Watsco Inc (WSO) 2025 Q1 法說會逐字稿

Good day, and welcome to the Watsco first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event has been recorded.

大家好，歡迎參加 Watsco 2025 年第一季財報電話會議。（操作員指示）請注意，此事件已被記錄。

I would now like to turn the conference over to Mr. Albert Nahmad, Chief Executive Officer. Thank you, and over to you, sir.

現在我想將會議交給執行長阿爾伯特·納哈邁德先生。謝謝您，先生，接下來就交給您了。

Good morning, everyone. Welcome to Watsco's first-quarter 2025 earnings call, and this is Al Nahmad, Chairman and CEO. And with me is A.J. Nahmad, President; Paul Johnston; Barry Logan; and Rick Gomez.

大家早安。歡迎參加 Watsco 2025 年第一季財報電話會議，我是董事長兼執行長 Al Nahmad。與我一起的還有總裁 A.J. Nahmad、Paul Johnston、Barry Logan 和 Rick Gomez。

Before we start, our cautionary statement. 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. All said results may differ materially from the forward-looking statements.

在我們開始之前，我們先聲明一下。本次電話會議包含美國證券交易委員會 (SEC) 法律法規所定義的前瞻性陳述，這些陳述是根據這些法律的安全港條款作出的。所有上述結果可能與前瞻性陳述有重大差異。

I'm moving on to our report. Watsco reported a good first quarter. We have a lot of positive things going on related to the transition of products in the new A2L system. They will ultimately impact around 55% of our total sales. Our teams are working to convert nearly $1 billion in inventory to the new systems. We have trained thousands of customers, and we have updated our technology platforms to provide the needed functionality to our customers ahead of the selling season.

我現在繼續我們的報告。Watsco 報告第一季業績良好。我們在新 A2L 系統中的產品轉型方面有很多積極的事情要做。它們最終將影響我們約 55% 的總銷售額。我們的團隊正在努力將近 10 億美元的庫存轉換為新系統。我們已經培訓了數千名客戶，並且更新了我們的技術平台，以便在銷售季節到來之前為客戶提供所需的功能。

Similar regulatory mandates have occurred every 10 to 15 years and have historically been good for business. The new systems offer solutions to homeowners and businesses that are both more efficient and more sustainable and provides enhanced sales and profitability for both us and our customers.

每隔 10 至 15 年就會出現類似的監管規定，從歷史上看，這些規定對企業有利。新系統為房主和企業提供了更有效率、更永續的解決方案，並為我們和我們的客戶提高了銷售額和獲利能力。

In terms of trends, our core HVAC replacement business is off to a strong start. Sales and replacement systems, the core of our business increased 10% on higher volumes. New pricing was introduced and realized in the market, and we also sold a richer mix of high-efficiency systems.

從趨勢來看，我們的核心 HVAC 更換業務開局強勁。銷售和更換系統是我們業務的核心，由於銷量增加，其成長了 10%。新的定價在市場上推出並實現，我們也銷售了更豐富的高效系統組合。

Gross margins also improved, an important benchmark following the launch of the new systems, which will -- really continues to be an area of future opportunity. I want to emphasize that the first quarter is the smallest and most seasonal quarter of the year. And while they reserved early in the selling seasons, recent sales and margin trends have improved. Looking forward, we expect the benefits of the new A2L products will become [proportionally] larger over the remainder of the year, especially during the seasonally stronger second and third quarters.

毛利率也有所提高，這是新系統推出後的重要基準，這確實將繼續成為未來機會的領域。我想強調的是，第一季是一年中規模最小、季節性最強的季度。雖然他們在銷售季節初期就進行了預訂，但最近的銷售和利潤趨勢有所改善。展望未來，我們預計，新的 A2L 產品所帶來的好處將在今年剩餘時間內（成比例地）變得更大，尤其是在季節性較強的第二季和第三季。

Our balance sheet remains in distinct condition with $430 million in cash, no debt, and over $3 billion in equity. We raised our annual dividend 11% to $12 per share in April. 2025 marks our 51st consecutive year of paying dividends.

我們的資產負債表狀況良好，擁有 4.3 億美元現金，沒有債務，股權超過 30 億美元。我們在 4 月將年度股息提高了 11%，達到每股 12 美元。 2025 年是我們連續第 51 年派發股息。

Now turning to current events. We are carefully monitoring the potential impact of proposed tariffs on our business. On a domestic branch front -- on the domestic front, which represents 91% of first-quarter sales, we are collaborating closely with our OEM partners on current and future pricing actions that may be required as spokes in response to tariffs.

現在談談時事。我們正在密切關注擬議關稅對我們業務的潛在影響。在國內分部方面——國內​​銷售佔第一季銷售額的 91%，我們正在與 OEM 合作夥伴密切合作，就當前和未來的定價行動進行密切合作，這些行動可能是響應關稅的必要措施。

We see greater uncertainty for 9% of our sales are in Canada and Latin America, and we will act and react as needed to grow sales and profitability in those markets. Big picture, we possess the scale, the technology, and the relationships to act quickly and efficiently to these changing market conditions.

由於我們 9% 的銷售額來自加拿大和拉丁美洲，因此我們認為不確定性更大，我們將根據需要採取行動和做出反應，以增加這些市場的銷售額和盈利能力。總體而言，我們擁有規模、技術和關係，可以對不斷變化的市場條件做出快速有效的反應。

As always, it feels important to keep the long-term perspective in mind. Watsco has delivered superior long-term returns over most any time period. We're the market leaders in a highly fragmented $74 billion distribution market.

與往常一樣，牢記長遠眼光非常重要。Watsco 在大多數時期內都實現了優異的長期回報。在高度分散的 740 億美元分銷市場中，我們是市場領導者。

The products we sell are a necessity and the installed base continues to grow. We have deep collaborative relationships with the industry leaders, OEMs. We offer the broadest product variety and operate the largest network and our unique ownership culture, which is shared by more than 4,000 employees, reward and incentivize long-term performance.

我們銷售的產品是必需品，安裝基礎持續成長。我們與產業領導者、OEM 建立了深厚的合作關係。我們提供最廣泛的產品種類，經營最大的網絡，我們獨特的所有權文化為 4,000 多名員工所共享，獎勵和激勵長期表現。

As always, we invite you to come and visit in Miami if you want to learn more and share the continued optimism that we have for our company. With that, let's turn to Q&A.

像往常一樣，如果您想了解更多並分享我們對公司的持續樂觀態度，我們邀請您來邁阿密參觀。接下來，讓我們進入問答環節。

Thank you. We will now begin the question-and-answer session. (Operator Instructions) Stephen Volkmann, Jefferies.

謝謝。我們現在開始問答環節。（操作員說明）Stephen Volkmann，Jefferies。

Maybe I'll dive in on the residential side. I think you said plus 10%. Can you give us a sense of what you're seeing? How much of that was kind of R-454B versus 410A and how the pricing kind of layered into that?

也許我會深入研究住宅方面。我認為您說的是增加 10%。您能讓我們了解一下您所看到的情況嗎？其中 R-454B 和 410A 的比例是多少？它們的定價如何？

Paul?

保羅？

Most of what we saw in the first quarter was 410A. We only had about 20%, 25% of it that came out as 454. So when you look at the residential, what we're talking about being up over 10% is the replacement market, not the new construction. And so the bulk of that in the first quarter was 410A.

我們在第一季看到的大部分是410A。我們只得到了其中的 20% 到 25%，即 454。因此，當你看住宅時，我們談論的上漲超過 10% 是指替代市場，而不是新建築。因此，第一季的大部分是 410A。

Early in the second quarter, we're starting to see the transition over to the A2L product. And hopefully, that will continue as the summer goes on because we're going to be out of 410 probably by the end of the quarter.

在第二季初，我們開始看到向 A2L 產品的轉變。希望這種情況能隨著夏季的到來而持續下去，因為到本季末，我們的員工人數可能將達到 410 人。

Okay. Great. And then maybe just following up, we've seen a fair amount of price that's come through from a variety of suppliers across the industry. And traditionally, that drives your gross margin a little bit higher, at least in the near term. Is there any reason to think we shouldn't see that happening as the year progresses?

好的。偉大的。然後也許只是跟進一下，我們已經看到來自整個行業的各種供應商的相當多的價格。傳統上，這會使您的毛利率略高一些，至少在短期內是如此。有什麼理由認為隨著時間的推移我們不會看到這種情況發生呢？

I think after April -- April is when we had the two big price increases from the OEMs. So that's really what's going to be. That could be an impact, obviously, in our gross margin. But in the first quarter, we were fairly clean as far as price increases.

我認為四月之後——四月是原始設備製造商兩次大幅提價的時候。事實確實如此。顯然，這可能會對我們的毛利率產生影響。但在第一季度，就價格上漲而言，我們做得相當乾淨。

Most of the improvement in the gross margin really was related to the segment mix that we had, moving more towards add-on replacement less towards commercial, less towards residential new construction.

毛利率的提高很大程度上與我們的細分市場組合有關，即更多地轉向附加替換，較少轉向商業，較少轉向住宅新建。

David Manthey, Baird.

大衛‧曼西，貝爾德。

So as it relates to the top line, it seems international was weak but really not big enough to move the needle and what Paul just said about the mix. And that, along with other HVAC products being somewhat weak parts and supplies, I understand.

因此，就收入而言，似乎國際業務較弱，但實際上還不足以產生影響，正如保羅剛才所說的那樣。而且，我理解，其他 HVAC 產品的零件和耗材也有些薄弱。

But should we read into this that residential new construction, even though it's less significant for you guys was substantially softer year to year? And are you holding share there, do you think?

但是，我們是否應該這樣解讀：儘管住宅新建築對你們來說不那麼重要，但其數量卻逐年大幅下降？您認為您在那裡持有股份嗎？

Let's give some insight to it. Well, first, we don't really do the algebra for you, but there is one less sales day in the quarter. So that has actually a bigger impact than the new construction does, by the way. In terms of algebra, but the new construction element of it is also a choice being made by the contractors that do work for builders in the quarter to use 410A or wait to use 454B upon availability. So there is some disparity in how a market like that this time of year operates in terms of this transition.

讓我們對此進行一些了解。嗯，首先，我們實際上並沒有為您做代數運算，但是本季的銷售日少了一個。順便說一句，這實際上比新建築的影響更大。從代數角度來說，但其新的建築元素也是由為本季的建築商工作的承包商做出的選擇，使用 410A 或等待 454B 可用時使用。因此，就這種轉變而言，每年這個時候的市場運作方式都會存在一些差異。

The other reality, Dave, as you know, is we're a 40% larger business in the second quarter. So new housing, which is relatively equal in four quarters, has a bigger impact in this small quarter and should have less of an impact over time. And I think also, there's some backlog that's built that will consume 434B and as time goes on.

另一個現實是，戴夫，正如你所知，我們的業務在第二季度增長了 40%。因此，新房在四個季度中相對均衡，對這個小季度的影響較大，但隨著時間的推移，影響應該會減少。我還認為，隨著時間的推移，一些積壓的工作將消耗 4,340 億。

Yeah, I don't think we've lost any share in the new construction market. I think we're still -- where we do it, we do it well. And I think it had more of an impact on the supply side than it did on the equipment side.

是的，我認為我們在新建築市場沒有失去任何份額。我認為我們仍然——只要我們做，我們就會做得很好。我認為它對供應方面的影響比對設備的影響更大。

Yeah, that's good to hear. So impressing on gross margin a little bit here, too, as you think about the transition of refrigerant and along with the kind of the mix driven by seasonality and so forth, and then you've got these, what I assume are apples-to-apples kind of tariff-driven and general price increases we're seeing, as you pointed out, in April, Paul.

是的，聽到這個消息真好。因此，當您考慮冷媒的轉換以及受季節性等因素驅動的組合時，這裡的毛利率也會給人留下深刻的印象，然後您就會得到這些，我認為這些都是由關稅驅動的同類價格上漲，正如您所指出的，保羅，我們在四月份看到了這些價格上漲。

As we think about the normal cadence of gross margin from first quarter through the year, should just directionally and bigger than a bread box, can you tell us, do you think it will be less of a degradation as we move forward because of those positive factors that are rolling in here?

當我們考慮從第一季到全年的毛利率的正常節奏時，應該只是有方向性的並且比麵包盒更大，您能否告訴我們，您是否認為由於這些積極因素的出現，隨著我們向前發展，毛利率的下降幅度會更小？

Well, that's a lot of questions. I would -- I wish I could see that far out in the future, but --

嗯，有很多問題。我希望我能預見未來，但是--

Let me give you an aspirational goal that we've stated before. Watsco is working to achieve its goal of 30% gross profit margin. That's where we think we're headed. I don't know when we're going to get there, but we're working to achieve that. And we have several different ideas on how to get there.

讓我給你一個我們之前提出的理想目標。Watsco 正在努力實現 30% 的毛利率目標。我們認為這就是我們的目標。我不知道我們什麼時候能實現這個目標，但我們正在努力實現它。對於如何實現這一目標，我們有幾個不同的想法。

Now do we have short-term changes to that? Yeah, but that's our goal, and we aspire to it.

現在我們對此有短期改變嗎？是的，但這是我們的目標，我們渴望實現它。

Jeffrey Sprague, Vertical Research.

傑弗裡·斯普拉格（Jeffrey Sprague），垂直研究公司。

Interesting times, no doubt, I hope everybody is doing well. Just wanted to kind of think about sort of the cadence of what the OEMs are doing on the price side. I think you said you're collaborating closely with them.

毫無疑問，這是一個有趣的時刻，我希望每個人都過得很好。只是想思考一下 OEM 在價格上所採取的節奏。我想您說過您正在與他們密切合作。

Just got off call with a key player. They said price has gone up twice here just in the last several weeks or so. Maybe just give some view on how this collaboration is working, how the lags of getting price through into the channel, and whether you are seeing any kind of negative demand response and given the magnitude of price that's coming through the pipeline.

剛剛和一位關鍵球員通話完畢。他們說，僅在過去幾週內，這裡的價格就上漲了兩次。也許只是對這種合作如何進行、價格進入管道的滯後情況、以及是否看到任何形式的負面需求反應以及透過管道傳遞的價格幅度給出一些看法。

No, I don't think we're seeing any real pushback yet from the customers. It's such a newsworthy subject to tariffs that I think most contractors and consumers were assuming that there's going to be higher prices.

不，我認為我們還沒有看到來自客戶的任何真正的反對。關稅是一個值得關注的新聞主題，我認為大多數承包商和消費者都認為價格會上漲。

How much of that price has been related to the consumer, we really don't have visibility to that. The OEMs have been very prudent as far as getting the price increases out. We have the technology to go ahead and implement the price increases instantaneously. So it really hasn't been that much of an issue to date. We'll have to wait and see what happens in Q2 and Q3 as far as how long these price increases stay and what the impact has on the consumer.

其中有多少價格與消費者有關，我們確實不清楚。原始設備製造商在提高價格方面一直非常謹慎。我們擁有立即實施漲價的技術。所以到目前為止這還不是什麼大問題。我們將拭目以待，看看第二季和第三季會發生什麼，看看這些價格上漲會持續多久，以及對消費者會產生什麼影響。

Is there a mechanism in place? Or should we expect if the tariff pressure changes that this will feed back into the market as some relief on price? How much of the price is surcharge, which is visible and could go away versus what might be in the base and what you might be able to maintain even if there is some tariff relief?

有沒有什麼機制？或者我們應該預期，如果關稅壓力發生變化，這將以價格下降的形式回饋到市場？價格中有多少是附加費，這些附加費是可見的，而且可能會取消，相對於基數而言，以及即使有一些關稅減免，您能夠維持多少附加費？

Yeah. There's -- outside of one manufacturer, I think every pricing action by every manufacturer right now is a price increase. It's not a surcharge.

是的。除了一家製造商之外，我認為現在每家製造商的每項定價行動都是漲價。這不是附加費。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

In the earnings release, and I think as Paul just mentioned, you talked about being able to leverage the technology too quickly, if not instantaneously implement some of these price increases. But I want to unpack what other levers you have with the technology because, as you've discussed before, it's not just one standard increase across your entire customer base, you have to be a lot more nimble.

在收益報告中，我認為正如保羅剛才提到的，您談到了能夠快速利用這項技術，甚至能夠立即實施部分價格上漲。但我想揭示這項技術還有哪些其他優勢，因為正如您之前所討論的，這不僅僅是針對整個客戶群的一項標準提升，您必須更加靈活。

So in this environment of OEM price increases, what additional capabilities do you have through the technology to really customize if not [profitize] some of that at the branch level?

那麼，在 OEM 價格上漲的環境下，您可以透過技術實現哪些額外的功能，以真正客製化（甚至在分店層級實現盈利）？

A.J., do you want to share that?

A.J.，你想分享一下嗎？

Yeah. I'll take that one. And my instinct to that answer is I don't mean this to be flipped, but it's infinite. Because the technology we put in place, what it does is provide visibility and tooling for world-class analysts to see opportunities across all of our business units and collectively as an enterprise.

是的。我要那個。而我對這個答案的直覺是，我並不是想把它顛倒過來，而是它是無限的。因為我們採用的技術可以為世界級的分析師提供視覺性和工具，讓他們能夠看到我們所有業務部門以及整個企業的機會。

So just for an example -- and this is an environment where there are raising prices, which, by the way, there are and there will be from not just our major equipment manufacturers but from the thousand parts and suppliers, manufacturers that we buy products from. And just to give you a sense of the scale, it's 1,000 parts -- excuse me, 1,000 manufacturers of products. We sell products to 100,000 contractors. And it's not too hyperbolic to say that we have a different price for every product, for every customer, almost.

舉個例子——在當前的環境下，價格正在上漲，順便說一句，不僅我們的主要設備製造商在漲價，而且我們購買產品的數千個零件和供應商、製造商也在漲價。為了讓大家大致了解規模，我們來看看，它有 1,000 個零件——不好意思，是 1,000 個產品製造商。我們向 10 萬名承包商銷售產品。毫不誇張地說，我們對幾乎每個產品、每個客戶都制定了不同的價格。

And so the tooling enables that sort of intricacies and being dynamic and seeing where there are opportunities to raise prices to a market level that you see customers of a particular segment or size buying at, which perhaps it needs to be adjusted for others or the other way around. Perhaps we're out of market with the price, and we need to get in line and so that we can effectuate more sales.

因此，工具可以實現這種複雜性和動態性，並發現哪裡有機會將價格提高到特定細分市場或規模的客戶的購買市場水平，而這可能需要針對其他客戶進行調整，反之亦然。也許我們的價格已經脫離了市場，我們需要保持一致，這樣才能實現更多的銷售。

Just -- I mean, again, as a small example, say, we sell products A, B, C in one market, take Miami. We probably saw it in 20 locations here to several thousand customers at several thousand prices. And if you put that on a histogram, the spread is too big, right? So if we can put a floor and a ceiling and do some intricate analytics, we can affect margin impacts as well.

只是——我的意思是，再舉一個小例子，比如說，我們在一個市場銷售產品 A、B、C，以邁阿密為例。我們可能在 20 個地方看到了它，有數千名顧客，價格也幾千美元。如果你把它放在直方圖上，那麼差距就太大了，對嗎？因此，如果我們能夠設定下限和上限並進行一些複雜的分析，我們也可以影響利潤率。

Thank you, A.J. As a follow-up, I wanted to ask for a little more detail on the early selling season trends. Al, you mentioned that there's been some improvement. And so while we're all here live, I wanted to just give the opportunity to give any quantification there or additional insight into what you were referencing there? Thank you.

謝謝，A.J。作為後續問題，我想詢問有關早期銷售季節趨勢的更多細節。Al，你提到情況有所改善。因此，當我們都在這裡直播時，我只是想給你機會提供任何量化資訊或對你所引用的內容提供額外的見解？謝謝。

Barry, do you want to deal with that?

巴里，你想處理這個問題嗎？

Sure. Again, I'll focus on domestic. We've said that international is still probably greater uncertainty. But if I address the domestic, 91% of our business, it's mid-single-digit growth, thus far in the quarter. And if I add a sentence to that, and margins are behaving well additionally.

當然。再次強調，我將重點放在國內市場。我們說過，國際上可能還存在較大的不確定性。但如果我談到國內業務，那麼本季迄今為止，我們 91% 的業務都實現了中等個位數的成長。如果我在其中添加一個句子，邊距也會表現得很好。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

I guess I'm going to follow up on that last question. I guess it sounds like we shouldn't extrapolate the weak first quarter to the rest of the year. Is that the right read here? You feel like the business has found better footing?

我想我將繼續回答最後一個問題。我想，聽起來我們不應該將第一季的疲軟推斷到今年剩餘時間的表現。這裡的讀法正確嗎？您覺得業務已經找到更好的基礎了嗎？

Yes.

是的。

Okay, that's a simple answer. And then can you just unpack -- I think you mentioned the A2L transition was a negative in the quarter. What was the impact there and what was that negative?

好的，這是一個簡單的答案。然後您能否解釋一下——我認為您提到 A2L 轉型在本季度是負面的。那裡有什麼影響？有什麼負面影響？

Negative? No.

消極的？不。

Okay. So I misunderstood that. Okay. So the one-third of the business that was weak, it was the international down 9. And then what else was in there that caused the weakness? Because again, the algebra is kind of difficult for some of us to figure out.

好的。所以我誤解了這一點。好的。因此，業務疲軟的三分之一是國際業務，下降了 9%。那麼還有什麼因素導致了虛弱呢？因為對我們中的一些人來說，代數還是有點難以理解。

Sure. I understand. Let's go through it. It's -- I think a lot of the numbers are there in the press release, Ryan. You have non-equipment going down for the quarter. It's about 30% of the business, right? Refrigeration as a small component. Nonetheless, it's part of what else is down, which is what your question is.

當然。我明白。讓我們來看看。瑞安，我認為新聞稿中有很多數字。本季度，您的非設備庫存出現下降。這大約佔業務的 30%，對嗎？冷凍作為一個小部件。儘管如此，它還是屬於其他故障的一部分，這也是您的問題所在。

We have commercial products, which is down right around 10% for the quarter. That, too, has a heavy influence going on with the product transition and 410A versus 454B, and we think that levels out or at least has less disruption or less disparity going on as time goes on. The commercial product is a component of what else went down. International, we talked about.

我們有商業產品，本季下降了約 10%。這也對產品轉型以及 410A 與 454B 的轉換產生了重大影響，我們認為，隨著時間的推移，這種影響會趨於平穩，或至少中斷或差異會減少。商業產品是其他產品的一部分。我們談論的是國際。

And then there are other -- some other products that I would just -- or some other segments, I would categorize as large accounts, national accounts, where, again, the 410A versus 434B has some disruption in it. And that's short term, and we don't see that as a seasonal reality over time. And I mentioned the same day, one less selling day and this quarter is about almost a 2% impact on sales.

然後還有其他 — — 我會將其他一些產品 — — 或其他一些部分歸類為大帳戶、國家帳戶，其中 410A 與 434B 再次出現一些中斷。這是短期的，我們並不認為這會成為長期的季節性現實。我提到了同一天，銷售日減少了一天，對本季的銷售額的影響約為 2%。

Okay. I got it. That's helpful. The commercial piece is, I thought that might be part of it.

好的。我得到了它。這很有幫助。我認為商業部分可能是其中的一部分。

Last question. The price/mix outlook, we've had some new price increases. Any chance you'd help us with what you're thinking there for the year?

最後一個問題。價格/組合前景，我們有一些新的價格上漲。您能否告訴我們您對今年的計劃有何想法？

Well, I would say we tend to talk factual about what we see -- what we've experienced in the first quarter and not extrapolate that until we have more data and more time in the season, Ryan. But price was up about -- price and mix for what is our unitary business was up about 5% for the quarter.

好吧，我想說的是，我們傾向於就我們看到的情況——我們在第一季所經歷的情況——進行事實性談論，而不是進行推斷，直到我們獲得更多數據和更多賽季時間，瑞安。但價格上漲了——我們單一業務的價格和組合本季上漲了約 5%。

Brett Linzey, Mizuho.

瑞穗的布雷特‧林齊 (Brett Linzey)。

I wanted to come back to the A2L transition. One of your peers have noted some of the delays there, maybe a little bit more on the commercial side, but it was related to the learning curve. And I'm just curious, what's the industry readiness like on the transition from a technician standpoint? Are you seeing any bottlenecks? Is it driving some delays in residential? Any color would be great.

我想回到 A2L 過渡。您的一位同事注意到了那裡的一些延遲，可能在商業方面稍微多一點，但這與學習曲線有關。我很好奇，從技術人員的角度來看，產業對轉型的準備如何？您發現任何瓶頸了嗎？這是否會導致住宅建設延誤？任何顏色都很好。

This is Paul. I don't see any real delays with the product. I mean, if you consider that 410A is -- basically 50% of 410A is 32. And the balance of it is a 125 combination. Whereas when you get into the 454 and the 32 products that we sell, they just become 70% on the 454 becomes 32, and of course, 32 is 100%.

這是保羅。我沒有發現該產品有任何實際延遲。我的意思是，如果你認為 410A 是——基本上 410A 的 50% 是 32。它的平衡是 125 個組合。而當你進入 454 和我們銷售的 32 種產品時，它們就變成了 454 的 70% 變成了 32，當然，32 就是 100%。

So we're really not seeing a bottleneck from the mechanics viewpoint. No. I just think it was a -- there is a price difference between an A2L product and a 410 product, and I think the contracts gravitated towards the 410. That's just an opinion.

因此，從機制角度來看，我們確實沒有看到瓶頸。不。我只是認為——A2L 產品和 410 產品之間存在價格差異，我認為合約傾向於 410。這只是一種觀點。

I think -- [just to] editorialize that, probably the right way is this is a quarter that, as we said seven times, thus far, the smallest time of year, but also had a lot going on with whether 410A was in the channel or not. If you own a lot of 410A and you leaned into it, you have some short-term benefit this quarter, you have long-term risk of obsolescence.

我認為 - [只是] 編輯一下，可能正確的方式是，這是一個季度，正如我們七次所說的那樣，到目前為止，是一年中最小的時期，但也有很多事情與 410A 是否在通道中有關。如果您擁有大量 410A 並且傾向於使用它，那麼您在本季度將獲得一些短期利益，但長期來看您會面臨過時的風險。

It should be obvious by our balance sheet at year-end. We did not lean in to 410A. We did not choose short-term consequences with longer-term risk. We wanted to move to the 454B. We have. The pricing, the margins, the activity with replacement is a good indicator of that decision. Maybe some of the large giant customers that wanted to chisel into 410A and get some short-term wins, that's a transient business that is short term.

從我們年末的資產負債表上應該可以看出這一點。我們並沒有傾向 410A。我們沒有選擇承受長期風險的短期後果。我們想轉到 454B。我們有。定價、利潤、替代活動是該決定的良好指標。也許一些大型客戶想要進入 410A 並獲得一些短期利益，這是短期的短暫業務。

Yeah, got it. And then just a follow-up on the second quarter, I guess, near term. So I think the industry is talking about some destocking on the R-410A but also we're seeing the industry raise prices really across the board on tariffs. Would you expect some level of prebuy on price escalation here in the near term? Or how do we think about the netting of those two pieces as we get into the selling season here?

是的，明白了。然後我想這只是對第二季的後續行動，短期內。因此，我認為業界正在談論 R-410A 的一些去庫存化，但我們也看到業界全面提高關稅。您是否預期短期內會出現一定程度的預購和價格上漲？或者，當我們進入銷售季節時，我們如何看待這兩件商品的淨值？

I don't see any prebuy coming on. On the A2L product, you can't really get 410 products from any of the OEMs. So they had to stop manufacturing that on 12/31. So anything that we would have in stock right now that's coming in is going to be an A2L product.

我沒有看到任何預購活動。在 A2L 產品上，您實際上無法從任何 OEM 獲得 410 產品。因此他們不得不在 12 月 31 日停止生產。因此，我們現在庫存的所有產品都將是 A2L 產品。

The price increases are very rapid. They happened on April 1 and then a second price increase occurred for most of the OEMs on the [third]. So unless there is a reversal of the tariff, I really don't see much of a prebuy opportunity for 454.

物價上漲非常快。價格上漲發生在 4 月 1 日，隨後大多數 OEM 廠商的價格再次上漲。[第三]。因此，除非關稅發生逆轉，否則我認為 454 沒有太多預購機會。

Patrick Baumann, JPMorgan.

摩根大通的派崔克‧鮑曼。

So I just had a question on the gross margin in the first quarter. And I was wondering if you were able to optimize price on the 410A inventory that was sold and whether that had a benefit there/ I'm asking kind of in context of I think you said price mix was a 5% benefit in the quarter, and I don't think the OEMs raised price on the 410A since they're not really making it anymore. Just curious if you could give any color on that.

我對第一季的毛利率有一個疑問。我想知道您是否能夠優化已售出的 410A 庫存的價格，以及這是否有好處/我問這個問題的背景是，我認為您說過價格組合在本季度帶來了 5% 的好處，而且我認為 OEM 不會提高 410A 的價格，因為他們實際上不再生產它了。我只是好奇你是否可以對此作出任何解釋。

Yeah, Pat, it's a good question. And the answer, I think most distributors were able to gain some price on 410A as we started the year. And also, it wasn't said in this call so far, but mix also improved, meaning energy efficiency mix that tends to help margin to an extent. And third, as Paul said, I think is we have a higher mix of replacement versus new construction that helps margins to an extent.

是的，帕特，這是個好問題。答案是，我認為大多數經銷商在年初都能夠在 410A 上獲得一些價格優勢。而且，到目前為止，這次電話會議中還沒有提到，但組合也有所改善，這意味著能源效率組合往往在一定程度上有助於提高利潤率。第三，正如保羅所說，我認為我們的替換建築與新建築的比例更高，這在一定程度上有助於提高利潤率。

And the rest of the pricing discussion is -- I think Paul mentioned 25% of the business is 454B in the quarter. And obviously, the higher pricing contributed something to that equation.

其餘的定價討論是——我認為保羅提到本季 25% 的業務是 4540 億美元。顯然，更高的定價對這一等式產生了一定的影響。

Yeah. That makes sense. The benefit on the price optimization maybe in the 410A stuff, is that like in the tens of basis points?

是的。這很有道理。價格優化的好處可能在 410A 方面，大概是幾十個基點？

Yeah. It's not material enough. It was not like something to exploit, Pat. It was something to add a bit of inflation as we started the year. It's in basis points.

是的。這還不夠實質。這不像是可以利用的東西，帕特。在新的一年伊始，這會增加一點通貨膨脹。這是以基點為單位的。

Helpful. And then we've been hearing about shortages of the 454B refrigerant due in part to container issues. Just wondering if you're -- if you've seen or heard anything on this front? And what your view is on whether this could have any impact on the selling season?

很有幫助。然後我們聽說 454B 冷媒短缺，部分原因是容器問題。只是想知道您是否——是否看到或聽到有關這方面的任何消息？您認為這是否會對銷售旺季產生影響？

Yeah, we have heard that. It's supposed to be over by June as far as the containers. But it's not just on 454, it's also on 32A. They both use almost the same container, so it's not -- there's no real difference.

是的，我們聽過。就集裝箱而言，預計六月就會結束。但它不僅在 454 上，也在 32A 上。它們都使用幾乎相同的容器，所以沒有真正的區別。

So yeah, there's been a shortage. We've been on allocation. Everybody in the industry is on allocation right now. There apparently is still some 32 out in the marketplace. But the 454 has become increasingly difficult to obtain.

是的，確實存在短缺。我們一直在分配。目前，業內每個人都在分配。顯然市場上仍有約 32 個。但 454 簽證越來越難取得。

Is it going to impact us longer term? No, it's not. Our creative branches have gone up with other ideas to be able to satisfy the need of the contractor to be able to get the refrigerant they need to top off a new system.

這會對我們產生長期影響嗎？不，不是的。我們的創意部門提出了其他想法，以便能夠滿足承包商的需求，並獲得完成新系統所需的冷媒。

You do know that all the equipment is pre-charged with 454. There's no shortage of 454. It's strictly the container that's missing right now.

你知道所有設備都預先充有 454。454 並不缺少。現在缺少的正是容器。

Jeff Hammond, KeyBanc Capital Markets Inc.

哈蒙德（Jeff Hammond），KeyBanc Capital Markets Inc.

The consumer just can't get to break. They keep getting hit with these price increases and high rates. Just wondering if you're hearing or seeing anything on kind of repair versus replace or mix down as people maybe choose a defeatured product.

消費者根本無法休息。他們不斷受到價格上漲和高利率的打擊。只是想知道您是否聽到或看到有關修理、更換或混合的任何信息，因為人們可能會選擇損壞的產品。

Very good question.

非常好的問題。

In the first quarter, you really aren't going to see a lot of compressor sales. And compressor sales -- when you look at parts and supplies, parts is what it takes to repair units, supplies is generally what it takes to install a unit.

在第一季度，你確實不會看到大量的壓縮機銷售。壓縮機銷售－當您查看零件和耗材時，零件是維修設備所需的，耗材通常是安裝設備所需的。

And so when we look at it, we look at the motors when we look at the compressors. And I -- as I've said, I think on the last call and the call before, I'm hoping that we have a repair and a replace market. Motor sales for the quarter were up 7%, which is good. And then we were up slightly with the compressors. It wouldn't really be indicative of a repair versus the replace type mode yet.

因此，當我們觀察它時，我們會觀察馬達和壓縮機。正如我所說，我想在上次和之前的電話會議中，我希望我們有一個維修和更換市場。本季汽車銷量成長了 7%，這是一個好消息。然後我們稍微抬高了壓縮機。它還不能真正表明是修復模式還是替換模式。

So I think with the dichotomy that we have in the homeowners, I think we're going to see -- I think we're going to see a lot of replacement, and I also think we're going to see a lot of repair.

所以我認為，考慮到房主之間的矛盾，我們將會看到——我們將會看到大量的更換，我也認為我們將會看到大量的修復。

And the trade down dynamic?

交易降級的動態如何？

I'm not sure -- it isn't showing up.

我不確定——它沒有出現。

That's something we've seen. It's obviously two comments. First, energy efficiency mix actually improved this quarter. I want to ring the bell in October when we have our third-quarter conference call if the trend continues.

這是我們親眼目睹的。這顯然是兩則評論。首先，本季能源效率結構實際上有所改善。如果這種趨勢持續下去，我想在十月我們召開第三季電話會議時敲響警鐘。

But also, what's competitive for us, every location in Watsco has multiple brands, multiple price points, many of our competitors, including OEM networks, have -- do not have that variety, do not have that functionality or flexibility at a store level. So we can make hay in a tricky environment if that's where the consumer is. And I'm glad we have that variety in our stores.

但同時，對我們來說，競爭力在於，Watsco 的每個地方都有多個品牌、多個價格點，而我們的許多競爭對手，包括 OEM 網絡，都沒有這種多樣性，也沒有商店層面的功能性或靈活性。因此，如果消費者在那裡，我們就可以在棘手的環境中獲利。我很高興我們的商店有如此多樣化的商品。

Okay. And then, Barry, you mentioned people that leaned in on 410A, which was not your tech, maybe benefited 1Q and maybe they're a little bit behind. So I'm just wondering if you think 1Q was impacted at all because maybe you had less than your fair share of 410A and maybe you catch up some of that. And then it seems like your inventory position is really strong coming out of 1Q. Just kind of thoughts around play in the merchant and gross margin arbitrage around these kind of follow-on increases.

好的。然後，巴里，你提到人們傾向於 410A，這不是你的技術，可能對 1Q 有利，也許他們有點落後。所以我只是想知道您是否認為 1Q 受到了影響，因為也許您獲得的 410A 份額不足，也許您補上了其中的一部分。那麼看起來您的庫存狀況在第一季確實非常強勁。只是圍繞著商家的運作和圍繞此類後續成長的毛利率套利的想法。

Yeah. I mean, obviously, I don't have access to anyone else's financial statements to know what somebody else sold versus what we sold. But the anecdote in the market is there are some national accounts, multifamily channels, facilities maintenance channel that consume 410A.

是的。我的意思是，顯然，我無法查看任何其他人的財務報表來了解其他人銷售了什麼以及我們銷售了什麼。但市場上的傳聞是，有些國家帳戶、多戶型通路、設施維護通路消耗 410A。

And I think that provided that short-term opportunity. Those aren't channels that we necessarily are going to take product away from our other good higher-margin customers and serve that market. And instead, we're going to try to serve the good customers that will be there longer term.

我認為這提供了短期機會。這些並不是我們必然會從其他高利潤優質客戶手中奪走產品並服務於該市場的管道。相反，我們將盡力為長期的優質客戶提供服務。

So that's just an anecdote, Jeff. I don't -- but we -- that's volume where those customers in a more conventional environment, 60 days from now when 410A has gone or customers that -- as opposed to maybe being more opportunistic over the last quarter or so.

所以這只是一個軼事，傑夫。我不知道 - 但是我們 - 這是那些處於更傳統環境中的客戶的數量，從現在起 60 天後 410A 已經消失，或者客戶的數量 - 而不是上個季度左右可能更具機會主義。

Yeah. I think that's perfectly framed. I mean, you can't see even within our business some of our business units who did have higher position of 410A products. They did have bumps this quarter and mass in total -- at Watsco, that was not our tax, as you said, but I think that was a Q1 dynamic.

是的。我認為這是完美的構想。我的意思是，即使在我們的業務範圍內，你也看不到某些業務部門的 410A 產品確實擁有更高的地位。他們本季確實遇到了麻煩，總體而言 - 在 Watsco，正如您所說，這不是我們的稅，但我認為這是第一季的動態。

And as A2L becomes the prevalent or the more prominent product that it's going to level out that playing field. And yes, we will be merchants. and again, I think looking at Q1, our core performance in our core AOR business, it shows that we're healthy and strong and poised for a good year.

隨著 A2L 成為流行或更突出的產品，它將使競爭環境更加公平。是的，我們將成為商家。再次，我認為從第一季來看，我們的核心 AOR 業務的核心表現表明我們健康、強大，並準備好迎接美好的一年。

Okay. Barry, we thought you were all knowing over 25 years I've known you, but I understand you can't see everything. Appreciate the time, guys.

好的。巴里，我們以為你已經知道一切了，我已經認識你 25 年了，但我知道你不可能了解一切。感謝你們的時間，夥計們。

(Operator Instructions) Chris Snyder, Morgan Stanley.

（操作員指示）摩根士丹利的克里斯·斯奈德。

I wanted to follow up on some of the prior commentary. And it seems like you guys didn't lean into 410A as hard as others and maybe there was some softness in Q1 as a result.

我想跟進一些先前的評論。而且看起來你們並不像其他人那樣強烈地傾向於 410A，因此第一季可能會出現一些疲軟。

I guess my question is do you have any sense of how much 410A your distributor competitors still have into Q2? Because it seems like maybe that share shift back to you or 454B will happen really ultimately when the 410A is just totally done being sold.

我想我的問題是，您是否知道您的經銷商競爭對手在第二季還有多少 410A？因為看起來，當 410A 完全售出後，份額可能會真正轉移回您或 454B 手中。

Chris, we really have no idea. Go ahead, Rick.

克里斯，我們真的不知道。繼續吧，里克。

I was going to say that that's awfully hard to have a line of sight into our best and it's purely anecdotal. But obviously, we talked to a lot of other distributors in our quest for more acquisitions. And as we do that, this is obviously a recurring topic and something that is on everyone's mind.

我想說的是，要了解我們的最佳表現是非常困難的，而且這純粹是軼事。但顯然，為了尋求更多的收購，我們與許多其他分銷商進行了交談。當我們這樣做的時候，這顯然是一個反覆出現的話題，也是每個人都在思考的事情。

I don't get the sense in talking to those independent distributors that they have -- that they're planning on -- or that they have enough 410A inventory to get very much past the second quarter. And nor could the OEMs supply a whole lot of that to close out the year. So I think by the end of 2Q, 410A will largely be in the rearview mirror.

在與這些獨立分銷商交談時，我不明白他們是否擁有、計劃如何，或者是否有足夠的 410A 庫存來支撐第二季度的銷售。而且原始設備製造商也無法在年底前供應大量此類產品。因此我認為到第二季末，410A 基本上將成為過去。

Thank you. I appreciate that. And then I think you guys said maybe 20% or 25% of your volumes in the quarter were 454, if I heard that right. So I imagine we're still -- the field is still not installing a ton of 454B; maybe in April, that's changing. But I guess, do you have any sense of the rate at which 454B is being installed and just trying to figure out like have we tested the demand or even maybe the price elasticity on 454B. Because it still seems pretty early in the process. Thank you.

謝謝。我很感激。然後我想你們說過，本季你們的銷量中大概有 20% 或 25% 是 454，如果我沒聽錯的話。所以我想我們仍然 - 該領域仍然沒有安裝大量的 454B；也許在四月份，這種情況會有所改變。但我想，您是否了解 454B 的安裝速度，只是想弄清楚我們是否測試過需求，甚至測試過 454B 的價格彈性。因為這個過程似乎還處於早期階段。謝謝。

Yeah, I was going to say I don't feel like it's that early. I feel like it's going on materially and importantly, and we do have a view into what's going on. I mean, 25% of the first quarter is probably $250 million of product. I don't think that's a small number. That's larger than most distributors for a full year. And so there is some insight into it.

是的，我想說我覺得還沒那麼早。我覺得這在物質和重要性上都在發生，而且我們確實對正在發生的事情有所了解。我的意思是，第一季的 25% 可能是價值 2.5 億美元的產品。我認為這不是一個小數字。這比大多數分銷商全年的銷售額還要大。因此，我們對此有一些見解。

If I look at the last two weeks, it's probably over 60% of what we're selling is 454B products. So the ramp is happening pretty quickly. So when we talk about current trend and current margin visibility, we're satisfied the new product is being accepted well.

如果我回顧過去兩週，我們銷售的 454B 產品大概佔 60% 以上。因此，成長速度非常快。因此，當我們談論當前趨勢和當前利潤可見度時，我們對新產品的良好接受度感到滿意。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Sorry, just to follow-up to Pat's questions. Just philosophically, as a distributor and when you're looking at like these situations, what is the difference between a -- how do you look at the difference between like a surcharge and a price increase? And like what is there to read into from OEMs that are picking surcharges versus price increases just broadly? What do you take away from that from an industry perspective?

抱歉，我只是想回答一下 Pat 的問題。從哲學角度來看，作為分銷商，當您看到這些情況時，兩者之間有什麼區別——您如何看待附加費和價格上漲之間的差異？那麼，對於選擇附加費還是普遍漲價的原始設備製造商來說，有什麼好解讀的呢？從產業角度來看，您從中得到了什麼啟示？

I think a surcharge is temporary and because of some exterior condition, and a price increase is longer term. Surcharge doesn't affect your inventory; a price increase does. To my knowledge, there's only been one OEM that's issued a surcharge.

我認為附加費是暫時的，並且是由於一些外部條件造成的，而價格上漲是長期的。附加費不會影響您的庫存；價格上漲才會。據我所知，只有一家 OEM 收取了附加費。

I would say, look, this is a new and dynamic environment we're in with these extreme tariffs or potential tariffs. So everybody is working their models and figuring out the best approach. And this is where we've referenced our great relationships with our OEMs and the collaboration. There's a lot of conversation about how to do this without creating much friction or as little friction as possible and make this as harmonious as possible.

我想說，你看，我們正處於一個新的、充滿活力的環境，面對這些極端的關稅或潛在的關稅。因此每個人都在研究自己的模型並尋找最佳方法。這就是我們與 OEM 之間良好關係和合作的地方。關於如何做到這一點而不產生太多摩擦或盡可能減少摩擦並使其盡可能和諧，已經有很多討論。

And that's one of the dimensions that was discussed early. And there's pros and cons of doing a surcharge versus a price increase. And like Paul said, I think one OEM went with surcharge. But I don't think there's too much to read into that other than just trying to do the best we can or anybody can to keep harmony in the market.

這是早期討論的維度之一。徵收附加費和提高價格各有利弊。正如保羅所說，我認為有一家 OEM 收取了附加費。但我認為，除了我們或任何人都能盡最大努力保持市場和諧之外，沒有什麼可以過度解讀的。

Are you guys doing any surcharges? Or are you mostly like price increases? Obviously, you guys can be pretty agile with the tech you have. But are you -- is it mostly of what you do surcharges or price increases or mix?

你們有收附加費嗎？還是你們大多喜歡漲價？顯然，你們可以利用現有的技術變得非常靈活。但是您—主要是收取附加費或漲價還是混合收費？

It's mostly price increases.

主要是價格上漲。

And Steve, to remind you of the texture of this because it's just important to know the two-sided equation we deal with. A.J. said earlier, if we have 1,000 customers in South Florida, we may sell the same product at 1,000 different prices. We also buy the product, purchase the product, the same product at different prices, depending on the market segment we're addressing.

史蒂夫，我要提醒你這個問題的本質，因為了解我們處理的雙邊方程式非常重要。A.J. 之前說過，如果我們在南佛羅裡達州有 1,000 個客戶，我們可能會以 1,000 種不同的價格出售同一種產品。我們也會購買產品，以不同的價格購買相同的產品，這取決於我們針對的細分市場。

And so an OEM's price to us varies depending on those variables. So in that double-sided equation, there's a lot of, I think, artistic and good ways to use technology to deal with these kind of environments where, again, I'm not sure our competitors have it.

因此，OEM 給我們的價格會根據這些變數而變化。因此，在這個雙面等式中，我認為有很多藝術性的、好的方法可以利用技術來應對這類環境，但我不確定我們的競爭對手是否擁有這些技術。

One last one, Paul. Just from an industry perspective, how much of the unitary product do you think is like sourced directly from China, like where you have a Chinese manufacturer who may be shipping it over here and sticking a label -- with the US guys sticking a label on it. My guess it's not huge, but like it's been growing in the last couple of years. How much do you think there is of the industry?

最後一個問題，保羅。僅從行業角度來看，您認為有多少單一產品是直接從中國採購的，例如中國製造商可能將其運送到這裡並貼上標籤 - 然後由美國製造商在其上貼上標籤。我猜它不是很大，但在過去的幾年裡它一直在增長。您認為這個行業有多少？

I think in the industry, it's less than 5% on the ducted side and then on the duct-free side, obviously, it's higher. I don't think we make a single unit in the US. There's a few units made in Mexico. But the ductless side would be heavier; the ducted side would be very small. The only -- there's maybe one manufacturer left, I think that's using a product that's made in China.

我認為在行業中，管道側的比例不到 5%，而無管道側的比例顯然更高。我認為我們在美國沒有生產任何一台設備。有一些裝置是在墨西哥製造的。但無管道的一側會更重，而有管道的一側會非常小。唯一——可能只剩下一家製造商，我認為它正在使用中國製造的產品。

Right. And then sorry, one last one. I know we got like 15 minutes left for the hour, so I might as well get one more in. I heard the kind of the tail end of Pat's question on 454B, like why is Honeywell putting this huge price increase out there if there's like such abundance and it's just -- it's a container issue. Trying to like figure that one out.

正確的。抱歉，還有最後一個問題。我知道我們這一小時還剩下大約 15 分鐘，所以我最好再多說一點。我聽到了帕特在 454B 上提出的問題的結尾，例如，如果有如此豐富的資源，為什麼霍尼韋爾要大幅提高價格，這只是一個貨櫃問題。試著弄清楚這一點。

I would, too. I'd like to figure out why there's not more of a shortage on 32 because it's the same container. But I have no clue. But at the same time, there's only two manufacturers that make 454, and that's Honeywell and Chemours. And Chemours had a price increase, a fairly sizable price increase.

我也會。我想弄清楚為什麼 32 沒有出現更多短缺，因為它們是同一個貨櫃。但我不知道。但同時，只有兩家製造商生產 454，即霍尼韋爾和科慕。科慕的價格上漲了，而且漲幅相當大。

The primary reason why they had that price increase is because the majority, 80%-plus of the 32 that's brought into the US is from China. There's been a lot of inventory of 32 in the US, but I think those two manufacturers with 70% of 454 represented by 32 felt like they had to have a price increase. So both of them went up. It wasn't just Honeywell.

他們提高價格的主要原因是，進口到美國的 32 種產品中，大部分（80% 以上）來自中國。美國有大量 32 庫存，但我認為那兩家擁有 70% 454 庫存的製造商認為他們必須漲價。於是兩人就上去了。不僅僅是霍尼韋爾。

On the other side, we're starting to see allocations forming around 32. Yesterday, we saw a material price increase on the 32 that we buy. The price spread between the two products now has narrowed to just a little over $3 a pound. So it's not as big of a difference or delta as it was when they were introduced.

另一方面，我們開始看到分配形成在 32 左右。昨天，我們看到我們購買的 32 種材料價格上漲。目前，兩種產品之間的價差已縮小至每磅僅 3 美元多一點。因此，與剛引入時相比，差異或增量並不大。

Thank you. This concludes a question-and-answer session. I would like to turn the conference back over to the management for any closing remarks.

謝謝。問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Well, thanks for your interest in our company, and we look forward to catching you up at the end of the next quarter. Bye-bye now.

好吧，感謝您對我們公司的關注，我們期待在下個季度末與您聯繫。現在再見了。

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。