Cavco Industries Inc (CVCO) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Cavco Industries fourth-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Mark Fusler, Corporate Controller and Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Cavco Industries 2025 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給公司財務長兼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 fourth quarter and 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.

大家好，感謝您參加 Cavco Industries 第四季和 2025 財年財報電話會議。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·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 and non-GAAP financial measures. Forward-looking statements include statements about our expected future business and financial performance and are not promises or guarantees of future performance. They are 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 credit conditions.

在開始之前，我們想提醒您，管理階層在本次電話會議中發表的評論可能包含前瞻性陳述和非公認會計準則財務指標。前瞻性陳述包括我們預期的未來業務和財務表現的陳述，並不構成對未來績效的承諾或保證。它們是對 Cavco 的財務和營運業績、收入、每股盈餘、現金流量或使用、成本節約、營運效率、信貸市場當前或未來的波動或未來信貸狀況的預期或假設。

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. For a discussion of material risks and important factors that could affect our actual results, please refer to those contained in our filings with the SEC, which are also available on our Investor Relations website and at sec.gov.

所有前瞻性陳述都涉及風險和不確定性，這可能會影響 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。有關可能影響我們實際結果的重大風險和重要因素的討論，請參閱我們向美國證券交易委員會 (SEC) 提交的文件中包含的內容，這些文件也可在我們的投資者關係網站和 sec.gov 上查閱。

The appendix to our press release also contains reconciliations of our non-GAAP financial metrics to the most comparable GAAP measure. This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast, Friday, May 23, 2025, and 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. Now I'd like to turn the call over to Bill Boor, President and Chief Executive Officer. Bill?

我們新聞稿的附錄也包含我們的非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳。本次電話會議還包含時間敏感信息，這些信息僅在本次現場直播之日（2025 年 5 月 23 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，除非法律另有規定。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 fourth quarter results. Seasonally, the fourth quarter ushers in the spring selling season. In our last call, we've talked about the steady increase in orders over several quarters through calendar 2024 and how that has enabled us to increase production rates where our plants had supporting backlogs.

謝謝，馬克。歡迎，感謝您今天加入我們，回顧我們的第四季業績。從季節性來看，第四季迎來春季銷售旺季。在我們上次電話會議中，我們談到了截至 2024 年的幾個季度內訂單量的穩定增長，以及這如何使我們能夠提高工廠積壓訂單的生產力。

The quarter-to-quarter trend of increasing orders continued in Q4, boosted by a pickup in March. This was after unusually challenging weather in February slowed installations in the field and caused some unplanned downtime in several plants. Harsh February weather is obviously expected in Northern states, but the weather across the South was unexpected.

受三月訂單回升的推動，第四季訂單繼續保持逐季成長的趨勢。此前，2 月異常惡劣的天氣導致現場安裝進度減緩，並導致多家工廠出現非計劃性停機。顯然，北方各州二月的天氣將會十分惡劣，但南方的天氣卻出乎意料。

Specifically, we lost 24 operating days across our system. The good news is the weather backs up installations and shipments, but it doesn't negate them.

具體來說，我們的整個系統損失了 24 個運作日。好消息是，天氣有利於安裝和運輸，但不會阻止它們。

Again, in March, we saw the expected spring pickup to close out a solid quarter. More generally, a lot of economic uncertainty entered the mix in Q4. However, March's uptick indicates that our buyers are out there trying to purchase new homes. Overall, our unit shipments were up almost 29% year over year.

3 月份，我們再次見證了預期的春季回暖，為本季的穩健表現畫上了句號。更普遍的是，第四季出現了許多經濟不確定性。然而，三月的上漲表明我們的買家正在嘗試購買新房子。整體而言，我們的單位出貨量年增近29％。

The backlog was down sequentially. To dissect that a bit, backlogs were expected to be down in January. They continued to decline in February for the reasons outlined earlier. And then we saw a healthy increase in March. While there is a range in the individual plants, across the system, we have 5 to 7 weeks of backlog.

積壓訂單量連續下降。稍微分析一下，預計 1 月積壓訂單將會減少。由於前面概述的原因，2 月產量持續下降。然後我們在三月看到了健康的成長。雖然各個工廠的情況有所不同，但在整個系統中，我們有 5 到 7 週的積壓訂單。

Market activity across the retail channels is generally positive, and our plants are either holding production levels or looking to increase depending on their specific market conditions. Earlier in Q4, we announced that we renamed our manufacturing plants to the Cavco name. This is part of a rebranding of our homes under product lines that tie directly to the characteristics of the homes rather than the legacy brands of the factories.

零售通路的市場活動總體上是積極的，我們的工廠要么保持生產水平，要么根據具體的市場情況尋求增加產量。在第四季度早些時候，我們宣布將我們的製造工廠更名為 Cavco。這是我們產品線下房屋品牌重塑的一部分，產品線直接與房屋的特徵相關，而不是工廠的傳統品牌。

Our new and cohesive branding approach will make it easier for homebuyers to quickly narrow their home search to the product lines that match their needs. Clearly, this change will better leverage all of the work we've done in digital marketing over the past few years and will benefit our dealers with improved leads from cavcohomes.com.

我們全新且具凝聚力的品牌推廣方式將使購屋者更輕鬆地快速縮小房屋搜尋範圍，找到符合其需求的產品線。顯然，這項變更將更好地利用我們過去幾年在數位行銷方面所做的所有工作，並將使我們的經銷商受益，從而從 cavcohomes.com 獲得更好的銷售線索。

Our plant investments and marketing improvements have Cavco ready to continue ramping shipments through both industry growth and market share gains. Our steady strategic investment through the downturn in both acquisitions and plant improvements has meaningfully grown our peak-to-peak capacity. This consistent investment has been enabled by strong cash generation and our debt-free balance sheet.

我們的工廠投資和行銷改進使 Cavco 能夠透過行業成長和市場份額成長繼續增加出貨量。在經濟低迷時期，我們在收購和工廠改進方面進行了穩定的策略投資，顯著提高了我們的尖峰產能。強勁的現金產生能力和無債務的資產負債表促成了這項持續的投資。

While we've continued investing strategically, we've also continued our four-plus year buyback program. This quarter, we repurchased about $33 million of stock. Cumulatively, since the initial repurchase authorization in fiscal 2021, we bought back 15.5% of our outstanding shares. We continue to be confident that we can repurchase shares without hindering any strategic opportunities. With that, I'd like to hand it over to Allison to provide more details around the fourth-quarter results.

在我們繼續進行策略性投資的同時，我們也繼續了為期四年以上的回購計畫。本季度，我們回購了約 3,300 萬美元的股票。自 2021 財年首次回購授權以來，我們累計回購了 15.5% 的流通股。我們仍然有信心，我們可以回購股票而不會妨礙任何策略機會。說完這些，我想把時間交給艾莉森，讓她提供有關第四季業績的更多細節。

Thank you, Bill. Net revenue for the fourth fiscal quarter of 2025 was $508.4 million, up $88.2 million or 21% compared to $420.1 million during the prior year. Sequentially, net revenue decreased $13.7 million, driven by a decline in average revenue per home sold. Within the factory-built housing segment, net revenue was $487.9 million, up $89.4 million or 22.4% from $398.5 million in the prior year quarter. The increase was primarily due to a 28.5% increase in homes sold, partially offset by a 4.7% decline in average revenue per home sold.

謝謝你，比爾。2025 財年第四季淨收入為 5.084 億美元，較上年的 4.201 億美元成長 8,820 萬美元，增幅為 21%。由於每套售出房屋的平均收入下降，淨收入環比減少 1,370 萬美元。工廠建造房屋部門的淨收入為 4.879 億美元，比去年同期的 3.985 億美元增加 8,940 萬美元，增幅為 22.4%。這一增長主要是由於售出的房屋數量增加了 28.5%，但每套售出的房屋平均收入下降了 4.7%，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, product pricing decreases and more single wides in the mix. Factory utilization for Q4 of 2025 was approximately between 70% to 75% when considering all available production days.

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、產品價格下降以及單寬房屋數量增加。考慮到所有可用的生產天數，2025 年第四季的工廠利用率約為 70% 至 75%。

Utilization was approximately 60% in Q4 of the prior year. Financial services segment net revenue was $20.5 million, down $1.1 million or 5.2% from $21.6 million in the prior year. This decline was due to fewer loan sales and fewer insurance policies in force, partially offset by higher insurance premium rates.

去年第四季的利用率約為 60%。金融服務部門淨收入為 2,050 萬美元，較上年的 2,160 萬美元下降 110 萬美元，降幅為 5.2%。下降的原因是貸款銷售額減少和有效保險單減少，但保險費率上升部分抵消了這種影響。

Consolidated gross margin in the fourth quarter as a percentage of net revenue was 22.8%, down 80 basis points from 23.6% in the same period last year. In the factory-built housing segment, the gross profit decreased 10 basis points to 22.3% in Q4 2025 versus 22.4% in Q4 of 2024, driven by lower average selling prices.

第四季綜合毛利率佔淨營收的比重為22.8%，較去年同期的23.6%下降80個基點。在工廠建造的房屋領域，由於平均售價下降，2025 年第四季的毛利從 2024 年第四季的 22.4% 下降 10 個基點至 22.3%。

Financial services gross margin as a percentage of revenue decreased to 36.8% in Q4 of 2025 from 45% in Q4 of 2024, primarily due to reduced revenue from loan sales. Selling, general, and administrative expenses in the fourth quarter of 2025 were $77.5 million or 15.2% of net revenue compared to $61.4 million or 14.6% of net revenue during the same quarter last year.

金融服務毛利率佔收入的百分比從 2024 年第四季的 45% 下降至 2025 年第四季的 36.8%，主要原因是貸款銷售收入減少。2025 年第四季的銷售、一般和行政費用為 7,750 萬美元，佔淨收入的 15.2%，而去年同期為 6,140 萬美元，佔淨收入的 14.6%。

The increase in SG&A was primarily due to a $10 million write-off of intangible trade name values due to our brand realignment Additionally, compensation increased as a result of higher bonuses and commission expenses on higher earnings compared to the prior year period.

銷售、一般及行政費用的增加主要是由於我們品牌調整導致的 1,000 萬美元無形商標價值沖銷。此外，與去年同期相比，由於收益增加導致獎金和佣金支出增加，薪資也隨之增加。

Pretax profit was flat at $42.9 million this quarter compared to the prior year quarter. The effective income tax rate was 15.4% for the fourth quarter compared to 21% in the same period last year. The decrease in the effective tax rate was due to higher Energy Star tax credits and greater tax benefits from stock option exercises.

本季稅前利潤與去年同期持平，為 4,290 萬美元。第四季有效所得稅率為15.4%，去年同期為21%。有效稅率的下降是由於能源之星稅收抵免增加以及股票選擇權行使帶來的稅收優惠增加。

Net income was $36.3 million compared to net income of $33.9 million in the same quarter of the prior year, and diluted earnings per share this quarter was $4.47 versus $4.03 in last year's fourth quarter. Adjusting for expenses associated with our brand realignment, adjusted net income was $43.9 million compared to $33.9 million with adjusted diluted EPS of $5.40 per share versus $4.03 per share in last year's fourth quarter.

淨收入為 3,630 萬美元，而去年同期的淨收入為 3,390 萬美元；本季每股攤薄收益為 4.47 美元，而去年第四季為 4.03 美元。調整與品牌調整相關的費用後，調整後淨收入為 4,390 萬美元，去年第四季為 3,390 萬美元，調整後稀釋每股收益為 5.40 美元，去年第四季為每股 4.03 美元。

During the quarter, we also repurchased $33.2 million of common shares, and during the full year, we repurchased $150 million of shares. Also, the Board of Directors recently extended the authorization by an additional $150 million, reflecting confidence in our strong cash generation, leaving approximately $228 million under authorization for future share repurchases. Now I'll turn it over to Paul to discuss the balance sheet.

本季度，我們也回購了價值 3,320 萬美元的普通股，全年我們回購了價值 1.5 億美元的股票。此外，董事會最近將授權金額額外延長了 1.5 億美元，反映出對我們強勁現金產生能力的信心，剩餘約 2.28 億美元的授權金額可用於未來的股票回購。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 had a decrease in cash and restricted cash of $3.3 million, bringing our balance to $375.3 million. Cash provided by operating activities was $38.7 million, partially impacted by the increase of current liabilities and accounts receivable. Cash used in investing activities was $10.1 million and cash used in financing activities was $31.9 million, primarily due to share repurchases.

謝謝，艾莉森。本季度，我們的現金和受限現金減少了 330 萬美元，使我們的餘額達到 3.753 億美元。經營活動提供的現金為 3,870 萬美元，部分受到流動負債和應收帳款增加的影響。投資活動所用現金為 1,010 萬美元，融資活動所用現金為 3,190 萬美元，主因是股票回購。

Comparing the March 29, 2025, balance sheet to March 30, 2024, the increase in accounts receivable is related to organic growth in the factory-built housing segment. Unit shipments are up 28.5% in the fourth quarter of fiscal 2025 compared to a year ago. The increase in short-term consumer loans receivables due to higher origination of loans held for sale in excess of actual sales.

將 2025 年 3 月 29 日的資產負債表與 2024 年 3 月 30 日的資產負債表進行比較，應收帳款的增加與工廠建造房屋部門的有機成長有關。2025財年第四季的單位出貨量與去年同期相比成長了28.5％。短期消費貸款應收款增加是因為待售貸款發放量超過實際銷售量。

Inventories increased from higher finished goods inventory at company-owned retail lots due to increased demand as well as higher raw material purchases to support increased production. Goodwill and intangibles decreased from the $10 million write-off of intangible trade name values. Current liabilities are up from increased compensation and bonus accruals and higher earnings, increased insurance loss reserves and higher customer deposits.

由於需求增加以及為支持產量增加而增加原材料採購量，導致公司自有零售地段的成品庫存增加。商譽和無形資產因無形商標價值 1000 萬美元的註銷而減少。流動負債的增加是由於薪酬和獎金應計金額增加、收入增加、保險損失準備金增加以及客戶存款增加。

Finally, treasury stock increased $150 million due to buybacks executed in fiscal year 2025. With that, I'll turn it back to Bill.

最後，由於 2025 財年執行的回購，庫存股增加了 1.5 億美元。說完這些，我就把話題轉回給比爾。

Okay. Thank you, Paul. Liz, let's go ahead and open up the line for questions.

好的。謝謝你，保羅。莉茲，我們開始提問吧。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員指示） Daniel Moore，CJS Securities。

Hi, good morning. This is Justin on for Dan. Can you talk about your expectations for production rates for fiscal first quarter relative to the fourth quarter? And then what can you tell us about your discussions with customers in both retail and community markets and the cadence of order rates in April and thus far in May?

嗨，早安。我是賈斯汀，代替丹。您能談談您對第一財季生產力相對於第四季的預期嗎？那麼，您能否告訴我們您與零售和社區市場客戶的討論情況以及 4 月份和 5 月份迄今為止的訂單率節奏？

Yeah. We don't usually get too far into the current quarter. But I know this when we report on the fourth quarter, quite a bit of time has passed since the quarter end. So I understand the question.

是的。我們通常不會深入本季太久。但當我們報告第四季時我知道這一點，距離季度結束已經過去了相當長一段時間。所以我理解這個問題。

The production rate question first. This quarter, we were kind of consistent with the previous quarter, pretty flat in Q4 with Q3. Like I said, the quarter started off kind of expectedly with January. And we knew that we were entering into the year at a higher production rate than the order rates. We talked about that last quarter. That was a decision we made to kind of ramp up in anticipation of the spring selling season.

首先是生產力問題。本季度，我們的表現與上一季基本一致，第四季與第三季基本持平。正如我所說的，本季從一月開始就如預期的那樣。我們知道，進入今年以來，我們的生產力將高於訂單率。我們上個季度討論過這個問題。這是我們為迎接春季銷售旺季所做的決定。

And March picked up. And what I'd say about the current quarter that we're in now, first quarter of the fiscal year, is that April has pretty much been consistent with that March positive trend as far as orders and a little bit of backlog growth.

三月情況開始好轉。對於我們目前所處的本季度，也就是本財年的第一季度，我想說的是，就訂單量和積壓訂單量的增長而言，四月份的積極趨勢與三月份基本一致。

So I can give you that much and say that from a production perspective, when we talk to all of our plants, we have a range of backlogs in the plants. And there are some plants that don't have the backlog really to increase production rate at the moment.

因此，我可以告訴您這麼多，並且從生產角度來說，當我們與所有工廠交談時，我們會發現工廠中存在一系列積壓訂單。有些工廠目前確實沒有積壓訂單，無法提高生產力。

But you really could only put our plants in two categories, those that are holding at this level, anticipating and hoping that they'll get a little backlog and be able to start ramping up, and a good number of our plants that are kind of talking about our next move will be up in production. So we really don't have any that seem to be looking at decreasing production rates for any reason.

但實際上你只能把我們的工廠分為兩類：一類是保持在這個水平的工廠，它們預期並希望它們會有一些積壓，並能夠開始提高產量；還有相當一部分正在談論我們下一步行動的工廠將會投入生產。所以我們確實沒有任何人因為任何原因而考慮降低生產力。

So overall, the bias across our plants is for increasing production rates. And that will be dependent on what the market gives us for sure. You also asked, I think, about the different channels. Retail, the dealers have been pretty solid for quite a while now, and that continues. And communities, almost hate to bring it up because it was such a long discussion, but with communities for a long time, we were kind of held back on order rates as an industry because of inventory challenges and a little bit of hesitance with the market.

因此整體而言，我們工廠的傾向是提高生產力。這肯定取決於市場提供我們什麼。我想您也詢問了不同的管道。零售方面，經銷商在相當長一段時間內一直表現穩健，這種勢頭將持續下去。而社群幾乎不願意提起這個問題，因為這是一個漫長的討論，但長期以來，由於庫存挑戰和市場猶豫，我們行業的訂單率一直受到阻礙。

We've seen them continue to, I guess, build back up. They got past the inventory. And now I would say the general feeling is they've moved pretty much back toward their proportionate share of order rates. So we feel good about that too. That's been evolving over quite a bit of time.

我想，我們已經看到他們繼續重建。他們已經完成了盤點。現在我想說，總體感覺是他們已經基本恢復到他們應有的訂單率份額。所以我們對此也感到很高興。這是經過相當長一段時間的發展而來的。

So really, I think -- and when we talk communities, I always point out, we're talking about both kind of the land lease and rental communities as well as the builder channel. Lumping all those together, they're kind of returning back to their proportionate share of orders, which is a real positive.

所以實際上，我認為——當我們談論社區時，我總是指出，我們談論的是土地租賃和出租社區以及建築商管道。把所有這些放在一起，他們就恢復到了他們應有的訂單份額，這是一個真正的積極因素。

All right. That's helpful. And then one. more if I could. How should we think about gross margin and operating margins in Q1 and over the next quarters relative to the Q4 results?

好的。這很有幫助。然後一個。如果可以的話我會說更多。相對於第四季的業績，我們該如何看待第一季和接下來幾季的毛利率和營業利益率？

Yeah, thank you. While we saw some downward impact from reduced average selling prices of our homes, we saw lower input costs and reduced cost on service with our factory-built gross margins declined only really 10 basis points year over year to 22.3%. And what I would say is that this demonstrates a couple of elements that we're going to -- that will determine our future margins in the factory-built housing versus pricing.

是的，謝謝。雖然我們看到房屋平均售價下降帶來了一些下行影響，但我們看到投入成本降低，服務成本降低，工廠建造的毛利率年比僅下降 10 個基點，至 22.3%。我想說的是，這顯示了我們將要考慮的幾個因素——這些因素將決定我們未來工廠建造房屋的利潤率和定價。

And we are seeing regions where pricing is becoming more apparent -- pricing pressures are a little bit more apparent and starting to see some competition in pricing in regions. The second, really, component to look to will be cost.

我們看到，一些地區的定價變得更加明顯——定價壓力更加明顯，並且開始看到地區定價方面的一些競爭。實際上，需要考慮的第二個因素是成本。

The movement in commodities, as you know, can be volatile and hard to predict. It's difficult to say, but we typically see increases this time of the year as builders and wholesalers order for the spring building season. And while prices are trending flat at the moment, there is a possibility of another surge soon, and we'll also have to see how terrace play through.

眾所周知，大宗商品的走勢可能不穩定且難以預測。很難說，但我們通常會在每年的這個時候看到數量增加，因為建築商和批發商正在為春季建築季節下訂單。雖然目前價格趨勢平穩，但很快可能再次上漲，我們也必須看看露台的表現如何。

I'll say last point is on the consolidated margins, our consolidated margins also depends on the activity in our financial services segment, most notably in our insurance division. Given the recent activity in that division, while we're making strategic structural changes to limit losses, large storm activity can result in increased claims that could impact margins in the future. That helps?

我想說的最後一點是關於合併利潤率，我們的合併利潤率也取決於我們金融服務部門的活動，尤其是我們的保險部門的活動。鑑於該部門最近的活動，雖然我們正在進行戰略結構調整以限制損失，但大型風暴活動可能會導致索賠增加，從而影響未來的利潤率。這樣有幫助嗎？

Yeah, very helpful. I appreciate you taking the questions. Thank you.

是的，非常有幫助。感謝您回答這些問題。謝謝。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆、克雷格·哈勒姆。

Yeah, good morning. Thanks. I wanted to just start with a little bit on what you saw in February. You mentioned some lost production days. What states or what regions exactly did you see that? And just to be clear, it was the month of February. Was that right?

是的，早安。謝謝。我想先簡單介紹一下您在二月看到的情況。您提到了一些生產損失天數。您具體在哪些州或哪些地區看到了這種情況？需要明確的是，那是二月。是嗎？

Yeah. February was really unusual. I mean, it seems like a long time ago, but February, the weather and it really was kind of, I would say, across the Sunbelt. But to be more precise, I think it really -- Texas got hit with a lot of very unusual weather and the Southeast states.

是的。二月確實是一個不尋常的二月。我的意思是，這似乎是很久以前的事了，但二月的天氣，我想說，真的有點像陽光地帶。但更準確地說，我認為德州和東南部各州確實遭遇了許多異常天氣。

So we did lose -- I mean, really, there's a couple of effects that I talked about briefly in the opening comments. In the field, setups really kind of stopped in a period of time in some of those states where they should have been fine from a weather perspective historically. And then we did lose some time in some of our plants across the Southeast in Texas.

所以我們確實失敗了——我的意思是，實際上，我在開場白中簡要地談到了幾個影響。在實地考察中，一些州的設施在一段時間內確實停止了運行，而從歷史上看，這些設施在天氣狀況下應該是正常的。然後我們確實在德克薩斯州東南部的一些工廠浪費了一些時間。

I think I've commented that there were about 24 down days across our plants due to just February's weather. And that's pretty unusual. So at that point, we were -- we're always kind of anxious, all of us. I know you guys as well as us are always kind of anxious to see how spring dates up for us. And February made us wait a little bit to really get an indication of that. Does that help, Greg?

我想我已經說過，光是二月的天氣就導致我們工廠停工約 24 天。這很不尋常。所以在那個時候，我們──我們所有人，總是有點焦慮。我知道你們和我們一樣總是急切地想知道春天的日期是怎樣的。而二月讓我們等待了一段時間才真正了解到這一點。這有幫助嗎，格雷格？

Yeah. And just to be clear, did that -- I assume that impacted the margin somewhat, but any way to quantify exactly how sort of those lost production days might have impacted factory margins?

是的。需要明確的是，這是否——我認為這對利潤率有一定影響，但有沒有辦法量化這些生產天數的損失對工廠利潤率的影響到底有多大？

Yeah, I think you're directionally -- I'll take a stab at it, but then Allison, maybe you can correct or fill in anything. I think directionally, you're right. We've talked in the past, while we try to keep our -- we focus as an organization on trying to keep our costs as variable as possible.

是的，我認為你是有方向性的——我會嘗試一下，但是艾莉森，也許你可以糾正或填寫任何內容。我認為從方向上來說你是對的。我們過去曾談到，我們試圖保持——作為一個組織，我們專注於盡可能保持我們的成本可變。

Even above gross margin, there is a component of sticking cost. And so any time you kind of lose a little bit of volume directionally, there's a downward pressure on gross margin. My sense -- but happy if Allison feels differently, my sense is it probably wasn't a huge impact on our gross margin that we reported. But directionally, it would have been a downward pressure. Is that fair, Allison?

即使高於毛利率，也存在固定成本的成分。因此，任何時候，只要銷售量出現一點方向性的損失，毛利率就會面臨下行壓力。我的感覺是——但如果艾莉森有不同的看法，我會很高興，我的感覺是這可能不會對我們報告的毛利率產生巨大的影響。但從方向上看，這將是一個向下的壓力。這樣公平嗎，艾莉森？

Yeah, I think that's balance, Bill.

是的，我認為這是平衡，比爾。

And I guess maybe looking ahead as it relates to the kind of the rebrand, maybe let's unpack or dig into that a little bit more in kind of the, number one, the rationale and maybe the feedback so far and what you really hope to get out of that.

我想，展望未來，因為它與品牌重塑有關，也許我們可以更深入地探討一下這個問題，首先，了解一下其基本原理，也許是迄今為止的反饋，以及您真正希望從中得到什麼。

Yeah, I appreciate that question because it's so hard to give this justice and what we try to be pretty concise in our prepared remarks. Just to give you a little bit of history, we've got 31 plants. And for the most part, those plants have come through a number of acquisitions over the years, really dating back to the Fleetwood acquisition, which was, I think, 2009.

是的，我很感謝這個問題，因為要公正地回答這個問題非常困難，而且我們試圖在準備好的發言中做到簡潔明了。簡單介紹一下歷史，我們有 31 家工廠。而這些工廠大多是經過多年來多次收購而來的，最早可追溯到 2009 年對 Fleetwood 的收購。

What we've done in the past is if we had a plant that came to us through Fleetwood, they were -- they continue to be called the Fleetwood plant in the market. And as a result of that, their products tended to be branded as Fleetwood products.

我們過去的做法是，如果有一家工廠通過弗利特伍德來到我們這裡，那麼在市場上，他們將繼續被稱為弗利特伍德工廠。因此，他們的產品往往被貼上 Fleetwood 產品的標籤。

And it didn't matter what they were making. So if they were making a lower-priced product or even if they were making a higher price, no matter what the characteristics of the product was that was coming out of that plant, people would refer to it as a Fleetwood home. And that was fine for a while.

他們做什麼並不重要。因此，如果他們生產的產品價格較低，或者即使價格較高，無論該工廠生產的產品具有什麼特性，人們都會稱之為弗利特伍德之家。這種情況暫時還好。

But we're getting to the point now where with the investments we've made in online marketing and the opportunity we see to do more national marketing or programs that are national in scope, that started to not work well. We saw the opportunity. And so what we've really done is we said, okay, all of our plants are Cavco plants.

但現在我們面臨的問題是，我們在網路行銷方面的投資以及我們看到的開展更多全國性行銷或全國性計劃的機會開始變得不那麼有效了。我們看到了機會。所以我們實際上做的是說，好吧，我們所有的工廠都是 Cavco 工廠。

And whatever products they make, we're really not changing the physical product a given plant makes, but no longer is the name of that product tied to the name of that plant. So now we have product lines which are categories of homes that we make. And they'll be named with that short list of products, think about maybe four product lines across the nation. And those product line names will tie to characteristics of the home.

無論他們生產什麼產品，我們實際上都不會改變特定工廠生產的實體產品，但該產品的名稱不再與該工廠的名稱掛鉤。現在，我們的產品線就是我們製造的房屋類別。他們會在那份簡短的產品清單中列出名字，想想全國大概有四條產品線。這些產品線名稱將與家庭特徵相關。

So if it's a high-end customizable higher-priced product, full tape and texture, that will fit into a given product line rather than just having the plant's name associated with it. If it's a lower-priced DOG, gypsum products with less customization, that will be in a different product line.

因此，如果它是一種高端可自訂的高價產品，具有完整的膠帶和紋理，它將適合特定的產品線，而不僅僅是與之相關的植物名稱。如果是價格較低的 DOG，客製化程度較低的石膏產品，那將會屬於不同的產品線。

So you can imagine if you're a customer starting your search online, you're going to be looking at trying to figure out, okay, I think I'm in this category of homes. And we're going to be able to more directly help you say, okay, you're looking for this product line, and here are some independent or company dealers that can help you after you're ready to go talk to a dealer.

因此，你可以想像，如果你是一名顧客，正在網上開始搜索，你將會試圖弄清楚，好吧，我認為我屬於這一類房屋。我們將能夠更直接地幫助您說，好的，您正在尋找這個產品線，這裡有一些獨立或公司經銷商，可以在您準備好與經銷商交談後為您提供幫助。

So it's really going to improve the leads that go to those dealers, and it's going to help the customer quickly -- much more quickly get their search narrowed down to homes that really fit their needs. So this is a big deal.

因此，它確實會改善這些經銷商的銷售線索，並將幫助客戶快速地將搜尋範圍縮小到真正符合他們需求的房屋。所以這是一件大事。

It's going to allow us to do some interesting things. We've recently introduced some national products that are going to be available in all of our markets because plants in every market can produce those. The ability to do marketing campaigns much more efficiently on cavcohomes.com has greatly improved.

它將允許我們做一些有趣的事情。我們最近推出了一些將在我們所有市場上銷售的國內產品，因為每個市場的工廠都可以生產這些產品。在 cavcohomes.com 上更有效率地進行行銷活動的能力已大大提高。

So we really think this is going to add a lot of clarity for folks shopping for our homes. It might have been a little long-winded there, Greg, instead of too concise in the opening statements. Does that do a good job of explaining it?

因此，我們確實認為這將為購買我們房屋的人提供更多的清晰度。格雷格，開場白可能有點冗長，而不是太簡潔。這樣能解釋清楚嗎？

Yeah. Makes sense. I will get back in queue. Thanks.

是的。有道理。我會回到隊列中。謝謝。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

Good morning, everyone. Thanks for taking my questions. So digging down on the tariffs, I know during the supply chain days, tankless water heaters were an issue, some other things like that. I guess if you think about your cost of goods sold bucket, your input bucket, is there anything in there that we need to really be concerned about from a tariff perspective? I know now has a plant in Georgia now, so that should, I think, at least protect them partially. But are there any other things in the COGS bucket we need to be keeping an eye on?

大家早安。感謝您回答我的問題。因此，深入研究關稅，我知道在供應鏈時期，無水箱熱水器是一個問題，還有其他類似的東西。我想，如果您考慮一下您的銷售成本桶、您的投入桶，從關稅的角度來看，其中是否存在什麼我們真正需要關注的東西？我知道現在在喬治亞州有一家工廠，所以我認為這至少可以部分保護他們。但是，在 COGS 桶中還有哪些東西需要我們關注呢？

Jay, if I could, let me just share key points and please jump in where you want to enter your comment. I think there's really three key points as we think about tariffs and how they could impact our business. The first is that many products we use are exempted really from any recent tariffs and that includes US lumber and steel.

傑伊，如果可以的話，請讓我分享一些要點，然後請直接輸入您想要的評論。我認為，當我們考慮關稅及其對我們業務的影響時，有三個關鍵點。首先，我們使用的許多產品實際上不受近期關稅的約束，包括美國木材和鋼鐵。

Second, we've been successful managing tariffs on Canadian lumber that have been in place for several years now. And although a few months ago, there was some discussion around potentially increasing this tariff rate associated with Canadian lumber. Those discussions have now been set aside. So we don't see any incremental impact there.

第二，我們成功管理了已實施多年的加拿大木材關稅。儘管幾個月前曾有過關於可能提高加拿大木材關稅稅率的討論。這些討論現在已被擱置。因此，我們沒有看到任何增量影響。

Lastly, important to note that we do purchase many lighting, electrical and plumbing components, windows and doors that are sourced from China. And therefore, we do expect to see some impact that could reach between, call it, 5% to 8% of our material costs. And just as a reminder, the material costs are roughly about half of the cost of goods sold. Does that help?

最後，值得注意的是，我們確實購買了許多來自中國的照明、電氣和管道組件、窗戶和門。因此，我們確實預計會看到一些影響，可能達到材料成本的 5% 到 8%。需要提醒的是，材料成本大約佔銷售成本的一半。這樣有幫助嗎？

So 5% to 8% on basic 50% of the COGS bucket, is that the way to think about it, Allison?

那麼，在基本 50% 的 COGS 桶中，5% 到 8% 是應該這樣考慮的嗎，艾莉森？

Yeah, that'd be the way to think about it at this point, Jay.

是的，這就是現在思考這個問題的方式，傑伊。

No, it's good to clarify that. I was going to say your question, I'm not sure I'm adding a lot of value. But your question really kind of has two components, right? The cost increase, which Allison covered. And also, are we worried about just supply, just the access to the materials.

不，澄清這一點很好。我正要回答你的問題，我不確定我是否增加了很多價值。但你的問題其實有兩個部分，對嗎？成本增加，由艾莉森承擔。而且，我們是否只擔心供應，只擔心材料的取得。

So far, I don't believe we've gotten to the point where we feel like our ability to get the materials we need for a home has been really challenged. I guess the scenario where that might take place is if site building remodel, repair, remodel and our business kind of takes off. But right now, we'll keep our eye on it. But I don't think we have a high degree of concern about just being able to access the materials we need.

到目前為止，我認為我們還沒有到達那種獲取住房所需材料的能力受到真正挑戰的地步。我想，如果場地建設改造、維修、改造並且我們的業務開始起飛，那麼這種情況可能會發生。但現在，我們會密切注意。但我認為我們並不太關心能否獲得所需的材料。

Okay, that's great. So my second question, could you talk about where chattel rates are now and what you guys are seeing on credit availability for consumers?

好的，太好了。所以我的第二個問題是，您能談談現在的動產利率是多少以及你們對消費者信貸可用性的看法嗎？

Yeah, I can take the interest rate. We've seen a little bit of a spread start happening with lenders. So right now, the range is about 8% to 9%. But haven't really seen any impact to availability.

是的，我可以接受利率。我們看到貸款方之間開始出現一些利差。所以現在，範圍大約是 8% 到 9%。但實際上並沒有看到對可用性有任何影響。

Good to hear. And then more of a broad question on the price competition you talked about, Allison, in the prepared remarks. Is it price competition across the Board or is it more focused on lower-priced homes, single wides? Any more detail you can give us on that price competition comment would be helpful.

很高興聽到這個消息。然後，艾莉森，您在準備好的演講中談到了關於價格競爭的一個更廣泛的問題。這是全面的價格競爭嗎，還是更專注於低價房屋和單寬房屋？如果您能就價格競爭評論向我們提供更多詳細信息，將會很有幫助。

Yeah, I can jump in there, Allison. I think I wouldn't say in general we're seeing a huge pickup in price competition. There are parts of the country and the one that has stood out for quite a while is Florida where the market has just been down.

是的，我可以加入，艾莉森。我認為，總體而言，我不會說我們正看到價格競爭大幅加劇。在美國的一些地區，表現突出且持續了相當長一段時間的就是佛羅裡達州，那裡的房地產市場剛剛陷入低迷。

And it's kind of interesting because you look at the Southeast and speaking over the last really 1 to 2 years, the Southeast has been fairly strong. But then Florida stands out as a very challenging market. And it continues to be so.

這很有趣，因為看看東南部，在過去的一兩年裡，東南部一直相當強勁。但佛羅裡達州是一個非常具有挑戰性的市場。而這種情況仍在繼續。

So it's pretty isolated where we've seen any meaningful price competition. And generally, I'd say we haven't across the country. Your comment or your question really hit on an interesting point. We have seen kind of, particularly this quarter, we've seen kind of the product for product pricing on single wides have a little more pressure than multi-section.

因此，我們看到的任何有意義的價格競爭都是相當孤立的。總體而言，我想說我們還沒有覆蓋全國。您的評論或問題確實觸及了一個有趣的觀點。我們已經看到，特別是本季度，我們發現單寬產品的定價壓力比多寬產品的壓力要大一些。

So it seems like it is the low end. One that's picking up because we've seen a mix shift towards single wides. But also that's where we've seen a little bit -- relatively a little bit more leakage in product for product pricing.

所以看起來它是低端的。由於我們看到混合型轉向單寬型，因此這種情況正在增加。但我們也看到，產品定價方面相對而言出現了更多產品洩漏。

That's good to know. So more competitive on single-section homes?

知道這一點很好。那麼單層住宅的競爭力更強嗎？

We'll keep our eye on that, Jay, because sometimes, and I think we all do this, I know we do it internally. Sometimes we're looking with a magnifying glass at some of these small number changes. We've commented before, if you look back at the cycle that we've been coming out of, this industry pricing has held up pretty well. And for a number of quarters, we've kind of seen the true price, true wholesale same product with its price quarter-to-quarter, it's been a very slow small decline.

傑伊，我們會密切關注這一點，因為有時，我認為我們都會這樣做，我知道我們在內部這樣做。有時我們會用放大鏡來觀察這些微小的數位變化。我們之前曾評論過，如果回顧一下我們所經歷的周期，這個行業的定價一直保持得相當好。在過去的幾個季度中，我們看到同一產品的真實批發價格逐季度呈現緩慢的小幅下降趨勢。

Great. Thank you, Bill.

偉大的。謝謝你，比爾。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼（Jesse Lederman），澤爾曼與合夥人公司。

Thanks for taking my question. Bill, I'd love for you to clarify. You made a comment about April being pretty consistent with March as far as orders. I just want to clarify, are you saying that like from an absolute perspective, April is consistent with March? Or are you saying that the momentum you saw in April -- in March rather has continued into April? Because I would have expected as you continue into the spring selling season and go from March to April, that you would see some lift in activity. So I'm just trying to clarify what you meant earlier.

感謝您回答我的問題。比爾，我希望你能澄清一下。您評論說，就訂單而言，四月與三月相當一致。我只是想澄清一下，您是說從絕對角度來看，四月與三月是一致的嗎？或者您是說，您在四月——或者說三月——看到的勢頭已經延續到了四月？因為我預計，隨著春季銷售季節從三月持續到四月，你會看到銷售活動增加。所以我只是想澄清一下你之前的意思。

Yeah. Without parsing it too much, I wasn't trying to imply that it was flat. I was saying that March was an uptick, and April has kind of seasonally been consistent with that uptick. We didn't see a reverse course on the trend.

是的。無需過多分析，我並不是想暗示它是平的。我說過，三月出現了上漲，而四月的季節性上漲也與此一致。我們沒有看到趨勢出現逆轉。

Got it. So April, in other words, is following normal seasonality, you would say? Is that right?

知道了。那麼，換句話說，您會說四月符合正常的季節性嗎？是嗎？

I think generally it's fair. Yeah, I'm not trying to be evasive, but again, seasonality is kind of an interesting thing to track too because one year the seasonality looks a little different than the next, but we feel good about April kind of continuing the positive, momentum that we saw in March.

我認為總體來說這是公平的。是的，我並不是想迴避問題，但季節性也是一個值得追蹤的有趣現象，因為一年中的季節性看起來與下一年略有不同，但我們對四月份延續三月份的積極勢頭感到滿意。

Okay, great. But even still, it sounds like pricing is flattish, maybe down incrementally on an apples-to-apples basis just because of pressure in some region like Florida specifically. Would you normally see an increase in kind of the spring months as you enter the spring selling season, which is typically stronger from a demand perspective? Or do you not normally have seasonality in pricing from that standpoint?

好的，太好了。但即便如此，聽起來價格還是比較平穩，甚至可能因為某些地區（特別是佛羅裡達）的壓力而以同類價格逐步下降。隨著進入春季銷售旺季，從需求角度來看，春季的銷售通常會有所成長嗎？或者從這個角度來看，你們的定價通常不具有季節性？

I don't think we've ever really noted seasonality in pricing because the industry kind of knows what's coming. And so if orders are hard to come by, you might see some price pressure. And if orders are falling pretty good to everyone, you might see it tick up.

我認為我們從未真正注意到定價的季節性，因為行業知道接下來會發生什麼。因此，如果訂單難以獲得，您可能會面臨一些價格壓力。如果每個人的訂單量都很好，你可能會看到訂單量上升。

But it doesn't seem -- this is kind of my sense because it's not something I've looked at that closely. But we don't generally go into a seasonally stronger season and expect to see price jump up, for example. I think it's pretty -- it's not -- pricing does not seem to be seasonal.

但看起來似乎並非如此——這只是我的感覺，因為我還沒有仔細研究過它。但我們通常不會在進入季節性較強的季節時預期價格會上漲。我認為它相當——它不是——定價似乎不受季節影響。

I think where we are in the pricing is kind of interesting because we've had -- as I said, we've had a number of quarters now. I probably should keep track of the number where we just saw this nice incremental growth in orders quarter-to-quarter. And yet we've continued to see that very slow same-product price leakage, I call it, because it's not really dropping.

我認為我們的定價情況很有趣，因為我們已經——正如我所說，我們已經有多個季度了。我可能應該跟踪我們剛剛看到的訂單逐季度增長良好的數字。然而，我們仍然看到同種產品價格緩慢下降，我稱之為，因為它並沒有真正下降。

At some point, if the market continues to strengthen, that's going to flatten out and maybe increase as we would normally see. But there's always the economic -- macroeconomic risks and interest rates and all those things. And if it reverses the trend that we're kind of seeing in March, April and volume goes down, then you could see continued leakage or even an acceleration.

在某個時候，如果市場繼續走強，這種情況將會趨於平穩，甚至可能像我們通常看到的那樣增加。但總是存在經濟——宏觀經濟風險、利率等等。如果它逆轉了我們在三月、四月看到的趨勢，而交易量下降，那麼你可能會看到持續的洩漏甚至加速。

We know it's volatile. It's a cyclical industry. But it's really a question of whether the orders continue to strengthen. And if they do, I think we'll see that pricing at least steady and start to increase.

我們知道它不穩定。這是一個週期性行業。但真正的問題是訂單是否會繼續加強。如果他們這樣做，我認為我們會看到價格至少保持穩定並開始上漲。

Fair enough. Yeah, that makes sense. And then just to clarify, the fiscal 4Q margin did not include yet any impact from tariffs. Is that correct? And if so, when do you expect to see that flow through?

很公平。是的，這很有道理。然後需要澄清的是，第四季度的利潤率尚未包括關稅的影響。對嗎？如果是的話，您預計什麼時候能看到這個流程？

In other words, if pricing is relatively stable and then you get kind of a 2% to 3% increase in the overall cost of the home, presumably, margin could come under pressure. Can you talk a little bit more about maybe the timing currently of -- with -- if tariffs were in that 4Q number, and if not, when that may expect to come through?

換句話說，如果價格相對穩定，而房屋總成本卻上漲 2% 到 3%，那麼利潤率可能會面臨壓力。您能否再多談一下目前的時機——如果關稅在第四季度的數字中，如果沒有，那麼什麼時候可能實現？

So tariffs really didn't have an impact in Q4. And consistent with the way that we talked about materials working the way through our COGS, from the time that we see the pricing in commodities, the time that it's actually within the cost of goods, it's about 60 to 90 days. So as tariffs just kind of now begin to take effect, it'd probably be another 60 days.

因此關稅實際上對第四季沒有產生影響。與我們討論的材料透過 COGS 運作的方式一致，從我們看到商品定價的時間到它實際包含在商品成本內的時間大約為 60 到 90 天。因此，由於關稅現在才開始生效，可能還需要 60 天的時間。

So if you put those elements together suggests maybe some limited impact in the end of Q1 and then maybe a little bit heavier impact in Q2. But again, I think we're very keenly focused on a tight level of -- a tight number of products or input costs that it will effect for us.

因此，如果將這些因素放在一起，可能會對第一季末產生一些有限的影響，而對第二季產生的影響可能會更大一些。但我再次認為，我們非常關注對我們產生影響的嚴格產品數量或投入成本。

We've been very successful in managing supply chain shortages in the past, and we stay keenly aware of and very close to our vendor relationships. So we believe that we're going to be able to be very proactive in the management of the impacts of the tariffs in the quarters to come.

過去，我們在管理供應鏈短缺方面非常成功，我們敏銳地意識到並密切關注我們的供應商關係。因此，我們相信，在未來幾個季度，我們將能夠非常積極地管理關稅的影響。

Awesome. And last 1 for me. Bill, you did a really great job at the House subcommittee hearing last week. It'd be great to just get your thoughts on what you think the key takeaway was from the hearing. And yes, if you could give some color on that, that would be great. Thanks so much.

驚人的。對我來說這是最後一個。比爾，你在上週的眾議院小組委員會聽證會上表現非常出色。我很想聽聽您對於這次聽證會的關鍵要點的看法。是的，如果您能對此進行一些說明，那就太好了。非常感謝。

I appreciate your comments on it. It's -- things happen slowly in that town. And every opportunity is an opportunity for politics to creep in. And I think we saw that even on a discussion about affordable housing, which clearly is something both sides of the aisle agree about trying to improve the supply.

我很感謝您對此的評論。那個鎮上的事情進展得很慢。每一個機會都是政治滲透進來的機會。我認為，即使在關於經濟適用房的討論中我們也看到了這一點，顯然兩黨都同意努力改善住房供應。

I think it was good that the discussion focused on supply. We've talked in the past that if the government steps in and tries to put more money in people's hands to buy homes, to me, that's just inflationary on the price of the homes.

我認為討論集中在供應上是件好事。我們過去曾談到，如果政府介入並試圖將更多的錢放到人們手中購買房屋，對我來說，這只會導致房價上漲。

It doesn't really help the true root cause problem, which is a supply problem. And I think the conversation did focus on supply, which is encouraging. There are two House bills that are in place that I think would be important. I'm not going to go too long on this because I know it's -- I have a risk of doing that.

它實際上並不能解決真正的根本問題，即供應問題。我認為談話確實集中在供應上，這是令人鼓舞的。我認為眾議院已經通過了兩項重要的法案。我不會在這個問題上花太長時間，因為我知道這樣做有風險。

One of them is to clarify HUD as the sole regulator of our industry. And some of you might remember that we've been working through a situation with the Department of Energy, where they've proposed rules on energy efficiency that really weren't well tuned to our processes, and that's created some dysfunction in the regulatory environment. And so getting the HUD clarity that the HUD is the sole regulator, I think, is a big deal, and I do believe there's a good chance that that will happen legislatively.

其中之一就是明確HUD是我們行業的唯一監管機構。你們中的一些人可能還記得，我們​​一直在與能源部合作處理一個問題，他們提出的能源效率規則實際上並不適合我們的流程，這導致了監管環境的一些功能障礙。因此，我認為讓 HUD 明確其是唯一的監管機構是一件大事，而且我相信這很有可能透過立法實現。

The other is interesting, too, and it's removing the chassis from the definition of a manufactured house under the HUD code. And the way I think about this is pretty simple. We would still make a lot of homes that have a permanent chassis affixed to the home. But just removing that from the definition of a manufactured home just opens up innovation opportunities for our industry.

另一個也很有趣，它從 HUD 代碼下的製造房屋定義中刪除了底盤。我對此的看法非常簡單。我們仍然會建造許多有永久底盤的房屋。但只要將其從預製房屋的定義中去除，就會為我們的行業帶來創新機會。

It opens up the possibility of more easily being able to do multistory homes. A lot of the innovation that could take place, it opens up the possibility of more easily setting at ground level or at or near ground level and not have any elevation that's required by the chassis in certain ways that we set up homes. And if you think about those kind of opportunities, you start to see the opportunity for product innovation for urban and suburban markets, and that opens up a whole new market opportunity for this industry.

它為建造多層住宅提供了更簡單的可能性。許多可以實現的創新，它開闢了更容易在地面或地面或接近地面設置的可能性，並且不需要以我們設置房屋的某些方式對底盤進行任何高度要求。如果你考慮這些機會，你會開始看到針對城市和郊區市場的產品創新機會，這為這個產業開闢了全新的市場機會。

So those things will not -- I always will caution like, let's say, take the chassis removal. That won't open up opportunities overnight. There's a lot of work that has to happen at the state level once the federal definition has improved. But all of these things are aimed toward more supply of factory-built housing, which is a supply the country needs at the lower end of the affordability discussion.

所以那些事情不會——我總是會謹慎，比如說，拆除底盤。這不會在一夜之間帶來機會。一旦聯邦定義改善，州一級就需要進行大量工作。但所有這些措施都是為了增加工廠建造住房的供應，這是國家在可負擔討論的低端所需要的供應。

So I appreciate the question. I try not to ramble on too much, but those are actions. Those are things that are really active right now in Congress. And if we can kind of push them through, I think that's real good momentum for the industry.

我很感謝你提出這個問題。我盡量不說太多，但這些都是行動。這些都是目前國會非常活躍的事情。如果我們能夠推動他們實現這一目標，我認為這對產業來說是一個非常好的勢頭。

Great to hear. Thanks so much again for all the color.

很高興聽到這個消息。再次感謝所有的色彩。

Thanks, Jesse.

謝謝，傑西。

Danny Eggerichs, Craig-Hallum Capital Group.

丹尼‧埃格里奇 (Danny Eggerichs)，克雷格‧哈勒姆資本集團 (Craig-Hallum Capital Group)。

Yeah, thanks. I guess just on the tariffs and whether that's on some of the inputs that you alluded to or even something like steel, I guess the question is, how are you and some of your peers acting like? Are there surcharges that are being put in place in case? Or how would you expect to sort of counter if things actually get bad from here?

是的，謝謝。我想僅就關稅而言，無論是針對您提到的某些投入，還是鋼鐵之類的東西，我想問題是，您和您的一些同行表現如何？在這種情況下，是否會徵收附加費？或者如果情況真的變得糟糕，您會如何應對？

I'll take a shot at that. We've seen, in some markets, different manufacturers propose that they're going to increase price or add surcharges for the tariffs. And we've seen a lot of manufacturers, including us, saying to our customers, this is happening. So we're not going to try to be preemptive but understand that our pricing is going to be -- it could be more volatile.

我會嘗試一下。我們看到，在一些市場，不同的製造商提出要提高價格或增加關稅附加費。我們看到包括我們在內的許多製造商都對客戶說，這種情況正在發生。因此，我們不會試圖先發制人，但我們明白我們的定價可能會更加不穩定。

We could be week-to-week or we could put a price increase in because of tariffs. So our position has been more skewed toward that of just telling people in an open, transparent way. Just understand that if the tariffs do have a meaningful impact on our cost structure that price could be affected.

我們可能會按週調整價格，也可能因為關稅而提高價格。因此，我們的立場更傾向於以公開、透明的方式告知人們。只要明白，如果關稅確實對我們的成本結構產生重大影響，那麼價格就可能會受到影響。

I don't know if that's helpful in the sense that people can't really plan for it, but we're just setting the stage to try to be very reactive to what the cost structure might be impacted. Now having said that, I've always talked that cost and price in our industry over the years have become more independent in my mind. So whether we can push through a cost increase in a given location is really a function more of the supply-demand dynamics in that region.

我不知道這是否有幫助，因為人們無法真正為此做計劃，但我們只是做好準備，試圖對成本結構可能受到影響的情況做出反應。話雖如此，但我一直在說，多年來，我們行業的成本和價格在我看來變得更加獨立了。因此，我們是否能夠在特定地區推動成本上漲，實際上更取決於該地區的供需動態。

So I could envision if we see some meaningful impact of tariffs. There will be markets where we can increase price and kind of push it through and try to maintain our margins. But if we have other areas, I mentioned Florida earlier. We've got other areas where the demand is just not there, then the price will probably not be affected by the tariffs.

因此我可以想像關稅是否會產生一些有意義的影響。在某些市場中，我們可以提高價格，推動價格上漲，並努力維持利潤率。但如果我們有其他地區，我之前提到過佛羅裡達州。其他地區的需求並不大，因此價格可能不會受到關稅的影響。

So I hope that's not a nonanswer. But I think people are more in the mode of just being ready to be fluid with this whole situation. And we've seen more with us. And I think also with our competitors, we've seen more open discussion about the potential reality of this and be ready and we have seen a lot of preemptive moves.

所以我希望這不是一個無解的答案。但我認為人們更傾向於做好準備來應對整個情況。我們也見證了更多。而且我認為，對於我們的競爭對手，我們也看到了關於這一潛在現實的更加公開的討論，並做好了準備，我們也看到了很多先發製人的舉措。

Yeah. I guess what I was asking is whether you expect to pass it along or take the hit yourself. And the way I understand it is it depends on the market, but for the most part, it sounds like you're still focused on maintaining that margin to some extent.

是的。我想我問的是您是否希望將其傳遞出去，還是自己承擔打擊。我的理解是這取決於市場，但在大多數情況下，聽起來你仍然專注於在某種程度上維持這個利潤率。

Yeah. I'm kind of a bit of a Econ101 thinker on a lot of this stuff. And if we have a market that demand is really exceeding supply, then the market price of our homes is going to go up really regardless of what's going on in the cost side. So I really do think of the pricing of our products being somewhat independent from the cost.

是的。在很多事情上，我有點像 Econ101 思想家。如果我們的市場需求確實超過供應，那麼無論成本方面發生什麼，我們的房屋市場價格都會上漲。所以我確實認為我們產品的定價與成本是無關的。

Yeah, okay. And I guess just maybe a follow-up on just sort of the activity in March or April because I think what you're seeing is definitely quite a bit better than, call it, general housing. So any thoughts on whether that's a byproduct of the customer base, a byproduct of maybe the financing market and it not being as important to manufacturing housing? I'm just curious if you've got any theories why demand is holding up at least better on a relative basis.

嗯，好的。我想這可能只是對三月或四月活動的後續跟踪，因為我認為你所看到的情況肯定比一般住房要好得多。那麼，您認為這是否是客戶群的副產品，或者是融資市場的副產品，並且對房屋製造業來說並不那麼重要？我只是好奇，您是否有什麼理論可以解釋為什麼需求至少在相對基礎上保持得更好。

And Greg, your question is really in comparison to the site builder dynamics?

格雷格，你的問題真的是與網站建立者動態相比嗎？

Correct.

正確的。

Yeah. I'm saying I'm going to try to keep myself from being long-winded because you guys are hitting on questions I can talk a lot about. I think it's been interesting. And I don't consider myself an expert on this, but I'll give you my view. The site builders actually got a period of a boost when the mortgage lock-in effect on people who already owned houses at 3% rates kept people -- kept previously owned homes or the previously owned home market, the inventory was really low.

是的。我說的是我會盡量避免冗長的發言，因為你們提出的問題我可以談很多。我認為這很有趣。我並不認為自己是這方面的專家，但我會給你我的看法。當抵押貸款鎖定效應對已經以 3% 的利率擁有房屋的人產生時，房屋建造者實際上獲得了一段時期的提振，這使得人們保留了二手房或二手房市場，因為庫存真的很低。

And so if people needed a new home or needed a home, they're probably going to be buying a new home because that's what was available for a while. Now if you look at the stats on the broader housing market, the average mortgage rate is starting to move up. And we're starting to see more inventory of not new homes in the market.

因此，如果人們需要新房子或需要一套房子，他們可能會購買新房，因為在一段時間內新房是可以買到的。現在，如果你看一下更廣泛的房地產市場的統計數據，你會發現平均抵押貸款利率開始上升。我們開始看到市場上非新房庫存增加。

And so it seems to me like they got a period where their market opportunity was expanded by the lack of used homes on the market, and now they're getting kind of compressed back into a more historic proportion of home sales. And so you've seen -- I don't think it's really stopped their market, but you've seen the growth opportunity kind of compress down a little bit.

因此，在我看來，他們經歷了一個時期，由於市場上二手房的缺乏，他們的市場機會得到了擴大，但現在他們又被壓縮到更歷史性的房屋銷售比例。所以你已經看到了——我認為這並沒有真正阻止他們的市場，但你看到了成長機會有所壓縮。

We're not a subject to those dynamics. Our buyers, I think, are completely -- not completely, but a large segment of our buyers are early about monthly price. Many more historically, a larger proportion of all the manufactured home purchases are new manufactured homes.

我們並不受這些動態的影響。我認為，我們的買家完全——不是完全——但我們的很大一部分買家都提前了解了月度價格。從歷史上看，所有預製房屋購買中，新建預製房屋所佔比例更大。

So it really is a different customer base. And it's a different market dynamics. And I don't think we're as affected by the concept of how many days of inventory are there on the market for home sales. So I don't know if that made sense, but I really think the dynamics are completely different. I mean, site builders are growing a bit slower than we are right now because the previously owned homes are coming back on the market and inventory is rising.

所以這確實是一個不同的客戶群。這是一個不同的市場動態。而且我認為我們不會受到市場上房屋銷售庫存天數這一概念的影響。所以我不知道這是否有意義，但我確實認為動態完全不同。我的意思是，網站建立者的成長速度比我們現在慢一些，因為二手房正在重新上市，庫存正在增加。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

Two questions for me. The first one, since you talked so much about Florida, could you give us any sense of what Florida is for annual shipments for Cavco or percentage of annual revenue just so we have a sense of what's going on there?

我有兩個問題。第一個問題，既然您談論了這麼多關於佛羅裡達州的事情，您能否告訴我們佛羅裡達州對於 Cavco 的年度出貨量或年度收入的百分比是多少，以便我們了解那裡的情況？

And I'm not sure I have an actual number. I mean, we've got two plants in Florida so you can get a -- if you just do a ratio of 2 out of 31, I think that's at a very high level about rates or the production capacity we have down there. And certainly, the market is not entirely gone.

我不確定我是否有一個實際的數字。我的意思是，我們在佛羅裡達州有兩家工廠，所以你可以得到 - 如果你按照 31 比 2 的比例計算，我認為我們在那裡的比率或生產能力處於非常高的水平。當然，市場還沒有完全消失。

So those plants, while they're running with pretty low backlogs and have been for quite a while, their production level is down. But obviously, we haven't shut either one of those lines. So overall, I don't think when you look at it in comparison to the total company, I don't think it's a huge amount. And it's been the case for quite a while.

因此，儘管這些工廠的積壓訂單量很低，而且已經持續了相當長一段時間，但它們的生產水準卻下降了。但顯然，我們並沒有關閉其中任何一條線路。所以總的來說，我認為與整個公司相比，這個數字並不是很大。這種情況已經持續了很長一段時間。

Okay. That's good to know. And then specifically on OSB prices, we've seen those come down pretty dramatically, and it seems like they keep going down every week. Do you guys expect that to be a tailwind on your first quarter, your second quarter gross margin, just given how much OSB you typically use in a home?

好的。知道這一點很好。特別是 OSB 價格，我們看到其價格大幅下降，而且似乎每週都在下降。考慮到您通常在家中使用多少 OSB，您是否認為這會對第一季、第二季的毛利率產生推動作用？

I think you're right. We did -- we have seen prices in March reflected kind of a steady demand that's almost back to the lows that we saw in 2020. I'd just say, Jay, from a history and experience perspective, that picture can change pretty quickly. And we do -- going back on my earlier comment, we do typically see increases in builders and wholesaler orders in the spring building season. I think this is just something -- a specific factor we'll have to stay close to.

我認為你是對的。我們確實看到——3 月的價格反映出一種穩定的需求，幾乎回到了 2020 年的低點。我只想說，傑伊，從歷史和經驗的角度來看，這種情況可以很快改變。回顧我之前的評論，我們確實通常會看到春季建築季節建築商和批發商的訂單增加。我認為這只是我們必須密切注意的特定因素。

Okay. Great. Thanks. Appreciate it.

好的。偉大的。謝謝。非常感謝。

That concludes today's question-and-answer session. I'd like to turn the call back to Bill Boor for closing remarks.

今天的問答環節到此結束。我想請比爾·布爾 (Bill Boor) 作最後發言。

In a cyclical industry like ours, clearly, macroeconomic drivers can have a big impact on demand. I mean, we've talked about that a lot in the call. And so we're very focused on the key to success being making real-time adjustments across our system.

在我們這樣的周期性產業中，宏觀經濟驅動因素顯然會對需求產生重大影響。我的意思是，我們在通話中已經多次討論過這個問題。因此，我們非常注重成功的關鍵，即在整個系統中進行即時調整。

I think our results continue to reflect both a positive view about the general direction of the industry's volume opportunity, but at the same time, an organization that stays very nimble. And we're able to react accordingly to whatever the market gives us.

我認為我們的業績繼續反映出對產業批量機會整體方向的正面看法，但同時，組織仍然保持非常靈活的狀態。我們能夠根據市場變化做出相應的反應。

We feel very well positioned to react to market shifts and to continue to get solid results for our shareholders. 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.

我們認為自己已經做好了充分的準備來應對市場變化，並繼續為股東帶來豐厚的回報。感謝您今天的參與以及對 Cavco 的關注。我們期待向您通報我們的進展。謝謝。

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。