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    Samuel Snyder

    Research Analyst at Northcoast Research

    Samuel Snyder is an Equity Research Analyst at Northcoast Research, specializing in HVAC OEMs, residential and light commercial HVAC distributors, and engineering and construction contractors. He covers companies such as Carrier Global, having initiated coverage with thorough sector analysis, and maintains an active record of investment ratings and sector insights. Snyder began his career at Northcoast Research in 2014, earned his CFA charter in 2019, and returned to the firm in 2024 after holding roles as Equity Research Associate and Analyst. He is registered as an investment adviser and broker under FINRA, demonstrating compliance and professional credentialing within the securities industry.

    Samuel Snyder's questions to EMCOR Group (EME) leadership

    Samuel Snyder's questions to EMCOR Group (EME) leadership • Q2 2025

    Question

    Samuel Snyder from Northcoast Research asked if the differing growth rates between the mechanical and electrical segments are expected to converge and how the project mix typically evolves over a project's lifecycle.

    Answer

    CEO Tony Guzzi explained that the growth rates for the mechanical and electrical segments are unlikely to converge in any given quarter due to different project mixes, with the electrical segment currently more heavily weighted to data centers. CFO Jason Nalbandian added that mechanical is growing at a faster rate in data centers, albeit from a smaller base. Guzzi also described the project lifecycle, noting that peak revenue burn typically occurs between 25% and 65% completion.

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    Samuel Snyder's questions to EMCOR Group (EME) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked if the different growth rates between the mechanical and electrical construction segments are expected to converge and how the project mix typically evolves from start to finish.

    Answer

    Chairman, President & CEO Tony Guzzi explained that growth rates between the electrical and mechanical segments will likely not converge due to different project mixes and heritage, with electrical being more heavily weighted to data centers currently. He noted that manpower on a project typically peaks between 25% and 65% completion, which is when most revenue is earned. CFO Jason Nalbandian added that while electrical is growing faster in dollar terms in data centers, mechanical is growing at a faster rate from a smaller base in that sector.

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    Samuel Snyder's questions to WATSCO (WSO) leadership

    Samuel Snyder's questions to WATSCO (WSO) leadership • Q2 2025

    Question

    Samuel Snyder from Northcoast Research asked if the margin-accretive mix shift to parts was influenced by the canister shortage driving more repairs. He also inquired about any significant shift towards R-32 based systems.

    Answer

    EVP Paul Johnston stated he does not see a 'bubble' in repair-versus-replace activity caused by the canister shortage, which is now abating. He clarified that R-32 is used by Daikin (Goodman/Amana), which Watsco represents, while the rest of the industry uses R-454B, a refrigerant blend that itself contains about 70% R-32.

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    Samuel Snyder's questions to COMFORT SYSTEMS USA (FIX) leadership

    Samuel Snyder's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked what has driven modular's growth as a percentage of the business and what might change that. He also inquired about price-cost dynamics and the handling of supplier cost increases.

    Answer

    EVP & CFO William George explained that modular is a delivery modality for complex projects, not a separate product line, and its adoption will grow over time. He described current price-cost dynamics as normal business negotiations, stating the strong margins are due to the value and skill of their teams, not a "clever trick," with customers willing to pay for high-quality execution.

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    Samuel Snyder's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked about the drivers behind modular becoming a larger part of the business and the outlook for that trend. He also inquired about price-cost dynamics, particularly regarding tariffs and customer negotiations.

    Answer

    EVP & CFO William George clarified that modular is a method of delivery, not a separate product, that offers speed and flexibility for complex projects and will grow in importance over time. On pricing, he attributed strong margins to the high value and execution of their work, not specific pricing tricks, noting that negotiations are always complex. EVP & COO Trent McKenna added that if they had a 'clever trick,' they wouldn't disclose it.

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    Samuel Snyder's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked about the factors driving modular's growth as a part of the business and inquired about the current price-cost environment, including supplier pressures and the impact of potential tariffs on customer pricing.

    Answer

    EVP & CFO William George clarified that modular is a delivery method, not a separate product, whose importance will grow over time due to its advantages in speed and flexibility. Regarding pricing, he described a complex negotiation environment but emphasized that the company's strong margins are a direct result of providing a valuable, in-demand service to great customers, not from any specific pricing 'trick' related to tariffs or costs.

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    Samuel Snyder's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked about the drivers behind modular's growth and its future trajectory. He also questioned the price-cost dynamic, including supplier cost pass-throughs and customer concessions related to tariff uncertainty.

    Answer

    EVP & CFO William George positioned modular as a delivery method with key advantages in speed and flexibility, which he expects to become more important over time. Regarding pricing, he described a normal, complex negotiation environment and attributed the company's strong margins to providing high-value, in-demand services to great customers, not to any specific pricing 'trick'.

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    Samuel Snyder's questions to COMFORT SYSTEMS USA (FIX) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked about the strategic factors that have made modular a significant part of the business and what might change that in the future. He also questioned the price-cost dynamic, asking if the company is seeing cost pressures from suppliers and passing them on to customers.

    Answer

    EVP & CFO William George explained that modular is a 'way of doing something' rather than a separate product, offering speed and flexibility for complex projects that are also built traditionally. He sees it as an increasingly important modality over time. Regarding price-cost, Mr. George described it as a complex negotiation, stating the strong margins are not from a 'clever trick' but from providing a valuable, hard-to-get service that great customers are willing to pay for.

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    Samuel Snyder's questions to SMITH A O (AOS) leadership

    Samuel Snyder's questions to SMITH A O (AOS) leadership • Q2 2025

    Question

    Samuel Snyder of Northcoast Research asked what has changed regarding the China business since the last quarter to prompt the strategic review and what a potential partnership might look like. He also asked for examples of the company's long-term innovation focus.

    Answer

    CEO Stephen Shafer explained the review is an evolution of thinking to explore a full range of options, including strategic partners, to ensure the business is best positioned for future success. On innovation, he emphasized its importance for organic growth and profitability, highlighting the need for a culture of curiosity and investment in future-relevant technologies, supported by the new CTO.

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