Pat. I'll take a stab at the -- so first, let's take -- let's start with the 6%. And we said in the release that we made some acquisitions. We've opened some new locations. So about 25% of that is attributable to that. So you can think of core SG&A growth, if we call it that, more in the 4.5% range, which is still higher than it should be in a down quarter, that's kind of our starting point as we think about it.

當然，帕特。我會嘗試一下——首先，讓我們從 6% 開始。我們在新聞稿中表示，我們進行了一些收購。我們開設了一些新店。因此其中約 25% 可歸因於此。因此，你可以認為核心銷售、一般及行政費用的增長（如果我們這樣稱呼它的話）在 4.5% 左右，這仍然高於下滑季度的應有水平，這是我們思考的起點。

And then when you think about just the day-to-day life in a branch during a transition, if we have more inventory, it means that we've received more inventory. It means you need more people receiving that inventory it means that you have more trucks coming to your locations.

然後，當您考慮過渡期間分支機構的日常生活時，如果我們有更多的庫存，則表示我們收到了更多的庫存。這意味著您需要更多的人來接收庫存，這意味著您需要更多的卡車到達您的所在地。

It means that you're not optimizing what you have. It's not business as usual in the day-to-day life of a branch during such a large-scale transition and to underscore something we said earlier and mentioned in the release, this impacted every domestic location we have in the US, about 650 of them.

這意味著你沒有優化你所擁有的。在如此大規模的轉型期間，分支機構的日常業務不會照常進行，為了強調我們之前所說和在新聞稿中提到的內容，這影響了我們在美國境內的每個國內分支機構，大約 650 個。

So that's where there was some inefficiency as I would say, in the labor and the logistics side. And do we think we can bring that down and bring it more into balance in the end of the year? The answer is yes. Our leaders are working on that right now.

所以，正如我所說，勞動力和物流方面存在一些效率低下的問題。我們是否認為我們可以在年底之前降低這一水平並使其更加平衡？答案是肯定的。我們的領導人目前正在致力於此事。

One of the things that should naturally help that is that when we look at our inventory today, about 5% to 7% of that inventory is 410A product, which means we've largely received all the new product we're going to get. And we've largely worked out of all the old stuff, and that means that the branch can get back to kind of its routine and should be a little bit more efficient in the back half of the year.

對此自然有幫助的一件事是，當我們查看今天的庫存時，大約有 5% 到 7% 的庫存是 410A 產品，這意味著我們基本上已經收到了我們將要獲得的所有新產品。我們已經基本解決了所有舊問題，這意味著該分支機構可以恢復其常規運作，並且在下半年應該會更有效率。

Yeah. Just to say it a little my way, as we sell through 410A products, we need to make sure that we have system matchups that are selling in locations. So there's a lot of transferring products within our network to make sure that we have the right systems in place that are sellable in a market where they are selling, if that makes sense. So there's some extra costs that come into that as well.

是的。以我的方式稍微說一下，當我們透過 410A 產品銷售時，我們需要確保我們擁有在各個地點銷售的系統匹配。因此，我們的網路內有大量的產品轉移，以確保我們擁有合適的系統，可以在其銷售的市場上銷售，如果這有意義的話。因此這也會產生一些額外的費用。

Thanks a lot. I appreciate the color.

多謝。我很欣賞這個顏色。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Hi. Good morning, gentlement. I'm curious how you're thinking about pricing through the rest of the year. On the equipment side, our price is pretty much set for the rest of the year, and you're just going to continue to get that benefit of the higher value mix flowing through top line. And do you foresee any changes on your parts and commodity supplies with respect to price and just thinking about further metals inflation and tariffs?

你好。早安，先生們。我很好奇您對今年剩餘時間的定價有何看法。在設備方面，我們的價格在今年剩餘時間內基本保持不變，而您將繼續享受流經頂線的更高價值組合帶來的好處。您是否預見到您的零件和商品供應在價格方面會發生任何變化，並考慮進一步的金屬通膨和關稅？

I don't think on the equipment side, we're going to see a lot of price increases going forward. On the non-equipment side, Friday is copper day, 50% tariffs start on copper. We've already seen about a 10% increase in some of those products that are heavily endowed with copper. So it's just a matter of wait and see on some of the non-equipment type product. I think the equipment is pretty much in place, though.

我認為，在設備方面，未來我們不會看到價格大幅上漲。非設備方面，週五是銅日，對銅徵收50%的關稅。我們已經看到一些富含銅的產品的銷售量成長了約 10%。因此，對於一些非設備類型的產品，我們只需要等待和觀望。不過，我認為設備已經基本到位了。

Understood.

明白了。

I would just say -- let's just make sure when we -- I think what we're talking about is costs. We're getting cost -- the cost of our products and our equipment products. I don't think we're expecting much change from our OEM partners. But on price, meaning our price to our customers, that's what the tooling and the technology enables is because every different customer has a different price on every product we sell in every region in every market, that complexity is opportunity because with our tooling, we can study where there are trends and patterns and anomalies and outliers and segments that should be priced appropriately.

我只想說——讓我們確保——我認為我們談論的是成本。我們正在獲得成本—我們的產品和設備產品的成本。我認為我們不會期待我們的 OEM 合作夥伴做出太大的改變。但在價格方面，也就是我們向客戶定價，這是工具和技術能夠實現的，因為每個不同的客戶對我們在每個市場的每個地區銷售的每種產品都有不同的價格，這種複雜性就是機遇，因為利用我們的工具，我們可以研究哪裡存在趨勢、模式、異常、異常值和應該適當定價的細分市場。

And so we run different icon plays where we can measure and track when we make a change in a customer's price or a customer segmentation price or a cohort of customers pricing on different products. We can take that to market. We can measure and track and we can see the impacts and either double down or go on to the next place. So pricing will always be opportunity just to clarify the costing versus pricing.

因此，我們運行不同的圖標播放，以便我們可以衡量和追蹤何時更改客戶價格或客戶細分價格或不同產品的客戶群定價。我們可以將其推向市場。我們可以測量和跟踪，並且可以看到影響，然後加倍努力或繼續前進。因此，定價永遠是一個機會，只是為了澄清成本與定價。

Got it. That's helpful. And I know this is never an easy task, but if you had to guesstimate, if you will, how much of a headwind to volumes in the second quarter, do you think are attributable to weather and canister shortage versus weaker housing and underlying market demand. I'm just trying to get a sense for what underlying demand might look like as you move past the more transient issues.

知道了。這很有幫助。我知道這從來都不是一件容易的事，但如果您必須估計一下，您認為第二季的銷售阻力有多大，是歸因於天氣和罐子短缺，還是住房和潛在市場需求疲軟。我只是想了解一下，當你擺脫這些更短暫的問題時，潛在的需求會是什麼樣子。

Yeah. I don't know if --

是的。我不知道--

I don't think it can is (inaudible) anything to do with sales in the second half of the year. As far as the refrigerant we received I think it's going to be what the consumer feels like, what the weather patterns are going to be like. How we're able to react and meet the inventory demands that the consumer need or that the contractor needs to handle the consumer I think it's just going to be blocking and tackling in the second half.

我認為這與下半年的銷售沒有任何關係。就我們收到的冷媒而言，我認為這將取決於消費者的感受以及天氣模式。我們如何能夠做出反應並滿足消費者需要的庫存需求，或者承包商需要處理消費者的庫存需求，我認為這只是下半年要解決的問題。

Yeah. I mean I think it's all been said, but this has got to be the noisiest year in HVAC ever between the tariffs and the weather and consumer confidence and the cancer shortages and the homebuilding changes and interest rates and trading homes isn't happening as frequently. I mean there's just so many things going on at macro levels, most of which are out of our control.

是的。我的意思是，我認為該說的都說了，但今年肯定是暖通空調領域最喧鬧的一年，因為有關稅、天氣、消費者信心、癌症短缺、房屋建築變化、利率和房屋交易頻率降低等因素。我的意思是，宏觀層面上發生了太多事情，其中大多數是我們無法控制的。

So it's a lot of noise in the industry, and our job is to win in any environment and emerge bigger and stronger and more profitable and take more share from our competitors, and that's I like where we sit in that equation because of our scale, because of our balance sheet, because of our willingness and ability to invest in technology, I'm very, very pleased to be Watsco given all this noise.

因此，這個行業有很多噪音，我們的工作是在任何環境中取勝，變得更大、更強、更有利可圖，並從競爭對手那裡奪取更多的市場份額，這就是我喜歡我們在這個等式中的位置，因為我們的規模，因為我們的資產負債表，因為我們願意並且有能力投資技術，在所有這些噪音的情況下，我非常非常高興成為 Watsco。

Really appreciate your thoughts. Good luck out there.

非常感謝您的想法。祝你好運。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Hi. Good morning, guys. Appreciate all the color. I think you mentioned 410A was 60% or thereabouts for the quarter. I'm just curious how that trended or maybe where that's trending right now real time. And any concerns that you're holding too much 410A inventory, just given the demand weakness and -- or are you confident you'll be done with that transition this quarter?

你好。大家早安。欣賞所有的色彩。我認為您提到 410A 本季度佔 60% 左右。我只是好奇它的趨勢如何，或者現在的實時趨勢如何。您是否擔心由於需求疲軟而持有過多的 410A 庫存——或者您是否有信心在本季度完成這一轉變？

I'm chuckling because that's very much on my mind and yes, we're doing something about it so that we don't have that risk. And Paul, you can answer in some detail if you'd like.

我笑了，因為我一直在想這個問題，是的，我們正在採取措施以避免這種風險。保羅，如果你願意的話，你可以詳細回答。

Yeah, it's less than 5% of our inventory at the present time. Where we're really working our b**** off is to be able to get the right combinations that AJ mentioned before, you've got to have an indoor unit to go with the outdoor unit.

是的，目前它還不到我們庫存的 5%。我們真正努力工作是為了能夠獲得 AJ 之前提到的正確組合，你必須有一個室內單元來配合室外單元。

And as you sell the inventory down, the pond gets lower, you end up with an indoor unit sitting in one city and you end up with the outdoor unit in another. So we're putting those pieces together, which is going to be a drag on SG&A with freight for a period of time here. But I think each one of our companies hear about it continuously that we need to reduce and we need to keep the focus on 410A, get rid of it and focused in on being able to sell the A2L product that we've got.

隨著庫存的銷售，庫存池變得越來越低，最終你會在一個城市找到一台室內機，而在另一個城市找到一台室外機。因此，我們將這些部分放在一起，這將在一段時間內對貨運的銷售、一般和行政費用造成拖累。但我認為我們每家公司都不斷聽到我們需要減少並且需要將重點放在 410A 上，擺脫它並專注於能夠銷售我們擁有的 A2L 產品。

Does that mean that -- sorry, does that mean you're incentivizing that sell-through of that -- sorry, sorry for cutting off there, but does that mean you're incentivizing that process to make that happen.

這是否意味著——抱歉，這是否意味著您正在激勵這種銷售——抱歉，抱歉打斷了你，但這是否意味著您正在激勵這個過程來實現這一點。

That's not how we work. We deal with the market on a decentralized basis. Those are local decisions made, the locations that we have.

我們的工作方式不是這樣的。我們以分散的方式處理市場。這些都是根據當地情況做出的決定，也是我們所在的位置。

And Nigel, I would just add to -- just to add very quickly in terms of the progression of A2L, it's progressing very, very well. I mean we ended the -- we exited the quarter in June with more than 80% sell-through of the A2L product. And so that's a function of obviously diminishing inventory of 410A. It's also a function of contractors transitioning and adapting well to the product. So at this point, it's greater than 80% of our sell-through, as you'd expect.

奈傑爾，我只想補充一點——就 A2L 的進展而言，進展非常非常好。我的意思是，我們在 6 月結束了本季度，A2L 產品的銷售率已超過 80%。因此，這顯然是 410A 庫存減少的結果。這也是承包商順利過渡並適應產品的功能。因此，正如您所預料的，目前我們的銷售量已超過 80%。

Okay. That's great color. And then my follow-up is what we've seen from you and from your suppliers is tremendously strong price, price is holding, which is good news, but obviously, volumes are incredibly weak. What are you hearing from your contractors?

好的。顏色真棒。然後我的後續問題是，我們從您和您的供應商那裡看到的價格非常強勁，價格保持穩定，這是好消息，但顯然，交易量非常疲軟。您從承包商那裡聽到了什麼？

Are they asking for some incentives here to try and stimulate some movements? Or are there content to just wait for rates to turn and perhaps demand picks up. Are you starting to get more inbounds on price reductions or discounts or incentives?

他們是否要求提供一些激勵措施來嘗試刺激一些運動？或者只是等待利率轉變和需求回升。您是否開始獲得更多有關降價、折扣或獎勵的資訊？

I don't think we're really getting a lot of feedback on getting lower prices in the market. There's not elasticity to this market. If we drop the price, 2% or 3%, it's going to is going to stimulate a 10% or 12% increase in volume. It isn't going to happen. So I think the contractor always wants the lowest price, the best price in the marketplace so they can compete fairly. But I don't think we're getting a lot of pushback right now from most of the contractors on the price.

我認為我們並沒有收到很多關於降低市場價格的回饋。這個市場缺乏彈性。如果我們將價格降低 2% 或 3%，就會刺激銷售量增加 10% 或 12%。這不會發生。所以我認為承包商總是希望獲得市場上最低、最好的價格，這樣他們才能公平競爭。但我認為，目前大多數承包商對價格的反對並不多。

Okay. Makes sense. Thanks, guys. Appreciate it.

好的。有道理。謝謝大家。非常感謝。

Sam Snyder, North Coast Research.

北海岸研究公司的 Sam Snyder。

Morning. Looking forward for an excuse to come down to Miami (inaudible)

早晨。期待有藉口來邁阿密（聽不清楚）

You did hear a lot at clear, right yes. Let's wait there. That was -- well, we'll welcome you when you're coming.

您確實聽到了很多清晰的聲音，對吧。我們在那裡等吧。那是——好吧，當你來的時候我們會歡迎你的。

Yes. No, thank you. So look, just focusing on the mix shift, which seemed to benefit margin. on parts. I was wondering if the shift was in part at all due to the canister shortage where you have people do more repairs for the time being?

是的。不，謝謝。因此，看起來，只關注混合轉變，這似乎對零件的利潤有益。我想知道，這種轉變是否部分是由於罐子短缺導致的，因此你們暫時需要人們做更多的維修工作？

Most of the canister shortage occurred in the first and the first -- and the second quarter. And it was something that we worked our way through. We made it through it. Now as I said, we're seeing a lot more inventory coming in. It's going out as quickly as it comes in.

大部分罐體短缺情況發生在第一季和第二季。這是我們努力解決的事情。我們成功了。正如我所說，我們現在看到有更多的庫存湧入。它出去得和進來得一樣快。

I see it stopping sometime in early August. Early August is what, two weeks away. So I don't think it's really playing on demand right now as heavily as it was before. I don't see any bubble happening on repair versus replace because of canisters.

我認為它會在八月初的某個時候停止。八月初還有兩週。因此我認為它現在的播放量並不像以前那麼高。我沒有看到因罐子問題而在維修與更換方面出現任何泡沫。

Got it. Okay. And then just a real quick follow-up sort of on the same topic, but any sort of sizable shift to R-32 based systems? And if so, is that a temporary thing or more permanent in your view?

知道了。好的。然後只是對同一主題進行快速跟進，但是有任何大規模轉向基於 R-32 的系統嗎？如果是這樣，您認為這是暫時的還是更持久的？

That's only one manufacturer. Daikin, which we represent very proudly with our Goodman and [Amana Lines] is R-32, the rest of the industry is [454] So what we've seen is we've seen excellent response from Daikin to be able to help us with the 32. There hasn't been a shortage of 32. When you get into the 454, it's been Carrier, Green, American Standard, all of them sell 454 units.

這只是一家製造商。我們非常自豪地與 Goodman 和 [Amana Lines] 合作代理大金，其產品為 R-32，業內其他公司的產品為 [454]，因此，我們看到大金的積極響應，能夠幫助我們解決 32 型問題。並不缺 32 個。當你進入 454 時，你會發現有 Carrier、Green、American Standard，它們都銷售 454 個單位。

And I would remind everybody that 454 is roughly 70% R-32. It's a blend of 32 plus 1234yf.

我想提醒大家的是，454 大約含有 70% 的 R-32。它是 32 和 1234yf 的混合物。

Everyone tuned out or is it just me?

大家都沒聽見，還是只有我聽見了？

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

Morning, guys. I guess circling back to Watsco 1, you guys sound excited a sound that it was a pretty big opportunity. Is there any way to get a bigger than a bread box sense here. I mean are we talking about serving 500 customer locations, 5,000? Or is it too early to kind of get into that type of scaling?

早安，大家。我想回到 Watsco 1，你們聽起來很興奮，因為這是一個相當大的機會。有什麼方法可以獲得比麵包盒更大的感覺嗎？我的意思是，我們是在談論為 500 個客戶地點還是 5,000 個客戶地點提供服務？或者說現在進入這種擴展階段還為時過早嗎？

Well, maybe a better way to approach is what is our existing sales of parts and supplies. And where do we think we can -- I don't want to speculate too much. What kind of margin improvement do we think we can get from that. It's a very big chunk of our business, 30%, 30% of $7.5 billion. How much of that could we improve our margins on I'm not going to speculate, but there will be an improvement, you take any percent of that number and it's meaningful.

好吧，也許更好的方法是了解我們現有的零件和耗材銷售情況。我們認為我們可以在哪裡——我不想猜測太多。我們認為由此可以獲得什麼樣的利潤率提升。這是我們業務的很大一部分，佔30%，75億美元的30%。我不會去推測我們的利潤率能提高多少，但肯定會有所提高，無論取該數字的任何百分比，都是有意義的。

Makes sense. Thanks for that. And I guess maybe just to touch on the AI a little bit here. Can you give us maybe some examples of what the use cases are for -- as Watsco internally? I mean how is this kind of helping your associates? Is this inventory positioning? Is it warranty data? What's the real use case here?

有道理。謝謝。我想也許這裡只是稍微談談人工智慧。您能否給我們舉一些例子來說明 Watsco 內部的用例？我的意思是這對你的同事有什麼幫助？這是庫存定位嗎？這是保固數據嗎？這裡的實際用例是什麼？

There's so many. How much time do we have? It's helping marketing folks design, content and publish content. It's helping our software engineers write code and publish and push more technology faster. It's helping our business unit leaders and their teams sort through data and understand trends and patterns and anomalies.

有很多。我們還有多少時間？它幫助行銷人員設計、編寫和發佈內容。它可以幫助我們的軟體工程師更快地編寫程式碼、發布和推動更多技術。它幫助我們的業務部門領導及其團隊整理數據並了解趨勢、模式和異常。

It's helping our customer service folks get to more get through more cases more quickly with more accurate answers and therefore, helping our customers at a greater scale or greater rate and increasing customer satisfaction. I can go on and on and on. And like I can be said in the press release, there's about 2,100 people a week internally who are using these tools or the tool and the way that they're using it are more and more creative and fast.

它幫助我們的客戶服務人員更快地處理更多案例並提供更準確的答案，從而以更大的規模或更快的速度幫助我們的客戶並提高客戶滿意度。我還可以繼續說下去。正如我在新聞稿中所說的那樣，每周大約有 2,100 人內部使用這些工具，而且他們使用這些工具的方式越來越有創意，越來越快。

So I mean, really it's holistic then. Got it. Thank you so much for that, AJ, and thank you all for your time.

所以我的意思是，它確實是整體的。知道了。非常感謝你，AJ，也感謝大家抽空。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Thank you. I wanted to follow up on the today in inventory. I think you guys had was less than 5% of your inventory. Do you have any sense for what that number could look like across your distributor competitors?

謝謝。我想跟進今天的庫存情況。我認為你們的庫存還不到 5%。您是否知道您的經銷商競爭對手的這個數字會是怎樣？

No. I don't think we really have any good intelligence on that.

不。我認為我們對此確實沒有任何可靠的情報。

And we try not to figure that. That's [irrelevant] what we -- it's being phased out. We don't really care.

我們盡量不去想這一點。這就是[無關的]我們——它正在被逐步淘汰。我們真的不在乎。

Yeah. Chris, there's a couple of data points. I mean I think one peer of ours that also distributes the product gave a data point on that in terms of what their sell-through is and it was pretty high. The other data point, these are all anecdotal but this is not science. Its aggregating anecdotes is when we are talking to M&A targets, what do they tell us about their philosophy and their positioning.

是的。克里斯，有幾個數據點。我的意思是，我認為我們的一位同行也分銷該產品，他給出了關於其銷售量的數據，而且銷售量相當高。另一個數據點，這些都是軼事，但這不是科學。它的總結軼事是，當我們與併購目標交談時，他們會告訴我們他們的理念和定位。

And as a reminder, most of the stuff was built prior to December 31 and shipped in the first quarter. So someone would have to make a pretty big bet on inventory and would have to really leverage their balance sheet to do that. And so our sense, just by having these conversations in the channel with the M&A targets is that they're largely phasing out of 410A at about the same pace we are.

提醒一下，大部分產品都是在 12 月 31 日之前製造的，並在第一季出貨。因此，有人必須在庫存上投入相當大的賭注，並且必須真正利用其資產負債表來做到這一點。因此，透過與併購目標公司進行這些對話，我們感覺到他們正在以與我們相同的速度逐步淘汰 410A。

Thank you. I appreciate that. (inaudible) maybe follow up on a different sort of inventory question. I guess it's time of surprising that volumes remain down materially, it seems like in July with the weather picking up. Does that change the way you guys think about how much inventory is downstream at your customers? Could they have been holding extra stock and perhaps that's why the sell-through has been softer? Thank you.

謝謝。我很感激。 （聽不清楚）也許可以跟進不同類型的庫存問題。我想，令人驚訝的是，交易量仍然大幅下降，似乎在七月天氣轉好的時候。這是否會改變你們對客戶下游庫存量的看法？他們是否持有多餘的庫存，這或許就是為什麼銷售狀況較差的原因？謝謝。

I would say some of the bigger contractors may have some inventory. Inventory at the contractor level is not really material to our industry. It's being held at the distribution point, not at the contractor point. So I don't think it's a big deal with the contractor. And I would also remember that in Florida, it's either hot or hotter.

我想說一些較大的承包商可能有一些庫存。承包商層級的庫存對我們的產業來說並不重要。它被保存在分發點，而不是承包商點。所以我認為這對承包商來說不是什麼大問題。我還會記得，在佛羅裡達州，天氣要么很熱，要么更熱。

It's not just hot all the time. So we've not had a cold summer down here. We've not had a cold summer in Texas, where the weather really impacts us is up north, where we've got where you've got a chance out of every third year that you're going to have a hotter-than-normal summer or a normal summer or a lower-than-normal summer. And so we are definitely seeing a lot of regional differences in the volume based on weather. But in the South, we're not really seeing much movement because it's hot in Florida or hot in Texas. It's always hot.

並不是一直都很熱。所以我們這裡的夏天並不寒冷。德州的夏天並不寒冷，真正對我們影響最大的是北部地區，每隔三年，我們就會經歷一個比正常情況更熱的夏天，或者一個正常的夏天，或者一個比正常情況更冷的夏天。因此，我們確實看到，由於天氣原因，各地區的產量有很大差異。但在南方，我們並沒有看到太多的動靜，因為佛羅裡達州和德克薩斯州的天氣都很熱。總是很熱。

Thanks.

謝謝。

And this concludes the question-and-answer session. I'd like to turn the call back over to Albert Nahmad for any closing remarks.

問答環節到此結束。我想將電話轉回給阿爾伯特‧納哈邁德 (Albert Nahmad)，請他做最後發言。

Well, thank you for your interest. I'd love the questions and that shows a lot of interest, and I hope we've answered your questions fully. If not, please contact us on your own, and we will respond to whatever questions you may still have. And other than that, we look forward to having you visit us in the cold months that are coming, and we'll give you more detail. Thank you. Bye-bye.

嗯，謝謝你的關注。我很喜歡這些問題，這表明你很感興趣，我希望我們已經充分回答了你的問題。如果沒有，請自行聯絡我們，我們將解答您可能仍有的任何問題。除此之外，我們期待您在即將到來的寒冷月份來訪，我們將為您提供更多詳細資訊。謝謝。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。