Watsco, Inc. (WSO) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

Watsco, Inc. ( WSO ) Morgan Stanley's 14th Annual Laguna Conference September 16, 2026 7:05 PM EDT

Company Participants Barry S. Logan - Executive VP of Planning & Strategy, Secretary and Director Rick Gomez - Vice President of Corporate Development

Conference Call Participants Tingbing Yao - Morgan Stanley, Research Division

Presentation

Tingbing Yao Morgan Stanley, Research Division Thanks for joining us, everyone. Good afternoon. Before we get going, let me read the following disclosure. For important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley representative. My name is Christine Yao. I am a member of the multi-industry team here. And on the stage, we're very pleased to have Barry Logan, Executive VP, and Rick Gomez, VP of Corporate Development from Watsco with us today.

Question-and-Answer Session

Tingbing Yao Morgan Stanley, Research Division So let's start with something high level maybe. Watsco has become a much larger business today. Where do you guys see the biggest benefits of Watsco's scale? And what can Watsco do that other players cannot simply replicate?

Barry S. Logan Executive VP of Planning & Strategy, Secretary and Director Well, thank you, Christine. Thank you for being here, everybody. It's the last session of the day, which also means, I guess, we can run a couple of hours if we want to, right? So just kidding. We are Southern storytellers, so we'll try to contain it. So scale is the question. So scale historically for us has been very acquisitive in the markets to have the capital, to have the relationships with OEMs, to know who the big players are, to have the credibility to discuss acquiring their company. And most of the time, when we say acquiring a company, it's a family business that has been around 50, 60, 70 years. So the