Cavco Industries Inc (CVCO) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the second quarter fiscal year 2026 Cavco Industries, Inc earnings call webcast. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions).

您好，感謝您的耐心等待。歡迎參加 Cavco Industries, Inc. 2026 財年第二季財報電話會議網路直播。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

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

現在我謹將會議交給今天的主講人，公司財務長兼投資人關係負責人馬克‧富斯勒。

Good day and thank you for joining us for Cavco Industries second quarter fiscal year 2026 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，感謝各位參加 Cavco Industries 2026 財年第二季財報電話會議。在本次電話會議中，您將聽到總裁兼執行長比爾·布爾、執行副總裁兼財務長艾莉森·艾登以及首席會計官保羅·比格比的發言。

Before we begin, we'd like to remind you that the 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.

在開始之前，我們想提醒各位，管理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未來業務和財務表現的陳述，但並非對未來績效的承諾或保證。

Their expectations or assumptions about Cavco's financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies, current or future volatility in the credit markets or future market conditions.

他們對 Cavco 的財務和營運表現、收入、每股盈餘、現金流量或用途、成本節約、營運效率、信貸市場當前或未來的波動性或未來市場狀況的預期或假設。

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.

所有前瞻性陳述都涉及風險和不確定性，這些風險和不確定性可能會影響 Cavco 的實際業績，並可能導致其實際業績與 Cavco 或代表 Cavco 作出的任何前瞻性陳述中所表達的業績存在重大差異。

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

有關可能影響我們實際業績的重大風險和重要因素的詳細討論，請參閱我們向美國證券交易委員會 (SEC) 提交的文件，這些文件也可在我們的投資者關係網站和 sec.gov 網站上查閱。本次電話會議也包含有時效性的信息，這些信息僅在本次直播當天（2025 年 10 月 31 日，星期五）有效。

Cavco undertakes no obligation to revise or update any forward-looking statements, whether written or oral to reflect actual events or circumstances after the date of this conference call, except as required by law.

除法律另有規定外，Cavco 不承擔任何義務修改或更新任何前瞻性聲明，無論是書面或口頭聲明，以反映本次電話會議日期之後的實際事件或情況。

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

現在我想把電話交給總裁兼執行長比爾·布爾。帳單？

Thanks, Mark. Welcome, and thank you for joining us today to review our second quarter results for fiscal 2026. We saw focused execution across our operations that led to the strong overall results we're reviewing today. Revenue was up 9.7% year-over-year and flat sequentially.

謝謝你，馬克。歡迎各位蒞臨，感謝您今天與我們一同回顧2026財年第二季業績。我們看到各項營運環節都執行得非常到位，最終取得了我們今天看到的強勁整體業績。營收年增 9.7%，季平。

Our operating profit was up about 27% over last year's Q2, and up 3% over last quarter. All operations contributed to these results, as I'll touch on. I want to start by discussing the general market as there were some notable regional differences.

我們的營業利潤比去年第二季成長了約 27%，比上一季成長了 3%。所有營運環節都對這些結果有所貢獻，我稍後會詳細介紹。我想先談談整體市場狀況，因為不同地區之間存在一些明顯的差異。

Using published industry data year-to-date, national shipments are up over 3% through August. In many regions, mainly across the Northern US, year-to-date shipments are up double digits. Recent months continued to show strong year-over-year shipment comparisons in those states and regions.

根據已公佈的行業數據，截至 8 月份，全國出貨量成長超過 3%。在許多地區，尤其是在美國北部，今年迄今的出貨量實現了兩位數的成長。近幾個月來，這些州和地區的出貨量較去年同期持續保持強勁成長。

In contrast, last quarter, we spoke about the Southeast, showing some volume risk. And clearly, the region did slow in the quarter. Shipments in the area bounded by the Carolinas and Tennessee down to Louisiana and East are down about 4% year-to-date and down 10% in July and August compared to last year, the point being industry shipments are currently showing significant regional differences.

相較之下，上個季度我們談到了東南地區，顯示出一定的交易量風險。很明顯，該地區本季增速放緩。從卡羅來納州和田納西州到路易斯安那州及東部的地區，今年迄今的貨運量下降了約 4%，7 月和 8 月的貨運量比去年同期下降了 10%，這表明行業貨運量目前呈現出明顯的區域差異。

Shifting to our operations. In recent quarters, we have pushed production across our system, knowing we can adjust back if needed. And we did need to slow our Southeast production in Q2, and the plants reacted well. That reduction was accomplished through a combination of extended downtime during the fourth of July holiday and production rate reductions where plant backlogs were low.

轉向我們的營運。最近幾個季度，我們提高了整個系統的生產效率，因為我們知道如果需要的話可以隨時調整回去。第二季我們確實需要放慢東南地區的生產速度，工廠的反應也很好。這項減產是透過在7月4日假期期間延長停機時間以及在工廠積壓訂單較少的情況下降低生產率來實現的。

Across that Southeast region, we're operating our plants just above last year's pace. while all other regions maintained elevated production rates from Q1 to Q2 and at a significantly higher pace than last year. Pointing out these regional differences is not intended to be alarmist in any way.

在東南部地區，我們的工廠運作水準略高於去年同期水準。而其他所有地區在第一季到第二季期間都維持了較高的生產力，並且比去年同期水準顯著提高。指出這些地區差異絕非危言聳聽。

Sitting here at the end of October, we've seen backlogs in our plants that serve the Southeast stabilize and edge up over the last month. There's nothing systemic we can point to that explains the regional shifts, and we'll keep monitoring and adjusting production to manage appropriate backlogs.

十月底，我們看到服務於美國東南部的工廠的積壓訂單在過去一個月中趨於穩定並略有增加。目前還沒有任何系統性因素可以解釋區域性的變化，我們將繼續監控和調整生產，以管理適當的積壓訂單。

On the subject of backlogs overall, we remained at about five to seven weeks. Unit backlog was up slightly quarter-to-quarter and as explained, that was the result of selectively pulling back on production. Overall wholesale orders were down just slightly.

關於積壓案件的整體情況，我們仍然維持在五到七週左右。單元積壓訂單環比略有增加，正如之前解釋的那樣，這是由於選擇性地減少了生產。整體批發訂單量略有下降。

Turning to average selling price, and I want to really make it clear here that my comments are sequential, not year-over-year. Our consolidated average selling price was up this quarter. When we separate the various drivers, wholesale prices were essentially flat.

再來談平均售價，我想在這裡明確說明，我的評論是連續的，而不是逐年比較的。本季我們的綜合平均售價有所上漲。當我們把各種驅動因素​​分開來看時，批發價格基本上保持不變。

Pricing did hold up across the board, including in the Southeast, with what I consider to be basically insignificant variation by geography. The significant upward movement in reported ASP was primarily the result of a higher percentage of recognized units from retail and to a lesser degree, a mix shift toward multi-section homes.

價格總體上保持穩定，包括東南部地區，我認為不同地區的差異基本上可以忽略不計。報告的平均售價大幅上漲，主要是由於零售房產佔比增加，其次是多單元住宅的銷售結構發生了變化。

We've seen a few quarters where multi-section homes increased relative to single sections after a string of quarters, where it went the other way. We aren't reading too much into that variation at this point. I spent a lot of time noting the relative strength across the Northern US in comparison to the Southeast because the divergence is noteworthy during a period with continuing market uncertainty. We're making no prediction about forward demand in the Southeast.

我們看到，在經歷了連續幾個季度多單元住宅相對於單單元住宅的下降趨勢後，有​​幾個季度多單元住宅的數量有所增加。目前我們不會過度解讀這種差異。我花了很多時間觀察美國北部相對於東南部的相對強弱，因為在市場持續不確定的時期，這種差異值得注意。我們不對東南地區的未來需求做出任何預測。

At the moment, the market seems in balance with manufacturer production. And frankly, there are scenarios that it strengthens and others that it weakens from here. We're comfortable operating in this environment because we've demonstrated the ability to closely monitor and adjust as we did this quarter. I don't want to miss the opportunity to highlight the continuing strong performance in financial services.

目前，市場供需似乎與生產廠商處於平衡狀態。坦白說，在某些情況下，這種做法會加強某些方面，而有些情況則會削弱某些方面。我們能夠在這種環境下順利運營，因為我們已經證明了我們有能力密切監控並做出調整，就像我們本季所做的那樣。我不想錯過強調金融服務業持續強勁表現的機會。

In the first two quarters, revenue is up about 5%. However, operating profit is up $14 million from a loss last year to an $8 million profit this year. This has been driven by our insurance business. Weather has played a part, but the majority of the increased profitability has resulted from aggressive actions taken to pair unprofitable policies and changes that were made to underwriting and claims management.

前兩個季度，營收成長約 5%。然而，營業利潤從去年的虧損轉為今年的獲利800萬美元，成長 1,400萬美元。這主要由我們的保險業務所驅動。天氣因素起到了一定作用，但盈利能力的提升主要歸功於採取積極措施，將不盈利的保單與承保和理賠管理方面的變革相結合。

I want to really acknowledge the insurance operation for the great job they've done and it's clearly showing in our results. As previously announced, after Q2 ended, we were able to close the American Homestar acquisition. After almost a month together, integration is moving quickly and very well, thanks to the people from both companies who took advantage of the time between the announcement and closing to plan all aspects of integration.

我真心感謝保險部門的出色工作，這一點在我們的業績中得到了充分體現。正如先前宣布的那樣，第二季結束後，我們完成了對 American Homestar 的收購。經過近一個月的共同努力，整合進展迅速且非常順利，這要感謝兩家公司的員工利用宣布合併到交易完成之間的這段時間，規劃了整合的各個方面。

The combined company is off to a great start. The commitment to the smooth transition by the American Homestar leadership has been very apparent, and it's made all the difference. And finally, while I have the floor, I can touch on capital allocation. Alison will cover in more detail. We continued investing in our existing plants.

合併後的公司開局良好。美國Homestar領導層對平穩過渡的承諾非常明顯，這扮演了至關重要的角色。最後，趁我還有發言權，我可以談談資本配置問題。艾莉森會詳細介紹。我們繼續對現有工廠進行投資。

We closed on the American Homestar acquisition immediately after the quarter using cash on hand, and we were able to repurchase $36 million of our common shares. All of this, of course, was enabled by our strong balance sheet and cash generation, and this balanced capital allocation approach will continue going forward.

本季結束後，我們立即用手頭現金完成了對 American Homestar 的收購，並回購了價值 3,600 萬美元的普通股。當然，這一切都得益於我們強勁的資產負債表和現金流，這種均衡的資本配置方式將繼續向前發展。

Now I'll turn it over to Allison to give more details on the financial results.

現在我將把發言權交給艾莉森，讓她詳細介紹財務表現。

Thank you, Bill. Net revenue for the second fiscal quarter of 2026 was $556.5 million, up $49 million or 9.7% of $507.5 million in the prior year quarter. Sequentially, net revenues decreased $0.3 million, driven by a decrease in homes sold, partially offset by an increase in average revenue per home sold.

謝謝你，比爾。2026 財年第二季淨收入為 5.565 億美元，比去年同期的 5.075 億美元增加了 4,900 萬美元，增幅為 9.7%。環比來看，淨收入減少了 30 萬美元，主要原因是房屋銷售量下降，但每套房屋平均收入的增加部分抵消了這一影響。

Within the factory-built housing segment, net revenue was $535.1 million, up $48.8 million or 10% from $486.3 million in the prior year quarter. The increase was primarily due to a 5.4% increase in homes sold and a 4.4% increase in average revenue per homes sold. The increase in average revenue per homes sold was primarily due to a higher proportion of homes sold through our company-owned stores with more multi wides in the mix and product pricing increases.

在工廠化住宅領域，淨收入為 5.351 億美元，比去年同期的 4.863 億美元增加了 4,880 萬美元，增幅達 10%。成長的主要原因是房屋銷售量成長了 5.4%，以及每棟房屋的平均收入成長了 4.4%。每套房屋平均收入的成長主要是由於透過我們公司自營門市售出的房屋比例較高，其中多戶型房屋的比例較高，以及產品價格上漲。

Factory utilization in the second fiscal quarter was approximately 75% versus 70% in the prior year period. Financial Services segment net revenue was $21.4 million, up $0.3 million or 1.4% from $21.1 million in the prior year quarter and sequentially up $0.2 million. These increases were due to higher premium insurance rates, partially offset by fewer loan sales and fewer insurance policies.

第二財季工廠利用率約為 75%，而去年同期為 70%。金融服務部門淨收入為 2,140 萬美元，比上年同期的 2,110 萬美元成長 30 萬美元或 1.4%，季增 20 萬美元。這些增長是由於保費上漲造成的，但部分被貸款銷售減少和保單數量減少所抵消。

In the second fiscal quarter, consolidated gross profit as a percentage of revenue was 24.2%, up 130 basis points from 22.9% in the same period last year. In the factory-built housing segment, gross profit was 22.9% in the second fiscal quarter of 2026, flat with the prior year quarter. Financial Services gross profit as a percentage of revenue increased to 55.6% in the second quarter, up from 21.8% in the prior year quarter.

第二財季，合併毛利佔營收的百分比為 24.2%，比去年同期的 22.9% 成長了 130 個基點。在工廠化住宅領域，2026財年第二季的毛利率為22.9%，與去年同期持平。第二季金融服務毛利佔營收的百分比增加至 55.6%，高於去年同期的 21.8%。

This increase is primarily due to fewer claims from storms in the insurance business. Selling, general and administrative expenses in the second quarter was $72.2 million or 13% of net revenue compared to $67 million or 13.2% of net revenue during the same quarter last year.

這一增長主要是由於保險業中風暴索賠減少所致。第二季的銷售、一般及行政費用為 7,220 萬美元，佔淨收入的 13%，而去年同期為 6,700 萬美元，佔淨收入的 13.2%。

The increase in these expenses was primarily due to higher incentive compensation and deal costs from the recently announced American Homestar acquisition. Interest income for the second quarter was $5 million, down from $5.7 million in the prior year quarter, primarily driven due to lower interest rates on our invested cash balance. Pretax profit for the second quarter was $67.3 million, up $12.3 million or 22.4% from $55 million in the prior year period.

這些費用的增加主要是由於更高的激勵性薪酬以及最近宣布收購 American Homestar 的交易成本。第二季利息收入為 500 萬美元，低於去年同期的 570 萬美元，主要原因是投資現金餘額的利率下降。第二季稅前利潤為 6,730 萬美元，比去年同期的 5,500 萬美元增加了 1,230 萬美元，增幅達 22.4%。

Effective income tax rate was 22.1% for the second fiscal quarter compared to 20.3% in the same period in the prior year. This increase was driven primarily by a reduction in expected tax credits, partially offset by (inaudible) from stock-based compensation.

第二財季實際所得稅率為 22.1%，而上年同期為 20.3%。這一增長主要是由於預期稅收抵免減少所致，部分被（聽不清楚）股票選擇權激勵所抵消。

Net income was $52.4 million compared to income of $43.8 million in the same quarter of the prior year. And diluted earnings per share this quarter was $6.55 per share versus $5.28 per share in last year's second quarter.

淨收入為 5,240 萬美元，而上年同期淨收入為 4,380 萬美元。本季稀釋後每股收益為 6.55 美元，而去年第二季為 5.28 美元。

Before we discuss the balance sheet, I'd like to take a minute to talk further about capital allocations. Shortly after the close of the second quarter, we completed the American Homestar acquisition. During the second quarter, we also repurchased just over $36 million of common shares under our board authorized share repurchase program, and we have approximately $142 million under authorization for future repurchases remaining.

在討論資產負債表之前，我想花點時間進一步談談資本配置。第二季結束後不久，我們完成了對 American Homestar 的收購。第二季度，我們也根據董事會授權的股票回購計畫回購了價值略高於 3,600 萬美元的普通股，目前我們還有約 1.42 億美元的授權額度可用於未來的股票回購。

Our capital deployment will continue to align with our strategic priorities, which include enhancing our plant facilities, pursuing additional acquisitions, assessing opportunities within our lending operation and continuing to buy back shares.

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、尋求更多收購、評估我們貸款業務中的機會以及繼續回購股票。

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

現在我將把發言權交給保羅，讓他來討論資產負債表。

Thank you, Allison. In the quarter, we had an increase in cash and restricted cash of $31.6 million, bringing our balance to $400 million. Cash provided by operating activities was $78.5 million. Cash used in investing activities was $12.4 million and cash used in financing activities was $34.5 million, primarily due to share repurchases.

謝謝你，艾莉森。本季度，我們的現金和受限現金增加了 3,160 萬美元，使我們的餘額達到 4 億美元。經營活動產生的現金流量為7,850萬美元。投資活動使用的現金為 1,240 萬美元，融資活動使用的現金為 3,450 萬美元，主要原因是股票回購。

When we compare the September 27, 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 2% in the period over the prior year-end. Inventories increased from higher finished goods at company-owned retail stores. The decrease in prepaid expenses and other current assets as a result of lower prepaid insurance and prepaid taxes.

將 2025 年 9 月 27 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化住宅領域的有機增長有關，該期間的單元出貨量比上年末增長了 2%。公司自營零售店成品貨量增加，導致庫存上升。由於預付保險費和預付稅款減少，預付費用和其他流動資產也隨之減少。

Property, plant and equipment increased from continued investments in our existing manufacturing facilities. Deferred income tax change from an asset to liability primarily due to acceleration of certain expenses that were previously capitalized and bonus depreciation, both due to changes in new tax law.

由於對現有生產設施的持續投資，固定資產、廠房和設備增加。遞延所得稅從資產變為負債，主要是由於某些先前資本化的費用加速折舊以及額外折舊，而這兩者都是由於新稅法的變化所致。

Accrued expenses and other current liabilities increased from higher volume rebates and warranty accruals on increased sales. And finally, treasury stock increased due to stock buybacks year-to-date. As a reminder, we closed on the American Homestar acquisition after quarter end. Therefore, the cash balance does not reflect a reduction from the purchase price, which is $190 million before certain customary adjustments and funded with cash on hand.

銷售額成長帶來的銷售回扣增加和保固費用提列增加，導致應計費用和其他流動負債增加。最後，由於年初至今的股票回購，國庫券數量增加。再次提醒，我們在季度末後完成了對 American Homestar 的收購。因此，現金餘額並未反映購買價格的減少，該價格在進行某些慣例調整之前為 1.9 億美元，並且是用手頭現金支付的。

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

現在，我把麥克風交還給比爾。

Josh, can we open it up for questions?

喬希，我們可以開始提問了嗎？

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員說明）丹尼爾·摩爾，CJS證券。

Good afternoon, Bill Allison, or I should say good morning out there. Thanks for the call and taking questions. Let me start with Bill, I'm trying to -- just really good color, obviously, regionally and what you're seeing, backlog held up nicely despite 5% growth in shipments.

下午好，比爾艾利森，或者應該說，早安。感謝您來電並回答問題。讓我先從比爾說起，我正在努力——顯然，色彩真的很好，從區域上看，而且你也看到了，儘管出貨量增長了 5%，但積壓訂單仍然保持得很好。

Maybe just talk a little bit further about how orders are trending thus far into fiscal Q3, and where you expect to be able to maintain current levels of production as we enter seasonally slower periods, perhaps in some of the northern states ahead of next spring selling season.

或許可以再詳細談談第三財季至今的訂單趨勢，以及隨著季節性淡季的到來，您預計在哪些地區能夠維持目前的生產水平，例如在明年春季銷售旺季到來之前，在一些北部州。

Yeah, I know I threw a lot at you with the regional stuff. And it's interesting because a lot of times people ask about the regions, and I kind of just wave it off because I don't see any significant differences. But it's kind of -- might have beat at the death in the comments. It's a pretty marked difference between that isolated southeastern area. And part of that message though really should be also how strong it is elsewhere.

是的，我知道我一股腦地把很多地區性的問題都丟給你了。這很有趣，因為很多時候人們會問起各個地區的情況，而我通常只是聳聳肩，因為我看不出有什麼明顯的差異。但這有點像——可能在評論區被打斷了。這與那個偏遠的東南部地區有著非常顯著的差異。但這訊息的一部分也應該體現在它在其他地方的影響力上。

I mean we really do have double-digit growth, a big part of the US geography right now. And the question about orders, our wholesale orders were down just a little bit in the quarter. That's probably not unusual. The summer can be that way.

我的意思是，我們確實實現了兩位數的成長，這在美國目前很大一部分地區都是如此。至於訂單方面，本季我們的批發訂單略有下降。這或許並不罕見。夏天有時候就是這樣。

And as far as our view going forward, I won't speculate too much, but I'd say this is a quarter that's interesting. October can be pretty strong and then you kind of get into the holidays. So it comes in strong and tends to slow down through the holidays.

至於我們對未來的看法，我不會過多猜測，但我認為這一季度會很有趣。十月份的消費水準可能相當高，然後就進入假期階段了。所以它來勢洶洶，但在假期期間往往會減弱。

Overall, seasonality, now we can measure it over long periods of time. A lot of years, it's really more about the general strength in the market that drives the direction of orders quarter-to-quarter. I'm not sure I said that well, the seasonality can be overshadowed just by market strength and market weakness shifts.

總體而言，季節性，現在我們可以長期衡量它了。多年來，真正決定訂單季度走向的，其實更多是市場整體的強勁程度。我不確定我是否表達清楚了，季節性因素可能會被市場強弱的變化所掩蓋。

Right now, it still does feel like a balanced market in many ways. I said earlier, even in that Southeast that I'm pointing to a lot, I feel like we're in balance. We had to pull back a little bit in summer on the shipments that we had in our plants serving that area. But as I indicated, given a little bit of an update through the early part of this quarter, we've seen our backlog stabilize and grow a little bit there.

目前來看，從許多方面來看，市場仍然保持平衡。我之前說過，即使在我經常提到的東南部地區，我也覺得我們處於平衡狀態。夏季期間，我們不得不稍微減少一些運往該地區工廠的貨物出貨量。但正如我之前提到的，根據本季初的一些最新情況來看，我們的積壓訂單已經趨於穩定並略有增長。

So we're kind of in a nice balance. And like I said, I don't know how to speculate and call whether it's going to strengthen from here, which is very possible or whether we continue to see some cracks there. So it will be an interesting quarter, I guess. But right now, we're feeling pretty comfortable with the nice balanced market. Does that address --

所以我們現在處於一個不錯的平衡狀態。就像我說的，我不知道該如何推測和判斷它是否會從現在開始加強（這很有可能），或者我們是否會繼續看到一些裂痕。所以，我想這將會是一個有趣的季度。但就目前而言，我們對這種平衡的市場狀況感到相當滿意。這是否解決了這個問題？--

Right now. It does. If I heard correctly, your production rates staying relatively steady. You ticked them down a little bit in the Southeast, but kind of holding from here for the interim and waiting to see. Is that the best way to describe it?

現在。確實如此。如果我沒聽錯的話，你們的生產力將保持相對穩定。東南地區的數據有所下降，但目前暫時先觀望一下。這樣描述最貼切嗎？

Yeah, I was probably focused in that comment about the Southeast that we're feeling in balance with where we've adjusted to. The other parts of the country, we have plants that are looking to try to bring on a little production right now. So it's really a very differential situation on operations.

是的，我當時可能更關注東南部的情況，覺得我們和我們所適應的地方達到了一種平衡。在其他地區，我們有一些工廠正試圖盡快恢復少量生產。所以，在營運方面，情況確實大相逕庭。

And I feel like we've been at a high level the last several quarters have felt like this. It hasn't been blowing and going, but it's been pretty healthy, and you got to keep drawing on the ball because at a given plant, it can move one way or the other.

我覺得過去幾季我們一直保持著很高的水準。雖然沒有出現狂風大作的景象，但它一直長得很好，你必須繼續關注它，因為對於特定的植物來說，它的生長方向可能會有所不同。

So I'm not intending to be evasive, it's more that we're just seeing all conditions across the country. And [at side] of the Southeast, we have plants that are still edging it up. We did have a number of our plants outside of the Southeast from quarter one to quarter two increased production.

所以我並不是想迴避問題，而是說我們看到了全國各地各種各樣的情況。而在東南方向，我們還有一些植物仍在持續生長。從第一季到第二季度，我們東南地區以外的一些工廠產量增加。

Very helpful. And Texas is obviously a big market for MH and bigger now with American Homestar for you. How would you describe that market? We've seen numbers all over the board in terms of the HUD code shipments. So what are you seeing in that market?

很有幫助。顯然，德州是移動房屋（MH）的大市場，現在隨著美國房屋之星（American Homestar）的加入，市場規模更大了。你會如何描述這個市場？我們看到 HUD 程式碼的交付量出現了各種各樣的變化。那麼，你對這個市場有什麼看法？

Yeah, well, you guys can see the HUD code stuff. I'm looking here year-to-date, it's almost flat, right, year-to-date, cumulatively. And in the early summer, it was down just a little bit in Texas, but I'll tell you what we're feeling. Our retail is primarily based in or centered in Texas.

是的，你們可以看到HUD程式碼之類的東西。我看了一下今年迄今為止的數據，幾乎持平，對吧，今年迄今為止的累積數據。初夏時節，德州的氣溫略有下降，但我可以告訴你我們現在的感受。我們的零售業務主要設在德克薩斯州或以德克薩斯州為中心。

That's starting to not be the case as we've expanded, but it's still the core of our retail business. And we had a really, really good quarter in retail. So the market is there. Our retail guys are doing a great job of going and getting it, which pulls through our production. So we're feeling pretty good about Texas in general, I'd say, right now.

隨著我們業務的擴張，這種情況開始有所改變，但它仍然是我們零售業務的核心。我們的零售業務在本季表現非常非常出色。所以市場是有的。我們的零售人員做得很好，他們積極進貨，這有助於我們的生產。所以我覺得，目前我們對德州的整體情況感覺相當不錯。

Really helpful. Factory-built gross margins ticked up slightly on essentially flat revenue sequentially. Just talk a little bit about your expectations for the next quarter or two. Do we see a little more input cost pressure, tariffs other running through COGS? Or are these at the levels that we just saw this quarter, reasonably sustainable, Allison?

真的很有幫助。工廠生產的毛利率在營收基本持平的情況下略有上升。請簡單談談您對未來一兩個季度的預期。我們是否會看到投入成本壓力略有增加，關稅等因素會轉嫁到銷售成本上？或者說，這些水平是否維持在本季度我們看到的水平，並且是合理可持續的，艾莉森？

Yeah, I'll give the tough questions to Allison.

好的，我會把棘手的問題交給艾莉森。

No, thank you for the question. And I think when we think about the margins, it's always hard to project forward. But let's touch on a couple of elements that we typically do look to the strength of our business model, particularly with the backdrop of the tariffs, I think really shined through of how we focus very much on keeping as much favorable cost up and fixed costs low.

不，謝謝你的提問。我認為，當我們考慮利潤空間時，總是很難預測未來。但讓我們來談談我們通常會關注的幾個要素，這些要素體現了我們商業模式的優勢，尤其是在關稅的背景下，我認為我們非常注重保持盡可能多的優惠成本和較低的固定成本，這一點尤其突出。

As far as margins in total, we think about the ASP, and I think we've done a good job, good job of kind of addressing where we are and perhaps different alternatives of where we can go. So let's talk about the cost component in tariffs because I think that's probably a focus of what's ahead and what investors want to know.

就總利潤而言，我們會考慮平均售價，我認為我們做得很好，很好地解決了我們目前所處的位置以及我們未來可能的發展方向。那麼，讓我們來談談關稅中的成本組成，因為我認為這可能是未來關注的焦點，也是投資人想要了解的。

We estimate that the impact of tariffs in Q2 was approximately $2 million of additional expenses that hit our cost of goods. And if you remember during our Q1 press release, we shared an estimate as the projected overall impact could reach, and this is over the course of the out quarters, $2 million to $5.5 million a quarter, if the total tariffs that were being discussed at that time were fully implemented.

我們估計，第二季關稅的影響導致我們增加了約 200 萬美元的額外支出，這影響了我們的商品成本。如果您還記得我們在第一季的新聞稿中分享的估計，如果當時討論的關稅全部實施，預計未來幾季的總體影響可能達到每季 200 萬美元至 550 萬美元。

So post our Q1 last quarter's earnings release, the Canadian lumber countervailing duties have been increased in the long term, 14.5% to 35% and that actually happened at the very end of July of this year. And then subsequent to that, the duty has also been announced is an increase of 10% tariffs placed additionally on top of that. These tariffs obviously are fully implemented, and we've seen the back and forth this thing going on for the last several months. So we stay close to it.

因此，在我們上一季財報發布後，加拿大木材反補貼稅已從14.5%提高到35%，而這實際上是在今年7月底發生的。隨後，官方宣布將在此基礎上再加徵 10% 的關稅。這些關稅顯然已經全面實施，而且在過去的幾個月裡，我們已經看到這件事反覆出現。所以我們一直與它保持密切聯繫。

obviously, it should have a meaningful impact on the cost of our homes by increasing the price of lumber for framing, for floors, for roof, not unlike other homebuilders. So we continue to stay focused on it, continue to really lean into our efficiencies and effectiveness of being a manufactured builder of affordable housing providers. And we -- the obvious focus is our ability to pass these costs through pricing will be very dependent upon local market conditions as we've consistently said.

顯然，這將對我們的房屋成本產生重大影響，因為框架、地板、屋頂的木材價格都會上漲，這與其他房屋建築商的做法類似。因此，我們將繼續專注於此，繼續真正發揮我們作為經濟適用房建造商的效率和效益。而我們——顯而易見的重點是我們能否將這些成本轉嫁到價格上，正如我們一直所說，這將很大程度上取決於當地市場狀況。

A positive is the decision that came about in recent weeks to really kind of kick out the China tariff increase out of here, that will help us reduce our estimate probably to the lower end of the range that we provided. It will clearly avoid some increases that we were anticipating to the electrical and plumbing that we purchased from China through intermediaries.

最近幾週做出的決定，有效地阻止了對華加徵關稅，這是一個積極的信號，這將有助於我們將預估降低到我們給出的範圍的下限。這將明顯避免我們預期從中國透過中間商購買的電氣和管道產品價格上漲。

So I went a little long on that, just to kind of sort of piecemeal to you all, just kind of keep it all inclusive. So all of those are what we're factoring in. Obviously, as we talked about, the largest component that we use are the commodities of lumber and OSB as all builders.

所以我在這方面說得有點長，只是想一點一點地告訴大家，盡量做到面面俱到。所以，這些都是我們要考慮的因素。顯然，正如我們所討論的，我們使用的最大組成部分是木材和定向刨花板（OSB），就像所有建築商一樣。

We all have access to that, as you can see in the spot market. And basically, the rates and levels that you see when you look at the commodity markets, in general, we can think about those factoring through our cost of goods at about 60 to 90 days.

正如你在現貨市場看到的那樣，我們所有人都能獲得這種機會。基本上，當你觀察大宗商品市場時所看到的匯率和水平，我們通常可以將其納入我們大約 60 到 90 天的商品成本中。

Does that help a bit?

這樣會有幫助嗎？

It does. No, that was great color. One more and I'll jump back in queue --

確實如此。不，那顏色真棒。再來一個我就重新排隊--

I'll just add a couple of comments, Dan. When you're looking at Q2 specifically, you might remember that in Q1, we saw product -- like product price increases. So we had a good beginning to the quarter coming out of Q1 with prices up. And then on the cost side, a lot of these tariff risks are concerning, and we're really keeping our eye on it. But in the quarter on the cost side, we've actually continued to see lumber really at a pretty low cost.

丹，我再補充幾點。具體來看第二季度，你可能還記得第一季我們看到了產品價格上漲。因此，第一季結束後，價格上漲，本季開局良好。成本方面，許多關稅風險都令人擔憂，我們正在密切關注。但就成本方面而言，本季木材價格實際上一直保持在相當低的水平。

It almost defies logic when these Canadian softwood lumber tariffs have been -- tariffs and duty increases have been put in place. We're still seeing lumber at a pretty low level right now. So that really contributed to the nice gross margin this quarter and a lot of what we're going to be focused on going forward as some of these risks.

加拿大軟木關稅的徵收——關稅和稅收增加——幾乎違反了邏輯。目前木材供應量仍處於較低水準。因此，這確實對本季良好的毛利率做出了貢獻，而這些風險也是我們未來將重點關注的面向。

Very good. No, that's super helpful. Last one, turning attention to American Homestar. I guess, first off, the numbers that you gave back when you announced the deal in July, how are they trending relative to those -- I think it was $194 million revenue, $18 million EBITDA, any change there, good or bad? And second, how do we think about potential impact of maybe acquisition accounting.

非常好。不，這太有幫助了。最後，讓我們把注意力轉向美國Homestar。首先，我想問的是，您在 7 月宣布這筆交易時公佈的數據，與當時相比趨勢如何——我記得當時是 1.94 億美元的收入，1800 萬美元的 EBITDA，這些數字有什麼變化嗎？是好是壞？其次，我們該如何看待收購會計處理可能帶來的潛在影響？

That's been something we've discussed in the past with some of the others for the first sort of quarter or two out of the box.

過去我們曾和其他一些人討論過這個問題，尤其是在公司成立後的頭一、兩個季度。

Yeah, good questions. I mean we've had them for a month, so I'm not sure I have a huge update on kind of trends, but I do just -- I mean, they're going to fold in. It's two more plants in a system that now has 33 plants. So that's pretty much pro rata. They'll fall right in line there. They are heavier than our concentration before the deal on the retail side. So we'll get considerable impact from the retail side.

嗯，問得好。我的意思是，我們已經使用了它們一個月了，所以我不太確定我對趨勢有什麼最新的了解，但我確實——我的意思是，它們會逐漸融合在一起。這是該系統中新增的兩座工廠，目前共有 33 座工廠。所以基本上是按比例計算的。他們會乖乖聽話的。它們比我們在零售方面達成交易前的關注度更高。因此，零售方面將產生相當大的影響。

But from a business perspective, they're folding right in as part of the business, not better or worse than the rest of the operation. I do think, and I know we didn't put it out there with synergies, but I do think my comments about integration. So over time, we'll kind of pretty likely we'll kind of tell you guys how integration is going, and I think we're going to be able to add some meaningful value to the deal on top of them.

但從商業角度來看，它們完全融入業務中，並不比其他業務部門更好或更差。我確實認為，我知道我們沒有提出協同效應，但我確實認為我對整合的評論是正確的。所以隨著時間的推移，我們很可能會告訴大家整合進展如何，而且我認為我們還能在此基礎上為這筆交易增加一些有意義的價值。

So it's not just a complete bolt-on. It's a bolt-on that I think will be lifted over the next several quarters. I appreciate the question on the purchase accounting. I am going to let someone else answer because they'll do it better, but it's an important one, and we've looked at it.

所以它並不是一個簡單的即插即用裝置。我認為這是一個需要額外投入的項目，將在未來幾季逐步取消。感謝您提出關於採購會計處理的問題。我會讓其他人來回答，因為他們會做得更好，但這確實是一個重要的問題，我們已經研究過了。

But it's from the acquisition accounting perspective, we think about the potential impact on the consolidated gross margin level, it's probably going to be pretty small. And the reason for that is, if we look at this particular acquisition, there is really a high markability to their type of products. So we'll be able to get to market faster, be more successful out of the gate.

但從收購會計的角度來看，我們認為對合併毛利率水準的潛在影響可能非常小。原因在於，如果我們仔細觀察這項收購，就會發現他們的產品類型具有很高的市場價值。這樣我們就能更快進入市場，一開始就取得更大的成功。

Also in addition to that, their inventory levels are extremely rational. So if we compare and contrast this to, say, the previous acquisitions that we've done, while we have had an impact to the consolidated margin, we believe that in this particular acquisition that will really be very low and pretty non-eventful.

除此之外，他們的庫存水準也非常合理。因此，如果我們將其與我們先前進行的收購進行比較和對比，雖然我們對合併利潤率產生了影響，但我們相信，在這次收購中，這種影響將非常低，而且幾乎不會產生任何影響。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格-哈勒姆。

Hi, thanks. I wanted to maybe go back to the market or the industry growth, or I guess lack thereof, I'm pretty sure that the industry reported or we'll report, I guess, declines on a year-over-year basis in units for the recent quarter. But you've continued to outgrow the industry by a pretty meaningful amount sort of quarter in, quarter out for the last year plus. So maybe you can just better sort of highlight what are you doing right? What are you doing better? What's allowing you to outgrow the industry to that sort of magnitude?

您好，謝謝。我想回到市場或行業成長（或缺乏成長）的話題上來，我很確定，該行業已經報告（或者我們將要報告），最近一個季度的銷量同比下降了。但在過去一年多的時間裡，你們每季都持續以相當大的幅度超越產業平均。所以，或許你可以更好地突出你做得對的地方？你有哪些方面做得更好？是什麼讓你們能夠超越行業平均水平，發展到如此規模？

Yeah, I appreciate the recognition. I know that there is volatility in market shares from quarter to quarter. So I'm always a little bit hesitant to declare victory. But we've talked about things over time that we've done that I do think are really settling in a tremendous amount of work over, frankly, a couple of years where we initially really moved forward in digital marketing.

是的，我很感激這份認可。我知道股票市場每季都會出現波動。所以我總是有點猶豫要不要宣布勝利。但隨著時間的推移，我們討論過一些事情，我認為這些事情正在逐步落實，坦白說，在過去的幾年裡，我們投入了大量精力，在數位行銷領域取得了長足的進步。

And that really didn't completely take hold until we followed that with the rebranding that we did earlier this calendar year. And the rebranding, again, coupled with digital marketing, I think our ability to generate good leads customers, consumers that are educated on our products has just set forward in a dramatic way from those changes. And we're probably at the beginning of really realizing that.

直到今年早些時候我們進行了品牌重塑，這種理念才真正得以完全確立。品牌重塑，再加上數位行銷，我認為，這些變化大大提升了我們獲取優質潛在客戶、了解我們產品的消費者的能力。我們可能才剛開始真正意識到這一點。

I think that was a strategy that unfolded. It took literally a few years to get to where we are. But I think now it's time to make hay with that. We've also talked about structurally, we were certainly different than the other large players and the fact that you know what we always talk about, we treat this as a very local market. We put a lot of decision-making and accountability on our local operations.

我認為那是一種逐步展開的策略。我們花了整整幾年時間才走到今天這一步。但我認為現在是時候利用這一點大做文章了。我們也談到了結構上的問題，我們與其他大型企業肯定有所不同，而且正如我們一直強調的，我們把這裡當作一個非常本地化的市場來對待。我們把很多決策權和問責權都下放給了本地營運部門。

And we didn't have a national sales team until the last several years. And the work that's been done by that group to just bring better training and accountability of sales teams across our organization, I think, is starting to gain traction.

直到最近幾年，我們才組成了全國銷售團隊。我認為，該團隊為提升我們整個組織銷售團隊的培訓水準和責任感所做的工作，正在開始取得成效。

And it also has improved our selling approach to communities and developers because a lot of those communities and developers, when they're larger organizations, they need to have contact at various levels in the organization. And frankly, we had a gap. And so I think we've closed that gap. I could go on and on. I think our product team has done a really good job of innovating product design.

這也改善了我們面向社群和開發者的銷售方式，因為許多社群和開發者都是規模較大的組織，他們需要與組織內各個層級的人員溝通。坦白說，我們之間存在著差距。所以我覺得我們已經縮小了這一差距。我還可以繼續說下去。我認為我們的產品團隊在產品設計創新方面做得非常好。

So all these things are focused at trying to not just stay with the market, but to try to gain a little share. And I certainly believe that that's impacting the results.

所以所有這些努力的目的不僅在於留在市場中，還在於努力爭取一些市場份額。我確信這肯定會影響結果。

Okay, yeah, that's helpful color. And then shifting to the mix in the quarter. You mentioned more homes from company-owned retail. Do you have that percent for the quarter and how that compares to both your [go periods] as well as sequentially. And just curious what you're seeing thus far in October, as it relates to the most recently completed quarter.

好的，是的，這個顏色很有幫助。然後轉向季度混合。您提到了更多來自公司自營零售店的房屋。您能否提供本季的百分比數據，並將其與先前的[目標週期]以及前後兩個週期的數據進行比較？我很好奇，就最近結束的季度而言，您在十月看到了什麼？

Yeah, I can take that, Greg. So this quarter, we're about 22.9% that were sold through our retail channel. And that's up sequentially 4% from 18.9% this last quarter. And then year-over-year, the percentage was 21%. So we're up about 1.9% year-over-year.

是的，我可以接受，格雷格。所以本季度，我們透過零售通路售出的商品約佔總銷量的 22.9%。與上一季的 18.9% 相比，季增 4%。而與前一年相比，這一比例為 21%。所以我們比去年同期成長了約1.9%。

And any color on, at least from a high level what you're seeing in October?

那麼，從宏觀角度來看，十月份的天氣有什麼變化嗎？

I think continuation in general. I mean, I wouldn't say any discontinuity. I think retail has been, as I mentioned earlier, and answered one of Dan's questions, retail in Texas has really been outdoing themselves. They've been doing a great job. So I think they're continuing on that path. And the market in Texas is at least supportive enough for them to dramatically improve the results.

我認為總體上是延續。我的意思是，我不會說有任何不連續性。我認為，正如我之前提到的，並且回答了丹的一個問題，德克薩斯州的零售業確實取得了長足的進步。他們做得非常出色。所以我認為他們會繼續沿著這條路走下去。德州的市場至少足以支撐他們大幅改善業績。

I don't think some of the percentage as Mark just went through are really -- they're essentially same-store comparisons. The system -- while we have grown the system over time, I think if we went back and looked, we've been at kind of that 80 retail store level going back through that comparison period of last year.

我認為馬克剛才提到的某些百分比並不是真正的——它們本質上是同店比較。雖然我們隨著時間的推移發展壯大了系統，但我認為如果我們回顧去年同期的情況，就會發現我們的零售店數量一直停留在 80 家左右。

So it really is same store, same footprint improvement on the retail side. And yeah, October, not trying to get too much into it, but October really hasn't been a discontinuity with that.

所以，這真的是同一家商店，零售方面的改進也是一樣的。是的，十月份，我不想談論太多這件事，但十月實際上並沒有與之前的情況脫節。

Okay. And just remind us, as it relates to homes story, I mean, presumably that number maybe even goes up a little bit more, all else equal because of the proportion of homes that Homestar was going through company-owned stores, right?

好的。提醒我們一下，就房屋銷售而言，我的意思是，在其他條件相同的情況下，這個數字可能還會再增加一些，因為 Homestar 的房屋銷售中有相當一部分是透過公司自營門店進行的，對吧？

That's right. I mean they'll bring -- with the Homestar deal, we go from 31 to 33 plants, and we go from approximately 80 to 100 in round numbers on the store side. And I think I'm right on this. I think their degree of integration through their retail is around 60%. So 60% of their manufactured homes were going through their company-owned stores. So it will shift that it will have an upward effect on that percent integration.

這是正確的。我的意思是，有了 Homestar 的交易，我們的工廠數量將從 31 家增加到 33 家，門市數量也將從大約 80 家增加到 100 家（整數）。我認為我的判斷是對的。我認為他們透過零售通路實現的整合程度約為 60%。因此，他們60%的預製房屋都是透過公司自營商店銷售的。因此，這將對該百分比整合產生向上影響。

Okay, thanks. All right. Lastly, I'm going to throw a broad question at you because there's a whole bunch of different things going on in the regulatory front, whether it's chassis removal or some of the financing stuff zoning. But just curious to get your high-level thoughts on the potential of some of that and obviously, the longer-term impact of some of that stuff goes through.

好的，謝謝。好的。最後，我要問你一個比較廣泛的問題，因為監管方面有很多不同的事情正在發生，無論是底盤移除還是一些融資和分區方面的事情。我只是好奇想聽聽您對其中一些事情的潛力以及其中一些事情的長期影響有何高層次的看法。

Yeah, one thing that happened is the HUD code got updated, and we feel really pretty positive about that. I mean the HUD code updates were few and far between for a long time, and I've talked in the past about the relationship between the industry and HUD. It's not like they regulate us, but it's a positive working relationship. So getting the HUD code update, I think, is a positive.

是的，其中一件事是HUD程式碼進行了更新，我們對此感到非常樂觀。我的意思是，HUD 法規更新長期以來寥寥無幾，而且我過去也談到過業界與 HUD 之間的關係。他們並沒有對我們進行監管，但我們之間保持著積極的工作關係。所以我認為，獲得HUD代碼更新是一件好事。

Some of the good things that come out of that are duplexes up to, we call them 4 [plexes], being able to build more than one family units. That's now part of it, eliminated a lot of bureaucracy that goes with some of the more typical, we used to have to get specific letters to allow some deviations from what was in the code, and they fix a lot of those problems in the code so that the bureaucracy is down on letters.

這樣做的好處之一是可以建造雙拼別墅，我們稱之為 4 單元別墅，可以建造多個家庭單元。現在這已成為其中的一部分，消除了許多與某些典型做法相關的官僚主義，過去我們必須獲得特定的信函才能允許對法規中的某些內容進行一些偏離，而他們修復了法規中的許多此類問題，因此減少了信函方面的官僚主義。

It also added some cost items that. I think the industry generally supports an update to the electrical code that requires us to put more GFI and more tamper-resistant outlets. And also, they kind of lowered the strength value rating on Southern Yellow Pine.

它還增加了一些成本項目。我認為業界普遍支持對電氣規範進行更新，要求我們安裝更多的漏電保護插座和防篡改插座。而且，他們也降低了南方黃鬆的強度等級。

I'm going into a lot of detail here. I guess it's not necessary, but this will add some marginal cost to the homes. So I think they were legitimate and valid cost increases. More broadly in regulatory, we've talked before, chassis is getting a lot of notoriety and support on both sides of the aisle. It's a matter of how do you attach those kinds of things to a much larger bill that actually gets through the outlet.

我在這裡要詳細說明很多細節。我想這並非必要，但這會為房屋增加一些邊際成本。所以我認為這些成本上漲是合理有效的。更廣泛地說，在監管方面，我們之前也討論過，底盤正在獲得兩黨的廣泛關注和支持。問題在於，如何將這類事情與最終透過支付管道獲得的更大帳單聯繫起來。

But I think we're pretty optimistic at an industry level that we will get the chassis removal to open up a lot of innovation. We're trying to get HUD identified as the sole regulator so that we can avoid some of the dysfunction that happened with the Department of Energy over the last couple of years and also working some things to make sure that all forms of ownership for communities are given an equal opportunity to provide more homes.

但我認為，從產業層面來看，我們相當樂觀地認為，底盤移除將開啟許多創新。我們正在努力爭取讓住房和城市發展部 (HUD) 成為唯一的監管機構，這樣我們就可以避免過去幾年能源部出現的一些功能失調的情況，同時也在努力確保社區所有所有權形式都有平等的機會提供更多住房。

So there's a lot going on in D.C., those bigger items. I'm always kind of interested because I get involved in it to figure out, okay, how do you actually like you can have confidence one of these things is going to get done, but the actual route it takes is a lot of times uncertain. So we'll just have to stay tuned on the timing for some of that. But those changes like the HUD that was passed in the Senate as part of the road Bill, so now it's in the house for consideration.

所以華盛頓特區有很多事情正在發生，都是些大事。我總是對此很感興趣，因為我參與其中是為了弄清楚，好吧，你如何確信這些事情中的一件會完成，但實際的路徑很多時候是不確定的。所以，我們只能繼續關注這些事情的具體時間了。但像 HUD 這樣的變化已經在參議院作為道路法案的一部分獲得通過，現在正在眾議院審議。

Jay McCanless, Wedbush.

Jay McCanless，Wedbush。

Hey, yes, so I guess to take the price question a little bit further, you said American Homestar, 60% of their sales go through retail. So at least something more than that 23% going forward? I mean have you guys even trying to plan out or get an idea internally of what that split could look like?

嘿，是的，所以我想進一步探討價格問題，你提到美國 Homestar 公司，他們 60% 的銷售額是透過零售通路實現的。所以未來至少會高於23%吧？我的意思是，你們內部有沒有嘗試規劃或構思這種拆分可能會是什麼樣子？

Yeah, I haven't done the (technical difficulty) to be honest. I came to say that because it's a pretty straightforward question, but I haven't tried to figure out apples to apples if nothing changed, how much that would lift the percentage. But again, you pretty much ratio, Jay, that our plant ownership is going up. And I would just at this level to get an estimate, I would assume that their plants operate out typical to our average plant.

說實話，我還沒解決（技術​​難題）。我之所以這麼說，是因為這是一個非常簡單的問題，但我還沒有嘗試計算在沒有任何改變的情況下，百分比會增加多少。但是，傑伊，你的說法基本上正確，我們的工廠擁有量正在上升。僅就目前的情況來看，為了做出一個估計，我會假設他們的工廠的運作與我們一般的工廠有所不同。

So that's two divided by 30 increase on that side. And then you've got the 20 stores added to what was previously an 80-store retail system, I'm standing with the 60%. So I apologize, I haven't done it, but I think we could probably get there pretty quick.

所以，那邊增加了 2 除以 30。然後，在原有 80 家門市的零售系統基礎上又增加了 20 家門市，我支持 60% 的方案。所以很抱歉，我還沒做到，但我認為我們應該很快就能做到。

No, that's fine. I just -- I didn't know if that was a stat you all had had ready for the call. I guess the second question is nice to hear a little more multi-section business this quarter. Is that something you think continues? Is it what you're seeing in the backlog right now for the plants?

不，沒關係。我只是——我不知道你們是否都準備好了這份統計數據用於電話會議。我想第二個問題是，很高興聽到本季有更多涉及多個部門的業務。你認為這種情況會一直持續下去嗎？你現在看到的植物相關的積壓訂單就是這種情況嗎？

Yeah, I commented that we're always watching that, and we're always interested to see if we're seeing trends. We saw quite a few quarters where it was a small movement in the other direction. So this is kind of swinging back a little bit. I'm not sure that we've really got a theory that it's a trend. We've got two -- I think, two quarters now that multi increase as a percentage. But I don't think we're ready to declare that a trend. It kind of seems a little bit more like normal variation right now.

是的，我評論說我們一直在關注這一點，我們也一直很想看看是否出現了什麼趨勢。我們看到不少季度出現了小幅反向波動。所以現在情況有點回落了。我不確定我們是否真的有理論證明這是一種趨勢。我們已經連續兩個季度（我認為是兩個季度）實現了倍數成長。但我認為我們還不能斷言這是一種趨勢。目前看來，這似乎更像是正常的波動了。

Got it. And then one last question on pricing. Could you talk about -- you identified the Southeast region versus other regions, especially up north, I guess how big of a pricing delta is there? And are there some modular units running through those northern markets that made up the ASP a little bit as well?

知道了。最後還有一個關於價格的問題。您能否談談—您提到了東南地區與其他地區，特別是北部地區，我想問的是，這些地區的價格差異有多大？北方市場是否也有一些模組化單元在運營，這些單元也對平均售價 (ASP) 產生了一定影響？

I'll have to come back to make sure I understand the second part. The pricing difference. I mean what's been interesting is that when you look at the change in pricing because obviously, our plants across the country make different products. So it's not apples-to-apples on like a dollar amount of pricing. But the change has held up very strong.

我得回來仔細看看第二部分，確保我理解了。價格差異。我的意思是，有趣的是，當你觀察價格變化時，你會發現，很顯然，我們在全國各地的工廠生產不同的產品。所以，就價格而言，它們並不具有可比性。但這種變化一直保持得非常穩固。

And what I was trying to point to is for all the discussion about a drop-off in volume in the Southeast, the Southeast did not give up any pricing. So pricing is holding across the country right now. You asked a question about the Northeast and modular that I'm not sure I captured.

我想指出的是，儘管人們一直在討論東南地區的銷售下降，但東南地區並沒有降低價格。所以目前全國各地的價格都保持穩定。你問了一個關於美國東北部和模組化建築的問題，我不確定我是否理解了。

Well, no, I guess let me ask it a better way. If you think about a standard like-for-like single section home that you sell in your northern markets versus your southern market, I will assume that there's a price differential just from higher cost markets, et cetera. Is that something you guys have identified or talked about before?

嗯，不，我想我應該換個方式問。如果你考慮一下你在北方市場和南方市場銷售的同等標準的單體住宅，我會假設僅僅是因為市場成本較高等等原因，價格就會有差異。這是你們之前發現或討論過的問題嗎？

I think that's directionally correct. I mean some of them are modular and yeah, even the coating can be different up there that can drive some costs up so directionally, I think you're right.

我認為方向是對的。我的意思是，有些是模組化的，而且，是的，即使是塗層也可能不同，這會增加一些成本，所以總的來說，我認為你是對的。

You're right. Okay, are you (multiple speaker).

你說得對。好的，你是嗎？（多人發言）

Are you kind of trying to figure out if that's a driver of the mix of non-Southeastern plants to Southeastern plants, is a driver of the ASP increase?

你是否想弄清楚，這是否是導致非東南部工廠向東南部工廠比例上升的驅動因素，是否是導致平均售價上漲的驅動因素？

Yeah, that's exactly why I'm going for.

是的，這正是我要去的地方。

Yeah, I think directionally, it probably is. I don't know that I feel it's a significant I guess, is what I'd say. I think it couldn't be argued that it's not an upward driver, but I'm not sure it really shows up in the calculations as a significant driver.

是的，我覺得從方向來看，可能是這樣。我覺得這不算什麼大事，大概就是這樣吧。我認為不能否認這是一個上漲的驅動因素，但我不確定它在計算中是否真的顯示為一個重要的驅動因素。

Okay. All right. Well, and then the last question I had, just kind of talking about where channel rates now, what type of -- is there anything that -- I don't know, the Senate passed diversion of the bill, I guess, we have to wait for the government to get back open for the house of reps to pass their side of it.

好的。好的。嗯，我最後一個問題是關於現在的頻道費率，以及——有沒有什麼——我不知道，參議院通過了轉移法案，我想，我們必須等到政府重新開會，眾議院通過他們的法案。

But yes, if you could talk about where channel rates are right now and what type of anything new or interesting on the mortgage side we need to be watching.

但是，如果您能談談目前的通路利率以及抵押貸款方面有哪些新的或有趣的事情值得我們關注，那就太好了。

On the -- just trying to touch the regulatory side of it, a lot of discussion. I've been one that's really pushed hard in D.C. for Congress directing the GSEs and to actually follow through on their duty to serve plans that involve doing some [channel] lending programs.

關於——只是想談談監管方面的問題，有很多討論。我一直努力在華盛頓特區推動國會指導政府支持企業（GSE）履行其職責，為涉及開展一些[渠道]貸款計劃的方案提供服務。

I wouldn't say that I feel like the discussion is right, but I'm not sure there's anything imminent on that, I guess, is my sense of that. So I'm not -- I wouldn't hold your breath that we're going to see something coming out of D.C., but we keep working on it.

我不會說我覺得這場討論是正確的，但我也不確定這方面是否會有什麼迫在眉睫的進展，我想，這就是我的感覺。所以，我不會——我不會對華盛頓特區有任何進展抱太大希望，但我們會繼續努力。

Then on your actual rate discussion, I think Mark has the information.

關於你們實際的利率討論，我認為馬克掌握了相關資訊。

Yeah, so on rates, they've been trickling down just a little bit at these last three months or so about down 70 basis points to about 8.5%, so mid-8% range now.

是的，利率方面，過去三個月左右一直在小幅下降，大約下降了70個基點，到8.5%左右，目前在8%中段。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼，澤爾曼及合夥人公司。

Thanks for taking my question and nice job on the quarter. Bill, I remember a couple of quarters ago, when you talked about on the financial services gross margin specifically, we had a long discussion about what you were trying to do there in terms of making sure the underwriting and what's actually being covered is more appropriate. So a nice job that that's come to fruition.

感謝您回答我的問題，這季做得非常出色。比爾，我記得幾個季度前，你專門談到了金融服務毛利率，我們進行了長時間的討論，探討你為了確保承保和實際承保範圍更加合適而採取的措施。所以，這份工作終於有了成果，真不錯。

Thanks, Jesse. Thanks for the good memories.

謝謝你，傑西。謝謝你帶給我的美好回憶。

Yeah, I have a question for you, a high-level question for you, Bill, on kind of the political discourse. Of course, there's been a lot of public chatter between FHFA Director, [Paul. T] and Trump with a larger public site-built homebuilders regarding affordability and increasing production and things of that nature.

是的，我有一個問題想問你，一個比較高層次的問題，比爾，關於政治話語方面的問題。當然，聯邦住房金融局局長[保羅·T]和川普與大型公共現場建造房屋的建築商之間就住房可負擔性、提高產量等問題進行了很多公開討論。

I was wondering if you've been involved in any conversations where you may be or they may be coming to you in terms of manufactured housing or factory-built housing generally being a solution for affordable housing in this country.

我想知道您是否參與過任何關於預製房屋或工廠建造房屋作為解決我國經濟適用房問題的方案的討論，或者他們可能會來找您討論這個問題。

Have you been able to kind of input yourself or manufactured housing into those conversations at all over the last couple of months?

在過去的幾個月裡，您是否有機會就您自身或預製房屋的相關主題參與這些討論？

I think absolutely. And I'm not speaking just on behalf myself, I'd more say that the industry and the industry association has done a really good job. And literally, you can compare and contrast from just a few years ago when manufactured housing was kind of on the outskirts of people's consciousness sometimes in D.C. and now, we're part of every conversation.

我覺得絕對正確。我不僅僅是代表我自己發言，我更想說的是，整個產業和產業協會都做得非常出色。事實上，你可以對比一下幾年前的情況，當時在華盛頓特區，預製房屋還不太為人所知，而現在，我們已經成為人們日常討論的一部分。

So I think tremendous ground has been taken as far as just highlighting what the industry can do and both sides of the aisle, House and Senate, I've testified a couple of times up there. Manufactured housing is front and center in people's minds.

所以我認為，在強調該行業能夠做什麼方面，已經取得了巨大的進步，而且在眾議院和參議院兩黨，我都曾多次在那裡作證。預製房屋是人們關注的焦點。

Now the challenge, I think, is that there are certain things the federal government can do that would really have a big impact. And we've talked about some things like the HUD code, definition of removable chassis, things like encouraging the GSEs, things like removing some of the dysfunctional bureaucracy that happens at times. And I think they're working on that. Where it's harder for them to impact directly are the things that are more function at the state and local level.

我認為，現在的挑戰在於，聯邦政府可以採取一些措施，這些措施將產生巨大的影響。我們也討論了一些事情，例如 HUD 代碼、可拆卸底盤的定義、鼓勵 GSE 等，以及消除有時會出現的一些功能失調的官僚主義等。我認為他們正在努力解決這個問題。他們難以直接影響的是那些更多地在州和地方層級運作的事情。

And that's where you really see the zoning challenges that limit the supply of what we do. So I'm not saying the federal government can't do anything, but their ability to directly impact that maybe a little bit less than we'd like it to be. And we really have to do the work at the state and local level.

而這正是分區規劃的挑戰真正限制了我們所做工作的供給的地方。所以，我並不是說聯邦政府什麼都做不了，但他們直接影響此事的能力可能比我們希望的要弱一些。我們確實需要在州和地方層級開展工作。

At the industry association, we've really been focused on that strategically trying to make sure that industry associations working really closely with the states because I think that's where those battles need to be won. So I feel great about. Like I don't feel like we're missing any share of mind or being left out of any good discussion in D.C. about affordable housing at this point.

在產業協會，我們一直非常注重策略性地確保產業協會與各州密切合作，因為我認為這才是贏得這些鬥爭的關鍵所在。所以我感覺很棒。我覺得在目前這個階段，我們在華盛頓特區關於經濟適用房的任何有益討論中，都沒有被忽略或遺漏任何意見。

Great. Good to hear, thanks for the colour on that. Next one, I think is for Alison on the gross margin. I just maybe want to clarify some things. So it sounded like encouragingly, the tariff impact was at the low end of the $2 million to $5.5 million range in the fiscal second quarter. But given since you gave those numbers last quarter, you've had some incremental tariff increases on Canadian lumber.

偉大的。很高興聽到這個消息，謝謝你的補充說明。下一個問題，我覺得是給艾莉森的，關於毛利率。我只是想澄清一些事情。令人鼓舞的是，關稅影響在第二財季處於 200 萬美元至 550 萬美元區間的低端。但鑑於您上個季度提供的那些數據，加拿大木材的關稅已經逐步提高了。

So it sounds like going forward, it'll be maybe towards the middle to higher end of that $2 million to $5.5 million per quarter range. That's kind of how it sounded, but then I think you made a comment about being encouraged by some other aspects of what you're seeing that it might be toward the lower end? So just kind of hoping for some clarification on the --

所以聽起來，未來可能會達到每季 200 萬美元至 550 萬美元區間的中高階水準。聽起來有點像那樣，但後來我想你又說，你看到的其他一些方面讓你感到鼓舞，認為它可能接近較低的水平？所以，我只是想得到一些澄清。--

Yeah, let me clear -- thank you for the opportunity to clarify. So the range that we gave last quarter was $2 million to $5.5 million. And that to us is the range of if take -- if you remove any new Canadian lumber tariffs and antidumping increases, that range still holds. And if you think about that range, a good data point for us is that the China tariff increase kind of got pushed out.

是的，讓我澄清一下—謝謝您給我這個澄清的機會。因此，我們上個季度給出的範圍是 200 萬美元至 550 萬美元。對我們來說，這就是如果採取任何措施的範圍——即使取消任何新的加拿大木材關稅和反傾銷增加，該範圍仍然成立。如果你考慮這個範圍，對我們來說一個很好的數據點是，中國關稅上調被推遲了。

So that keeps us a little bit less to that range. Now take that range and add to it but we're just now -- what we're recently learning about the increase to Canadian lumber from a tariff perspective and an antidumping. That's not within that $2 million to $5.5 million quarter range.

這樣一來，我們就與那個範圍的差距會比較小。現在，把這個範圍擴大，但我們現在才了解到——我們最近才從關稅和反傾銷的角度了解到加拿大木材價格上漲的情況。這不在每季 200 萬美元到 550 萬美元的範圍內。

We're not quantifying that increase or the impact from Canadian lumber because there's still quite a few elements that are churning. And so as we -- as those unfold, those elements around there has been an increase to 35% that was done at the very end of July, right, to the Canadian lumber. And then just recently, literally in October, discussions around another 10% increase.

我們沒有量化這一增長或加拿大木材的影響，因為還有相當多的因素在變化。因此，隨著這些情況的發展，加拿大木材價格在7月底上漲了35%。就在不久前的10月份，又有人討論再次加薪10%。

And if you take a step back and think about those recent articulations of what could be coming it's at this point, I feel like it's too early for us to put a box around that range. And so we'll continue to watch that. But those would be incremental cost to that $2 million to $5.5 million a quarter range. Does that help?

如果你退後一步，想想最近那些關於未來發展方向的陳述，我覺得現在就給這個範圍下定義還為時過早。所以我們會繼續關注此事。但這些只是每季 200 萬至 550 萬美元成本範圍內的額外支出。這樣有幫助嗎？

Yeah, that's very helpful, Allison, appreciate that. A couple more. I think on last quarter's call, Bill, you talked about kind of the secondary market, you're maybe holding a few more loans on balance sheet, some fewer loan sales. Have you seen any shifts since then in the secondary markets appetite for chattel loans.

是的，這很有幫助，艾莉森，謝謝。再來幾個。比爾，我覺得在上個季度的電話會議上，你談到了二級市場，你們的資產負債表上可能持有更多貸款，貸款出售數量減少。自那時以來，您是否觀察到二級市場對動產貸款的需求發生了任何變化？

Yeah, a lot of good discussion, and we're working pretty hard to generate some partnership there to free up additional lending capacity, because as we've said a lot of times, we are willing to hold these loans to a point, but we really prefer to have buyers of the loans we originate. So there's been a lot of discussions, not really an update that I could provide as far as anything that's broken at this point -- broken through.

是的，我們進行了很多有益的討論，並且正在努力與相關方建立合作關係，以釋放額外的貸款能力，因為正如我們多次說過的那樣，我們願意持有這些貸款一段時間，但我們更希望我們發放的貸款能有買家。所以已經進行了很多討論，但就目前而言，我還沒有什麼可以透露的最新進展，例如哪些功能已經損壞或被突破了。

And I think -- I guess your question partly too, is appetite. I think there is an appetite out there for these loans. It's a hard process. A lot of the people that are talking to originators like us are folks managing insurance money, which is a really good fit, frankly, from a tenure perspective. And it's a complex process to get to an actual agreement with those folks.

而且我認為──我想你的問題也有一部分是關於食慾的。我認為市場對這類貸款有需求。這是一個艱難的過程。許多與我們這樣的發起人交談的人都是管理保險資金的人，坦白說，從任期角度來看，這非常合適。與這些人達成真正的協議是一個複雜的過程。

So they're showing a lot of interest, but the deals are a lot of work to get done.

所以他們表現出了濃厚的興趣，但要達成這些交易需要付出很多努力。

Okay. Two more for me. One, on the Southeast, you mentioned that you didn't really give up any pricing in the Southeast, which obviously is encouraging. But on the other hand, how do you think through maintaining price, albeit at kind of lower order rates and shipment rates versus perhaps giving up a little bit of price and trying to stimulate some more demand or some more orders to increase capacity a bit?

好的。我還要再吃兩個。第一，關於東南地區，您提到您並沒有在東南地區真正放棄任何價格，這顯然令人鼓舞。但另一方面，您如何考慮在訂單率和出貨率較低的情況下維持價格，與稍微降低價格、嘗試刺激更多需求或更多訂單以稍微提高產能之間做出選擇？

Yeah, It's a good question. It gives me a chance to probably put a different point in here in the discussion about the Southeast because I knew when I was talking about it that much, I might heighten people's sensitivity to it, just trying to draw the contrast for the most part. The capacity utilization, at least in our system, and I think it's probably a more general statement for the industry, is not at a terrible level.

是的，這是個好問題。這讓我有機會在關於東南地區的討論中提出一個不同的觀點，因為我知道，當我談論它這麼多時，我可能會提高人們對它的敏感度，我只是想盡量突出對比。至少在我們系統中，產能利用率並不算太差，而且我認為這對整個產業來說可能也具有普遍意義。

I mean plants are operating. They're making money in the Southeast. And so every plant has kind of this ongoing decision every day about pricing strategy. And right now, I think it's not -- it's far from a Doomsday situation. So people feel like they're getting appropriate orders, and there hasn't been a motivation at this point to really aggressively compete on price.

我的意思是工廠都在運作。他們在東南部賺了不少錢。因此，每家工廠每天都要做出關於定價策略的決策。而現在，我認為情況遠非世界末日。所以人們覺得他們得到了合適的訂單，因此目前還沒有動力去真正地在價格上展開激烈競爭。

A lot of what our plants do, and this is a general statement as they go out and look at our product compared to other product that's in their local markets and ensure that they're priced accordingly. And that's -- I'm sure how the other competitors do it. And at this point, no one's at a state of concern about the direction of the Southeast where they've kind of said we're just going to drop price and try to win market share that way.

我們的工廠所做的許多工作，這是一個普遍的說法，就是他們會到當地市場考察我們的產品與其他產品，確保我們的產品定價合理。而其他競爭對手肯定也是這麼做的。目前，沒有人對東南地區的走向感到擔憂，他們也沒有說我們會透過降價來贏得市場份額。

So I like that. I think it means that there's stability even with -- even though it's lagging the rest of the country from a market demand perspective. And that allows us to kind of stay the course and adjust, as we need to going forward.

我很喜歡這一點。我認為這意味著即使從市場需求的角度來看落後於全國其他地區，但經濟仍然保持穩定。這樣一來，我們就可以保持既定路線，並根據需要進行調整。

That's helpful. Yes. I guess it sounds like given the great commentary on the Northeast that's particularly strong, I guess, has made it sound a little worse than it is in the Southeast on a relative basis.

那很有幫助。是的。我猜，鑑於對東北地區的評論特別強烈，這似乎讓東北地區的情況聽起來比東南部地區相對而言要糟糕一些。

Yeah, and just to clarify that real quick, I mean it's -- the strength is across the entire North, you just go right across the entire northern part of the US and pretty much where you're outside of that localized Southeast area that I talked about things are pretty solid.

是的，我快速澄清一下，我的意思是——這種力量遍及整個北部，你只要橫跨美國北部，基本上除了我提到的東南部局部地區之外，其他地方的情況都相當穩固。

Great. And then last one on the CapEx, roughly $10 million this quarter, about $9 million last quarter. You noted there is investing in the plants. Can you maybe give a little color on the progress of those investments, what you're actually doing in the plants or those AI -- are those automation initiatives, maybe just a little color on how that will come to fruition. Thanks again.

偉大的。最後是資本支出，本季約 1,000 萬美元，上季約 900 萬美元。您曾提到對這些工廠進行投資。您能否簡要介紹這些投資的進展情況，您在工廠或人工智慧（即自動化計劃）方面實際開展的工作，以及這些計劃將如何實現？再次感謝。

Yeah, absolutely. Yeah, we're really happy with some of the project opportunities we've had in our system and even through the period a couple of years ago when we were dealing with really a slowdown, we were still consistently investing in these projects.

是的，絕對的。是的，我們對系統中的一些專案機會感到非常滿意，即使在幾年前我們面臨業務放緩的時期，我們也一直在持續投資這些專案。

And I would characterize them, we can look at a plant, and we've got some outstanding resources on the engineering side frankly, people that came to us through the Commodore transaction. This has been one of the value adds of that transaction many -- several years ago.

我會這樣描述他們：我們可以看看工廠，坦白說，我們在工程方面擁有一些傑出的資源，這些人是透過 Commodore 交易加入我們的。這是多年前那筆交易的增值之處之一。

We've got folks that I think when we announced that transaction, we talked about some manufacturing technologies where they were really able to do some things other companies haven't figured out, like lasers, floored gantry systems for fastening that are very safe and efficient, [CDC] machines. And so we've been seeing opportunities throughout our system to modernize using some of those technologies.

我認為，在我們宣布那筆交易時，我們談到了一些製造技術，他們確實能夠做一些其他公司還沒有解決的事情，例如雷射、非常安全高效的固定式龍門架系統、[CDC] 機器。因此，我們看到了整個系統利用其中一些技術進行現代化改造的機會。

I would characterize the investment in any one plant to probably be between $2 million to $5 million. And every one of those projects is feeling like a home run because they not only hit us a little bit of additional throughput. And when you add several of those together, you've added a meaningful amount of capacity, but they also all seem to have very good safety and quality improvement aspects to them.

我認為任何一個工廠的投資金額可能在 200 萬美元到 500 萬美元之間。每一個專案都感覺像是完美的成功，因為它們不僅為我們帶來了額外的吞吐量。當把其中幾個加在一起時，就增加了相當大的容量，而且它們似乎在安全性和品質改進方面也都非常出色。

So we're going to keep doing those. And that elevated -- I think the question was asked last quarter about whether that was a new level of sustaining capital. No, you're seeing investment capital in that number for sure.

所以我們會繼續做這些事。而這提升了——我認為上個季度有人問過，這是否是維持資本的新水平。不，這個數字裡肯定包含了投資資本。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員說明）丹尼爾·摩爾，CJS證券。

Thank you again, I wanted to just ask one or two more on drilling down, and we talked about a lot of -- some of the potential legislation, but I get a lot of questions recently about chassis specifically. So what's the average cost of a chassis and roughly what percentage of your homes shipped come with the chassis today?

再次感謝，我還想再問一兩個關於深入探討的問題，我們討論了很多——一些潛在的立法，但我最近收到了很多關於底盤的具體問題。那麼機殼的平均成本是多少呢？目前你們交付的房屋中，大約有多少百分比配備了機殼？

Yeah, we estimate roughly about 1,500 per floor. So obviously, if you have multiple sections, you multiply that out.

是的，我們估計每層樓大約有 1500 人。所以很顯然，如果有多個部分，你需要將多個部分相乘。

I think your point is, we would basically recycle as much like they do in modular construction, right? You use a [car] essentially to get the floor to the site and then you can bring that back.

我認為你的意思是，我們基本上會像模組化建築那樣盡可能地進行回收利用，對嗎？你基本上是用[汽車]把地板運到工地，然後再把它運回來。

Yeah, and what are HUD codes or [chassied] homes today that are as a percentage of our overall production roughly?

是的，那麼如今 HUD 規範或[底盤式]房屋在我們總產量中所佔的比例大約是多少？

HUD versus modular in our system?

在我們的系統中，HUD 與模組化設計有何不同？

Yeah, really just percentage with chassis that are left on site, if you know what I mean.

是的，實際上只是指留在現場的底盤所佔的百分比，你明白我的意思嗎？

Yeah. Well, I can give you a break of HUD versus modular and that's probably a pretty good rate for what you're asking, we're probably about 80% HUD code homes and 20% modular.

是的。嗯，我可以給你比較 HUD 房屋和模組化房屋的價格，這可能對你的要求來說是一個相當不錯的價格，我們大約 80% 的房屋符合 HUD 標準，20% 的房屋是模組化房屋。

Okay. And if it did pass, how would you think about that savings kind of dropping to margins versus maybe passing it on to the consumer? I know that's one or two steps down the road. But passing on the questions that I'm getting from investors.

好的。如果這項提案獲得通過，您認為節省的成本是會降到利潤率，還是會轉嫁給消費者？我知道那還需要一兩步才能實現。但我會把投資人提出的問題轉達給他們。

Yeah, we'd probably find a middle ground. I think some of it would go to our bottom line and probably some would be passed through as the savings to the customer. I'm kind of -- I guess my hesitation, not hesitation, the reason why I hesitate at all is because I haven't really thought about chassis as much as a cost driven thing as I think about it as an innovation-driven thing. But to your question on the hard numbers, I think there would be some middle ground where a good portion of that would drop to our bottom line.

是的，我們或許能找到一個折衷方案。我認為其中一部分會增加我們的利潤，另一部分可能會以節省下來的費用的形式讓利給客戶。我有點——我想我的猶豫，或者說不是猶豫，我猶豫的原因是，我並沒有真正把底盤看作是成本驅動的事物，而是把它看作是創新驅動的事物。但對於你提出的關於具體數字的問題，我認為應該存在某種中間方案，其中很大一部分會反映在我們的最終利潤上。

Yeah, makes sense. And then lastly, obviously, great work as detailed on financial services, contributing $5 million operating profit, I guess, $4 million average the last two quarters. Would you consider those to be above the mean in terms of profitability when you sort of average out the business and what expected claims are. This is a little bit of a softer quarter, but how do we think about sort of average profitability at this stage going forward?

嗯，有道理。最後，顯然，金融服務方面也做得非常出色，貢獻了 500 萬美元的營業利潤，我猜，過去兩季平均為 400 萬美元。如果將業務和預期索賠情況進行平均考慮，您會認為這些盈利能力高於平均水平嗎？本季業績略顯疲軟，但我們該如何看待目前階段的平均獲利能力以及未來的發展前景呢？

Yeah, I'm going to take a shot and then you can tell me if I'm answering your question. We have benefited from lower-than-typical weather events and claims for sure. But as I said, and I know I'm not giving you specifics, the improvement -- we've dissected the improvement between how much we attribute to improved weather versus how much we attribute to the changes that we've made.

是的，我先試一試，然後你就可以告訴我我是否回答了你的問題。我們確實受益於低於往年平均水平的天氣事件和索賠。但正如我所說，我知道我沒有給出具體細節，但這種改善——我們已經分析了這種改善，區分了有多少歸功於天氣的改善，又有多少歸功於我們所做的改變。

And well over 50% of the improvement is due to the changes we've made. So I think we're at a new level of profitability in a typical weather environment. We've got a little bit of boost over the last six months from weather being very friendly for us. Does that help?

超過 50% 的改進都歸功於我們所做的改變。所以我認為，在典型的天氣環境下，我們的獲利能力已經達到了一個新的水平。過去六個月，天氣對我們非常有利，這給我們帶來了一些助力。這樣有幫助嗎？

It is, yeah.

是的。

I would now like to turn the call back over to Bill Boor for any closing remarks.

現在我想把電話轉回給比爾·布爾，請他作總結發言。

Yeah, just real quickly, I know we're coming up on the top of the hour. Executing and shifting markets is really what it's all about in this industry, and we continue to tell you all that from a market perspective, there's uncertainty out there. But I think this quarter, kind of showed the nimble approach that we've embedded in our operations, and we're making real-time adjustments as conditions shift.

是的，簡單說一下，我知道我們快到整點了。在這個產業，真正重要的是執行和改變市場，而我們一直告訴大家，從市場的角度來看，存在著不確定性。但我認為本季展現了我們營運中體現出的靈活應變能力，我們會根據情況變化進行即時調整。

That's what I think we're focused on here because we know the conditions will change, and we just want to react to them very well. As we've discussed over time, in addition to managing the day-to-day challenges, we've undertaken an upgrade to our ERP system. We rebranded it, as I talked about, that improves the customer experience. We've executed the string of modernization projects we just touched on.

我認為這就是我們目前關注的重點，因為我們知道情況會發生變化，我們只是想好好地應對這些變化。正如我們之前討論過的，除了應對日常挑戰之外，我們還對我們的 ERP 系統進行了升級。正如我剛才所說，我們進行了品牌重塑，這改善了客戶體驗。我們已經完成了剛才提到的一系列現代化改造項目。

We completed the large American Homestar transaction, and it's really exciting to see the entire organization rise to all of these kind of extra challenges, which, by the way, are the things that position us for better performance over the long term, while at the same time, the organization is really delivering the kind of results we've discussed today.

我們完成了對美國 Homestar 的大規模收購，看到整個組織迎接所有這些額外的挑戰，真的令人興奮。順便說一句，這些挑戰使我們在長期內能夠取得更好的業績，同時，組織也確實取得了我們今天討論的那種成果。

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

所以，我衷心感謝大家的關注和參與，我們期待繼續為大家帶來最新消息。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。