(CVCO) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Third Quarter Fiscal Year 2024 for Cavco Industries Inc. Earnings Call Webcast.

美好的一天，感謝您的耐心等待，歡迎來到 Cavco Industries Inc. 2024 年第三季財報網路廣播。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

After the speakers' presentation, there will be a question and answer session to ask a question.

演講者演講結束後，將進行問答環節。

During the session, you will need to press star one one on your telephone.

在會議期間，您需要在電話上一一按星號。

You will then hear an automated message advising that your hand is raised.

然後您將聽到一條自動訊息，建議您舉手。

To withdraw your question, please press star one one again.

若要撤回您的問題，請再次一一按星號。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Mark Butler, Corporate Controller and Investor Relations.

現在我想將會議交給您的發言人、公司財務總監和投資者關係部馬克巴特勒 (Mark Butler)。

Please go ahead.

請繼續。

Good day, and thank you for joining us for Cavco Industries Third Quarter Fiscal Year 2024 earnings conference call.

美好的一天，感謝您參加 Cavco Industries 2024 財年第三季財報電話會議。

During this call, and you'll be hearing from Bill Boor, President and Chief Executive Officer, Allison Aden, Executive Vice President and Chief Financial Officer, and Paul Dickie, Chief Accounting Officer.

在本次電話會議中，您將聽到總裁兼執行長 Bill Boor、執行副總裁兼財務長 Allison Aden 和首席會計長 Paul Dickie 的演講。

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省、營運效率、信貸市場目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 could cause its actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of Cavco 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 any forward-looking statements in this conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast Friday, February second, 2024.

所有前瞻性陳述均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，鼓勵您查看Cavco 向證券公司提交的文件和交易委員會，包括但不限於公司最新的10-K 和10-Q 表格，其中確定了可能導致實際結果或事件與本次電話會議中任何前瞻性聲明中所述的結果或事件存在重大差異的具體因素，也包含時間敏感資訊僅截至本次直播直播之日（2024 年 2 月 2 日星期五）準確。

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.

除法律要求外，Cavco 不承擔修改或更新任何書面或口頭前瞻性聲明以反映本次電話會議之後發生的事件或情況的義務。

I will now like to turn the call over to Bill Boor, President and Chief Executive Officer.

我現在想將電話轉給總裁兼執行長比爾·布爾 (Bill Boor)。

Bill.

帳單。

Welcome and thank you for joining us today to review our third quarter results.

歡迎並感謝您今天加入我們回顧我們第三季的業績。

While the earnings release focuses on year-over-year comparisons in this market, I believe that to quarter developments are more relevant to understanding current market dynamics.

雖然收益發布的重點是該市場的同比比較，但我認為季度發展更有助於了解當前的市場動態。

It's not to disregard any insights and bigger picture takeaways regarding the dynamics a year ago relative to day last year.

這並不是忽視有關一年前相對於去年的動態的任何見解和更大的圖景。

We were a couple of quarters into the effect of rising interest rates.

利率上升的影響已經持續了幾個季度。

Industry backlogs were higher than now, but they were declining rapidly and the pace and direction of backlogs is generally more important than the level as we wrapped up this third quarter.

行業積壓訂單比現在更高，但正在迅速下降，積壓訂單的速度和方向通常比我們第三季結束時的水平更重要。

Great.

偉大的。

In fact, on a same plant basis, we have now seen five quarters of increasing net orders and backlogs are stabilized, albeit at low capacity utilization.

事實上，在同一家工廠的基礎上，我們現在看到五個季度淨訂單和積壓訂單的成長已趨於穩定，儘管產能利用率較低。

So while economic uncertainty remains, the trends are pointed in the right direction as we emerge from the typically slower winter and holiday months.

因此，儘管經濟不確定性依然存在，但隨著我們擺脫通常放緩的冬季和假期月份，趨勢已指向正確的方向。

The positive trending we are seeing in the market is coming from the dealer channel.

我們在市場上看到的正面趨勢來自經銷商通路。

Their traffic remains healthy and conversions are improving.

他們的流量保持健康並且轉換率正在提高。

Buyers are adjusting to the now steadier interest rates and to the reality of how much home they can afford.

買家正在適應現在更加穩定的利率以及他們能夠負擔得起的房屋數量的現實。

The underlying need for affordable housing is coming to the forefront and driving modest but meaningful quarter-to-quarter order improvements as discussed over the past few quarters, community orders continued to be off considerably as industry backlogs decreased in the latter part of 2022.

正如過去幾季所討論的那樣，對經濟適用房的潛在需求正在成為首要問題，並推動了適度但有意義的季度訂單改善，隨著2022 年下半年行業積壓的減少，社區訂單繼續大幅下降。

Deliveries to communities accelerated, which resulted in excess community inventories going into calendar 2023.

向社區的交付速度加快，導致 2023 年社區庫存過剩。

The issue is not whether there are buyers or renters once a given unit is put into service, it's how quickly the units can be permitted and set to reduce the inventory and resume more normal orders.

問題不在於一旦某個特定單元投入使用後是否有買家或租戶，而是該單元可以多快獲得許可並設置以減少庫存並恢復更正常的訂單。

In other words, placements are occurring at a much higher pace than orders until balances reestablished the natural question is when will this balance be achieved?

換句話說，在重新建立平衡之前，放置的速度比訂單的速度要快得多，自然的問題是何時才能實現這種平衡？

Of course, varies by operator and location.

當然，因運營商和地點而異。

However, the outlook for this calendar year is considerably better than last.

然而，今年的前景比去年好得多。

Based on our discussions with community operators and developers.

基於我們與社區營運商和開發商的討論。

We expect we will see increased community orders as the year unfolds.

我們預計隨著時間的推移，我們將看到社區訂單的增加。

Against that market backdrop, we've stabilized our backlog over the past three quarters by matching production to the pace of orders or capacity utilization remained steady this quarter, about 60%.

在此市場背景下，我們將生產與訂單節奏相匹配，穩定了過去三個季度的積壓訂單，本季產能利用率保持穩定，約為 60%。

And while the value of orders in the backlog declined from $170 million last quarter to 160 million in Q three.

儘管積壓訂單價值從上季的 1.7 億美元下降至第三季的 1.6 億美元。

The number of units in the backlog increased 3%.

積壓的單位數量增加了 3%。

Quarter Ending backlog represents five to seven weeks of production, consistent with last quarter at stability is an important point coming through the winter months and heading into what we typically would expect to be better selling months.

季末積壓代表了五到七週的生產，與上個季度一致，穩定是整個冬季月份和進入我們通常預期的銷售更好月份的一個重要點。

We have a number of plants operating at reduced schedules that are looking to increase when the market supports.

我們有許多工廠的運作時間縮短，但當市場支援時，我們希望增加營運時間。

On the margin side, pricing has been relatively stable while our overall factory based housing gross margin declined 0.8% sequentially.

在利潤率方面，定價相對穩定，而我們工廠住宅的整體毛利率則是環比下降了 0.8%。

This was driven more by the cost side and how cost of goods sold flowed through our manufacturing and retail sales.

這更多是由成本方面以及銷售成本如何流經我們的製造和零售銷售所推動的。

Big picture margins remain healthy at 22.4% in our housing segment and prices are continuing to hold for the most part.

我們的住房領域的整體利潤率保持在 22.4% 的健康水平，價格在很大程度上繼續保持不變。

Overall, our quarterly revenue was down about 1% sequentially to $447 million and pretax income dropped from $52 million last quarter to $44 million before repurchases.

整體而言，我們的季度營收季減約 1% 至 4.47 億美元，稅前收入從上季的 5,200 萬美元下降至回購前的 4,400 萬美元。

And after acquisitions, cash flow was about positive $25 million.

收購後，現金流約 2,500 萬美元。

We used $50 million to repurchase shares, which resulted in our cash balance being down $24 million relative to last quarter.

我們花了 5,000 萬美元回購股票，這導致我們的現金餘額比上季減少了 2,400 萬美元。

Before handing the call over, it was good to see many of you at the Louisville show a couple of weeks ago among a number of other innovative homes.

在轉交電話之前，很高興在幾週前的路易斯維爾展會上看到你們中的許多人在許多其他創新住宅中。

We brought our new Anthem series duplex to Louisville, the Anthem as the first nationally available HUD approved multifamily unit.

我們將新的 Anthem 系列複式公寓帶到了路易斯維爾，Anthem 是全國第一個獲得 HUD 批准的多戶單元。

We're very excited about the affordability benefits these homes offer and the interest level has been tremendous, particularly with developers and community operators.

我們對這些房屋提供的負擔能力優勢感到非常興奮，而且人們的興趣非常濃厚，尤其是開發商和社區營運商。

I also wanted to recognize and welcome Dustin Ewing and the people from Kentucky dream homes to the Cavco family.

我還想認可並歡迎達斯汀尤因和來自肯塔基州夢想家園的人們加入 Cavco 大家庭。

Kentucky Dream Homes operates five well-managed sales centers in Kentucky and Florida and we joined forces through an acquisition in the third quarter.

肯塔基州夢想之家在肯塔基州和佛羅裡達州經營五個管理良好的銷售中心，我們在第三季透過收購聯手。

Thus and his team are strong operators and great people to be associated with.

因此，他和他的團隊都是強大的運營商和值得交往的人。

And we're very excited to be on the same team.

我們很高興能在同一個團隊。

With that, I'd like to turn it over to Alison 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.

謝謝你，比爾。

Net revenue for the third fiscal quarter of 2024 was $446.8 million, down $53.8 million or 10.8% compared to $500.6 million during the prior year.

2024 年第三財季淨收入為 4.468 億美元，比去年同期的 5.006 億美元減少 5,380 萬美元，成長 10.8%。

Sequentially, net revenues decreased $5.3 million, driven by a reduction in units sold, partially offset by higher revenues in financial services within the factory-built housing segment net revenue was $427 million, down $54.2 million or 11.3% from $481.2 million in the prior year quarter.

Sequentially, net revenues decreased $5.3 million, driven by a reduction in units sold, partially offset by higher revenues in financial services within the factory-built housing segment net revenue was $427 million, down $54.2 million or 11.3% from $481.2 million in the prior year四分之一.

The decrease was primarily due to a 13.7% decline in base business unit volume and a 5.3% decline in average revenue per home sold, partially offset by the Solitaire acquisition, which contributed $33 million during the quarter.

下降的主要原因是基礎業務單位銷售下降了 13.7%，每套房屋平均銷售收​​入下降了 5.3%，部分被 Solitaire 收購所抵消，該收購在本季度貢獻了 3,300 萬美元。

The decrease in average revenue per home revenue per home was primarily due to more single wides in the mix and to a lesser extent, a decline in product pricing sequentially.

每戶平均收入的下降主要是由於組合中單一寬幅產品的增加，以及較小程度產品定價的連續下降。

For the factory-built housing segment, net revenue was down $7.1 million or 1.6% from $434.1 million.

對於工廠建造的住房領域，淨收入從 4.341 億美元下降了 710 萬美元，即 1.6%。

The decrease was primarily due to a 2.1% decline in units sold, partially offset by higher average revenue per home, primarily due to more double wides in the mix and a higher proportion of homes sold through our Company owned stores.

下降的主要原因是銷售量下降了 2.1%，但部分被每戶平均收入的增加所抵消，這主要是由於組合中雙寬房屋的數量增加以及透過我們公司自有商店銷售的房屋比例更高。

Factory utilization for Q3 of 2024 was approximately 60% when considering all available production days, but with nearly 70% excluding scheduled downtime for market or whether this utilization level was consistent with the past three quarters.

考慮到所有可用生產天數，2024 年第三季的工廠利用率約為 60%，但不包括計劃的市場停機時間或該利用率水準是否與過去三個季度一致，則接近 70%。

Financial Services segment net revenue increased 2.1% to $19.8 million from $19.4 million, primarily due to more insurance policies in force, partially offset by fewer loan sales.

金融服務部門淨收入從 1,940 萬美元增加 2.1% 至 1,980 萬美元，主要是由於有效的保單增加，但部分被貸款銷售減少所抵銷。

Consolidated profit in the third fiscal quarter as a percentage of net revenue was 23.1%, down 330 basis points from 46.4% in the same period last year.

第三財季合併利潤佔淨收入的比例為23.1%，較去年同期的46.4%下降330個基點。

In the factory-built housing segment, the gross margin decreased 310 basis points at 22.4% in Q3 of 2024 versus 25.5% in Q3 of 2023, driven by lower average selling prices and volumes, partially offset by lower input costs per floor comparing to the sequential fiscal Q2 of 2024, while average selling prices increased due to a higher proportion of homes sold through company-owned retail stores, cost per unit sold also increased with a net effect in an 80 basis point reduction in factory built housing gross margin.

在工廠建造的房屋領域，由於平均售價和銷量下降，2024 年第三季的毛利率下降了310 個基點，為22.4%，而2023 年第三季為25.5%，部分被每層投入成本較低所抵銷。2024 年第二財季，雖然由於透過公司自營零售店銷售的房屋比例較高，平均售價有所上漲，但每單位銷售成本也有所增加，淨效應是工廠建造的房屋毛利率下降了80 個基點。

Gross margin as a percentage of revenue in financial services decreased to 36.8% in Q3 of 2024 from 46.6% in Q3 of 2023 from higher insurance claim activity.

由於保險理賠活動增加，毛利率佔金融服務收入的百分比從 2023 年第三季的 46.6% 降至 2024 年第三季的 36.8%。

Financial services gross margin increased sequentially 90 basis points to 36.8% from 35.9% due to higher net insurance premiums earned, selling, general and administrative expenses in Q3 of 2024 were $63.3 million or 14.2% of net revenue compared to $58.9 million or 11.8% of net revenues during the same quarter last year.

由於淨保費增加，金融服務毛利率較上季成長90 個基點，從35.9% 增至36.8%，2024 年第三季的銷售、一般及管理費用為6,330 萬美元，佔淨收入的14.2%，而2024 年第三季的淨收入為5,890 萬美元，佔淨收入的11.8%。去年同一季度的淨收入。

Sequentially, SG&A increased $1.8 million increase in both periods is primarily due to higher costs in Q3 of 2024 related to the ongoing litigation between indemnified former officer of the NESCC., as well as higher compensation expense from acquisitions.

隨後，SG&A 在這兩個時期增加了 180 萬美元，主要是由於 2024 年第三季與 NESCC 受賠償的前官員之間正在進行的訴訟相關的成本增加，以及收購帶來的補償費用增加。

Interest income for the third quarter was $5.2 million, up 46.2% from the prior year quarter and down 9.9% over the sequential quarter.

第三季利息收入為 520 萬美元，比去年同期成長 46.2%，比上一季下降 9.9%。

The increase over the prior year is primarily due to higher interest rates, whereas the sequential decrease is related to a lower average cash balance over the period.

較上年增加的主要原因是利率上升，而環比下降則與期內平均現金餘額較低有關。

Interest expense this quarter was $0.8 million compared to $0.2 million in the prior year quarter.

本季的利息支出為 80 萬美元，而去年同期的利息支出為 20 萬美元。

Interest relates to adjustments of our redeemable non-controllable interest in Craftsman home LLC.

利息與我們在 Craftsman home LLC 中的可贖回非可控權益的調整有關。

Net other expense this quarter was $0.2 million compared to $0.3 million in the prior year quarter.

本季其他淨費用為 20 萬美元，去年同期為 30 萬美元。

Pretax profit for Q3 2024 was $43.9 million, down $32.2 million from the prior year period.

2024 年第三季稅前利潤為 4,390 萬美元，比去年同期減少 3,220 萬美元。

Effective income tax rate was 18% for the third fiscal quarter compared to 21.7% in the same period last year.

第三財季有效所得稅率為18%，去年同期為21.7%。

The change between periods is primarily the result of higher benefits from stock option exercises.

期間之間的變化主要是由於股票選擇權行使帶來的收益增加所致。

Net income attributable to Cavco shareholders was $36 million compared to net income of $59.5 million in the same quarter of the prior year.

Cavco 股東應佔淨利為 3,600 萬美元，而上年同期淨利為 5,950 萬美元。

And diluted earnings per share in Q3 of 2024 was $4.27 per share versus $6.66 per share in last year's third quarter.

2024 年第三季的攤薄每股收益為 4.27 美元，去年第三季為 6.66 美元。

Before we discuss the balance sheet, I'd like to take a minute to talk further about capital allocation.

在我們討論資產負債表之前，我想花一點時間進一步討論資本配置。

As announced with our press release, the Company's Board of Directors approved a new $100 million stock repurchase program that can be used to purchase its outstanding common stock.

正如我們在新聞稿中宣布的那樣，公司董事會批准了一項新的 1 億美元股票回購計劃，可用於購買其已發行的普通股。

This increases the total available to $139 million, including the amount remaining under the program announced in 2023 after our purchase of $50 million this quarter, our strategic capital allocation priorities remain an improvement, further acquisitions and ongoing evaluation of the opportunities in our lending operation.

這使得可用總額增加到1.39 億美元，包括我們本季度購買5000 萬美元後在2023 年宣布的計劃中剩餘的金額，我們的戰略資本配置優先事項仍然是改進、進一步收購以及對我們貸款業務機會的持續評估。

We continue to use stock buybacks as a tool to responsibly manage our balance sheet.

我們繼續使用股票回購作為負責任地管理資產負債表的工具。

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。

And Callison.

還有卡里森。

So I'm going to cover the changes in the December 30th, 2023 balance sheet from April first, 2023, our cash balance was $352.8 million, up $81.4 million or 30% from $271.4 million at the end of the prior fiscal year.

因此，我將介紹自2023 年4 月1 日起，2023 年12 月30 日資產負債表的變化，我們的現金餘額為3.528 億美元，比上一財年末的2.714 億美元增加了8,140 萬美元，即30%。

The increases are primarily due to net income adjusted for noncash items such as depreciation and stock compensation expense and working capital adjustments, including the following inventory decreases, which provided $51.2 million from lower balances of raw materials at our production facilities and finished goods at our retail locations, decrease in accounts receivable of $18.2 million.

增加的主要原因是對非現金項目（例如折舊和股票補償費用以及營運資本調整）進行調整後的淨利潤，包括以下庫存減少，這為我們生產設施的原材料和零售成品的餘額減少提供了5120 萬美元應收帳款減少 1,820 萬美元。

Prepaid, another asset decreases provided $9.9 million.

另一項資產減少為預付 990 萬美元。

Primary uses of cash for the nine months.

這九個月的現金主要用途。

Offsetting the above include decreases in accounts payable, accrued expenses and other liabilities of approximately $23 million, our acquisition of five retail stores and associated inventory for $19.7 million in share repurchases for $96.8 million outside of cash, consumer and commercial loans decreased from the paydown of the associated loans that were greater than the amount of new loan originations, prepaid and other assets was lower due to lower prepaid income taxes and a reduction in delinquent Fannie Mae loans.

抵銷上述影響的包括應付帳款、應計費用和其他負債約2,300 萬美元的減少，我們以1,970 萬美元的價格收購了5 家零售店和相關庫存，以9,680 萬美元的現金、消費者和商業貸款以外的股份回購減少了還款額由於預付所得稅降低和房利美拖欠貸款減少，大於新發放貸款、預付和其他資產金額的相關貸款較低。

The remaining change is due to normal amortization of prepaid property, plant and equipment net is down from the sale of unutilized equipment acquired with Solitaire home accrued expenses and other current liabilities are down from lower accrued bonuses, customer deposits and commission taxes.

剩餘的變化是由於預付財產、廠房和設備淨額的正常攤銷減少了與Solitaire 房屋應計費用一起購買的未使用設備的銷售，而其他流動負債則減少了應計獎金、客戶存款和佣金稅。

Lastly, stockholders' equity exceeded $1 billion, up $32.4 million from $976.3 million as of April first, 2023.

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 3,240 萬美元。

Now I'll turn it back to Bill.

現在我會把它轉回給比爾。

Thanks.

謝謝。

Thanks, Paul.

謝謝，保羅。

Tony, why don't we just go ahead and turn it over for questions.

東尼，我們為什麼不直接把它交給問題呢？

Certainly, ladies and gentlemen, if you do have a question at this time please press star one one on your telephone and wait for your name to be announced.

當然，女士們、先生們，如果您此時確實有疑問，請按電話上的星號一一，等待您的名字被宣布。

To withdraw your question, please press star one again.

若要撤回您的問題，請再次按星號一。

Please stand by while we compile the Q&A roster.

我們正在整理問答名單，請稍候。

And one moment for our first question, which will come from Daniel Moore, CG. and securities.

我們的第一個問題將由 CG 丹尼爾·摩爾 (Daniel Moore) 提出。和證券。

Your line is open.

您的線路已開通。

Good morning, Bill Allison, Paul.

早安，比爾艾利森，保羅。

Good afternoon.

午安.

I should say off the East Coast, but thanks for the time and taking the questions on maybe start with your kind of outlook, what are your expectations for sequential growth in production and shipments in terms of both modules as well as the number of homes as we look to the March quarter relative to December and a similar question, what are your expectations for average selling price.

我應該說是在東海岸，但感謝您抽出寶貴的時間並回答問題，也許可以從您的前景開始，您對模組的產量和出貨量以及房屋數量的連續增長有何期望？我們看看相對於12 月的3 月季度以及類似的問題，您對平均售價的預期是多少。

And then um, so you know, we don't give guidance.

然後嗯，所以你知道，我們不提供指導。

And I guess every time we get asked that question, I always feel like we're in a at a point.

我想每次我們被問到這個問題時，我總覺得我們正處於某個時刻。

It always feels like we're in a point where it could go one way or the other rate.

總感覺我們正處於一個可能以一種方式或另一種速度發展的時刻。

I think of you probably took from some of my comments that the general feeling is pretty positive going into the spring, the that's mostly coming from just how well the dealer channels going.

我認為您可能從我的一些評論中了解到，進入春季的整體感覺非常積極，這主要來自於經銷商通路的進展。

And so we feel like we're in a position to respond to the upside and that's where most of our most of our energies are at this point is getting ready for that upside.

因此，我們覺得我們有能力應對上行趨勢，而此時我們大部分的精力都在為上行趨勢做好準備。

But we don't have the specifics and our expectation to share at this point.

但我們目前沒有具體細節和期望可以分享。

Understood.

明白了。

I guess what would it maybe talk about when you would expect to have a better sense of the true underlying demand right now?

我想當您希望更好地了解現在真正的潛在需求時，它可能會談論什麼？

It's been improving sequentially and certainly strong kind of seasonal perspective.

它一直在連續改善，並且肯定具有很強的季節性前景。

But you know, by April May, when do you have a better sense for whether you might be in position to start to ramp production?

但你知道，到四月五月，你什麼時候才能更好地判斷是否可以開始提高產量？

Yes, absolutely are.

是的，絕對是。

We're sitting here beginning of February, always making very general statements when we do a market locally, as I always remind everyone.

正如我總是提醒大家的那樣，我們在二月初坐在這裡，當我們在當地做市場時，總是做出非常籠統的陳述。

But I think internally we're kind of looking until late February, March timeframe, too.

但我認為，我們內部也會考慮二月下旬、三月的時間框架。

And we see an uptick see the normal selling season and how that develops.

我們看到正常銷售季節的成長以及其發展。

And so we garner in that waiting mode right now coming out of the winter and the holidays.

因此，從冬天和假期結束後，我們現在就處於等待模式。

So in the next couple of months, we'll know whether we saw the meaningful improvement that we're hoping for in the spring or whether there's some other issues online up.

因此，在接下來的幾個月中，我們將知道是否看到了我們希望在春季看到的有意義的改進，或者是否存在其他一些線上問題。

I feel like as I said in my comments, I think the buyers there via interest rates have stabilized and they're higher than they were a bit ago and that's hard for people, but they are kind of acclimating to that.

我覺得正如我在評論中所說，我認為那裡的買家通過利率已經穩定下來，而且利率比之前更高，這對人們來說很難，但他們正在適應這一點。

In some cases.

在某些情況下。

I think we've got good room for good indications there, and they recognize they can't buy as big at home as they could have, but if they had done so a couple of years ago, but they're adjusted to all that.

我認為我們有足夠的空間來展示良好的跡象，他們認識到他們無法在家裡購買盡可能大的東西，但如果他們幾年前就這樣做了，但他們已經適應了這一切。

So the underlying demand and I would include, as my comments said, I would include the communities as well.

因此，正如我的評論所說，我將包括潛在的需求，我也會包括社區。

And as you can get a home said they've got a renter or a buyer for that home.

當你可以獲得房屋時，他們說他們已經有該房屋的房客或買家。

So we should see some improvement from or we're hoping we'll be watching to see some improvement in the selling season.

因此，我們應該會看到銷售季節的一些改善，或者我們希望我們會看到銷售季節的一些改善。

And as the year end skews and as the year unfolds.

隨著年末的到來和新的一年的展開。

We're also looking for that community order pattern to start improving.

我們也在尋找社區秩序模式來開始改進。

And just based maybe it's more anecdotal bill, but based on your conversations with some of the community operators and where are we now fits the baseball analogy in that, you know, getting through the inventory trouble issues or the set and finish challenges?

僅基於這可能是更多軼事賬單，但根據您與一些社區運營商的對話，我們現在在哪裡適合棒球類比，您知道，解決庫存問題或設置和完成挑戰？

Or I know it's market by market, but Tom?

或者我知道這是逐個市場的，但是湯姆？

Yes, in general, we have quarters to go.

是的，總的來說，我們還有宿舍要走。

We know getting to tag ends and waiting on orders.

我們知道如何到達標籤末端並等待訂單。

What are you hearing?

你聽到什麼？

Yes, this is completely anecdotal and field based on those discussions and your I'll make an analogy.

是的，這完全是基於這些討論和你的軼事和領域，我會做一個類比。

You remember when we were coming out of the retail inventory issue, it wasn't sudden, right?

你還記得當我們擺脫零售庫存問題時，這並不突然，對吧？

I mean, it just kind of happens individually and it builds off the next thing.

我的意思是，它只是單獨發生，並以以下一件事為基礎。

You know, you're not talking about the problem anymore.

你知道，你不再談論這個問題了。

So I think it's going to feel like that.

所以我想會有那樣的感覺。

But in our discussions in my discussions with folks that the larger community operators, they definitely are projecting higher order rates for calendar year '24 than '23.

但在我們與大型社區業者的討論中，他們預計 24 日曆年的訂單率肯定會高於 23 日曆年。

And so I think in order for that to take place, we should see some improvement in the next couple of quarters.

因此，我認為為了實現這一目標，我們應該在接下來的幾季看到一些改進。

Helpful.

有幫助。

Last one, I'll jump out.

最後一張，我要跳了。

Thanks for the color, Alison as well on gross margin front and the timing of kind of how COGS are rolling through on kind of current levels, just speak to your confidence around holding gross margins where we are at these levels and what kind of potential upside we might have on if and when as the demand comes back and capacity utilization improves?

謝謝你的顏色，艾莉森以及毛利率方面的問題，以及銷貨成本如何在當前水平上滾動的時間安排，請談談你對保持我們目前的毛利率水平以及潛在的上行空間的信心隨著需求回升和產能利用率提高，我們可能會考慮是否以及何時？

Thanks again.

再次感謝。

Yes, sure, Dan.

是的，當然，丹。

Thanks for the question.

謝謝你的提問。

Is just you know, as we said big picture, the factory-built housing margins remain very healthy at 22.4% this quarter.

如您所知，正如我們所說的總體情況，本季工廠建造的住房利潤率仍然非常健康，為 22.4%。

And prices are continuing really to hold for the most part and well we know as ground based on our products for the comments, it's really hard to speculate on price as a company and as the pricing and costs are obviously going to be the key elements determining future margins and from a company and the price we're seeing some regions for pressure is becoming more apparent and some where it's not.

價格在很大程度上繼續保持不變，而且我們知道，根據我們的產品評論，作為一家公司，很難推測價格，因為定價和成本顯然將成為決定價格的關鍵因素。未來的利潤率和公司的價格，我們看到一些地區的壓力變得更加明顯，而另一些地區則不然。

So it's some mixed bag.

所以這是一個混合包。

Also the from a cost perspective, we've seen the movement in commodities can be a little volatile and hard to predict.

此外，從成本角度來看，我們已經看到大宗商品的走勢可能有點波動且難以預測。

And so we continue to watch lumber and OSB as we said last quarter, we believe that we're doing a good job of really merit now managing on our cost of sales.

因此，正如我們上季度所說，我們繼續關注木材和定向刨花板，我們相信我們現在在管理銷售成本方面做得很好，確實值得。

And if we see the top line increase, we certainly have leverage still of absorption costing within our cost of goods and also added SG&A level.

如果我們看到收入增加，我們當然仍然可以在我們的商品成本中吸收成本核算的槓桿作用，並且還增加了SG&A水平。

Pedro back with any follow-ups.

佩德羅回來並進行任何後續行動。

Thank you.

謝謝。

Thanks, Dan.

謝謝，丹。

And one moment front question and our next question will be coming from Greg Palm of Craig-Hallum Capital Group.

剛才的問題和我們的下一個問題將來自 Craig-Hallum Capital Group 的 Greg Palm。

Your line is open.

您的線路已開通。

Thanks.

謝謝。

This is Danny acreage on for Greg today.

這是今天格雷格的丹尼土地。

I'm hoping to just kind of go back and touch on on what you're seeing in fiscal Q4 again.

我希望能再次回顧一下您在第四財季所看到的情況。

And can you maybe just remind us, I know it's kind of jumped during the past the seasonality from December to March quarter?

您能否提醒我們，我知道在過去的 12 月至 3 月季度的季節性期間，它有點跳躍？

And maybe on top of that on any impacts that you felt from maybe adverse weather in the month of January?

除此之外，您是否感受到一月惡劣天氣帶來的任何影響？

Let me take the second part first.

我先來說第二部分。

We did have on some pretty isolated down days due to the weather.

由於天氣原因，我們確實經歷了一些非常孤立的日子。

I know in Texas, we had some in the Northwest, but I think it was to an extent that we're hoping we can make it up and over the course of this quarter, if that makes sense because we are running at a reduced overall rate.

我知道在德克薩斯州，我們在西北地區有一些，但我認為在某種程度上我們希望我們能夠在本季度內彌補這一點，如果這有意義的話，因為我們的總體運行正在減少速度。

And so while we did have some down days.

因此，雖然我們確實經歷了一些低迷的日子。

It shouldn't really knock us off where we would end the quarter otherwise on a production basis.

它不應該真正讓我們在本季末的生產基礎上陷入困境。

If that makes sense on the seasonality, I know we've looked at that Mark might have a comment on the percentages.

如果這對季節性有意義，我知道我們已經看到馬克可能會對百分比發表評論。

But what I'll say before we say that is we look at seasonality over a long period of time in many years and you can kind of glean from that what a average seasonal change will be.

但在我們說之前我要說的是，我們在很多年的很長一段時間內觀察季節性，你可以從中了解到平均季節性變化是什麼。

And yet I think when you look at any given year, it never really plays out that way.

但我認為，當你審視任何一年時，你會發現事情從來都不是這樣的。

Because the macroeconomic factors probably weigh heavier than the seasonality at times.

因為宏觀經濟因素有時可能比季節性因素更重要。

But given that markup checkmark, my recollection at most 10%.

但考慮到標記複選標記，我的記憶最多為 10%。

Yeah.

是的。

As I say, around 5%, probably.

正如我所說，大概是 5% 左右。

5% to 10%.

5%到10%。

But again, we are hitting the better part of that from a seasonality perspective.

但同樣，我們從季節性角度來看，正在實現更好的部分。

Okay, got it.

好，知道了。

And then maybe just touching on ASPs again, you kind of commented that within the backlog, you're seeing some lower ASPs.

然後也許只是再次觸及 ASP，您評論說，在積壓的訂單中，您看到了一些較低的 ASP。

So I guess is that a good proxy for this current quarter on ASPs and And within that, is that just kind of mix then?

所以我想這是本季度 ASP 的一個很好的代表，並且在其中，這只是一種混合嗎？

Or what are we seeing there?

或者我們在那裡看到了什麼？

Yes.

是的。

What I would say is on we've kind of had a movement and we've talked about in previous quarters that if you looked on a year over year basis, we're selling more single section units and multi-section units.

我想說的是，我們已經發生了一些變化，我們在前幾個季度已經討論過，如果你逐年觀察，我們正在銷售更多的單節單元和多節單元。

So I would suggest and I look around I see your reaction to I would suggest that our lower value in the on the backlog is more driven by that change than it is by the fundamental pricing that we've given you.

因此，我建議，我環顧四周，看到您的反應，我建議，我們在積壓訂單中的較低價值更多地是由這種變化驅動的，而不是由我們給您的基本定價驅動的。

I think that's your question, but let me note.

我想這是你的問題，但讓我注意一下。

And as I said to your question.

正如我對你的問題所說的。

Yes, yes, you just kind of mentioned that pricing was holding steady, but but backlogs ASPs were kind of coming down.

是的，是的，您剛才提到定價保持穩定，但積壓的平均售價有所下降。

So I was just wondering if that was mix or what says.

所以我只是想知道這是混合還是說了什麼。

Yes, to answer that.

是的，要回答這個問題。

Yes, the backlog moves more to a character.

是的，積壓工作更多地轉移到了角色上。

It's gotten more single wides and multi-section than you're going to naturally see that value per unit go down, right.

它的單寬度和多部分數量比您自然會看到的每單位價值下降的數量要多，對吧。

Yes.

是的。

Okay.

好的。

That makes sense.

這就說得通了。

And maybe just one last more on on maybe the Anthem product arm, just kind of initial interest and you're showing that off of the Louisville show and and how big you think that could be and what the market could potentially be like that for that a certain product.

也許只是關於 Anthem 產品部門的最後一個，只是一種最初的興趣，你在路易斯維爾的展會上展示了這一點，以及你認為它可能有多大以及市場可能是什麼樣的某種產品。

Yes, we're obviously really excited about.

是的，我們顯然非常興奮。

I mean, this is a change has been made after a lot of work at the industry level, basically with HUD to allow multifamily units to be coded under the HUD code and we are excited about it.

我的意思是，這是在行業層面進行了大量工作之後做出的改變，基本上是透過 HUD 來允許多戶單元在 HUD 代碼下進行編碼，我們對此感到興奮。

We had a launch event, one of our lead, basically our lead plan on this is the Rocky Mountain Virginia plant.

我們舉辦了一場發布會，我們的主導活動之一，基本上我們的主導計劃是弗吉尼亞落基山工廠。

And we had a launch event in early December.

我們在 12 月初舉辦了一場發布會。

And I was there and I was really impressed by the support we're getting not only from dealers and community operators, but also from municipalities showing up looking for solutions to their density and affordability issues.

我在那裡，我對我們不僅從經銷商和社區運營商那裡得到的支持印象深刻，而且還從那些尋求解決密度和負擔能力問題的市政當局那裡得到了支持。

And so we've talked about as being a nationally available, we're going to produce that variations of the Anthem product and there's more than one floor plan, the variations that we're going to produce in plants across the country.

因此，我們已經討論過，作為全國範圍內可用的產品，我們將生產 Anthem 產品的各種變體，並且有不止一個平面圖，我們將在全國各地的工廠生產這些變體。

So yet I don't have any numbers for you to share at this point, but we've been really excited about the interest level.

目前我還沒有任何數據可以分享，但我們對人們的興趣程度感到非常興奮。

And if you think about it, if you're running, let's just take the example, the community operator, the opportunity to get some density, you're going to get more revenue essentially from a given life.

如果你想一想，如果你正在跑步，讓我們舉個例子，社區運營商，有機會獲得一定的密度，你將從本質上從給定的生活中獲得更多的收入。

And at the same time, those two residences or households are going to both benefit from the density with lower cost.

同時，這兩個住宅或家庭都將以較低的成本受益於密度。

And so that's what that's what solving the affordability issues all about.

這就是解決負擔能力問題的全部。

So I appreciate you asking because obviously, we're pretty excited about it.

所以我很感謝你提出這個問題，因為顯然我們對此感到非常興奮。

Yes.

是的。

Sounds like sounds like a lot of good stuff.

聽起來好像有很多好東西。

So I'll leave it there.

所以我會把它留在那裡。

Thanks.

謝謝。

Thank you.

謝謝。

And one moment for our next question.

請稍等一下我們的下一個問題。

And our next question will be coming from Jay McCanless of Wedbush Your line is open.

我們的下一個問題將來自 Wedbush 的 Jay McCanless 您的線路已開通。

Andre.

安德烈.

Good morning and warm.

早安，溫暖。

So Bill, could you maybe talk about the Kentucky dream acquisition?

那麼比爾，你能談談肯塔基州的夢想收購嗎？

How many owned stores is that take Capco to now?

Capco 至今擁有多少家直營店？

And what's kind of your outlook for more acquisitions like this come in the coming year?

您對來年進行更多此類收購有何看法？

Yes, we had a bit of an increase in our total owned stores, some and it came a big chunk of that came through the Solitaire acquisition a year ago, and we were in the low 40s before that solitary, I think brought us 22.

是的，我們擁有的商店總數有所增加，其中一些是透過一年前收購Solitaire 實現的，在收購Solitaire 之前，我們的商店數量在40 多歲左右，我想這給我們帶來了22 家商店。

And then with a few greenfields.

然後還有一些綠地。

And then the Kentucky Dream Homes acquisition were 72 now.

然後肯塔基州夢想家園的收購現在已經是 72 家了。

And so I think you're asking for a little more detail on those assets as they reach it.

因此，我認為您要求提供有關這些資產的更多詳細資訊。

We are just yes.

我們只是是的。

Are there are there other larger dealer change out there that you might be looking at from an M&A perspective?

您是否會從併購的角度考慮其他更大的經銷商變化？

And if there are what kind of is the goal to get to 100, 150.

如果有的話，達到100、150的目標是什麼？

What's what's kind of your long-term vision for the retail stores.

您對零售店的長期願景是什麼？

Yet on updating back and tell you how we think about retail real quickly.

不過，我們很快就會更新並告訴您我們對零售業的看法。

We have not generally had a strategy is trying to grow retail for its own sake.

我們通常沒有一個策略是為了零售業本身而嘗試發展零售業。

We've had a strategy has been very clear that we want to look at every one of our plants in a local market and make sure we've got the right access to market.

我們的策略非常明確，我們希望在當地市場上考察我們的每一家工廠，並確保我們擁有正確的市場准入機會。

So if we look down the road and we see, for example, others on integration by competitors and that increases our risk of distribution.

因此，如果我們展望未來，我們會看到，例如，其他競爭對手正在整合，這會增加我們的分銷風險。

That's when we tried to figure out a good solution.

那時我們試著找出一個好的解決方案。

That solution could be a good thing from developing a closer partnership with the existing dealer independent dealer two on greenfield and two acquisitions in the example that Kentucky dream on.

該解決方案可能是一件好事，因為與肯塔基州夢想的例子中現有的經銷商獨立經銷商兩個綠地和兩次收購建立了更密切的合作夥伴關係。

So we don't have a goal to reach a certain level we're not pushing growth in the retail segment necessarily.

因此，我們沒有達到一定程度的目標，我們不一定會推動零售領域的成長。

We're only happy to make a good acquisition when it's on both the good investment and improves our distribution, Kentucky dream.

只有在良好的投資和改善我們的分銷的情況下，我們才會高興地進行一次良好的收購，這是肯塔基州的夢想。

And this is a great example of that.

這是一個很好的例子。

I mean, does run a great business.

我的意思是，確實經營著一家偉大的企業。

They've built a great business and really thrilled at the fact that he stay on board and as management team stay on board because they're here what they do.

他們已經建立了一個偉大的企業，並且對他留在公司和管理團隊留在公司感到非常興奮，因為他們在這裡所做的事情。

They have five stores in Kentucky and in Florida and some that we folded them or we purchase them during the third quarter.

他們在肯塔基州和佛羅裡達州有五家商店，其中一些是我們關閉的，或者是在第三季購買的。

Got you.

明白你了。

And the other thing I wanted to ask about is what you're talking about before, Allison, with the increased cost of goods sold, is it still just OSB.?

我想問的另一件事是你之前所說的，Allison，隨著銷售商品成本的增加，它仍然只是OSB嗎？

Or are you starting to see some some wage inflation kick in?

或者您開始看到工資上漲？

Maybe what are the drivers that are driving the COGS line?

也許驅動 COGS 生產線的驅動因素是什麼？

Yes.

是的。

So from the coast is largely the commodities, as we mentioned last quarter with the focus, of course on that would be in lumber and we ship pretty close to it.

因此，來自海岸的主要是大宗商品，正如我們上季度提到的重點，當然，這將是木材，我們運送的貨物非常接近它。

And now currently, it looks like it's up similar trends to what we talked about last quarter.

目前看來，其趨勢與我們上季討論的趨勢類似。

That's all I had, thank you.

這就是我所擁有的一切，謝謝。

Thank you.

謝謝。

Then one moment for our next question.

然後我們的下一個問題請稍等一下。

And our next question will be coming from Camden Roberts of the University of South Carolina.

我們的下一個問題將來自南卡羅來納大學的卡姆登·羅伯茨。

Camden.

卡姆登。

Your line is open.

您的線路已開通。

Hey, guys.

大家好。

Thank you for the great earnings call.

感謝您召開這次精彩的財報電話會議。

I'm calling from South Carolina.

我從南卡羅來納州打電話。

We were actually just at the Hamlet factory in North Carolina, and we had a great tour.

我們實際上就在北卡羅來納州的哈姆雷特工廠，我們進行了一次很棒的旅行。

And I just wanted to ask you what are you what should we be looking at in 2024, are you optimistic about Anthem and those duplex sales?

我只是想問你，2024 年我們應該關注什麼，你對 Anthem 和那些複式公寓銷售持樂觀態度嗎？

I'm sure there's a lot of pent-up demand for that, or should we be looking more at the recent Solitaire acquisition?

我確信對此有很多被壓抑的需求，或者我們應該更多地關注最近的 Solitaire 收購？

What are you most optimistic about?

你最樂觀的是什麼？

And what should we be focusing on in 2024?

2024年我們該關注什麼？

Big question, I'm glad to hear you're at him, Pamela knew that that was a good tour.

大問題，我很高興聽到你在找他，帕梅拉知道那是一次很好的旅行。

We're pretty proud of that new plant and now it's come up and we think that's targeted at the right point in the market for what's going on from an industry dynamics perspective, they're making kind of at a lower price point products and on bottom, and they really come out very quickly towards most excited.

我們對新工廠感到非常自豪，現在它已經建成，我們認為從行業動態的角度來看，它的目標是市場的正確點，他們正在以較低的價格生產產品，到底，他們真的很快就出來了，最興奮的。

I mean, we talked about Anthem.

我的意思是，我們談論了《聖歌》。

We think that's I think that's going to be good business for us also, to be honest, I also think that from a broader perspective, those are the kinds of solutions that can move the ball forward on affordability.

我們認為這對我們來說也將是一筆好生意，說實話，我也認為從更廣泛的角度來看，這些解決方案可以推動負擔能力的發展。

So I'm really excited about the potential of the industry, taking advantage of those changes and code could get better solutions for affordability.

因此，我對該行業的潛力感到非常興奮，利用這些變化和程式碼可以獲得更好的解決方案以實現可承受性。

You touched on Solitaire.

你談到了紙牌。

We've had a year now with Solitaire.

我們玩《Solitaire》已經一年了。

We're excited about that acquisition.

我們對此次收購感到興奮。

We told folks when we announced that acquisition that we bought some really good plants and they've got a great brand in the market.

當我們宣布收購時，我們告訴人們我們購買了一些非常好的植物，並且它們在市場上擁有很好的品牌。

That's kind of in a particular niche.

這屬於特定的利基市場。

And we think that's going to Florida acquisition is going to be a great one for us overall, again, you asked a broad question and I could probably talk all day.

我們認為，對佛羅裡達州的收購對我們整體來說將是一件偉大的事情，再次，你問了一個廣泛的問題，我可能可以講一整天。

Overall, I'm excited to see the industry start picking up as community orders start to pick up.

總的來說，我很高興看到隨著社區訂單開始回升，該行業開始回升。

The dealer channel has been it's gotten back on its feet, and I think it's doing pretty well.

經銷商通路已經重新站穩腳跟，我認為它做得很好。

If you could almost look at the difference in the peak of sales to this industry compared to the most recent seasonally adjusted level in December based on higher shipments and pretty much can be explained by the drop-off in community orders this past year.

如果你幾乎可以看到該行業的銷售高峰與 12 月最近的季節性調整水平相比的差異（基於較高的出貨量），並且幾乎可以用去年社區訂單的下降來解釋。

So I think as we as the year unfolds.

所以我認為隨著這一年的展開。

I'm not able to make predictions about it, but as the year unfolds and we see communities get their inventory behind them and start resuming their orders, I think it's a lot of good positive upside for the industry, silico ramping their ability to handle.

我無法對此做出預測，但隨著時間的推移，我們看到社區的庫存得到了支持並開始恢復訂單，我認為這對該行業來說有很多積極的好處，矽片提高了他們的處理能力。

Yes, yes, yes, your open-ended questions.

是的，是的，是的，你的開放式問題。

Thank you.

謝謝。

Very.

非常。

I mean, I know it is open-ended.

我的意思是，我知道它是開放式的。

I mean, there's a lot to be excited about.

我的意思是，有很多事情值得興奮。

So I just wanted to know what where the midpoint is down, but those read up the community sales, two of those have exciting.

所以我只是想知道中點在哪裡，但是那些讀到的社區銷售，其中兩個令人興奮。

So thank you very much.

非常感謝。

Alright, thank you.

好的，謝謝。

And again, if you'd like to ask a question, please press star one one on your touchtone telephone.

再次強調，如果您想提問，請在按鍵式電話上按星號鍵。

And our next question will be a follow up from Daniel Moore of CJS Securities.

我們的下一個問題將由 CJS 證券的 Daniel Moore 提出。

Daniel, your line is open.

丹尼爾，你的線路已開通。

Thank you again.

再次感謝你。

And just wanted a quick question or two on kind of update on on financing and availability.

只是想問一兩個關於融資和可用性的最新情況的快速問題。

So any meaningful change in spreads over the last 90 plus days, both for chattel as well as land home versus traditional stick-built mortgage rates?

那麼，在過去 90 多天內，無論是動產還是土地房屋，與傳統的固定抵押貸款利率相比，利差是否有任何有意義的變化？

And how would you describe the lending environment today relative to a year ago, are you seeing more community banks exit from stable or others backfilling?

與一年前相比，您如何描述今天的貸款環境？您是否看到更多社區銀行退出穩定或其他銀行回補？

Any kind of color you might give there would be helpful.

您可以在那裡提供的任何顏色都會有幫助。

Thank you.

謝謝。

Okay.

好的。

Yes, I'll start with the expanse of the rates for just home only.

是的，我將從僅限家庭的廣泛費率開始。

Loans quoted rates are in the high 8%, low 9% range.

貸款報價利率在高8%、低9%的範圍內。

Still and that's pretty in pretty consistent these past 90 days.

儘管如此，過去 90 天的情況仍然相當穩定。

And picking up on your question that I hope I rephrase it accurately kind of the investors in MH loans, for example, community banks and are and like regional banks and credit unions type investors, they going to be finicky.

關於你的問題，我希望我能準確地重新表達 MH 貸款的投資者，例如社區銀行，並且像區域銀行和信用合作社類型的投資者一樣，他們會很挑剔。

And and I tell you that I don't want this to be alarmist at all because it shouldn't be, but it's tightened up a little bit, but I think we'll work through that.

我告訴你，我根本不希望這是危言聳聽，因為它不應該是這樣，但它已經收緊了一點，但我認為我們會解決這個問題。

I don't think it's a major issue from the perspective of lending availability to the consumers.

從向消費者提供貸款的角度來看，我認為這不是一個主要問題。

And why I say it is there are a lot of folks in that market and they're not all heavily dependent on those on those outlets or those final investors.

為什麼我說這個市場上有很多人，他們並不都嚴重依賴那些管道或最終投資者。

And one thing we've talked about over the past, I'm losing track of time, but it's been a while is that for a while, GSE loans, the conforming loans had really kind of gone out of the market.

我們過去討論過的一件事是，我忘記了時間，但已經有一段時間了，GSE 貸款、合格貸款確實已經退出市場了。

And basically what happened is GSEs raised their their requirements, raised their terms and interest rates.

基本上發生的事情是政府支持企業提高了要求、條款和利率。

And the investors we're talking about is that the regional banks, credit union type investors really didn't respond as quickly.

我們談論的投資者是地區銀行、信用合作社類型的投資者，他們的反應確實沒有那麼快。

I think that's because they had a lot of capital put in place.

我認為這是因為他們投入了大量資金。

Now what we're seeing is that the regional the calm, the nonconforming investors as increased their requirements.

現在我們看到的是，地區局勢平靜，不合格投資者提高了要求。

But what happens is GSEs become more competitive in the market, and we'll probably see a swing back to that.

但實際情況是，政府支持企業在市場上變得更具競爭力，我們可能會看到這種情況再次發生。

That final funding source for the loans as usual?

像往常一樣，貸款的最終資金來源是什麼？

I think I'm giving a long answer to a short question, but we are not we'll watch those dynamics, but we are not really seeing anything it gives us concern about the consumers access to reasonably priced loans.

我想我正在對一個簡短的問題給出一個很長的答案，但我們不會關注這些動態，但我們並沒有真正看到任何讓我們擔心消費者獲得價格合理的貸款的擔憂。

No, that's good color.

不，這個顏色很好。

I appreciate it.

我很感激。

And I'm going to ask one more and maybe it's maybe it's a variation on the prior question, maybe not let you judge, but and at this stage, we're stable pretty stable at 60 percent-ish capacity utilization, plus or minus.

我要再問一個問題，也許這可能是前一個問題的變體，也許不讓你判斷，但在這個階段，我們的產能利用率相當穩定在 60% 左右，上下浮動。

Would you be looking to add capacity.

您是否希望增加容量？

When you think about the opportunity set and the lack of affordability, no availability in terms of affordable homes over the next two, three, five years or we do more let's kind of stick where we are wait and see and see how the demand builds over the coming quarters.

當你考慮機會集和缺乏負擔能力、未來兩年、三年、五年內沒有經濟適用房可用時，或者我們做更多的事情時，讓我們堅持下去，看看需求如何增加未來幾個季度。

Thanks.

謝謝。

Yes, that's a really good question, actually, on I guess I would say it's the latter or the announcement.

是的，這是一個非常好的問題，實際上，我想我會說是後者或公告。

It's the former customers or restated, um, I would not I don't think Cameco would hesitate to add capacity in this industry, given what we see strategically when you look at a strategic timeframe, which I define as three plus years from now, it takes time to put capacity in place.

這是以前的客戶或重申，嗯，我不認為 Cameco 會猶豫增加這個行業的產能，考慮到我們在戰略時間表上看到的戰略時間表，我將其定義為從現在起三年多，能力到位需要時間。

This country has depending on your favorite economist, a f housing unit deficit to be filled and so long strategically, we look great through the many cycles like the one we're operating in right now.

這個國家有一個住房單位赤字需要填補，從戰略上看，我們在很多周期（就像我們現在所處的周期）中看起來都很棒，這取決於你最喜歡的經濟學家。

And we know that there's an opportunity to continue doing more to bring down to it, increase the availability of affordable housing.

我們知道，我們有機會繼續採取更多措施來減少負擔，增加經濟適用房的供應。

Very helpful.

很有幫助。

And thanks again, and look forward to catching up soon.

再次感謝，並期待盡快趕上。

Thanks, Dan.

謝謝，丹。

Thanks, Dan.

謝謝，丹。

I would now like to turn the conference back to Bill for closing remarks.

現在我想請比爾發表閉幕詞。

Thank you.

謝謝。

From I mentioned Louisville show in my opening comments.

我在開場白中提到了路易斯維爾秀。

We showcased 15 homes from nine Cavco plants at the show.

我們在展會上展示了來自 Cavco 九家工廠的 15 套住宅。

We also had our lending company, CountryPlace Mortgage there.

我們在那裡還有我們的貸款公司 CountryPlace Mortgage。

They were there to talk to customers about how we can meet their commercial and consumer lending needs.

他們在那裡與客戶討論我們如何滿足他們的商業和消費者貸款需求。

So it was a great effort to trying to get out there and and so we can do from a partnership perspective.

因此，我們付出了巨大的努力才能走出去，因此我們可以從伴侶的角度來做。

I want to take a quick moment to thank everyone at Cavco who has been involved in our development and launch of the Anthem duplex line.

我想花一點時間感謝 Cavco 參與我們開發和推出 Anthem 雙工系列的每個人。

And in all that went into the Louisville show from the folks who are designing and building these homes for the marketing and sales teams.

路易斯維爾展會上所有為行銷和銷售團隊設計和建造這些房屋的人們都參與其中。

The commitment and teamwork have really been outstanding at both events.

在這兩項活動中，奉獻精神和團隊合作確實非常出色。

It was great to see the strength of our organization coming to the forefront.

很高興看到我們組織的實力脫穎而出。

Our drive during this downturn has been to keep focused on getting better in every way.

在這次經濟低迷時期，我們的動力是繼續專注於在各個方面變得更好。

So we're ready to run when the inevitable market upswing occurs.

因此，當不可避免的市場上漲發生時，我們已經準備好運行。

And I'm very confident we're doing just that.

我非常有信心我們正在這樣做。

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

因此，我要一如既往地感謝您對 Cavco 的興趣，我們期待向您通報我們的最新進展。

If this concludes today's conference call.

如果今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。