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Watsco Inc (NYSE:WSO)
Q2 2020 Earnings Call
Jul 23, 2020, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the Watsco Incorporated Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

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

Albert H. Nahmad -- Chief Executive Officer

Morning, everyone. Welcome to Watsco second quarter earnings call. This is Al Nahmad, Chairman and CEO, and with me is A.J. Nahmad, President; Paul Johnston, Executive Vice President; and Barry Logan, Executive Vice President.

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

First and foremost, I hope all of you and your families are healthy, safe and managing well. I'm pleased to say Watsco is experiencing a very busy summer selling season. There are many heroic people in our company making an exceptional effort to serve and protect customers, while protecting themselves. Our most sincere thanks to them. We also want to express our appreciation to our OEM and vendor partners who've done extraordinary things to react to the accelerated ramp-up in demand.

Since our last call in April, a steady recovery began in May and acceleration to double-digit growth occurred in June and continues into July. The growth occurred across our footprint and was driven by our U.S. residential HVAC equipment business, which experienced 20-plus percent growth rate in June with similar trends in July. Homeowners are clearly investing in their homes as sales of replaced assistance at higher efficiencies are accelerating.

Sales of commercial HVAC and refrigeration products, which were soft early on in the quarter, are now recovering. I'm also glad to report that our industry leading technologies are contributing to our results and driving market share gains. Adoption and use of our mobile apps and e-commerce platforms have increased significantly, as more customers use our technology. Our best measurement of impact is that customers that use our technology, generally are growing faster than non-users of our technology.

Examples of our progress, mobile app weekly average users has grown 34% over last year to more than 22,000 with 100,000 total downloads. New processes were introduced to provide rapid onboarding of e-commerce sales. So far this year the number of e-commerce users has grown 14% and the number of transactions up by 12%. Our e-commerce sales run rate in June was 33% versus 29% in December 2019 and in certain markets, our e-commerce run rate is now over 50%. It kind of shows the potential of this e-commerce platform.

We also intensified a promotion of two other innovative platforms, they are called OnCall -- I'm sorry, let me say that again, OnCall Air and CreditForComfort. These two platforms provide digital support for contractors and homeowners and connect proposals for buying product and for financing replacement systems.

Our contractors fulfillment activities, which we refer to as curbside or dockside pickup expanded to more locations and soon will include contactless payment functionality. It is early -- it's in the early days, but adopting and growth has been terrific to this point. As always, feel free to schedule a Zoom call with us and we can further explain our technology and progress. We believe these capabilities provide a differentiated customer experience by engaging with us digitally in every way. We are also -- we also believe a new standard for contractor service has been established, which will serve us well in the long-term.

Also during the quarter we improved operating efficiency by reducing cost. Same-store SG&A declined 7% with few store closings and loss of business across our network. Our financial position is evidenced by our balance sheet strengthened during the quarter. We generated operating cash flow of $216 million, the highest of any quarter in our history.

Over the last 12 months, we've generated $529 million in cash flow versus net income of $285 million. Dividends have been increased and we have no debt at this time. Further financial analysis of our second quarter is provided in our press release.

And now with that, A.J., Paul, Barry and I happy to answer your questions.

Questions and Answers:

Operator

[Operator Instructions] And our first question will come from Josh Pokrzywinski with Morgan Stanley. Please go ahead.

Albert H. Nahmad -- Chief Executive Officer

Morning, Josh.

Joshua Pokrzywinski -- Morgan Stanley -- Analyst

Morning Al. Hope everyone is well. So, I guess, clearly given some stimulus payments there helped put up a very good quarter relative to maybe the broader macro, but any regional commentary from Paul that you can share either at the Watsco level or maybe industry observations that can help square up that performance?

Albert H. Nahmad -- Chief Executive Officer

We don't like to share regional for competitive reasons, but Paul, to second part of the question?

Paul W. Johnston -- Executive Vice President

Have we seen any other trends in the industry? Well, obviously, demand is high and we're constantly focused on trying to make sure that we can maintain the inventory to satisfy our customer needs. That's been a battle for the last 60 days, obviously. Pretty much demand has been has been strong on the replacement side and picking up again on the supply side right now, and we hope it continues through the quarter.

Joshua Pokrzywinski -- Morgan Stanley -- Analyst

Okay, thanks. And then, just on the technology initiatives, Al or A.J., I think most contractors at least kind of the bigger, more stable ones tend to use a couple of different brands, but are fairly sticky in that and not rotating around a lot. Yeah, I guess, does that mean with the share gains are out-growers or however you want to track the technology, is it just doing more business with customers that are already doing something with Watsco and just can do more? Or is it really causing folks to bring on a new distributor relationship?

Albert H. Nahmad -- Chief Executive Officer

AJ, you want to answer that?

Aaron (A.J.) Nahmad -- President

Yes, sure. It's both. I mean, we touch a lot of contractors in North America, some of them buy lots of product from us every day, some of them buy just a little bit of product from us every once in a while. But those are all targets to get visibility and see the technology in action and what it can mean for their businesses and that outreach to customers whether they small customers of ours or not customers at all, getting them exposure to the tech, helping them understand how different it is doing business with our company is versus our competition is moving the needle.

So, I guess, to say it more simply, there are small customer of ours doing more business with us and there are customers coming onboard for the first time and the technology is driving a lot of those conversations.

Albert H. Nahmad -- Chief Executive Officer

Another way to look at it might be, Paul, can you discuss share?

Paul W. Johnston -- Executive Vice President

Yeah, I mean, for the second quarter, we definitely had market share increases. As you guys recognize the industry shipments were probably down in the 10% range for the second quarter and our residential sales were flat. So that's a pretty monumental move toward an increase in market share. And in the front half of the year the same numbers apply, the market was down mid-single digits and Watsco basically was slightly up given what we did in the first quarter. So we're gaining share there, proud to say we are gaining share in Canada. Those numbers come out faster than the U.S. numbers. So we're becoming a force in Canada again. So I'm very happy to see everything that's happening from our share perspective.

Joshua Pokrzywinski -- Morgan Stanley -- Analyst

Got it, that's helpful color. I'll pass it on.

Operator

Our next question will come from Stephen Volkman with Jeffries. Please go ahead.

Albert H. Nahmad -- Chief Executive Officer

Morning, Stephen.

Stephen Volkman -- Jeffries -- Analyst

Hey, guys. Thanks for taking the question. I'm curious if you could comment a little bit around gross margin, I think that was a little better than some of us were expecting, especially given I think your mix is shifting a little bit more toward equipment, which I would have thought would be a margin headwind. So just what's going on in gross margin, how should we think about that going forward as business remain strong?

Albert H. Nahmad -- Chief Executive Officer

Barry or Paul, somebody jump in with that one.

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

Yeah, Stephen good morning. You're right, as equipment grows at a much faster rate algebraically our gross profit margin is impacted by that in terms of what you see optically on the face of the income statement. Also, as we get through selling season and a busy time and making the efforts to sell products price and margin and cost in every day, market-by-market, local competitive landscape there is not one answer there is 50 answers, there is 50 variables that are playing out every day. So this year is showing some improvement over last year in terms of trend, but still there is a lot of work to do on margin. A lot of work to do as we get through the selling season and look into next year and beyond.

Stephen Volkman -- Jeffries -- Analyst

Okay. Thanks, Barry. Is there any reason to think the second quarter was unusually a little bit better than it would be or how do we think about the trajectory going forward?

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

No, there is nothing remarkable or unremarkable about the second quarter, Stephen that would need commentary.

Stephen Volkman -- Jeffries -- Analyst

Okay, thank you.

Operator

Our next question will come from David Manthey with Baird. Please go ahead.

Albert H. Nahmad -- Chief Executive Officer

Hello, David.

David Manthey -- Robert W. Baird & Co. -- Analyst

Hey. Good morning, guys. Al, I believe that you said June and July month-to-date where the June all-in and July month-to-date, we're up 20% year-on-year. First, did I hear that right? And second, could you put that in the context of same store daily sales for us?

Albert H. Nahmad -- Chief Executive Officer

That was good. Alright, Barry.

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

Sure. Well, Dave, yes, you heard right. And when we do comment on trends we are adjusting for sales days, those are average selling day trends that you are hearing in the remarks.

David Manthey -- Robert W. Baird & Co. -- Analyst

Okay. In organic. And that was based on residential air conditioning size.

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

Yeah. When you heard...

David Manthey -- Robert W. Baird & Co. -- Analyst

Yeah. That wasn't based in total, no.

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

Yeah. In the press release you read double-digit growth in June. In Al's remarks you hear residential up 20% that's what you're hearing.

David Manthey -- Robert W. Baird & Co. -- Analyst

Got it. And that's same store daily sales, OK. Second, looking at the operating expenses from the first to the second quarter. The reduction it was impressive, probably the most impressive we've seen in Watsco's history, sequentially, like that. You basically did $315 million more in revenues and $9 million lower opex sequentially. I know the company is very decentralized, but are there any major cost buckets you can talk about that drove that decline? I mean, that's really unusual and a big drop? Barry?

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

Yeah, David, well, again I can't invite you to our Friday Zoom call with 35 core managers across Watsco. If I could, what you'd here is what you said the centralized challenges to constantly react to what's going on in the market. So it was not a Watsco pen and paper session, it's 35 managers going out and prosecuting what they believe is important to take care of customers, employees, we have markets where revenues were untouched that needed to deal with a cost structure in that respect. We had other markets that were more heavily impacted they cut cost and dealt with cost very aggressively in the short-term. And so the good news is this was all a local read and reaction to what's going on in the marketplace that drove the costs. As a parent company, we certainly have the conversation, but it's all driven in the field.

Aaron (A.J.) Nahmad -- President

Yeah, this is A.J. I just would like to add, those 35 leaders or so have just been tremendously impressive during this whole period and the 5,000, 6,000 people that work for them, just unbelievable effort and spirit and they deserve all the credit.

David Manthey -- Robert W. Baird & Co. -- Analyst

Yeah, it's really impressive. Good luck, guys.

Aaron (A.J.) Nahmad -- President

Thank you.

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

And just to add, I mean, the corporate cost of Watsco corporate expenses is under 5% of SG&A. So for any level of reductions going on in the field, any reductions that you're seeing optically in terms of performance is all driven by them. So, again -- once again the credit belongs their.

Operator

And our next question will come from Jeff Hammond with KeyBanc Capital Markets Incorporated. Please go ahead.

Albert H. Nahmad -- Chief Executive Officer

Hi, Jeff. Good morning.

Jeffrey Hammond -- KeyBanc Capital Markets -- Analyst

Hey, good morning. So, Paul, mentioned inventory being a challenge, just talk about we picked up on are check [Phonetic] some of the OEMs kind of struggling to get product out of the door and certainly may be the expectation was demand was going to be weaker than it is. So can you just speak about your ability to get product, how quickly that kind of normalizes? And how you're able to kind of keep up with the strong demand trends?

Albert H. Nahmad -- Chief Executive Officer

Well, we can't speak for the OEMs. But I can tell you they are doing their best it's complicated to get their supply lines to accelerate, but they've done, and they are doing a pretty good job. And I don't think they're going to lay off, they're going to continue to support the demand and God bless them, they are just great suppliers.

Paul W. Johnston -- Executive Vice President

And not just the OEMs, but also the regular vendors. We've kept up our continuous cadence of orders, even in the down times of April and May. We continue replenishing inventory, we didn't cancel any orders, we followed through with it. We have daily discussions with our primary OEMs, we have weekly discussions with our vendors. We're talking to them constantly about what their problems are and giving them lead time and a look at what we are doing and what our needs are going to be. Also Barry and A.J. are mentioning the a more cohesive opportunity that we've had with 35 senior managers talking every Friday and going through what their issues are. We're seeing more and more intra-company movement of the inventory as one part of the country gets hot and the other one cools down on sales, we're able to move inventory intra-company, but also a new feature that we've been able to do with our new technology on inventory is, intra-Watsco inventory, where we're actually moving orders or inventory among the Watsco companies. So it's tough, it's still tough, we've had to do some substituting the product from time-to-time. But once again, I'm very, very proud of what our OEMs and our vendors have been able to provide us to-date and we just hope they can continue all the way through the season.

Albert H. Nahmad -- Chief Executive Officer

Every one of our OEMs have come to the party, they are functioning as best they can, and we're very grateful for that.

Jeffrey Hammond -- KeyBanc Capital Markets -- Analyst

Hopefully, those are pool parties in Florida that they're coming to?

Albert H. Nahmad -- Chief Executive Officer

That's mean.

Jeffrey Hammond -- KeyBanc Capital Markets -- Analyst

Just on the -- you talked about the residential trends, can you just talk about the commercial piece of the business and any signs as markets kind of open back up, you're seeing some stabilization there?

Albert H. Nahmad -- Chief Executive Officer

Well, I commented on that. But I'll let, Paul, go ahead.

Paul W. Johnston -- Executive Vice President

Yeah, second quarter obviously was absolutely brutal on the commercial side. However as states began to open up, we started to see some upticks. We're not back to zero yet, obviously, on the commercial rooftop side of our business, applied has remained strong and even commercial refrigeration, we've seen good life in that in the month of July as a matter of fact.

Jeffrey Hammond -- KeyBanc Capital Markets -- Analyst

Okay. And then just last one, can you give us the tech spend in the quarter either in total or year-on-year, how much you expect that to be up for the year?

Albert H. Nahmad -- Chief Executive Officer

It's just running the same, and it will change from time-to-time as we see opportunity. So don't think this, the end of it. I know that's a persistent question of yours, we're going to add as much as needed. Anything that we see, we're going to invest, some of it will work and some of it will not, but that's the business we're in, innovation. That's what Watsco is, an innovative business and we're going to -- we have the financial means to invest in it. But there hasn't been any dramatic change from recent spending.

Jeffrey Hammond -- KeyBanc Capital Markets -- Analyst

Okay, great. Thanks, guys.

Operator

And our next question will come from Brett Linzey with Vertical Research Partners. Please go ahead.

Albert H. Nahmad -- Chief Executive Officer

Good morning.

Brett Linzey -- Vertical Research Partners -- Analyst

Hey, good morning, guys. Hey. Could you just update us on the efficiency mix trends in the quarter? Any noticeable change whether it be, mix up, mix down by homeowners. Just a little bit of color there would be great.

Albert H. Nahmad -- Chief Executive Officer

By homeowners, Paul, do you see any data on that?

Paul W. Johnston -- Executive Vice President

Yeah, we've seen some data on that. It's -- we've seen a mix up where -- we've seen a bit more on the 16 siri [Phonetic] consumer front. It's not a remarkable change. I guess, the thing that's been the most amazing to me this second quarter was, I didn't see any material change in system change-outs that people were replacing the entire system, they weren't just replacing the outdoor unit. So the consumer, I would never have guessed, this was acting fairly normal as far as what we've seen historically.

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

I think you may have...

Aaron (A.J.) Nahmad -- President

Sorry, Barry. I'll add real quick, just an interesting data point on our technology. You mentioned OnCall Air in the preparatory remarks, that tool is about helping contractors sell into homes and to building owners and it provides a very modern, very feature rich platform to provide a beautiful modern experience in the sales process. And the -- without going into too specific it is early days with the tool, high efficiency sales are much higher on that tool and without the tool. In other words, it's helping sell bigger ticket, higher margin products and higher efficiency systems.

Brett Linzey -- Vertical Research Partners -- Analyst

Interesting. Yeah, thanks. And then maybe just shifting to price, what are you seeing from a pricing standpoint, any intra-quarter July price increases, given the strength of the market here?

Albert H. Nahmad -- Chief Executive Officer

Paul, have you seen any?

Paul W. Johnston -- Executive Vice President

Not, really hasn't been any price increases on the equipment side, there has been some commodity moves, which are normal this time of the season. But nothing on the equipment side, and nothing on the the finished good supply and part side.

Brett Linzey -- Vertical Research Partners -- Analyst

Okay, great. Thanks, guys. I'll pass along.

Operator

And our next question will come from Chris Dankert with Longbow Research. Please go ahead.

Albert H. Nahmad -- Chief Executive Officer

Morning.

Christopher Dankert -- Longbow Research -- Analyst

Hey, morning, Al. Morning, guys. Kind of circling back to SG&A for just a moment. Again, really impressive as David pointed out, I guess, just out of curiosity, how quick did some of that spending had to turn back on? I know the mantra is, we're investing for the next 10 years. So again, I was also very surprised to see SG&A come down to the magnitude it did. Just any comments on hiring, on what it takes to kind of maintain this level of growth, you've seen in June, July here?

Albert H. Nahmad -- Chief Executive Officer

Well, so Barry, you're the futurist. Give us your -- given the crystal ball, you see as best you see it. Oh gosh.

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

Well, I mean, the big picture obviously is that, we're a labor-driven company, if you visited our stores you would find five to 20 people helping customers and the extent that business is roaring, we will have more resources, more cost dealing with that issue. So that's a good problem to have where much of our labor can be variable or discretionary in the way that can be tied to the sales trend. So that will occur and we will see SG&A spend creeping up as business volume drive it, that's part of being a distribution company and inherent in the distribution model.

But we've also challenge the 35 leaders to look at under every rock over the last two or three months and determine what they can really change in terms of mindset or sacredness or how do they react to the technology flow that's going on, really challenging their status quo. That's where as a parent company in our culture, we can have an impact is challenging that status quo in all of these markets. So that is going on as well. I would expect there to be efficiencies that we can sustain well beyond just this temporary state that we're in, how much and how material we'll find out as we get through this year. And as far as being a futurist, I know that we're a better company today 60, 90 days into this and the cost structure is a portion of that improvement that we made and we'll see how much of it once we get into the next year. I wouldn't want to try to hazard a guess right now.

Christopher Dankert -- Longbow Research -- Analyst

Yeah, fair enough. Fair enough. Thanks for the color there. And then again, both your labor force and your customer labor force is little more specialized, skilled. But again, we have seen some issues with guidance not being able to show up or being kind of enticed away from certain jobs. Is any difficulty in labor availability either for you or your customers that's having any meaningful impact?

Albert H. Nahmad -- Chief Executive Officer

We don't know what our customers are having issues that way or not, but I can tell you that our workforce has been just terrific and we're keeping up with demand, and we're very appreciative and we expect that to continue.

Christopher Dankert -- Longbow Research -- Analyst

Sounds good. Well, congrats on the quarter guys and thanks for the detail.

Operator

[Operator Instructions] Our next question will come from Steve Tusa with J.P. Morgan Securities. Please go ahead.

Albert H. Nahmad -- Chief Executive Officer

Hi, Steve.

Steve Tusa -- J.P. Morgan -- Analyst

Hey, guys. Good morning. Congrats on the execution in kind of a volatile quarter here. I'm just trying to put the pieces...

Albert H. Nahmad -- Chief Executive Officer

Thank you.

Steve Tusa -- J.P. Morgan -- Analyst

Together. Did you have any significant difference in the performance of your suppliers on the equipment side in resi

Albert H. Nahmad -- Chief Executive Officer

No, they're all just doing the best they can, and they're all know the -- know what's going on. They're very supportive and we're not their only customer, they're supporting this entire work -- their entire customer base and they're just doing a great job. I just couldn't say enough about that. Every one of them has...

Steve Tusa -- J.P. Morgan -- Analyst

Right. And...

Albert H. Nahmad -- Chief Executive Officer

What I call, the true partnerships.

Steve Tusa -- J.P. Morgan -- Analyst

And you guys don't sell to kind of Lennox, right?

Albert H. Nahmad -- Chief Executive Officer

No, I don't know that we sell any. Unless you have some ideas, we will consider.

Steve Tusa -- J.P. Morgan -- Analyst

I don't have any ideas, right now. It's all a little bit confusing. So, I guess, if you -- if your kind of major brands are gaining share and they're -- I mean is there like an outlier in the industry that's really struggling to kind of deliver product that you guys don't sell? Because Lennox already reported and they're claiming to have gained share. You guys are flat. They were down six. I'm just trying to kind of -- is everybody all on the same boat, do you feel like, or are there some that are struggling more than others?

Albert H. Nahmad -- Chief Executive Officer

Well, I would say that all major equipment brands that we have are doing well.

Steve Tusa -- J.P. Morgan -- Analyst

Yeah.

Albert H. Nahmad -- Chief Executive Officer

I mean, the issue is, how quickly can they produce and get their product to us. But they're are all doing well and they're all very supportive and couldn't be happier with.

Steve Tusa -- J.P. Morgan -- Analyst

Right. How do you guys look at the inventory situation, where the inventory stand today and then will you -- how will you kind of play that out in the back half of the year?

Albert H. Nahmad -- Chief Executive Officer

That's very good question, because the inventory has come down. But part of that is the tools that we -- our technology group has come up with, very good technology. I don't know how much detail you want to get into that, but we're happy to -- well A.J., go ahead and talk about that.

Aaron (A.J.) Nahmad -- President

Sure, sure. So some of the -- or a lot of the inventory reduction is because of supply chain constraints, and the -- or not expressive, but extreme demand. But also to the broader point we are doing better managing inventory. We have new tools and technology, better teams, better system, better focus and daily effort on what we call non-performing inventory, moving low performers, to use that don't fall one place, moving them around. And I would say significant portion of the inventory reduction we've seen is about getting our inventory position healthier and that should be sustained and continued over the next time period.

Steve Tusa -- J.P. Morgan -- Analyst

So you're kind of using these tools to maintain kind of a lean inventory position, while you're delivering. And when you go to the back half of the year, there is not some need for a big kind of load-up heading into next year. You feel comfortable with what you have.

Aaron (A.J.) Nahmad -- President

Yeah, I wouldn't say lean, I would say healthy, right.

Steve Tusa -- J.P. Morgan -- Analyst

Yeah.

Aaron (A.J.) Nahmad -- President

Having the product, at the right place, at the right time is the key.

Albert H. Nahmad -- Chief Executive Officer

Yeah. The term we use is inventory effectiveness as opposed to inventory turns. How effective is are inventory. Before we had these tools, can you imagine trying to manage hundreds of thousands of skews and try to regulate or try to figure out where they should be in 600 branches and the math is -- the math hurts your head.

Steve Tusa -- J.P. Morgan -- Analyst

Yeah

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

And so the new tools that we have -- we have meetings every day with our senior inventory management teams for every one of the Watsco companies and sharing their information, sharing data among those people has been just invaluable. So I -- when I look at the technology gains that we've made, I -- for me personally, the inventory systems are just magnificent.

Albert H. Nahmad -- Chief Executive Officer

And they're going to get better, because we haven't implemented the tools throughout the company yet. We're just partially through.

Steve Tusa -- J.P. Morgan -- Analyst

Yeah, yeah, OK. Great execution, congrats.

Albert H. Nahmad -- Chief Executive Officer

Thanks, Steve.

Operator

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

Albert H. Nahmad -- Chief Executive Officer

Well, let me just close with what's on everybody's mind, the pandemic. We truly wish all of you to stay healthy and safe. We are staying home here as much as we can. And just want everybody to have the best possible outcome from this terrible virus. Bye now. Thank you for attending.

Operator

[Operator Closing Remarks]

Duration: 68 minutes

Call participants:

Albert H. Nahmad -- Chief Executive Officer

Paul W. Johnston -- Executive Vice President

Aaron (A.J.) Nahmad -- President

Barry S. Logan -- Executive Vice President-Planning and Strategy and Secretary

Joshua Pokrzywinski -- Morgan Stanley -- Analyst

Stephen Volkman -- Jeffries -- Analyst

David Manthey -- Robert W. Baird & Co. -- Analyst

Jeffrey Hammond -- KeyBanc Capital Markets -- Analyst

Brett Linzey -- Vertical Research Partners -- Analyst

Christopher Dankert -- Longbow Research -- Analyst

Steve Tusa -- J.P. Morgan -- Analyst

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