Cavco Industries Inc (CVCO) 2025 Q3 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the third-quarter of fiscal year 2025 Cavco's Industries Inc earnings call and webcast.

歡迎參加 Cavco's Industries Inc 2025 財年第三季財報電話會議及網路廣播。

(Operator Instructions)

（操作員指令）

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

請注意，今天的會議正在錄音。

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

今天，我想將會議交給您的發言人、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 third-quarter fiscal year 2025 earnings conference call.

大家好，感謝您參加 Cavco Industries 2025 財年第三季財報電話會議。

During the 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.

通話期間，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 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. 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.

在我們開始之前，我們想提醒您，管理層在本次電話會議中所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、現金流量或使用情況、成本節約、營運效率、信貸市場當前或未來波動或未來市場狀況的預期或假設的陳述。所有前瞻性陳述都涉及風險和不確定性，可能影響 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。

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. This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast, Friday, January 31, 2025.

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 表和 10-Q 表，這些文件確定了可能導致實際結果或事件與前瞻性陳述中描述的結果或事件存在重大差異的具體因素。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（2025 年 1 月 31 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（無論是書面還是口頭）以反映本次電話會議日期之後的事件或情況的義務。

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

我想將電話轉給總裁兼執行長比爾·布爾 (Bill Boor)。帳單？

Thanks, Mark.

謝謝，馬克。

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來回顧我們的第三季業績。

This quarter showed strong execution across our operations supported by continued forward momentum in the market. Sequentially, our EPS jumped 30% to $6.90. Allison will provide a more detailed breakdown. However, the largest drivers were improved results in both financial services and factory-built housing.

本季度，在市場持續向好的推動下，我們各項業務的執行表現強勁。我們的每股盈餘連續上漲 30%，達到 6.90 美元。艾莉森將提供更詳細的分析。然而，最大的動力是金融服務和工廠建造住宅的績效改善。

After a few challenging quarters, our financial services segment recorded its best quarterly profit in four years driven primarily by our insurance operation. In insurance, the third quarter is typically more profitable due to lower weather-related claims costs. The positive results were also driven by improvement in efforts we discussed in previous calls.

經過幾個充滿挑戰的季度後，我們的金融服務部門錄得四年來最好的季度利潤，這主要歸功於我們的保險業務。在保險業方面，由於天氣相關的索賠成本較低，第三季的利潤通常更高。這些正面成果也得益於我們在先前的電話會議中討論的努力的改進。

We've made significant changes to underwriting to manage claims costs and we implemented needed premium increases. In addition to the quarter-to-quarter financial services improvement, factory-built housing showed higher volume and gross margin. Despite normal winter and holiday seasonality, we were able to increase volume sequentially by about 3.4% and gross margin improved by 70 basis points.

我們對承保進行了重大改變以管理索賠成本，並實施了必要的保費增加。除了金融服務逐季改善外，工廠建造住宅的銷售和毛利率也有所提高。儘管冬季和假期屬於正常季節，但我們的銷量仍較上季成長了約 3.4%，毛利率提高了 70 個基點。

I feel really good about the continued progress our plants are making as they ramp up production. It's always more operationally challenging to increase production than to pull it down in a market downturn. With a lot of focus on hiring, onboarding and training, we've been able to steadily raise production rates where the market has supported it.

我對我們的工廠在提高產量過程中不斷取得的進展感到非常高興。在市場低迷時期，增加產量總是比降低產量更具營運挑戰性。透過高度重視招募、入職和培訓，我們已經能夠在市場支持的情況下穩步提高生產力。

This ties into an important point about our backlog movement. Despite entering the seasonally slower third quarter, we made the decision that where our backlogs allowed, our plants would continue ramping production in anticipation of continued market improvement in 2025. We made this decision to press forward the higher production rates knowing that that would involve utilizing some of the backlog. Exiting the third quarter with a still very healthy aggregate backlog of six to eight weeks and a higher system production rate positions us very well for the coming quarters.

這與我們的積壓運動的一個重要觀點有關。儘管進入季節性放緩的第三季度，我們仍決定，在積壓訂單允許的範圍內，我們的工廠將繼續加大產量，以期 2025 年市場繼續改善。我們做出這個決定是為了提高生產力，儘管我們知道這需要利用一些積壓產品。第三季結束時，我們的總積壓訂單量仍然非常健康，為六到八週，而且系統生產率更高，這為我們未來幾季的發展奠定了良好的基礎。

Of course, market uncertainty remains and if demand weakens in the coming quarters, I have full confidence in our ability to adjust accordingly. Conversely, if demand strengthens, we're a step ahead in controlling backlog growth and we will have maximized profitable operating days in Q3. While our industry shipments declined from Q2, it continued to improve on a seasonally adjusted basis.

當然，市場不確定性仍然存在，如果未來幾季需求減弱，我完全相信我們有能力做出相應調整。相反，如果需求增強，我們將在控制積壓訂單成長方面領先一步，並將在第三季實現獲利營運天數最大化。雖然我們行業的出貨量較第二季有所下降，但經季節性調整後，出貨量持續改善。

December numbers are not out yet. However, the easily adjusted annual rate of HUD shipments in October and November was 108,000 and 109,000 annual units respectively. This compares with about 93,000 a year ago for those months and as low as 89,000 in early 2024.

十二月份的數據尚未公佈。不過，10月及11月HUD出貨量較易調整的年率分別為10.8萬台及10.9萬台。相比之下，去年同期該數字約為 93,000，而 2024 年初則低至 89,000。

So the industry trend has been decidedly positive as we head into 2025. I also want to close off on an item from last quarter's earnings call and you might remember that was shortly after the two devastating hurricanes hit the Southeast. At that time, there were questions about whether the Southeast market activity would be slowed in Q3.

因此，當我們邁入 2025 年時，行業趨勢顯然是正面的。我還想結束上個季度的收益電話會議中的一項討論，您可能還記得，那是在兩場毀滅性的颶風襲擊東南部之後不久。當時，有人質疑東南市場活動是否會在第三季放緩。

Industry shipment data for October and November showed that -- showed about 14% year over year shipment gain in the most impacted states indicating that activity resumed quickly following the hurricanes. As the calendar year ends, it's a good time to touch on progress with our digital marketing strategy. Over the last two years, we've implemented a complete transformation of our digital marketing architecture, making it easier for prospective buyers to research our homes and easier to efficiently connect them with retailers.

10 月和 11 月的行業出貨數據顯示，受災最嚴重的州的出貨量年增約 14%，顯示颶風過後經濟活動迅速恢復。隨著日曆年的結束，這是一個討論我們的數位行銷策略進展的好時機。在過去的兩年裡，我們對數位行銷架構進行了徹底的轉型，讓潛在買家更容易研究我們的房屋，也更容易有效地將他們與零售商聯繫起來。

A significant part of our approach is to add value for our retailers as well. One important aspect of this rollout has been to provide dealers and communities easy to manage microsites branded to their businesses. Having their own Cavco-supported sites integrated directly into our overall platform is proving to be a significant value add for our partners, enabling them to generate leads through their microsites and receive leads from our cavcohomes.com digital platform.

我們的方法的一個重要部分是為我們的零售商增加價值。此次推出的一個重要面向是讓經銷商和社群能夠輕鬆管理以其業務為品牌的微網站。將他們自己的 Cavco 支援的網站直接整合到我們的整體平台中，已被證明能為我們的合作夥伴帶來巨大的增值，使他們能夠透過他們的微型網站產生潛在客戶並從我們的 cavcohomes.com 數位平台接收潛在客戶。

As we look back on calendar year 2024, the increased traffic, lead generation and the number of independent retail businesses connecting to our platform have validated our strategy and approach. And as customer engagement and the market evolve, we'll be able to continue building on the platform in new ways.

回顧 2024 年，流量、潛在客戶生成以及連接到我們平台的獨立零售企業數量的增加驗證了我們的策略和方法。隨著客戶參與度和市場的發展，我們將能夠繼續以新的方式建立該平台。

Switching gears. Our cash flow generation continued to support a strong balance sheet and the ability to repurchase shares. This quarter, we repurchased $42 million of stock and our quarter to quarter cash and cash equivalents remained essentially flat.

換擋。我們的現金流產生繼續支持強勁的資產負債表和回購股票的能力。本季度，我們回購了價值 4,200 萬美元的股票，且季度現金和現金等價物基本持平。

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.

謝謝你，比爾。

Net revenue for the third fiscal quarter of 2025 was $522 million, up $75.2 million or 16.8% compared to $446.8 million during the prior year. Sequentially, net revenues increased $14.6 million driven by an increase in homes sold. Within the factory-built housing segment, net revenue was $500.9 million, up $74 million or 17.3% from $426.9 million in the prior year quarters. The increase was primarily due to a 21.6% increase in homes sold partially offset by a 3.5% decrease in average revenue per home sold.

2025 財年第三季的淨收入為 5.22 億美元，較去年同期的 4.468 億美元成長 7,520 萬美元或 16.8%。由於售出的房屋數量增加，淨收入連續增加 1,460 萬美元。工廠建造房屋部門的淨收入為 5.009 億美元，比去年同期的 4.269 億美元增加 7,400 萬美元，增幅為 17.3%。成長的主要原因是售出的房屋數量增加了 21.6%，但每套售出的房屋平均收入下降了 3.5%，這部分抵消了這一增長。

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, product pricing decreases that were 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，以及在較小程度上，產品價格下降，但被產品組合中多種寬度房屋的增多部分抵消。

Factory utilization for Q3 of 2025 was approximately 75% when considering all available production days. Utilization was approximately 60% in the prior year period. Financial services segment net revenue was $21.2 million, up $1.4 million or 6.8% from $19.8 million in the prior year quarter primarily due to higher insurance premium rates. Consolidated gross margins in the third fiscal quarter as a percentage of net revenue was 24.9%, up 180 basis points from 23.1% in the same period last year.

考慮到所有可用的生產天數，2025 年第三季的工廠利用率約為 75%。去年同期的利用率約為60%。金融服務部門淨收入為 2,120 萬美元，較去年同期的 1,980 萬美元增加 140 萬美元（即 6.8%），這主要是由於保險費率上漲。第三財季綜合毛利率佔淨收入的百分比為24.9%，較去年同期的23.1%上升180個基點。

In the factory-built housing segment, the gross profit increased 120 basis points to 23.6% in Q3 of 2025 versus 22.4% in Q3 of 2024 driven by lower input costs, leveraging fixed overhead and other efficiencies on increased production, partially offset by lower average selling prices.

在工廠建造的房屋領域，2025 年第三季的毛利從 2024 年第三季的 22.4% 增加 120 個基點至 23.6%，這得益於投入成本降低、利用固定間接費用和增加產量的其他效率，但平均售價下降部分抵消了這一影響。

Financial services gross margin as a percentage of revenue increased to 55.5% in Q3 of 2025 from 36.8% in Q3 of 2024. The insurance division improved due to a return to normal weather patterns, the growing impact of premium increases and underwriting changes on policies. Selling, general and administrative expenses in the third quarter of 2025 were $66 million or 12.6% of net revenue compared to $63.3 million or 14.2% of net revenue during the same quarter last year.

金融服務毛利率佔營收的百分比從 2024 年第三季的 36.8% 上升至 2025 年第三季的 55.5%。由於天氣狀況恢復正常、保費上漲以及承保政策變化的影響不斷增大，保險部門的表現有所改善。2025 年第三季的銷售、一般和行政費用為 6,600 萬美元，佔淨收入的 12.6%，而去年同期為 6,330 萬美元，佔淨收入的 14.2%。

The increase in these expenses was due to a higher variable compensation based on improved earnings and greater compensation related to acquired retail locations partially offset by a $2 million reduction in legal expenses. Pre-tax profit was $69.3 million, up $25.4 million or 57.9% compared to $43.9 million in the prior year quarter.

這些費用的增加是由於基於提高的收益而產生的更高的可變薪酬以及與收購零售店相關的更高薪酬，但法律費用的減少 200 萬美元部分抵消了這一影響。稅前利潤為 6,930 萬美元，較去年同期的 4,390 萬美元增加 2,540 萬美元，增幅 57.9%。

The effective income tax rate was 18.6% for the third fiscal quarter, down 1.7% compared to 20.3% in the second quarter. The decrease in the effective tax rate is primarily due to tax credits associated with higher shipments of Energy Star compliant homes. This resulted in a decrease in tax expense of approximately $1 million or 1.4% in the third quarter of fiscal 2025.

第三財季有效所得稅率為18.6%，較第二季的20.3%下降1.7%。有效稅率的下降主要是由於符合能源之星標準的房屋出貨量增加所帶來的稅收抵免。這導致 2025 財年第三季的稅費減少約 100 萬美元，即 1.4%。

Net income was $56.5 million, up $20.5 million compared to $36 million in the same quarter of the prior year. And diluted earnings per share this quarter was $6.96 per share versus $4.27 per share in last year's third quarter. During the quarter, we also repurchased 42.4 million of common shares under our share repurchase program.

淨收入為 5,650 萬美元，比去年同期的 3,600 萬美元增加了 2,050 萬美元。本季每股攤薄收益為 6.96 美元，去年第三季每股攤薄收益為 4.27 美元。本季度，我們也根據股票回購計畫回購了 4,240 萬股普通股。

Cumulative repurchases stand at $389 million since we purchased -- since we began the program in the fourth quarter of fiscal year 2021. This leaves approximately $111 million under authorization for future repurchases.

自 2021 財年第四季啟動該計畫以來，累計回購額已達 3.89 億美元。這使得未來回購的授權金額約為 1.11 億美元。

Before we discuss the balance sheet, I want to address the sequential change in our earnings per share which showed significant improvement from the second quarter. The largest increase is due to the performance of the financial services segment. In Q2 of 2025, the segment was at a pre-tax loss of nearly $1 million compared to pre-tax income in Q3 of 2025 of $6.2 million, a swing of over $7 million.

在我們討論資產負債表之前，我想先談談我們的每股盈餘的連續變化，該變化與第二季相比有顯著改善。最大的增幅歸功於金融服務部門的優異表現。2025 年第二季度，該部門稅前虧損近 100 萬美元，而 2025 年第三季的稅前收入為 620 萬美元，波動幅度超過 700 萬美元。

The Q3 2025 performance improved significantly due to higher premiums earned, lower claim volume from fewer weather events and changes in underwriting. The second largest impact is from improved factory-built housing sales volume and improved margins on those homes sold due efficiencies on higher production levels.

由於保費收入增加、天氣事件減少導致的索賠量下降以及承保變化，2025 年第三季的業績顯著改善。第二大影響是工廠建造房屋銷售量的增加，以及由於生產水準提高而導致的銷售效率的提高。

The third largest impact relates to 170 basis points lower tax rate compared to 20.3% in the sequential quarter. The decrease in the effective tax rate is due primarily to higher shipments of Energy Star compliant home. The remaining is the benefit of our share repurchase program. In Q3 of 2025, we repurchased 98,000 shares, further reducing our shares outstanding.

第三大影響與稅率下降有關，較上一季的 20.3% 下降了 170 個基點。有效稅率的下降主要是由於符合能源之星標準的住宅出貨量增加。剩下的就是我們的股票回購計畫的利益。2025 年第三季度，我們回購了 98,000 股，進一步減少了我們的流通股。

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

現在我將請保羅討論資產負債表。

Thanks, Allison.

謝謝，艾莉森。

In the third quarter, we saw a decline in cash and restricted cash of $7.6 million, bringing our balance to $378.6 million. Cash flow from operating activities was $37.8 million despite being impacted by an increase in our working capital. Cash used in investing activities was $3 million net and cash used in financing activities was $42.4 million primarily due to share repurchases.

第三季度，我們的現金和受限現金減少了 760 萬美元，使我們的餘額降至 3.786 億美元。儘管受到營運資本增加的影響，經營活動產生的現金流仍為 3,780 萬美元。投資活動所用現金淨額為 300 萬美元，融資活動所用現金為 4,240 萬美元，主要因股票回購。

Now moving on from the quarter and comparing the December 28, 2024, balance sheet to March 30, 2024. The increase in accounts receivable is primarily related to organic growth we have experienced in the factory-built housing segment. The increase in short term consumer loans receivable is due to higher originations of loans held for sale in excess of actual sales.

現在從季度開始，並將 2024 年 12 月 28 日的資產負債表與 2024 年 3 月 30 日進行比較。應收帳款的增加主要與我們在工廠建造房屋領域的有機成長有關。短期消費應收貸款的增加是由於持有待售貸款的發放量超過實際銷售額。

The balance of commercial loans in total remained relatively stable. The decrease in short term commercial loans receivable is primarily due to paydowns on floor plan lending and a shift to longer term loans. Current liabilities are up from increased compensation and bonus accruals on higher earnings, increased insurance loss reserves for previous storms and higher customer deposits.

商業性貸款餘額大致維持相對穩定。短期商業應收貸款的減少主要是由於償還平面圖貸款和轉向長期貸款。流動負債的增加是由於收入增加導致的薪酬和獎金增加、先前風暴造成的保險損失準備金增加以及客戶存款增加。

Finally, treasury stock increased due to buybacks executed in the first three quarters of fiscal 2025.

最後，由於 2025 財年前三個季度執行的回購，庫存股有所增加。

Now with that, I'll turn it back to Bill.

現在，我將話題轉回給比爾。

Thank you, Paul.

謝謝你，保羅。

It's been very satisfying to see the strong execution of our operating plans across the business segment this quarter. In addition to posting strong results, we feel we effectively used the third quarter to set ourselves up for continued momentum in the coming quarters.

看到本季整個業務部門的營運計畫得到強勁執行，我們感到非常滿意。除了取得強勁的業績外，我們還認為，我們有效地利用了第三季度，為未來幾季的持續發展奠定了基礎。

So with that, Michelle, would you please open the line for questions?

那麼，米歇爾，您可以打開熱線來回答問題嗎？

(Operator Instructions)

（操作員指令）

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Obviously, feeling pretty good about the trajectory of business and order rates and demand given the decision to continue to increase production this past quarter in a seasonally light period. What can you tell us about your discussions with customers across various end markets and the cadence of order rates through the quarter and what you're seeing thus far in fiscal Q4?

顯然，考慮到決定在上個季度季節性淡季繼續增加產量，我們對業務、訂單率和需求的走勢感覺相當良好。您能否向我們介紹一下您與各個終端市場客戶的討論情況、本季的訂單率變化情況以及迄今為止您在第四財季看到的情況？

Just trying to get a sense, are you hearing from customers, their expectations that things are going to pick up? Is it more of an anticipation of a stronger spring selling season? Anything you can tell us kind of across markets would be really helpful.

只是想了解一下，您是否聽到了客戶的聲音，他們對情況會好轉的期望？這是否更多的是對春季銷售旺季更強勁的預期？如果您能告訴我們有關跨市場的任何資訊都將非常有幫助。

Yeah. Dan, let me hit a couple of points and shoot it back to me if you had some questions or some areas or aspects I didn't touch on.

是的。丹，讓我談幾點，如果你有疑問或我沒有涉及某些領域或方面，請回覆我。

We always -- this call always comes at an interesting time in the year, right, because we've finished the seasonally slower holiday quarter and winter quarter and then we're still a little too early to really have strong conclusions around how the spring selling season is going to materialize.

我們總是 - 這個電話總是在一年中一個有趣的時刻到來，對吧，因為我們已經結束了季節性較慢的假日季度和冬季季度，然後我們還不能真正得出有關春季銷售季節將如何實現的有力結論。

But obviously, we watch some things. I commented at some length in my opening remarks about just watching industry shipments on a seasonally adjusted rate and how they have continued to trend upward. So at a high level, that's been encouraging.

但顯然，我們觀察了一些東西。我在開場白中詳細評論了僅觀察經季節性調整的行業出貨量以及它們如何持續呈上升趨勢。因此從高層次來看，這是令人鼓舞的。

Traffic really, I said this for a few quarters now, traffic in retail and dealers has been pretty healthy and has remained healthy even when the interest rates shot up. So we know people are out there trying to figure out if they can buy homes. And I think some of what we really saw this past year was the adjustment that prospective buyers made through higher interest rates.

流量確實如此，我已經說了幾個季度了，零售和經銷商的流量一直相當健康，即使在利率上升時也仍然保持健康。所以我們知道人們正在想辦法弄清楚他們是否可以買房子。我認為，我們去年真正看到的是潛在買家透過提高利率所做的調整。

If you need a home and the rates go up on you, you can't afford maybe as much home as you were looking at previously. At some point, you make that adjustment, and you buy what you can afford. And I think that psychological shift on the consumer side has been something we've watched. We see it in things like that we -- if you assume traffic is pretty healthy as I described, you see it in conversion rates ticking up. And that's something we've seen in our stores and we've talked to independents about.

如果您需要一棟房子，而利率卻上漲了，那麼您可能就買不起之前想買的房子了。在某個時候，你會做出調整，購買你能夠負擔得起的東西。我認為我們已經看到了消費者方面的心理轉變。我們看到類似的事情——如果你假設流量像我所描述的那樣非常健康，你會看到轉換率正在上升。這是我們在我們的商店中看到的情況，我們也與獨立商店討論過這種情況。

The other factor that got a lot of airtime last year and I think we tried to say, hey, let's -- it's not a big story now, but when you look at it over several quarters, the community is getting their inventories under control. That's something that kind of happened late in the year. And so that's a bit of a tailwind for overall demand as communities kind of take their proportion of orders again in 2025. And that's what we expect to see.

另一個因素是去年被廣泛討論的，我想我們試圖說，嘿，這現在不是什麼大新聞，但是當你回顧幾個季度時，你會發現社區正在控制他們的庫存。那是今年年底發生的事。因此，這對整體需求來說是一個順風，因為到 2025 年，社區將再次接受其訂單比例。這正是我們期望看到的。

So yeah, I'm rattling off quite a few things but some of these are leading indicators. Some of them are just watching the trend in the seasonally adjusted rate. But I think they all -- it'll never give you certainty. As I was careful to say, there is always economic uncertainty. We'll know more as this quarter starts to unfold because we really haven't hit that improved weather and the time when we see activity seasonally pick up, but we obviously are feeling fairly confident about it.

是的，我列舉了不少事情，但其中一些是領先指標。他們中的一些人只是在觀察經季節性調整後的利率趨勢。但我認為它們都——永遠不會給你確定性。正如我謹慎地指出的那樣，經濟總是存在不確定性。隨著本季度的展開，我們將了解更多信息，因為我們實際上還沒有迎來天氣好轉和活動季節性回升的時期，但我們顯然對此相當有信心。

And also, as I said, part of our operating decision to prepare ourselves for stronger quarters ahead is made because we know our plants are really good at adjusting if we need to adjust. So we feel it was the right move to continue to build production.

而且，正如我所說，我們做出部分營運決策是為了迎接未來更強勁的季度，因為我們知道，如果需要調整，我們的工廠非常善於進行調整。因此我們認為繼續擴大生產是正確的舉措。

Are you, as we think about sort of sequentially from Q3 to Q4 maintaining similar rate of production? Is there holidays or other things we should sort of think about that would create a favorable or maybe slightly less favorable shipping comparison on a sequential basis?

我們想想從第三季到第四季度，您是否保持了相似的生產力？我們是否應該考慮假期或其他因素，以便在連續的基礎上產生有利或略微不利的運輸比較？

And nothing really that I would say would be less favorable. I mean the biggest thing is you got more operating days in the fourth quarter than we had in the third quarter. And even though we talked at a high level in these calls by necessity, the plant decisions of how rapidly they ramp up or if they're even able to ramp up, are really unique to their backlogs.

我實在無法說出任何不利於我的話。我的意思是，最重要的是第四季的營業天數比第三季多。儘管我們在這些電話會議上高層進行了必要的討論，但工廠如何快速提高產量或是否能夠提高產量的決定，實際上是根據他們的積壓訂單而製定的。

So I guess what I'm saying is if the market continues to support us as we've been going, then there is more upside to production and downside at this point.

所以我想說的是，如果市場繼續像我們現在這樣支持我們，那麼目前生產方面就會有更多的上行空間和下行空間。

I realize as Allison was talking and I don't think I missed it in the script there, but that I usually talk about past utilization. We're around 75% in the third quarter. So we still have some room to keep expanding up.

我意識到艾莉森正在說話，我不認為我在劇本中錯過了它，但我通常會談論過去的利用情況。第三季我們的完成率約為75%。因此我們仍有繼續擴張的空間。

Maybe one more and I'll shift -- I'll hand it back off. In terms of financial services, great color. Obviously, you had an exceptional quarter. Maybe talk about what some of the changes that you've made. I think you described kind of three things, the rates being, one, lower claims instances, which is sort of out of your control, but seasonally lighter.

也許再多一個我就會轉移——我會把它交還回去。在金融服務方面，色彩很豔麗。顯然，你們度過了一個非常出色的季度。也許可以談談你所做的一些改變。我認為您描述了三種情況，第一，索賠率較低，這有點超出您的控制範圍，但季節性較輕。

And then the changes to underwriting. Maybe talk about the changes to underwriting. Number one. And number two, how do we think about like an appropriate sort of long-term average range for whether it be gross margins or operating margins for that business? Because it's obviously all over the board based on seasonality and other factors.

然後是承保的變更。也許可以談談承保的變化。第一。第二，我們如何考慮該業務的毛利率或營業利潤率的適當的長期平均範圍？因為它顯然是根據季節性和其他因素而完全決定的。

Yeah. We made it tough on you guys because we really swung from two quarters that were pretty rough to one that was very strong historically. So the first thing and I'll just go back through them again because I think it's important to be as clear as we can. First thing is we would always expect the third quarter to be stronger than the first and second. That's just based on weather. We kind of use historical data to predict the number of major storms we'll have.

是的。我們為你們安排的這個季度很艱難，因為我們確實從兩個相當艱難的季度轉變為一個歷史上非常強勁的季度。因此，首先，我將再次回顧這些內容，因為我認為盡可能清楚地表達這一點很重要。首先，我們始終預期第三季的表現將強於第一季和第二季。這只是基於天氣。我們利用歷史資料來預測將會遭遇的重大風暴的次數。

And as you'd expect, the third quarter is really the time when you want to make sure you're making good money because sometimes, the first and second can be rough. So absolutely, part of the change quarter to quarter is just due to lower claims cost had we done nothing else.

正如你所料，第三季才是你真正想要確保自己賺到錢的時候，因為有時候第一季和第二季可能會很艱難。因此，絕對的，季度間變化的部分原因只是由於如果我們不採取其他措施的話索賠成本會降低。

But having said that, I do think we're having a significant impact. On the premium side, probably taking you through too much detail or more than you want but on the premium side, the process is really working with actuarials to figure out what we need to charge for a policy in order to get the proper risk adjusted return.

但話雖如此，我確實認為我們正在產生重大影響。在保費方面，可能會向您介紹太多細節或超出您想要的內容，但在保費方面，該流程實際上是與精算師合作，以確定我們需要為保單收取多少費用才能獲得適當的風險調整回報。

And we've just been really diligent making sure that we're -- you got to go to the state regulators making sure that we're getting those premiums in place, those increases. And I think that's important on the revenue side. And then you're asking about underwriting. We had to make some tough decisions.

我們一直非常勤勉地確保——你必須去與州監管機構聯繫，確保我們能夠落實這些保費，確保這些保費上漲。我認為這對收入方面來說很重要。然後你問的是承保問題。我們不得不做出一些艱難的決定。

We've had to not renew policy holders where we needed to thin out our exposure in certain areas. We've had to actually make like lower coverage decisions on the policies that we do renew, but we needed to make sure that every policy was profitable on a risk adjusted basis.

我們不得不不再與保單持有人續約，以減少我們在某些​​領域的風險敞口。實際上，我們必須對續保的保單做出降低保險覆蓋率的決定，但我們需要確保每份保單在風險調整後都能獲利。

So I will give you one example and there's many of them just to give you a flavor for it. You can write an underwriting, you can write a policy for roof damage that's full replacement cost, or you can write a policy for roof damage that pays for the depreciated value of the roof based on its age and condition. We've made those kind of changes over the past year fairly aggressively because we knew we needed to make sure that risk reward was in place.

因此，我會給你一個例子，其中有很多，只是為了讓你對此有個了解。您可以簽訂承保合同，可以簽訂一份針對屋頂損壞的全額更換成本的保單，或者可以簽訂一份針對屋頂損壞的保單，根據屋頂的年齡和狀況支付屋頂的折舊價值。在過去的一年裡，我們相當積極地做出了這些改變，因為我們知道我們需要確保風險回報到位。

You asked I think the follow up was how do you -- what guidance or help can we give you on further quarters? It's tough. I'll tell you that my only -- the only thing I think I could say is the seasonality is a big factor. So looking back at past years and rolling that forward quarter to quarter, year over year is probably the best chance you have of being pretty close. And it is a -- it's a volatile business, as I said, a quarter or two when we're talking about the poor returns, but it's a business that over time, we've gotten pretty strong return on investment. So we think it's a good business.

您問我想後續的問題是您如何—我們可以在接下來的幾季為您提供什麼指導或幫助？它太硬。我會告訴你，我唯一能說的是季節性是一個重要因素。因此，回顧過去幾年，並逐季、逐年地向前推進，這可能是您接近目標的最佳機會。正如我所說，這是一項不穩定的業務，一兩個季度前我們的回報率還比較低，但隨著時間的推移，我們獲得了相當強勁的投資回報。因此我們認為這是一筆好生意。

Yeah, not quarterly, but going back, several years, it was a business that earned 50% gross margins on average annual plus. Is that where you think it should be, not necessarily on a quarterly basis, but overall?

是的，不是按季度計算，但回顧過去幾年，這項業務的年平均毛利率為 50% 以上。您認為應該是這樣的嗎？

Financial service segment typically will be significantly above the factory-built housing segment on a gross margin basis. So I would agree with that. I don't think I could pinpoint a particular number for you though.

金融服務部門的毛利率通常會遠高於工廠建造住房部門。所以我同意這一點。不過我認為我無法為您確定一個具體的數字。

Lastly, I'll jump out. Tax rate, Allison, you pointed out dipped lower. Year-to-date, it's about 20% and that's below where we had modeled previously. What are your expects? Is that a sort of a good range blended with some of the Energy Star production credits? How do we think about going forward?

最後，我要跳出來。艾莉森，你指出稅率下降了。今年迄今為止，這一比例約為 20%，低於我們先前預測的水平。你有何期望？這是否是一種與能源之星生產認證相結合的良好範圍？我們如何考慮未來？

Yeah. Thanks for the question. I think the way that we look at it is this was an unusually good quarter for the tax credits as we talked about. If you look back to say our Q4 of 2024, our Q1 of this year, 2025 and Q2 2025, kind of take an average of those, to me, that would be more representative of what we would expect to be kind of a normalized rate.

是的。謝謝你的提問。我認為，我們的看法是，正如我們所說的，這是一個稅收抵免異常好的季度。如果回顧我們的 2024 年第四季、今年第一季、2025 年第二季度，取平均值，對我來說，這將更能代表我們預期的正常化利率。

Danny Eggerichs, Craig-Hallum Capital Group.

Danny Eggerichs, Craig-Hallum Capital Group.

On for [Egg] Palm today.

今天為[Egg] Palm 開場。

I guess just more broadly speaking, demand from a geography perspective. I guess any pockets of strength or geographies that are still kind of lagging or maybe were lagging and are starting to boost up a little bit that you'd want to call it specifically?

我想從更廣泛的角度來看，需求是從地理角度來看的。我想，您是否想具體地稱呼某些實力雄厚的地區或地區，它們仍然有些落後，或者曾經落後，但現在開始有所提升？

Yeah. I might have commented on this last quarter and so I'll be repeating myself, which is useful to kind of update the view. I can't remember exactly what I said last quarter, but it's been interesting. I mean this has been a market improvement over a number of quarters, right? It hasn't been a rocket ship. It's been nice and steady over some quarters.

是的。我可能在上個季度對此發表過評論，所以我將重複一遍，這對於更新觀點很有用。我不記得上個季度我具體說了什麼，但這很有趣。我的意思是，在過去的幾個季度裡，市場已經有所改善，對嗎？它並不是一艘火箭。在過去幾個季度裡，情況一直良好且穩定。

And you might remember that, when that trend started, we kind of pointed to the Southeast and Texas as being the first ones to show some renewed strength and they continue to be pretty strong. The laggards have been Florida. Absolutely. Florida has been very tough, and it continues to be tough. And then the Southwest I think has been slower and less dramatic in its increases, but it is improving there.

您可能還記得，當這種趨勢開始時，我們就指出東南部和德克薩斯州是率先展現出新實力的地區，而且它們繼續保持強勁勢頭。落後者是佛羅裡達州。絕對地。佛羅裡達州的情況一直很艱難，而且情況仍然很艱難。然後，我認為西南地區的成長速度較慢且不那麼明顯，但那裡的情況正在改善。

So there have been some lingering differences regionally. I don't think there's a lot to read into that. It's just an observation. But if I had to say one area that is kind of concerning and we're hoping we'll see some strengthening here in the future, it would be Florida.

因此，地區間仍存在一些差異。我認為這沒什麼好解釋的。這只是一種觀察。但如果我不得不說一個令人擔憂的地區，我們希望將來這裡能夠有所加強，那就是佛羅裡達州。

And it's interesting because the Southeast, that's not true. It's just -- it's the Southeast minus Florida.

這很有趣，因為在東南部，情況並非如此。它只是——東南部減去佛羅裡達州。

Maybe just circling back to, I know you gave some color on both retail and community channels, but maybe more specifically on rates, it sounds like activity is still going good and what the past couple of years, we had the inventory problem and kind of the rate problem but just now in kind of the current rate environment, is there any worry that some of these communities might start tempering it back a little bit or I guess what are you hearing out there?

也許只是回到剛才的問題，我知道您對零售和社區管道都進行了一些說明，但也許更具體地說是利率，聽起來活動仍然進展良好，過去幾年，我們遇到了庫存問題和利率問題，但現在在當前的利率環境下，是否有人擔心其中一些社區可能會開始稍微緩和利率，或者我猜您聽到了什麼？

Yeah. I think you kind of have to separate their demand into the categories of filling out existing communities and replacements and things like that, which we expect to be pretty strong versus doing new projects, which might be more influenced by their cost of capital. If they've already got a community and they've got the opportunity to get incremental revenue by leasing an additional lot, then they're going to be all about that.

是的。我認為你必須將他們的需求分為填補現有社區和替換等類別，我們預計這些需求會比開展新項目更加強勁，因為新項目可能更多地受到資本成本的影響。如果他們已經擁有一個社區，並且有機會透過租賃額外的地塊來獲得增量收入，那麼他們就會全力以赴。

And we expect overall, I mean my view is in talking to our partners on the community side is that this should be a pretty solid year for them. The inventory is finally behind them and their growth plans for just filling out existing communities are pretty strong. So that translates into wholesale orders.

我們總體上預計，我的意思是，我與社區方面的合作夥伴交談時的觀點是，今年對他們來說應該是相當豐厚的一年。他們的庫存終於用完了，而針對填補現有社區的成長計畫也相當強勁。這就意味著批發訂單。

So I take your point and I think if they were looking at a new development, which is very hard to get done anyway, in today's environment and very few of those have gotten entitled and permitted, then the cost of capital is obviously more of a barrier than it has been in the past.

所以我接受你的觀點，我認為如果他們正在考慮一個新的開發項目，而這在今天的環境下無論如何都很難完成，而且很少有項目獲得授權和許可，那麼資本成本顯然比過去更具障礙。

But the majority of their volume really comes from the other side where they're replacing and building out communities.

但他們的大部分業務實際上來自於另一方面，即他們正在替換和建立社區。

Maybe just one more quick one. Any update on builder developer channel. I know last couple of quarters, it's been a bright spot. I don't know if you mentioned it in your prepareds but anything, any color there?

也許只需再快速一次。關於構建器開發者頻道有任何更新嗎？我知道過去幾個季度，這是一個亮點。我不知道您是否在準備中提到過它，但是那裡有任何東西、任何顏色嗎？

Yeah. I don't think I separated it out. The -- I'd say we've been watching kind of the trending of say those three groups, right, dealers, communities and builder developers over the last year. The builder developer is the smallest of the three. In fact, and you know that in the past, we tended to just lump them together with communities because they're very similar from a customer perspective.

是的。我認為我沒有將其分開。我想說的是，在過去的一年裡，我們一直在關注這三個群體，即經銷商、社區和建築商開發商的趨勢。建築開發商是三者中規模最小的。事實上，您知道，在過去，我們傾向於將它們與社區歸為一類，因為從客戶的角度來看它們非常相似。

But we do watch all three separately and absolutely, both communities and builder developers continue to trend up for us on a percentage of total business basis. So they're tracking pretty much along like the community operators themselves.

但我們確實分別關注這三個領域，絕對而言，社區和建築商開發商在我們整體業務中所佔的百分比都呈現上升趨勢。因此，他們的追蹤方式與社區運營商本身的追蹤方式基本一致。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

So first question, with sadly, a lot of disasters happening around the country, I haven't really heard much in terms of FEMA orders or if anything is going on there. So could you guys give us an update on what if anything you're hearing from FEMA in terms of temporary housing relief?

所以第一個問題，不幸的是，全國各地發生了很多災難，我並沒有真正聽到太多關於聯邦緊急事務管理局的命令，或者那裡是否發生了什麼事情。那麼，你們能否向我們介紹一下你們從聯邦緊急事務管理局 (FEMA) 那裡聽到的關於臨時住房救濟的最新情況？

Yeah. It's been interesting because I kind of echo your feelings. We obviously keep our ears close to the ground as we can on not only FEMA but also state and local efforts to provide relief. And I'll just comment on that real quickly that I don't know what the value of the comment for the group but from my perspective, we see and hear a lot of state and local government and all others talk about providing disaster relief without FEMA because of how challenging it can be to work through them and the time delays that they run into.

是的。這很有趣，因為我有點認同你的感受。顯然，我們會盡可能密切關注聯邦緊急事務管理局以及各州和地方的救援工作。我會很快對此發表評論，我不知道該評論對該小組有何價值，但從我的角度來看，我們看到和聽到許多州和地方政府以及其他所有政府都在談論在沒有聯邦緊急事務管理局的情況下提供救災援助，因為通過聯邦緊急事務管理局開展工作非常困難，而且會遇到時間延誤。

Let me touch on FEMA real quick. We -- it -- so I got struggled in how to convey this effectively. But everything seems to point to there should be some FEMA orders, right? I mean there's been reference even on past calls. There was a call, the second half of last calendar year that was pretty open between FEMA and manufactured housing kind of just seemingly to set the stage that they were going to have some orders coming.

讓我快速談談聯邦緊急事務管理局 (FEMA)。我們——它——所以我很糾結如何有效地傳達這一點。但一切似乎都表明應該有一些聯邦緊急事務管理局的命令，對嗎？我的意思是，甚至在過去的通話中也有提及。去年下半年，聯邦緊急事務管理局和房屋建造商之間曾經有過一次公開通話，這似乎為他們將要收到一些訂單奠定了基礎。

So far, they haven't materialized and I don't think that's necessarily an indication they won't. It feels like they should. We think that they lost some inventory in some of the hurricanes in fact. And so I don't have a lot to give you except kind of an agreement that it's been strangely quiet. And we're keeping our eyes open because I guess, we won't know there's enough or bid being put out until it happens.

到目前為止，這些目標還沒有實現，但我並不認為這一定表明它們不會實現。感覺他們應該這樣做。事實上，我們認為他們在幾場颶風中損失了一些庫存。因此，我沒有什麼可以告訴你的，除了承認現在的情況出奇地安靜之外。我們一直保持警惕，因為我猜，在事情發生之前，我們不會知道是否有足夠的資金或已經提出了出價。

And I'd say the state and local, like on the LA fires, I'm trying to get closer to this. I don't feel like I'm an expert on what's going on so soon after those fires happened. But we are hearing there are a lot of state and local folks talking about not relying on the federal assistance so much. But I'd also say that there's still a bit of lack of clarity about how they're going to organize to provide the relief themselves.

我想說的是，無論是州政府還是地方政府，例如洛杉磯火災，我都在努力接近這個目標。我感覺我並不是那些火災發生後不久就發生的事的專家。但我們聽說很多州和地方人士正在討論不要過度依賴聯邦援助。但我想說，他們對於如何組織起來提供救援仍然不太明確。

So it's frustrating because I think, and I'm not just saying this from a Cavco perspective, I think our industry stands ready to try to do everything we can to provide homes for these situations and we just haven't seen anything break loose at this point.

所以這很令人沮喪，因為我認為（我不僅僅是從 Cavco 的角度這麼說），我認為我們的行業已經準備好盡一切努力為這些情況的人提供住所，但目前我們還沒有看到任何進展。

If you think about the plant-based, Bill, Cavco's plant base, I guess how much, and just even rough terms would be great, how much of your existing plant base do you think it would be in a position to ship to it? You all have headquarters in Phoenix, of course, but I would think you've got some other plants in the California market, et cetera. So just have you guys thought about what percent of your plant base might shift into that area if they do get it together and start ordering homes?

如果您考慮植物基，比爾，我猜 Cavco 的植物基有多少，甚至粗略地說，您認為有多少現有的植物基可以運送給它？當然，你們的總部都在鳳凰城，但我想你們在加州市場等地還有其他一些工廠。那麼，你們有沒有想過，如果他們真的把工廠集中起來並開始訂購房屋，有多少比例的工廠基地可能會轉移到該地區？

Yeah. To provide relief for Southern California, specifically, Jay?

是的。具體來說，是為了向南加州提供救濟，傑伊？

Yeah.

是的。

Yeah. I mean we've got, including in Glendale, which is a park model facility that can make aid use pretty readily. We've got three plants in the Phoenix area that could all reach there pretty readily. And then we've got the Riverside, California plant that's really close by. So pretty straightforward to have those four plants provide or be part of providing homes for the area.

是的。我的意思是，包括在格倫代爾，我們都有公園模式的設施，可以很方便地提供援助。我們在鳳凰城地區有三家工廠，而且都可以很方便地到達那裡。我們在加州河濱市有一家工廠，距離我們很近。因此，讓這四家工廠為該地區提供住房或參與提供住房非常簡單。

And if we could talk about what you're seeing on channel rates.

我們是否可以談談您對通路費率的看法？

Yeah. So they picked up a little bit. So right now, there's a range of [8.6] to about [9.6] in the market right now.

是的。所以他們就稍微進步了一點。所以現在，市場的賠率範圍是[8.6]到[9.6]左右。

How much up is that? That's just a small increase, right?

那是多少？這只是一個小的增長，對吧？

Yeah, small increase from last quarter.

是的，比上一季略有增加。

And then I guess and probably way too early to tell but anything with this new administration that either you guys are looking forward to or you think might be a headwind? Anything worth calling out that you've already seen from the Trump administration?

然後我想，現在可能還言之過早，但對於新政府，你們有什麼期待或認為可能會帶來不利因素嗎？您從川普政府中看到什麼值得指出的事情嗎？

Not a lot that we've already seen impact anything. I mean there's a lot of discussion about tariffs and we're just going to have to kind of watch and be ready that could be inflationary on some of our input costs for sure. But it's hard to tell the magnitude of that because we don't know exactly where the administration will land on some of those tariffs.

我們已經看到的很多東西並沒有對任何事情產生影響。我的意思是，關於關稅有很多討論，我們必須要密切關注，並做好準備，因為這可能會對我們的一些投入成本造成通貨膨脹。但我們很難判斷其嚴重程度，因為我們不知道政府將對其中一些關稅採取何種措施。

And then the labor force for quite a while now has been, we've been able to hire people pretty readily. So attracting people into our operations has not been difficult. And there again, I'm not trying to overstate it as a risk, but I guess it's conceivable immigration or that the immigration policies could impact just general labor availability, but it seems like a relatively low risk that that would be a significant impact on us.

到目前為止，勞動力數量已經相當充足，我們能夠輕易地僱用到人員。因此吸引人才加入我們的營運並不困難。再說一次，我並不是想誇大它的風險，但我認為移民或移民政策可能會影響整體勞動力的可用性，但這對我們造成重大影響的風險似乎相對較低。

So we're still in the mode of just trying to watch and pay attention and make sure we're ready to deal with whatever comes our way. I think the -- this is me being a little bit optimistic, I think the regulatory environment in general, I think we've talked about things like the DOE, energy rules that really were not well designed for our industry, we've been fighting that at an industry level for quite a while now with some success.

因此，我們仍然處於盡力觀察和關注的模式，並確保我們已準備好應對我們遇到的任何問題。我認為——這是我有點樂觀的看法，我認為總體而言，監管環境，我想我們已經討論過諸如能源部之類的事情，能源規則實際上並不是為我們的行業而設計的，我們已經在行業層面上對此進行了相當一段時間的抗爭，並取得了一些成功。

I think optimistically, it would be great if we could see a regulatory regime that kind of listens and works with us a little bit better there and identifies HUD as our sole regulators in the industry. So there's some upside in my opinion over time on the regulatory side.

我認為，樂觀地講，如果我們能夠看到一個監管機制，能夠更好地傾聽我們的意見、與我們合作，並且將 HUD 確定為我們在該行業的唯一監管機構，那就太好了。因此我認為隨著時間的推移，監管方面會有一些好處。

And then the last question I had. Just thinking about input prices and maybe some hints towards gross margin in the fourth quarter. And we've seen OSB prices come down pretty dramatically over the last three weeks. Looks like Drywall is up a little, framing lumber is up a little, but it seems like not only are you guys getting a good volume tailwind into the spring season, but maybe from a cost perspective, things are looking a little better.

接下來是我的最後一個問題。只考慮投入價格，也許可以暗示第四季的毛利率。我們看到 OSB 價格在過去三週內大幅下降。看起來石膏板的價格有所上漲，框架木材的價格有所上漲，但看起來你們不僅在春季獲得了良好的銷量順風，而且從成本角度來看，情況看起來也好了一些。

So Allison or Bill, if you all could talk about what you're seeing there and maybe directly where you think gross margin trends might go in 4Q.

所以 Allison 或 Bill，如果你們都可以談談你們看到的情況，以及你們認為第四季的毛利率趨勢會如何。

Sure.

當然。

So on gross margins, we -- a couple of items that we look at very closely, right? First, of course, is the average selling price which we did see a little bit of pressure in Q3, downward pressure for the last several quarters that it has been fairly consistent. And to your point, the second component is cost, right? And more specifically, material costs and we like all the builders, right? It depends on lumber and stand for it.

那麼，就毛利率而言，我們會非常密切地關注幾個項目，對嗎？首先，當然是平均售價，我們確實在第三季看到了一點壓力，過去幾季的下行壓力一直相當穩定。正如您所說，第二個因素是成本，對嗎？更具體地說，材料成本和我們一樣，對嗎？這取決於木材並代表它。

So you're right. We -- what you see in the commodities market, and we stay very close to it. We'll play through in our cost of goods sold during the next 60 to 90 days. So as you can see, it has drifted lower a little bit on the OSB, and we just stay very close to it. And that's -- it's a way that you could see publicly also how the commodity markets are moving and just consider they'll make their way through our cost of goods and therefore our gross margin in about 60 to 90 days.

所以你是對的。我們—關注您在商品市場上看到的情況，並且我們對此保持密切關注。我們將在接下來的 60 到 90 天內完成銷售成本的計算。正如您所看到的，它在 OSB 上稍微向下漂移了一點，而我們只是非常接近它。這也是一種方式，你可以公開地看到商品市場的動向，並考慮它們將在約 60 到 90 天內影響我們的商品成本，從而影響我們的毛利率。

(Operator Instructions)

（操作員指令）

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Just maybe one more on kind of the capital allocation and cash flow. Bought back over $40 million each of the past two quarters. Cash balance is sort of leveled off, buying back in sort of in lockstep with cash flow. And the share count is down by my math over 8% over the last two years. So is that likely the plan going forward? How are you thinking about managing cash balances and putting sort of that incremental cash flow to work to keep growing?

也許還有關於資本配置和現金流的問題。過去兩個季度每季都回購了超過 4,000 萬美元。現金餘額趨於平穩，回購與現金流量同步。據我計算，過去兩年來股票數量下降了 8% 以上。那麼這可能是未來的計畫嗎？您如何考慮管理現金餘額並利用增量現金流量來維持成長？

Yeah, I appreciate that. It gives us a chance just to high level talk about our capital allocation. And really our focus is on expanding our capacity, right, for our plant network. So the way we think about it is if we had a dollar to spend, we probably would spend that dollar in growing our existing plant capacity. And we've had a number of projects that we've been able to invest in over the last couple of years and we continue to vet those on a regular basis.

是的，我很感激。這給了我們一個從高層談論資本配置的機會。我們的重點實際上是擴大我們的工廠網路的產能。因此，我們的想法是，如果我們有一美元可花，我們可能會用這筆錢來擴大我們現有的工廠產能。過去幾年來，我們已經投資了多個項目，並將繼續定期審查這些項目。

And in fact, we were able to do that as our network grows. And then second, we're always active, actively vetting our pipeline of M&A opportunities. That also help us build strategic areas of our market and also to continue to grow our capacity. And you can see that over time, we've been active and imagine that we will continue to be active in that space.

事實上，隨著網路的發展，我們能夠做到這一點。第二，我們始終積極主動地審查我們的併購機會。這也有助於我們建立市場的策略領域並繼續擴大我們的產能。您可以看到，隨著時間的推移，我們一直很活躍，並且想像我們會繼續在該領域活躍。

We also look and continue to look at shadow lending opportunities for our lending operations and that is an important part of our strategic plan. And lastly, as you mentioned, we use the share buybacks as a way to responsibly manage our balance sheet as we work through our capital allocation priorities.

我們也正在關注並繼續尋找影子貸款機會以拓展我們的貸款業務，這是我們策略計畫的重要組成部分。最後，正如您所說，我們在執行資本配置優先事項時，透過股票回購來負責任地管理我們的資產負債表。

So you can look at history and the level of our cash flows, which are pretty strong because how the business model is strong and the way we manage it for a very low cost factor. And while sometimes we haven't flowed as far as our share repurchases in the quarter depending on the activity around the M&A but it is a good indicator of what to look forward -- our history to what you can look forward to in the future.

因此，你可以查看我們的歷史記錄和現金流水平，我們發現我們的現金流非常強勁，因為我們的商業模式非常強大，而且我們以非常低的成本進行管理。雖然有時根據併購活動的情況，我們在本季的股票回購量並沒有那麼大，但這是一個很好的指標，可以預示著未來的發展——我們的歷史可以預示著未來的發展。

There are no further questions at this time. I'd like to turn the call back over to Bill Boor for closing remarks.

目前沒有其他問題。我想將電話轉回給比爾·布爾 (Bill Boor) 來做最後發言。

Yeah. I think just very consistent with the discussion we've had today, we've seen steady improvement in the market for a number of quarters now. And with the channel inventory issues behind us, we've got a backlog at a macro level on an aggregate basis we're very happy with.

是的。我認為，與我們今天的討論非常一致，我們已經看到市場連續多個季度穩步改善。隨著通路庫存問題的解決，我們在宏觀層面上積壓了訂單，總體而言我們對此感到非常滿意。

So that's well-positioned and we're continuing to ramp up our throughput. So we feel really well-positioned for the coming quarters and we're not taking anything for granted. We understand the ever-present economic uncertainties, but we're optimistic about continued steady improvement.

因此，我們處於有利地位，並將繼續提高我們的吞吐量。因此，我們感覺自己在未來幾季已經做好了充分準備，並且不會掉以輕心。我們了解始終存在的經濟不確定性，但我們對持續穩定改善持樂觀態度。

So I really want to thank everyone for joining us today and for your interest in Cavco and we look forward to keeping you updated. Thank you.

所以我真的要感謝大家今天的加入以及對 Cavco 的關注，我們期待向您通報最新情況。謝謝。

Thank you for your participation. This does conclude the program, and you may now disconnect. Good day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接了。再會。