Cavco Industries Inc (CVCO) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the first-quarter fiscal year 2025 Cavco Industries, Inc. earnings call webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎收看 Cavco Industries, Inc. 2025 財年第一季財報電話會議網路直播。（操作員指示）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 today, Mark Fusler, Corporate Controller and Investor Relations. Please go ahead.

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 first quarter fiscal year 2025 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，感謝您參加 Cavco Industries 2025 財年第一季財報電話會議。在本次電話會議中，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，包括對Cavco 的財務和營運業績、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.

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。

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 any forward-looking statements.

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任何報告中描述的結果或事件存在重大差異的具體因素。

This conference call also contains time-sensitive information that is only accurate as of the date of this live broadcast, Friday, August 2, 2024. 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.

本次電話會議也包含時間敏感訊息，僅截至本次直播日期（2024 年 8 月 2 日星期五）準確。Cavco 不承擔修改或更新任何前瞻性聲明（無論是書面或口頭）以反映本次電話會議之後發生的事件或情況的義務，除非法律要求。

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 first quarter results. The positive order trend we saw in Q4 continued this quarter, enabling our plants to increase production with rising shipments and our growing backlog. Obviously, we want to spend time discussing this in more detail. But first, I'd like to take a few minutes on the Financial Services segment, specifically insurance.

歡迎並感謝您今天加入我們回顧我們第一季的業績。我們在第四季度看到的積極訂單趨勢在本季度得到延續，使我們的工廠能夠隨著發貨量的增加和積壓訂單的增加而增加產量。顯然，我們想花時間更詳細地討論這個問題。但首先，我想花幾分鐘談談金融服務領域，特別是保險。

Our insurance operations incurred very high losses in Q1. Nobody likes to use or hear the weather excuse, but the unusually high number of convective storms in Texas and the fires in Ruidoso, New Mexico combined to create a level of claims we haven't seen before. We incurred a number of individual events, none of which reached our reinsurance coverage.

我們的保險業務在第一季遭受了非常高的損失。沒有人喜歡使用或聽到天氣藉口，但德克薩斯州異常多的對流風暴和新墨西哥州魯伊多索的火災結合在一起，造成了我們以前從未見過的水平的索賠。我們發生了一些個別事件，但沒有一個事件達到我們的再保險承保範圍。

Insurance is, by its nature a volatile business, and it gets a lot of attention when results are down. We're managing for the long-term. And with that mindset, we can tolerate challenging periods as long as the fundamentals of the business are sound. The key to success over time is being on top of the risks you're willing to cover and making sure you are getting premiums appropriate to those covered risks. We're actively managing these fundamentals in a very difficult insurance environment.

保險業本質上是一個不穩定的行業，當業績下滑時，它會受到很多關注。我們正在進行長期管理。有了這種心態，只要業務基本面良好，我們就能容忍充滿挑戰的時期。隨著時間的推移，成功的關鍵是掌握您願意承保的風險，並確保您獲得適合這些承保風險的保費。在非常困難的保險環境中，我們正在積極管理這些基本面。

Over time, our insurance operations have provided healthy returns, and we're confident that will continue to be the case despite the recent results. Insurance is an adjacent business. We understand it and it adds value both to our retail operations and to our home buyers who need ready access to our policies in order to complete their transaction and protect their homes.

隨著時間的推移，我們的保險業務提供了健康的回報，我們相信，儘管最近的業績不佳，這種情況仍將持續下去。保險是一項相鄰業務。我們理解這一點，它為我們的零售業務和我們的購房者增加了價值，他們需要隨時獲取我們的保單以完成交易並保護他們的房屋。

Given the losses this quarter, Financial Services deserve some upfront discussion, and of course we'll be happy to answer questions. But I don't want that to take focus away from the main event, our factory-built housing results, which continue to improve.

考慮到本季的虧損，金融服務業值得進行一些預先討論，當然我們很樂意回答問題。但我不希望這將注意力從主要事件上轉移開，即我們的工廠建造的住房結果，它正在不斷改善。

So let's turn our attention to that. Momentum was building through this quarter. For seven quarters now, we've reported that same plant orders were increasing, not dramatically, but headed in the right direction. This quarter, the sequential increase was a bit more significant, up about 25%. As a result, we were able to increase shipments 20%, and our units in backlog climbed 22%.

那麼讓我們把注意力轉向這一點。本季勢頭正在增強。到目前為止的七個季度，我們報告說同一家工廠的訂單正在增加，雖然不是大幅增加，但朝著正確的方向發展。本季環比增幅更為顯著，增幅約 25%。結果，我們的出貨量增加了 20%，積壓訂單量增加了 22%。

Our working backlog remained at about seven to eight weeks, held in check by a significant increase in our weekly production rate. Sequentially, our average selling price dropped 4%. I think what's most relevant is what we're seeing on a same product basis in wholesale pricing. The takeaway there is that wholesale pricing has been pretty stable, dropping less than 1%.

我們的工作積壓仍保持在大約七到八週，這受到每週生產力顯著提高的控制。隨後，我們的平均售價下降了 4%。我認為最相關的是我們在相同產品的批發定價中看到的情況。值得注意的是，批發價格一直相當穩定，下降幅度不到 1%。

As we've talked in the past, there are a lot of dynamics in our reported ASP. And most of the 4% drop is the result of a lower percent of our product going through company-owned stores, the mix shift we saw towards single-section units and pricing in our retail operations, which can vary period to period. Notably, our factory gross margin remained very steady, up 20 basis points sequentially.

正如我們過去所談到的，我們報告的 ASP 中有很多動態。4% 的下降主要是由於我們的產品透過公司自有商店的比例降低、我們看到的單一區域單元的混合轉變以及我們零售業務的定價，這些變化可能會隨著時間的推移而變化。值得注意的是，我們工廠的毛利率保持非常穩定，比上一季增加了 20 個基點。

Without the help of any significant interest rate relief, buyers are placing orders because they need homes and rate stability enables them to have confidence in their monthly payment. The strongest part of the market is the lower cost, single section home.

在沒有任何大幅利率減免的幫助下，買家下訂單是因為他們需要住房，而利率穩定使他們對每月付款有信心。市場上最強勁的部分是成本較低的單節住宅。

In my view, affordability affects which home a family can afford across the spectrum of home prices, but at the lowest priced homes, it affects whether they can afford to own. There are startlingly high number of families right on that cusp of being able to afford a home at all. They have been priced out by inflation and rate increases, but they will come back into the market if they get monthly payment relief in any form.

在我看來，負擔能力會影響一個家庭在各種房價範圍內能負擔得起哪一套房子，但對於價格最低的房子，它會影響他們是否能負擔得起。數量驚人的家庭正處於負擔得起房的邊緣。它們已因通貨膨脹和加息而被擠出市場，但如果它們獲得任何形式的月度付款減免，它們就會重返市場。

Community orders are not back to normal, but they are improving. For a number of quarters, it was correct to assume community orders were off significantly across the board. Now we're starting to see some feathering in of increases as specific communities get back to more normal order rates.

社區秩序尚未恢復正常，但正在改善。在許多季度中，社區訂單全面大幅下滑的假設是正確的。現在，隨著特定社區恢復到更正常的訂單率，我們開始看到一些增長。

This is consistent with what we've been expecting from the segment, and we anticipate improvement through the remainder of the year. This is a story by story situation just as it was when retailers recovered from their inventory issues a year ago, it's regional and community specific.

這與我們對該細分市場的預期一致，我們預計今年剩餘時間將有所改善。這是一個逐個故事的情況，就像零售商一年前從庫存問題中恢復過來一樣，它是針對特定區域和社區的。

Regarding regional differences, Florida remains well off what we consider normal community order rates. To a lesser extent, we continue to see lagging community orders in the Southwest. Ultimately, community orders will recover and this will provide added shipments over current levels.

關於地區差異，佛羅裡達州仍然遠低於我們認為的正常社區訂單率。在較小程度上，我們繼續看到西南部地區的社區訂單落後。最終，社區訂單將恢復，這將增加當前水準的出貨量。

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

至此，我想將其轉交給艾莉森，以更詳細地討論財務表現。

Net revenue for the first fiscal quarter of 2025 was $477.6 million, up $1.7 million or 0.4% compared to $475.9 million during the prior year. Sequentially, net revenues increased $57.5 million, driven by an increase of units sold, partially offset by lower average selling prices and lower revenues in financial services.

2025 年第一財季淨收入為 4.776 億美元，較上年同期的 4.759 億美元成長 170 萬美元，增幅 0.4%。隨後，由於銷售量增加，淨收入增加了 5,750 萬美元，但部分被平均銷售價格下降和金融服務收入減少所抵消。

Within the factory-built housing segment, first quarter net revenue was $458 million, up $0.9 million or 0.2% from $457.1 million in the prior year quarter. This increase was primarily due to a 3% increase in homes sold, partially offset by a 2.7% decrease in average revenue per home sold.

在工廠建造的住房領域，第一季淨收入為 4.58 億美元，比去年同期的 4.571 億美元增加了 90 萬美元，增幅為 0.2%。這一增長主要是由於售出房屋增加了 3%，但每套房屋平均收入下降 2.7% 部分抵消了這一增長。

Factory utilization for Q1 of 2025 was approximately 65%. And considering all available production days that was nearly 70%, excluding scheduled downtime for market in a holiday. Utilization was approximately 60% in the prior year period.

2025 年第一季工廠利用率約為 65%。考慮到所有可用生產天數接近 70%，不包括假期期間市場的預定停工時間。去年同期利用率約為 60%。

In the financial services segment, net revenue increased 4.2% to $19.6 million from $18.8 million. This increase was primarily due to more insurance policies in force and higher insurance premium rates, partially offset by fewer loan sales and lower interest income earned on the acquired consumer loan portfolio.

在金融服務領域，淨收入從 1,880 萬美元增至 1,960 萬美元，成長 4.2%。這一增長主要是由於更多的有效保單和更高的保險費率，部分被貸款銷售減少和收購的消費貸款組合賺取的利息收入減少所抵消。

Consolidated gross margin in the first fiscal quarter as a percentage of net revenue was 21.7%, down 310 basis points from 24.8% in the same period last year. This decrease was due to lower average selling prices in the factory-built housing segment and losses in financial services.

第一財季綜合毛利率佔淨收入的比例為21.7%，比去年同期的24.8%下降了310個基點。這一下降是由於工廠建造的住房領域的平均售價較低以及金融服務的損失造成的。

In the factory-built housing segment, the gross profit decreased 220 basis points to 22.6% in Q1 of 2025 versus 24.8% in Q1 of 2024, driven by lower average selling prices.

在工廠建造的住房領域，由於平均售價下降，2025 年第一季毛利下降 220 個基點至 22.6%，而 2024 年第一季為 24.8%。

Financial services gross margin as a percentage of revenue decreased to negative 0.6% in Q1 of 2025 from 24% in Q1 of 2024.

金融服務毛利率佔營收的百分比從 2024 年第一季的 24% 降至 2025 年第一季的負 0.6%。

The Insurance division was significantly impacted by multiple weather events in Texas as well as the forest fires in New Mexico, resulting in a segment pretax net loss of $5.2 million. Selling, general and administrative expenses in the first quarter of 2025 were $64.9 million or 13.6% of net revenue, compared to $61.7 million or 13% of net revenue during the same quarter last year.

保險部門受到德州多次天氣事件以及新墨西哥州森林火災的嚴重影響，導致該部門稅前淨虧損520萬美元。2025 年第一季的銷售、一般和管理費用為 6,490 萬美元，佔淨收入的 13.6%，而去年同期為 6,170 萬美元，佔淨收入的 13%。

The increase in these expenses was primarily due to $1.5 million related to the Kentucky Dream Home acquisition that occurred in the third quarter of fiscal 2024. Increased employee compensation and increases in health care and professional services support. Interest income for the first quarter was $5.5 million, up 19.3% from the prior year quarter. The increase over the prior year is primarily due to higher interest rates on larger cash balances.

這些費用的增加主要是由於 2024 財年第三季發生的與肯塔基州夢想家園收購相關的 150 萬美元所致。增加員工薪資並增加醫療保健和專業服務支援。第一季利息收入為 550 萬美元，比去年同期成長 19.3%。較前一年增加的主因是現金餘額較大，利率較高。

Pretax profit was down 27.7% this quarter to $43.9 million from $60.7 million for the prior year period. The current period includes a pretax loss of $5.2 million in the Financial Services segment. Effective income tax rate of 21.5% for the first fiscal quarter, compared to 23.5% in the same period last year. Net income to Cavco's stockholders was $34.4 million, compared to net income of $46.4 million in the same quarter of the prior year.

本季稅前利潤從去年同期的 6,070 萬美元下降 27.7% 至 4,390 萬美元。本期金融服務部門稅前虧損為 520 萬美元。第一財季有效所得稅率為21.5%，去年同期為23.5%。Cavco 股東的淨利潤為 3,440 萬美元，而去年同期的淨利潤為 4,640 萬美元。

Diluted earnings per share this quarter were $4.11 per share versus $5.29 per share in last year's first quarter. The pretax net loss of $5.2 million in the Financial Services segment resulted in a reduction of diluted net income per share of approximately $0.49 on an after-tax basis. Additionally, from a sequential perspective, financial services posted after-tax earnings of $3.3 million in Q4 of 2024. The sequential swing relative to our positive Q4 2024 financial services performance is approximately $0.89.

本季稀釋後每股收益為 4.11 美元，去年第一季為 5.29 美元。金融服務部門的稅前淨虧損為 520 萬美元，導致稅後每股稀釋淨利減少約 0.49 美元。此外，從季比來看，金融服務業 2024 年第四季的稅後收益為 330 萬美元。相對於 2024 年第四季金融服務的積極業績，連續波動約為 0.89 美元。

As insurance results have been a focus this quarter, we also wanted to alert you to an additional weather event that occurred after the end of the first quarter that will impact our second quarter results. In early July, Hurricane Beryl made landfall near Houston, Texas.

由於保險業績一直是本季的焦點，我們也想提醒您第一季末後發生的額外天氣事件，這將影響我們第二季的業績。七月初，颶風貝裡爾在德州休士頓附近登陸。

While we don't write insurance coverage in coastal counties, several of our inland policyholders were impacted by severe wind damage. Currently, we expect losses to be in the range of our reinsurance limit, which is $4 million. Anything over $4 million will be covered by our reinsurance.

雖然我們不在沿海縣承保保險，但我們的一些內陸保單持有人受到了嚴重風災的影響。目前，我們預計損失將在我們的再保險限額範圍內，即 400 萬美元。超過 400 萬美元的任何金額將由我們的再保險承保。

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. Comparing the June 29, 2024 balance sheet to March 30, 2024, the cash balance was $359.3 million, up $6.6 million from $352.7 million at the end of the prior fiscal year. The change in the balance consists of a series of pluses and minuses. I'll start with the increases in cash, which include net income, adjusted for noncash items, such as depreciation and stock-based compensation expense, prepaid and other current asset decreases of $5.6 million and an increase in current liabilities of $22.7 million.

謝謝，艾莉森。將2024年6月29日的資產負債表與2024年3月30日的資產負債表相比，現金餘額為3.593億美元，比上一財年末的3.527億美元增加660萬美元。平衡的變化由一系列的優點和缺點組成。我將從現金的增加開始，其中包括根據非現金項目（例如折舊和股票補償費用）調整後的淨利潤，預付和其他流動資產減少 560 萬美元，流動負債增加 2270 萬美元。

Decreases to cash include accounts receivable increase of $8 million; purchases of property, plant and equipment of $5 million; inventory increases of $3.5 million; commercial and consumer loan originations greater than sales and payments of $10.9 million; and lastly, share repurchases of $29.2 million.

現金減少包括應收帳款增加 800 萬美元；購買500萬美元的不動產、廠房及設備；庫存增加 350 萬美元；商業和消費者貸款發放超過 1,090 萬美元的銷售額和付款；最後，回購 2,920 萬美元的股票。

Restricted cash and related other current liability increased from cash collected on service loans in our Financial Services segment. Prepaid and other assets was down due to lower prepaid insurance and workers' compensation balances partially offset by normal amortization of other prepaid.

限制性現金和相關其他流動負債因我們金融服務部門的服務貸款收取的現金而增加。預付和其他資產下降是由於預付保險和工傷賠償餘額減少，部分被其他預付的正常攤銷所抵消。

Property, plant and equipment increased from additional investment in equipment and plant locations. Accrued expenses and other current liabilities are up from increased insurance loss reserves, higher customer deposits and an increase in volume rebates. Finally, stockholders' equity was essentially flat at $1 billion.

財產、廠房和設備的增加源於對設備和廠房位置的額外投資。應計費用和其他流動負債的增加是由於保險損失準備金的增加、客戶存款的增加和數量回扣的增加。最後，股東權益基本上持平於 10 億美元。

Now I'll turn it back to Bill.

現在我會把它轉回給比爾。

Thank you, Paul. Let's go ahead and move onto the questions.

謝謝你，保羅。讓我們繼續討論問題。

(Operator Instructions)

（操作員說明）

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Bill, Allison, Paul, good morning, and thanks for taking the questions. Start with financial services and then get back to the main events as you described, Bill. Just to clarify, Allison, it sounds like the full impact in the quarter was maybe closer to $8 million or $9 million in terms of the claims or $0.89. Is that relative to what a sort of more normal profitable quarter would look like in that business? Is that the right way to think about it?

比爾、艾莉森、保羅，早安，謝謝您提出問題。從金融服務開始，然後回到您所描述的主要事件，比爾。艾莉森，澄清一下，聽起來本季的全部影響可能接近 800 萬美元或 900 萬美元，即索賠額或 0.89 美元。這是否與該業務中更正常的獲利季度的情況有關？這是正確的思考方式嗎？

That's the right way to think of it, Dan, would have been an increase instead of posting a loss of $0.49, typically, we would have posted a gain of $0.40 as we did in Q4. So that would have as long as $0.89.

Dan，這是正確的思考方式，應該是增加，而不是公佈 0.49 美元的損失，通常情況下，我們會像第四季度那樣公佈 0.40 美元的收益。所以只要 0.89 美元。

Perfect. That makes sense. And then for fiscal Q2, Hurricane Beryl, is it the impact this $4 million? Or do you expect an operating income loss of $4 million?

完美的。這是有道理的。那麼對於第二財季，颶風 Beryl，影響是 400 萬美元嗎？還是您預計營業收入損失 400 萬美元？

Right now, the impact is estimated to be right at $4 million.

目前，影響估計為 400 萬美元。

Okay. Okay. That's really helpful. And no other weather events that are significant, at least as of the stage that we're aware of.

好的。好的。這真的很有幫助。至少在我們所知的階段，沒有其他重大天氣事件。

Not that we have visibility to now.

並不是說我們現在有可見性。

Not yet, perfect. What can you tell us about potential premium rate increases or other measures that you might consider given the higher claims occurrences?

還沒有，完美。您能告訴我們關於潛在的保費上漲或考慮到更高的索賠發生率您可能考慮的其他措施嗎？

Yeah. It's been a bit of an ongoing process. You have to basically file with each state when you are looking for an increase. And that's been going on actually for some time as probably anyone on the call who owns a home knows insurance rates have been skyrocketing for all of us.

是的。這是一個持續的過程。當您尋求增加時，您基本上必須向每個州提交文件。這種情況實際上已經持續了一段時間，因為可能任何擁有房屋的人都知道我們所有人的保險費率都在飆升。

So we've been getting those premium increases, and we continue to be pretty active in that process. So there's more pretty sizable increases coming. The dynamics of insurance and maybe I'm telling you things you already understand about it, but it basically is you've got to incur the losses in order to go ask for the premium increase and then when you get the approval, it takes a renewal cycle, so about a year before the whole premium increase takes hold. So that's just kind of the nature of the business. But to your question, Dan, we absolutely have pretty sizable increases coming in all the states we operate in.

因此，我們一直在提高保費，我們將繼續非常積極地參與這一過程。因此，也會出現更大幅度的成長。保險的動態，也許我告訴你的事情你已經了解了，但基本上你必須承擔損失才能要求增加保費，然後當你獲得批准時，需要一段時間續保週期，因此在整個保費上漲之前大約一年。這就是業務的本質。但對於你的問題，丹，我們在我們開展業務的所有州絕對都有相當大的成長。

Perfect. Now to the more interesting stuff with backlog up 21% sequentially how should we think about production or shipment growth in fiscal Q2 and beyond versus Q1?

完美的。現在，更有趣的是，積壓訂單比第一季增加了 21%，我們應該如何看待第二財季及以後的產量或出貨量成長？

Yes. Yes. So I could tell you, I mean, sort of given guidance on the quarter, we can kind of tell you being a bit into the quarter now that the trends continue. So I guess, what I'd say is our backlog is up at this point in the quarter compared to where we finished as well as production and order rates. So everything is continuing on an upward trend at this point.

是的。是的。所以我可以告訴你，我的意思是，根據本季的指導，我們可以告訴你，既然趨勢仍在繼續，我們已經進入了本季。所以我想，我想說的是，與我們的完成情況以及生產力和訂單率相比，本季此時我們的積壓訂單有所增加。因此，目前一切都在持續呈上升趨勢。

We're in that mode, we really don't want to see backlogs get away from us. So we're in the mode of trying to figure out -- I'm not trying to figure out, but putting the efforts in place to ramp production up pretty aggressively in order to try to match this stronger order rate that we're seeing.

我們正處於這種模式，我們真的不希望看到積壓的事情從我們身邊消失。因此，我們正處於試圖弄清楚的模式——我不是想弄清楚，而是努力積極提高產量，以試圖匹配我們所看到的更強勁的訂單率。

Very good. And it sounds like it's really still mostly retail, trickle in order here an order there from community, but waiting for that to come back in a more meaningful way. Is that the right way to think about it?

非常好。聽起來它實際上仍然主要是零售，從社區這裡滴滴訂購那裡的訂單，但等待它以更有意義的方式回來。這是正確的思考方式嗎？

Yes. Communities are definitely showing up now. I mean I'm kind of somewhere in between, I guess, as I've described that, the retail remains pretty solid as it has been and growing. Communities are starting to come back. It's just kind of there's a ways to go, if that makes sense. So we're somewhere in the middle.

是的。社區現在肯定已經出現了。我的意思是，我介於兩者之間，我想，正如我所描述的那樣，零售業仍然保持著相當穩定的狀態，並且不斷增長。社區開始復原。如果這有意義的話，那就是還有很長的路要走。所以我們處於中間的某個位置。

And I remember talking about that a couple of quarters ago that given the inventory levels, if demand supported it, which it really has, then we were kind of looking mid this calendar year to start seeing some relief and that it would take a little time to get 100% back. So we're kind of right on that schedule, and we think there's still some improvement to go.

我記得幾個季度前談過，考慮到庫存水平，如果需求支持它（確實如此），那麼我們預計在今年中期開始看到一些緩解，這需要一點時間獲得100%的回報。所以我們的時間表是正確的，我們認為還有一些改進要做。

Helpful. Last one, I'll jump back in queue. Factory-built gross margin 22%, up a little bit. And despite ASPs being down which you described, partially due to maybe a few less houses sold through your retail. As capacity ramps and its capacity -- as production ramps and utilization improves, is there some upside to that? Or should we think of that as the new sort of run rate, at least for now? Thanks again.

有幫助。最後一個，我會插回隊列。工廠毛利率22%，略有上升。儘管平均售價如您所描述的那樣下降，部分原因可能是透過您的零售銷售的房屋數量減少了。隨著產能的增加和產能的增加－隨著產量的增加和利用率的提高，這有什麼好處嗎？或者我們應該將其視為新的運行率，至少目前如此？再次感謝。

Sure. I mean, I would think that on the positive side, as we continue to ramp, as we've seen in our historical financials, we'll have leverage on our factory overhead component. The second element is clearly the cost of materials, primarily lumber and OSB.

當然。我的意思是，我認為從積極的一面來看，隨著我們繼續擴大規模，正如我們在歷史財務數據中所看到的那樣，我們將在工廠管理費用部分上發揮槓桿作用。第二個要素顯然是材料成本，主要是木材和定向刨花板。

As we've talked about before, we got about a 60-day lag from what we can see in the commodities market. which during the period that would most likely impact our second quarter, it's been relatively low. If we take all those factors, the pricing, the cost of our materials and our leveraging of factory overheads that would be where we land in Q2.

正如我們之前談到的，我們在大宗商品市場上看到的情況有大約 60 天的延遲。在最有可能影響我們第二季度的時期，它相對較低。如果我們考慮所有這些因素，包括定價、材料成本以及工廠管理費用的槓桿，這將是我們在第二季的目標。

Really helpful, Allison. Okay, I'll jump back to follow-up. Thank you.

真的很有幫助，艾莉森。好的，我會跳回後續部分。謝謝。

Thanks, Dan.

謝謝，丹。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格·哈勒姆。

Yes, thanks for taking the questions. I just wanted to confirm just based on what you're seeing in July, you said that backlog is up since quarter end. So order rates, production rates, you said all that is actually up relative to how it finished end of quarter?

是的，感謝您提出問題。我只是想根據您在 7 月看到的情況確認一下，您說積壓訂單自季度末以來一直在增加。那麼訂單率、生產率，你說所有這些實際上都相對於季度末完成的情況有所上升嗎？

Yes, correct.

是的，正確。

And as it relates to community orders in general, are you seeing any notable difference between, call it, when they're ordering and when they want to actually receive the homes. For instance, is that backlog stretching out maybe a little bit longer than it is historically or the communities actually taking the orders for near-term delivery?

由於它與一般社區訂單相關，您是否看到他們訂購房屋時和他們想要實際收到房屋時之間有任何顯著差異。例如，積壓的時間是否比歷史上的時間長一點，或者社區實際上接受了近期交付的訂單？

Yes, it's a good question. I think they're making orders that they know are going to come relatively quickly. We're in a pretty good spot on backlog being in that seven or eight-week range. And so we focus our view of the backlog on units that we can make and ship, right? We're not really focused on orders that are way out in time. And so if someone places an order with us right now, they know that they're going to have that home in a couple of months. So they're not placing orders and saying, okay, here's an order that I want it nine months from now.

是的，這是一個好問題。我認為他們所下的訂單他們知道會相對較快地到來。我們的積壓工作處於七到八週範圍內，處於相當好的位置。因此，我們將積壓訂單的重點放在我們可以製造和運輸的單位上，對嗎？我們並不是真正關注那些遠遠超出時間的訂單。因此，如果有人現在向我們下訂單，他們就會知道幾個月後他們就會擁有這個家。因此，他們不會在下訂單後說，好吧，這是我想要在九個月後收到的訂單。

Yes. Okay. And I'm curious, has anything notable happened with rates over the last couple of months. And I think where I'm sort of going with all these questions is, anything changing that's essentially increasing or accelerating. It sounds like the orders at retail and finally starting to get some of those communities to come back? I'm not sure if there's an underlying reason at all. But curious if you can comment on what's happened with rates over the last few months as well.

是的。好的。我很好奇，過去幾個月的利率有什麼值得注意的事情發生嗎？我認為我對所有這些問題的看法是，任何實質上增加或加速的變化。聽起來像是零售訂單終於開始讓其中一些社區回歸？我不確定是否有根本原因。但我很好奇您是否也可以對過去幾個月的利率變化發表評論。

Yes, rates have actually been very stable. They haven't been noticeably dropping. And so to your question, I think there's a couple of things going on in my mind. One is, our prospective buyers have been there throughout. We've seen it in the traffic numbers. There's a need for housing. They're out there trying to figure out how to make it happen for their family.

是的，利率實際上非常穩定。他們並沒有明顯下降。對於你的問題，我想我腦子裡正在想一些事情。一是，我們的潛在買家一直都在那裡。我們已經在交通數字中看到了這一點。需要住房。他們正在努力想辦法讓他們的家人實現這一目標。

And so when they get the stability in rates they at least can understand what their monthly cost is going to be, and it stays in that zone all the way through to get their loan done. And so just the stability has really facilitated traffic turning into orders and I'd say that on the retail side basically.

因此，當他們獲得穩定的利率時，他們至少可以了解每月的成本是多少，並且一直保持在該區域以完成貸款。因此，穩定性確實促進了流量轉換為訂單，我想說基本上是在零售方面。

The community improvement is really what we've been talking about. They got slugged with a lot of inventory kind of hit them after it hit retailers when we turned the communities and said, the retailers aren't ordering so you're come your homes. And that was kind of a year ago or a little more actually. And they're working through that, and as they get inventories under control to the extent they're confident in having a resident for any home that they set up, they're starting to kind of order as fast as they can set them up. So really two different dynamics. Greg, I hope I explained that clearly.

社區的改善確實是我們一直在談論的。當我們轉向社區並說，零售商不訂購所以你回家時，他們受到了大量庫存的打擊，就像零售商受到打擊一樣。那是一年前或更早的事了。他們正在解決這個問題，當他們控制庫存到他們有信心為他們建立的任何房屋提供住戶時，他們開始以最快的速度下訂單。所以這確實是兩種不同的動力。格雷格，我希望我解釋清楚了。

Yes. Yes, that's great. And then on ASPs, Allison, can you just go through or I don't know if it was you or Bill, just go through the various reasons, I think it was mostly mix related overall, just number of homes going through company-owned stores, maybe a mix towards singles versus doubles. But I don't know if you can quantify or just go through that again, that would be great.

是的。是的，那太好了。然後，關於 ASP，艾莉森，你能過一下嗎？和雙打的混合。但我不知道你是否可以量化或再次進行一遍，那就太好了。

I would characterize it as primarily a shift more towards single units, which is a lower price. Like-for-like pricing, there was a slight decrease as we do see continued pricing pressure. As volumes increase, you will see that subside.

我將其描述為主要是向單一單位的轉變，這是一個較低的價格。由於我們確實看到持續的定價壓力，同比定價略有下降。隨著交易量的增加，您會發現這種情況會減弱。

Okay, great. All right.

好的，太好了。好的。

And Greg, on the point about our company-owned retail stores, we've kind of brought that into the mix because as we've grown retail over the last year, it's shifted that a little bit for us. But if you think about it, we put more multi-sections through retail, but we put even more single sections through retail, so both grew in our retail operations. But overall, the percent of our homes that went through retail was down as a percentage.

格雷格，關於我們公司擁有的零售店，我們已經將其納入其中，因為隨著我們去年零售業的成長，它對我們來說發生了一些變化。但如果你想一想，我們在零售中投入了更多的多部門，但我們在零售中投入了更多的單一部門，所以兩者都在我們的零售業務中成長。但總體而言，我們的房屋經過零售的比例有所下降。

And so if you think about our ASP and maybe stating the obvious. If you think about our ASP if period-to-period, you see a lower percent going through retail, then we've got less retail pricing in our ASP and more wholesale pricing with automatically synergize the ASP down a little bit, but I think it's a little bit of a cloud because what we're all really interested in is how is pricing holding up? And that's why I wanted to give the perspective that wholesale pricing for our plants was down less than 1%. And still leaking a little bit, but it has not been that significant.

因此，如果您考慮我們的 ASP，也許會說出顯而易見的事實。如果您考慮我們的平均售價，如果您發現零售百分比較低，那麼我們的平均售價中的零售定價會減少，而批發定價會自動協同降低一點點批發定價，但我認為這有點像雲，因為我們真正感興趣的是定價如何維持？這就是為什麼我想提出這樣的觀點：我們工廠的批發價格下降了不到 1%。仍然有一點洩漏，但還沒有那麼嚴重。

I appreciate that. I'm glad you gave a color. I'll leave it there. Best of luck. Thanks.

我很欣賞這一點。我很高興你給了一種顏色。我會把它留在那裡。祝你好運。謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Jay McCanless, Wedbush.

傑伊·麥卡利斯，韋德布希。

Hey, everyone. Thanks for taking my questions. So Bill, could we talk a little bit more about the price issue and what your retail stores are seeing right now in terms of price competition from other retailers? How is that shaping up?

嘿，大家。感謝您回答我的問題。那麼比爾，我們能否多談談價格問題以及您的零售店目前在與其他零售商的價格競爭方面所看到的情況？情況如何？

Yes. It can vary from quarter-to-quarter. You can see their pricing on average, even if you look at it just single or just multi-section, it can move on you quarter-to-quarter because they're out there on kind of on the street corner competing for deals. And I'll also remind people that while we've grown in some other areas, we're still pretty concentrated in Texas. And so our retail is a largely a reflection of Texas market, not the whole country.

是的。每個季度的情況可能有所不同。你可以看到他們的平均定價，即使你只看一個或多個部分，它也可能會逐季度地變化，因為他們在街角競爭交易。我還要提醒人們，雖然我們在其他一些地區有所成長，但我們仍然相當集中在德州。因此，我們的零售很大程度上反映了德克薩斯州市場，而不是整個國家。

And the reason I say that is, I hope I'm not going too far here to lose people. But the reason I say that is our retail if you think of us being in Texas, Texas came out of this downturn a little ahead of other regions. So they were already kind of on the stronger end and improving. So we're not seeing the sequential, what we see in our retail sequentially isn't really reflective of the whole country. Other regions are kind of catching up in a positive way.

我這麼說的原因是，我希望我不會走得太遠而失去人員。但我之所以這麼說，是因為我們的零售業，如果你想到我們在德克薩斯州的話，那麼德克薩斯州比其他地區稍微領先一些，走出了這場低迷。所以他們已經處於更強大的一端並且正在進步。所以我們沒有看到順序，我們在零售中看到的順序並不能真正反映整個國家。其他地區正在以積極的方式迎頭趕上。

So I'm not sure if I'm really touching on your question, but retail pricing for us mostly focused in Texas did drop a bit this quarter. It was a factor in that 4% overall ASP, not a huge one. And I wouldn't be too concerned about it because I think it's kind of normal variation on that street corner by street corner competition for deals.

所以我不確定我是否真的觸及了你的問題，但我們主要集中在德克薩斯州的零售價格本季確實有所下降。這是 4% 的整體 ASP 的一個因素，但並不是一個很大的因素。我不會太擔心它，因為我認為這是街角交易競爭中街角的正常變化。

No, that's what I was trying to find out is and thank you for the detail around Texas, but that's where I was trying to get to is what happened with retail pricing. It sounds like it's a pretty competitive environment, especially when we're talking about lower-cost single-section homes. Is that the right way to think about it?

不，這就是我想要了解的，感謝您提供德克薩斯州的詳細信息，但這就是我想要了解的零售定價發生的情況。聽起來這是一個競爭相當激烈的環境，尤其是當我們談論低成本的單節住宅時。這是正確的思考方式嗎？

That's right. And I guess you should draw your own judge and I'm just kind of given my perspective that when we see variation period-to-period net, I don't get too worked up about it because I think there can be a lot of variability in the next quarter, it can bounce up. It's just kind of going to move on us.

這是正確的。我想你應該做出自己的判斷，我只是給出了我的觀點，當我們看到不同時期的淨變化時，我不會對此感到太激動，因為我認為可能會有很多下個季度的變化，它可能會反彈。它只是有點影響我們。

Got it. Okay -- (multiple speakers)

知道了。好的——（多位發言者）

Sorry. I'm sorry, Bill. I cut you off. Could you say that again?

對不起。對不起，比爾。我打斷你了。你能再說一次嗎？

I don't see any structural or trending issue in that. I think that's just a variation.

我沒有看到任何結構性或趨勢性問題。我認為這只是一個變體。

That's good to know. Thank you. Secondly, where are chattel rates right now and where were they maybe a quarter ago and a year ago?

很高興知道這一點。謝謝。其次，動產率現在在哪裡，一個季度前和一年前可能在哪裡？

Yeah. So right now, Jay, they're at 9% to 9.4%. And as Bill mentioned earlier, that is pretty consistent with where they were last quarter and even last year.

是的。現在，傑伊，他們的比例是 9% 到 9.4%。正如比爾之前提到的，這與上個季度甚至去年的情況非常一致。

I mean if this move that we're seeing in the 10-year turns out to be more permanent than we see it keep going down how fast do you guys think whether with CountryPlace or some of the competitors, how quickly do you think people are going to try and start bringing rates down?

我的意思是，如果我們在 10 年內看到的這種變化比我們看到的持續下降更為持久，那麼你們認為無論是 CountryPlace 還是一些競爭對手，你們認為人們的變化速度有多快？開始降低利率嗎？

I think the reaction time on land home deals, whether they're conforming or not conforming would be kind of more correlated. I don't think that I would make any assumption personally about what that will do to the chattel rates, which are much stickier over time. They really don't react upward or downward very in a highly correlated way with tenure or any other mortgage index. So we get relief on land home deals. And certainly, GSE costs would or GSE rates would react, but not necessarily chattel.

我認為土地房屋交易的反應時間，無論它們是否符合要求，都會有更多的相關性。我認為我個人不會對這會對動產費率產生什麼影響做出任何假設，隨著時間的推移，動產費率會變得更加黏性。它們實際上不會以與保有權或任何其他抵押貸款指數高度相關的方式向上或向下做出反應。因此，我們在土地房屋交易上得到了緩解。當然，GSE 成本或 GSE 利率會做出反應，但不一定是動產。

That's great to know. And then last one for me on the community business. It sounds like things are finally starting to get better there, but how much longer do you think it's going to take another couple of quarters until they're back to normal order rates? How are you thinking about that, Bill?

很高興知道。最後一個是關於社區業務的。聽起來情況終於開始好轉，但您認為還需要幾個季度才能恢復正常訂單率需要多長時間？比爾，你對此有何看法？

Yes, I think that's fair. I mean it's always depending on overall health of the market for sure, but that's going in a positive way. I remember talking about this when we're having the inventory glut in retail and we want to think about it as just being a problem one day and go in the next, but how it really happens is you get a critical mass of communities to get back to normal order patterns and you just kind of stopped talking about it because the problem has drifted away from you.

是的，我認為這是公平的。我的意思是，這肯定始終取決於市場的整體健康狀況，但這正在以積極的方式進行。我記得當我們零售業庫存過剩時談論過這個問題，我們希望有一天將其視為一個問題，並在下一天繼續解決，但它真正發生的方式是你讓大量的社區得到解決回到正常的秩序模式，你只是停止談論它，因為問題已經遠離你了。

So I think we've been saying for a long time, we thought we'd see improvement in mid-calendar year. That's where we're at. And I think it will continue to improve by the end of the year.

所以我想我們已經說過很長一段時間了，我們認為我們會在日曆年中期看到改善。這就是我們現在的情況。我認為到今年年底，情況將繼續改善。

Great. Thank you.

偉大的。謝謝。

Thanks.

謝謝。

Thank you. We have a follow-up question from Daniel Moore of CJS Securities. Your line is open.

謝謝。CJS 證券的 Daniel Moore 向我們提出了後續問題。您的線路已開通。

Yes, thanks again. Just the favorite capital allocation, $370 million in cash and growing despite buying back stock. What's the M&A pipeline look like? And what are your thoughts in terms of just aggressiveness of putting the remaining authorization to work? Thank you.

是的，再次感謝。這是最受歡迎的資本配置，3.7 億美元的現金，儘管回購股票，但仍在成長。併購通路是什麼樣的？您對將剩餘授權投入使用的動機有何看法？謝謝。

Thanks. So as we shared stock repurchases was about $29 million in the first quarter. That leaves us $97.5 million remaining on the January 2024 Board authorization of $100 million. We stay, as always, consistent in our capital allocation strategy, and we continue to put dollars into planned improvement and expanding capacity and efficiencies in our plants.

謝謝。因此，據我們所知，第一季的股票回購額約為 2,900 萬美元。董事會 2024 年 1 月授權的 1 億美元還剩下 9,750 萬美元。我們一如既往地堅持一致的資本配置策略，並繼續投入資金用於計劃的改進以及擴大工廠的產能和效率。

To your point we continually bet an active pipeline of M&A, and that's ongoing. And then we are looking, as we've talked about opportunities in our lending operations, and we stay focused on consistency in our capital allocation.

就您的觀點而言，我們不斷押注活躍的併購管道，而這種情況仍在持續。然後我們正在尋找，正如我們談到的貸款業務的機會，我們繼續關注資本配置的一致性。

Understood. And then last one on Anthem. Just any update there or should I ask? We ask maybe once a year instead of once a quarter in terms of how you see that kind of ramping up? Thank you.

明白了。然後是《聖歌》的最後一首。只是有任何更新嗎？我們可能每年一次而不是每季一次詢問您如何看待這種增長？謝謝。

I love the question because it's a product line we're still really excited about. So you can ask every quarter or call us up in between and ask. We're really happy with the receptivity. We are seeing some orders. I don't want to report on the actual numbers. We're seeing a huge number of kind of quotes. So it's a process that takes some time.

我喜歡這個問題，因為這是一個我們仍然非常興奮的產品線。因此，您可以每季詢問或在期間致電我們詢問。我們對接受度非常滿意。我們看到一些訂單。我不想報告實際數字。我們看到了大量的報價。所以這是一個需要一些時間的過程。

But I think, I guess it was since the last call we had Homes on the Hill. We showed new single section duplex, still under the Anthem line at Homes on the Hill, where we set that home up on the lawn in front of the Capital building and people were coming through. That's an event we've done, I think, four years now.

但我想，我想自從上次打電話以來我們就有了「山上之家」。我們在 Homes on the Hill 展示了新的單層複式住宅，仍在 Anthem 線下方，我們將住宅建在首都大廈前的草坪上，人們紛紛走過。我想，我們已經舉辦了四年這樣的活動。

And I think that's a game changing product, maybe even more than the multi-section duplex. So it's going to keep picking up. I think there are going to be particularly early adopters in the rental community space. We have some things going on there, so I'm not giving you specific numbers, Dan. I really think it's going very well there. And we are starting to sell actual units.

我認為這是一個改變遊戲規則的產品，甚至可能比多部分複式公寓更重要。所以它會繼續回升。我認為租賃社區領域將會有特別早期的採用者。我們那裡正在發生一些事情，所以我不會給你具體的數字，丹。我真的認為那裡進展順利。我們開始銷售實際單位。

All right. Very helpful. Appreciate it.

好的。非常有幫助。欣賞它。

Thank you.

謝謝。

Thank you. I'm showing no further questions at this time. I'd like to turn it back to Bill Boor for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。我想請比爾·布爾 (Bill Boor) 致閉幕詞。

Great. As we discussed, our internal operating discussions have clearly shifted over the last couple quarters. And we're focused on ramping volume back up in line with orders that we're seeing. It definitely feels good to be having those discussions after a lengthy period of kind of throttling back production. It's important to reflect on how this reduced volume period was managed.

偉大的。正如我們所討論的，我們的內部營運討論在過去幾個季度中發生了明顯的變化。我們的重點是根據我們看到的訂單來增加銷售量。在經歷了長時間的生產縮減之後進行這些討論絕對感覺很好。重要的是要反思如何管理這個減少的交易量時期。

Very complementary of our operators who were able to maintain healthy gross margins even while running at 60% capacity utilization. And this backs up discussions we've had over time about how we work hard to maintain a cost structure that's as variable as possible. I look back over the five quarters that we reported 60% capacity utilization, and during that period we continued to invest in operational improvement.

我們的營運商非常互補，即使在產能利用率為 60% 的情況下也能維持健康的毛利率。這支持了我們長期以來關於如何努力維持盡可能可變的成本結構的討論。我回顧了我們報告的產能利用率為 60% 的五個季度，在此期間我們繼續投資於營運改善。

We repurchased about $140 million of our stock and our cash balance grew about $80 million. So as we sit here today, our teams across the company have really managed extremely well waiting for the market to return. And we're very anxious to demonstrate our potential in a stronger environment.

我們回購了約 1.4 億美元的股票，現金餘額增加了約 8,000 萬美元。因此，當我們今天坐在這裡時，我們整個公司的團隊在等待市場回歸方面確實表現得非常出色。我們非常渴望在更強大的環境中展現我們的潛力。

I want to thank you for joining us today and for your interest in Cavco, and we look forward to keeping you updated on our progress. Thank you.

我要感謝您今天加入我們以及您對 Cavco 的興趣，我們期待向您通報我們的最新進展。謝謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。