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.
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.
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.
User growth on Watsco's e-commerce platform, a good indicator of overall tech adoption, was up 20% during 2020.
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%.
The technology has only been available since this summer, and already over 22,000 orders were fulfilled by more than 3,000 unique users.
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.

Summary:
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.