Cavco Industries Inc (CVCO) 2026 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 Cavco Industries Inc 2026 財年第三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。

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

現在我謹將會議交給今天的第一位發言人，公司財務長兼投資者關係負責人馬克‧富斯勒。請繼續。

Good day, and thank you for joining us for Cavco Industries third-quarter Fiscal Year 2026 earnings conference call. During this call, we hear from Bill Boor, President and Chief Executive Officer; Allison Aden, Executive Vice President and Chief Financial Officer; and Paul Bigbee, Chief Accounting Officer. Before we begin, we'd like to remind you that comments made during this conference call by management may contain forward-looking statements.

各位好，感謝各位參加 Cavco Industries 2026 財年第三季財報電話會議。在本次電話會議中，我們聽取了總裁兼執行長比爾·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。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。

Forward-looking statements include statements about our future or expected 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 and current or future volatility in the credit markets or future market conditions.

前瞻性陳述包括我們未來或預期業務及財務績效的陳述，但並非對未來績效的承諾或保證。這些預期或假設涉及 Cavco 的財務和營運績效、收入、每股盈餘、現金流量或用途、成本節約、營運效率以及信貸市場或未來市場狀況的當前或未來波動性。

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。有關可能影響我們實際業績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 上查閱。

This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast, Friday, January 30, 2026. Cavco undertakes no obligation to revise or update any forward-looking statements whether written or oral, to reflect events or circumstances after the date of this conference call, except as required by law.

本次電話會議也包含有時效性的信息，這些信息僅在本次直播當天（2026 年 1 月 30 日，星期五）有效。除法律要求外，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），以反映本次電話會議日期之後的事件或情況。

Now I'd like to turn the call over to Bill Boor, President and Head 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, Martin. Welcome, and thank you for joining us today for our third-quarter results for fiscal 2026. There are a lot of moving parts in our Q3 results, mostly due to the closing of the American Homestar deal and its impact on the quarter. Later in my comments, I'll discuss the integration activities and our solidifying view of the deal synergies.

謝謝你，馬丁。歡迎各位蒞臨，感謝您今天參加我們2026財年第三季業績發表會。第三季業績受多種因素影響，主要是由於美國 Homestar 交易的完成及其對本季業績的影響。稍後我將討論整合活動以及我們對交易協同效應的進一步看法。

But I'd like to start by framing the discussion that Allison and Paul will fill in around the profit and EPS results. The year-over-year EPS decrease is best dissected starting from the bottom of the income statement. Our tax rate was considerably higher than a year ago, partly due to declining tax credits from the phasing out of the ENERGY STAR program and partly due to non-deductible deal costs.

但我想先為艾莉森和保羅將要討論的利潤和每股盈餘結果定下基調。要分析同比每股收益下降的情況，最好從損益表的底部開始。我們的稅率比一年前高得多，部分原因是由於能源之星計劃逐步取消導致稅收抵免減少，部分原因是由於不可抵扣的交易成本。

Moving up the P&L to SG&A. The increase this quarter was mainly the result of bringing American Homestar overhead costs into the company and the aforementioned onetime transaction costs. These SG&A and tax rate items represent a considerable part of the year-over-year EPS difference but not all of it. So now let's get into the underlying business environment and results.

將損益表中的銷售、一般及行政費用項上移。本季成長主要是由於將 American Homestar 的管理費用併入公司以及上述一次性交易費用所致。這些銷售、一般及行政費用和稅率項目佔同比每股收益差異的很大一部分，但並非全部。現在讓我們深入探討一下潛在的商業環境和結果。

Based on HUD shipment data, industry shipments slowed in October and November, those two-months were down 13% from the calendar 2024 period. We don't yet have the December data point to round out the quarter. We were not immune to the overall decrease. Excluding the volume pickup we got from American Home Star our volume was down about 4% compared to last year and 6% sequentially.

根據 HUD 出貨數據，10 月和 11 月行業出貨量放緩，這兩個月比 2024 年同期下降了 13%。我們還沒有12月的數據來完善本季的數據。我們也沒能倖免於整體下滑。除去我們從 American Home Star 獲得的銷量成長，我們的銷量與去年相比下降了約 4%，環比下降了 6%。

From an operational perspective, we took some additional down days around the holidays where it made sense. But we deliberately maintained our daily production rate or floors per day so that we could stay positioned for opportunities in the spring selling season. While we're all looking to see how orders shape up in the weeks ahead, the bias in our plants generally is to hold pace and go up from here whenever orders and backlogs allow.

從營運角度來看，我們在假日期間視情況增加了一些停機維護日。但我們特意保持了每日產量或每日產量，以便我們能夠抓住春季銷售旺季的機會。雖然我們都在關注未來幾週的訂單情況，但我們工廠的整體趨勢是保持目前的生產速度，並在訂單和積壓情況允許的情況下逐步提高產量。

As part of staying poised for market opportunities, we utilized about a week of overall backlog similar to what we did last year in the third-quarter, and we finished this quarter in the four to six-weeks range. Early indications are that backlogs are stable and could increase or if we pick up production pace be maintained at this level heading into the spring.

為了隨時掌握市場機遇，我們利用了大約一週的整體積壓訂單，類似於去年第三季的做法，本季結束時，我們的積壓訂單量在四到六週之間。初步跡象表明，積壓訂單數量穩定，並且可能會增加；或者，如果我們加快生產速度，訂單數量將在春季之前保持在目前的水平。

Last quarter, I referenced some relative slowdown in the Southeast region of the country compared to other regions. I said at the time that we didn't see any systemic reason for the variation and sure enough the Southeast stabilized and saw higher volume in Q3 versus Q2, while most all of the other regions had declining shipments.

上個季度，我曾提到與其它地區相比，該國東南部地區的經濟成長相對放緩。我當時說過，我們沒有看到造成這種差異的任何系統性原因，果然，東南地區趨於穩定，第三季的銷量比第二季度有所增長，而其他幾乎所有地區的出貨量都在下降。

Regarding channels, communities represented most of the reduced volume we experienced retailers remained steady quarter-to-quarter. A positive indicator of underlying demand continues to be average selling price, which grew sequentially despite the volume drop off. After considering the impacts of product mix and retail integration, both of which pushed average selling price up. Single section home prices were roughly flat and multi-section pricing was up.

就通路而言，社群通路的銷售下降幅度最大，而零售商的銷售量則維持季度穩定。儘管銷量下降，但平均售價仍較上季成長，這仍然是潛在需求的正面指標。考慮到產品組合和零售整合的影響，這兩者都推高了平均售價。單戶住宅價格基本持平，多戶住宅價格上漲。

We have seen the trend toward multi-section homes for a while now, both in the HUD DATA and our results. It's difficult to pinpoint any one reason. However, it seems fair to conclude the affordability at the lowest price levels is increasingly strained. In other words, households that are seeking to become homeowners of the lowest priced homes seem to be increasingly priced out or they're lacking the confidence to purchase in this environment.

無論是 HUD 數據還是我們的研究結果，我們已經看到多單元住宅的趨勢已經持續了一段時間。很難指出具體原因。然而，可以合理地得出結論，最低價格水準的購買力正變得越來越緊張。換句話說，那些希望擁有價格最低房屋的家庭似乎越來越買不起房，或者他們缺乏在這種環境下購買房屋的信心。

Sequentially, our gross margin dropped in the quarter despite the average selling price increase. While usually, the primary factors driving movement in factory-built gross margin or manufacturing costs, those period-to-period changes roughly netted out. We saw some compression between retail and wholesale prices in our retail operations, which drove the bulk of our gross margin decrease.

本季平均售價上漲，但我們的毛利率則是季減。雖然通常情況下，工廠生產毛利率或製造成本變動的主要驅動因素是這些期間的變化，但這些期間的變化大致相互抵消。我們在零售業務中發現零售價格和批發價格之間存在一定的壓縮，這導致了我們毛利率大幅下降。

To be clear, those retail comments are based on our pre Homestar network, not due to the addition of the acquired operations. And it's worth noting that retail, our retail operations remain primarily centered in the South-Central region. We don't believe that price compression is either an indication of the broader market or that it represents a meaningful shift over time.

需要澄清的是，這些零售評論是基於我們收購 Homestar 之前的網絡，而不是由於收購業務的加入。值得注意的是，我們的零售業務仍主要集中在中南部地區。我們認為價格壓縮既不代表整體市場狀況，也不代表隨著時間的推移發生了實質變化。

I know the focus is rightly looking forward and trying to figure out where the industry will go from here in the coming quarters. While the uncertainty remains the tone we are picking up in both our operations and in the market is optimistic. The leading indicators such as quotes and retail traffic remain healthy. Notably, policy discussions are increasingly focused on affordable housing and specifically on increasing supply of first time for first-time buyers.

我知道大家的關注點理所當然應該著眼未來，努力弄清楚未來幾季產業的發展方向。儘管仍存在不確定性，但我們從自身營運和市場中感受到的基調是樂觀的。報價和零售客流量等領先指標仍保持良好狀態。值得注意的是，政策討論越來越集中在經濟適用房上，特別是增加首次購房者的首套房供應量。

Affordable housing is one of the highest voter priorities heading into the November election and policies to increase supply, remove barriers, enable innovation and help buyers are all supportive of factory-built housing. It will be interesting to see the proposals shape up in the coming months. It's important to comment on financial services, where the trend continued with another strong quarter driven by our insurance operations.

經濟適用房是選民在 11 月大選中最為關注的問題之一，增加供應、消除障礙、促進創新和幫助購房者的政策都支持工廠化建造的住房。接下來幾個月，這些提案將如何成形，值得關注。值得一提的是金融服務業，該行業延續了強勁的勢頭，在保險業務的推動下，另一個季度表現強勁。

Our lending operations have been less of a contributor in recent periods, however, we've been making progress identifying buyers of our loans, and I expect the originations and loan sales to pick up in the coming quarters. Both of these operations are important strategic contributors to the integrated value of Cavco and our ability to provide complete solutions for our homebuyers.

近幾個時期，我們的貸款業務貢獻較小，但是，我們在尋找貸款買家方面取得了進展，我預計未來幾季貸款發放量和貸款銷售額將會回升。這兩項業務都是 Cavco 綜合價值的重要策略貢獻者，也是我們為購屋者提供完整解決方案的能力的重要組成部分。

Now I'd like to take a few minutes to talk about the American Homestar integration. First, we had a solid integration plan heading into the combination and both organizations have come together, really hitting the ground running as one company. We're right on that plan with impressive execution from HR benefits and payroll to finance, IT and operations.

現在我想花幾分鐘時間談談美國 Homestar 的整合情況。首先，我們在合併前製定了完善的整合計劃，兩個組織已經融合在一起，真正像一家公司一樣迅速投入營運。我們嚴格按照計劃執行，從人力資源福利和薪資到財務、IT和運營，執行力都非常出色。

Now that we've been together for over a quarter, our view of synergies is starting to firm up. What I'd like to share today is our view of the most tangible cost reduction synergies. We spoke previously about this deal offering meaningful purchasing labor and SG&A cost savings. Our total view of these tangible and measurable synergies is now above $10 million on an annual basis, and we estimate that about half has been achieved in the run rate as we entered Q4.

現在我們已經合作超過三個月了，我們對綜效的看法也開始逐漸明朗起來。今天我想跟大家分享的是我們對最切實可行的成本降低綜效的看法。我們之前討論過這項交易，它可以大幅節省採購人力成本和銷售、管理及行政費用。我們對這些切實可衡量的協同效應的總體看法現在每年超過 1000 萬美元，我們估計，截至第四季度末，大約一半的協同效應已經按運行速度實現。

The positive impact didn't show itself in Q3 because the gains were achieved as the quarter progressed, and they were offset by integration costs that will decline going forward. I thought it important to provide this information at a time when we are well into our integration work and can provide a more informed view. It's good news that the current picture is significantly higher than our pre-deal internal estimates.

正面影響在第三季並未顯現，因為收益是在季度推進過程中逐步實現的，而且這些收益被整合成本所抵消，而整合成本未來將會下降。我認為，在我們深入進行整合工作、能夠提供更全面資訊的時候，提供這些資訊非常重要。好消息是，目前的實際情況遠高於我們交易前的內部預期。

Additionally, there are a number of areas where precise quantification is difficult, but where we know value is being created. Areas like the ability to optimize product within and across plants as the system grows and the ability to fill out company store offerings with Cavco product from various plants are examples of the very real ways in which the strategic benefits of a combination like this show.

此外，還有一些領域雖然難以精確量化，但我們知道這些領域正在創造價值。諸如隨著系統的發展，優化工廠內部和工廠之間的產品生產能力，以及利用來自各個工廠的 Cavco 產品充實公司商店產品等能力，都是這種組合帶來的戰略優勢的真實體現。

Again, these are very real synergies and are not included in the tangible cost savings I laid out. And finally, we continued our share repurchases during the quarter with another $44 million used to buy back company stock. With this return of capital and the significant use of cash for the acquisition in the quarter, our unrestricted cash balance at the end of Q3 was a healthy $225 million.

再次強調，這些都是非常實際的綜效，並未包含在我列出的實際成本節約中。最後，本季我們繼續進行股票回購，又投入 4,400 萬美元用於回購公司股票。隨著資本的返還以及本季用於收購的大量現金投入，截至第三季末，我們的非限制性現金餘額為健康的 2.25 億美元。

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 third fiscal quarter of 2026 was $581 million, up $59 million or 11.3% from $522 million in the prior year quarter. Sequentially, net revenues increased $24.5 million, driven by the addition of American Homestar, which contributed $42 million and an increase in average revenue per home sold, partially offset by a reduction in base business units sold.

謝謝你，比爾。2026財年第三季淨收入為5.81億美元，比去年同期的5.22億美元增加了5,900萬美元，增幅達11.3%。淨收入季增 2,450 萬美元，主要得益於 American Homestar 的加入（貢獻 4,200 萬美元）以及每套房屋平均收入的成長，但部分被基礎業務單位銷售量的減少所抵消。

Within the factory-built housing segment, net revenue was $558.5 million, up $57.6 million or 11.5% from $500.9 million in the prior year quarter. The increase was primarily due to the addition of American Homestar and an increase in base business average revenue per home sold, partially offset by a decrease in the number of base business homes sold.

在工廠化住宅領域，淨收入為 5.585 億美元，比去年同期的 5.009 億美元增加了 5,760 萬美元，增幅為 11.5%。成長主要歸功於 American Homestar 的加入以及每套售出房屋的基本業務平均收入的增加，但部分被售出的基本業務房屋數量的減少所抵消。

The increase in base business average revenue per home was largely due to a higher proportion of homes sold through our company-owned stores, more multi wise in the mix, along with product pricing increases. Financial services segment net revenue was $22.5 million, up $1.3 million or 6.2% from $21.2 million in the prior year quarter and sequentially up $1.1 million.

每戶房屋基本業務平均收入的成長主要是由於透過我們公司自營商店銷售的房屋比例較高、多種商品和服務組合較多以及產品價格上漲所致。金融服務部門淨收入為 2,250 萬美元，比上年同期的 2,120 萬美元增長 130 萬美元，增幅為 6.2%，環比增長 110 萬美元。

These increases were due to the addition of American Homestar Financial Services and higher insurance premium rates, partially offset by fewer loan sales and fewer insurance policies in force. In the third fiscal quarter, consolidated gross margin as a percentage of net revenue was 23.4%, down from 24.9% in the same period last year.

這些成長是由於美國 Homestar Financial Services 的加入和保險費率的提高，但部分被貸款銷售減少和有效保單減少所抵消。第三財季，綜合毛利率佔淨收入的百分比為 23.4%，低於去年同期的 24.9%。

In the factory-built housing segment, gross profit was 21.7% in the third-quarter, down from 23.6% in the prior year quarter. The reduction was broadly due to higher per unit cost. Financial services gross margin as a percentage of revenue increased to 65.2% in the third-quarter from 55.5% in the prior year quarter. This increase is primarily due to lower weather-related claims, the growing impact of rate increases and underwriting changes on policies.

在工廠化住宅領域，第三季毛利率為 21.7%，低於去年同期的 23.6%。降幅主要歸因於單位成本上升。第三季金融服務毛利率佔營收的百分比從去年同期的 55.5% 成長至 65.2%。這一增長主要是由於與天氣相關的索賠減少、費率上漲的影響日益增大以及承保政策的變化。

Selling, general and administrative expenses in the third-quarter were $81.4 million or 14% of net revenue, compared to $66 million or 12.6% of net revenue during the same quarter last year. Expenses rose primarily due to the addition of American Homestar, which contributed $6.9 million in operating cost and $2.9 million in deal-related expenses, along with higher year-over-year compensation.

第三季銷售、一般及行政費用為 8,140 萬美元，佔淨收入的 14%，而去年同期為 6,600 萬美元，佔淨收入的 12.6%。支出增加主要是因為收購了 American Homestar，該公司貢獻了 690 萬美元的營運成本和 290 萬美元的交易相關費用，以及同比更高的薪酬。

The American Homestar operating costs are expected to decline as we realize projected synergies. Interest income for the third-quarter was $3 million down from $5.4 million in the prior year quarter, primarily due to lower cash balances after the purchase of American Homestar at the beginning of the quarter. Pretax profit was down 16.9% this quarter to $57.6 million from $69.3 million for the prior year period.

隨著預期綜效的實現，American Homestar的營運成本預計將會下降。第三季利息收入為 300 萬美元，低於去年同期的 540 萬美元，主要原因是本季初收購 American Homestar 後現金餘額減少。本季稅前利潤下降16.9%，至5,760萬美元，去年同期為6,930萬美元。

The effective income tax rate was 23.5% for the third fiscal quarter compared to 18.6% in the same period in the prior year. This increase was driven primarily by a reduction in tax credits and non-deductibility of certain American Home SAR deal costs. Net income was $44.1 million compared to net income of $56.5 million in the same quarter of the prior year, and diluted earnings per share this quarter was $5.58 versus $6.90 in last year's third-quarter.

第三財季的實際所得稅率為 23.5%，而上年同期為 18.6%。這一增長主要是由於稅收抵免減少以及某些美國房屋SAR交易成本不可抵扣所致。淨利潤為 4,410 萬美元，而上年同期淨利潤為 5,650 萬美元；本季稀釋後每股收益為 5.58 美元，而去年第三季為 6.90 美元。

Before we discuss the balance sheet, I'd like to take a minute to talk further about capital allocation. During the quarter, we repurchased just over $44 million of common shares under our Board-authorized share repurchase program, leaving approximately $98 million under authorization for further repurchases. Additionally, we've closed our acquisition of American Homestar.

在討論資產負債表之前，我想花一點時間進一步談談資本配置。本季度，我們根據董事會授權的股票回購計畫回購了略高於 4,400 萬美元的普通股，剩餘約 9,800 萬美元的授權額度可用於進一步回購。此外，我們已經完成了對 American Homestar 的收購。

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 operations. Share buybacks will then serve as a mechanism to responsibly manage our balance sheet after considering these initiatives.

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、尋求更多收購以及不斷評估我們貸款業務中的機會。考慮到這些舉措，股票回購將作為負責任地管理我們資產負債表的機制。

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 a decrease in cash and restricted cash of $157.5 million bringing our balance to $242.5 million. Cash provided by operating activities was $66.1 million. Cash used in investing activities was $179.7 million, primarily related to the American Homestar acquisition and cash used in financing activities was $43.9 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減少了 1.575 億美元，餘額降至 2.425 億美元。經營活動產生的現金流量為 6,610 萬美元。投資活動使用的現金為 1.797 億美元，主要與收購 American Homestar 有關；融資活動使用的現金為 4,390 萬美元，主要因股票回購。

As you would expect, when we compare the December 27, 2025 balance sheet to March 29, 2025, several of the balances increased from the addition of American Homestar, including inventories, notes receivable, property, plant and equipment, goodwill and intangibles, accrued liabilities and deferred income taxes. Base business accrued expenses and other current liabilities increased from higher volume rebates and warranty accruals and finally, treasury stock increased due to stock buybacks executed in the period.

正如你所預料的那樣，當我們把 2025 年 12 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時，由於收購了 American Homestar，一些餘額有所增加，包括存貨、應收票據、財產、廠房和設備、商譽和無形資產、所得稅和遞延。基本業務應計費用和其他流動負債因銷售回扣和保固應計費用增加而增加，最後，由於本期間執行的股票回購，庫存股增加。

With this, I'll turn it back to Bill for closing remarks.

接下來，我將把發言權交還給比爾，請他作總結發言。

Thanks, Paul. Before I turn it over to questions, I'd like to briefly comment on our continuing brand and market strategy progress. I know everyone is focused on the numbers of this call, but I think this is really important, and it reflects a long-term strategy that's been unfolding really nicely for us. Over a long period, you've heard me talk initially about a redesign of our digital marketing infrastructure.

謝謝你，保羅。在進入問答環節之前，我想先簡單談談我們持續推動的品牌和市場策略進展。我知道大家都很關注這次電話會議的數字，但我認為這非常重要，它反映了我們一項進展非常順利的長期策略。很長一段時間以來，你們都聽我說過，最初是要重新設計我們的數位行銷基礎設施。

We then rolled out dramatically improved websites not only for our operations but micro sites for our retail partners. Last year, we talked about rebranding 19 manufacturing brands to one under the Cavco name. And most recently, at the Louisville show just a couple of weeks ago, we unveiled our product line framework that organizes every home made across our system under defined lines that we can then market locally and nationally.

隨後，我們不僅為自身營運推出了大幅改進的網站，也為零售合作夥伴推出了微型網站。去年，我們討論了將 19 個製造品牌重新整合為一個品牌，並統一使用 Cavco 這個名稱。最近，就在幾週前的路易斯維爾展會上，我們推出了產品線框架，將我們系統中生產的每一套房屋都歸入明確的產品線，然後我們可以在本地和全國範圍內進行市場推廣。

This is a huge milestone and a long-term strategy aimed at helping a potential home buyer more easily find their best fit Cavco home and helping our retail partners with more and better leads. A lot of very impressive teamwork continues to be exhibited to transform our go-to-market strategy all the way from concept to customer conversations across the system.

這是一個巨大的里程碑，也是一項旨在幫助潛在購屋者更輕鬆地找到最適合他們的 Cavco 房屋，並幫助我們的零售合作夥伴獲得更多更好銷售線索的長期策略。整個系統從概念到與客戶的溝通，不斷展現出令人印象深刻的團隊合作精神，從而轉變我們的市場進入策略。

And I believe we're really well positioned to be a great partner for our retailers and to get more deserving families into quality homes.

我相信我們完全有能力成為零售商的優秀合作夥伴，並幫助更多有需要的家庭住進優質住宅。

So I imagine there may be a couple of questions. So Marvin, go ahead and open up the line.

所以我想可能會有幾個問題。馬文，你來接通電話吧。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員說明）丹尼爾·摩爾，CJS證券。

Bill, Allison, Paul. Let me start with utilization, obviously ticked a little bit lower than I think some people expected. Last quarter, you talked about keeping production steady overall. Where did you see maybe some pockets of weakness that caused you to pull back a little bit or take some more days of downtime. And I guess probably more importantly, how should we think about production as you see the world in Q4 relative to Q3?

比爾、艾莉森、保羅。首先說說利用率，顯然比有些人預期的要低。上個季度，您談到要保持整體生產穩定。你覺得在哪些方面存在一些弱點，導致你必須稍微放慢腳步或多休息幾天？而且，我想更重要的是，您認為第四季度相對於第三季度，我們應該如何看待生產問題？

Yes. It was interesting. I mean, October and November were kind of the downtick. And like I said for the industry, it was pretty sizable. As I commented in my opening remarks, we talked quite a bit about the Southeast last time, because I just wanted to point out that it was standing out relative to the other is kind of struggling or just not as much pickup there as in other regions that really reversed.

是的。很有意思。我的意思是，十月和十一月算是下滑期。正如我之前所說，對於整個行業而言，這規模相當大。正如我在開場白中提到的，上次我們談了很多關於東南地區的情況，因為我只是想指出，與其他地區相比，東南地區的情況比較特殊，它有點舉步維艱，或者說，那裡的增長速度不如其他真正實現逆轉的地區那麼快。

And to be honest, Dan, I could kind of tick through them, but the Southeast was the strongest quarter as far as holding volume and gaining a little bit this quarter. And as you can imagine, I mean, there's -- we always talk about seasonality. I think the drop off in October and November was more than you would expect from seasonality, but everything across the north is going to slow a bit going into that quarter.

說實話，丹，我可以大致了解一下，但就保持成交量和本季略有成長而言，東南地區是表現最強勁的季度。正如你所想，我的意思是——我們總是談論季節性。我認為十月和十一月的下滑幅度超過了季節性因素所預期的程度，但進入下一個季度，北方地區的經濟成長將會放緩一些。

You picked up, I'm trying to make it clear to folks that increasing production in a plant is tougher than pulling back production because you've got to have the teams in place, you've got to have a level of training. And so our tactical decision, very similar to what we talked last year, even when you expect the third-quarter to possibly be a little bit slower.

你明白了，我正在努力向大家說明，提高工廠產量比減少產量更難，因為你必須組建團隊，你必須進行一定程度的培訓。因此，我們的戰術決策與我們去年討論的非常相似，即使你預計第三季可能會稍微放緩一些。

We, at our plants, really held production rate. We held our staffing, we held production rate. And where we had to, which was in a cross system, if backlog logs were just too lean, those folks -- those plants just took a little extra time at the holidays and down days. And that's how we balance the market. If we had done it the other way, we would have probably not been as well positioned now for the possibility of a nice increase in the spring season. So that's how we try to position ourselves.

我們工廠的生產率確實保持穩定。我們維持了員工人數，也維持了生產力。而在交叉系統中，如果積壓的日誌太少，那些工廠的工人──那些工廠的工人──就會在假日和停工日多花一些時間。這就是我們平衡市場的方式。如果我們當時採取了另一種方式，我們現在可能就不會處於如此有利的位置，來迎接春季可能出現的良好增長。所以這就是我們試圖定位自己的方式。

We don't may be frustrating to some people on the calls, but we don't do a lot of predicting and forecasting. We do a lot of making sure we're able to adjust accordingly upward and downward when necessary. And our plans right now because we maintain that production rate are just in a really nice spot to be able to continue moving up if we get the spring selling season, we're hoping and expecting.

我們可能不會在電話會議上做很多預測和預報，這可能會讓某些人感到沮喪。我們做了很多工作來確保能夠在必要時進行相應的向上或向下調整。而我們目前的計劃，因為我們保持著這樣的生產力，正處於一個非常有利的位置，如果春季銷售旺季到來，我們就能繼續提高生產率，我們希望並期待著春季銷售旺季的到來。

There is -- I think people might get tired of us saying at this time of year, but when you're at the Louisville show and when you're talking to our plants and operating reviews when you're talking to customers, there is not a feeling of gloom. People are generally optimistic, and we'll see how it develops. We started off the quarter.

——我想人們可能會厭倦我們在這個時候說這句話，但是當你身處路易斯維爾展會，當你與我們的工廠和營運審查人員交談，當你與客戶交談時，你不會感受到任何悲觀情緒。人們普遍持樂觀態度，讓我們拭目以待事態發展。本季開始了。

I'm jumping beyond your question, Dan, and I apologize if I'm going too far. Yes, we -- as everyone knows, the weather here in the beginning of the calendar year has been a bit challenging. And so that's likely to show is in January, straining some traffic and also delaying some shipments and setting of homes. But the way I think about that is it's early in the quarter and those sales don't go away.

丹，我有點離題了，如果我離題了，我先道個歉。是的，眾所周知，今年年初這裡的天氣有點不太好。因此，這種情況可能會在1月出現，造成交通擁堵，並延誤一些貨物的運輸和房屋的安裝。但我認為現在才季度初，這些銷售額不會消失。

So our plants even ones that had to miss some time in the -- due to the recent weather. We've got a number of plants, not a small number of plants that are running this Saturday because they want to keep up -- and so that's a good indication of their optimism going into the spring.

所以，即使是那些因為最近的天氣原因而不得不休息一段時間的植物，我們的植物也照常生長。我們有不少植物，數量不少，它們本週六都會參加比賽，因為它們想跟上進度——這很好地表明了它們對春天的樂觀態度。

Very helpful. I'm going to maybe just pull on that string a little bit more and go back to the comments you made in the prepared remarks, which is -- we're in position, I think, if I heard correctly, to hold, in general, hold production year with backlogs potentially taking higher unless we decide to increase production, in which case, they might stay flat. So net-net, it feels like flattish sequentially and maybe a little upside to that is where you're seeing the world for fiscal Q4, but tell me if that's wrong.

很有幫助。我或許會再深入探討一下，回到您在準備好的發言稿中提到的內容，那就是——我認為，如果我沒聽錯的話，我們目前的情況是，總體上可以保持本年度的生產水平，積壓訂單可能會增加，除非我們決定增加產量，在這種情況下，積壓訂單可能會保持不變。所以總的來說，你覺得第四財季的整體情況會比較平穩，可能會略有上升，但如果我的理解有誤，請告訴我。

You caught me. I slide in a little bit of an update there, a mid-quarter update, right? Because what I was trying to convey, and I didn't mean to be too subtle about it. What I was trying to convey is that as we sit here today, we're pretty comfortable that our backlogs are holding. And if we get the uptick, you're almost inevitably going to get an uptick from the spring selling season.

你抓到我了。我在這裡插入一點最新進展，一個季度中期進展報告，對吧？因為我想要表達的意思，我並不是想表達得太含蓄。我想表達的是，就我們今天在這裡的情況來看，我們對目前的積壓工作能夠控制住局面相當有信心。如果銷量回升，那麼春季銷售旺季的銷售幾乎必然也會回升。

But we'll have kind of complete control and choice about whether to increase production rate and let the backlog kind of sit where it is or let the backlog move up a little bit for us. And four to six-weeks is not a bad place to be if you feel like it's stable. So yes, that's a little bit of a mid-course update on the first-quarter that we're not feeling like that backlog is falling out from under us.

但是，我們將擁有完全的控制權和選擇權，可以決定是否要提高生產力，讓積壓訂單維持現狀，還是讓積壓訂單稍微提早一些。如果感覺身體狀況穩定，那麼四到六週的時間也算不錯了。是的，這是第一季中期情況的簡要更新，我們感覺到積壓的工作並沒有讓我們措手不及。

Really helpful. Shifting to gross margin, factory-built gross margins, you mentioned higher per unit costs. wondering, Allison, if we can just tease that out a little bit. I mean, the questions I'd have is there any lingering impact in acquisition accounting? And how do we think about the impact of kind of lower utilization versus mix in the quarter?

真的很有幫助。談到毛利率，特別是工廠生產的毛利率，你提到了較高的單位成本。艾莉森，我想請你詳細解釋一下。我的意思是，我想問的是，收購會計方面是否有任何後續影響？那麼，我們該如何看待本季較低的利用率與產品組合之間的關係呢？

Yes. Thanks for that. On a year-to-year basis, I think as we will just kind of reflect on there was no consistent with what we foreshadowed last quarter in our statements there really was no impact to gross margins from the acquisition. And when we think about margins year-over-year, they were down due to increases in input costs and just in summary, prices were stable, and they were resilient, even less so in fuller markets, it really speaks to kind of a consistent underlying demand.

是的。謝謝。從年比來看，我認為，正如我們回顧上個季度聲明中所預告的，這項收購併未對毛利率產生任何影響。當我們考慮同比利潤率時，由於投入成本增加，利潤率有所下降；總而言之，價格保持穩定，並且具有韌性，即使在供應充足的市場中也是如此，這確實表明了持續的潛在需求。

Well, the reality was that prices did not increase enough to offset the input cost. This is a little unusual, particularly when we reflect on the retail side, but we don't think the -- we don't see that as a systematic change.

但實際情況是，價格上漲幅度不足以抵銷投入成本。這有點不尋常，尤其是在我們反思零售方面時，但我們並不認為——我們並不認為這是一個系統性的變化。

And as you mentioned, the retail margin was a little lighter, and I assume that flowed through there as well.

正如您所提到的，零售利潤率略低，我估計這一點也反映在那裡了。

That's correct.

沒錯。

That was one or two. That's a little bit of -- we haven't seen that historically. And while we wanted to call it out to help explain where we saw some of the downward impact on gross margin -- at the same time, I'm going to encourage people to listen when we say that our retail operations still are, even as we've expanded and they still are largely concentrated in Texas and surrounding states in the South Central.

那大概是一兩個吧。這有點——歷史上我們從未見過這種情況。雖然我們想指出這一點，以幫助解釋我們看到毛利率下降的原因——與此同時，我也想鼓勵大家聽聽我們說的話，即使我們已經擴張，我們的零售業務仍然主要集中在德克薩斯州和中南部周邊各州。

And so I just wouldn't want people to project that retail margins across the country for independents or the industry in general, necessarily saw the same thing. It was one-quarter where they -- they kind of compressed their cost of buying a home and then their cost of selling it. But it's localized, and we also don't think in Texas, we're reading a whole lot into it at this point. But it was a factor that was more significant than we've seen in the past on gross margin.

因此，我不希望人們認為全國各地獨立零售商或整個行業的零售利潤率一定都相同。有四分之一的時間，他們——他們壓縮了購屋成本和售房成本。但這只是局部現象，我們認為在德州，目前我們還沒有對此過度解讀。但這卻是影響毛利率的一個比我們以往所見更重要的因素。

Helpful. Is -- in terms of mix, is retail slightly lower margin than producing homes? Or is it not necessarily the case?

很有幫助。從產品組合來看，零售業的利潤率是否略低於住宅生產？或情況未必如此？

Typically, we don't see that as the case.

通常情況下，我們不會遇到這種情況。

Yes. Last for me. I'll jump out. deal-related costs. I think you said $2.9 million are those largely behind you? And can you quantify at all the impact of integration plan spend in the quarter and what that kind of looks like in fiscal Q4 and beyond?

是的。對我來說是最後一個。我先退出。交易相關費用。我記得你說過290萬美元，那些錢大部分都已經到帳了嗎？您能否量化一下本季整合計畫支出的影響，以及這種影響在第四財季及以後會呈現怎樣的趨勢？

Yes. The deal cost would have concluded in the third-quarter when the deal was closed. And when we think about integration costs, we also, as Bill mentioned, absorbed a good bit of integration cost this quarter, which kind of tend to mute the uptick that we saw from early synergies I would say that both as the synergies begin to take hold and we see an uptick there, we'll also see the integration costs continue to decrease slightly as we go forward.

是的。交易成本本應在交易完成時的第三季結算。當我們考慮整合成本時，正如比爾所提到的，我們本季也承擔了相當一部分整合成本，這在一定程度上抑制了我們從早期協同效應中看到的成長。我認為，隨著協同效應開始顯現並出現成長，我們也會看到整合成本隨著時間的推移繼續略有下降。

Follow-ups. Go ahead.

後續跟進。前進。

This felt like an investment quarter to kind of get us positioned with American Homestar. I mean some of those deal-related costs are high things like adviser fees that are contingent on success of the deal that can't be capitalized. So a lot of those, obviously, they're paid and they're behind us. So this quarter kind of got all the negatives out of the way on that. And I think going forward, we'll see the positive synergies really come to the front.

感覺這季度像是投資，目的是讓我們與美國房屋之星（American Homestar）建立聯繫。我的意思是，有些與交易相關的成本很高，例如顧問費，這些費用取決於交易的成功與否，而且無法資本化。所以很明顯，他們中的許多人已經拿到了報酬，而且他們站在我們後面。所以這個季度基本上把所有不利因素都解決了。我認為展望未來，我們將看到正面的協同效應真正顯現出來。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格-哈勒姆。

Yes. I guess just digging in a little bit more about activity by channel, Bill, I think you mentioned that you saw maybe relative weakness or underperformance, I forget the term is in communities versus retail. So can you talk a little bit about what you're seeing from some of the REITs in the community in general as a whole?

是的。比爾，我想再深入探討各個管道的活動情況，我想你提到過，你可能看到了相對疲軟或表現不佳的情況，我忘了具體術語是什麼，是社群管道與零售通路的對比。那麼，您能否談談您從整個房地產投資信託基金（REITs）中觀察到的情況？

Yes. Now you heard me right. I mean, when we look at the volume decrease that we saw, which -- well, I'll just stop there, when we look at the volume decrease we saw, it was pretty focused on the community side. And we went back and looked over quarters, and I will tell you that communities can be pretty volatile, right? You look quarter-to-quarter. And what we're looking at actually is our revenue by channel.

是的。你沒聽錯。我的意思是，當我們觀察我們看到的銷量下降情況時——好吧，我就說到這裡吧——當我們觀察我們看到的銷量下降情況時，它主要集中在社區方面。我們回去查看了各個街區，我可以告訴你，社區可能會非常不穩定，對吧？你每季都仔細觀察。我們現在關注的實際上是各個管道的收入。

That can move up and down quarter-to-quarter, sometimes without explanation. As we come to the end of the year, I think there could be a lot of reasons for it. things like them, they have allocations to various suppliers. We did pretty well earlier in the year. It could be a little bit of evening out there. Even their capital management as they come to the end of their calendar year I think, can play into the third -- our third-quarter being down at times.

這個數字每季都會上下波動，有時甚至沒有解釋。臨近年底，我認為可能有很多原因。例如，他們會給不同的供應商分配配額。今年早些時候我們表現相當不錯。外面可能有點黑。我認為，即使是他們在年底的資本管理，也可能對第三季產生影響——我們的第三季有時會出現下滑。

What I haven't heard and did kind of go out to try to listen and see if it was a factor, I'm still not hearing communities with pessimism or feeling that if they set another house, they won't be able to find either a buyer or a renter for that house. They're not concerned about the end consumer. And they're not -- we talk sales to communities to larger REITs really occur at different levels.

雖然我沒有聽到任何相關消息，也特意出去了解了一下，看看這是否是一個影響因素，但我仍然沒有聽到任何社區感到悲觀，或者認為如果他們再建一棟房子，就找不到買家或租客。他們並不關心最終消費者。而且事實並非如此——我們談論的向社區和大型房地產投資信託基金的銷售實際上是在不同的層面上進行的。

We talk at higher levels about their overall plans for the coming year and years at times. And then the actual sales happening actually on a plant-by-plant basis at those higher-level discussions. I'm not hearing any bearish tone about slowing down their plans for the coming year or years. So it's an observation that communities were probably the biggest part of the weakness in sales this quarter.

我們有時會在更高層面上討論他們未來一年甚至幾年的整體計劃。然後，實際的銷售情況實際上是在更高層級的討論中，逐一工廠進行的。我沒有聽到任何關於放緩未來一年或幾年計劃的悲觀言論。因此，可以觀察到，社區可能是本季銷售疲軟的最大原因。

And I feel like I say this to you guys on a lot of things, I want to call it out. It's something we're watching, but I don't know that we should call it a trend at this point.

我覺得我常常跟你們說這些，我想把這一點說出來。這是我們正在關注的現象，但我覺得現在稱之為趨勢還為時過早。

Yes. Understood. And are you able to -- I know you mentioned October, November a few times, but are you able to comment on kind of what you thought in December, just from the standpoint that I think you sort of hinted that October was maybe trending a little bit better and so on. But at the same point, you mentioned or alluded to the really bad production data. So I'm just trying to figure out kind of December win? And what -- how sort of the cadence of activity played throughout the quarter?

是的。明白了。您能否—我知道您多次提到十月和十一月，但您能否就十二月的情況發表一下看法？因為我覺得您似乎暗示過十月的趨勢可能會好一些等等。但同時，你提到或暗示了非常糟糕的生產數據。所以，我只是想弄清楚十二月的勝利是怎麼回事？那麼，整個季度活動的節奏如何呢？

Yes. My comments about October and November were only called out because that's the industry data that's available. I wasn't trying to not talk about what happened internally in December. So as you know, I mean we're all still waiting for the December shipment data but I'm doing this off the top of my head. I think through the year, through the calendar year, we saw seasonally adjusted rates of shipments.

是的。之所以特別提到十月和十一月的數據，是因為目前只有這兩個月的產業數據可供參考。我並不是故意不去談論12月公司內部發生的事。如你所知，我們都還在等待 12 月的出貨數據，但我現在是憑記憶做的。我認為，縱觀全年，我們看到了經季節性調整後的出貨量。

In the early part of the year, it was pretty strong, up 106-ish, 106,000 or so. October, I think it dropped to March point up the data, to 96,000 seasonally adjusted rate in November it dropped to 93%. So those were significant moves down, denying it. And we just wish we had the data before this call to report on the industry data in December.

今年年初的時候，漲幅相當大，大約上漲了106,000到106,000左右。我認為，10 月的數據顯示，經季節性調整後的比率下降到 3 月的 96,000，11 月下降到 93%。所以這些都是重大的否定之舉。我們真希望能在這次電話會議之前就拿到數據，以便在 12 月報告業界數據。

The shape, I would say, because we have told you guys in some quarters, the shape of how the quarter shaped out. I would actually tell you that this was lower October through December. And I don't feel like the market -- even though that November seasonally adjusted rate for the industry was down compared to October.

我會說，形狀，因為我們之前已經告訴過你們，硬幣的形狀是如何形成的。實際上，我會告訴你，這種情況在十月到十二月期間比較少見。而且我感覺市場——儘管11月該行業的季節性調整率比10月有所下降。

I don't know that internally, we felt like we're on a steep downward slope during the quarter. It was a holiday quarter, right? So you always have to figure that in. But it didn't feel like things were falling apart incrementally month-to-month.

我不知道，但就我們內部而言，我們感覺本季正處於急劇下滑的階段。那是假期季度，對吧？所以你始終要把這一點考慮進去。但感覺事情並不是逐漸逐漸惡化的。

Yes. Okay.

是的。好的。

That --

那--

Yes. That's helpful. And on the gross margins, you talked about what -- a little bit of compression at retail. And I'm just wondering, was this some sort of company specific strategy because you said it was not an industry thing. And it kind of sounded like it was more, I don't know, certain geographies within your footprint, but I just wanted to better understand exactly what you meant.

是的。那很有幫助。關於毛利率，你剛才提到了什麼——零售方面略有壓縮。我只是想知道，這是公司特有的策略嗎？因為你說過這不是行業普遍現象。聽起來好像更多的是指，我不知道，你業務範圍內的某些特定區域，但我只是想更好地理解你的意思。

Yes. I don't know if I can capably comment on other people. So I can't tell you whether that same dynamic was at play for others. I'd tell you, I mean, just to be very frank about it, our volume in retail was pretty strong compared to the market they're operating in. And I still -- sometimes I talk about our retailers if it's still just Texas and in that area, it's broader than that now, but a lot of our retail results are still driven by Texas.

是的。我不知道自己是否有資格對他人做出評價。所以我無法告訴你同樣的情況是否也發生在其他人身上。坦白說，我們的零售銷售與他們所處的市場相比相當強勁。而且我仍然——有時我會談到我們的零售商，如果仍然只是德克薩斯州的話，雖然現在範圍更廣了，但我們許多零售業績仍然受到德克薩斯州的影響。

So we saw a quarter where our volume was strong relative to what we were seeing in the market, and we had that compression. So we're going to be looking at it and trying to figure out if we were under the market, to be frank. But I think it's that kind of a tactical discussion. It's something that I think from everything we can tell is isolated, and we'll jump on it and figure it out.

所以我們看到，在一個季度裡，我們的銷售量相對於市場上的銷售量而言非常強勁，並且我們經歷了這種壓縮。所以，我們將仔細研究一下，坦白說，看看我們是否低估了市場價值。但我認為這屬於那種策略性的討論。我認為，從我們目前掌握的情況來看，這應該是個別事件，我們會立即著手調查並找出原因。

And just to be clear, there were no purchase accounting inventory step-up impacts in gross margin in the quarter? And is there a meaningful difference in Homestar gross margins versus Cavco?

另外，要先明確的是，本季毛利率沒有受到購買會計存貨成本增加的影響嗎？Homestar 和 Cavco 的毛利率是否有顯著差異？

So no, there was no real impact on the consolidated gross margins gross profit due to any purchase accounting associated with the acquisition as we had experience in previous acquisitions, I think that's consistent with comments that we also shared last quarter. So in general, as we've mentioned, when we look at the acquisition, their margins tend to be broadly in line with capital margins.

因此，由於我們在先前的收購中累積了經驗，因此此次收購相關的任何購買會計處理並未對合併毛利率或毛利產生實際影響，我認為這與我們上個季度分享的評論是一致的。所以總的來說，正如我們之前提到的，當我們審視收購時，它們的利潤率往往與資本利潤率大致一致。

That's at both retail and manufacturing.

零售業和製造業都是如此。

Within the company.

公司內部。

The other thing we've commented on last time people had asked questions about it was they're more integrated on average. They were about 60% selling their homes through their stores versus previous Cavco is in probably the 22% range. So while they're small relative to the rest of the system, just directionally, that means that those integrated sales are upward pushing on the gross margin. So if anything, we have a little bit of an upward push from bringing American Homestar into the company.

上次有人問到這個問題時，我們也提到過，平均而言，他們的社會融合程度更高。他們大約有 60% 的房屋是透過他們的門市出售的，而之前的 Cavco 的比例可能在 22% 左右。因此，雖然它們相對於系統的其他部分來說很小，但從方向上看，這意味著這些整合銷售正在推高毛利率。所以，如果有什麼影響的話，那就是將 American Homestar 併入公司後，我們獲得了一些向上推動力。

Yes. Okay. And by the way, this last one on that, do you have a metric for -- or an updated metric on the homes sold through company-owned stores, both as what it was in the quarter including Homestar and maybe I don't know if you have it on a like-for-like or same-store basis if you exclude that impact since they sell a lot more through company-owned than you?

是的。好的。順便問一下最後一個問題，你們有沒有關於透過公司自有門市售出房屋的指標──或者說是更新後的指標？包括本季包含 Homestar 在內的數據，以及如果排除 Homestar 的影響（因為他們透過公司自有門市的銷售額比你們高得多），你們是否有同類或同店銷售的指標？

Yes, Greg, American Homestar was 343 homes total.

是的，格雷格，American Homestar 總共有 343 間房屋。

Yes, just through retail.

是的，僅透過零售通路銷售。

Not just the retail, right? So this quarter, our company-owned store was 1,339. And the prior year quarter was 1,075. So it's up 25%.

不只是零售業，對吧？所以本季度，我們公司自營門市的數量為 1,339 家。而上年同期為 1,075。所以上漲了25%。

That would be, I think, consolidated with American Homestar.

我認為，那將會與美國Homestar合併。

Okay. I'll run the net and maybe follow up offline.

好的。我會上網搜索，或許之後會在線下跟進。

Jesse Lederman, Zeiman.

傑西·萊德曼，澤曼。

I appreciate all the color thus far. I wanted to dig in a little bit more on kind of the cadence through the quarter and maybe into the beginning of the year here, appreciating you don't have national industry shipments yet for December. Are you able to comment on internally, maybe your progress how things might feel if you're not willing to share specific numbers coming from November to December, and then December to January, and maybe your outlook for the spring selling season?

我很喜歡目前為止呈現的所有色彩。我想更深入地了解本季乃至年初的節奏，因為我知道你們還沒有 12 月份的全國行業出貨量數據。您能否就內部進展發表一些評論，例如如果您不願意透露 11 月到 12 月以及 12 月到 1 月的具體數字，大家可能會有什麼感受，以及您對春季銷售季的展望？

Yes. December, if everything is equal, December is going to be a holiday month, and everything is going to slow down, right? So if you think about it on a seasonally adjusted average rate, which I find helpful, just -- let's just think conceptually on that basis was December a drop-off considering that it's always going to be a relatively slow month rate.

是的。如果一切順利，12月將是一個假期月，一切都會慢下來，對吧？所以，如果你從季節調整後的平均利率來考慮（我覺得這樣很有幫助），就——讓我們從這個概念上思考一下，考慮到12月的利率總是相對較低，那麼12月的利率是否出現了下降。

I don't think December felt like it was a drop off from November, just as far as looking at our data and kind of the tone of what was going on in the industry. So I don't know if that's helpful because I can't be real quantified lacking the industry data. But if I had to guess what the industry data is going to come in saying for December, it's probably going to be similar seasonally adjusted rate to November, and we'll see if I'm right, but it didn't feel like it was slowing down.

從我們的數據和行業整體氛圍來看，我不認為 12 月份的業績比 11 月份有所下滑。所以我不知道這是否有幫助，因為缺乏行業數據，我無法進行真正的量化分析。但如果讓我猜測12月份的行業數據會顯示什麼，那可能與11月份的季節性調整後的增長率相似，我們拭目以待，看看我的猜測是否正確，但感覺並沒有放緩的跡象。

I guess you're also asking for the sense of how we're doing so far this quarter. The one thing that we have talked about already in this call is that we're pretty comfortable that backlogs aren't dropping off for us. So that's a positive. And the thing that makes it really hard to give an update even to the extent we're willing to share, Jesse is that man the weather.

我想你也是在詢問我們本季迄今的業績。我們在這通電話中已經談到的一點是，我們相當有信心，我們的積壓訂單不會減少。這是個好消息。而真正讓更新天氣資訊變得非常困難的一點，即使我們願意分享這些訊息，是因為傑西就是那個預測天氣的人。

I mean we're just a few weeks in and that storm really is going to kind of shake things up for the month, but it will be muted by the time we get to the end of the quarter is my expectation. So I wouldn't expect people to overly react to that comment about the January weather when you're thinking about what Q4 might look like because, again, those sales don't go away.

我的意思是，現在才過了幾週，這場風暴確實會為這個月帶來一些變化，但我預計到季度末，它的影響就會減弱。所以，當你在思考第四季的前景時，我並不認為人們會對一月份的天氣評論反應過度，因為，再說一遍，這些銷售額不會消失。

And our plants are already actually running Saturdays and doing things like that to make up for that lost time. So over time, that just moves activity from one week or one-month to another. Not something that we're really concerned about. So I apologize if that's not as complete as you like, Jesse, but that's kind of my reaction to the question.

我們的工廠實際上已經在周六也開工生產，並採取類似措施來彌補損失的時間。所以隨著時間的推移，這只是把活動從一周或一個月轉移到另一週或另一個月而已。這並不是我們真正擔心的事情。傑西，如果我的回答不夠全面，我深表歉意，但這大概就是我對這個問題的回答。

No, that's really helpful. I appreciate the comments there. When you say backlogs aren't dropping off, it seems have kind of stabilized in the near term, is that at a similar utilization that you ended the quarter with? Or have you slowed things maybe just to touch quarter-to-date, maybe given the weather, given some other trends you've seen?

不，這真的很有幫助。感謝大家的評論。您說積壓訂單沒有減少，但似乎在短期內趨於穩定，這是否與您上季末的使用率相似？或者，您放慢了速度，只是為了完成季度至今的業績，可能是考慮到天氣或其他一些趨勢？

No, we haven't slowed things. I mean think about our production rate in two pieces, right? It's how much we make a day across the whole system and then how many days we operate. We have not slowed -- we didn't slow in the third-quarter as far as production rate, and we haven't slowed -- giving you the update, but we haven't slowed here early January.

不，我們並沒有放慢速度。我的意思是，把我們的生產力分成兩部分來考慮，對吧？這是我們整個系統每天的收入，以及我們營運的天數。我們沒有放慢速度——第三季我們的生產速度沒有放慢，而且我們也沒有放慢速度——向您匯報最新情況，但截至1月初，我們還沒有放慢速度。

However, we have lost operating days due to the storm. And that's where I said we're doing things to try to recapture that time. So we're not in the mode at this point of general like we get a pull back our daily production rate in the plants. And instead, we're trying to make sure we hold it and are ready to go up.

然而，由於暴風雨的影響，我們損失了一些營業時間。而我當時就說過，我們正在努力找回那段時光。所以目前我們還沒有採取像降低工廠日產量這樣的整體策略。相反，我們正在努力確保我們能守住它，並做好上升的準備。

Okay. That's great to hear. What is your sense from conversations maybe at the Louisville show or from communities or other dealers that's driving some of the optimism for the spring selling season that makes you think that you could see an increase in backlog or perhaps an increase in capacity utilization. Are there any early indicators that you're hearing or you're seeing or you're looking for that give you that confidence?

好的。聽到這個消息真是太好了。您在路易斯維爾展會上或與社區或其他經銷商的交談中，感受到了哪些因素促成了人們對春季銷售季的樂觀情緒，讓您認為積壓訂單可能會增加，或者產能利用率可能會提高？你是否聽到、看到或正在尋找某些早期跡象，讓你對未來充滿信心？

Yes. The tone of the show, and I actually wasn't able to go, but I'll tell you, I talked a lot with people at (technical difficulty) because it's always a great interest, and our team was pretty actually pretty jacked up about the show. Frankly, which made me feel really good. They were happy with how we showed it up, but they are also happy with the discussions they had with our customers, the dealers and the communities about their prospects for the new year.

是的。節目的基調，雖然我實際上沒能去，但我可以告訴你，我和（技術故障）的人們聊了很多，因為大家對這個節目一直很感興趣，我們的團隊對這個節目也真的非常興奮。坦白說，這讓我感覺非常好。他們對我們的展示方式感到滿意，同時也對與我們的客戶、經銷商和社區就新一年的前景進行的討論感到滿意。

And I think we all look at similar things. Traffic, I look at quotes, which I think is a bit of a directional long lead indicator -- if we see quote activity drop off, then that makes me think about what our order is going to be like in a month or two, we have not seen them drop off. They've been actually pretty healthy. So I think everybody kind of hits Louisville show excited about what Spring could offer.

我認為我們關注的都是類似的事情。流量方面，我會查看報價，我認為這在某種程度上是一個方向性的長期指標——如果我們看到報價活動下降，那麼我就會思考一兩個月後我們的訂單會是什麼樣子，但我們還沒有看到報價活動下降。他們其實身體都很健康。所以我覺得大家對路易斯維爾的演出都充滿了期待，也對春季的演出充滿期待。

So that's just the nature of our attitudes and our mindsets. But then the more tangible measures around traffic and quotes and activity like that still seems to be pretty strong. So that's what we're reading at this point. And we're really anxious we get to this point in the year. It's always interesting when we have our conference call because it's a little early even for us to have a feel for how early spring is shaping up, right?

這就是我們態度和思考方式的本質。但是，像是流量、報價和活動這類更具體的指標似乎仍然相當強勁。這就是我們目前正在閱讀的內容。我們真的很期待今年的這個時候到來。每次開電話會議都很有意思，因為即使對我們來說，現在判斷早春的走向也為時過早，對吧？

We're not there yet, but we get pretty anxious this time of year to look at even weekly sales activity because it gives us an early indication of the spring. We're just not there yet.

雖然還沒到那個時候，但每年這個時候我們都會非常焦慮地關注每週的銷售情況，因為它能讓我們及早了解春天的到來。我們還沒達到目標。

Got it. Okay. Two more for me. One is, from an inventory level perspective, is there any evidence maybe across your captive retail that you're aware of that there's any evidence of destocking that could pressure near-term orders even if end demand is recovering a bit?

知道了。好的。我還要再吃兩個。一是，從庫存水準的角度來看，您是否知道您的自有零售通路中存在任何去庫存的跡象，即使最終需求有所恢復，也可能對近期訂單造成壓力？

You're saying destocking? Or are you worried about overstocking?

你是說清倉甩賣？還是您擔心庫存積壓？

Overstocking sorry.

庫存積壓，抱歉。

Yes. No, I actually think that from the time when we had that big problem now it feels like at least 1.5-years, 2-years ago, people have been pretty disciplined. I don't think there's any I certainly haven't heard of anyone stocking up, and there's a reason for that. I mean, let's think about just the dealers, right? They can order a home and because backlogs are where they're at, it's not a long way to get that home.

是的。不，我其實覺得，從我們遇到那個大問題到現在（感覺至少是1.5到2年前），人們都相當自律了。我不認為有任何囤貨行為，我當然沒有聽說有人在囤貨，這是有原因的。我的意思是，我們只考慮經銷商，對吧？他們可以訂購房屋，而且由於積壓的訂單都在那裡，所以很快就能拿到房子。

So they're not jumping back in line with multiple orders because they're worried about the pace at which they can receive a home. So that causes them to really stick very close to whatever their individual store target inventory is -- so I really don't think we've seen any buildup there.

所以他們沒有立即重新排隊下多份訂單，因為他們擔心自己獲得住房的速度。因此，這使得他們能夠非常嚴格地遵守各自門市的目標庫存——所以我認為我們真的沒有看到任何庫存積壓的情況。

Okay. That makes a lot of sense. And the last one for me is a little bit more high level. given you have great exposure in Texas, particularly bolstering that with the American Homestar acquisition, we're aware of some legislation that's been passed that's set to be effective in the middle of 2026 just statewide to level the playing field a little bit more, at least as it pertains to zoning for manufactured homes relative to single-family homes.

好的。這很有道理。最後一個問題對我來說比較宏觀一些。鑑於您在德克薩斯州擁有巨大的影響力，尤其是在收購 American Homestar 之後，我們了解到一些立法已經通過，將於 2026 年年中在全州範圍內生效，旨在使競爭環境更加公平，至少在預製房屋相對於獨棟住宅的規劃方面是如此。

Quite frankly, surprised -- we haven't heard much about that or even other statewide legislation reform over the last few years. What are your thoughts on that? Why maybe have we not heard of it? Is there optimism surrounding it -- any clarity there would be great.

坦白說，我很驚訝——過去幾年裡，我們很少聽到有關這方面或其他全州立法改革的消息。你對此有何看法？為什麼我們之前從未聽說過它？對此是否有樂觀態度？如果有任何明確的訊息，那就太好了。

Yes, I read your note on that, and you also cited Kentucky, which is a big market and Kentucky's changes are a little bit more sweeping, right, more possibly more impactful on a local basis. So I don't know why we haven't heard more about it. I thought it was good that you covered it. I think maybe people just aren't keeping tabs on what's going on with those legislatures.

是的，我讀了你關於那件事的評論，你也提到了肯塔基州，那是一個很大的市場，肯塔基州的變化也更加徹底，對吧，對當地的影響可能更大。所以我不知道為什麼我們沒有聽到更多相關消息。我覺得你報道這件事很好。我覺得可能是人們沒有密切注意這些立法機構的動態。

But it's a great example of that slow progress but definitely progress that the industry is going to make over time about zone. Having states actually put legislation in place to either encourage or actually push local municipalities to open up a little bit to these solutions is a great development. So I think we should be excited about it.

但這正是該行業在區域劃分方面緩慢但肯定會取得進步的一個很好的例子。各州制定法律，鼓勵或推動地方政府更開放地接受這些解決方案，這是一個很好的進展。所以我覺得我們應該為此感到興奮。

I don't know if the next obvious question is how big of an impact do we think it's going to make? I don't have that for you, but man, it's something that we should be looking at and you put a spotlight on it.

我不知道下一個顯而易見的問題是不是：我們認為它會產生多大的影響？我沒有那方面的訊息，但是，夥計，這是我們應該關注的事情，而你把它提了出來。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員說明）丹尼爾·摩爾，CJS證券。

Just a couple of more lots you covered a lot of ground, but maybe any color on sort of bucketing the updated and upgraded synergy targets? I think you said $10 million -- how do we kind of think about the -- where those are coming from? And you mentioned roughly half actions or we should see starting in the March quarter? How do we think about the cadence there going forward as well?

再多說幾句，你已經涵蓋了很多內容，但是能否就更新和升級後的協同目標進行分類方面提供一些細節信息呢？我想你剛才說的是 1000 萬美元——我們該如何考慮這些錢的來源？您提到大約一半的行動應該會在三月開始實施？我們接下來該如何考慮這方面的節奏呢？

Do you want that one?

你想要那個嗎？

Sure, I'll go forward. So we talked to talked about leaving on an annualized rate of $5 million into the quarter. And ultimately being like a $10 million level, right, which would be about $2.5 million a quarter. So as we think about the next quarter ahead of us, if we've exited that third-quarter at (technical difficulty) five on an annualized basis. It puts us at perhaps a $1.25 million positive uplift to profitability in Q4.

當然，我會繼續前進。所以我們談到了以每年 500 萬美元的年化收益率離開，進入本季。最終達到 1000 萬美元的水平，對吧，也就是每季約 250 萬美元。所以，當我們展望下一個季度時，如果我們以年化方式結束第三季度，（技術難度）5。這將使我們第四季的獲利能力提升約 125 萬美元。

As you think about it, the areas that we've talked about as far as where the synergies would hit on the geography of the P&L when we first talked about the acquisition is so consistent today is we look to have purchasing savings and optimization. We also look to have direct labor savings at the college level. And certainly, through the course of time, we've proven that we're very effective and efficient in driving synergies to our shared services which is our SG&A area. So those would be broadly the bucket that we would quantify the $10 million.

仔細想想，我們之前討論過的關於協同效應將如何影響損益表地域的領域，在我們最初討論收購時就已明確指出，今天我們仍然希望節省採購成本並實現優化。我們也希望在大學層級節省直接勞動成本。當然，隨著時間的推移，我們已經證明，我們在推動共享服務（即我們的銷售、一般及行政費用領域）的協同效應方面非常有效和高效。所以，這些大致上就是我們用來量化這 1,000 萬美元的範圍。

Perfect. On the ASP front, jumped to 107,000 during the quarter. How do we think -- how much of that is mix from American Homestar which obviously includes a higher percentage of homes through captive retail. And is that a number that we think is sustainable as we move forward here?

完美的。平均售價方面，本季躍升至 10.7 萬美元。我們認為——其中有多少是來自 American Homestar 的產品組合，而 American Homestar 的產品組合顯然包含更高比例的透過專屬零售通路銷售的房屋。我們認為這個數字在我們未來發展過程中是可持續的嗎？

Yes, Dan, this is Mark. So it increased a little bit due to the high proportion of homes sold through company-owned stores, but it was about $1,000 increase of the sequential increase that you saw. American Homestar. Yes.

是的，丹，這是馬克。因此，由於透過公司自營商店售出的房屋比例較高，所以略有增長，但與您看到的環比增長相比，大約增長了 1000 美元。美國Homestar。是的。

We kind of had a lot of things. We talk about all these variables that make our average selling price so hard to dissect. This was a period where a lot of things were kind of pushing it upward. American Homestar pushing it upward mostly because of their integration with -- between manufacturing and retail. I know I'm using integration in different ways on this call.

我們當時有很多東西。我們討論了所有這些變量，而正是這些變量使得我們的平均售價難以分析。那段時間，很多因素都在推動它向上發展。美國 Homestar 之所以能推高股價，主要是因為他們與製造業和零售業的整合。我知道我在這次通話中以不同的方式使用了整合。

The shift overall, even in our previous business toward a retail a little bit. We had that going on. Definitely a product mix shift moves towards multi, which we've seen for a number of quarters. And then I think I commented about the -- what we think is the best proxy for what is a given product selling for now versus the previous period, that was up a bit. So -- and this is a quarter where everything was kind of pushing the price up.

整體趨勢是，即使在我們之前的業務中，也略微轉向了零售業。我們當時就是這麼做的。產品組合明顯地向多元化方向轉變，這種情況我們已經連續幾季看到了。然後我想我評論過——我們認為衡量特定產品當前售價與上一期售價的最佳指標是，這個指標略有上漲。所以——在這個季度裡，各種因素都在推高價格。

Got it. We talked a lot about the defect the factory-built gross margin in Q3. Kind of any thoughts about factory-built gross margins on a looking at Q4 and how we should expect relative to Q3 over the next quarter or two?

知道了。我們討論了很多關於第三季工廠生產毛利率缺陷的問題。關於第四季工廠化生產的毛利率，大家有什麼看法？我們該如何預期未來一、兩個季度相對於第三季的毛利率會有怎樣的變化？

I think Allison commented that I think on the commodities, if you just look at them, there's some movement up. I mean, lumber is starting to move, some steel increases that have been announced, and we'll see how they flow through. So Allison, you might have more color, but I think directionally, there is going to be some cost of good -- the bill of materials focused on building materials. There is going to be some materials movement, right?

我認為艾莉森評論說，就大宗商品而言，如果你仔細觀察它們，你會發現它們有一些上漲的趨勢。我的意思是，木材開始流通了，一些鋼材價格也宣布上漲，我們將看看這些漲價會如何反映出來。所以艾莉森，你可能會有更多色彩，但我認為從方向上看，會有一些成本——材料清單側重於建築材料。一定會有一些物資流動，對吧？

Yes. I mean, and to build on a little bit, we haven't touched on it yet, but let's introduce it here, we know the tariffs are having an upward impact on our COGS is getting really difficult to precisely estimate the impact. But if we think about it this quarter, our best estimate overall that COGS was impacted by about $3 million this quarter. And the reason for the challenge of really being able to project that going forward, which, to your point, would fall within manufacturing.

是的。我的意思是，再進一步說說，我們還沒有談到這一點，但讓我們在這裡介紹一下，我們知道關稅對我們的銷售成本產生了上調作用，但要精確估計這種作用變得越來越困難。但就本季而言，我們最好的估計是，本季銷售成本受到了約 300 萬美元的影響。而真正具有挑戰性的是能夠預測未來發展趨勢，正如您所說，這屬於製造業的範疇。

The challenge is that just simply put, the suppliers' ability to pass through tariffs it's also partially a function of the level of demand for the products. So for example, if the demand for lumber or steel starts to heat up, we're likely to see the full impact of tariffs. So that's the area that we would be watching for as far as pressure on the margins.

問題在於，簡而言之，供應商轉嫁關稅的能力也部分取決於對產品的需求水準。例如，如果對木材或鋼鐵的需求開始升溫，我們很可能會看到關稅的全面影響。所以，這就是我們要關注的利潤空間壓力領域。

Helpful. And last one, the tax rate. I appreciate you kind of delineating some of those pressures this past quarter. How would we think about where that should settle out in fiscal Q4? And how much is transitory, how much is kind of permanent?

很有幫助。最後一點，稅率。感謝您大致闡述了上個季度面臨的一些壓力。我們認為第四財季的最終結果應該是如何？其中有多少是暫時的，又有多少是永久性的？

Yes. No, thanks for the question. I think just high level, it's reasonable to use the rate of 23.5% that we experienced in Q3 and then subtract out of that, the nonrecurring item of about 1%, which has hit the tax rate or increase the tax rate, and that was really due to the non-deductibility of the American wholesale deal cost. So that will occur in Q4. So you take that 23.5% down.

是的。不，謝謝你的提問。我認為從宏觀層面來看，使用我們在第三季度經歷的 23.5% 的稅率是合理的，然後從中減去約 1% 的非經常性項目，該項目影響了稅率或提高了稅率，這實際上是由於美國批發交易成本不可抵扣造成的。所以這件事將在第四季發生。所以你要把那23.5%降下來。

I'm showing no further questions at this time. I'll now turn it back to President and CEO, Bill Boor for closing remarks.

我目前不再提出其他問題。現在我將把發言權交還給總裁兼執行長比爾·布爾，請他致閉幕詞。

Yes, I'll be brief. We've talked a lot here in this one, but happy to have follow-up calls. We're looking forward to the coming months. I think we're positioned well to execute when the market improves. Part of that positioning is just having the ability to adjust quickly to near-term conditions. And I think we've shown our ability to do that overtime.

是的，我會簡短說明。我們這次已經談了很多，不過也很樂意進行後續通話。我們期待著接下來的幾個月。我認為我們已經做好充分準備，一旦市場好轉，我們就能迅速採取行動。這種定位的一部分就是能夠迅速調整以適應近期情況。我認為我們已經證明了我們有能力做到這一點。

We don't get too nervous because we know that factory-built housing is the primary solution to the housing unit shortage in the country. And that's what we're working every day to step up to that challenge. So I really do appreciate everyone's interest in joining us for the call, and we look forward to keeping you updated. Thank you.

我們並不太緊張，因為我們知道工廠化建造的住房是解決該國住房短缺問題的主要方案。而這正是我們每天努力面對的挑戰。因此，我非常感謝大家有興趣參加這次電話會議，我們期待隨時向大家通報最新情況。謝謝。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。