(CVCO) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Cavco Industries Fourth Quarter Fiscal Year 2023 Earnings Call and Webcast. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎來到 Cavco Industries 2023 財年第四季度財報電話會議和網絡直播。 （操作員說明）提醒一下，今天的節目正在錄製中。

And now, I'd like to introduce your host for today's program, Mr. Mark Fusler, Corporate Controller and Investor Relations. Please go ahead, sir.

現在，我想介紹一下今天節目的主持人，公司財務總監兼投資者關係部 Mark Fusler 先生。請繼續，先生。

Good day, and thank you for joining us for Cavco Industries Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. During this call, you'll be hearing from Bill Boor, President and Chief Executive Officer; Allison Aden, Executive Vice President and Chief Financial Officer; and Paul Bigbee, Chief Accounting Officer.

美好的一天，感謝您加入我們的 Cavco Industries 第四季度和 2023 財年收益電話會議。在此電話會議中，您將聽到總裁兼首席執行官 Bill Boor 的講話； Allison Aden，執行副總裁兼首席財務官；和首席會計官 Paul Bigbee。

Before we begin, we'd like to remind you that the comments made during this conference call by management may contain forward-looking statements, including statements of expectations or assumptions about Cavco's financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies, current or future volatility in the credit markets or future market conditions.

在我們開始之前，我們想提醒您，管理層在本次電話會議上發表的評論可能包含前瞻性陳述，包括關於 Cavco 的財務和運營業績、收入、每股收益、現金流或使用、成本節約、運營效率、信貸市場當前或未來的波動或未來市場狀況。

All forward-looking statements involve risks and uncertainties, which could affect Cavco's actual results, and could cause its actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of Cavco. I encourage you to review Cavco's filings with the Securities and Exchange Commission including, without limitation, the company's most recent Forms 10-K and 10-Q, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

所有前瞻性陳述都涉及風險和不確定性，這些風險和不確定性可能會影響 Cavco 的實際結果，並可能導致其實際結果與 Cavco 或代表 Cavco 所做的任何前瞻性陳述中表達的結果存在重大差異。我鼓勵您查看 Cavco 向美國證券交易委員會提交的文件，包括但不限於公司最新的 10-K 和 10-Q 表格，這些表格確定了可能導致實際結果或事件與報告中描述的結果或事件存在重大差異的具體因素前瞻性陳述。

This conference call also contains time-sensitive information that is accurate, only as of the date of this live broadcast, Friday, May 19, 2023. Cavco undertakes no obligation to revise or update any forward-looking statement whether written or oral, to reflect events or circumstances after the date of this conference call, except as required by law.

此電話會議還包含準確的時效信息，僅截至本次現場直播之日，即 2023 年 5 月 19 日星期五。Cavco 不承擔修改或更新任何前瞻性陳述（無論是書面還是口頭）的義務，以反映本次電話會議之後發生的事件或情況，法律要求的除外。

Now I would like to turn the call over to Bill Boor, President and Chief Executive Officer. Bill?

現在我想把電話轉給總裁兼首席執行官 Bill Boor。賬單？

Thanks, Mark. Welcome, and thank you for joining us today to review our results for the fourth quarter of 2023. This quarter saw the full impact of the economic pressures and retail inventory issues we've been experiencing through the latter months of calendar 2022 and into this year.

謝謝，馬克。歡迎並感謝您今天加入我們，回顧我們 2023 年第四季度的業績。本季度見證了我們在 2022 日曆年的後幾個月和今年所經歷的經濟壓力和零售庫存問題的全面影響.

Our volumes were down 10% year-over-year. Revenue dropped approximately 6% or $29 million and pretax profit was down about 15%. So, it's clearly been a challenging operating environment. On the positive side, we have seen improvement in order rates with net orders up meaningfully compared to the last 2 quarters. In fact, on a same plant basis, net orders were about double what we saw in Q3. We spoke last quarter about watching orders, as we entered the seasonally stronger selling season and it's a good sign that we also saw that order rate improve throughout the fourth quarter.

我們的銷量同比下降了 10%。收入下降約 6% 或 2900 萬美元，稅前利潤下降約 15%。因此，這顯然是一個充滿挑戰的運營環境。從積極的方面來看，與過去兩個季度相比，我們看到訂單率有所改善，淨訂單顯著增加。事實上，在同一家工廠的基礎上，淨訂單大約是我們在第三季度看到的兩倍。我們在上個季度談到了觀察訂單，因為我們進入了季節性強勁的銷售季節，這是一個好跡象，我們也看到整個第四季度的訂單率有所提高。

And while average selling price is off sequentially, pricing has held up well despite the drop in industry shipments. Overall, our average selling price was down about 6% sequentially. However, the majority of that decline was mix driven as opposed to price reduction.

儘管平均售價環比下降，但儘管行業出貨量下降，定價仍保持良好。總體而言，我們的平均售價環比下降了約 6%。然而，這種下降的大部分是混合驅動的，而不是價格下降。

A very important component of our business model and something we focus on in downturns is keeping our cost structure as variable as possible, so we can maintain profit and cash flow at lower volumes. This is something that can be seen in this quarter's results. Factory-built gross margins remained high at 24.4%, essentially flat year-over-year despite the negative impact of Solitaire purchase accounting. Certainly, this was helped by pricing and commodity cost improvement compared to last year. However, it's also due to outstanding cost management in our plants, as they transition to reduce schedules.

我們商業模式的一個非常重要的組成部分，也是我們在經濟低迷時期關注的事情，就是盡可能地保持我們的成本結構可變，這樣我們就可以在較低的數量下保持利潤和現金流。從本季度的業績中可以看出這一點。儘管 Solitaire 採購會計的負面影響，工廠建造的毛利率仍保持在 24.4% 的高位，同比基本持平。當然，這得益於與去年相比定價和商品成本的改善。然而，這也歸功於我們工廠出色的成本管理，因為它們正在過渡以減少時間表。

Despite same plant production rates being off 24% from the peak last summer, gross margins have held. And on a comparable basis, excluding onetime items in Solitaire, SG&A was lower than last year's quarter. Our leaders have adjusted quickly and very well, and we are demonstrating a focus on cost and efficiency we consider to be key to our success. The bottom line is that in a challenging demand environment, we posted operating income of $54.3 million in similar free cash flow generation. I'm very proud of these results that demonstrate the expertise, resilience and nimbleness of our operating teams.

儘管同一工廠的生產率比去年夏天的峰值下降了 24%，但毛利率仍然保持不變。在可比基礎上，排除紙牌中的一次性項目，SG&A 低於去年同期。我們的領導者調整得很快而且非常好，我們正在展示對成本和效率的關注，我們認為這是我們成功的關鍵。底線是，在充滿挑戰的需求環境中，我們在類似的自由現金流生成中公佈了 5430 萬美元的營業收入。我為這些結果感到非常自豪，這些結果證明了我們運營團隊的專業知識、應變能力和敏捷性。

Regarding market conditions, it's difficult to generalize across the system in an environment like this, but I'll try. For some time, we've been facing a retail inventory issue that has kept wholesale orders below actual industry retail sales. We're nearing the end of that issue and getting closer to a 1:1 ratio of home hire demand and manufacturer orders. I've commented before that this issue will not go away suddenly. And my comment here is not to say that every local area and dealer has gotten to their target inventory. However, in general, this issue is largely behind us, and that's a positive for order rates going forward.

關於市場狀況，很難在這樣的環境中對整個系統進行概括，但我會嘗試。一段時間以來，我們一直面臨零售庫存問題，導致批發訂單低於實際行業零售額。我們已接近該問題的尾聲，房屋租賃需求與製造商訂單的比例接近 1:1。我之前評論過這個問題不會突然消失。我在這裡的評論並不是說每個地方和經銷商都已經達到了他們的目標庫存。然而，總的來說，這個問題基本上已經過去了，這對未來的訂單率來說是積極的。

As I've kept in touch with both independent retailers and our own stores, there's a lot of optimism. Retailers are seeing healthy traffic. Quotes have remained at a high level, frankly, higher than we saw over the previous 2 years. We watch quotes, as a leading indicator of future deposits. The traffic and quote data support the view that to the extent interest rates and macroeconomic factors allow, the fundamental need for our homes is building positive pressure for future order improvement.

由於我一直與獨立零售商和我們自己的商店保持聯繫，因此人們非常樂觀。零售商看到了健康的流量。坦率地說，報價一直處於高位，高於我們在過去兩年中看到的水平。我們關注報價，將其作為未來存款的領先指標。交通和報價數據支持這樣一種觀點，即在利率和宏觀經濟因素允許的範圍內，我們對房屋的基本需求是為未來訂單改善建立積極壓力。

We've seen in the total housing industry that new home sales are starting to improve, further indicating that buyers are adjusting to the interest rate changes and in many cases, adjusting their expectations of the home they can afford. Supporting this view after several years of product mix shifting toward multi-section homes, we're now seeing that trend reverse towards single section homes.

我們在整個房地產行業看到，新房銷售開始好轉，這進一步表明買家正在適應利率變化，在許多情況下，他們正在調整他們對負擔得起的房屋的預期。經過幾年的產品組合轉向多節住宅後，支持這一觀點，我們現在看到這種趨勢正在轉向單節住宅。

As Allison will cover in more detail, this quarter, we completed the Solitaire acquisition and continued share repurchases, while maintaining a strong cash balance. So our capital allocation approach remains unchanged by the current order environment.

正如 Allison 將更詳細地介紹的那樣，本季度，我們完成了對 Solitaire 的收購併繼續進行股票回購，同時保持了強勁的現金餘額。因此，我們的資本配置方法在當前的訂單環境下保持不變。

I want to express my sincere appreciation to all of the folks at Solitaire and within Cavco who have worked on various aspects of the integration. It's hard work, and they've made really great progress. I've spoken in the past about the really -- the very real benefit of rounding out product offerings, both in the Solitaire and Cavco-owned stores, our retail team has moved quickly and this is well underway. We're also focused on product updates and product development, particularly aimed at lower price point homes. So through a lot of hard work, everything is moving forward with a very good combination.

我想對 Solitaire 和 Cavco 的所有人員表示衷心的感謝，他們致力於整合的各個方面。這是艱苦的工作，他們取得了很大的進步。我過去曾談到過真正的——在 Solitaire 和 Cavco 擁有的商店中完善產品供應的真正好處，我們的零售團隊行動迅速，而且進展順利。我們還專注於產品更新和產品開發，尤其是針對低價位住宅。所以通過很多努力，一切都在以非常好的組合向前發展。

Let me switch gears. Last quarter, I talked about the milestone achieved in January, when we went live with cavcohomes.com, our new customer-facing digital home marketplace. I won't repeat all the aspects involved in this game-changing improvement, and how we support our dealers and our prospective homebuyers, but I do want to give a sense of our progress.

讓我換檔。上個季度，我談到了 1 月份實現的里程碑，當時我們推出了面向客戶的新數字家庭市場 cavcohomes.com。我不會重複這項改變遊戲規則的改進所涉及的所有方面，以及我們如何支持我們的經銷商和我們的潛在購房者，但我確實想介紹一下我們的進展。

Early traffic and lead generation has been strong and is expected to continue growing. We've been very happy with the reaction of our retailers, particularly our smaller retailers have been enthusiastic about having an easy-to-use website they can update with prices, photos and videos. And all retailers are benefiting from the additional exposure and leads being funneled to them for follow-up. With the site now in place and fully functional, we will be continuing the process of adding more Cavco brands and expanding the suite of customization options to support our retailers and homebuyers.

早期的流量和潛在客戶的產生一直很強勁，預計會繼續增長。我們對零售商的反應非常滿意，尤其是我們的小型零售商一直熱衷於擁有一個易於使用的網站，他們可以更新價格、照片和視頻。所有零售商都從額外的曝光率中受益，並為他們提供跟進線索。該網站現已就位且功能齊全，我們將繼續添加更多 Cavco 品牌並擴展定制選項套件以支持我們的零售商和購房者。

With that, I'd like to turn it over to Allison to discuss the financial results in more detail.

有了這個，我想把它交給 Allison 來更詳細地討論財務結果。

Thank you, Bill. Net revenue for the period was $476.4 million, down 5.8% or $29.1 million compared to $505.5 million during the prior year's fourth fiscal quarter. .

謝謝你，比爾。該期間的淨收入為 4.764 億美元，與去年第四財季的 5.055 億美元相比下降 5.8% 或 2910 萬美元。 .

Within the factory-built healthy segment, net revenue was $456.1 million, down 6.6% or $32.2 million from $488.3 million in the prior year quarter. Decrease was primarily due to a decline in base business units, partially offset by a 4.4% increase and average revenue per home sold and $28 million for the Solitaire acquisition.

在工廠建造的健康部門中，淨收入為 4.561 億美元，比去年同期的 4.883 億美元下降 6.6% 或 3220 萬美元。減少的主要原因是基礎業務部門的減少，部分被 4.4% 的增長和每套房屋的平均收入以及收購 Solitaire 的 2800 萬美元所抵消。

Financial services segment net revenue increased 18.4% to $20.3 million from $17.2 million, primarily due to the more insurance policies in force and higher premium rates, partially offset by lower interest income earned on the acquired consumer loan portfolio that continues to amortize.

金融服務部門的淨收入從 1,720 萬美元增長 18.4% 至 2,030 萬美元，這主要是由於生效的保單數量增加和保費率上升，部分被收購的消費貸款組合所賺取的利息收入減少部分抵消，該組合繼續攤銷。

Consolidated gross profit as a percent of net revenue was 25.3%, down 30 basis points from the 25.6% in the same period last year. In the factory-built housing segment, the gross profit decreased slightly to 24.4% in Q4 of 2023 versus 24.5% in Q4 of 2022, primarily due to Solitaire purchase accounting adjustments on acquired inventory. Under accounting rules, the inventory acquired is recorded at fair value, which approximately to sales cost. Therefore, when acquired inventories sold low revenue is recognized, this reduced the factory-built and consolidated gross margin percentages by 40 basis points in the fourth quarter.

合併毛利占淨收入的百分比為 25.3%，比去年同期的 25.6% 下降了 30 個基點。在工廠建造的房屋部分，毛利潤從 2022 年第四季度的 24.5% 略微下降至 2023 年第四季度的 24.4%，這主要是由於 Solitaire 收購庫存的會計調整。根據會計準則，所取得的存貨按公允價值入賬，與銷售成本相近。因此，當確認已購存貨銷售低收入時，第四季度工廠建造和綜合毛利率降低了 40 個基點。

Gross margin and its percentage revenue in financial services decreased to 45.7% in Q4 of 2023 and 58.5% in Q4 of 2022, as a result of weather events in Texas and in Arizona.

由於德克薩斯州和亞利桑那州的天氣事件，2023 年第四季度和 2022 年第四季度金融服務的毛利率及其收入百分比分別下降至 45.7% 和 58.5%。

Selling, general and administrative expenses were $66.4 million or 13.9% of net revenue compared to $59.7 million or 11.8% of net revenue, during the same quarter last year. The increase is primarily due to higher expenses incurred, in leveraging third-party consultants assisting with energy tax credit projects, higher legal costs, specifically related to an indemnified former officer and his ongoing SEC litigation costs, deal costs related to Solitaire and the addition of Solitaire SG&A costs in Q4 of 2023.

銷售、一般和管理費用為 6640 萬美元，占淨收入的 13.9%，而去年同期為 5970 萬美元，占淨收入的 11.8%。增加的主要原因是產生了更高的費用，利用第三方顧問協助能源稅收抵免項目，更高的法律成本，特別是與一名獲得賠償的前官員及其正在進行的 SEC 訴訟費用，與 Solitaire 相關的交易成本以及增加2023 年第四季度的 Solitaire SG&A 成本。

Interest income for the fourth quarter was $3.9 million, up 212% in the prior year quarter. The increase is primarily due to higher interest rates on our invested cash balances and increased lending under our commercial loan program. Net other income this quarter was $0.7 million compared to negative $2.5 million of expense in the prior year quarter. This increase is primarily driven by gains on corporate equity securities in the current year compared to losses incurred in the prior year.

第四季度的利息收入為 390 萬美元，比去年同期增長 212%。增加的主要原因是我們投資現金餘額的利率較高以及我們商業貸款計劃下的貸款增加。本季度其他淨收入為 70 萬美元，而去年同期為負支出 250 萬美元。這一增長主要是由於本年度公司股權證券的收益與上一年的虧損相比所致。

Pretax profit was down 14.6% this quarter to $58.6 million from $68.6 million for the prior year period. The effective income tax rate was 19.1% for the fourth fiscal quarter compared to 22.1% in the same period last year. The lower rate was the result of tax credits related to the sale of energy-efficient homes, available under the Internal Revenue Code Section 45L in the current quarter.

本季度稅前利潤從去年同期的 6860 萬美元下降 14.6% 至 5860 萬美元。第四財季的實際所得稅率為 19.1%，而去年同期為 22.1%。較低的稅率是與節能住宅銷售相關的稅收抵免的結果，根據本季度國內稅收法第 45L 條可獲得。

Net income attributable to Cavco shareholders was $47.3 million compared to net income of $53.6 million in the same quarter of the prior year. Diluted earnings per share this quarter was $5.39 per share versus $5.80 per share in last year's fourth quarter.

歸屬於 Cavco 股東的淨收入為 4730 萬美元，而去年同期為 5360 萬美元。本季度稀釋後每股收益為每股 5.39 美元，而去年第四季度為每股 5.80 美元。

Before we discuss the balance sheet, I'd like to highlight that we continue to execute on our capital allocation priorities with the recently closed acquisition of Solitaire Homes and share repurchases of $30 million in the fourth quarter. The purchase of Solitaire Homes utilized approximately $106 million in net cash, leaving us with over $270 million of cash subsequent to the purchase. We will continue to appropriately deploy this capital in keeping with our strategic priorities.

在我們討論資產負債表之前，我想強調的是，我們繼續執行我們的資本配置優先事項，最近完成了對 Solitaire Homes 的收購，並在第四季度回購了 3000 萬美元的股票。購買 Solitaire Homes 使用了大約 1.06 億美元的淨現金，使我們在購買後擁有超過 2.7 億美元的現金。我們將繼續根據我們的戰略重點適當部署這筆資金。

Now I'll turn it over to Paul to discuss the balance sheet.

現在我將把它交給保羅來討論資產負債表。

Allison. Comparing the April 1, 2023 balance sheet, April 2, 2022, our cash balance was $271.4 million, up $27.2 million from the end of the prior fiscal year. The increase is due to net income adjusted for noncash items and changes in working capital, partially offset by the acquisition of Solitaire Homes, common stock buybacks and purchases of property plant equipment, primarily related to the purchase and development of our Hamlet, North Carolina facility and continued development of our Glendale, Arizona facility.

佳佳。與 2023 年 4 月 1 日的資產負債表相比，2022 年 4 月 2 日，我們的現金餘額為 2.714 億美元，比上一財年末增加 2720 萬美元。增加的原因是針對非現金項目調整的淨收入和營運資金的變化，部分被 Solitaire Homes 的收購、普通股回購和財產工廠設備的購買所抵消，主要與我們北卡羅來納州哈姆雷特設施的購買和開發有關並繼續開發我們位於亞利桑那州格倫代爾的工廠。

Investments, including short term, are down primarily due to the return of capital from a joint venture and sale of corporate marketable equity securities. Inventories increased from the Solitaire acquisition, offset by declines in raw materials and home sales at our retail locations.

包括短期投資在內的投資下降主要是由於從合資企業收回資本和出售公司有價證券。庫存因收購 Solitaire 而增加，但被我們零售店的原材料和房屋銷售下降所抵消。

Prepaid and other assets are higher, resulting from prepaid taxes associated with higher taxable income in the current year and timing of estimated payments. Property, plant and equipment is up primarily due to the Solitaire acquisition and the purchase of our facility in Hamlet, North Carolina and the development of our Glendale, Arizona facility, as previously discussed.

預付和其他資產較高，這是由於預付稅款與本年度較高的應稅收入和估計付款的時間有關。如前所述，財產、廠房和設備的增長主要是由於收購了 Solitaire 和購買了我們在北卡羅來納州哈姆雷特的設施，以及開發了我們在亞利桑那州格倫代爾的設施。

Accrued expenses and other current liabilities increased from higher rebates payable, more set up freight and foundation work and higher warranty reserves. Lastly, stockholders' equity was approximately $976.3 million as of April 1, 2023, up $145.8 million from $830.5 million as of April 2, 2022.

應計費用和其他流動負債因應付回扣增加、安裝運費和地基工程增加以及保修準備金增加而增加。最後，截至 2023 年 4 月 1 日，股東權益約為 9.763 億美元，比 2022 年 4 月 2 日的 8.305 億美元增加了 1.458 億美元。

This completes the financial report and now I'll turn it back to Bill.

這就完成了財務報告，現在我將把它轉回給比爾。

Thanks, Paul. As Allison and Paul explained, our balance sheet remains very healthy, and this supports a continuation of a consistent strategy and capital allocation path we've been delivering upon. The demand downturn and need to work through industry inventory fits within our expectation that manufactured housing as a cyclical business. However, these cycles are within the broader context of an increasing need for our homes. .

謝謝，保羅。正如 Allison 和 Paul 所解釋的那樣，我們的資產負債表仍然非常健康，這支持了我們一直在實施的一致戰略和資本配置路徑的延續。需求低迷和需要解決行業庫存符合我們的預期，即製造房屋是一種週期性業務。然而，這些週期是在我們對房屋的需求不斷增加的更廣泛背景下發生的。 .

With a strong balance sheet of proven ability to adjust as needed and against the backdrop of the dire need for affordable housing, we're staying focused on the bigger picture and opportunity to positively impact that housing crisis. We will continue to invest in operational improvements and growth, and we will continue using share buybacks to responsibly manage the balance sheet.

憑藉強大的資產負債表，證明其能夠根據需要進行調整，並且在迫切需要經濟適用房的背景下，我們將繼續關注更大的前景和機會，以積極影響住房危機。我們將繼續投資於運營改進和增長，我們將繼續使用股票回購來負責任地管理資產負債表。

With that, Jonathan, please open the line for questions.

Jonathan，請打開問題熱線。

(Operator Instructions) And our first question comes from the line of Daniel Moore from CJS Securities.

（操作員說明）我們的第一個問題來自 CJS 證券公司的 Daniel Moore。

Maybe ask one or two extras today, given a lot of moving parts. But, you touched on the order rates. Maybe a little more clarity on kind of cadence of new order rates sitting in Q4 and thus far into Q1. In other words, do you have enough net new orders coming in to maintain the level of production and sales we saw in Q4, over the next few quarters? Or do we anticipate needing to further curtail production at least in the near term?

鑑於有很多活動部件，今天可能會問一兩個臨時演員。但是，您談到了訂單率。也許更清楚地了解第四季度和第一季度的新訂單率的節奏。換句話說，在接下來的幾個季度中，您是否有足夠的淨新訂單來維持我們在第四季度看到的生產和銷售水平？或者我們預計至少在短期內需要進一步減產？

Yes. We pulled back on production, as I indicated, with the decline in production rate. And certainly, as the order rates are coming in now, I think we're kind of in a balance. In fact, I always will point out that there are differences, plant to plant, region to region. We've got some plants that have gone down to a 4-day work week that are feeling optimistic and getting ready to go back to 5. So, it's differential. But I'd say across the whole system, we're in the seasonally stronger period of time as well. So I'm feeling pretty good about the balance we have right now.

是的。正如我所指出的，隨著生產率的下降，我們縮減了生產。當然，隨著訂單率的提高，我認為我們處於平衡狀態。事實上，我總是會指出，植物與植物、地區與地區之間存在差異。我們有一些工廠已經減少到每週工作 4 天，他們感到樂觀並準備回到 5。所以，這是不同的。但我要說的是，在整個系統中，我們也處於季節性較強的時期。所以我對我們現在的平衡感覺很好。

Got it. So at least in the short term, I wouldn't expect further declines and maybe start to pick up a little bit in terms of production.

知道了。所以至少在短期內，我預計產量不會進一步下降，而且可能會開始有所回升。

Yes. That's where I think we're trending. Everything is subject to kind of a shaky economic environment, but we're feeling pretty optimistic. And as I said, I take a little bit from everything you're picking up. We were at an industry than a couple of weeks ago. And I'll tell you the tone was very positive there as I talk to retailers. So, getting the inventory behind us is a big deal. We talked about that and then suddenly kind of disappears from a conversation when it's no longer an issue. But even that 1:1 ratio creates a pickup in manufacturing orders, that I think will be really helpful.

是的。這就是我認為我們的趨勢。一切都受到某種不穩定的經濟環境的影響，但我們感到非常樂觀。正如我所說，我會從你所收集的一切中獲取一點點。與幾週前相比，我們處於一個行業。我會告訴你，當我與零售商交談時，語氣非常積極。因此，將庫存拋在身後是一件大事。我們談到了這一點，然後當它不再是一個問題時突然從談話中消失了。但即使是 1:1 的比例也會增加製造訂單，我認為這將非常有幫助。

Very helpful. It may be difficult to answer, but you produced, let me get the number here, including Solitaire, 4,477 homes in the quarter. Any sense for what the underlying retail demand for your businesses and factories look like? Obviously, we were still in a destock period from inventory. So I wonder, if you have any sense for that?

很有幫助。這可能很難回答，但你製作了，讓我在這裡得到數字，包括紙牌，本季度有 4,477 個家庭。對您的企業和工廠的潛在零售需求有何看法？顯然，我們仍處於庫存去庫存期。所以我想知道，如果你對此有任何感覺？

I'm not sure how to answer that. I think it's kind of similar to your first question, right, about where is the balance? Sorry -- I mean, I guess, yes, I don't think I can give you anything with any precision. What I can tell you is that as we -- you might remember the last quarter, we said, "Hey, the thing to watch is whether orders pick up, as we get into the stronger selling season." And consistent with my comments, you look at the if you dissect the quarter a little bit, we left the quarter at a much higher order rate than we entered it.

我不知道該如何回答。我認為這有點類似於您的第一個問題，對吧，關於餘額在哪裡？抱歉——我的意思是，我想，是的，我認為我無法準確地為您提供任何信息。我可以告訴你的是，當我們 - 你可能還記得上個季度時，我們說，“嘿，隨著我們進入更強勁的銷售季節，需要關注的是訂單是否增加。”與我的評論一致，如果你稍微剖析一下這個季度，我們離開這個季度的訂單率比進入它時要高得多。

So again, I feel like we're -- we've done a good job of pulling back production rate, keeping costs variable. And now, with the optimism we're seeing in retailer activity and the subsiding of the inventory issue, I think we're in pretty good shape. I'm not sure, I can give you anything more than that.

因此，我再次覺得我們——我們在拉低生產率、保持成本可變方面做得很好。現在，隨著我們在零售商活動中看到的樂觀情緒和庫存問題的消退，我認為我們的狀況非常好。我不確定，我可以給你的不止這些。

No, that's helpful. And now that we're through Solitaire, the purchase accounting, how should we think about gross margins, at least in the factory-built housing portion of your business over the next 1 to 2 quarters, say, relative to Q4?

不，那很有幫助。現在我們已經通過 Solitaire，採購會計，我們應該如何考慮毛利率，至少在接下來的 1 到 2 個季度，相對於第四季度，至少在您的業務的工廠建造的住房部分？

I think, if we think about gross margins consistent with what we've talked about before, and we've got you think about kind of 3 areas. In pricing, I think, we touched on that we're holding our own -- still seeing some pressure, but certainly holding our own. From a cost perspective of raw materials and the commodities are still somewhat consistent, and partly offset by non-commodity items.

我認為，如果我們考慮與我們之前討論過的一致的毛利率，我們已經讓您考慮了 3 個領域。我認為，在定價方面，我們談到了我們堅持自己的觀點——仍然看到一些壓力，但肯定會堅持自己的觀點。從原材料和大宗商品的成本角度來看，仍然有些一致，並被非大宗商品項目部分抵消。

With regards to the Solitaire, the 40 basis points for the purchase accounting, we do expect that, as we anticipated when we made the purchase to continue to in a couple of quarters. But long term, Solitaire will perform to our manufacturing gross margin and ASP rates.

關於紙牌，購買會計的 40 個基點，我們確實預計，正如我們在購買時所預期的那樣，將在幾個季度內繼續。但從長遠來看，Solitaire 的表現將符合我們的製造業毛利率和平均售價。

Yes. It's important on the new home sale that I saw out there, there's no negative margin impact. It's just getting through 0 margin homes from purchase accounting, and that will take us a little while, as Allison said.

是的。我在那裡看到的新房銷售很重要，沒有負面的利潤率影響。正如 Allison 所說，它剛剛從採購會計中獲得 0 保證金房屋，這將花費我們一些時間。

Very helpful. Then it dovetails into my next question, which is just in terms of Solitaire, do you expect it to begin to contribute positively to pretax income this quarter? Or might that take a little bit longer? And what's the glide path to getting to your average margins factory-built housing margins?

很有幫助。然後它與我的下一個問題相吻合，就 Solitaire 而言，您是否預計它會開始對本季度的稅前收入做出積極貢獻？或者這可能需要更長的時間？達到工廠建造房屋平均利潤率的下滑路徑是什麼？

I think, we can think of it kind of in a life path associated with moving through the purchase accounting. The other thing is that we talked about was we have a site at Dunkin that has just come online during the purchase, and we will see that ramp up that will help add and be accreted.

我認為，我們可以將其視為與通過採購會計相關的人生道路。另一件事是我們談到的是我們在 Dunkin 有一個網站在購買期間剛剛上線，我們將看到有助於增加和增加的增加。

Got it. Do you have the capacity utilization in the quarter? I didn't see that in the release?

知道了。你們有這個季度的產能利用率嗎？我在發布中沒有看到嗎？

Yes. Can you talk about that (inaudible) one more?

是的。你能再談談那個（聽不清）嗎？

Yes. So kind of on a just full operating days available, we were just about at 60%. As Bill mentioned, we did have those scheduled down days on the 4-day work week. So we're just about 70% considering those.

是的。因此，在可用的完整運營日中，我們只有大約 60%。正如 Bill 提到的，我們確實在 4 天工作周中安排了休息日。所以我們只有大約 70% 考慮這些。

That's helpful, Mark. Okay. And lastly for me, I appreciate the commentary about cavcohomes.com. Where do you see that maybe 2, 3 years out, in terms of is there a target percentage of homes that you see coming from that sales channel? Or just a kind of incremental to growth over time? Any color on that would be helpful.

這很有幫助，馬克。好的。最後對我來說，我很欣賞關於 cavcohomes.com 的評論。你在哪裡看到也許 2、3 年後，就你看到來自該銷售渠道的房屋的目標百分比而言？或者只是一種隨著時間的推移而增長的增量？上面的任何顏色都會有所幫助。

And Dan, I don't know if I have any merit target, but I'd put it in a bigger context than even what you're posing the question because we know how much everyone is doing their homework for any significant purchase online. So, I think it's really kind of central to our strategy. I would not be surprised if the vast majority of home sales a couple of years from now, I kind of -- we believe that are happening today that they're starting with that online experience.

丹，我不知道我是否有任何優點目標，但我會把它放在比你提出的問題更大的背景下，因為我們知道每個人都在為任何重要的網上購物做功課。所以，我認為這確實是我們戰略的核心。如果從現在開始的幾年內絕大部分房屋銷售我都不會感到驚訝，我有點 - 我們相信今天正在發生的事情是他們從在線體驗開始。

So we think it's right at the core of how homes are going to be marketed, and we also think that it's a huge benefit to us in our relationship with dealers because we're really supporting the dealers. As I said in my comments, and I didn't want to be too long-winded in them, but for many small dealers, their eyes are lighting up, when our folks talk to them and say, "Hey, it would be very easy for you to have a micro site that markets your dealership with all of our automated data behind it. And you can add photos and you can add information." So they're going to be so much more effective, and our relationship with them is that much deeper.

所以我們認為這是房屋營銷方式的核心，我們也認為這對我們與經銷商的關係有巨大好處，因為我們真正支持經銷商。正如我在評論中所說，我不想在其中囉嗦太多，但對於許多小經銷商來說，當我們的人與他們交談並說：“嘿，這將是非常您可以輕鬆擁有一個微型網站，利用我們所有的自動化數據來營銷您的經銷商。您可以添加照片，也可以添加信息。”所以他們會變得更加有效，我們與他們的關係也會更加深入。

And then, as we continue to -- we've gotten good results in the early days on visitors and conversions. Conversions, meaning a visitor who actually ask for more information or it's a button and calls the dealer that site provides for them. So we're seeing good early numbers on that. And what that's all about is kind of funneling targeted leads to those dealerships. So I know I'm talking a little bit in concepts, but I think, I think this is the starting point for the vast majority of home sales for us, possibly now, but definitely as time progresses. So as far as targets, I don't know what to say, except most.

然後，隨著我們的繼續——我們在早期的訪問者和轉化率方面取得了不錯的成績。轉化，意味著訪問者實際詢問了更多信息，或者它是一個按鈕並致電該網站為他們提供的經銷商。所以我們看到了很好的早期數字。而這一切都是為了將有針對性的線索引向這些經銷商。所以我知道我在談論一些概念，但我認為，我認為這是我們絕大多數房屋銷售的起點，可能是現在，但隨著時間的推移肯定是這樣。所以至於目標，我不知道該說什麼，除了大多數。

(Operator Instructions) And our next question comes from the line of Greg Palm from Craig-Hallum.

（操作員說明）我們的下一個問題來自 Craig-Hallum 的 Greg Palm。

I maybe wanted to follow-up along some of the earlier questions about just kind of overall activity levels, demand environment. Bill, you said order rates ended the quarter at a much higher rate in the beginning. Any way you can sort of quantify that? And just to be clear, what have you seen in April and May specifically as well? Have those order rates continued to increase in the whatever, 6 or 7 weeks post quarter end?

我可能想跟進一些關於整體活動水平、需求環境的早期問題。比爾，您說過本季度末的訂單率在開始時要高得多。有什麼方法可以量化嗎？需要說明的是，您在 4 月和 5 月具體看到了什麼？這些訂單率是否在季度結束後的 6 或 7 週內繼續增加？

Yes, I'm just looking at some data to see what I can frame for you. I can tell you, I mean, one thing talk in net, and I'm not saying this is the biggest driver. But one thing, when I talk about order rates, I'm talking about net of cancellations. Cancellations have basically fallen back down to not being an important part of the conversation. So part of that, to be fair, is because we -- our backlogs in many places are very short. So folks place an order, it's going to go into production. So not taking too much credit for cancellation reduction is kind of natural. But we're talking about net orders.

是的，我只是在查看一些數據，看看我能為您構建什麼框架。我可以告訴你，我的意思是，在網上談論一件事，我並不是說這是最大的驅動因素。但有一件事，當我談論訂單率時，我說的是取消訂單。取消基本上已經退化為不再是對話的重要部分。因此，公平地說，部分原因是我們 - 我們在許多地方的積壓工作非常少。所以人們下訂單，它將投入生產。因此，自然而然不會因為減少取消而獲得過多的功勞。但我們談論的是淨訂單。

And, just I bought it or looking at some data, March was on a plant basis was well higher than we've seen in nearly a year. And you're asking me about numbers in April. I'll just tell you that directionally, our net orders on the same plant basis are up over March. Some of that's seasonal, but the significance of the pickup is, I think, bigger than seasonal in my opinion. And also, being able to say, we got a really good seasonal pickup in wholesale orders, while inventories are reducing is a pretty large statement, I believe.

而且，只是我買了它或查看了一些數據，3 月份的工廠基礎遠遠高於我們近一年來看到的水平。你問我四月份的數字。我只是告訴你，我們的同工廠淨訂單在 3 月份有所增加。其中一些是季節性的，但我認為皮卡的重要性在我看來比季節性更大。而且，我相信可以說，我們的批發訂單季節性回升非常好，而庫存正在減少，這是一個相當大的聲明。

Yes. And that's interesting. And I know maybe order rates aren't even a great approximation of the actual activity levels. Because I think what you said is, whether you look at traffic or quoting has been really strong. Why hasn't that maybe resulted in higher order rates to date and more importantly, higher production levels?

是的。這很有趣。而且我知道也許訂單率甚至不是實際活動水平的一個很好的近似值。因為我認為你所說的是，無論是流量還是報價都非常強勁。為什麼這可能沒有導致迄今為止更高的訂單率，更重要的是，更高的生產水平？

I mean, is it just as simple as the inventory levels were just a little bit higher and it took a little bit longer to work through because I think everybody is trying to get a sense for why at least industry production data was so weak. And not just calendar Q1, but March specifically. I know that there is some sort of a lag involved, but maybe you can just tie that back out to the production, if you're able to?

我的意思是，這是否就像庫存水平略高一點並且需要更長的時間才能完成一樣簡單，因為我認為每個人都在試圖了解為什麼至少行業生產數據如此疲軟。不僅是日曆 Q1，而且特別是三月。我知道這涉及到某種滯後，但如果可以的話，也許你可以將其與生產聯繫起來？

Yes. I mean you're hitting all the points that I can make to be honest. I mean, you do have -- we've had the inventory thing. So that's the -- an order of home that leaves the retail lot is not getting replaced because the retailer wants to get inventory down. So that does not turn into an order, when you got an inventory problem. And I commented that I feel like that discussion is about ready to be over. And then, I mean that's one big factor.

是的。老實說，我的意思是你說到了我能說的所有要點。我的意思是，你確實有——我們有庫存。這就是 - 離開零售店的家庭訂單沒有被替換，因為零售商希望降低庫存。因此，當您遇到庫存問題時，這不會變成訂單。我評論說，我覺得討論即將結束。然後，我的意思是這是一個重要因素。

And then, when we look at traffic and close traffic has actually been, in my view, pretty healthy throughout, right? And I've always said that -- what I think that indicates is the underlying need. There are people out there trying to figure out, can I afford a home? My family needs a home. They're trying to do that work, and they were just kind of put on their heels by the interest rate increases on top of dramatic increases for our products, but the traffic has consistently been there.

然後，當我們查看流量時，在我看來，關閉流量實際上一直非常健康，對吧？我一直這麼說——我認為這表明了潛在的需求。有人在那裡想弄清楚，我能買得起房子嗎？我的家人需要一個家。他們正在努力做這項工作，他們只是在我們產品急劇增加的基礎上被利率增加所取代，但流量一直在那裡。

The order strength over the last several months -- I'm sorry, not orders, the close strength over the last several months, I view as a positive indicator. But that's really a couple of months leading indicator to the extent it's correlated to orders because it takes people time to make their decisions. And -- so it's easy to be talking to a number of retailers and ask for quotes.

過去幾個月的訂單強度——對不起，不是訂單，過去幾個月的收盤強度，我認為是一個積極的指標。但這實際上是幾個月的領先指標，因為它與訂單相關，因為人們需要時間來做出決定。而且 - 所以很容易與許多零售商交談並詢問報價。

It indicates a high level of activity of shopping, trying to figure out how to make the purchase, but it won't result in the correlation between quotes and true order is not quick. It can be a couple of months. So I'm not bothered by the fact that we're seeing those positive indicators, but we're not -- but we haven't seen the pickup in wholesale orders. I think, it's very explainable by those factors. And I think it's common.

它表明購物的活躍程度很高，試圖弄清楚如何進行購買，但不會導致報價與真實訂單之間的關聯不快。可能需要幾個月。因此，我對我們看到這些積極指標這一事實並不感到困擾，但我們沒有——但我們還沒有看到批發訂單的回升。我認為，這些因素很容易解釋。我認為這很常見。

Yes. And I just wanted to be sure I heard you right. You talked about, at least I think some plants move into a 5-day work schedule. Are any of them at 5 days today? Or how many are going to 5 days? I mean, I assume that alone would mean all else equal, higher rates of production going forward versus what we've seen, but maybe you can just confirm that?

是的。我只是想確定我沒聽錯。你談到，至少我認為一些工廠進入了 5 天的工作時間表。他們中有人今天有 5 天嗎？或者有多少人要去 5 天？我的意思是，我認為僅此一項就意味著其他條件相同，未來的生產率高於我們所看到的，但也許你可以證實這一點？

Yes. Our plants have been kind of changing schedules based on their unique circumstances. And my comment was generally that, as we talk to our plants, which we stay in very close contact with them, they're on their own situation. I would say the majority had reduced the 4-day schedules in the last couple of months. And my comment was that now those conversations are turning where they're saying, hey, we're thinking about whether we're seeing enough out of retail right now, that we might be able to find back the 5.

是的。我們的工廠一直在根據其獨特的情況改變時間表。我的評論通常是，當我們與我們的工廠交談時，我們與他們保持著非常密切的聯繫，他們在談論自己的情況。我會說大多數人在過去幾個月裡減少了 4 天的時間表。我的評論是，現在這些談話正在轉向他們說的地方，嘿，我們正在考慮我們現在是否從零售業中看到足夠多的東西，我們也許能夠找回 5。

So I don't have a number to tell you out of our entire plant system, whose on the verge of going back to 5. It's just the conversation has shifted in that direction, which is a positive.

所以我沒有一個數字可以告訴你我們整個植物系統，它即將回到 5。只是談話已經朝著那個方向轉變，這是積極的。

Understood. Okay. On pricing, I think you said the majority of the ASP decline sequentially was just due to mix. Do you foresee that being in kind of an ongoing trend? Or do you think sort of the bulk of that was basically witnessed this quarter? And to be clear, any change in ASP from Solitaire or was it pretty consistent?

明白了。好的。關於定價，我想你說過大部分平均售價環比下降只是由於混合。您是否預見到這種趨勢會持續下去？還是您認為本季度基本上見證了其中的大部分？需要說明的是，《紙牌》的 ASP 有任何變化還是相當一致？

You're saying Solitaire period-to-period or Solitaire's impact on our average selling price?

你是說 Solitaire 週期性或 Solitaire 對我們平均售價的影響？

Solitaire's impact on overall selling prices, correct.

紙牌對整體售價的影響，正確。

Yes, I don't -- I think we looked at that and they weren't a meaningful plus or negative to the average selling price across the company. And, you can actually watch from our -- the data that we provide because we give both units and floors. So you can kind of do the algebra and figure out that we had a pretty significant move toward single-wide sales from the multi-section. And, I don't necessarily think that's a bad thing. I think, that's indicative of the affordability issues that people are facing.

是的，我沒有——我認為我們已經看過了，它們對整個公司的平均售價沒有意義的加分或減分。而且，您實際上可以從我們提供的數據中觀看，因為我們同時提供單元和樓層。因此，您可以做一些代數運算，併計算出我們從多部門向單部門銷售邁出了非常重要的一步。而且，我不一定認為這是一件壞事。我認為，這表明人們面臨的負擔能力問題。

So people are kind of lowering their expectations. They're moving down in the house, they might have been able to afford in previous periods. And they're starting to get off their heels and try to make those decisions and place orders. So, and I've talked in the past, we can track the average selling price obviously an important piece. But in my opinion, and when we look at the data at an operating level, we price our products.

所以人們有點降低他們的期望。他們搬進房子裡，他們可能在以前的時期買得起。他們開始嘗試做出這些決定並下訂單。所以，我過去說過，我們可以追踪平均售價顯然是一個重要的部分。但在我看來，當我們在運營層面查看數據時，我們會為我們的產品定價。

I said this before, I don't know if you completely get what I'm saying, but we price our products, so that our time in our factory is at a consistent profitability, whether we're making a single module home or a multi-section. So I don't view it as a profit issue, to see that mix shift. But, it certainly can have an impact on average selling price.

我之前說過，我不知道你是否完全明白我在說什麼，但我們為產品定價，所以我們在工廠的時間是一致的盈利能力，無論我們是將單個模塊放在家裡還是多節。所以我不認為這是一個利潤問題，看到這種混合轉變。但是，它肯定會對平均售價產生影響。

(Operator Instructions) And our next question comes from the line of Jay McCanless from Wedbush.

（操作員說明）我們的下一個問題來自 Wedbush 的 Jay McCanless。

Could you give us a sense of where Chattel rates are today, and maybe where they were this time last year?

您能否讓我們了解一下今天的動產利率，也許是去年這個時候的水平？

Yes, sure, Jay. I can do that. So right now, our Chattel rates are running just a little bit over 9%. So they're going to be between 9% and 9.75%. So that's up roughly from about 7.5%, a year ago.

是的，當然，傑伊。我能做到。所以現在，我們的動產利率略高於 9%。所以他們將在 9% 到 9.75% 之間。因此，這大約比一年前的 7.5% 有所上升。

And then -- so Bill, just to drill down some more because I was intrigued by your comments around more single section, there isn't going to be a profitability drop off any more, if you're building more singles versus multi. Is that what you're trying to get across?

然後 - 所以比爾，只是為了進一步深入研究，因為我對你對更多單一部分的評論很感興趣，如果你正在構建更多的單節而不是多節，那麼盈利能力將不會再下降。這就是你想要表達的意思嗎？

That's what we aim for with pricing and operating our plants because, again, I kind of view it as we're selling time. We're selling time and capacity in our plants. And so, you've got a lot of complexity in this discussion because you're going to have challenging to make single edge, you can have easier to make double edge, some products flow through the plant easier than others. But in general, our pricing approach tries to equalize the profitability we get for the use of our capacity is kind of the concept that I'm trying to explain.

這就是我們定價和運營我們工廠的目標，因為我再次將其視為我們在銷售時間。我們正在出售我們工廠的時間和產能。所以，在這個討論中你有很多複雜性，因為你將面臨製造單邊的挑戰，你可以更容易地製造雙邊，一些產品比其他產品更容易流經工廠。但總的來說，我們的定價方法試圖平衡我們因使用我們的能力而獲得的盈利能力，這就是我試圖解釋的概念。

I think one topic we haven't talked about are the park operators, what type of demand and pricing pushback are you seeing from them?

我認為我們還沒有討論的一個話題是公園運營商，您從他們那裡看到了什麼樣的需求和定價阻力？

Yes, that's a good catch. And I probably should a comment on it earlier. We actually have seen community operators drop off a bit recently in their wholesale orders. And, I was initially really puzzled by it. I took the opportunity to talk to a few of them. And initially, I was struggling with the answer, but they convinced me. The comments I got basically summarized where we would be ordering more homes right now, if we could get them permitted and set in the field.

是的，這是一個很好的收穫。我可能應該早點對此發表評論。事實上，我們已經看到社區運營商最近的批發訂單有所減少。而且，一開始我真的很困惑。我藉此機會與他們中的一些人交談。最初，我還在苦苦尋找答案，但他們說服了我。我得到的評論基本上總結了我們現在將在哪裡訂購更多房屋，如果我們能夠獲得許可並在現場設置的話。

So they have been very clear that their issue is placement of the homes, not the need for the homes. But, it has been an issue because we can use the orders, of course. But they have -- whereas they've been a source of strength in orders relative to dealers in past quarters, and we have seen a drop off more recently. I'm hoping that we'll figure out how to solve this permitting and set issue as an industry because it's a silly thing to be getting in the way of orders right now, in my opinion.

所以他們非常清楚，他們的問題是房屋的安置，而不是房屋的需要。但是，這一直是個問題，因為我們當然可以使用命令。但他們有 - 雖然他們在過去幾個季度一直是相對於經銷商的訂單的強勁來源，但我們最近看到訂單有所下降。我希望我們能弄清楚如何解決這個許可和設置問題作為一個行業，因為在我看來，現在阻礙訂單是一件愚蠢的事情。

Got it. And then just to kind of clarify, because it seems like at the beginning, you talked about how we're through the worst of the destocking. But then, when you were talking about the retail channel, you said some dealers, I think, are still hesitant to replace homes. I guess, where -- in talking to the retail operators, where do you think they are in terms of their inventory levels, and more importantly, their floor plan lenders comfort with where their inventory levels are now?

知道了。然後只是為了澄清一下，因為看起來一開始，你談到了我們是如何度過最糟糕的去庫存的。但是，當你談到零售渠道時，你說一些經銷商，我認為，仍然對更換房屋猶豫不決。我想，在與零售運營商交談時，您認為他們的庫存水平在哪裡，更重要的是，他們的平面圖貸方對他們現在的庫存水平感到滿意嗎？

Yes, I'm not sure what I said that picking up there. My comment, I think, was intended to say there are probably dealers out there, that are still saying my inventory is too high. But in general, when you look at it across the system, it's really -- in my opinion, it's gotten to the point where it's not really a factor at this point on the 1:1 ratio.

是的，我不確定我在那裡說的是什麼。我想我的評論是想說可能有經銷商還在說我的庫存太高了。但總的來說，當你在整個系統中查看它時，它確實 - 在我看來，它已經達到了在 1：1 比率的這一點上它並不是真正因素的地步。

So, I was just kind of acknowledging that there's still some to be done probably in isolated situations, but I think we're through it. I have not -- and I have thought about talk to folks about this floor plan availability. I have not seen or heard that to be a constraint really. We've talked before, dealers are destocking for good business reasons. They're managing their turn rates. They don't -- their cost of funds on floor planning has gone up. So, they're trying to get their inventory down on their own. But, I have not noted any dramatic forcing function coming from the floor plan lenders.

所以，我只是承認在孤立的情況下可能還有一些工作要做，但我認為我們已經完成了。我沒有 - 我已經考慮過與人們討論這個平面圖的可用性。我還沒有看到或聽到這真的是一個約束。我們之前談過，經銷商出於良好的商業原因正在減少庫存。他們正在管理他們的轉彎率。他們沒有——他們在平面規劃上的資金成本上升了。因此，他們正試圖自行降低庫存。但是，我沒有註意到平面圖貸方有任何顯著的強制功能。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Bill Boor for any further remarks.

今天節目的問答環節到此結束。我想將該程序交還給 Bill Boor，以徵求他的進一步意見。

Okay. Thanks, Jonathan. I think, our results this quarter highlight the ability of the organization to manage costs, and to generate cash, even when conditions are challenging. And everyone at Cavco is ready for the inevitable return of demand, so that we can help more families get the homes they need. So with that, I'll thank you, as always, for your interest in Cavco, and we look forward to keeping everyone updated on our progress. .

好的。謝謝，喬納森。我認為，我們本季度的業績突出了該組織管理成本和產生現金的能力，即使在條件具有挑戰性的情況下也是如此。 Cavco 的每個人都為不可避免的需求回歸做好準備，這樣我們就可以幫助更多家庭獲得他們需要的房屋。因此，我將一如既往地感謝您對 Cavco 的關注，我們期待讓每個人了解我們的最新進展。 .

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。