Cavco Industries Inc (CVCO) 2026 Q1 法說會逐字稿

Good day and welcome to the first quarter fiscal year 2026 Cavco Industries Inc. earnings call webcast. (Operator Instructions)

大家好，歡迎收聽 Cavco Industries Inc. 2026 財年第一季財報電話網路廣播。（操作員指示）

As a reminder, this call may be recorded. I would now like to hand the conference over to Mark Fusler, Corporate Controller and Investor Relations. Please go ahead.

提醒一下，本次通話可能會被錄音。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 first quarter fiscal year 2026 earnings conference call.

您好，感謝您參加 Cavco Industries 2026 財年第一季財報電話會議。

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.

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

Before we begin, we'd like to remind you that comments made during this conference call by management may contain forward-looking statements. 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。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。

This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast, Friday, Aug 1, 2025. 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?

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 8 月 1 日，星期五）準確。除非法律要求，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。現在我想將電話轉給總裁兼執行長比爾·布爾 (Bill Boor)。帳單？

Welcome and thank you for joining us today to review our first quarter results for fiscal 2026. I'm happy to report it was a very strong quarter. Revenue was up 9.5% year over year and 16.6% sequentially. Our operating profit was up about 50% compared to both last quarter and a year ago. All operations contributed to these results, and I'll get into that.

歡迎並感謝您今天加入我們，回顧我們 2026 財年第一季的業績。我很高興地報告這是一個非常強勁的季度。營收年增 9.5%，季增 16.6%。我們的營業利潤與上一季和去年同期相比增長了約 50%。所有操作都對這些結果做出了貢獻，我將對此進行詳細說明。

Over the last several quarters, we've been executing on a plan to push production up where we have the backlog to support it. Increasing production rates can take some time, so this has been a decision in many of our plants, between pressing forward with increases to take advantage of a possible continuation of the positive order trends, or holding back out of concern that the trend might not hold in future quarters. We have deliberately chosen to press forward with the confidence of knowing our plants can adjust down if necessary.

在過去的幾個季度中，我們一直在執行一項計劃，在有積壓訂單的情況下提高產量。提高生產力需要一些時間，因此我們的許多工廠都面臨著這樣的抉擇：是繼續提高產量以利用可能持續的積極訂單趨勢，還是因為擔心未來幾季的趨勢可能無法持續而暫停產量。我們特意選擇繼續前進，因為我們知道，如果有必要，我們的工廠可以進行調整。

While uncertainty about future quarter demand remains, this quarter our plan paid off. Orders increased, resulting in an essentially flat sequential backlog, even with our increased level of production. Executing this plan resulted in a record of 5,416 homes shipped this quarter.

儘管未來季度的需求仍存在不確定性，但本季我們的計畫取得了成效。訂單增加，導致即使我們的生產水準提高了，但積壓訂單量仍基本持平。該計劃的實施使得本季房屋出貨量達到創紀錄的 5,416 套。

We're often asked about regional differences on these calls, and I feel that in most cases, there aren't any headline takeaways. The regions often show differences from quarter to quarter, but they tend to keep pace with each other over time.

我們經常被問到這些電話會議中的地區差異，我覺得在大多數情況下，沒有任何主要要點。各個地區之間通常會出現季度差異，但隨著時間的推移，它們往往會保持同步。

This quarter, I do want to point out that the Southeast region did lag the orders, with Q1 shipments very slightly below the preceding quarter. Our backlogs in the plants serving the Southeast have dropped, and we'll need to watch closely to see if we're able to maintain production levels there. We manage this on a plant-by-plant basis, and it just points to the continuing uncertainty in the overall market.

本季度，我確實想指出東南地區的訂單確實落後了，第一季的出貨量略低於上一季。我們服務東南部的工廠的積壓訂單已經下降，我們需要密切注意是否能夠維持那裡的生產水準。我們根據每個工廠的具體情況進行管理，這表明整個市場仍然存在不確定性。

Another noteworthy result this quarter was the increase in average selling price. As we've discussed before, there are several factors affecting our ASP. First is the proportion of company shipments that go through our owned retail stores. This quarter, that driver actually had a downward effect on ASP because sales through our stores were relatively flat, while wholesale shipments to third parties increased.

本季另一個值得注意的結果是平均售價的上漲。正如我們之前討論過的，有幾個因素影響我們的 ASP。首先是透過我們自有零售店運送的公司貨物的比例。本季度，該驅動因素實際上對 ASP 產生了下行影響，因為我們透過商店的銷售額相對持平，而對第三方的批發出貨量卻有所增加。

Next is the mix of single-section to multi-section homes shipped. We saw that mix shift toward multi-section homes this quarter, which pushes ASP upward. However, the biggest effect this period was an increase in the average price for both single-section and multi-section homes sold. This is the best approximation for the price of similar products from period to period. So we saw true price appreciation this quarter after a very long run of very modest declines. Whether this first upward move in a while becomes a trend depends on the direction of industry orders going forward.

接下來是單節到多節房屋的混合發貨。我們看到本季住宅結構向多戶型住宅轉變，從而推動了平均售價的上漲。然而，這段期間最大的影響是單戶住宅和多戶住宅的平均售價上漲。這是不同時期同類產品價格的最佳近似值。因此，在經歷了長期溫和下跌之後，本季我們看到了真正的價格升值。這種近期的首次上漲是否會成為一種趨勢，取決於未來產業訂單的走向。

I don't want to miss the opportunity to point out the strong performance in financial services, which turned a significant loss a year ago into a nice profit this year, driven by better insurance results. It's never fun to explain that bad weather was the cause of poor insurance results. No one likes to hear that reason. This quarter, it's only fair to acknowledge that favorable weather contributed to year-over-year improvement.

我不想錯過這個機會來指出金融服務業的強勁表現，受保險業績改善的推動，金融服務業將一年前的巨額虧損扭轉為今年的可觀利潤。解釋惡劣天氣是保險業績不佳的原因從來都不是一件有趣的事。沒有人喜歡聽到這個理由。本季度，公平地說，有利的天氣促進了同比的改善。

It's also important to understand that on top of the relatively good weather, we have made very meaningful improvements to our underwriting criteria and policy pricing, which are significantly improving the results under any weather conditions. Our insurance operations have done a fantastic job making sure policies are priced right for their risk, and we expect continuing strong results over time.

還需要了解的是，除了相對較好的天氣之外，我們還對承保標準和保單定價進行了非常有意義的改進，這顯著改善了任何天氣條件下的績效。我們的保險業務做得非常出色，確保保單的定價與其風險相符，我們預計隨著時間的推移，我們將繼續取得強勁的業績。

Shifting topics, a few weeks ago, we announced the agreement to purchase American Homestar. The acquisition, which will use approximately $184 million in cash, is expected to close early in our third quarter. As previously discussed, this deal brings with it an opportunity for significant cost reduction, as well as product and retail optimization benefits.

話題轉換一下，幾週前，我們宣布了收購 American Homestar 的協議。此次收購將耗資約 1.84 億美元現金，預計將於第三季初完成。如前所述，這筆交易帶來了大幅降低成本的機會，以及產品和零售優化的好處。

Since the announcement, members of our leadership team have had the opportunity to visit many of the American Homestar operations. The introductory visits confirmed what we knew in general and from our due diligence work. This is a first-class organization, and we continue to be very excited about what they will bring to Cavco.

自公告發布以來，我們的領導團隊成員有機會參觀了許多 American Homestar 營運部門。介紹性訪問證實了我們總體上以及從盡職調查工作中了解到的情況。這是一個一流的組織，我們對他們將為 Cavco 帶來什麼感到非常興奮。

The American Homestar acquisition, along with ongoing investments throughout our operations, demonstrates the execution of our capital allocation priorities. We also continued our four-plus-year buyback program, repurchasing $50 million of stock this quarter.

對 American Homestar 的收購以及我們整個營運過程中的持續投資表明了我們資本配置優先事項的執行。我們也繼續了為期四年多的回購計劃，本季回購了價值 5,000 萬美元的股票。

Cumulatively, since the initial repurchase authorization in fiscal 2021, we've bought back 16.6% of our outstanding shares. With strong cash flows and a conservative balance sheet, we remain confident that we can repurchase shares without hindering any strategic opportunities. I'll turn it over to Alison to give more detail on the financial results.

自 2021 財年首次回購授權以來，我們累計已回購了 16.6% 的流通股。憑藉強勁的現金流和保守的資產負債表，我們仍然有信心在不妨礙任何策略機會的情況下回購股票。我將把這個問題交給艾莉森來提供有關財務結果的更多細節。

Thank you, Bill. Net revenue for the first fiscal quarter of 2026 was $556.9 million, up $79.3 million, or 16.6%, compared to $477.6 million during the prior year. Sequentially, net revenues increased $48.5 million, driven by an increase in homes sold and the average revenue per home sold.

謝謝你，比爾。2026 財年第一季淨收入為 5.569 億美元，較去年同期的 4.776 億美元成長 7,930 萬美元，增幅 16.6%。受售房屋數量和每套售出房屋平均收入增加的推動，淨收入連續增加 4,850 萬美元。

Within the factory-built housing segment, net revenue was $535.7 million, up $77.6 million, or 17%, from $458 million in the prior quarter. The increase was primarily due to a 14.7% increase in homes sold and a 1.9% increase in average revenue per home sold.

工廠建造房屋部門的淨收入為 5.357 億美元，較上一季的 4.58 億美元增加 7,760 萬美元，增幅為 17%。這一增長主要歸因於售出房屋數量增長 14.7% 以及每套售出房屋平均收入增長 1.9%。

The increase in average revenue per home was due to product pricing increases and more multiwise in the mix, partially offset by a lower proportion of homes sold through our company-owned stores. Factory utilization for Q1 of 2026 was approximately 75% when considering all available production days, versus 65% in the prior year quarter.

每套房屋平均收入的成長是由於產品價格上漲和產品組合更加多樣化，但透過公司自有商店銷售的房屋比例較低，部分抵消了這一增長。考慮到所有可用的生產天數，2026 年第一季的工廠利用率約為 75%，而去年同期為 65%。

Financial services segment net revenue was $21.2 million, up $1.6 million, or 8.2%, from $19.6 million in the prior year quarter. The increase was due to higher insurance premium rates, partially offset by fewer loan sales and fewer insurance policies in force.

金融服務部門淨收入為 2,120 萬美元，較去年同期的 1,960 萬美元增加 160 萬美元，增幅 8.2%。成長的原因是保險費率上漲，但貸款銷售下降和有效保險單減少部分抵消了這一增長。

Consolidated gross margin in Q1 as a percentage of net revenue was 23.3%, up 160 basis points from 21.7% in the same period last year. In the factory-built housing segment, the gross profit was 22.6% in Q1 of 2026, consistent with Q1 of 2025.

第一季綜合毛利率佔淨收入的百分比為23.3%，較去年同期的21.7%上升160個基點。在工廠建造的房屋領域，2026 年第一季的毛利為 22.6%，與 2025 年第一季一致。

Financial services gross margin as a percentage of revenue increased to 40.9% in Q1 of 2026 from a negative 0.6% in Q1 of 2025. This increase is primarily due to the insurance division having fewer claim losses from storms, as the prior year period was significantly impacted by multiple weather events in Texas and New Mexico.

金融服務毛利率佔營收的百分比從 2025 年第一季的負 0.6% 上升至 2026 年第一季的 40.9%。這一增長主要是由於保險部門因風暴造成的索賠損失減少，因為去年同期受到德克薩斯州和新墨西哥州多起天氣事件的嚴重影響。

Selling, general, and administrative expense in the first quarter of 2026 was $69.1 million, or 12.4% of net revenue, compared to $64.9 million, or 13.6% of net revenue, during the same quarter last year. The increase was due to higher bonus and commission expenses on higher earnings compared to the prior year.

2026 年第一季的銷售、一般和行政費用為 6,910 萬美元，佔淨收入的 12.4%，而去年同期為 6,490 萬美元，佔淨收入的 13.6%。成長的原因是與前一年相比，收益增加導致獎金和佣金支出增加。

Interest income for the first quarter was $5.1 million, down from $5.5 million in the prior quarter. Pre-tax profit was up 48.9% this quarter to $65.3 million from $43.9 million in the prior year period. Effective income tax rate was 20.9% for the first fiscal quarter, compared to 21.5% in the same period in the prior year. Net income is $51.6 million compared to net income of $34.4 million last year, and diluted earnings per share this quarter was $6.42 versus $4.11 in last year's first quarter.

第一季利息收入為 510 萬美元，低於上一季的 550 萬美元。本季稅前利潤從去年同期的 4,390 萬美元成長 48.9% 至 6,530 萬美元。第一財季有效所得稅率為20.9%，去年同期為21.5%。淨收入為 5,160 萬美元，而去年的淨收入為 3,440 萬美元，本季每股攤薄收益為 6.42 美元，而去年第一季為 4.11 美元。

Before we discuss the balance sheet, I'd like to take a minute to talk about capital allocation. During the first quarter, we repurchased $50 million of common shares under our board-authorized share repurchase program, leaving approximately $178 million under authorization for future repurchases.

在我們討論資產負債表之前，我想花一點時間談談資本配置。在第一季度，我們根據董事會授權的股票回購計畫回購了價值 5,000 萬美元的普通股，剩餘約 1.78 億美元的授權資金用於未來回購。

Additionally, we announced our intention to acquire American Homestar, a transaction expected to utilize roughly $184 million in cash. Our capital deployment will continue to align with our strategic priorities, which include enhancing our plant facilities, pursuing additional acquisitions, and consistently assessing opportunities within our lending operation, with share buybacks serving as a mechanism to prudently manage our balance sheet after considering these initiatives. Now I'll turn over to Paul to discuss the balance sheet.

此外，我們也宣布了收購 American Homestar 的意向，預計該交易將動用約 1.84 億美元現金。我們的資本部署將繼續與我們的策略重點保持一致，包括改善我們的工廠設施、進行額外的收購以及持續評估我們的貸款業務中的機會，並在考慮這些舉措後將股票回購作為審慎管理我們資產負債表的一種機制。現在我將請保羅討論資產負債表。

Thanks Allison. In the quarter, we had a decrease in cash and restricted cash of $6.9 million, bringing our balance to $368.4 million. We generated $55.5 million of cash from operating activities, reflecting solid operating performance for the quarter. We used $7.7 million in investing cash flows for new equipment and certain facilities, and used $54.7 million in financing activities, primarily due to stock buybacks.

謝謝艾莉森。本季度，我們的現金和受限現金減少了 690 萬美元，使我們的餘額減至 3.684 億美元。我們從經營活動中產生了 5,550 萬美元的現金，反映了本季穩健的經營業績。我們使用了 770 萬美元的投資現金流量用於新設備和某些設施，並使用 5,470 萬美元用於融資活動，這主要是由於股票回購。

Comparing the June 28, 2025 balance sheet to March 29, 2025, the increase in accounts receivable is related to organic growth in the factory-built housing segment, with unit shipments up 7% in the first quarter of 2026 versus the sequential quarter.

將 2025 年 6 月 28 日的資產負債表與 2025 年 3 月 29 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領域的有機增長有關，2026 年第一季的單位出貨量與上一季相比增長了 7%。

Inventories increased from higher finished goods to company-owned retail stores, as well as higher raw material purchases to support increased production. The decrease in prepaid expenses and other current assets is a result of lower federal income tax prepayments, primarily related to timing. Increase in long-term commercial loans receivable is the result of increased lending under these programs as a result of larger sales volume.

庫存從成品增加到公司自有零售店，同時原料採購量增加以支持產量增加。預付費用和其他流動資產的減少是由於聯邦所得稅預付款減少，主要與時間有關。長期商業應收貸款的增加是由於銷售量增加導致這些計劃下的貸款增加。

Accrued expenses and other current liabilities are up from the increased compensation and bonus accruals on higher earnings, increased insurance loss reserves, and higher customer deposits. And finally, as previously discussed, treasury stock increased due to the stock buybacks executed during the quarter. Now I'm turning back to Bill.

應計費用和其他流動負債是由於收入增加、保險損失準備金增加和客戶存款增加而增加的薪酬和獎金應計額。最後，如前所述，由於本季執行的股票回購，庫存股有所增加。現在我回到比爾身邊。

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

好的。謝謝你，保羅。米歇爾，我們開始提問吧。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員指示） Daniel Moore，CJS 證券。

Thank you. Good afternoon, Bill, Allison, Paul, Mark. Appreciate the questions. Obviously, the plan paid off. New orders increased nicely this quarter. Is that a level of ordering continuing thus far in fiscal Q2, accelerating at all, or do you expect that to moderate in coming quarters?

謝謝。下午好，比爾、艾莉森、保羅、馬克。感謝您的提問。顯然，該計劃獲得了成功。本季新訂單大幅增加。這種訂單水準在第二財季到目前為止是否能持續下去，或者是否會加速，或者您是否預計未來幾個季度訂單水準會有所緩和？

Yeah, no real comment on the expectation. I mean, you hit these months in the summer. And from a seasonal perspective, it can slow down a little bit. But we feel like at a high level there's kind of a continuation.

是的，對於期望沒有真正的評論。我的意思是，這些月份是在夏季。從季節角度來看，它可能會稍微放緩。但我們感覺在高層次上存在著一種延續性。

I mean, there's definitely nothing that I'm seeing in the market or hearing about that says that we're seeing a drop. And I always refer as well -- even though I know it's a bit of a lagging indicator, I always refer to the HUD Code shipments data on a seasonally adjusted basis. And that has remained strong in recent months.

我的意思是，我絕對沒有在市場上看到或聽到任何跡象表明價格正在下跌。我也總是參考——儘管我知道這是一個有點滯後的指標，但我總是參考經過季節性調整的 HUD 代碼出貨量數據。近幾個月來，這股勢頭依然強勁。

So still feeling like -- as I've indicated, I mean, we're really happy with the quarter. I think we executed really well as a company. Uncertainty continues out there, so we're going to have to keep watching.

所以仍然感覺——正如我所指出的，我們對本季的表現非常滿意。我認為我們公司的表現非常好。不確定性仍然存在，因此我們必須繼續關注。

Makes sense. Very helpful. You mentioned the Southeast. I mean, obviously Florida's been challenged for a while. Are there -- that's where you're seeing any incremental softness?

有道理。非常有幫助。您提到了東南部。我的意思是，顯然佛羅裡達州已經面臨挑戰一段時間了。您是否在那裡看到了任何逐漸減弱的疲軟跡象？

Yeah, I think that's an opportunity to clarify because I didn't really think to make that as clear. Florida has been its own situation for quite a while. And I'd have to say I really don't see any improvement there. Just in general, I think the real estate market there has been struggling. So we're holding our own and hanging in there and feel good about how we're positioned.

是的，我認為這是一個澄清的機會，因為我真的沒有想過要把這一點說清楚。佛羅裡達州的情況已經持續了相當長一段時間。我不得不說我真的沒有看到任何改善。總體而言，我認為那裡的房地產市場一直舉步維艱。因此，我們堅守自己的立場，並對我們的定位感到滿意。

But my comments -- again Dan, thanks for giving me a chance to clarify, my comments were a little broader than that and almost exclusive of Florida, which acts very separately. So you kind of go up through the southeastern states. And I don't want to sound like doom and gloom. I mean, it was steady.

但我的評論——丹，再次感謝你給我澄清的機會，我的評論比這更廣泛一些，而且幾乎不包括佛羅裡達州，因為佛羅裡達州的行為非常獨立。所以你就可以穿過東南部各州。我不想讓這聽起來像是一種悲觀的情緒。我的意思是，它很穩定。

In our case, as I talked about this direction of let's go ahead and lean into the backlogs we have, our plants have done a great job of accelerating production through that region. And compared to the other regions, it was a little of a standout lagging region for us this quarter as far as quarter-over-quarter activity.

就我們的情況而言，正如我所說的，讓我們繼續前進，並利用我們積壓的訂單，我們的工廠在加速該地區的生產方面做得很好。與其他地區相比，就季度環比活動而言，本季該地區的落後程度較為突出。

So I don't know how to give the right tone on this, so I'll just kind of be as straightforward as I can with my comment. It's not doom and gloom, but it was the slowest of our major regions when we looked at what was generally a pretty positive order quarter.

所以我不知道如何用正確的語氣來表達這一點，所以我只能盡可能直截了當地發表我的評論。這並不是什麼悲觀的預兆，但從總體來看，這是一個訂單量相當積極的季度，而這是我們主要地區中成長最慢的地區。

Got it. And then -- okay, I'll follow up offline. But ASPs, gave great color, greatly appreciated. Between the two factors, is it more a function of passing on inflation and input costs, or is the mix meaningfully improving as well?

知道了。然後——好的，我會離線跟進。但 ASP 給了一個很棒的顏色，非常值得讚賞。在這兩個因素之間，它更多的是轉嫁通膨和投入成本的功能，還是組合也得到了有意義的改善？

Yeah, mix shifted a little bit multi-section homes, which of course would kind of be an upward move. But I'll tell you the biggest factor this time was really that we saw same product appreciation. We really looked at, in aggregate, single-section homes, did they move up in average selling price. And I'm thinking wholesale right now, and multi-section homes, did they move up as well?

是的，混合型住宅稍微轉向了多部分住宅，這當然是一種上升趨勢。但我要告訴你，這次最大的因素是我們確實看到了同樣的產品升值。我們確實從總體上觀察了單層住宅的平均售價是否上漲。我現在正在考慮批發和多部分住宅的價格是否也上漲了？

And this quarter, both moved up. And it's been a long time since we've seen that kind of price appreciation after correcting for product mix and after correcting for the proportion sold through our retail stores. So I did want to point out, because I know there's been a long discussion about -- I keep overusing the term slow leakage that we have seen for a number of quarters, and that, let's call it pure price. And there was a significant upward bump this time.

本季度，兩項數據均有所上升。在調整產品組合和透過我們的零售店銷售的比例後，我們已經很久沒有看到這種價格上漲了。所以我確實想指出，因為我知道已經有一個長期的討論——我一直在過度使用我們已經看到多個季度的緩慢洩漏這個術語，我們稱之為純價格。這次出現了顯著的上升。

Again, those things can move around a little bit, but it's nice to see it move that direction. The other question was whether that was -- I think Dan, I think your other question was whether that was due to tariff pressure. I don't want to belabor it. I've got a little different view than some when we talk about this.

再說一次，這些事情可能會有一點變化，但很高興看到它朝那個方向發展。另一個問題是——我認為丹，我認為你的另一個問題是這是否是由於關稅壓力造成的。我不想過多地談論它。當我們談論這個問題時，我的看法與其他人略有不同。

It's a matter of the price moving up where supply and demand for our products was healthiest, right? So we did have an impact from tariffs. And Alison commented on that, I believe. We can go into that. But I don't view us as necessarily being able to say, oops, our product cost just went up. So we're going to pass through a price increase if the market doesn't support it. So I look at this price movement kind of as its own data point, separate from our cost structure.

這是一個當我們的產品供需關係最健康時價格上漲的問題，對嗎？因此我們確實受到了關稅的影響。我相信艾莉森對此發表了評論。我們可以深入探討這一點。但我認為我們不一定能說，哎呀，我們的產品成本剛剛上漲了。因此，如果市場不支持，我們就會提高價格。因此，我將這種價格變動視為其自身的數據點，與我們的成本結構無關。

Okay, very helpful. I know you don't give guidance. Financial services had a really solid quarter. Just curious what you've seen so far quarter-to-date in terms of claims. Obviously, there's been some well-documented tragic flooding in Texas. I know it's isolated and your business is a lot more geographically diverse. But what are you seeing so far there?

好的，非常有幫助。我知道你不提供指導。金融服務業本季表現十分穩健。我只是好奇您到目前為止在本季度的索賠情況如何。顯然，德克薩斯州發生了一些有據可查的悲慘洪水。我知道它很偏僻，而且您的業務在地理上的分佈更加多樣化。但到目前為止你看到了什麼？

Yeah, you've said it well. I mean, it was tragic what's gone on there. From a claims perspective, it was not a huge generator of claims, and I think that's the nature of the pretty not dense area that a lot of the flooding occurred.

是啊，你說得很好。我的意思是，那裡發生的事情太悲慘了。從索賠角度來看，這並沒有引發大量的索賠，我認為這是由於人口密度不高的區域是大量洪水的原因。

So we're not seeing an inordinate amount of claims from that event. And I think things are looking pretty good overall from a business perspective in insurance. And you're right, we do do, I think, a very thorough job of making sure we diversify geographically and in other ways to spread the risk in our insurance business. But nothing big to note from that event or any others recently.

因此，我們並未看到因該事件而產生過多的索賠。我認為從保險業務角度來看，整體情況相當不錯。您說得對，我認為，我們確實做了非常徹底的工作，確保我們在地域上和其他方面實現多元化，以分散我們保險業務的風險。但那次事件或最近其他事件並沒有什麼值得注意的重大事件。

Great I'll turn it over thanks.

太好了，我會把它轉過來，謝謝。

Greg Palm, Craig Hallam.

格雷格·帕爾姆、克雷格·哈勒姆。

Hi, thanks for taking the questions. I wanted just to maybe clarify some of the prior questioning on kind of the regional differences. So going back to your comments on the Southeast region, is it more that you're seeing increased competition down in that region, or is it a function of like the actual consumer traffic rates, deposits or slowing? I was just -- maybe you can kind of dig into that a little bit more.

你好，謝謝你回答這個問題。我只是想澄清一些關於地區差異的先前疑問。那麼回到您對東南地區的評論，您是否看到該地區的競爭加劇了，還是因為實際消費者流量率、存款或放緩？我只是——也許你可以更深入地研究這個問題。

And just to be clear, I mean, the Southeast region is pretty broad, so are there specific states that you're trying to call out or anything in particular?

需要明確的是，東南地區範圍很廣，那麼您是想特別提到某個州還是其他地方呢？

Yeah, we kind of just look at our plants that serve that area. And there's a pretty broad service radius for a plant. So frankly, we're looking at it all the way up to North Carolina and Virginia. So kind of Georgia up through North Carolina and Virginia.

是的，我們只是關注為該地區服務的工廠。而且工廠的服務半徑相當廣。所以坦白說，我們正在關注北卡羅來納州和維吉尼亞州的情況。喬治亞州一直延伸到北卡羅來納州和維吉尼亞州。

And I really do want to -- I'm glad you guys are asking me the question because I really do want to clarify. We had a quarter here where orders moved up considerably. In the Southeast, they were more like flat. So we're not seeing a big downturn. And I think the context and why I pointed it out is that we have also had this direction on a plant-by-plant basis to increase production where we think we've got the backlog to do it.

我確實想——我很高興你們問我這個問題，因為我確實想澄清一下。我們這裡有一個季度的訂單大幅增加。在東南部，它們更像是平坦的。所以我們並沒有看到大的衰退。我認為我指出這一點的背景和原因是，我們也對每個工廠提出了這個方向，以增加產量，因為我們認為我們有足夠的積壓來做到這一點。

And so my point really was more about that direction. And I don't know how it's going to play out yet, but what I was trying to point out is we might have -- we were going to have to look plant by plant in that area because its order rates have lagged other regions recently, and our backlogs in that area have dropped given the increase in production.

所以我的觀點其實更多的是關於那個方向。我還不知道事情會如何發展，但我想指出的是，我們可能——我們必須對該地區的每個工廠進行逐一調查，因為最近該地區的訂單率落後於其他地區，而且由於產量增加，我們在該地區的積壓訂單已經下降。

And so it's one that we might have to pull back a little bit on some of its production increases. I'm honestly not predicting that. I'm saying that these regions are moving differently. And if there's one place that we're keeping a close eye on to see if our backlogs hold with order rates in the next couple quarters so that we can maintain the increased production level, it would be the Southeast. So it hasn't been a downturn. It's been a flat spot in a country where other regions are moving up pretty nicely.

因此，我們可能必須稍微減少部分產量的成長。說實話我並沒有預測到這一點。我的意思是這些地區的動向不同。如果有一個地方值得我們密切關注，以觀察我們的積壓訂單是否能與未來幾季的訂單率保持一致，讓我們能夠保持不斷增長的生產水平，那麼這個地區就是東南部。所以這並不是一次衰退。在這個國家，其他地區的發展都相當順利，但這裡卻一直處於平穩狀態。

Okay. Yeah, that's helpful. What are you seeing from the community channel and some of the bigger buyers there? Any change relative to kind of what you're seeing in the dealer channel?

好的。是的，這很有幫助。您從社區管道和那裡的一些較大買家那裡看到了什麼？與您在經銷商通路看到的情況相比有什麼變化嗎？

Yeah, I don't think anything noteworthy. I mean, once we got through the inventory problem that we talked at length about for a long period of time, and that kind of we declared that dead last December, I think, once we got through that, they've kind of taken their place with more of a historical proportion of overall industry shipments from what we can tell.

是的，我認為沒有什麼值得注意的。我的意思是，一旦我們解決了庫存問題（我們對此進行了長時間的討論），並且我們在去年 12 月宣布該問題已經解決，我認為，一旦我們解決了這個問題，從我們目前的情況來看，它們將佔據整個行業出貨量的歷史最高比例。

They've been about 30%, or call it a third. And that's if you include builders and developers along with communities. And there's some normal bouncing around those numbers, but I feel like they're kind of in that position right now.

大約佔了 30%，或者說是三分之一。如果你把建築商和開發商以及社區也包括在內的話。這些數字有一些正常的波動，但我覺得它們現在就處於那個位置。

Okay. In terms of -- I want to maybe spend a minute on gross margin as well, and maybe you can just comment on input costs and, you know, what kind of -- I don't know if you're able to quantify kind of what impact tariffs had. Whether it was on steel specifically or whether it was some of the components that you bring in.

好的。就——我可能也想花一點時間討論一下毛利率，也許您可以評論一下投入成本，以及——我不知道您是否能夠量化關稅的影響。無論是專門針對鋼鐵還是針對您引入的一些組件。

But was that meaningful at all? Are you able to quantify kind of what impact you saw? And mostly this is just in light of kind of much higher production rates on a year-over-year basis, but factory margins that were relatively flat. So I'm just kind of trying to tie those out.

但這真的有意義嗎？您能量化您所看到的影響嗎？這主要是因為生產率同比大幅提高，但工廠利潤率相對持平。所以我只是想把它們連結起來。

Yes, understood. Thanks for the question. Because many of the tariffs have been delayed, plus there's a time lag before costs hit our COGS, the full effect of tariffs didn't hit our results in Q1. We estimate that the total impact in Q1 was about $700,000 of additional expense, and that would have hit our cost of goods.

是的，明白了。謝謝你的提問。由於許多關稅被推遲，再加上成本影響到我們的銷貨成本之前有一個時間差，關稅的全部影響並沒有影響我們第一季的業績。我們估計第一季的總影響約為 70 萬美元的額外支出，這將影響我們的商品成本。

And for a perspective point, if the currently proposed tariffs take effect, let's say this will certainly increase in future quarters. So nothing significant this quarter, but we really focus on it. And in general, input costs, as you mentioned, in total, it's key components for us that affect the margin or the cost of our commodities that we primarily use, which is lumber and OSB. And while the movements of these commodities, they really can be volatile, we have been in recent quarters benefiting from a pretty low and stable lumber and OSB price.

從某個角度來看，如果目前提議的關稅生效，那麼未來幾季的關稅肯定會增加。因此本季沒有什麼重大事件，但我們確實關注它。總體而言，正如您所說，投入成本總體上是影響我們主要使用的商品（木材和定向刨花板）利潤或成本的關鍵因素。儘管這些商品的走勢確實可能不穩定，但最近幾季我們一直受益於相當低且穩定的木材和定向刨花板價格。

But there's always a possibility of there being a price increase ahead, and the way that we can all watch that -- is we watch the indices for these commodities for lumber and for OSB. And any changes that we see rolling through those prices will go through our COGS in about 60 to 90 days later. So, taking all those factors into account, kind of, on the cost side of the equation for the margins.

但未來價格上漲的可能性始終存在，我們可以透過關注木材和定向刨花板等商品的指數來觀察價格上漲。我們看到的任何價格變化都會在大約 60 到 90 天後影響到我們的 COGS。因此，將所有這些因素都考慮進去，就可以得到利潤率等式中的成本面。

Got it. And then maybe just last one, shifting gears again just to the regulatory environment. Can you provide maybe any update? I know there was a recent bill that was introduced about chassis removal. So maybe you can just give us some insight and what that potentially could mean and just the overall process of putting that into a law if that's the case.

知道了。然後也許只是最後一個，再次轉向監管環境。您能提供任何更新資訊嗎？我知道最近有一項關於拆除底盤的法案被提出。所以也許您可以給我們一些見解，告訴我們這可能意味著什麼，以及如果是這樣的話，將其納入法律的整個過程。

The Senate committee passed a bill or moved a bill forward this past week, and I think that's what you're referring to. And I'll tell you what was really encouraging about it. They had -- I might be off by one or two, but they had about eight subsections under that housing bill, and one of them was literally titled Manufactured housing.

參議院委員會上週通過了一項法案或推進了一項法案，我認為這就是您所指的。我會告訴你這件事真正令人鼓舞的地方是什麼。他們有——我可能錯了一兩個，但該住房法案下有大約八個小節，其中一個小節的標題就是「製造住房」。

And so one takeaway that I took at a high level from that was just, we are in the discussion. People are focusing on manufactured housing as an important part of the solution to the affordable housing issues that we face and the supply issues we face. So that was a high level.

因此，我從中得到的一個啟示就是，我們正在進行討論。人們把製造房屋作為解決我們面臨的經濟適用房問題和供應問題的重要組成部分。所以這是一個高水準。

And as you said, the chassis removal from the federal definition was in there. And so I feel really good about that. That's something we've talked in the past. It'll take some work and some time. But if we can get that out of the definition, I think it's going to open up a lot of innovation for our industry. And that will kind of allow us to do things like penetrate more into urban settings, as an example. So that's a big plus.

正如您所說，聯邦定義中已經包含了底盤移除的內容。所以我對此感覺非常好。這是我們過去談論過的事情。這需要一些工作和時間。但如果我們能夠從定義中去除這一點，我認為這將為我們的行業帶來許多創新。舉例來說，這將使我們能夠更深入地滲透到城市環境中。所以這是一個很大的優勢。

There was some stuff in there about kind of trying to continue to encourage local municipalities and states to work on zoning. Those statements in the bill were more general and weren't all that specific to manufactured housing. But actually you always like to see that because I think Congress understands that's a real barrier to improving the supply of homes and housing units.

其中有一些內容是關於試圖繼續鼓勵地方市政當局和州進行分區工作。法案中的這些聲明比較籠統，並不具體針對預製房屋。但實際上你總是喜歡看到這種情況，因為我認為國會明白這是改善住房和住房供應的真正障礙。

You weren't really asking this, and this is probably a longer conversation for another day. If I had a disappointment when I read it and talked to folks about it, it's that Congress is trying to provide some support and funding for community preservation and community development in general. But they tend to be a little bit discriminatory in the ownership of those communities. And so they're very focused on this idea of resident-owned communities.

你實際上並不是在問這個問題，而且這可能需要另一天進行更長的對話。如果我在閱讀並與人們談論它時感到失望，那就是國會正在嘗試為社區保護和社區發展提供一些支持和資金。但他們在這些社區的所有權上往往帶有一點歧視。因此他們非常關注居民擁有的社區這一理念。

In the right situation, that can be a good solution. Sometimes they aren't everything that the name kind of implies, and sometimes they're really not working out well. And so the fact that Congress continued in this bill to kind of leave the very successful for-profit community ownership model out was a little bit concerning.

在適當的情況下，這可能是個很好的解決方案。有時它們並不像名稱所暗示的那樣，有時它們的效果確實不太好。因此，國會在法案中繼續將非常成功的營利性社區所有權模式排除在外，這有點令人擔憂。

So probably giving you more than you want. I feel like in total it's a very good step forward. It reflects a lot of the lobbying we've done in DC to try to get manufactured housing more part of the conversation. I feel like we're really having some success with it. So I do bet that's more than you're asking for, Greg, but did I leave anything out?

因此可能給你的比你想要的更多。我覺得總的來說，這是一個非常好的進步。它反映了我們在華盛頓特區所做的大量遊說，試圖讓製造型住房成為討論的更多內容。我感覺我們確實取得了一些成功。所以我敢打賭這比你要求的要多，格雷格，但我有沒有遺漏什麼？

No, it was -- the more the better. Appreciate the color. I'll hop back in the queue. Thanks.

不，是的——越多越好。欣賞色彩。我會重新回到隊列中。謝謝。

All right. Thank you.

好的。謝謝。

Jay McCandless, Wedbush.

傑伊麥坎德利斯，韋德布希。

Thanks for taking my question. So I guess I'm going to stick on the gross margin for a minute because to hear that volume's up -- pricing's up on singles and doubles, and OSB's at multi-decade lows, just really surprised that the gross margin is flat year over year.

感謝您回答我的問題。所以我想我會暫時堅持討論毛利率，因為聽到銷量上漲——單層和雙層的價格上漲，而定向刨花板的價格處於幾十年來的最低點，我真的很驚訝毛利率同比持平。

Can you walk us through what drove that? And are you all thinking -- and if it was sales mix or geographic mix, is the same type of pattern developing for the second quarter?

您能向我們解釋一下是什麼原因導致的嗎？你們都在想──如果是銷售組合或地理組合，第二季是否會出現相同類型的模式？

I mean, so if we go through -- we look at the throughput for the quarter, to your point, we did see an uplift that allowed us to leverage some of our factory overhead. As we talked about, we did absorb some additional costs due to tariffs. And also, so our margins are dependent quite a lot on quarter-over-quarter pricing.

我的意思是，如果我們看一下本季的產量，正如你所說，我們確實看到了成長，這使我們能夠利用部分工廠開銷。正如我們所討論的，我們確實承擔了一些因關稅而產生的額外成本。而且，我們的利潤率很大程度取決於季度環比定價。

So there were some very positive, you know, in our gross profit and gross margins for the quarter. And then also touching on the financial services, we did see an uptick from the prior year.

因此，您知道，本季我們的毛利和毛利率都非常積極。然後談到金融服務，我們確實看到了比上一年有所上升。

Okay, so it's more just geographic mix. And also, are you seeing that in the second quarter, probably that same thing developing?

好的，所以這更多的只是地理混合。此外，您是否看到第二季可能也會出現相同的情況？

I think it's probably a little too early to comment on the second quarter. I'd say the one thing that we do have -- obviously we're staying extremely close to -- would be the unfolding tariff situation. We do -- as we shared before, we do purchase many lighting, electrical, and plumbing components, and windows and doors. And those are primarily sourced from China. So that'll be where our focus is as the tariffs continue to unfold.

我認為現在評論第二季度的情況可能還為時過早。我想說，我們確實擁有的一件事——顯然我們非常關注——就是正在展開的關稅情況。我們確實——正如我們之前所分享的，我們確實購買了許多照明、電氣和管道組件以及窗戶和門。這些主要來自中國。因此，隨著關稅的不斷出台，這將是我們關注的重點。

Okay, and then I know that there's been a couple of price increases announced for roofing. Has that started to impact Cavco's income statement yet?

好的，然後我知道已經宣布了幾次屋頂價格上漲的消息。這是否已經開始影響 Cavco 的損益表了？

Nothing that we can really comment on at this point. Nothing significant.

目前我們無法對此做出任何評論。沒什麼重大的。

Okay, and then if we could just talk about chattel mortgage, where rates are right now. And I guess the other question is, are you guys seeing what the site builders have talked about, where people just aren't as confident maybe as they were this time last year? Maybe talk about that and then also where rates stand at this point.

好的，那我們可以談談動產抵押貸款，看看目前的利率是多少。我想另一個問題是，你們是否看到了網站建立者所談論的內容，人們可能不像去年這個時候那麼有信心了？也許可以討論一下這個問題，然後也可以討論一下目前的利率水準。

Yeah. I'll start with the rates, Jay. So it's actually been really consistent since we last reported our fiscal year end. So it's still in that 8% to 9% range.

是的。我先從費率開始，傑伊。因此，自從我們上次報告財政年度結束以來，情況實際上一直非常一致。所以它仍然在 8% 到 9% 的範圍內。

Yeah, I think the indicators of confidence are kind of almost week to week, if not day to day. It's been kind of in this mode, in my opinion, for quite a while, several quarters, right? I mean, people are trying to read the macroeconomics. And certainly there's a bit of uncertainty on the side of the potential buyer.

是的，我認為信心指標幾乎是每週都會改變的，甚至每天都會改變的。在我看來，這種模式已經持續了相當長一段時間，甚至幾個季度了，對吧？我的意思是，人們正在嘗試解讀宏觀經濟學。當然，潛在買家方面也存在一些不確定性。

We see that -- I think we see that more in closing rates, but we've seen traffic does move up and down a bit. It moves in a pretty tight band, or it's been moving in a pretty tight band. Closing rates, I think, are the better indicator at any point in time about whether people are willing to pull the trigger because there's a lot of people that are out there that need homes. And they're generating the traffic numbers.

我們看到——我認為我們在成交率上看到的更多是這種情況，但我們已經看到流量確實有點上下波動。它在一個相當緊密的帶內移動，或者它一直在一個相當緊密的帶內移動。我認為，成交率在任何時候都是衡量人們是否願意買房的更好指標，因為有很多人需要房子。他們正在產生流量數字。

It's whether they feel confident and are able to pull the trigger on actually making a deposit and following through on the purchase that I think gets hurt when the confidence goes down. So I don't mean to wander around your question. I think it's -- man, it's changing all the time, and that's the uncertainty we've been talking about.

我認為，當信心下降時，就會受到損害，因為他們是否有信心，是否有能力真正支付訂金並完成購買。所以我並不想繞著你的問題走。我認為——它一直在變化，這就是我們一直在談論的不確定性。

This quarter orders showed a pretty big uptick. So that shows that either over the period of that quarter, there was a little more confidence, or it shows that that pent-up demand for housing is powering through that concern.

本季訂單出現了相當大的成長。因此，這表明在該季度期間，人們的信心有所增強，或表明被壓抑的住房需求正在克服這種擔憂。

Hard to tell, but we feel like we had a nice uptick this time. We're going to continue leaning into it, and we gotta be ready to adjust. It's hard to be more predictive than that.

很難說，但我們覺得這次取得了不錯的進展。我們將繼續努力，並做好調整的準備。很難做出比這更準確的預測。

Got it. Okay, great. Thanks for taking my questions.

知道了。好的，太好了。感謝您回答我的問題。

Jesse Leiderman, Zalman and Associates.

傑西·萊德曼 (Jesse Leiderman)，扎爾曼 (Zalman) 和合夥人。

Hey, thanks for taking the question and nice job on the quarter. I'd like to ask another question on the tariffs. So I guess just $700,000 of impact in the COGS from tariffs. Is the expectation still about 5% to 8% of the materials might be the impact from tariffs?

嘿，感謝您回答這個問題，本季您做得很好。我還想問一個有關關稅的問題。所以我估計關稅對 COGS 的影響只有 70 萬美元。預計仍有約 5% 至 8% 的材料可能受到關稅的影響？

Yes, and let me just help by putting that into dollars to make it straightforward. So we would estimate that the overall impact that we could reach, and again, tariffs literally are kind of unfolding day to day as we're all seeing it, but we could reach between $2 million and $5.5 million a quarter if the current tariffs are fully implemented. So just hopefully that helps, provides some guide.

是的，為了讓事情簡單一點，我先將其轉換成美元。因此，我們估計我們可能達到的整體影響，而且，正如我們所看到的，關稅實際上每天都在展開，但如果現行關稅全面實施，我們每季的關稅可能達到 200 萬至 550 萬美元。所以希望這能有所幫助，提供一些指導。

Okay. Yeah, that is helpful. Okay. So I guess the $2 million, and again, the materials are half of the COGS, right?

好的。是的，這很有幫助。好的。所以我猜 200 萬美元，而且材料費佔了 COGS 的一半，對嗎？

Yes, they do.

是的，他們確實這麼做了。

So the $2 million, I guess, would be something like -- during the quarter would have been like a 1% increase to overall COGS from tariffs, which seems a little bit lower I guess than you were expecting last quarter.

因此，我猜這 200 萬美元相當於——本季關稅將使總銷貨成本增加 1%，這似乎比你上個季度的預期要低一點。

That's true. I mean, I'd say specifically again, $700,000 was the amount of the impact of increased cost of goods from Q1 -- from tariffs. If you think about the tariffs, they seem to be moving quite a bit, but obviously I think when one listens to the rhetoric out there, there's an indication that they will go up in some way.

這是真的。我的意思是，我再具體說一下，70 萬美元是第一季關稅導致的商品成本增加的影響金額。如果你考慮一下關稅，它們似乎變化很大，但顯然我認為，當人們聽到外面的言論時，有跡象表明它們會以某種方式上漲。

And certainly, if we compare the way we think about it now versus say just a quarter ago, the tariffs would be coming in slower or delayed and a little bit more choppy. So I think that's what we stay very close to. And if we take a step back, the 2 probably per quarter -- the $2 million per quarter would be on the lower end, and perhaps as we progress through time.

當然，如果我們將現在的想法與一個季度前的想法進行比較，我們會發現關稅的徵收速度會更慢、更延遲，而且更加不穩定。所以我認為這就是我們所堅持的。如果我們退一步來看，每季 200 萬美元可能處於較低水平，也許隨著時間的推移，這個數字還會繼續增長。

And it's an unfolding situation. It could reach up to about $5.5 million. And I would say that if we had to think about it as far as where's the majority of that coming from, it's likely to be coming from the lighting, electrical, and plumbing components, which are part of all of our units and those resources are out of China.

這是一個正在展開的情況。最高可達 550 萬美元左右。我想說，如果我們必須考慮其中大部分來自哪裡，它很可能來自照明、電氣和管道組件，它們是我們所有單位的一部分，而這些資源都來自中國。

Okay. That's really helpful color. Thank you. I wanted to ask through CountryPlace bill, do you guys have any read on, or even through CountryPlace and/or just through those that are buying at your captive retail of the household income over time of people that are purchasing, or maybe even quarter to quarter? That could give some insight into mix shifts.

好的。這顏色確實很有幫助。謝謝。我想透過 CountryPlace 帳單詢問一下，你們有沒有讀過有關數據，或者甚至透過 CountryPlace 和/或只是透過那些在你們專屬零售店購買的人，了解購買者的家庭收入隨時間的變化，或者甚至是逐季度的變化？這或許能為混合轉變提供一些見解。

So for example, if maybe, this quarter you had more higher household income at retail or through CountryPlace, that would suggest maybe some people mix shifting from an existing home or buying a new home to a manufactured home. Is that something you guys have insight into?

舉例來說，如果本季度您在零售店或透過 CountryPlace 獲得了更高的家庭收入，那就表明有些人可能從現有住房或購買新房子轉向購買活動房屋。你們對此有什麼了解嗎？

Yeah, obviously when you're originating, you know all that information, so it exists. It's not something that we've tracked very closely at a macro level. So it's an interesting thought and something we'll think about. But I don't have any statistics for you right now on that.

是的，顯然，當你發起時，你知道所有這些信息，所以它是存在的。我們在宏觀層面上並沒有密切關注此事。這是一個有趣的想法，我們會認真考慮。但目前我還沒有這方面的統計數據。

Okay. Got it. And then -- yeah of course, I think that'd be pretty interesting. Allison, you kind of talked from a capital deployment perspective. One of the initiatives you're looking into is assessing some opportunities within the lending operations. Could you maybe provide a little bit more color into what that opportunity might be?

好的。知道了。然後——是的，當然，我認為這會非常有趣。艾莉森，您是從資本部署的角度來談論的。您正在研究的舉措之一是評估貸款業務中的一些機會。您能否更詳細地介紹一下這個機會是什麼？

Yes, I mean strategically we look at our CountryPlace, which is our mortgage origination component of our organization, to be able to provide expanded consumer-based lending programs. So we continue to look at that. And as part of that that growth would probably be a combination of some strategically to have an ability to deliver into a forward flow agreement.

是的，我的意思是，從戰略上來說，我們著眼於 CountryPlace（我們組織的抵押貸款發放部門），以便能夠提供擴大的基於消費者的貸款計劃。因此我們繼續關注這個問題。作為其中的一部分，這種成長可能是一些策略上的結合，以便有能力實現遠期流量協定。

We have a commitment that we would not carry consumer-based loans on our balance sheet, nor have we. So if we embark on that type of a longer-term strategy, our balance sheet would still very much stay an OEM balance sheet. But this would give us an opportunity to serve a wider base of consumers to help them be able to obtain affordable housing.

我們承諾不會在資產負債表上列示消費貸款，而且我們也沒有這樣做過。因此，如果我們開始實施這種長期策略，我們的資產負債表仍然會保持 OEM 資產負債表。但這將使我們有機會為更廣泛的消費者提供服務，幫助他們獲得負擔得起的住房。

Yeah, I mean, let me just reiterate that I'm not saying anything different. I mean, our model is to originate and sell, right? We don't want to carry consumer loans on our balance sheet. We retain the servicing rights, and so we get an annuity stream in that sense. That's our base model.

是的，我的意思是，讓我重申一下，我沒有說什麼不同的東西。我的意思是，我們的模式是發起並銷售，對嗎？我們不想在資產負債表上列出消費貸款。我們保留服務權，因此從這個意義上來說，我們獲得了年金流。這是我們的基礎模型。

Over the last couple of years, the traditional investors have really kind of dramatically reduced the amount of loans they're buying. And so that left us with a decision-making. We have been willing to, and we put some new loans on our balance sheet. We do that in a way where we know that we're still underwriting to the standards that an outside investor would buy those loans.

在過去的幾年裡，傳統投資者確實大幅減少了購買的貸款數量。因此我們需要做出決策。我們願意這樣做，並且我們在資產負債表上增加了一些新貸款。我們這樣做是為了確保我們仍然按照外部投資者購買這些貸款的標準進行承保。

And so our game plan really is, let's not stop the machine. Let's keep supporting the operations as an originator to a point, with the intent that in different times, and maybe through finding more consistent investors, we'll be able to clean those loans off the balance sheet and get back to the base model again.

所以我們的計劃其實是不要讓機器停下來。讓我們繼續作為發起人支持這些運營，目的是在不同時期，也許透過尋找更穩定的投資者，我們將能夠從資產負債表中清除這些貸款，並再次回到基本模式。

We haven't committed very much money in the scheme of our balance sheet to that, but it is something we just highlight for folks that strategically we'll do that from time to time. We'll take some on our balance sheet with the intent that when the day comes, they're very sellable loans.

我們在資產負債表中沒有為此投入太多資金，但我們只是向大家強調，從策略上講，我們會不時這樣做。我們會將其中一些計入我們的資產負債表，目的是到那一天，它們將成為非常可出售的貸款。

Got it, that's helpful. Yeah, I think in a lower rate environment, those loans would be an attractive opportunity for an investor for you to get those off the balance sheet. But it makes sense. Sounds like you're willing to continue to underwrite those just to keep the machine moving from a financing availability perspective.

明白了，很有幫助。是的，我認為在較低利率環境下，這些貸款對投資者來說是一個有吸引力的機會，讓你將其從資產負債表中剔除。但這是有道理的。從融資可用性的角度來看，聽起來您願意繼續承保這些，只是為了讓機器繼續運作。

Yeah, last one for me -- yeah, go ahead.

是的，對我來說最後一個——是的，繼續。

This is a side note extending on that. It's interesting when you do find an investor that wants to start buying those loans, often the moment they make that decision, they say, what do you got for me right now? And so having a few on the balance sheet doesn't hurt when you're trying to develop those relationships.

這是對此的延伸說明。有趣的是，當你找到一個想要開始購買這些貸款的投資者時，通常在他們做出決定的那一刻，他們會說，你現在能給我什麼？因此，當您嘗試發展這些關係時，在資產負債表上列出一些資訊並不會有什麼壞處。

Right, makes sense. Last one on the financial services. It sounds like a lot of the initiatives that you talked about over the last couple of years in terms of making improvements to your underwriting criteria and pricing and some of those nuances are coming to fruition with kind of a 40% gross margin.

對，有道理。最後一個是關於金融服務的。聽起來，您在過去幾年中談到的許多舉措都是為了改進承保標準和定價，其中一些細微的改進正在取得成果，毛利率達到了 40%。

If I look historically, you're kind of in the even like 50% to 55%-ish range. So is there any reason why the gross margin for financial services shouldn't at least remain around current levels, if not continue to grow a little bit higher toward maybe 50%-ish, something around there?

如果我從歷史角度來看，你的比例大約在 50% 到 55% 左右。那麼，金融服務的毛利率至少應該保持在目前的水平，或繼續稍微成長，達到 50% 左右，這有什麼理由嗎？

Yeah, it's very choppy, right? I mean, it's the insurance business. Not to minimize the financial or the lending business component of that, but when you're in the insurance business, quarter to quarter it can be choppy. But yeah, I don't see any structural reasons why we shouldn't be able to maintain pretty much historic margins with that business.

是啊，很不平穩，對吧？我的意思是，這是保險業務。並不是要低估其中的金融或貸款業務成分，但是當你從事保險業務時，每季的情況可能會很不穩定。但是的，我看不出有任何結構性原因導致我們無法維持該業務的歷史利潤率。

So yeah, I appreciate the question because it is hard for you all to keep your bearings with us in financial services when quarter to quarter, we can see pretty dramatic changes. What I've said in the past, and I still believe, is that these businesses give us a solid return on invested capital, and they are complementary to our core business. So we're committed to them.

是的，我很感謝這個問題，因為當我們每季都看到金融服務領域的巨大變化時，你們很難與我們保持一致。我過去曾說過，而且我仍然相信，這些業務為我們帶來了豐厚的投資回報，並且與我們的核心業務相輔相成。所以我們致力於此。

Thanks guys. Really appreciate the color as always.

謝謝大家。一如既往地欣賞這種顏色。

Daniel Moore, CGS Securities.

丹尼爾摩爾 (Daniel Moore)，CGS 證券。

Thank you again. One or two more, but obviously if you look at your shipments, you look at HUD Code MH data, it's clear that MH, at least the last couple quarters, in particular this quarter, is diverging in a more material way from traditional site build growth rates.

再次感謝您。還有一兩個，但顯然如果你看一下你的出貨量，你看一下 HUD 代碼 MH 數據，很明顯 MH，至少在過去幾個季度，特別是本季度，與傳統的場地建設增長率有更實質性的差異。

So is that -- do you think Bill, that's more a normalization of the builder-developer channel coming back, or do you see that occurring kind of across all of your key customer bases, res, traditional retail, etc.?

那麼，比爾，您認為這更像是建築商-開發商管道回歸的正常化嗎？還是您認為這種情況會發生在您所有的關鍵客戶群、住宅、傳統零售等領域？

And you're talking about -- I think I'm with you. You're talking about how HUD's what we have good data on. You're talking about how HUD Code shipments have changed through the recent year or two compared to how site-built has changed?

你說的是──我想我同意你的看法。您正在談論 HUD 是如何讓我們獲得良好數據的。您說的是，與現場建造的變化相比，HUD 代碼的出貨量在最近一兩年內發生了怎樣的變化？

Yeah. And obviously, you know, 15% growth in your shipments is another data point there as well relative to flat to traditional site.

是的。顯然，您知道，相對於傳統站點的持平，出貨量增長 15% 也是另一個數據點。

We've moved relative to HUD, yeah you're right. I mean, yeah, it's always hard to know what point in time to index off of, but we have been looking at that pretty closely and to your point, over the last 1.5 year. That was one of the points I looked at. HUD has dramatically outperformed.

我們已經相對於 HUD 移動了，是的，你是對的。我的意思是，是的，總是很難知道從哪個時間點開始編制索引，但在過去的 1.5 年裡，我們一直在密切關注這個問題，正如你所說。這是我關注的要點之一。HUD 的表現非常出色。

I track a lot of times new home sales thinking we're shipping and kind of put in service pretty quickly, and the new home sale is similar, put in service pretty quickly. And HUD has really outperformed site during that period.

我多次追蹤新房銷售情況，認為我們的出貨和投入服務都相當快，新房銷售情況也類似，投入服務也相當快。在此期間，HUD 的表現確實優於網站。

I think at the highest level, there's probably a lot of factors to that. I think one is, I've tried to point out in a lot of investor discussions that while we're driven by some of the same macro effects like interest rates, the cycle for manufactured housing and homes can diverge -- and site can diverge. If you think back to a year and a half ago or so, we were held back by an inventory glut in our retail channels after the run-up in interest rates.

我認為從最高層面來說，這可能有很多因素。我認為，一個是，我在許多投資者討論中試圖指出，雖然我們受到利率等一些相同的宏觀效應的驅動，但製造房屋和住宅的周期可能會有所不同——而且地點也可能會有所不同。如果回想一下大約一年半前，利率上升後，我們的零售通路庫存過剩，阻礙了我們的發展。

Conversely, I think site builders were kind of getting a tailwind from the fact that people had low interest rates and previously owned homes weren't on the market and inventory. So they were kind of making hay at a time that we were pulled back from a wholesale perspective.

相反，我認為，由於人們的利率較低，而且二手房不在市場上出售，庫存較少，因此網站建設者獲得了一定的推動力。因此，當我們從批發角度被拖累時，他們就趁機大肆牟利。

I think that's reversed right now. I think right now we've got the inventory out of the way. And affordability is coming to the forefront as it has been and should be, in my opinion, for the foreseeable future. And we're serving a different price point for sure. They can't touch what I would consider first home buyer price levels.

我認為現在情況已經逆轉了。我認為現在我們已經把庫存處理完了。在我看來，在可預見的未來，可負擔性已經成為並且應該成為首要考慮因素。而且我們肯定會提供不同的價格點。它們無法達到我認為的首次購房者的價格水平。

So I think it's a real shift. And if the macroeconomics support it, I think that that relative share of new housing units, if you want to think about it that way, should really go in favor of manufactured housing too. And I won't belabor this point because if you pick different time periods, the discussion would be different. We've certainly done pretty well relative to the index of HUD Code shipments that are reported on a national basis.

所以我認為這是一個真正的轉變。如果宏觀經濟支持這一點，我認為，新住房的相對份額（如果你想這樣想的話）也應該有利於製造住房。我不會詳細討論這一點，因為如果你選擇不同的時間段，討論的內容就會不同。相對於全國報告的 HUD 代碼出貨量指數，我們的表現確實相當不錯。

I think that a lot of that is due to some things we've worked hard over the last couple years to put in place. I've mentioned them before, but we've got what I think is a very effective national sales group in the wholesale business that our competitors had previously and we didn't have. And I think they've been making a big impact.

我認為這在很大程度上要歸功於我們在過去幾年中所付出的努力。我之前提到過，但我認為我們在批發業務中擁有一個非常有效的全國銷售團隊，這是我們的競爭對手以前擁有而我們沒有的。我認為他們已經產生了巨大的影響。

We've done a ton in digital marketing. And we followed that up with the branding that we talked about last quarter to try to make the customer experience better. So I really feel like we've done a lot to position ourselves better and better on a competitive basis within manufactured housing. And I'd like to think that's showing itself in some of that movement of us compared to the industry shipments.

我們在數位行銷方面做了很多工作。我們持續進行上個季度討論的品牌推廣，努力改善客戶體驗。因此，我真的覺得我們已經做了很多工作，使我們在製造房屋的競爭中處於越來越好的地位。我想，與行業出貨量相比，我們的一些動向就體現出了這一點。

Very helpful. My last long-winded question of the day, I promise. But just -- I missed the American Homestar conference call. So you're expanding in what is already a strong presence in Texas. Obviously, Texas has always been a big important market for MH, but a little choppier of late. So what are you seeing or hearing from retailers, community developers in that market and in your expectations for growth in that market, not next quarter but over the next two to four years? Thanks again.

非常有幫助。我保證，這是我今天最後一個冗長的問題。但是——我錯過了 American Homestar 電話會議。所以你們正在擴大在德州已經很強大的影響力。顯然，德州一直是 MH 的一個重要市場，但最近情況有些不穩定。那麼，您從該市場的零售商、社區開發商那裡看到或聽到了什麼？您對該市場的成長預期是什麼？不是下個季度，而是未來兩到四年？再次感謝。

Yeah, I think my answers have been long-winded, not your questions. But Texas, everyone knows how big of a market that is for manufactured housing. And we do have a pretty good presence there. And in the call and otherwise I've talked about, you got some deals where you're going into new geographies or trying to round out your geographic presence. And you've got others like this one where you know you're just going to get stronger where you are.

是的，我認為我的回答很冗長，而不是你的問題。但是在德克薩斯州，每個人都知道那裡的預製房屋市場有多大。我們在那裡確實有相當不錯的表現。在電話會議和其他我談到的活動中，你們達成了一些交易，將進入新的地區或試圖完善你們的地理影響力。而且你還有其他像這樣的人，你知道你會在你所在的地方變得更強大。

And I'm really excited about it from that perspective. We have a lot of confidence in Texas over any strategic time frame. So really don't do these kind of deals worrying too much about what's going on right now. And what's going on right now in Texas isn't bad. They've been growing.

從這個角度來看，我對此感到非常興奮。我們對德克薩斯州的任何戰略時間表都充滿信心。所以，做這類交易時真的不要太擔心現在發生的事。目前德州發生的情況還不錯。它們一直在成長。

So we're going to have a lot of opportunities for value creation in that deal through cost benefits as well as product and retail optimization. So we're really excited about it. I'm not sure if I'm really hitting hard on your question, and I'm happy to take another shot, Dan, but that's a stab at it.

因此，我們將在該交易中透過成本效益以及產品和零售優化獲得許多創造價值的機會。所以我們對此感到非常興奮。我不確定我是否真的在認真回答你的問題，丹，我很樂意再試一次，但這只是一次嘗試。

No, it's helpful. Right now, the market's holding up pretty well, and you see continued growth. That's what I was getting at. Thanks again for the color. I appreciate it very much.

不，這很有幫助。目前，市場表現良好，並且持續成長。這就是我要說的。再次感謝這個顏色。我非常感激。

Ian Lapey. The Gabelli Fund.

伊恩·拉佩。加貝利基金。

Hi Bill and team, congratulations on a great quarter. I just had one quick one. The $9 million in CapEx for the quarter, was that driven by the brand realignment? And then would you expect CapEx to return to more -- the level of more like $4 to $5 million per quarter for the last couple years? Thank you.

嗨，比爾和團隊，祝賀你們取得了一個偉大的季度。我只快速吃了一頓。本季 900 萬美元的資本支出是由品牌調整所推動的嗎？那麼您是否預期資本支出將恢復到過去幾年每季 400 萬至 500 萬美元的水平？謝謝。

Yeah, thanks for the question. And the $9 million was not driven by the brand realignment. In fact, really the only meaningful material impact you guys should see from that I think was the last quarter when we reported the non-cash $10 million charge that was related to writing off some intangible value.

是的，謝謝你的提問。這 900 萬美元並非由品牌重組推動。事實上，我認為你們應該看到的唯一有意義的實質影響是上個季度我們報告的與註銷一些無形價值有關的 1000 萬美元非現金費用。

But going forward, we shouldn't really have a meaningful impact to the P&L from that shift. I want to take a stab and then Alison and others can hold on to this. The $9 million is a good story because what we've been doing is investing in our plants. And we've had a string of very successful smaller investments in our plants.

但展望未來，這種轉變不會對損益產生重大影響。我想嘗試一下，然後艾莉森和其他人可以堅持下去。900 萬美元是一個好故事，因為我們一直在投資我們的工廠。我們對工廠進行了一系列非常成功的小規模投資。

I say small in the scheme of the company, but they add up. And we've done a number of plant modernizations that have been very successful. And that's what's driving that non-acquisition capital expense to go up a little bit.

我說在公司計劃中它們規模很小，但它們加起來卻很大。我們已經完成了許多工廠的現代化改造，並且取得了非常成功的成果。這就是導致非收購資本支出略有上升的原因。

So I'd ask you to feel good about that. We're making some pretty high return investments in our plants and we're growing our capacity. Is that -- do you have something to add to that?

所以我希望你對此感到高興。我們對工廠進行了一些回報相當高的投資，並且正在提高產能。這是—您還有什麼要補充的嗎？

Yeah, that's obviously a very good characterization. So our cap spend will be a little bit lumpy but within a pretty tight band. And it will move quarter to quarter based on the upgrades and expansion for efficiencies in the plants, in our internal plants. But there's nothing in that particular number for the quarter that would signal an upward trend or of any type.

是的，這顯然是一個非常好的描述。因此，我們的上限支出會有些不穩定，但在一個相當嚴格的範圍內。並且它將根據我們內部工廠的效率升級和擴張逐季度變化。但該季度的具體數字並沒有任何跡象表明會出現任何類型的上升趨勢。

And it's not like a pent-up sustaining capital that's coming due or anything like that. Our plants are in pretty good shape.

它並不像即將到期的被壓抑的維持資本或諸如此類的東西。我們的植物狀況非常好。

Okay, great. And congratulations again. Thank you.

好的，太好了。再次恭喜你。謝謝。

Jay McCanless with Wedbush

韋德布希的傑伊麥坎利斯

I was just looking at last quarter's transcript. And I think the one thing we haven't talked about is the price competition that you all were seeing last quarter and just wondering if that's reemerged either what you saw in the first quarter or you've seen any signs of your competitors being a little more aggressive on price in the second quarter to try and drive some volume.

我剛剛看了上個季度的成績單。我認為我們還沒有談論的一件事就是你們上個季度看到的價格競爭，我只是想知道這種競爭是否再次出現，無論是在第一季度看到的那種，還是你們看到任何跡象表明你的競爭對手在第二季度在價格上採取了更激進的措施，試圖推動一些銷量。

I would generally say no. If you kind of had a dial on this, there's more -- this is kind of my feel based on the monthly detailed conversations we have with every one of our plants. There is more of an upward bias that I'm hearing in the local markets than downward.

我通常會說不。如果您對此有所了解，您會發現更多——這是我根據我們與每個工廠每月進行的詳細對話得出的感受。我聽到的當地市場上漲趨勢比下跌趨勢更為明顯。

And I will say that for this quarter -- and I only want to emphasize that because these things can shift on you, right? We're not pulling a trend after one data point. For this quarter, we saw this pretty nice increase in both single-section and multi-section homes. That was pretty much across the board regionally. So we really don't have hotspots where we're seeing an undue amount of price competition right now.

我會說這個季度的情況——我只想強調這一點，因為這些事情可能會發生變化，對嗎？我們不會根據一個數據點來推斷趨勢。本季度，我們看到單層住宅和多層住宅的數量都出現了相當不錯的增長。這幾乎是整個地區都存在的現象。因此，我們目前確實沒有看到過度價格競爭的熱點。

Okay. That's great.

好的。那太棒了。

Jesse Lederman with Zelman & Associates.

傑西·萊德曼 (Jesse Lederman) 與 Zelman & Associates 合作。

Hey, thanks for taking the follow up. Real quick, just want to give you kudos for the SG&A. Looks like as a percent of revenue it's among the lowest levels since fiscal '23. Just wanted to kind of understand if that kind of expense management on the SG&A line is kind of a conscious decision or if there's been expenses over time that you've been able to pull out of that line. Anything -- any color you can give there would be great, thanks.

嘿，感謝您的跟進。真的很快，只是想對你的銷售、一般和行政費用表示讚賞。看起來，以收入百分比來看，它是自 23 財年以來的最低水準之一。只是想了解銷售、一般和行政費用方面的這種費用管理是否是一種有意識的決定，或者隨著時間的推移，您是否能夠從該費用中抽出一些費用。任何東西——只要您能提供任何顏色就很好了，謝謝。

So, with regards to SG&A, overarchingly, our approach to our business model has always been to maintain a good part of that SG&A to be variable. And so the largest component there that moves with volume as an increase is sales commission and variable compensation.

因此，關於銷售、一般和行政費用，總體而言，我們的商業模式始終是保持銷售、一般和行政費用的很大一部分可變。因此，隨著銷售量增加而變動的最大部分是銷售佣金和浮動薪酬。

We do very carefully watch the fixed cost, so the SG&A in general leverages quite a lot as we increase the top line. So our approach has been consistent. We also are continually instituting processes and procedures that add to our shared services so that when we continue to grow both organically and inorganically, shared services in the back office can serve the field at a lower per unit cost. So it's more of a continuation of our commitment to maintain a very low fixed cost component for SG&A.

我們確實非常仔細地關注固定成本，因此隨著我們增加營業收入，銷售、一般和行政費用通常會產生很大的槓桿作用。所以我們的方法一直是一致的。我們也不斷制定流程和程序來增強我們的共享服務，以便當我們繼續有機和無機成長時，後台的共享服務可以以較低的單位成本為現場提供服務。因此，這更像是我們承諾維持銷售、一般和行政費用 (SG&A) 固定成本處於非常低水準的延續。

Yes. We definitely want to see what we saw. I mean, we get that leverage on the fixed cost as we grow. So I appreciate you raising the question.

是的。我們當然想看到我們所看到的東西。我的意思是，隨著我們的發展，我們可以獲得固定成本的槓桿作用。我很感謝你提出這個問題。

Yes, of course. So the fixed costs really you're talking about are the kind of shared services, back-office type stuff, right?

是的當然。所以，您所說的固定成本實際上是指共享服務、後台辦公之類的東西，對嗎？

That's correct.

沒錯。

Okay, cool. Thanks and nice job.

好的，很酷。謝謝，幹得好。

Thank you.

謝謝。

There are no further questions. I'd like to turn the call back over to Bill Boor, President and CEO, for closing remarks.

沒有其他問題了。我想將電話轉回給總裁兼執行長比爾·布爾 (Bill Boor)，請他致最後發言。

Thank you. We're nearly at the top of the hour. A lot of good discussion. I appreciate the interest. I really want to acknowledge the execution across our organization that enabled these results this quarter.

謝謝。我們已經快到整點了。有很多很好的討論。我很感激您的關注。我真的要感謝我們整個組織的執行力，而正是這種執行力促成了本季的這些成果。

Over the last several quarters, we underwent a major ERP upgrade, which is always stressful and full of challenges. We rebranded our plants and aligned our product branding in ways that enable the customer experience to improve and enable us to give better lead generation for our retail partners. And we executed a thorough due diligence process and ultimately reached agreement to purchase American Homestar.

在過去的幾個季度中，我們進行了一次重大的 ERP 升級，這總是充滿壓力和挑戰。我們對工廠進行了品牌重塑，並調整了產品品牌，以改善客戶體驗並使我們能夠為零售合作夥伴提供更好的潛在客戶開發。我們進行了徹底的盡職調查，最終達成了收購 American Homestar 的協議。

So with all this change happening in the organization and despite the ongoing uncertainty in the economy, our operations really delivered the results we've had the pleasure to discuss today. So really want to thank everyone for joining us and for your interest in Cavco. And we look forward to continuing to keep you updated. Thank you.

因此，儘管組織內發生了所有這些變化，並且經濟狀況持續存在不確定性，但我們的營運確實取得了我們今天很高興討論的成果。非常感謝大家的參與以及對 Cavco 的關注。我們期待繼續向您提供最新資訊。謝謝。

This does conclude the program. You may not disconnect. Good day.

該計劃確實就此結束。您不能斷開連線。再會。