Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2021 or ☐ Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to Commission file number 1-5581 I.R.S. Employer Identification Number 59-0778222 WATSCO, INC. (a Florida Corporation) 2665 South Bayshore Drive, Suite ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 For the Fiscal Year Ended December 31, 2020 or (I.R.S. Employer Identification No.) 2665 South Bayshore Drive, Suite 901 Miami, FL 33133 (Address of principal executive offices, including zip code) (305) 714-4100 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q WATSCO, INC. (a Florida Corporation) 2665 South Bayshore Drive, Suite 901 Miami, Florida 33133 Telephone: (305) 714-4100 Securities registered pursuant to Section 12(b) of the Act: | | Trading | Name of each exchange | | --- | --- | --- | | Title of each class | Symbol(s) | on which registered | | Common stock, $0.50 par value | WSO | New York Stock Exchange | | Class B common stock, $0.50 par value | WSOB | New York Stock Exc ...

Watsco, Inc. (NYSE:WSO) Q3 2020 Results Conference Call October 22, 2020 10:00 AM ET Company Participants Albert Nahmad - CEO A.J. Nahmad - President Paul Johnston - EVP Barry Logan - EVP Conference Call Participants Brett Linzey - Vertical Research Jeff Hammond - KeyBanc Capital Markets Chris Dankert - Longbow Research David Manthey - Baird Stephen Volkmann - Jefferies Ryan Merkel - William Blair Joshua Pokrzywinski - Morgan Stanley Steve Tusa - JP Morgan Operator Good morning, and welcome to the Watsco Th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2020 or ☐ Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to Commission file number 1-5581 I.R.S. Employer Identification Number 59-0778222 WATSCO, INC. (a Florida Corporation) 2665 South Bayshore Drive, Suite ...

Watsco Inc (NYSE:WSO) Q2 2020 Earnings Conference Call July 23, 2020 10:00 AM ET Company Participants Albert Nahmad - CEO A.J. Nahmad - President Paul Johnston - EVP Barry Logan - EVP Conference Call Participants Josh Pokrzywinski - Morgan Stanley Stephen Volkmann - Jefferies David Manthey - Baird Jeff Hammond - KeyBanc Capital Markets Brett Linzey - Vertical Research Chris Dankert - Longbow Research Steve Tusa - JP Morgan Operator Good day, and welcome to the Watsco Incorporated Second Quarter 2020 Earning ...

or ☐ Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2020 Commission file number 1-5581 I.R.S. Employer Identification Number 59-0778222 WATSCO, INC. (a Florida Corporation) 2665 South Bayshore Drive, Suite 901 Miami, Florid ...

Watsco, Inc. (NYSE:WSO) Q1 2020 Earnings Conference Call April 23, 2020 10:00 AM ET Company Participants Albert Nahmad - Chairman & CEO Paul Johnston - EVP Barry Logan - EVP, Planning & Strategy and Secretary Aaron Nahmad - President & Director Conference Call Participants Joshua Pokrzywinski - Morgan Stanley Brett Linzey - Vertical Research Partners Stephen Volkmann - Jefferies Ryan Merkel - William Blair & Company David Manthey - Robert W. Baird & Co. Steve Tusa - JPMorgan Chase & Co. Jeffrey Hammond - Ke ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 (I.R.S. Employer Identification No.) 2665 South Bayshore Drive, Suite 901 Miami, FL 33133 (Address of principal executive offices, including zip code) (305) 714-4100 For the Fiscal Year Ended December 31, 2019 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transitio ...

Financial Data and Key Metrics Changes - Watsco achieved record sales, net income, and earnings per share, with cash flow reaching $336 million, representing 114% of net income [4] - The company announced an 11% increase in dividends to $7.10 per share, effective from April 2020 [4] Business Line Data and Key Metrics Changes - The company invested in technology platforms, with nearly 20,000 customers adopting these technologies, leading to higher sales growth rates among active users [5] - Operating efficiency improved in 2019, evidenced by same-store SG&A performance, which was up 1% [14][15] Market Data and Key Metrics Changes - The HVAC industry experienced flat growth in shipments for gas furnaces and residential splits in 2019, with better-than-average growth rates in Florida [27][30] - The Eastern markets, including Florida, performed well, while the middle part of the country showed weaker growth [32] Company Strategy and Development Direction - Watsco's long-term goal is to develop customer-focused technology platforms that transform business operations [7] - The company remains active in M&A, having added three new operating companies in 2019, and plans to continue pursuing growth through acquisitions [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that early trends in 2020 are not yet indicative of the full year's performance, with January and February showing similar conditions to Q4 2019 [17] - There is optimism regarding the recovery of gross margins, despite challenges with pricing from large OEMs [25] Other Important Information - The company has enriched its employee wellness program and increased 401(k) match and equity-based compensation to attract and retain talent [10][11] - Management emphasized the importance of maintaining a conservative balance sheet while pursuing M&A opportunities [40][41] Q&A Session Summary Question: Concerns about SG&A line and one-time items - Management clarified that same-store SG&A was up 1%, indicating moderate growth despite investments and M&A activities [14][15] Question: Early trends into 2020 - Management stated it is too early to determine trends, but January and early February have not shown significant changes [17] Question: Dividend increase and payout ratios - Management explained that record cash flow supports the dividend increase, with expectations for strong future cash flow [19] Question: Year-over-year decline in gross margin - Management attributed the decline to pricing issues with large OEMs and ongoing negotiations to address these challenges [21][23] Question: Industry shipments in Florida - Management noted that the industry had a flat year in 2019, but Florida showed better growth rates compared to other regions [27][30] Question: Growth in the quarter and regional performance - Management indicated that the Eastern part of the country performed well, while the middle part showed weaker growth [32] Question: Pricing dynamics and consumer behavior - Management discussed ongoing negotiations with OEMs for price increases and noted that consumer financing options are improving [46][68] Question: Same-store operating margins - Management indicated that same-store operating margins were about 10 basis points higher than the previous year [72] Question: M&A and plumbing expansion - Management expressed openness to expanding into dual product distribution if the opportunity arises [73] Question: Inventory management entering 2020 - Management confirmed a focus on ensuring the right products are available to meet customer demand while managing underperforming inventory [52][53]