You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: This is Al Nahmad, Chairman and CEO; and with me is A.J. Nahmad, President; Paul Johnston, Executive Vice President; and Barry Logan, also Executive Vice President.
As we normally do, before we start, here's our cautionary statement.
Now on to our financial report.
Watsco produced another record year, with sales, net income and earnings per share reaching record levels.
We generated record cash flow of $534 million during the year, well in excess of our goal of generating cash flow greater than net income.
This further strengthened our balance sheet, which is now debt-free and provides us the capacity to make almost any size investment to grow our business.
That reflects our confidence in our business.
2020 results were driven by steady growth with market share gains in our U.S. residential HVAC equipment business, which grew 10% for the year and 17% during the fourth quarter.
Homeowners continue to invest in their homes as replacement sales at higher efficiencies remain strong from early summer through today.
Looking long term, we see opportunity to be a significant participant and contributor in efforts to address climate change.
Sales of high-efficiency products have long been a component of our business and have grown steadily in our sales mix over the past decade.
This is an interesting data point.
there are over 110 million installed HVAC systems in the United States, many of which are operating under old efficiency standards that resulted for the user in higher energy use and cost to them.
It's important to note, we will explore and evaluate impactful opportunities to make progress in our marketplace.
We believe the combination of Watsco's technology platforms, industry leading scale, access to capital, customer relationships and unrivaled OEM relationships provide a strong foundation and long-term benefit for all stakeholders involved.
We also continue to invest in our industry-leading technology platforms, leading to greater adoption, new customer acquisition and market share gains.
User growth on Watsco's e-commerce platform, a good indicator of overall tech adoption, was up 20% during 2020.
This is important as sales growth rates for customers that are active users outpace growth rates of nonusers.
Also, customer attrition among active users is a fraction of nonusers, another good indicator of effectiveness.
Now some more detailed examples of our progress.
Weekly users of our mobile apps increased 27% in 2020, with over 120,000 downloads.
The number of e-commerce transactions grew 20% this year to 1.2 million online orders.
Our annualized e-commerce sales run rate is 33% versus 31% at the end of last year.
In certain markets, it's over 50%.
Our curbside or dockside pickup services expanded to more locations and now includes no-contact payment functionality.
The technology has only been available since this summer, and already over 22,000 orders were fulfilled by more than 3,000 unique users.
Two of our newer innovative platforms gained momentum in 2020.
We call them, OnCall Air and CreditForComfort.
These platforms help digitize the relationship between contractors and homeowners when buying and financing replacement HVAC systems.
OnCall Air is growing exponentially.
Contract has provided digital proposals to over 109,000 hospitals using the tool during last year and generated nearly $350 million in gross merchandise value for our customers, an 89% increase over last year.
And CreditForComfort processed 40% more digital financing applications in 2020 versus 2019, resulting in more than 180% increase in third-party funded loans.
This tool helps homeowners afford much needed HVAC systems.
Investments in inventory management software have also benefited the company yielding lower inventory, improved returns and contributing to our record cash flow and operating efficiency.
These examples are exciting, and we believe it's still early in terms of reaching the full potential of our technology investments.
As always, feel free to schedule a Zoom call with us, and we can further explain our technology and its progress.
Our 2020 results are a testament to the efforts of our valued employees across the Watsco network.
We deeply appreciate their commitment.

user
board of directors approved a 10% increase in its annual dividend to $7.80 per share.

assistant