(CVCO) 2024 Q2 法說會逐字稿

Good day, and welcome to the Cavco Industries Second Quarter Fiscal Year 2024 Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mark Fusler, Corporate Controller and Investor Relations. Please go ahead.

美好的一天，歡迎參加 Cavco Industries 2024 財年第二季財報電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。我現在想將會議交給今天的發言人，公司財務總監和投資者關係馬克·富斯勒 (Mark Fusler)。請繼續。

Good day, and thank you for joining us for Cavco Industries Second Quarter Fiscal Year 2024 Earnings Conference Call. During the call, you will 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，感謝您參加 Cavco Industries 2024 財年第二季財報電話會議。在電話會議期間，您將聽到總裁兼執行長 Bill Boor 的演講；艾莉森‧亞丁，執行副總裁兼財務長；和首席會計官保羅·比格比（Paul Bigbee）。

Before we begin, we'd like to remind you that 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，包括有關 Cavco 財務和營運業績、收入、每股收益、現金流量或使用的預期或假設的陳述、成本節約、營運效率、信貸市場目前或未來的波動性或未來市場狀況。

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 做出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，包括但不限於該公司最新的10-K 和10-Q 表格，其中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, November 3, 2023. Cavco undertakes no obligation to revise or update any forward-looking statement whether written, oral, to reflect events or circumstances after the date of this conference call, except as required by law.

本次電話會議還包含時間敏感信息，僅截至本次直播之日（2023 年 11 月 3 日星期五）準確。Cavco 不承擔修改或更新任何書面、口頭前瞻性聲明以反映事件的義務或本次電話會議日期之後的情況，法律要求的除外。

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

現在我想將電話轉給總裁兼執行長比爾·布爾 (Bill Boor)。帳單？

Welcome, and thank you for joining us today to review our second quarter results. I thought I'd jump right in with some perspective on what we're seeing in the market. As we previously reported, the dealer inventories that created a big drag on wholesale orders through the first half of the year are now generally under control in our company-owned stores and broadly throughout our independent dealer network. Home buyer interest as reflected in online leads and store traffic is healthy. However, as everyone knows, the macroeconomic environment is not providing any relief for those prospective buyers. Having said that, we continue to see quarter-to-quarter order improvement. That trend is largely coming from street dealers with communities still lagging as expected and discussed last quarter. Looking forward, as those community operators work through their inventories, that will be another positive for wholesale manufactured housing orders.

歡迎並感謝您今天加入我們回顧我們第二季的業績。我想我應該立即對我們在市場上看到的情況提出一些看法。正如我們之前報導的那樣，今年上半年對批發訂單造成嚴重拖累的經銷商庫存現在基本上在我們公司自營商店以及整個獨立經銷商網絡中得到了控制。線上銷售線索和商店客流量反映的購屋者興趣是健康的。然而，眾所周知，宏觀經濟環境並沒有為那些潛在買家帶來任何緩解。話雖如此，我們仍然看到訂單逐季度有所改善。這一趨勢主要來自街頭經銷商，而社群仍如預期和上季討論的那樣落後。展望未來，隨著這些社區業者處理庫存，這將是批發製造房屋訂單的另一個積極因素。

Against that backdrop, we continue to operate at a reduced level. Production was down from last quarter as certain plants dealt with the lack of orders and continue to slow production. In line with production, capacity utilization was down slightly but still in the range of 60%. With the already mentioned order improvement, we've hit a balanced point at the current overall production rate. As a result, our backlogs were consistent with last quarter. We ended the period at $170 million, which equates to 5 to 7 weeks of production.

在此背景下，我們繼續減少營運。由於某些工廠缺乏訂單並繼續減慢生產，產量較上季下降。與生產一致，產能利用率略有下降，但仍在 60% 的範圍內。透過前面提到的訂單改善，我們已經在當前的總體生產力上達到了平衡點。因此，我們的積壓訂單與上季保持一致。我們最終的收入為 1.7 億美元，相當於 5 到 7 週的生產時間。

Clearly, we're anxious and prepared to move plants back to full schedules as soon as the market supports. In the meantime, our plants have done an outstanding job maintaining healthy profitability and cash flow through the market challenges. In the second quarter, our housing gross margin was 23.2%, down 1.6% from last quarter and 3.6% from a year ago when we were running full schedules and 80% utilization. Allison will go into the gross margin shifts, but the point here is that reducing shipments about 17% year-over-year to match the lower demand and still maintaining margin to that extent only happens through discipline and operational excellence.

顯然，一旦市場支持，我們就迫不及待地準備將工廠恢復到滿載運作。同時，我們的工廠在應對市場挑戰時表現出色，並保持了健康的獲利能力和現金流。第二季度，我們的房屋毛利率為 23.2%，比上季下降 1.6%，比上年同期下降 3.6%，當時我們的計畫已滿，利用率為 80%。埃里森將討論毛利率變化，但這裡的要點是，只有透過嚴格的紀律和卓越的運營，才能將出貨量同比減少約17%，以適應較低的需求，並仍然保持一定程度的利潤率。

Our retail business has performed exceptionally well. They adjusted quickly to the changing market conditions last year and stayed committed to their winning processes. On a same-store basis, excluding the added volume from Solitaire retail, homes sold through our company-owned stores were up slightly from the previous period. More importantly, the manufacturing and retail teams are working cohesively on product decisions and selling strategies to produce optimal results across the operations. This teamwork has demonstrated itself as we've brought Solitaire stores into the retail operation and filled out product offerings to improve inventory turns.

我們的零售業務表現異常出色。去年，他們迅速適應了不斷變化的市場狀況，並始終致力於致勝的過程。以同店計算，排除 Solitaire 零售增加的銷售量，透過本公司自營商店銷售的房屋比上一時期略有成長。更重要的是，製造和零售團隊在產品決策和銷售策略上緊密合作，以在整個營運中產生最佳結果。當我們將 Solitaire 商店引入零售業務並充實產品供應以提高庫存週轉率時，這種團隊合作就得到了證明。

Overall, our revenues were down sequentially from $476 million to $452 million and pretax income was $52 million compared to $61 million last quarter. We generated strong cash flow, returned $47 million through share repurchases and added $25 million to our cash balance. We remain convinced of the dire need for our homes over time, and our strong balance sheet enables us to pursue investments in organic and external opportunities despite the near-term conditions.

總體而言，我們的營收環比從 4.76 億美元下降至 4.52 億美元，稅前收入為 5,200 萬美元，而上季為 6,100 萬美元。我們產生了強勁的現金流，透過股票回購返還了 4,700 萬美元，並增加了 2,500 萬美元的現金餘額。我們仍然相信，隨著時間的推移，我們對住房的迫切需求，儘管短期條件不佳，但我們強大的資產負債表使我們能夠尋求對有機和外部機會的投資。

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

說到這裡，我想把它交給艾莉森，更詳細地討論財務結果。

Thank you, Bill. Net revenue for the second fiscal quarter of 2024 was $452 million, down $125.4 million or 21.7% compared to $577.4 million during the prior year. Within the Factory-Built Housing segment, net revenue was $434.1 million, down $125.5 million or 22.4% from $559.6 million in the prior year quarter. The decrease was primarily due to a decline in base business homes sold and a decrease in average revenue per home sold partially offset by the Solitaire Homes' acquisition, which contributed $35.6 million in the quarter. The decrease in average revenue per home was primarily due to more single wides in the mix and to a lesser extent, product pricing decreases.

謝謝你，比爾。 2024 年第二財季淨收入為 4.52 億美元，比去年同期的 5.774 億美元減少 1.254 億美元，降幅為 21.7%。在工廠建造的住房領域，淨收入為 4.341 億美元，比去年同期的 5.596 億美元減少 1.255 億美元，降幅為 22.4%。下降的主要原因是銷售的基礎商業住宅數量減少，以及每套住宅平均銷售收​​入的下降，部分被 Solitaire Homes 的收購所抵消，該收購在本季度貢獻了 3560 萬美元。每戶平均收入的下降主要是由於組合中單一寬度的增加，以及較小程度的產品定價下降。

Factory utilization for Q2 of 2024 was approximately 60% when considering all available production days but was nearly 70%, excluding scheduled downtime from market or weather, consistent with our last 2 quarters. Financial Services segment net revenue increased 1.1% to $18 million from $17.8 million, primarily due to more insurance policies in force and higher insurance premium rates, partially offset by fewer loan sales.

考慮到所有可用生產天數，2024 年第二季的工廠利用率約為 60%，但不包括市場或天氣造成的預定停機時間，該利用率接近 70%，與過去兩個季度的情況一致。金融服務部門淨收入從 1,780 萬美元增長 1.1%，增至 1,800 萬美元，主要是由於有效保單增加和保險費率上升，部分被貸款銷售減少所抵消。

Consolidated gross profit in the second fiscal quarter as a percentage of net revenue was 23.7%, down 360 basis points from the 27.3% in the same period last year. In the Factory-Built Housing segment, the gross profit decreased 350 basis points to 23.2% in Q2 of 2024 versus 26.7% in Q2 of 2023, driven by lower average selling prices, partially offset by lower material cost per floor primarily due to lower lumber prices. Gross margin as a percentage of revenue in Financial Services decreased to 35.9% in Q2 of 2024 from 44.6% in Q2 of 2023 from multiple severe storms in Texas and in Arizona.

第二財季綜合毛利潤佔淨收入的比例為23.7%，較去年同期的27.3%下降360個基點。在工廠建造的住房領域，由於平均售價下降，2024 年第二季的毛利下降了350 個基點，至23.2%，而2023 年第二季為26.7%，但部分被每層材料成本下降（主要是由於木材減少）所抵消價格。由於德州和亞利桑那州的多次嚴重風暴，金融服務業的毛利率佔收入的百分比從 2023 年第二季的 44.6% 降至 2024 年第二季的 35.9%。

Selling, general and administrative expenses were $61.5 million compared to $66.9 million during the same quarter last year. The decrease in these expenses was primarily due to lower third-party support costs and lower incentive compensation costs, partially offset by the addition of Solitaire Homes SG&A costs. Interest income for the second quarter was $5.8 million, up 214% from the prior year quarter. This increase is primarily due to higher interest rates and greater invested cash balances.

銷售、一般和管理費用為 6,150 萬美元，而去年同期為 6,690 萬美元。這些費用的減少主要是由於第三方支援成本和激勵補償成本的降低，但部分被 Solitaire Homes SG&A 成本的增加所抵消。第二季利息收入為 580 萬美元，比去年同期成長 214%。這一增長主要是由於利率上升和投資現金餘額增加。

Net other income this quarter was $0.7 million compared to $0.5 million in the prior year quarter. Pretax profit was down 44.3% this quarter to $51.7 million from $92.8 million for the prior year period. Net income to Cavco stockholders was $41.5 million compared to net income of $74.1 million in the same quarter of the prior year. And diluted earnings per share this quarter was $4.76 per share versus $8.25 per share in last year's second quarter.

本季其他淨收入為 70 萬美元，去年同期為 50 萬美元。本季稅前利潤從去年同期的 9,280 萬美元下降 44.3% 至 5,170 萬美元。 Cavco 股東的淨利潤為 4,150 萬美元，而去年同期淨利潤為 7,410 萬美元。本季攤薄後每股收益為 4.76 美元，去年第二季為 8.25 美元。

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。

Thanks, Allison. I'll cover the balance sheet changes from September 30, 2023 compared to April 1 2023. The cash balance was $377.3 million, up $105.9 million from $271.4 million at the end of the prior fiscal year. The increase is primarily due to a few factors. First, net income adjusted for noncash items, such as depreciation and common stock compensation expense; and secondly, working capital changes related to inventory decreases of $19.7 million from lower raw materials at our manufacturing facilities and less finished goods at our retail locations. Decrease of prepaid and other assets of $17.8 million, increase in accounts payable and accrued liability of $9.9 million and decreases in consumer and commercial loans. These cash inflows were partially offset by common stock repurchases of $47.2 million. Restricted cash increased from cash collected on serviced loans in our Financial Services segment in excess of what was distributed. Consumer and commercial loans decreased from loan sales and the paydown of associated loans and fewer new loan originations.

謝謝，艾莉森。我將介紹 2023 年 9 月 30 日與 2023 年 4 月 1 日相比的資產負債表變動。現金餘額為 3.773 億美元，比上一財年末的 2.714 億美元增加 1.059 億美元。增加主要是由於幾個因素。首先，針對非現金項目（例如折舊和普通股補償費用）調整後的淨利潤；其次，營運資金變化與庫存減少 1,970 萬美元有關，原因是我們製造工廠的原材料減少和零售地點的成品減少。預付及其他資產減少 1,780 萬美元，應付帳款和應計負債增加 990 萬美元，消費者和商業貸款減少。這些現金流入被 4,720 萬美元的普通股回購部分抵銷。限制性現金增加來自我們金融服務部門的服務貸款收取的現金，超過了分配的現金。消費者和商業貸款因貸款銷售和相關貸款償還以及新貸款發放減少而減少。

Prepaid and other assets decreased from lower prepaid income taxes and a reduction in the delinquent Ginnie Mae loans as well as the normal amortization of prepaid expenses. Property plant and equipment net is down from the sale of unutilized equipment acquired with the Solitaire Homes acquisition we completed last January. Accrued expenses and other current liabilities are up slightly from higher insurance losses and warranty reserves, partially offset by lower customer deposits. Lastly, stockholders' equity exceeded $1 billion, up $43 million from $976.3 million as of April 1, 2023.

預付和其他資產的減少是由於預付所得稅的降低、吉利美拖欠貸款的減少以及預付費用的正常攤銷。房地產廠房和設備淨額低於我們去年 1 月完成的 Solitaire Homes 收購所獲得的未使用設備的銷售量。應計費用和其他流動負債因保險損失和保固準備金增加而略有增加，但部分被客戶存款減少所抵銷。最後，截至 2023 年 4 月 1 日，股東權益超過 10 億美元，比 9.763 億美元增加了 4,300 萬美元。

With that, I'll pass it back to Bill.

這樣，我會把它傳回給比爾。

Our results this quarter highlight the ability of our organization to manage costs and generate cash even when conditions are challenging. Everyone at Cavco is ready for the inevitable return of demand so we can help more families get the homes they need. Abigail, can we please open the line for questions.

我們本季的業績凸顯了我們的組織即使在條件充滿挑戰的情況下也能管理成本和產生現金的能力。 Cavco 的每個人都已準備好迎接不可避免的需求回歸，因此我們可以幫助更多家庭獲得他們需要的房屋。阿比蓋爾，我們可以打開提問線嗎？

(Operator Instructions). Our first question comes from Daniel Moore with CJS Securities.

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

Maybe start with just the order trends, Bill. Obviously, it's a bit higher, which is nice to see. That said, we're entering the typically slower period seasonally. Just maybe talk about your expectations for orders and shipments in fiscal Q3 relative to Q2 and when you expect to be in a position to start to increase production rates?

也許只是從訂單趨勢開始，比爾。顯然，它有點高，這是很高興看到的。也就是說，我們正在進入通常季節性放緩的時期。只是談談您對第三財季相對於第二財季的訂單和出貨量的預期，以及您預計何時能夠開始提高生產力？

Yes. Thanks, Dan. Yes, I mean, you're absolutely right. We're now entering the period. We hit about November, December and typically, if you could isolate seasonal patterns that would mean a slowdown in shipments. Some years, we don't really see that because it gets dwarfed by the macroeconomic factors that are probably a bigger impact. But certainly, it's not a -- it's something we have to really be keeping our eye on. And we're not, at this point, speculating on how that's going to develop.

是的。謝謝，丹。是的，我的意思是，你說得完全正確。我們現在正進入這個時期。我們大約在 11 月、12 月，通常情況下，如果你能分離出季節性模式，這將意味著出貨量放緩。有些年，我們並沒有真正看到這一點，因為它與可能產生更大影響的宏觀經濟因素相形見絀。但當然，這不是——而是我們必須真正關注的事情。目前，我們並沒有猜測事情會如何發展。

We're encouraged by a few things. One is, we've reported a few quarters where we have intended to -- given an exaggerated view of this, but a few quarters where orders have increased quarter-over-quarter, and this quarter continued that. So that's a real positive. And then the other thing that, I guess, I'd point to that sure was a loss on you and others is that we've been able to kind of stabilize the backlog. So we feel like we're in balance right now going into it. And more personally focused on macroeconomic drivers than the seasonality. But if we can come through these winter months in good shape, then I think it will be a real positive sign.

有幾件事令我們深受鼓舞。一是，我們已經報告了幾個季度的情況，我們對此有誇大的看法，但有幾個季度訂單環比增加，本季度繼續保持這種增長。所以這是一個真正的正面因素。然後，我想我要指出的另一件事肯定是您和其他人的損失，那就是我們已經能夠穩定積壓。所以我們覺得我們現在處於平衡狀態。個人更關注宏觀經濟驅動因素而不是季節性。但如果我們能夠以良好的狀態度過這個冬季，那麼我認為這將是一個真正的積極跡象。

Maybe ask in an another way. So far in the quarter, production rates held pretty steady with what we saw in fiscal Q2.

或許可以換個方式問。本季到目前為止，生產力與我們在第二財季看到的情況相當穩定。

I think, generally they have -- we've got to hit a balance point here, which is what we're trying to convey to people and we'd like it to be at balanced point at a higher production level for sure, but it's good to feel like orders are supporting at least the current production levels. So I'd say that's continued.

我認為，一般來說，我們必須在這裡達到一個平衡點，這就是我們試圖向人們傳達的信息，我們肯定希望它在更高的生產水平上達到平衡點，但是訂單至少支持當前的生產水平是件好事。所以我想說這還在繼續。

Okay. Excellent. And maybe just in terms of the gross margin, if we could either dive into it a little bit more or rank order sort of the impacts. Obviously, the financial services notwithstanding, focusing on the residential housing or focusing on just the housing segment between input costs, mix, fixed cost absorption what were kind of the key elements that may be pushed lower sequentially? And are you seeing any pricing or competitive pressures or is it more a function of those things that I just mentioned?

好的。出色的。也許只是就毛利率而言，如果我們可以更深入地研究它或對影響進行排序。顯然，儘管有金融服務，但重點關注住宅或僅關注投入成本、組合、固定成本吸收之間的住房部分，哪些關鍵因素可能會依次降低？您是否看到任何定價或競爭壓力，或者這更多是我剛才提到的那些事情的函數？

So I think maybe a way to think about margins this quarter to Q1 is really margins in this quarter were kind of -- [the story] was really more around cost and not really around price. It's how price hold fairly consistent. But we have seen inflationary pressures that's driving up price per OSB, which as you know, is one of our larger inputs for materials. So that causes -- that slight elevation has caused [finally its] ripple effect through the margin and obviously something that we'll stay close to. We continue to be very efficient in our cost structures, in our plans as we adjust to production levels. And we can now -- we can certainly see consistent leverage of fixed cost at the plant level and then also at the SG&A level.

因此，我認為也許考慮本季到第一季利潤率的一種方式是，本季的利潤率實際上是——[故事]實際上更多地圍繞成本而不是價格。這就是價格保持相當一致的方式。但我們已經看到通貨膨脹壓力正在推高定向刨花板的價格，正如您所知，定向刨花板是我們較大的材料投入之一。因此，這會導致——輕微的抬高最終導致了通過邊緣的連鎖反應，顯然我們將密切關注這一點。隨著我們調整生產水平，我們的成本結構和計劃繼續保持高效率。我們現在可以——當然可以在工廠層級以及銷售管理費用層面看到固定成本的一致槓桿作用。

Got it. And so given that and where we've seen OSB pricing likely this kind of hanging around in those levels, the gross margin likely to remain in those levels for maybe one more quarter? And would you expect to start to see some increase beyond that?

知道了。因此，考慮到這一點，以及我們看到 OSB 定價可能會在這些水平上徘徊，毛利率可能會在一個多季度內保持在這些水平？您是否期望開始看到除此之外的一些成長？

I think we don't really project on margins, but we -- the factors that we stay very close to is pricing, which has been fairly consistent and rational. And then, of course, the input cost that the majority of our materials are lumber and OSB. So as those contracts and that level of -- and the cost pricing increases or decreases all through our margin and about has a 60-day trend. So that's information that can be accessed. And then our overhead support continues to be leveraged. So all in all, I think as we stay close to the story that's evolving on the OSB, we should be able to factor that into where we currently are at the Q2 level for Q3.

我認為我們並沒有真正預測利潤率，但我們非常接近的因素是定價，它相當一致和合理。當然，我們的大部分材料是木材和定向刨花板的投入成本。因此，隨著這些合約和成本定價的水平在我們的保證金範圍內增加或減少，大約有 60 天的趨勢。這就是可以存取的資訊。然後我們的管理費用支援將繼續發揮作用。總而言之，我認為，隨著我們密切關注 OSB 的發展情況，我們應該能夠將其納入目前第三季第二季的水平。

Very helpful. One more, I'll jump out. Are you seeing more of a mix shift to lower price point in 3-level homes? Is that trend continued? And just maybe talk about your expectations for ASPs as we look forward over the next couple of quarters?

很有幫助。再來一張，我就跳出去了。您是否看到更多三層住宅的混合轉向更低的價格點？這種趨勢還在持續嗎？當我們展望未來幾季時，也許可以談談您對 ASP 的期望？

So we are seeing the trends go toward more single. But as we've kind of said in the past, we think about margin -- gross margin associated with the singles and multi, more of a function of time -- or time spent on productivity within the plants and not so much a distinguishing factor between multi and single at the gross margin level. Clearly, there is a price point differential at the revenue level.

所以我們看到趨勢變得更加單一。但正如我們過去所說的那樣，我們考慮的是利潤率——與單機和多機相關的毛利率，更多的是時間的函數——或者是工廠內生產力所花費的時間，而不是一個顯著因素毛利率水準介於多方和單方之間。顯然，收入水準上存在價格點差異。

Dan, it's just to jump in. There are definitely -- I mean, as you know, following the industry for a long time for many, I think, years, we were seeing a move towards multi-section in the mix. And for several quarters now, we've reported that, that's reversed. The quarter-to-quarter change wasn't that significant, but it was a little bit more to singles again. And I think that's -- our view is that that's just a really strong indication of the affordability challenges people are facing out there.

丹，這只是跳入其中。我想，我想，多年來，我的意思是，正如你所知，多年來，我們一直在關注這個行業，我們看到了向多部門混合的趨勢。我們報告說，幾個季度以來，情況發生了逆轉。季度與季度之間的變化並不那麼顯著，但對於單身人士來說又有點多了。我認為，我們的觀點是，這確實有力地表明了人們面臨的負擔能力挑戰。

And folks who have still been coming out to shop for homes, we reported consistently the traffic is healthy. So they're out there. They're trying to figure out how to solve their home need. Many of them, I think, are coming to realization that they're going to have to accept less than they might have been able to purchase in years past. So I think that's really what we're seeing through that continuing trend towards single. Over the last year, it's been pretty dramatic. Over the last quarter, it was pretty mild as far as the shift.

對於那些仍然出去買房的人來說，我們一直報告交通狀況良好。所以他們就在那裡。他們正在想辦法解決他們的家庭需求。我認為，他們中的許多人開始意識到，他們將不得不接受比過去幾年可能購買的東西更少的東西。所以我認為這確實是我們透過持續的單身趨勢所看到的。在過去的一年裡，情況非常戲劇化。上個季度，這種轉變相當溫和。

One moment for our next question. Our next question comes from Greg Palm with Craig-Hallum.

請稍等一下我們的下一個問題。我們的下一個問題來自格雷格·帕爾姆和克雷格·哈勒姆。

I wanted to follow up a little bit on kind of the community REIT channel and figure out whether your visibility has improved, changed at all relative to a few months ago?

我想對社區房地產投資信託基金管道進行一些跟進，並弄清楚與幾個月前相比，您的知名度是否有所提高或發生了變化？

Yes. This is a good topic to hit on. I commented very briefly on it that they really haven't come back at this point. The street dealers are carrying the load right now. A lot of that, we've talked in the past, is really driven mostly by communities that have spaces to fill, and they've got inventory, but they're having trouble getting it placed as fast as they'd like. All my discussions with operators -- community operators, is that it's not a question about whether there's a resident demand. It's just been a function of them having inventory on hand kind of similar to the previous problem on street dealerships and how fast they can place that product.

是的。這是一個很好的話題。我對此做了非常簡短的評論，他們現在確實還沒有回來。街頭小販現在正在承擔重擔。我們過去談到過，其中許多實際上主要是由社區推動的，這些社區有空間可以填充，並且他們有庫存，但他們很難以他們想要的速度放置它。我與營運商——社區業者的所有討論都是，這不是居民是否有需求的問題。這只是他們手邊有庫存的一個功能，類似於之前街頭經銷商的問題以及他們放置產品的速度。

So I think we even commented last quarter that we expected it to be -- not trying to pinpoint too many estimates when we don't have perfect visibility. But last quarter, we said this will probably last through the calendar year. And I think that's still true. I don't know that we'll be completely through it in the current quarter or whether it will leak into next year a little bit. But once that does clear just as when we saw the street dealer inventories get balanced, that's a positive for our orders.

因此，我認為我們甚至在上個季度評論過我們的預期——當我們沒有完美的可見性時，我們不會試圖精確地指出太多的估計。但上個季度，我們表示這種情況可能會持續整個日曆年。我認為這仍然是事實。我不知道我們會在本季完全解決這個問題，也不知道它是否會滲透到明年。但一旦這一點明確，就像我們看到街頭經銷商的庫存達到平衡一樣，這對我們的訂單來說是積極的。

Greg, I will open up another topic because you and I have talked about this over time. I think everything I'm saying is -- the way to think about it is it's very true for existing communities. Just even following some of the public statements of some of the REIT operators, now we're starting to hear people say, if the cost of capital keeps going up, new development is something they're going to hold off on.

格雷格，我將打開另一個主題，因為你和我已經討論過這個主題很長一段時間了。我認為我所說的一切都是——思考它的方式對於現有社區來說是非常正確的。即使根據一些房地產投資信託基金營運商的公開聲明，現在我們開始聽到人們說，如果資本成本持續上升，他們將推遲新的開發案。

So not really thrilled to hear that, but it stands to reason that as interest rates continue going up, those operators are balancing whether to invest in new developments or to just kind of hold the capital or pay down debt. We haven't heard that consistently. It hasn't been a loud message, but it's something, I think, for us to keep our eye on. Not really an impact on the inventory discussion we've had. But just kind of a down the road thing to keep an eye on.

因此，聽到這個消息並不是很興奮，但照理說，隨著利率持續上升，這些業者正在平衡是投資新開發案還是只是持有資本或償還債務。我們並沒有一直聽到這樣的說法。這並不是一個響亮的訊息，但我認為這是我們值得關注的事情。這對我們的庫存討論並沒有真正的影響。但這只是一種需要密切關注的事情。

Yes. That makes sense. Wouldn't be a huge surprise. In terms of order rates coming through when they're ready, would you expect them at kind of similar levels as retail has placed those orders post destocking? Would there be any change in how the community REIT channel places orders versus what you've seen in retail over the last 2 quarters?

是的。這就說得通了。不會是個巨大的驚喜。就準備就緒時的訂單率而言，您是否期望它們與零售業在去庫存後下的訂單處於類似的水平？與過去兩個季度您在零售業看到的情況相比，社區 REIT 管道下訂單的方式是否會有任何變化？

I don't think so. I think once they get cleared of the inventory that they're trying to work through, we talked with street dealers on the concept of 1:1, right? They sell a house, they need a house. I think we'll see the same thing and communities are a meaningful portion of the overall -- we kind of -- in this discussion, I'm grouping developers' communities kind of as one package, but it's a meaningful part of the overall demand. So we typically talk about that being 30%, 33% of the market, and they haven't been carrying the 33% or so of the current orders. So we'll see a pickup once that continues to clear. I'm not sure did that address your question?

我不這麼認為。我想，一旦他們清理掉了他們想要處理的庫存，我們就會與街頭經銷商討論 1:1 的概念，對嗎？他們賣房子，他們需要房子。我認為我們會看到同樣的事情，社區是整體的一個有意義的部分——我們有點——在這次討論中，我將開發者社區分組為一個包，但它是整體的一個有意義的部分要求。所以我們通常談論的是 30%、33% 的市場份額，而他們目前的訂單量還沒有達到 33% 左右。因此，一旦天氣繼續晴朗，我們就會看到回升。我不確定這是否解決了您的問題？

Yes. Yes, totally did. And I guess, just lastly, I know you've kind of characterized this as kind of a challenging time and Cavco as a company is fortunate, good balance sheet and all, and there's a lot of operators out there that probably don't have any backlog. They don't have a good balance sheet. And so I'm curious, does this change your appetite for M&A? Have you seen additional opportunities hit the pipeline? What's just kind of your visibility level there?

是的。是的，完全做到了。我想，最後，我知道你已經把現在描述為一個充滿挑戰的時期，而 Cavco 作為一家公司是幸運的，有良好的資產負債表等等，而且有很多運營商可能沒有任何積壓。他們沒有良好的資產負債表。所以我很好奇，這會改變您對併購的興趣嗎？您是否看到了更多機會？您在那裡的能見度水平如何？

I wouldn't say it's been a big impact right now as far as people being distressed, and therefore, having to look for alternatives on the manufacturing side as far as M&A work. We're always interested and always in kind of some stated discussion to stay connected with those folks. So I wouldn't characterize that I've seen a lot of distress type situations. And I think really, we have to look at it -- you're right, if you lose your backlog, that could be an issue, obviously. But pricing has held up. So I think margins through the industry are still more healthy than would be the case in a time when manufacturers are really on the verge of failing.

我不會說，就人們陷入困境而言，目前這不會產生很大的影響，因此，就併購工作而言，必須在製造方面尋找替代方案。我們總是感興趣並且總是進行一些明確的討論以與這些人保持聯繫。所以我不會說我見過很多痛苦的情況。我認為，我們確實必須考慮一下——你是對的，如果你失去了積壓的訂單，這顯然可能是一個問題。但定價一直維持不變。因此，我認為整個行業的利潤率仍然比製造商真正處於失敗邊緣時的情況更為健康。

Our next question comes from Jay McCanless with Wedbush.

我們的下一個問題來自韋德布希的傑伊·麥肯利斯。

So actually, Bill, I was going to ask you the pricing question, too. So it sounds like things are holding up, you haven't had to be really aggressive on cutting price?

事實上，比爾，我也想問你定價問題。聽起來情況還不錯，您不必非常積極地降價嗎？

We haven't seen -- I mean, I would say it's been consistent over the last couple of quarters where there are markets where you see a little bit of price competition, but it's been a little bit. And you see other markets where it really hasn't been a factor at all. And you can see that in -- I know our average selling price that we report has a lot in it with retail and mix and everything else.

我們還沒有看到——我的意思是，我想說，在過去的幾個季度裡，情況一直是一致的，在某些市場上，你會看到一些價格競爭，但這種競爭是有一點的。你會看到其他市場，它實際上根本不是一個因素。你可以看到——我知道我們報告的平均售價與零售、混合和其他一切都有很大關係。

But you can see that prices just haven't materially dropped. So we always say it's a local business. So when we talk to all of our plants, and kind of check in with how things are going, we hear slightly different stories from plant to plant and region to region. But where it's been noticeable that there's a little price competition, it hasn't been very dramatic.

但你可以看到價格並沒有大幅下降。所以我們總是說這是一家本地企業。因此，當我們與所有工廠交談並了解事情進展時，我們聽到的故事因工廠和地區而異。但值得注意的是，價格競爭有點小，但幅度並不是很大。

That's good to hear. Could you talk about what channel rates are now? And what type of availability you think is out there in the market on the channel side?

聽起來還不錯。能談談現在的頻道費率是多少嗎？您認為通路方面市場上有哪些類型的可用性？

Yes. So on the rate side right now, it's -- they've held pretty steady from last quarter. So they're still about 9% to 9.5%.

是的。因此，目前在利率方面，自上個季度以來，它們一直保持相當穩定。所以他們仍然大約是 9% 到 9.5%。

Yes. Availability is kind of consistent in that sense. So I think if you're -- what Mark's quoting is a pretty good credit score, good loan to value. We try to report that consistently in that sense. But I wouldn't say that if you've got the credit, I don't think the availability has gone down.

是的。從這個意義上說，可用性是一致的。所以我認為如果你——馬克引用的是一個相當好的信用評分，良好的貸款價值。我們試圖從這個意義上一致地報告這一點。但我不會說，如果你有功勞，我不認為可用性已經下降。

My last question. So we've heard from one of your competitors that there may be some people walking away from floor plan financing for street dealers. Can you talk about your appetite to maybe pick up some of that business, especially with having the sizable cash balance you do even notwithstanding the buybacks still have a pretty healthy cash balance. Is that something where Cavco might want to get deeper?

我的最後一個問題。因此，我們從您的競爭對手那裡聽說，可能有些人放棄為街頭經銷商提供平面圖融資。您能否談談您是否有興趣接手一些該業務，尤其是在您擁有大量現金餘額的情況下，儘管回購仍然擁有相當健康的現金餘額。這是 Cavco 想要深入研究的領域嗎？

Yes. I think we just kind of react to the situation for the most part. As you know, we've got a reasonably sizable portfolio of floor plan loans with our independent dealers. And I think as we've stayed very close -- by virtue of having that, you stay very close to the credit situation out there. So yes, we absolutely would provide floor plan financing in the right situations. We wouldn't shy away from it in this market.

是的。我認為我們在很大程度上只是對這種情況做出反應。如您所知，我們與獨立經銷商擁有相當規模的平面圖貸款組合。我認為，由於我們一直非常接近——憑藉這一點，你就非常接近那裡的信貸狀況。所以，是的，我們絕對會在適當的情況下提供平面圖融資。在這個市場上我們不會迴避它。

(Operator Instructions). Our next question comes from Michael Chapman with Aviance Capital Partners.

（操作員說明）。我們的下一個問題來自 Aviance Capital Partners 的 Michael Chapman。

A quick question on the revenue per module. It's been kind of flat like you mentioned for the last probably 5 quarters. if the developers are rolling off with -- I'm assuming they'd be at more of a kind of a wholesale margin, do you think that kind of gets picked up by more wholesale? Or could that actually have some upward bias on your rev per module?

關於每個模組的收入的一個簡單問題。正如您所提到的，過去大概 5 個季度的情況一直持平。如果開發商開始銷售——我假設他們會獲得更多的批發利潤，你認為這種利潤會被更多的批發所接受嗎？或者這實際上會對每個模組的轉速產生一些向上的偏差嗎？

You're saying if we're -- when we're working with developers are we selling that wholesale price or retail? It's that kind of question?

你是說，當我們與開發商合作時，我們是按批發價還是零售價出售？是這樣的問題嗎？

Yes, if developers are moving out, I'm assuming that they kind of get wholesale pricing. Is there any opportunity to get price increases because you're going to have more retail?

是的，如果開發商要搬出去，我假設他們會獲得批發價。由於零售量增加，是否有機會提高價格？

I'm not sure I'm following, unfortunately odd. Yes. I think you're right that there would be kind of a distribution partner in a sense, they'd be getting wholesale price. So to the extent that picks up, we'll see a little bit of a shift within our consolidated financials to more wholesale pricing. And as we've tried to explain through time about our average selling price, our average selling price is affected by the proportion of wholesale pricing to retail pricing. So in that case, as communities and developers come up, I think I'm getting your question, you would see wholesale take a bigger portion, and you might hear our reported average selling price drop a little bit. right? Is that -- am I getting that in Michael?

我不確定我是否在關注，不幸的是很奇怪。是的。我認為你是對的，從某種意義上說，會有某種分銷合作夥伴，他們會獲得批發價。因此，在這種情況有所回升的情況下，我們將看到我們的合併財務數據發生了一些向批發定價的轉變。正如我們一直試圖解釋我們的平均售價一樣，我們的平均售價受到批發定價與零售定價比例的影響。因此，在這種情況下，隨著社區和開發商的出現，我想我收到了您的問題，您會看到批發佔據更大的份額，並且您可能會聽到我們報告的平均售價略有下降。正確的？這是——我在邁克爾身上得到了這一點嗎？

Yes. No, you did. You got to it. I appreciate that. And then just kind of looking at...

是的。不，你做到了。你必須做到。我很感激。然後只是看著...

Yes. And we wouldn't consider that to be a negative because that would be incremental volume over where we're at now. So we'd be thrilled with that average selling price is an indicator, but we're looking at the bottom line.

是的。我們不會認為這是負面的，因為這將是我們現在所處位置的增量。因此，我們會對平均售價作為一個指標感到興奮，但我們正在關注底線。

No. Fair enough. And then just kind of on inventory levels. Over the last couple of years, inventory turns have gone up, inventory days have come down, obviously, through the pandemic and everything, it's changed. Are those going to come back? Or what's the time period that you would think that those would get back to levels that they were in, say, the '19 area?

不，很公平。然後就是庫存水準。在過去的幾年裡，庫存週轉率上升了，庫存天數下降了，顯然，透過疫情和一切，一切都改變了。那些人會回來嗎？或者您認為這些會在什麼時間段內恢復到 19 年區域的水平？

Yes. It's interesting because as we've gotten through the inventory problem and this is kind of a general industry statement, there's certainly a statement of our company owned stores as well, turns are getting back into good ranges anyway. They're kind of stocking at a level to -- and when you think about the incentives, let's take an independent dealer, you think about their incentives, floor plan financing has gone up in cost. So they're going to carry less inventory and make sure their turns are pretty solid. So when we look at turns even within our own system, they're pretty good right now. They're not bad at all because inventories being managed down.

是的。這很有趣，因為當我們解決了庫存問題時，這是一種普遍的行業聲明，當然也有我們公司擁有的商店的聲明，無論如何，週轉率都回到了良好的範圍。他們的庫存水準達到了——當你考慮激勵措施時，讓我們以獨立經銷商為例，你考慮他們的激勵措施，平面圖融資的成本已經上升。因此，他們將減少庫存並確保其周轉相當穩定。因此，當我們看看我們自己的系統內的回合時，它們現在就相當不錯了。它們一點也不差，因為庫存得到了控制。

Okay. And then just kind of following on, on the financing side, I mean homebuilders have been kind of keeping volumes up -- these are stick-built homebuilders, keeping volumes up by basically buying down yield. So basically using their balance sheet to increase the volume. You guys, all the big guys have really good balance sheets on that. How do you go about doing that? Or is that just something you wouldn't do in the channel market because of the credit profile that you face?

好的。然後，在融資方面，我的意思是，房屋建築商一直在保持銷量上升——這些是堅持建造的房屋建築商，透過基本上購買收益率來保持銷量上升。所以基本上是利用他們的資產負債表來增加數量。你們，所有大公司在這方面都有非常好的資產負債表。你打算怎麼做呢？還是因為您面臨的信用狀況，您在通路市場上不會這樣做？

Yes. I mean it's something that I'd say as a general rule has not been a main driver of how people have gone to market. Traditionally, in our industry, the manufacturer sales teams working with dealers, for example, have been selling on price and product. And so there hasn't been a lot of subsidizing consumer rates but it's always a tool that you kind of keep an eye on, and it's something that could become a factor. That's why I think it's good for us to -- so I'm happy that we're kind of in the position we are with CountryPlace because we can always keep an eye on that. And if the opportunity came to drive more volume by providing this kind of programs, we've got the capability to do it. It hasn't happened a lot yet. But in the end, you're trying to manage for integrated value. And so it's something that we do look at and opportunistically, we'd be willing to do it.

是的。我的意思是，我想說的是，作為一個一般規則，這並不是人們進入市場的主要驅動力。傳統上，在我們的行業中，製造商銷售團隊與經銷商合作，例如，一直在價格和產品上進行銷售。因此，消費者價格補貼並不多，但它始終是一個值得您關注的工具，並且可能成為一個因素。這就是為什麼我認為這對我們有好處——所以我很高興我們在 CountryPlace 中處於這樣的位置，因為我們可以始終關注這一點。如果有機會透過提供此類計劃來增加銷量，我們就有能力做到這一點。這種事還沒有發生很多。但最終，您要努力管理綜合價值。所以這是我們確實關注的事情，並且機會主義地，我們願意這樣做。

I mean you could have...

我的意思是你可以...

You have discipline on -- just to explain the discipline on that and just to finish that part, we've what's commonly called an asset-light model in our lending business where we don't want to hold loans. And so it creates a natural discipline that we have to have investors buying those loans and they're going to want to buy loans at market. And so if we buy it down, it's a good discipline because the economic reality of buying down that rate is staring us right in the face, right? So I think there's a lot of discipline in that.

你有紀律——只是為了解釋這方面的紀律，為了完成這部分，我們在貸款業務中採用了通常所說的輕資產模式，我們不想持有貸款。因此，它創造了一種自然規律，我們必須讓投資者購買這些貸款，並且他們將希望在市場上購買貸款。因此，如果我們下調利率，這是一個很好的紀律，因為下調利率的經濟現實就擺在我們面前，對嗎？所以我認為這裡面有很多紀律。

Okay. And then just kind of my last one. I mean, you guys in this quarter generated strong free cash flow by any stretch of the imagination in good times, you'll obviously generate more. Do you have constraints on acquisitions or the volume of acquisitions you can make just because of the concentration of the industry? I mean if you're going to do, give or take, $200 million in free cash flow and given what you guys have been paying on price of sales, you guys could make $200 million, $300 million, $400 million in revenue purchases a year. But that's a lot of revenue for what's remaining outside the big 3 or 4 guys. So I mean I look at it, and the cash flow that you guys have seems like you have almost too much to just do nothing with it. So I'm kind of wondering what the thought process is given the volume of cash flow and your ability to apply that in the market and acquisitions.

好的。然後就是我的最後一個。我的意思是，你們在本季透過任何想像在繁榮時期產生了強勁的自由現金流，顯然你們會產生更多。僅僅因為行業的集中度，您對收購或可以進行的收購數量是否有限制？我的意思是，如果你打算給予或接受2 億美元的自由現金流，並且考慮到你們在銷售價格上所支付的費用，你們每年可以賺取2 億美元、3 億美元、4 億美元的收入購買。但對於三、四巨頭以外的公司來說，這已經是一筆龐大收入了。所以我的意思是，我看了看，你們擁有的現金流似乎太多了，無法無所作為。所以我有點想知道考慮到現金流量以及您將其應用於市場和收購的能力，思考過程是如何的。

Yes. I think one answer to your question is, we don't feel constrained on acquisitions. We kind of maintain our balance sheet so that we can act strategically in acquisitions, you can look through our history have been an important part of that. So certainly don't feel constrained with either the cash balance or the cash flow we've been generating, as you identify. So we want to make sure we get those deals at the right prices, I think is the limiting factor for us. We're always kind of looking to make sure it's a fair deal for both sides.

是的。我認為你的問題的一個答案是，我們不覺得收購受到限制。我們維持我們的資產負債表，以便我們能夠在收購中採取策略行動，你可以回顧我們的歷史，這是其中的重要組成部分。因此，正如您所指出的，當然不要對我們一直在產生的現金餘額或現金流感到受限。因此，我們希望確保以合適的價格獲得這些交易，我認為這是我們的限制因素。我們總是希望確保這對雙方來說都是公平的交易。

So we've -- we've obviously used repurchases as a balancing tool on our balance sheet. We've been pretty clear with folks that we want to maintain a responsible balance sheet. And that's where the repurchases come out back into play. They're not really speculating on price. They're more trying to keep our balance sheet appropriate for keeping the dry powder to do the deals you're talking about. So anyway, I think the bottom line to your question is, we do not feel constrained and we see good opportunities in acquisitions, we feel free to do them given our strong balance sheet.

因此，我們顯然已經使用回購作為資產負債表上的平衡工具。我們已經向人們明確表示，我們希望維持負責任的資產負債表。這就是回購重新發揮作用的地方。他們並不是真的在猜測價格。他們更努力地保持我們的資產負債表適當，以便為你所說的交易提供乾粉。所以無論如何，我認為你問題的底線是，我們沒有感到受到限制，我們看到了收購的良好機會，鑑於我們強大的資產負債表，我們可以自由地進行收購。

And there's no regulatory constraints to increasing your market share?

增加市場佔有率沒有任何監管限制嗎？

We haven't gotten to that point yet, and I think there's a couple of things there. One is, as I said in my earlier remarks, it's a local business. And so that analysis really has to be done in a local business. And secondly, when you look at deals in this industry, I think we're part of the overall homebuilding industry, not just the manufactured housing industry. So we haven't really felt that we're bumping up against any kind of regulatory constraint or in concentration.

我們還沒有達到這一點，我認為有一些事情。一是，正如我之前所說，這是一家本地企業。因此，這種分析確實必須在本地企業中進行。其次，當你觀察這個行業的交易時，我認為我們是整個住宅建築行業的一部分，而不僅僅是製造住房行業。因此，我們並沒有真正感覺到我們正在遇到任何形式的監管限製或集中。

That concludes the question-and-answer session. At this time, I would like to turn it back to Bill Boor, President and CEO, for closing remarks.

問答環節到此結束。現在，我想請總裁兼執行長比爾·布爾 (Bill Boor) 致閉幕詞。

Thank you. Obviously, the focus of the call has been on financial results and understanding market dynamics at the moment. Internally, the various parts of our company are really working better than ever. For example, our marketing team continues to leverage the digital investments we make, and that's benefiting our dealers and home shoppers, and they're working seamlessly with our expanding national sales team to grow the business.

謝謝。顯然，電話會議的重點是財務表現和了解當前的市場動態。在內部，我們公司的各個部門確實比以往任何時候都運作得更好。例如，我們的行銷團隊繼續利用我們所做的數位投資，這使我們的經銷商和家庭購物者受益，他們正在與我們不斷擴大的全國銷售團隊無縫合作以發展業務。

We've got a lot going on in learning and development where I feel like we've created really world-class programs aimed at improving leadership across the enterprise and providing clear pathways for our people. And finally, the business leadership across manufacturing, retail and financial services are doing a great job teaming up to ensure we have the right products and services for our distribution partners.

我們在學習和發展方面進行了很多工作，我覺得我們已經創建了真正世界一流的計劃，旨在提高整個企業的領導力並為我們的員工提供清晰的道路。最後，製造、零售和金融服務領域的業務領導層正在出色地合作，確保我們為分銷合作夥伴提供合適的產品和服務。

As I've said before, our operators in all business segments are doing an outstanding job managing the challenging market conditions, and that's reflected in the strong cash flows despite the environment. The real focus throughout the company is on getting ready to run when economic conditions support turning the tide on the huge deficit of attainable housing in our country and getting more families into quality capital homes. That's our real focus. And these conditions really haven't taken our eye off that ball at all.

正如我之前所說，我們所有業務部門的營運商在應對充滿挑戰的市場條件方面都表現出色，這反映在儘管環境惡劣的情況下仍保持強勁的現金流。整個公司的真正重點是在經濟條件支持扭轉我國可獲得住房的巨大赤字並讓更多家庭入住優質資本住房時做好營運準備。這才是我們真正的重點。這些條件確實沒有讓我們的注意力從那個球上移開。

So thank you, as always, for your interest in Cavco. We look forward to keeping you updated on our progress.

一如既往，感謝您對 Cavco 的興趣。我們期待向您通報我們的最新進展。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。