Financial Performance - Revenues for the first quarter increased 1% to a record 1.56billion,witha2431 million, resulting in a gross margin of 27.5%, down from 28.9% in the previous year [29]. - Operating income decreased to 127million,reflectinganoperatingmarginof8.12.17, down from 2.83inthesamequarterlastyear[8].−NetincomeforQ12024was104,262 thousand, a decrease of 19.9% compared to 130,371thousandinQ12023[33].CashFlowandAssets−Recordoperatingcashflowof104 million was generated during the quarter [18]. - Cash and cash equivalents at the end of Q1 2024 were 278,864thousand,upfrom210,112 thousand at the beginning of the period, marking a net increase of 32.5% [33]. - Total current assets increased to 2,998,372thousandinQ12024from2,391,931 thousand in Q4 2023, representing a growth of 25.4% [31]. - Net cash provided by operating activities was 103,706thousandinQ12024,asignificantrecoveryfromanetcashusedof(47,421) thousand in Q1 2023 [33]. Liabilities and Equity - Total liabilities rose to 1,429,545thousandinQ12024from1,112,992 thousand in Q4 2023, an increase of 28.4% [31]. - Shareholders' equity increased to 2,927,573thousandinQ12024from2,616,190 thousand in Q4 2023, showing a growth of 11.9% [31]. Inventory and Receivables - Inventories increased to 1,655,635thousandinQ12024from1,347,289 thousand in Q4 2023, reflecting a rise of 23% [31]. - The company reported a decrease in accounts receivable, net, of 33,502thousandinQ12024,comparedtoadecreaseof64,691 thousand in Q1 2023 [33]. Business Growth and Investments - The company added three new companies to its portfolio since the beginning of last year, enhancing market share [5]. - The company made business acquisitions totaling 5,178thousandinQ12024,comparedto2,989 thousand in Q1 2023 [33]. - The company raised 282millionthroughanequityofferingunderitsat−the−marketprogram[18].SalesandMarketTrends−SalesofheatpumpHVACsystemsexceeded1.2 billion in 2023, continuing to outpace growth rates for conventional systems [14]. - E-commerce sales accounted for 33% of total sales, showing strong growth compared to overall sales [14]. Dividends - A 10% increase in the annual dividend to $10.80 per share was approved, effective April 2024 [4].
