Cavco Industries Inc (CVCO) 2025 Q2 法說會逐字稿

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

您好，感謝您的支持。歡迎收聽 Cavco Industries, Inc. 2025 財年第二季財報電話會議網路廣播。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Mark Fusler, Corporate Controller and Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、公司財務總監和投資者關係主管馬克·富斯勒 (Mark Fusler)。請繼續。

Good day, and thank you for joining us for Cavco Industries second-quarter fiscal year 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.

您好，感謝您參加 Cavco Industries 2025 財年第二季財報電話會議。在本次電話會議中，您將聽取總裁兼執行長 Bill Boor 的發言；艾莉森‧阿登 (Allison Aden)，執行副總裁兼財務長；以及首席會計官 Paul Bigbee。

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

在開始之前，我們想提醒您，管理層在電話會議中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、現金流或使用、成本節約、營運效率、信貸市場當前或未來的波動或未來的市場狀況。

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，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有重大差異。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，這些表格列出了可能導致實際結果或事件與文件中所述大不相同的具體因素。

This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast, Friday, November 1, 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.

本次電話會議還包含時間敏感訊息，這些資訊僅在本次直播之日（2024 年 11 月 1 日星期五）準確。除非法律另有規定，Cavco 不承擔修改或更新任何前瞻性聲明（無論是書面的還是口頭的）以反映本次電話會議日期之後的事件或情況的義務。

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？

Thanks, Mark. Welcome and thank you for joining us today to review our second-quarter results. I want to start by addressing the recent hurricanes affecting Florida and other states in the Southeast. As everyone on the call knows, Hurricane Helene hit right before the end of Q2 and Hurricane Milton struck in early October, which is our existing Q3.

謝謝，馬克。歡迎並感謝您今天加入我們來回顧我們的第二季業績。首先我想談談最近襲擊佛羅裡達州和東南部其他州的颶風。電話會議中的每個人都知道，颶風海倫 (Hurricane Helene) 在第二季度結束前襲擊了我們，而颶風米爾頓 (Hurricane Milton) 則在 10 月初襲擊了我們，也就是我們目前的第三季度。

Recognizing that many others were not as fortunate, we were relieved that our employees throughout the region and their families survived the storms, although many experienced significant property damage. Clearly, they and many others are dealing with a long process to regain some normalcy after the cleanup and rebuilding process or as the cleanup and rebuilding process unfolds.

我們意識到很多人沒有這麼幸運，因此我們很欣慰整個地區的員工和他們的家人在風暴中安然無恙，儘管許多人遭受了重大的財產損失。顯然，他們和許多其他人一樣，正在經歷一個漫長的過程，才能在清理和重建過程之後，或在清理和重建過程展開的過程中恢復正常狀態。

Like every catastrophic weather event, it's awesome to see the resiliency shown as our employees made their way back to work to continue producing and selling vitally needed homes. Relative to what was feared, our operations experienced minor damage and raw material losses. It could have been much worse, but our folks did a great job preparing for the storms. And through the efforts of our committed coworkers, production and retail downtime has been minimized.

就像每一次災難性的天氣事件一樣，看到我們的員工重返工作崗位，繼續生產和銷售急需的房屋，我們感到很欣慰。與人們擔心的情況相比，我們的業務遭受的損害和原材料損失較小。情況可能會更糟，但我們的人員為應對風暴做好了充分準備。透過我們同事們的努力，生產和零售停工時間已被最大限度地減少。

Since I know it's top of mind, I'd like to address the business impact of these storms upfront, and then we'll cover the quarter more generally. First, our insurance operations were not impacted as we do not actively write insurance policies in the affected areas. As indicated, physical damage to our operations and raw material losses were minimal.

因為我知道這是人們最關心的問題，所以我想先解決這些風暴對業務的影響，然後我們將更全面地介紹本季的情況。首先，我們的保險業務沒有受到影響，因為我們沒有在受災地區積極簽發保單。正如所指出的，我們運營的物理損壞和原材料損失很小。

Regarding the quarter results, Hurricane Helene resulted in delayed net revenue of approximately $4 million from the second to third quarter because conditions prevented us from completing shipments of finished homes. We also wanted to provide some perspective on the impact beyond Q2, specifically how much production time was lost.

關於季度業績，由於天氣原因，我們無法完成成品房屋的裝運，因此颶風海倫導致第二季至第三季的淨收入延遲約 400 萬美元。我們也想提供一些關於第二季以後的影響的觀點，特別是損失了多少生產時間。

On a combined basis, we estimate that through a combination of pure downtime and slowed operations, we lost the equivalent of 15 to 20 production days across our Florida and Georgia plants. The real question is how quickly and how fully the Southeast market recovers to its pre-storm health. We're optimistic about this based on the last few weeks of activity.

綜合來看，我們估計，由於停機時間和營運放緩，我們佛羅裡達州和喬治亞州工廠的損失相當於 15 至 20 個生產日。真正的問題是東南市場能多快、全面地恢復到颶風前的狀態。根據過去幾週的活動，我們對此感到樂觀。

Now switching to the overall discussion, we felt very good about our results this quarter and the continuing progress we're showing as we ramp production in line with the improving market. Units shipped in the quarter were up 15.7% over last year's quarter. Capacity utilization was up sequentially from 65% to 70%, and that includes additional days taken around July 4. So our running pace was closer to 75% capacity utilization.

現在轉到整體討論，我們對本季的業績感到非常滿意，而且隨著我們隨著市場好轉而提高產量，我們取得了持續的進展。本季出貨量比去年同期成長了 15.7%。產能利用率從 65% 連續上升至 70%，其中包括 7 月 4 日左右的額外生產天數。因此我們的運行速度接近75％的產能利用率。

In addition to shipping more homes, strong orders resulted in our backlogs growing approximately 20%. The quarter ending backlog represents about 8 to 10 weeks of production. There continues to be a wide range of backlogs across our operations with some plants ramping production as quickly as possible to keep backlogs in check and a few still needing more orders.

除了運送更多房屋外，強勁的訂單導致我們的積壓訂單增加了約 20%。本季末的積壓訂單大約相當於 8 至 10 週的生產量。我們的整個營運過程中仍存在大量積壓訂單，一些工廠正在盡快提高產量以控制積壓訂單，而一些工廠仍需要更多訂單。

Generally, we've been encouraged by the continued market growth we're seeing. For what seems like a very long time, we've been talking about slow community and developer order rates due to their inventory challenges. It was about this time last year that we discussed our expectation that it would improve over calendar 2024. That's what we've seen. And while every community in development has a unique inventory situation, we feel the recovery is mostly behind us. This quarter, we had growth in all three channels: dealer, community, and builder developer.

整體而言，我們對市場持續成長的態勢感到鼓舞。似乎很長一段時間以來，我們一直在談論由於庫存挑戰而導致的社區和開發商訂單率緩慢的問題。大約在去年這個時候，我們討論了我們對 2024 年情況會有所改善的預期。這就是我們所看到的。儘管每個發展中的社區都有獨特的庫存情況，但我們認為復甦基本上已經過去了。本季度，我們在經銷商、社區和建築商開發商三個管道均實現了成長。

The business model continues to generate cash with our ending total balance of $7 million after $44 million of share buybacks in the quarter. As indicated in our press release, our Board has authorized an additional $100 million for share repurchases, which is incremental to the remaining amount in the prior authorization. So we continue to have this important tool to responsibly manage the balance sheet.

該業務模式繼續產生現金，在本季回購了 4,400 萬美元的股票後，我們的期末總餘額為 700 萬美元。正如我們的新聞稿中所述，我們的董事會已批准額外 1 億美元用於股票回購，這是先前授權剩餘金額的增量。因此，我們繼續擁有這項重要工具來負責任地管理資產負債表。

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

接下來，我想讓艾莉森更詳細地討論財務結果。

Thank you, Bill. Net revenue for the second fiscal quarter of 2025 was $507.5 million, up $55.4 million or 12.3% compared to $452 million during the prior year. Sequentially, net revenues increased $29.9 million, driven by an increase in base business units sold, higher average selling prices quarter over quarter, and increased revenues in financial services.

謝謝你，比爾。2025 財年第二季的淨收入為 5.075 億美元，較去年同期的 4.52 億美元成長 5,540 萬美元或 12.3%。與上一季相比，淨收入增加了 2,990 萬美元，這得益於基礎業務部門銷售額的增加、平均銷售價格的環比上漲以及金融服務收入的增加。

Within the factory-built housing segment, net revenue was $486.3 million, up $52.3 million or 12% from $434.1 million in the prior-year quarter. The increase was primarily due to a 15.7% increase in homes sold, partially offset by a 3.1% decrease in average revenue per home sold from the prior-year quarter.

工廠建造房屋部門的淨收入為 4.863 億美元，比去年同期的 4.341 億美元增加 5,230 萬美元（即 12%）。這一增長主要歸因於售出房屋數量增長 15.7%，但部分抵消了去年同期每套售出房屋平均收入下降 3.1% 的影響。

The decrease in average revenue per home was primarily due to a lower proportion of homes sold through our company-owned stores, and to a lesser extent, palette pricing decreases, partially offset by more multi-wide in the mix.

每套房屋平均收入的下降，主要是由於透過公司自營商店銷售的房屋比例較低，其次，調色板定價下降，但部分被組合中多種寬度房屋的增加所抵消。

Factory utilization for Q2 of 2025 was approximately 70% when considering all available production days, but was nearly 75%, excluding scheduled downtime for the Fourth of July holiday when many of our plants were closed all week. Utilization was approximately 60% in the comparable period.

如果考慮所有可用的生產天數，2025 年第二季的工廠利用率約為70%，但如果不包括7 月4 日假期的預定停工時間（當時我們的許多工廠整週關閉），則工廠利用率接近75%。同期的利用率約為60%。

Financial services segment net revenue was $21.1 million, up $3.2 million or 17.6% from $18 million, primarily due to higher insurance premium rates. Consolidated gross margin in the second fiscal quarter as a percentage of net revenue was 22.9%, down 80 basis points from 23.7% in the same period last year, primarily due to losses in financial services and lower average selling prices in the factory-built housing segment. In the factory-built housing segment, the gross profit decreased 30 basis points to 22.9% in Q2 of 2025 versus 23.2% in Q2 of 2024, driven by lower average selling prices, partially offset by lower input costs.

金融服務部門淨收入為 2,110 萬美元，較 1,800 萬美元增加 320 萬美元（17.6%），主要由於保險費率上漲。第二財季綜合毛利率佔淨收入的百分比為 22.9%，較去年同期的 23.7% 下降 80 個基點，主要由於金融服務業務的虧損以及工廠建造房屋的平均售價下降部分。在工廠建造的房屋領域，2025 年第二季的毛利從2024 年第二季的23.2% 下降30 個基點至22.9%，這主要是由於平均銷售價格下降，但投入成本下降部分抵消了這一影響。

Financial services gross margin as a percentage of revenue decreased to 21.8% in Q2 of 2025 from 35.9% in Q2 of 2024. The increased division -- the insurance division was significantly impacted by Hurricane Beryl with the loss from the event at our reinsurance limit of $4 million.

金融服務毛利率佔營收的百分比從 2024 年第二季的 35.9% 下降至 2025 年第二季的 21.8%。增加的部門—保險部門受到颶風貝麗爾的嚴重影響，這起事件造成的損失超出了我們的再保險限額 400 萬美元。

Selling, general and administration expenses in the second quarter of 2025 were $67 million or 13.2% of net revenue compared to $61.5 million or 13.6% of net revenue during the same quarter last year. The increase in these expenses was primarily due to higher variable compensation based on improved earnings, higher share-based compensation due to improving performance measures, and additional expenses from acquired retail locations.

2025 年第二季的銷售、一般和管理費用為 6,700 萬美元，佔淨收入的 13.2%，而去年同期為 6,150 萬美元，佔淨收入的 13.6%。這些費用的增加主要是由於基於收益提高的浮動薪酬增加、由於績效指標改善而導致的股權薪酬增加以及收購零售店帶來的額外費用。

Pretax profit was $55 million, up $3.2 million or 6.4% from $51.7 million for the prior-year period. Net income to capital stockholders was $43.8 million, up $2.3 million or 5.5% from $41.5 million in the prior-year period. Diluted earnings per share this quarter was $5.28 per share versus $4.76 per share in last year's second quarter.

稅前利潤為 5,500 萬美元，較去年同期的 5,170 萬美元增加 320 萬美元，增幅為 6.4%。資本股東淨收入為 4,380 萬美元，較去年同期的 4,150 萬美元增加 230 萬美元，增幅 5.5%。本季每股攤薄收益為 5.28 美元，去年第二季每股攤薄收益為 4.76 美元。

During the quarter, we repurchased nearly $44 million under our Board authorized share repurchase program. Cumulative repurchases stand at $347.6 million since we began the program in the fourth quarter of fiscal 2021. As announced in our latest press release, the Board has expanded the program, authorizing an additional $100 million. This leaves $153.4 million under authorization for future repurchases.

本季度，我們根據董事會授權的股票回購計畫回購了近 4,400 萬美元。自 2021 財年第四季開始該計畫以來，累計回購額已達 3.476 億美元。正如我們在最新的新聞稿中宣布的那樣，董事會已經擴大了該計劃，批准額外撥款 1 億美元。這使得未來回購的授權金額為 1.534 億美元。

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

現在我將把話題交給保羅來討論資產負債表。

Thanks, Allison. In the quarter, we generated an increase in cash and restricted cash of $7.3 million, bringing our balance to $386.2 million. Cash provided by operating activities was $54.7 million, as Allison discussed. Cash used in investing activities was $5.7 million, reflecting capital expenditures to enhance manufacturing capabilities. And finally, cash used in financing activities was primarily due to share repurchases, highlighting our commitment to enhancing shareholder value.

謝謝，艾莉森。本季度，我們的現金和受限現金增加了 730 萬美元，使我們的餘額達到 3.862 億美元。正如艾利森所討論的，經營活動提供的現金為 5,470 萬美元。投資活動所用現金為 570 萬美元，反映了為增強製造能力而進行的資本支出。最後，融資活動所使用的現金主要來自股票回購，突顯了我們致力於提高股東價值的承諾。

Comparing the September 28, 2024, balance sheet to March 30, 2024, the increase in accounts receivables related to organic growth in the factory-built housing segment. The overall value of investments has remained relatively stable with more investments transitioning to current as time passes and as shorter duration bonds in our portfolio are approaching maturity. The increase in short-term consumer loans receivable is primarily a timing difference between higher originations of loans held for sale in excess of actual sales.

將 2024 年 9 月 28 日的資產負債表與 2024 年 3 月 30 日進行比較，應收帳款的增加與工廠建造房屋部門的有機成長有關。投資的整體價值保持相對穩定，隨著時間的推移以及我們投資組合中較短期債券即將到期，更多的投資轉為流動資產。短期消費應收貸款的增加主要是持有待售貸款發放量超過實際銷售額之間的時間差。

Current liabilities are up from increased compensation and bonus accruals on higher earnings, increased loss reserves from previous storms and higher customer deposits. Stockholders' equity edged up $8.6 million to just over $1 billion.

流動負債的增加是由於收入增加導致的薪資和獎金增加、先前風暴造成的損失準備金增加以及客戶存款增加。股東權益小幅增加 860 萬美元，至略高於 10 億美元。

The last thing I wanted to call out is in yesterday's earnings release, we presented on the September 28, '24 balance sheet, the number of shares for outstanding common stock and treasury stock, which do not impact the amounts reflected in the balance sheet or earnings per share data. These will be updated in the 10-Q to be released later today to increase treasury shares by 108,801 and decrease outstanding common shares by the same amount. Now I'll turn it back to Bill.

我最後要指出的是，在昨天的收益報告中，我們在24 年9 月28 日的資產負債表中列出了已發行普通股和庫存股的數量，這些數量不會影響資產負債表中反映的金額或每股收益數據。這些將在今天稍後發布的 10-Q 中進行更新，以增加 108,801 股庫存股並減少相同數量的流通在外的普通股。現在我把話題轉回給比爾。

Thank you, Paul. This was another encouraging quarter showing improvement from the time of the interest rate pullback. We have seen the industry drop to 88,000 HUD shipments following the 2022, 2023 run-up in interest rates, and now the latest monthly shipments data indicates 103,000 unit pace.

謝謝你，保羅。這是自利率回落以來又一個令人鼓舞的季度，顯示出改善。我們看到，在 2022 年、2023 年利率上升之後，該行業的 HUD 出貨量下降至 88,000 台，而現在最新的月度出貨量數據顯示出貨量為 103,000 台。

There's certainly risk and uncertainty in the macro environment. But based on what we're seeing in the market and the undeniable need for our products, we're optimistic about demand and we're pressing forward to provide more homes.

宏觀環境確實存在風險和不確定性。但根據我們在市場上看到的情況和對我們產品的不可否認的需求，我們對需求持樂觀態度，我們正在努力提供更多的住房。

Gigi, would you please open the line for questions?

Gigi，您可以開通熱線來回答問題嗎？

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員指示）Daniel Moore，CJS Securities。

Let me start with maybe just a little bit more color on what you're seeing from an overriding demand perspective, more from a geographic perspective, maybe where you're ramping production as quickly as possible and where orders are still lagging? And then you mentioned all three markets are now kind of back to growth, just what you're seeing in terms of sequential improvement in the community and REIT businesses?

首先，我想先從主要需求的角度，從地理的角度，稍微詳細地介紹一下您所看到的情況，也許您在哪些地方盡快提高產量，哪些地方的訂單仍然滯後？然後您提到所有三個市場現在都恢復了成長，您看到社區和房地產投資信託基金業務的連續改善情況如何？

Yeah. Hi, Dan. Thanks for the question. Yeah, we've been in a lot of these calls, talking about the consecutive string of increasing sales orders which, [they'd] continue. It was -- and I have said this many times, it's not dramatic but it's kind of been a steady increase. And so that's kind of the highest level as far as the regions and now you can add product specific. I think what we are seeing, plants have the highest order rates and the biggest backlog build.

是的。你好，丹。謝謝你的提問。是的，我們接到了很多這樣的電話，討論銷售訂單連續增加的問題，而且他們還會繼續增加。是的 — — 我已經說過很多次了，雖然不是急劇增長，但一直呈穩定增長態勢。就區域而言，這算是最高級別，現在您可以添加特定產品。我認為我們看到的是工廠的訂單率最高，積壓訂單也最多。

Regionally, the southeast has been very strong. Texas and [that area] has been as well. That's been consistent. Florida, we talk about the southeast and then Florida stands out as its own market, and Florida continues to lag. And so some of our thinnest backlogs happened to be in Florida.

從地區來看，東南部地區表現十分強勁。德克薩斯州和[那個地區]也是如此。這是一致的。佛羅裡達州，我們談論東南部，佛羅裡達州作為自己的市場脫穎而出，佛羅裡達州繼續落後。因此，我們的積壓訂單最少的部分恰好位於佛羅裡達州。

But I also brought into the question and kind of adding to your question a little bit, there is also a product trend, I guess, that we are seeing. And our plants that make lower price point products, whether they are single or multi-section, but lower price points seem to be the ones that are having the most market activity and the biggest backlog builds as well. So hopefully, that covers kind of what you are looking for on regional differences and I am adding in that product [list] as well.

但我也提到了這個問題，並且對你的問題做了一點補充，我想，我們也看到了一個產品趨勢。我們的工廠生產低價位產品，無論是單部分或多部分產品，但低價位產品似乎是市場活動最活躍、積壓訂單最多的產品。所以希望，這能涵蓋您所尋找的區域差異，我也將添加該產品[清單]。

Yeah, as far as the segments, we tend to historically combine builder developers in when we talk about community. So I know there is interest in both separately. So trying to be more conscious to that. And as I said in my remarks, all three channels: the retailer, the communities, kind of the land lease communities, and the builder developer channels were up for us this quarter.

是的，就細分而言，當我們談論社區時，我們傾向於將建築商和開發商結合起來。所以我知道人們對這兩者都感興趣。因此要努力提高對此的認識。正如我在發言中所說，本季我們所有三個管道：零售商、社區、土地租賃社區以及建築商開發商管道均實現了成長。

And it's always interesting, when we spend a lot quarters talking about inventory builds in the channel and then the seemingly long time it takes to work them out, you kind of have to try to feel your way through when you think that's just not a big impact anymore. And I don't think I am really jumping a gun by saying we are pretty much getting there.

有趣的是，當我們花了很多季度討論渠道中的庫存建設，然後似乎花了很長時間來解決這些問題時，你必須試著摸索著找到出路，當你認為這不是什麼大問題的時候不再有影晌。而且我認為，當我說我們基本上已經到達那個目標時，我並不是妄下結論。

I mean, the communities have been -- they've had high inventories. We've talked about that a lot on these calls. Enough of them have gotten their inventories under control that we're starting to feel like we're getting back to closer to that 1:1 ratio of them setting a home, getting a resident in a home and then being ready to order the next.

我的意思是，社區的庫存一直很高。我們在這些電話中已經多次討論過這個問題。他們中的許多人已經控制住了庫存，我們開始覺得我們正在回到接近 1:1 的比例，即他們建好一套房子，讓住戶住進一套房子，然後準備訂購下一套房子。

So we feel pretty good about that. And when you think about wholesale shipments, that's been a bit of a drain on wholesale order rates as they work that inventory off. So it's a bit of a tailwind developing in that regard.

因此我們對此感覺非常好。當你考慮批發運輸時，這會對批發訂單率造成一些消耗，因為他們要消化這些庫存。因此，從這方面來看，這有點像是順風發展。

So Dan, let me know if I touched on everything you're interested in there.

所以丹，如果我談到了你感興趣的所有內容，請告訴我。

Glad and more, absolutely. Obviously, appreciate the color as it relates to the disruptions. Great to hear obviously that you made it through with minimal physical damage as well as the employees more importantly.

非常高興，甚至更多。顯然，要欣賞與中斷相關的顏色。很高興聽到你們安然度過了難關，身體受到的傷害最小，更重要的是員工也平安度過了難關。

Backlog is up 20% again, and then offsetting that, some downtime from Florida and Georgia that you'll probably work hard to try to make up. So just how do we -- how are you thinking about production and shipment growth in Q3 relative to what we just saw in Q2 when you put all those puts and takes together?

積壓訂單再次增加了 20%，然後抵消佛羅裡達州和喬治亞州的一些停工影響，您可能需要努力彌補。那麼，當您將所有這些收益和收益放在一起時，您如何看待第三季度的生產和出貨量增長相對於我們在第二季度看到的情況？

Yeah, specifically focused on the Southeast, I mean, you captured the points, which I appreciate that -- and I will say it's hard to say minimal on anything related to that stuff. In the scheme of the scope of the company, the damage to our operations was minimal. But certainly, we have things there that we're working through.

是的，特別關注東南部，我的意思是，你抓住了要點，我很欣賞這一點——而且我會說，很難說與這些東西相關的任何事情都是最少的。在公司範圍的規劃中，對我們的營運造成的損害是微乎其微的。但可以肯定的是，我們正在努力解決一些事情。

So yeah, kind of waved at this, I guess, in my comments. We're less 15 to 20 days of -- or equivalent days of downtime in that region. Some of that did happen in Florida plants that didn't have much of a backlog. So while I never like to lose time in production in a wave that's almost like market downtime. And some of it happened in Georgia plants where we actually have very healthy backlogs.

是的，我想，在我的評論中，我有點對此表示贊同。在該地區，我們的停機時間不到 15 到 20 天，或相當於幾天的時間。其中一些情況確實發生在佛羅裡達州沒有太多積壓訂單的工廠。因此，我從來不想在類似市場停擺的浪潮中浪費生產時間。有些情況發生在喬治亞州的工廠，我們那裡的積壓訂單實際上非常多。

We'll work to try to catch that up to the extent we can because they've got the backlog. So we'll work some overtime and try to do our best to catch it up in the third quarter. But when it boils down, the bigger question as opposed to production capability is really the bounce back of retail activity, right? I mean, that's really what I'd focus people on. And we don't have the crystal ball on that.

我們會盡力趕上，因為他們還有很多積壓的工作。因此我們會加班加點，盡力在第三季趕上。但歸根結底，與生產能力相比，更大的問題實際上是零售活動的反彈，對嗎？我的意思是，這才是我真正希望人們關注的重點。但我們並沒有水晶球來預測這一點。

But for a couple of weeks, as you'd expect, in some of the areas in that region, there was really next to no activity because people are dealing with damage and the storm effect itself. But then we've had just a couple of weeks since that we've tried to get a feel for how things are bouncing back.

但正如您所預料的那樣，在該地區的一些地區，連續幾週幾乎沒有任何活動，因為人們正在應對損失和風暴本身的影響。但自那以後，我們只花了幾週的時間就嘗試去了解事態的恢復情況。

There are areas, there are spots there that you just -- it was devastation, right? But when you think about the region more broadly, we're seeing the health come back when we talk to retailers and even our own stores in the region. So in this early stage of trying to evaluate that bounce back, we're pretty optimistic, but it's got to play out. And so that's really the third-quarter question I don't have a very clear answer for.

那裡有一些地區，有一些地方，那裡簡直是一片廢墟，對吧？但當你更廣泛地考慮該地區時，當我們與該地區的零售商甚至我們自己的商店交談時，我們看到健康狀況正在恢復。因此，在試圖評估反彈的早期階段，我們非常樂觀，但它必須發揮作用。所以這其實是一個第三季的問題，我沒有一個非常明確的答案。

Understood. I guess maybe one more and I'll jump back. But just bigger picture, in the past, you've spoken about kind of changes in HUD code. Is there anything that you're seeing recently are being proposed that could create more of a tailwind looking beyond the next few quarters? And I'll broaden out beyond HUD code to just general changes in zoning, et cetera, what you're seeing there? Thanks again.

明白了。我想也許再來一次我就會跳回來。但從更大的角度來看，過去您曾談到 HUD 程式碼的變化。您最近是否看到有什麼提議可以在未來幾季帶來更多推動力？我將擴大 HUD 代碼的範圍，討論分區的一般變化等等，您看到了什麼？再次感謝。

Yes. Dan, everything I'll say is kind of stuff we've talked before, I think it's just a continuing story and your perspectives, right, that it's a long-term story. I think the recent HUD code changes were very directionally positive, even enabling multifamily to be coded HUD code.

是的。丹，我要說的一切都是我們之前談論過的內容，我認為這只是一個持續的故事和你的觀點，對吧，這是一個長期的故事。我認為最近的 HUD 代碼變化在方向上非常積極，甚至允許多戶家庭採用 HUD 代碼進行編碼。

So all that stuff is going to facilitate innovation in our industry, and it's going to -- and that innovation is going to facilitate creating the kinds of products that can go into more urban areas, for example. And then that touches on the zoning. I don't have really anything to update to that discussion.

所以，所有這些都將促進我們產業的創新，而這種創新將促進創造能夠進入更多城市地區的產品。這涉及到分區問題。我實際上沒有什麼可以更新該討論的。

As I've said for a long period of time, I think where affordability is the worst, that's where municipalities are challenging their thinking and trying to figure out how to open up to really a better option for housing and more close-in in urban areas, which is factory-built housing. So I feel good about the directional trend, and it's always just been a question of how fast and when.

正如我長期以來所說，我認為負擔能力最差的地方，正是市政當局正在挑戰自己的想法，並試圖找出如何真正提供更好的住房選擇，以及在城市中提供更近距離的區域，即工廠建造的房屋。因此，我對方向性趨勢感到滿意，而問題始終只是速度和時間而已。

(Operator Instructions) Greg Palm, Craig-Hallum Capital Group.

(操作員指示) Greg Palm，Craig-Hallum Capital Group。

Wondering if we can dig into the volume numbers a little bit more and not just the quarter, but kind of the implied order rate, the backlog growing. It implies that you are gaining some share versus the industry. So I'm curious to kind of get your thought whether that is geographically based, in terms of which areas are maybe performing the best, whether it's more of a product?

想知道我們是否可以更深入地了解交易量數字，而不僅僅是季度數字，還包括隱含的訂單率、積壓訂單的增長。這意味著你正在獲得比行業更高的份額。所以我很好奇，您認為這是否基於地理位置，哪些地區的表現可能最好，是否更多的是一種產品？

You've kind of alluded at some kind of changes in product mix or some trends you're seeing out there. Maybe you're able to adapt to that a little bit quicker. Just any kind of broad thoughts on the outperformance would be great as a starting point.

您曾暗示過產品組合的某種變化或您所看到的某些趨勢。也許你能更快適應這一點。任何關於優異表現的廣泛思考都可以作為一個很好的起點。

Yeah, thanks for the question, Greg. I'm sitting here kind of trying to sort a couple of thoughts, and it's interesting because I probably should take the win that you're kind of offering up to us. But I remember it wasn't that long ago that the same calculations were showing us losing share. And I think the moral of that story to some extent is these quarter-to-quarter shares can really move quite a bit.

是的，謝謝你的提問，格雷格。我坐在這裡試圖理清一些想法，這很有趣，因為我可能應該接受你向我們提供的勝利。但我記得不久前同樣的計算也顯示我們的份額正在下降。我認為這個故事的寓意在某種程度上是這些季度股價確實可以發生很大波動。

That's not to take away from the fact that I do think we've had our foot on the gas trying to ramp production up. So I do think we've earned the volume growth that we've had. Those -- I'll take you back a little bit further.

但這並不能掩蓋一個事實，我確實認為我們已經加強試圖提高產量。因此我確實認為我們已經實現了銷量成長。那些——我會帶你回顧。

I mean, when the industry was really slowing down, we maintained relatively high shipments compared to the industry. And then when that became the comp a year later, it looked like we were lagging the industry. So just gives an example of how much those numbers can move a bit.

我的意思是，當行業真正放緩的時候，我們仍保持著與行業相對較高的出貨量。但當一年後我們與同行相比時，我們似乎落後於行業了。這只是舉了一個例子來說明這些數字可以移動多少。

As far as regionally and product, I think we've had a big focus in our company of trying to rehire and do all the things early that you need to do. We've kind of decided to plan on an optimistic view of the market, knowing that we've demonstrated in the past our ability to slow down, if that's what happens and is necessary. And so we have been pushing.

就區域和產品而言，我認為我們公司一直非常重視重新招募員工並儘早完成所有需要做的事情。我們決定以樂觀的態度看待市場，因為我們知道，如果情況確實發生並且有必要，我們過去已經證明了我們有能力放慢腳步。因此我們一直在努力。

We've added -- I've mentioned this on previous calls. In the last couple of years, we added a national sales team that we never had in this company before to supplement the plant-specific work on sales, and I think that's really helped us, both up our game and generally in sales, but also give a better focus on REITs and community operators that I think is taking hold.

我們已經添加了——我在之前的電話會議中提到過這一點。在過去的幾年裡，我們增加了一個全國銷售團隊，這是我們公司以前從未有過的，以補充工廠特定的銷售工作，我認為這真的對我們很有幫助，不僅提高了我們的水平，而且總體上提高了銷售水平，更加關注我認為正在興起的房地產投資信託基金和社區運營商。

So we are doing some things, and I don't mean to take any excitement away from the market shares. I'm thrilled that we're gaining in the numbers, but I do think there's a lot of variability in those numbers, too.

因此，我們正在做一些事情，但我並不想從市場份額中奪走任何興奮。我很高興我們的數字有所增長，但我確實認為這些數字也存在很大的差異。

Yeah, okay. That makes sense. If I could shift over -- staying on the factory-built segment, but the margin, if I think about where volumes were in the quarter and whether this is a year-over-year basis or sequentially, but volume is up quite a bit. So capacity utilization, better input costs down deflationary, yet gross margin was up just a little bit sequentially, and it was down on a year-over-year basis. And I'm looking just specifically to factory-built housing segment.

嗯，好的。這很有道理。如果我可以換個角度，繼續討論工廠製造的部分，但如果我考慮一下本季度的銷量情況，以及這是同比還是環比增長，那麼銷量確實上漲了不少。因此，產能利用率、通貨緊縮的投入成本下降，但毛利率較上季僅略有上升，但較去年同期下降。我正在特別關注工廠建造的房屋領域。

Anything that you want to point out? And I just thought it might have been a little bit better just given everything that we've talked about, but just curious if there's anything else behind the scenes.

您還有什麼要指出的嗎？我只是覺得，考慮到我們已經討論過的一切，情況可能會好一些，但我只是好奇幕後是否還有其他事情發生。

I mean, the only thing to keep in mind that -- we talked about from time to time on really the ASP driving kind of that largest part of the margin. And the ASP year-over-year decrease that we saw was primarily due to a lower proportion of homes sold through our company-owned stores, as we described. And when they're in a lower percentage going through retail, then we have -- we get less retail pricing in our ASP and more wholesale pricing, which serves to drive the ASP down a bit. So that is a factor that you [I think you already] consider.

我的意思是，唯一需要記住的是——我們不時談論 ASP 真正推動了利潤的最大部分。正如我們所描述的，我們看到的平均售價年減主要是由於透過公司自有商店銷售的房屋比例較低。當它們在零售中所佔比例較低時，我們的 ASP 中的零售價格就會減少，批發價格則會增多，這有助於稍微降低 ASP。所以這是你（我認為你已經）考慮的一個因素。

Yeah, okay. That makes sense. And then I guess, lastly, capital allocation, obviously, buyback front and center, but curious if you've got any kind of update on M&A pipeline, your appetite, kind of anything you're seeing out there in the market related to that?

嗯，好的。這很有道理。最後，我想，資本配置，顯然，回購是重中之重，但我想知道您是否有任何關於併購管道的最新消息，您的意願，以及您在市場上看到的任何與此相關的資訊?

Yeah, thanks for the question. I think somewhat recent examples of our capital commitment was our purchase of Kentucky Dream Homes, which was a manufactured housing retailer. And before that, Solitaire Homes, the manufacturer and retailer. And our capital priorities remain planned improvement to improve capacity and also efficiencies in our plant.

是的，謝謝你的提問。我認為我們資本承諾的最新例子是我們收購了肯塔基夢想家園，這是一家住宅零售商。在此之前，還有製造商和零售商 Solitaire Homes。我們的資本重點仍然是計劃改進，以提高工廠的產能和效率。

Future acquisitions are certainly on the horizon, and we have a process internally. It's ongoing betting evaluations of these opportunities. And we also continue to look at opportunities to expand in the lending operation.

未來的收購肯定會即將到來，而且我們內部有一個流程。這是對這些機會的持續投注評估。我們也持續尋找擴大貸款業務的機會。

And again, this quarter, we announced our Board once again showing support by authorizing another $100 million allocation for purchase buyback of our shares, which we use in a responsible manner as we've demonstrated that after the last seven quarters to really manage our balance sheet and our cash in a responsible manner to our shareholders.

本季度，我們再次宣布董事會再次表示支持，批准再撥款1 億美元用於回購我們的股票，我們將以負責任的方式使用這些資金，正如我們在過去七個季度所證明的那樣，我們確實管理了我們的平衡以對股東負責的方式管理資產負債表和現金。

I'll tell you, just to add to that. We've been -- I think we would say that if we had $1 to spend, we'd probably spend it in growing our existing plant capacities. And we've had a number of projects that we've been able to invest in over the last couple of years, and I host of them looking forward that they're the ones we really love.

我會告訴你，只是為了補充這一點。我們一直——我想我們會說，如果我們有 1 美元可花，我們可能會用它來擴大我們現有的工廠產能。在過去的幾年中，我們已經投資了多個項目，我期待其中任何一個都是我們真正喜歡的項目。

They aren't all the time very huge, but putting several million dollars into a plant is something we're always looking to do, and we've been doing that pretty regularly. So we grow the capacity of the existing system with a lot of focus.

這些工廠並不總是非常龐大，但我們一直希望向一個工廠投資數百萬美元，而且我們也經常這樣做。因此，我們非常重視擴大現有系統的容量。

And then your specific question about M&A, I'd give a similar answer that we usually give, and it's not just because it's a standard answer, it's because it's how we feel about it. There seems to always be incremental M&A opportunities in this industry. And so you have to stay tuned, and you have to hopefully be a buyer that they want to work with. And we always have some level of discussion about acquisition opportunities. And I think you will see us, over time, continue to be active in that space.

然後關於您關於併購的具體問題，我會給出與我們通常類似的答案，這不僅是因為它是一個標準答案，還因為這是我們對此的感受。這個產業似乎總是存在著增量的併購機會。所以你必須保持關注，並且希望成為他們願意合作的買家。我們總是會就收購機會進行一定程度的討論。而且我認為，隨著時間的推移，你會看到我們繼續活躍在該領域。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

I wondered if we could kind of stick on that average price topic for a minute. You look back at fiscal '23, probably the peak of the market at 106,000, almost 107,000, and now you're running close to like 98,000, 99,000. Is there any way to know if we're close to an inflection point on pricing, whether it's through an expansion in retail sales or just product mix as you see coming over the next few months?

我想知道我們是否可以暫時討論一下平均價格這個話題。回顧 23 財年，市場高峰可能為 106,000，接近 107,000，而現在已接近 98,000，99,000。有沒有什麼方法可以知道我們是否接近定價的轉折點，無論是透過零售額的擴張，​​還是只是未來幾個月內產品組合的擴張？

I don't know if you'll have any larger longer-term view about that and where you think pricing might go over the next couple to three quarters?

我不知道您是否對此有更大範圍的長期看法，以及您認為未來兩到三個季度的價格走勢如何？

Yeah, I guess what I would say is most every quarter that we've reported, we've tried to give a feel for how much of the ASP -- and I know we're not always incredibly precise with this, but how much of the ASP is driven by different factors. Because I think -- I mean, correct me if I'm wrong, but I think what you all are most interested in is if the same product was sold a year ago and today, what would be the difference in the price.

是的，我想說的是，我們報告的幾乎每個季度，我們都試圖讓大家了解平均售價——我知道我們並不總是非常精確，但平均售價的上漲受不同因素影響。因為我認為——我的意思是，如果我錯了，請糾正我，但我認為大家最感興趣的是，如果一年前和今天銷售相同的產品，價格會有什麼差異。

And the -- what I'd call it kind of the slow leakage of ASP that we've had, I guess, over the last -- I lose track of time, over the last two years, it has not been primarily same product. There is some same products are down, but other factors have really driven a lot of the ASP, whether it's ratio of homes sold through our distribution or product shifts from single-section to multi-section homes.

而我稱之為 ASP 緩慢流失的情況，我想，在過去的兩年裡，我記不清時間了，它並不是主要的產品。有一些相同的產品價格有所下降，但其他因素也確實推動了平均售價的大幅上漲，無論是透過我們的分銷管道銷售的房屋比例，還是從單層住宅到多層住宅的產品轉變。

So I guess, I feel like, in hindsight, just giving you kind of my transparent view about this, I feel like it's surprising that the industry could go down to 88,000 shipments for a period of time, and we wouldn't see more same product price reduction.

所以我覺得，事後看來，我只是給你我對此的透明看法，我覺得令人驚訝的是，該行業的出貨量可能會在一段時間內下降到88,000 份，而且我們不會看到更多相同的情況產品價格降低。

But ultimately, what's going to drive an inflection point on the same product turning around and going up is obviously demand. We've gotten back up to about 103,000 unit pace. We've seen backlogs build in a lot of the industry's plants, but not all of the industry's plants. But if we start to see plants fill up, and we're back at 80% utilization or higher and backlogs are generally going up across the industry, that's when I think you obviously see that Econ 101 price inflation.

但最終，推動同一產品出現轉折點並上漲的顯然是需求。我們已恢復到約 103,000 單位的速度。我們發現許多工廠都出現了訂單積壓的情況，但並非所有工廠都出現了這種情況。但如果我們看到工廠開始填滿，利用率又回到80%或更高，而且整個行業的積壓訂單普遍增加，那麼我認為你顯然會看到經濟學101價格通膨。

And I'd say the progress from 88,000 industry shipments to 103,000 is obviously heading in that direction. I don't think I can call it any more precisely than that, though, for you, Jay.

我想說，行業出貨量從 88,000 輛增加到 103,000 輛顯然是朝著這個方向發展的。不過，對你來說，傑伊，我想我無法再準確地稱呼它了。

That's great. Good color. Thank you. Could you also talk about where Chattel rates are right now and if we've seen any improvement or decrease in those versus where we were last quarter and last year?

那太棒了。顏色好。謝謝。您能否談談目前的動產利率是多少，以及與上一季和去年相比是否有所改善或下降？

Yeah, Jay, this is Mark. They've been pretty steady in the last few months, but they are slowly declining from where they were last quarter. So at this point, we have a high 7% range. So there's some that are quoted in the high 7s and then it looks like they're topping down in the high 8s, about 8.8%, 7.5%.

是的，傑伊，這是馬克。過去幾個月，它們一直相當穩定，但與上一季相比正在緩慢下降。因此目前我們的範圍較高，為 7%。因此，有些報價高達 7% 以上，然後看起來它們最高也跌到了 8% 以上，大約是 8.8%、7.5%。

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

One more forward-looking question. I'll take a shot at least just given the challenges with weather in the Southeast and ASPs ticking a little lower. Just how are you thinking about factory-built gross margin Q3, the remainder of the year relative to what we experienced this quarter? Any movements in lumber or other input costs, good guys, bad guys as we kind of think about the next couple of quarters? Thanks.

還有一個前瞻性的問題。考慮到東南部天氣狀況不佳以及 ASP 價格略低的挑戰，我至少會嘗試一下。您如何看待第三季以及今年剩餘時間的工廠毛利率與本季相比的情況？我們思考一下接下來幾季的情況，木材或其他投入成本會有什麼改變嗎？謝謝。

Yes. I mean, the way that we think about gross margins is, first, obviously, the pricing piece component is the largest factor. And I think we discussed that earlier on the call. And to your point, another large element to gross profit is the cost of materials. And for us, like all builders, it's primarily lumber and OSB.

是的。我的意思是，我們考慮毛利率的方式是，首先，顯然定價部分是最大的因素。我想我們之前在通話中討論過這個問題。正如您所說，影響毛利的另一個重要因素是材料成本。對於我們和所有建築商來說，主要材料是木材和定向刨花板。

And I think we've talked about this before, but pricing for those materials is about a 60-day lag from what the commodity rates are that we can all see in the market to where they're incorporated into our margins. And we have seen those at a relatively flat rate in OSB, in particular, come down a little bit. So eventually, like all the commodities, it will factor its way through.

我想我們之前已經談過這個問題，但是這些材料的定價與我們在市場上看到的商品價格到它們被納入我們的利潤之間大約有 60 天的滯後。我們看到 OSB 的成長率相對平穩，特別是略有下降。因此，最終，像所有商品一樣，它將會發揮作用。

And also just for our gross margins, as you can see it in the -- you can see in our history, too. As we continue to ramp our top-line factory-built housing as again, we have seen that in the past, we'll experience leverage, leverage on our factory overhead COGS component. As we have discussed, we've seen extremely both on the COGS and on the SG&A, trying to keep both of those expense components as variable as possible.

就我們的毛利率而言，您也可以在我們的歷史記錄中看到。隨著我們繼續加大工廠建造房屋的營收，正如我們過去所看到的，我們將經歷槓桿作用，即工廠間接費用 COGS 部分的槓桿作用。正如我們已經討論過的，我們對銷售成本和銷售、一般及行政費用都非常重視，我們試圖使這兩個費用組成部分盡可能保持可變。

Very helpful, Allison. And last one, just obviously, there's near-term interruptions from -- in Florida and Georgia. Midterm, how do you think about how much of a boost you might expect from demand either from rebuild, reconstruction, and as well as maybe potentially replenishing FEMA inventories at some point? Or is that just too much -- too difficult in terms of TBD, but any thoughts there would be appreciated.

非常有幫助，艾莉森。最後一點，顯然，佛羅裡達州和喬治亞州近期會出現停電現象。期中考試，您如何看待重建、重建以及可能在某個時候補充聯邦緊急事務管理局庫存帶來的需求成長？或者這實在太多了——就 TBD 而言太難了，但任何想法都會受到讚賞。

Yeah. I guess my thoughts just watching these things play out over time is we know that there's increased demand, right? We know that supply has been taken out. We're not supply on the existing stock has been taken out, if you want to think about it that way. And so we know that there's an increasing demand.

是的。我猜我的想法是，只要觀察這些事情隨著時間的推移而發展，我們就知道需求會增加，對嗎？我們知道供應已被切斷。如果你想這麼想的話，我們不會供應已經被取出的現有庫存。因此我們知道需求不斷增加。

It's been interesting when you watch and you've been in the industry for a while, too. It's been interesting to watch these catastrophic weather events because sometimes, the -- we don't see as much of a surge in demand over a short period of time. It tends to feather its way back in.

當你觀察並且已經在這個行業工作了一段時間時，你會發現這很有趣。觀察這些災難性的天氣事件很有趣，因為有時候，我們不會在短時間內看到需求出現如此大的激增。它往往會慢慢地回到原來的位置。

So I guess that's my expectation. I've kind of lowered my expectation about how quickly we see dramatic increases in demand after these things. So we know that it creates demand. And I can't put it any more. I mean, even I think it was Hurricane Ian, is that right, a couple of years ago in Florida, we're still seeing areas that have not yet replenished from that storm.

所以我想這就是我的期望。我已經降低了對這些事情發生後需求大幅成長的速度的預期。所以我們知道它創造了需求。我不能再這樣了。我的意思是，我什至認為那是颶風伊恩，對嗎？

So it can be drawn out. Your question about FEMA is an interesting one. FEMA has had what I thought was a pretty public call with manufacturers across the industry, basically just saying, they would think we're going to be ordering some homes, but nothing really tangible that I know of has happened from that at this point.

所以可以拉出來。您關於 FEMA 的問題很有趣。我認為，聯邦緊急事務管理局已經與整個行業的製造商進行了一次相當公開的電話會議，基本上只是說，他們認為我們將會訂購一些房屋，但據我所知，目前還沒有任何實質性的進展。

But it sounds like there's possibility that FEMA or even some of the state relief housing, we could have some orders in the industry and hopefully, in the near term. But nothing tangible there I could report on, Dan.

但聽起來聯邦緊急事務管理局甚至一些州的救濟住房有可能在該行業獲得一些訂單，並且希望在短期內實現。但是，丹，我沒有什麼實質的內容可以報告。

Thank you. At this time, I would like to turn the conference back over to Bill Boor, President and CEO, for closing remarks.

謝謝。現在，我想將會議交還給總裁兼執行長比爾·布爾 (Bill Boor)，請他致最後一句話。

Thank you. Just kind of standing on that theme, I want to once again share our ongoing concern for the folks affected by the storm, and our appreciation for the impressive efforts our teammates continue to make to provide homes for deserving families. Thank you for joining us today and for your interest in Cavco. We look forward to keeping you updated.

謝謝。就這個主題，我想再次表達我們對受風暴影響的人們的一貫關心，以及我們對隊友們為需要幫助的家庭提供住房而不斷做出的巨大努力的感謝。感謝您今天加入我們並關注 Cavco。我們期待向您提供最新動態。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。