Watsco Inc (WSO) 2024 Q4 法說會逐字稿

Good day, and welcome to the Watsco fourth quarter 2024 and year-end earnings call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Watsco 2024 年第四季和年終收益電話會議。（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Albert Nahmad, Chairman and CEO. Please go ahead.

現在，我想將會議交給董事長兼執行長阿爾伯特·納哈邁德 (Albert Nahmad)。請繼續。

Good morning (technical difficulty) earnings call. This is (technical difficulty) A.J. Nahmad, President of Watsco; Paul Johnston; Barry Logan; and Rick Gomez. Now before we start, our cautionary statement as always. This conference call has forward-looking statements as defined by SEC laws and regulations that are made pursuant to the safe harbor provisions of these various laws. Ultimate results may differ materially from the forward-looking statements.

早安（技術困難）財報電話會議。這是（技術難題） A.J. Watsco 總裁 Nahmad；保羅·約翰斯頓；巴里·洛根；和里克·戈麥斯。在我們開始之前，我們像往常一樣發出警告聲明。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陳述，這些陳述是根據各項法律的安全港條款做出的。最終結果可能與前瞻性陳述有重大差異。

Now on to the call, Watsco had a terrific -- emphasis on terrific fourth quarter that goes out a strong year. We achieved record sales, expanded margins, improved operating efficiency and generated record earnings and cash flow. Market conditions continue to improve, which led to a 14% growth in equipment sales and 16% growth in residential products. Our financial position is stronger than ever, and we are happy to announce today an 11% dividend increase to $12 per share.

現在回到電話會議，Watsco 度過了一個非常棒的——重點是非常棒的第四季度，為今年的強勁表現打下基礎。我們實現了創紀錄的銷售額、擴大了利潤率、提高了營運效率並創造了創紀錄的收益和現金流。市場狀況持續改善，帶動設備銷售額成長14%，住宅產品成長16%。我們的財務狀況比以往任何時候都強勁，今天我們很高興地宣布股息增加 11%，達到每股 12 美元。

Looking forward, we are optimistic about our opportunities ahead of us. First, transition to next-generation A2L products is well underway. The new A2L products provide the opportunity to upgrade the installed base of existing equipment to systems that are more efficient and environmentally friendly. We also made the transition that influence 50% to 60% of our sales. We are making investments to train our customers, leverage our technology advantage and transition close to $1 billion in inventories to aggressively take advantage of this opportunity.

展望未來，我們對未來的機會充滿樂觀。首先，向下一代 A2L 產品的過渡正在順利進行中。新的 A2L 產品提供了將現有設備安裝基礎升級為更有效率、更環保的系統的機會。我們也進行了影響50%至60%銷售額的轉型。我們正在進行投資來培訓我們的客戶，利用我們的技術優勢並轉移近 10 億美元的庫存，以積極利用這一機會。

Second, our technology platforms have gained momentum. Our community of active users of Watsco mobile apps has expanded to over 64,000 users a year. E-commerce sales during the quarter increased 16%, outpacing overall growth rates and now represents 35% of our annual sales, which is a number of $2.6 billion in aggregate.

第二，技術平台發展勢頭強勁。我們的 Watsco 行動應用活躍用戶社群每年已擴大到超過 64,000 名用戶。本季電子商務銷售額成長 16%，超過整體成長率，目前占我們年銷售額的 35%，總額達 26 億美元。

OnCall Air, our digital sales platform to contractor presented approximately 313,000 proposals to homeowners generating 1.5 million in gross merchandise value, a 25% increase. There is no question that our technology investments have contributed to our performance and provide us an immense competitive environment. And importance of these investments will only grow with time. Finally, we believe our strong financial position is also an important differentiator. We have the ability to invest in big opportunities to accelerate growth and gain market share.

OnCall Air 是我們面向承包商的數位銷售平台，向房主提出了約 313,000 份提案，創造了 150 萬美元的商品總值，增加了 25%。毫無疑問，我們的技術投資提高了我們的業績並為我們提供了巨大的競爭環境。而這些投資的重要性只會隨著時間的推移而成長。最後，我們認為強大的財務狀況也是一個重要的區別因素。我們有能力投資重大機遇，以加速成長並獲得市場份額。

In January 2025, we completed our 70th acquisition since 1989. There are many great family businesses in our industry, and we believe -- that we believe offer compelling reasons for them to join forces with us. As always, and I emphasize this, our focus is on the long term. We have a great deal more to accomplish, and we welcome any of you to visit and spend time with our team in Miami and (inaudible).

2025年1月，我們完成了1989年以來的第70次收購。我們的行業中有許多優秀的家族企業，我們相信，這些企業為它們與我們聯手提供了令人信服的理由。像往常一樣，我要強調這一點，我們的重點是長期的。我們還有很多事情要做，我們歡迎你們中的任何一個人來邁阿密參觀和與我們團隊共度時光，（聽不清楚）。

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

接下來，讓我們進入問答環節。

(Operator Instructions)

（操作員指令）

David Manthey, Baird.

大衛曼蒂，貝爾德。

First question is with double-digit unit growth in residential versus 16% reported, I guess that implies mid-single-digit price mix. Was A2L a driver of that uptick and just a general update, when do you expect to be fully transitioned to the new technology? And seems like channel feedback is 8% to 10% pricing. Is that consistent with how you're thinking about things?

第一個問題是，住宅單位數量呈現兩位數成長，而報告的數字是 16%，我猜這意味著中等個位數的價格組合。A2L 是推動這一成長的因素嗎？似乎通路反饋是定價 8% 到 10%。這與您思考事物的方式一致嗎？

Let's turn to Paul Johnston for that answer.

讓我們向保羅·約翰斯頓尋求答案。

Yes. In the fourth quarter, no, we really didn't have much of an impact on A2L. We were 90%-plus on the 410A. Pricing actions, yes, 8% is what was previously announced with the tariffs coming online from the White House, it seems like there's going to be some more pricing actions from the manufacturers that are going to be announced here shortly. So we're going to start seeing more single-digit price increases.

是的。在第四季度，我們確實對 A2L 沒有產生太大的影響。我們在 410A 上的完成度超過了 90%。定價行動，是的，8% 是先前白宮宣布的關稅，似乎製造商還會採取更多定價行動，並將於近期公佈。因此我們將開始看到更多個位數的價格上漲。

Dave -- Dave, your question about the unit growth. I don't muster quite, I followed the logic of your your math. And just to be super clear about the math, we saw the residential products up what it is for the quarter. But if I look at inside, let's just be careful with it. So unit growth, which when we say the words unit growth, it equates with how AHRI looks at equipment growth, which is unitary product, compressor-bearing units.

戴夫—戴夫，你的問題是關於單位成長的。我不太明白，我遵循了你的數學邏輯。為了更清楚地計算，我們看到本季的住宅產品價格有所上漲。但如果我看一下裡面，我們就要小心一點。因此，單位增長，當我們說單位增長這個詞時，它等同於 AHRI 對設備增長的看法，即單元產品、壓縮機軸承單元。

So across Watsco, all markets, that was up 16% for the quarter and price was an additional 3%. Domestically is actually a bit stronger than that in terms of unit growth. So it is -- there is some price and mix and driven also by much stronger unit growth and as Paul said, there's a small influence a minute influence from A2L in the quarter and greater influence as we get into 2025.

因此，在 Watsco 所有市場中，本季股價上漲了 16%，價格也上漲了 3%。從單位成長來看，國內其實要強一些。所以它是 - 存在一些價格和組合，並且受到更強勁的單位增長的推動，正如保羅所說，本季度來自 A2L 的影響很小，而進入 2025 年，影響會更大。

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

是的。巴里。這令人鼓舞。這只是一個簡單的離題話題。您能談談 Watsco Ventures 在 HouseCall Pro 的所有權狀況嗎？你能為我們縮放一下嗎？請向我們提供最新進展。

A.J?

A.J？

Watsco does not have an ownership in Housecall Pro. We have a commercial relationship, which we've enjoyed with them for a very long time and have both benefited from the flagship in Watsco Ventures portfolio is OnCall Air, which is our homegrown software in our hometown business called OnCall Air, which helps the contractor sell at the home and that's being used at scale now and continues to grow about $1.5 billion worth of our customer sales to their customers now were powered through that platform and customers ours that are using it, they're growing faster, they're winning more deals, they're higher-margin deals or higher ticket deals, and it's a win-win-win for everybody. But to answer your original question, Watsco does not have any investment in HouseCall Pro.

Watsco 不擁有 Housecall Pro 的所有權。我們與他們有著長期的商業關係，並且我們都受益於 Watsco Ventures 投資組合中的旗艦產品 OnCall Air，這是我們在家鄉業務中自主研發的軟體，名為 OnCall Air，它可以幫助承包商在家中進行銷售，現在該軟體正在大規模使用，並且繼續增長，目前我們客戶向其客戶銷售的價值約 15 億美元，這一切三贏的。但回答你最初的問題，Watsco 對 HouseCall Pro 沒有任何投資。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

First question is, if you look at your inventory position today, what's the best guess on when you've run down that 410A currently on the balance sheet and should fully transition to the new product? I mean it will depend on the weather and other factors. But what's a reasonable outlook there?

第一個問題是，如果你看看你今天的庫存狀況，你對何時用完目前資產負債表上的 410A 並應完全過渡到新產品的最佳猜測是什麼？我的意思是這取決於天氣和其他因素。但合理的觀點是什麼？

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

保羅、巴里，你們想試試看嗎？

Go ahead, Paul.

繼續吧，保羅。

Yes. We've been working with our subsidiaries to try to make sure that we -- we sell through the 410A and do a reasonable transition into the A2L. And at the present time, what we're looking at is, I would say, probably the beginning of second quarter, we should be pretty much running our 410 down to almost nothing, and we should be almost fully engaged with A2L. It's not to say that we're not going to still have 410 products. We still will have 410 products probably throughout the year, but the big transition is probably going to occur in the second quarter.

是的。我們一直在與我們的子公司合作，試圖確保我們透過 410A 進行銷售，並合理地過渡到 A2L。目前，我想說，我們所看到的可能是第二季初，我們的 410 應該幾乎降至零，我們應該幾乎完全參與 A2L。這並不是說我們不再擁有 410 種產品。我們全年可能仍會有 410 種產品，但大的轉變可能發​​生在第二季。

I would agree with that. I'll just also add, just to clarify, our position is that whether the regulation says it specifically or there's noise around it is that we want to be through selling and through our 410 inventory by the end of 2025, and we fully expect to do that. And that's in large part because of the scale and the power of Watsco, it's a good time to be the size that we are because our business units can help each other. There's a lot of data surrounding what's where in terms of inventory and what products need to be moved and they can help each other out and clear out what needs to be cleared out some time.

我同意這一點。我還要補充一點，為了澄清起見，我們的立場是，無論法規是否明確規定，或者是否存在任何爭議，我們都希望在 2025 年底前完成銷售並清空我們的 410 個庫存，我們完全希望做到這一點。這在很大程度上是因為 Watsco 的規模和實力，現在是我們擴大規模的好時機，因為我們的業務部門可以互相幫助。關於庫存、產品位置和需要移動的產品有大量數據，它們可以互相幫助並清除某些時候需要清除的東西。

Okay. Follow-up question. As you do start to run more of the A2L volumes through, it's really a two part question. What, if any, impact should we think about in terms of the gross margin percentage there, obviously, with the mix tailwind?

好的。後續問題。當您開始運行更多 A2L 磁碟區時，這實際上是一個由兩部分組成的問題。如果有的話，我們應該考慮混合順風對毛利率百分比的影響嗎？

And then as you execute this in the marketplace, how are you helping your customers in turn, articulate the benefits of the product to the end user here? I mean we're -- we, on the call, are all prepared for substantial price mix increases. But at the end of the day, this occurs at the kitchen table. So how are these conversations? Or how are you helping your customers with these conversations as we move forward.

然後，當您在市場上執行此產品時，您如何幫助您的客戶向最終用戶清楚表達產品的好處？我的意思是，我們在電話會議上都做好了大幅提高價格的準備。但最終，這件事還是發生在廚房的餐桌上。那麼這些對話怎麼樣呢？或者在我們前進的過程中，您如何透過這些對話幫助您的客戶。

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

我的意思是，無論發生什麼變化，我們都會這樣做。這就是我們的工作。保羅、巴里，你能具體說一下嗎？

Yes, we provide extensive training to our customers to get them ready for the transition to the new refrigerant. As you know, it's got slight flammability to it, so it has to be handled in a little bit different manner and it's got other components that are going to be on the product that aren't on the 410. So a lot of training has gone in prior to the introduction of the product.

是的，我們為客戶提供大量的培訓，幫助他們為過渡到新的冷媒做好準備。如您所知，它具有輕微的易燃性，因此必須以稍微不同的方式處理，並且它還具有產品上不存在於 410 上的其他組件。因此，在推出產品之前已經進行了大量培訓。

As far as the gross profit movement, you'll see the gross profit dollars probably go up, but because it's a brand-new product, you're not going to see so much the gross profit percentage move up that much to start with. It's going to be a more expensive product than the 410A product, and we expect that to be somewhere in the neighborhood of 8% to 10%.

就毛利變動而言，你會看到毛利金額可能會上升，但因為它是一個全新的產品，所以一開始你不會看到毛利百分比有那麼大的上升。它將會比 410A 產品更昂貴，我們預計價格約為 8% 到 10% 之間。

Just to add to that, obviously, the entire database of product information that we own needed to be upgraded and has been upgraded for all the new products and how things match and fit and even down to how permits can be pulled on new product is all a digital experience now for what is -- we say 35% of total Watsco, and it's probably closer to 45%, 50% of our residential business in Watsco. So you have this digital platform that's kind of smoothing the transition into how customers actually buy the product, specify the products, match the products, add correlated products to those products and you get the drift.

補充一點，顯然，我們擁有的整個產品資訊資料庫需要升級，並且已經針對所有新產品進行了升級，以及如何匹配和適應，甚至如何獲得新產品的許可證，現在都是數位化體驗——我們說佔 Watsco 總業務的 35%，可能更接近 Watsco 住宅業務的 45% 或 50%。所以你有這個數位平台，它可以平滑地過渡到客戶實際購買產品、指定產品、匹配產品、向這些產品添加相關產品的方式，然後你就會明白。

So you kind of have this, I would say, the last time we did this, we didn't have these tools and not on scale, at least to the way that we have them. And so that's super important in this discussion. And we mentioned OnCall Air, A.J. mentioned OnCall Air. For those customers signed up on that program. Now those tools are actually feeding how consumer is going to learn and see and experience these new products. So it's a very good timing. I just wish the user community of OnCall Air was 10 times the size, but it is $1.5 billion of stuff that consumer is seeing digitally for the first time in their lives buying these products. So there is momentum, and that's part of the answer.

所以你會遇到這種情況，我想說，上次我們這樣做的時候，我們沒有這些工具，而且規模也不大，至少沒有我們現在擁有的規模。所以這在本次討論中非常重要。我們提到了 OnCall Air，A.J.提到了 OnCall Air。對於那些註冊該計劃的客戶。現在這些工具實際上正在為消費者了解、查看和體驗這些新產品提供資訊。所以這是一個非常好的時機。我只是希望 OnCall Air 的用戶社群規模能擴大 10 倍，但消費者在購買這些產品時第一次以數位方式看到價值 15 億美元的東西。因此存在動力，這就是答案的一部分。

Going back to gross profit, just to add to what Paul said, it is an older break equation that has the benefit of higher cost for sure. And if we just apply the same margin, that's good for business. And of course, one of our other technologies is a pricing platform and the intent there is to make a better margin where we can, if we can and use the technology to inform our teams on how that's going. So that's a bit more of an abstract answer, but it's one of the opportunities we see with new pricing technology in place as well.

回到毛利，只是補充保羅所說的，這是一個較舊的突破方程，肯定具有更高成本的好處。如果我們只應用相同的利潤，這對生意來說是有利的。當然，我們的另一項技術是定價平台，我們的目的是盡可能地提高利潤，並利用技術告知我們的團隊進展。這是一個比較抽象的答案，但這也是我們在新定價技術中看到的機會之一。

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jeff Hammond。

Just back to fourth quarter, I mean, very strong unit growth. I'm just wondering if you can unpack what's kind of easy comps? What's kind of this supplier issue, lapping the supplier issue? And then was there any evidence that contractors were taking 410A that would have impacted the fourth quarter? And then just last, any kind of change in optimism around just underlying demand?

回到第四季度，我的意思是，單位成長非常強勁。我只是想知道您是否可以解釋一下什麼是簡單的組合？這是什麼樣的供應商問題？那麼有沒有證據顯示承包商採用 410A 會對第四季產生影響？最後，對於潛在需求的樂觀情緒有任何改變嗎？

Yes, Jeff, this is Rick. I can take the first part of the question about just the unit trends and what we saw within the customer base. First on the comps, I think fourth quarter of last year, we said we were down about 4%. And so when we looked at units organically over the two year period, it's up about 12%. So it is not just a comp that's benefiting that. I think there's good underlying demand, good underlying new customer acquisition, and we think, some market share that will be evident in the data going forward.

是的，傑夫，這是瑞克。我可以回答問題的第一部分，關於單位趨勢以及我們在客戶群中看到的情況。首先，我想去年第四季度，我們的銷售額下降了約 4%。因此，當我們從有機角度觀察兩年期間的單位數量時，發現其增加了約 12%。因此，受益的不僅是一家公司。我認為存在良好的潛在需求，良好的潛在新客戶獲取，我們認為，一些市場份額將在未來的數據中顯而易見。

Now the question then becomes, did -- was some of that demand, the contractor channel holding more inventory than they normally do. And I'll give you a couple of data points there. First, just conceptually, I think we all know the average contractor is a small business an owner-operator, a handful of trucks. They don't have 100,000 square foot facilities just to store inventory. They tend not to invest in inventory and working capital because we are just -- we, the distributor, are there just-in-time inventory partner. And generally, they have days of inventory on hand, not months of inventory on hand. So conceptually, the channel has never really had a whole lot of inventory beyond us, the distributor.

現在的問題是，在這種需求下，承包商通路是否持有比正常情況下更多的庫存。我會提供你幾個數據點。首先，從概念上講，我想我們都知道，一般的承包商是一家小企業，一個業主經營者，擁有幾輛卡車。他們沒有10萬平方英尺的設施來存放庫存。他們往往不會投資庫存和營運資金，因為我們只是——我們，分銷商，是他們的準時庫存合作夥伴。而且一般來說，他們有幾天的庫存，而不是幾個月的庫存。因此從概念上講，除了我們分銷商之外，通路實際上從未擁有大量庫存。

So secondly, when you look at our movement throughout the fourth quarter, if contractors were buying, you'd say, you'd see a spike in December and what we saw was very balanced growth throughout all the fourth quarter, and October was just as strong as December, which does not -- would not easily lead to the conclusion that there's more inventory out there.

其次，當你觀察我們整個第四季度的動向時，如果承包商在購買，你會看到 12 月份出現激增，而我們看到整個第四季度的增長非常均衡，10 月份的增長與 12 月份一樣強勁，這並不會輕易得出庫存增加的結論。

And then we then looked at our own customer level trends among our largest customers. They would be the ones who would have the capacity to buy forward and hold inventory. And there's nothing in that data that points to large-scale buying.

然後，我們研究了我們最大客戶中的客戶水平趨勢。他們將是那些有能力提前購買並持有庫存的人。但這些數據並沒有任何跡象顯示有大規模購買。

And fourthly, just to beat the horse dead now, I think our own inventory says a lot about this question. And beyond the dollars that you see on the balance sheet, units in inventory have been very balanced and flat versus two years ago, believe it or not. So we don't see a whole lot of evidence that contractors are carrying much inventory beyond us in the channel and nothing that would cause alarm about what 2025 growth rates might look like.

第四，現在讓我們來詳細討論這個問題，我認為我們自己的清單已經對這個問題說明了很多。除了你在資產負債表上看到的美元之外，不管你信不信，與兩年前相比，庫存單位一直非常平衡且持平。因此，我們沒有看到大量證據表明承包商在通路中擁有比我們更多的庫存，也沒有任何證據表明 2025 年的成長率會是怎樣。

Okay. Great color.

好的。顏色很棒。

I feel like beating up the dead horse some more, Jeff. We turned into globe. You mentioned about recovery of business from one of our OEMs who had issues a year ago. There is recovery, but that's not what's driving the growth that you see. It's a component of it, but it's not anywhere near the principal reason. And one of the principal reasons that I want to emphasize, Rick said, is new customer growth. We really have seen progress, either technology or whatever market share generation concepts we are doing the greatest component of growth this quarter is new customers. So I want to say those words like next year, and feel like we have a really progressive trend going in that direction, but we saw that this quarter for sure. And we've seen it year-to-date.

傑夫，我感覺想再多鞭策一下這匹死馬。我們變成了地球。您提到了我們的 OEM 廠商的業務恢復情況，該廠商一年前曾出現問題。雖然有所復甦，但這並不是推動成長的因素。它是其中的一個組成部分，但遠遠不是主要原因。里克說，我想要強調的一個主要原因是新客戶的成長。我們確實看到了進步，無論是技術還是我們正在做的市場份額生成概念，本季成長的最大組成部分是新客戶。所以我想在明年說出這些話，並且感覺我們有一個朝著這個方向發展的真正進步趨勢，但我們在本季度確實看到了這一點。今年迄今我們已經看到了這一點。

Okay. Balance sheet is in great shape. Just maybe talk about the M&A environment. It does seem like private equity has been more present in the space. Just what are you guys seeing in your pipeline, et cetera, and the ability to get stocked on?

好的。資產負債表狀況良好。也許只是談論併購環境。看起來私募股權在該領域的影響力已經越來越大。你們在管道等方面看到了什麼，以及儲備能力如何？

Barry?

巴里？

Yes, this is the same story that you've heard for much of my career -- our careers, right, is there still easily 50 to 100 families that own businesses that are $100 million and more. We've tried to always know the families, have a personal relationship, have now multigenerational relationships in those families, much of them are second, third generation at this point. And I would say the stability of the last year or two, COVID, you had wild increases in earnings. The question is, were there wild variations in valuation or not.

是的，這和我職業生涯中大部分時間聽到的故事一樣——我們的職業生涯，對吧，仍然有 50 到 100 個家庭擁有價值 1 億美元甚至更多的企業。我們一直試圖了解這些家庭，建立個人關係，現在這些家庭中已經存在多代關係，其中許多是第二代、第三代。我想說的是，在過去一兩年裡，由於新冠疫情的穩定，你的收入大幅增加。問題是，估值是否有很大差異。

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

好吧，現在我們有幾年的時間來了解事情的進展和立場，我認為這可以增強我們進行投資的信心。這是一些企業應該如何看待自身估值的現實情況。我想說的是，私募股權似乎仍然感興趣，但其影響力可能不如新冠疫情期間那麼大，當時估值瘋狂上漲，人們對此展開爭論。我想說，從這方面來看，現在一切更像正常了。但我們會看到。像往常一樣，我們的工作是建立良好的關係，並在家庭想要玩耍時出現，我們很高興今天在這方面有一些很好的活動。

Damian Karas, UBS.

瑞銀的 Damian Karas。

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

本季表現出色。我想可能仍然有點停滯的領域是非設備銷售。您能否向我們簡單介紹一下您對該業務領域的看法？

Yes, I think you're seeing a couple of things happening there. One, we've got a lot of that business that is driven by commodities, copper, refrigerant, steel. I think we're going to see a pop perhaps in steel and a pop in copper, refrigerant still has been slow. When you get into the parts business, which is what it takes to actually install a unit or repair a unit in the field, we saw a definite increase.

是的，我想你看到那裡發生了一些事情。首先，我們的許多業務都是由大宗商品、銅、冷媒和鋼鐵推動的。我認為我們可能會看到鋼鐵和銅的流行，而冷媒的流行仍然緩慢。當你進入零件業務時，也就是實際安裝設備或在現場維修設備所需的業務，我們看到了明顯的成長。

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

事實上，我們的零件銷售額實現了兩位數的成長，這表明目前行業可能正在發生雙重作用，我們實際上看到零件銷售額同時上漲，設備銷售額也上漲。

Great. That's really helpful. And my follow-up, I know you guys are absolutely delight in talking about gross margins. But I wanted to kind of just hear your confidence in the path to getting back to 27% or higher when that might be. And I'm just curious if any of these new customers that Barry talked about driving a lot of the growth. If you expect that to have any kind of meaningful impact on your profitability as you bring some of these new customers into the mix?

偉大的。這真的很有幫助。我的後續問題是，我知道你們非常樂意談論毛利率。但我想聽聽您對恢復到 27% 或更高水準的信心。我只是好奇 Barry 提到的這些新客戶是否推動了大部分成長。當您引入一些新客戶時，您是否預計這會對您的盈利能力產生任何有意義的影響？

Well, you may or may not have heard that our aspiration is a 30% response market and we think we're going to add a lot of value to our customers to achieve that in products or services. So we aspire more than we presently have and do we -- do we have a time period of that? No. But we think it's possible, and we have the tools and the needs to get there, probably better than anybody else. Do you want to add anything to that?

好吧，您可能已經聽說過，也可能沒有，我們的願望是實現 30% 的回應市場，我們認為我們將在產品或服務上為客戶增加很多價值，以實現這一目標。因此，我們的渴望比現在更多，我們是否有一個這樣的時間段？不。但我們認為這是可能的，而且我們擁有實現這一目標的工具和條件，可能比任何人都好。您想添加什麼嗎？

Yes. I mean I'll add something. Again, and just some depth. Within Watsco, we have a number of business units. And like any portfolio, you have outperformers and our outperformer business units are at or near 30 today. So it's not a pie in the sky number, it's something we see within our network that we like -- again, like any portfolio, we want to work towards the maturity as well as the overall capability of much higher margins. But in the near term, the short term, which is your question, obviously, we had some impact this year that we described last quarter about recovery with one of our vendors, cost us about 30 basis points this year and we expect to recover that and hopefully expand on that in future periods.

是的。我的意思是我會添加一些內容。再次強調，只是一些深度。在 Watsco 內部，我們有多個業務部門。和任何投資組合一樣，您擁有表現優異的企業，而我們表現優異的業務部門目前已達到或接近 30 個。所以，這不是一個不切實際的數字，而是我們在網路中看到的我們喜歡的東西——再說一次，像任何投資組合一樣，我們希望努力實現成熟度以及更高利潤的整體能力。但在短期內，也就是您問的問題，顯然，我們今年受到了一些影響，上個季度我們描述了我們與其中一家供應商的恢復情況，今年我們損失了大約 30 個基點，我們預計將恢復這一水平，並希望在未來時期能夠擴大這一水平。

And that's the cost of doing business this year that was needed. And now we move on from that point of view. Also, the technology story that we've told on pricing and technology. And again, anyone is welcome to come down and understand this better. So it's not just a sound bite on a conference call. Anyone is welcome to come down and learn more, but the idea of a culture of improving technology to price every product we sell is still ongoing, and that's part of the long-term. Short term, it's basis points. Long term, we want it to be percentage points.

這就是今年開展業務所需的成本。現在我們從這個角度繼續討論。此外，我們還講述了有關定價和技術的技術故事。再次歡迎任何人來這裡更好地了解這一點。所以它不僅僅是電話會議上的聲音片段。歡迎任何人前來了解更多信息，但透過改進技術來為我們銷售的每種產品定價的文化理念仍在繼續，這是長期計劃的一部分。短期內是基點。從長遠來看，我們希望它是百分點。

And product mix is another. This year, a little bit of headwind, probably 20 basis points or so in our -- the growth of our equipment versus the flatness of our non-equipment. And I want Paul to be right in their sentiments because if they grow together, that's accretive to margin, certainly in the short term.

產品組合是另一個。今年，我們的設備業務出現了一些成長，而非設備業務則保持平穩，這給我們帶來了一些不利因素，大概是 20 個基點左右。我希望保羅能夠正確地理解他們的想法，因為如果他們一起成長，那麼利潤就會增加，至少在短期內是如此。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

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

是的。我想回到第四季度，新客戶成長是主要推動力。為什麼在第四季突然出現這種情況？那麼這些客戶是誰呢？這些更具技術前瞻性的承包商是否欣賞您的技術？或者這些顧客有沒有相似之處？

Barry?

巴里？

Rick, go ahead.

瑞克，說吧。

Yes, Ryan. I don't --

是的，瑞安。我沒有--

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

順便說一句，這還只是初級。我說那太初級了。

So you all the trend was not isolated to the fourth quarter. I think we saw that trend kind of build throughout the year. If you go back in time, this time last year, it was, I'll call it, a choppy sideways kind of market. Those are generally markets where we do very well in and have been good at gaining share. And so we just saw it build really throughout the year, and it really showed itself in the fourth quarter a little bit more. But the annual trend is almost exactly the same where we saw the highest amount of revenue contribution from new customers since we're measuring that metric many years ago. What do they look like? I mean yes, it's a good question. It's like Snowflake, they look a little bit different.

因此，大家的趨勢並不限於第四季。我認為我們看到這種趨勢在全年都在增強。如果回顧過去，去年的這個時候，我稱之為波動的橫盤市場。這些通常是我們表現得非常好並且擅長獲得份額的市場。我們看到這種趨勢在全年都有所增強，並且在第四季度更加明顯。但年度趨勢幾乎完全相同，我們看到新客戶的收入貢獻最高，因為我們多年前就開始衡量這個指標了。它們長什麼樣子？是的，這是一個好問題。就像雪花一樣，它們看起來有點不同。

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

我想說的是，我們與大型承包商的合作非常融洽。我們始終想做的是追逐市場上的中層承包商。這就是我們的非設備產品有時引起更大共鳴的地方。這就是我們庫存的產品深度和多樣性至關重要的地方。這也是我們的技術可以成為承包商的轉捩點的地方。我們常聽到這樣的話。A.J.可以進一步擴展，我們的技術非常出色地完成了兩輛、三輛、四輛卡車的運營，並遵循與我們投資組合中最大的客戶相同的規則和相同的複雜程度，我認為，隨著時間的推移，這將是有意義的貢獻者。

Yes. I mean if I add to it, just to add some depth as an example, and I'm going to be purposely intentionally abstract to not -- to protect some of the competitive discussion that we need to be careful. But one of our -- a big part of our network, historically, SG&A was large customers, large dealers, name brand dealers, people that have been part of a nucleus of large customers for a long time to grow that business, it needed to serve the other thousands of contractors in its local markets.

是的。我的意思是，如果我添加它，只是為了增加一些深度作為一個例子，並且我會故意抽像出來，以保護一些我們需要小心的競爭性討論。但是，從歷史上看，我們網路的很大一部分，銷售、一般和行政費用，都是大客戶、大型經銷商、名牌經銷商，這些人長期以來一直是大型客戶的核心，為了發展業務，它需要為當地市場的其他數千名承包商提供服務。

And when we say working with OEM partners, example is to go to that partner and say, listen, here's part of the market that we're not addressing. And we -- it is to be investment in inventory and price and programs and inventory build to serve that market. I think that -- again, without being too specific, that's an example of something that's been playing out probably over the last year or two. And we want the momentum to keep going because it's adding share, it's adding sales dollars to every location and at a nice margin level.

當我們說與 OEM 合作夥伴合作時，例如，去找那個合作夥伴說，聽著，這是我們尚未解決的部分市場。我們將對庫存、價格、計劃和庫存建設進行投資，以服務該市場。我認為——再次重申，不必太具體，這只是過去一兩年內發生的事情的一個例子。我們希望這種勢頭能夠繼續保持下去，因為它正在增加市場份額，增加每個地點的銷售額，並保持良好的利潤水平。

Okay. That's helpful. And then it sounds like the improved volume growth, at least is continuing into the first part of the year. And I guess my question is, in the press release, you mentioned A2L, there's an incremental growth opportunity and share gain opportunity. Can you unpack what you mean by that?

好的。這很有幫助。聽起來銷售成長有所改善，至少會持續到今年上半年。我的問題是，在新聞稿中，您提到了 A2L，存在增量成長機會和份額成長機會。你能解釋一下那句話的意思嗎？

First, I think any new product offers the opportunity to create value with customers that rather than selling the same old thing year after year, right? Every juncture like this presents opportunity. So the sales force is energized. The technology is enabled the energy flow from this kind of change is an opportunity to do that, but it takes investment. And so that's where we think our competitive advantage lies is in making those investments and bringing that energy to this kind of transition. And so that would be -- that's how I look at it.

首先，我認為任何新產品都為顧客創造了價值，而不是年復一年地銷售相同的舊產品，對嗎？每一個這樣的關頭都蘊藏著機會。銷售隊伍因此充滿活力。科技使這種變化帶來的能量流成為可能，這是一個機會，但需要投資。因此，我們認為我們的競爭優勢在於進行這些投資並為這種轉變注入活力。這就是——我是這樣看待它的。

And on the pricing side, you're going to see a lift in price the product has a higher cost. You're going to be installing an indoor and outdoor. You can't just replace the outdoor unit and not replace the indoor unit. All the safety devices for the refrigerant are on the indoor unit and have to be replaced and they can't be field installed. So we're definitely going to see a definite uptick in in revenue dollars and gross profit dollars from that.

在定價方面，你會看到產品價格上漲，成本更高。您將要安裝室內和室外。不能只更換室外機而不更換室內機。所有冷媒的安全裝置都在室內機上，必須更換，且無法現場安裝。因此，我們肯定會看到收入和毛利的顯著上升。

Jeff Sprague, Vertical Research.

傑夫‧斯普拉格 (Jeff Sprague)，垂直研究公司。

Glad to hear you all. Just wonder what your final verdict, if there is one, is on the notion of prebuy. And the reason I ask it so simplicity, right, is in a -- so simplistically is your inventories do not look unusual in any historical light and you just made a pretty convincing case that the dealer channel is not up to their eyeballs. So when you look back at this and kind of all the ink that's been spilled on pre-buy and what it might be like do you have kind of a final view on what actually happened? What actually happened.

很高興聽到你們所有人的消息。只是想知道，如果有的話，您對預購概念的最終結論是什麼。我問這個問題的原因很簡單，對吧，是因為——很簡單，因為從歷史角度來看，您的庫存並沒有什麼不尋常的，而且您剛剛提出了一個非常有說服力的論點，即經銷商渠道並不符合他們的眼球。因此，當您回顧這一切，以及所有關於預購的討論以及它可能會是什麼樣子時，您對實際發生的事情有什麼最終的看法嗎？究竟發生了什麼事。

Who wants that one?

誰想要那個？

Sounds like a Rick question to me.

在我看來，這聽起來像是 Rick 的問題。

Thank you, Paul. I'll take a stab at it, Jeff. Yes, I think some of the OEMs have tried to quantify this. And that math exercise, I would say, is more art than science. And so -- but if we just -- if we take what they've quantified and if you assume an average selling price for an outdoor unit, you get to 2% or 3% of what is 9.5 million, 10 million systems a year. And so the question is, did it happen somewhere in pockets? Maybe. Is it fundamentally anything that would alter a competitive dynamic or a growth algorithm for the year? I just don't think so.

謝謝你，保羅。我會嘗試一下，傑夫。是的，我認為一些 OEM 已經嘗試量化這一點。我想說，這項數學練習更多的是藝術而不是科學。所以 — — 但如果我們只是 — — 如果我們採用他們已經量化的數據，並且如果你假設室外機的平均售價，那麼你將獲得每年 950 萬到 1000 萬個系統的 2% 或 3%。所以問題是，它是否發生在某個地方？或許。這是否會從根本上改變今年的競爭態勢或成長演算法？我只是不這麼認為。

Yes, interesting that those seem to be the takeaway. And then as it relates to your own inventories, as I indicated, they look pretty normal to me. But would they -- would they be mostly 410A in your reported inventories as we see it? Or there's now a balanced mix there as you prepare for the new year?

是的，有趣的是這些似乎是重點。然後，就您自己的庫存而言，正如我指出的那樣，它們對我來說看起來非常正常。但是，正如我們所見，您報告的庫存中大部分都是 410A 嗎？或者說，在您為新的一年做準備時，現在已經有一個均衡的組合了？

We -- as we indicated, our sales are overwhelmingly 410A, and our inventory was overwhelmingly 410A. And we basically had pushed out the purchase of the A2L product until the first quarter of this year and into the second quarter of the next -- of this year also, but it pretty much has been 410A.

正如我們所指出的，我們的銷售額絕大多數是 410A，我們的庫存絕大多數也是 410A。我們基本上將 A2L 產品的購買推遲到今年第一季和明年第二季——今年也是如此，但基本上一直是 410A。

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

是的。我會這麼說。我們的目標是實現從舊產品到新產品的和諧過渡，我認為到目前為止，我們在這種和諧方面取得了相當大的成功。

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

聽起來你從原始設備製造商那裡得到了一種市場訊號，如果發生關稅，他們顯然會想要提高價格。您是否認為這幾乎是一種機械的即時反應，即關稅實施的第一天，價格就會隨之上漲。

You're definitely going to see a price increase with what has been already announced as far as tariffs in China. Most of the ductless product in a lot of the side discharge product comes from China directly. So until the manufacturers can adjust the location of the manufacturing of those products, I think you're definitely going to see an uptick in pricing.

從中國已經宣布的關稅來看，你一定會看到價格上漲。大量側排放產品中的大部分無管道產品直接來自中國。因此，在製造商能夠調整這些產品的生產地點之前，我認為你肯定會看到價格上漲。

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

我更多指的是墨西哥風險。對此有什麼想法嗎？

Mexico, we don't have a clue yet. What's going to happen if that's going to satisfy President Trump or it's not going to satisfy him is something that only he knows, I believe. So once we identify that, that obviously would be a big mover as far as what the pricing action would be if we put a 29% down there.

墨西哥，我們還沒有任何線索。我相信，這是否能讓川普總統滿意，只有他自己知道。因此，一旦我們確定了這一點，如果我們將價格降低 29%，這顯然會對定價行動產生重大影響。

Brett Linzey, Mizuho.

瑞穗的布雷特‧林澤 (Brett Linzey)。

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

是的，關於價格組合動態和具體毛利率，還有一點要問。所以您談到了今年新設備的高個位數到兩位數的價格組合，以及一些額外的關稅定價。有沒有辦法思考，Watsco 的毛利率百分比會如何透過組合定價與增量定價而下降？

Again, I want to be very careful about this. Any kind of A2L increase that we're talking about, just the idea that any OEM makes a product that's 8% or 10% more cost we then sell for 8% or 10% more in price, there is no gross margin kind of gift in that equation. So you have to be careful in mixing price concepts versus the margin benefit from any of those pricing.

再次強調，我要對此非常小心。我們所談論的任何類型的 A2L 增加，只是這樣一種想法，即任何 OEM 生產的產品成本增加 8% 或 10%，然後我們以增加 8% 或 10% 的價格出售，在這個等式中不存在毛利率之類的贈送。因此，您必須謹慎混合價格概念與任何定價的利潤利益。

So just look at it, we said it in the press release, 50% to 60% of our business gets impacted by A2L. You've heard during the call that certainly more than half our business is 410A the first part of the year, then it inverts as we get into the second half of the year. So you can blend that as you see fit across the next four quarters.

所以看看吧，我們在新聞稿中說過，我們 50% 到 60% 的業務受到 A2L 的影響。您在電話會議中已經聽說，今年上半年我們一半以上的業務是 410A，而進入下半年，情況則出現逆轉。因此，您可以根據需要在接下來的四個季度中進行混合。

The inflationary concept that Paul talked about, where an inflationary price increase on top of that, as that plays out, and that's where some of the gross margin benefit as well as the pricing benefit flows through. And that would affect whatever maybe the last 3 quarters of the year, Paul, I'm not sure what your crystal ball tells you, but it's something that would be -- it's not current state. It's something in the second quarter and the rest of the year.

保羅談到的通貨膨脹概念是，隨著通貨膨脹價格的上漲，部分毛利率收益和定價收益就會流向這裡。這可能會影響到今年最後三個季度，保羅，我不確定你的水晶球會告訴你什麼，但這可能是——這不是當前的狀態。這是第二季和今年剩餘時間的事情。

I just add one element to that -- Brett, just to add one element to that quickly, I think, I mean, there's rightly a lot of focus on gross margin as it relates to this. I think the more direct and the more or equally powerful aspect of this is that you're able to leverage your SG&A base as you do this. And so the ultimate beneficiary is probably EBIT margin at the end of the day because we have elements in growth in SG&A that aren't really reacting to some of this in the near term, and it's probably, I think, a more compelling profit margin opportunity at the operating level and at the gross margin level.

我只是在此添加一個元素——布雷特，我只是想快速添加一個元素，我認為，我的意思是，人們理所當然地會非常關注與此相關的毛利率。我認為，更直接、更強大或同樣強大的方面是，您可以在過程中利用您的銷售、一般和行政費用基礎。因此，最終的受益者可能是息稅前利潤率，因為我們在銷售、一般及行政開支方面的成長因素在短期內並沒有真正對此做出反應，而且我認為，這可能是營運層面和毛利率層面更具吸引力的利潤率機會。

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

好的。知道了。是的。我很感激。對我來說只剩下最後一個了。因此，關於修復與更換的爭論一直存在，但似乎沒有看到更換與修復之間有太大的差距。但是零件或組件資料中的任何內容都可能表明或暗示情況確實如此，但它確實看起來相當有彈性，但只是任何想法而已。

Well, we've already indicated that we saw both parts and unit sales go up double digit. So we're seeing both of them occur at the same time. We're not seeing a repair versus replace. It's repair and replace. And will that continue throughout the year? We'll have to wait and see.

嗯，我們已經表明，我們看到零件和單位銷售額都實現了兩位數的成長。所以我們看到兩者同時發生。我們沒有看到修復與更換的比較。這是修理和更換。這種情況會持續全年嗎？我們將不得不拭目以待。

(Operator Instructions)

（操作員指令）

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Love it when the CEO and Chairman reads the forward-looking statements, that is quite unique. So thank you for that. Just on the kind of how we're trending into this year, thanks for all the color on like prebuy, et cetera. Are you guys seeing anything on the refrigerant side any volatility in price there to speak of and how this may be trending differently than what happened with R22 to 410A.

喜歡執行長和董事長閱讀前瞻性聲明，這非常獨特。非常感謝你。就我們今年的趨勢而言，感謝您對預購等內容的介紹。你們在冷媒方面有沒有發現什麼價格波動，以及這種趨勢與 R22 至 410A 的趨勢有何不同。

Yes. Paul, you deal with that, please.

是的。保羅，請你處理這件事。

Yes, we're not really seeing the price of 410 spike yet, no. We have not seen any great movement there. And that's what I indicated earlier with the issue that we're having with commodities is we're not seeing any sort of uptick. If that's what you're talking about on the 410 side. Obviously, when we get to 454, if any 454 is used and repaired during the year, that will be a higher price than the 410.

是的，我們還沒有真正看到 410 的價格飆升，沒有。我們沒有看到那裡有任何重大動靜。這就是我之前指出的我們在商品方面遇到的問題，我們沒有看到任何上漲。如果這就是您在 410 方面談論的內容。顯然，當我們使用 454 時，如果任何 454 在一年內被使用和修理，那麼它的價格將比 410 更高。

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

正確的。我想，您認為頻道是否是這樣的？您是否發現那裡有任何可用性或價格問題？

We're seeing a little bit of availability issue right now, and this has nothing to do with the refrigerant has to do with the containers -- as far as the containers -- the availability of containers because it does take a special container to be able to handle the 454 or the 32A.

我們現在看到了一些可用性問題，這與冷媒無關，而是與容器有關——就容器而言——容器的可用性，因為確實需要一個特殊的容器才能處理 454 或 32A。

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

知道了。然後就此而言——關於去年出現該問題的供應商的重建類型。據我了解，本季這些交易量大幅增加。您能否進一步解釋一下這對銷售有多大幫助？

Steve, again, it's competitive data, I think. So I want to be careful with it. But that vendor in general is somewhat less than 10% of total Watsco in terms of sales, product sales. I mean that brand sale -- so in context, it can only be a portion of the current quarter's growth.

史蒂夫，我再說一遍，這是競爭數據。所以我要小心處理此事。但總體而言，該供應商的銷售額和產品銷售額佔 Watsco 總銷售額的 10% 以下。我指的是品牌銷售——從上下文來看，它只能是本季成長的一部分。

Right. And then just one last one for you. You talked about how you can't just replace the outdoor unit. You've got to kind of do a full soup to nuts type of replacement here. What's the difference in the cost to the consumer for doing that relative to the -- just the outdoor unit?

正確的。最後再問你一個問題。您談到了為什麼不能僅僅更換室外機。您必須在這裡進行徹底的替換。相對於只使用室外機，這樣做對消費者的成本有何差異？

We haven't sold enough to really come up with a good number on that. It's going to be a higher price, obviously, because you saw an indoor unit, you've got the indoor unit that has to have the sensor as well as a switch to be able to turn on the air flow in the event of a leak. And so you've got more cost on the indoor than you did on the 410 units. Maybe by the second quarter, we'll be able to provide you with more information as far as what the delta difference is. we know it's going to be more, though.

我們的銷量還不夠多，因此無法得出一個好的數字。顯然，它的價格會更高，因為你看到了室內機，室內機必須配備感測器和開關，以便在發生洩漏時打開氣流。因此，室內設備的成本要高於 410 個設備的成本。也許到第二季度，我們將能夠為您提供有關增量差異的更多資訊。但我們知道還會有更多。

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

正確的。但您不認為承包商會吃這個嗎？你？

No, I do not.

不，我不。

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

我們的問答環節到此結束。我想將會議交還給阿爾伯特·納梅德 (Albert Named)，請他作最後發言。

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

再次感謝您的關注。我們期待美好的一年，感謝您的關注，祝您一切順利。再見。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。