Watsco's Strategic Initiatives Amid Challenging HVAC Market: A Hold Rating PerspectiveWe came away from Watsco’s investor day incrementally more positive on its long-term trajectory but remain cautious with the toughest HVAC market in almost 15 years still in the picture. Our main takeaways were the 10-30-5 Dream Plan 2.0, more collaboration to better serve customers while driving share and margin expansion, and an increased focus on parts and supplies. Supplysync.com, Hydros, and VCR initiatives will provide a level of collaboration not historically seen at Watsco. Supplysync.com will be overlaid across the business units to provide service and pricing that large enterprise customers ask for. Hydros and VCR will allow Watsco to grow its parts and supplies business, helping bump overall company gross margins.