Legacy Housing Corp (LEGH) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Legacy Housing Corporation Third Quarter 2023 Earnings Call. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to turn the conference over to your speaker today, Duncan Bates. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Legacy Housing Corporation 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人鄧肯貝茨。請繼續。

Good morning. This is Duncan Bates, Legacy's President and CEO. Thanks for joining our third quarter 2023 conference call. Max Africk, Legacy's General Counsel, who will read the Safe horror disclosure before getting started.

早安.我是鄧肯貝茨 (Duncan Bates)，Legacy 的總裁兼執行長。感謝您參加我們的 2023 年第三季電話會議。 Max Africk，Legacy 的總法律顧問，他將在開始之前閱讀 Safe 恐怖披露。

Thanks, Duncan. Before we begin, may I remind our listeners the management prepared remarks today will contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions.

謝謝，鄧肯。在開始之前，我想提醒聽眾，管理層今天準備的演講將包含前瞻性陳述，這些陳述存在風險和不確定性，管理層可能會針對您的問題做出額外的前瞻性陳述。

Therefore, the company claims the protection of the safe harbor for forward-looking statements as contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's current expectations. We, therefore, refer you to a more detailed discussion of the risks and uncertainties in the company's annual report filed with the Securities and Exchange Commission. In addition, any projections as to the company's future performance represent management's estimates as of today's call. Legacy Housing assumes no obligation to update these projections in the future unless otherwise required by applicable law.

因此，該公司聲稱受到 1995 年《私人證券訴訟改革法案》中所載前瞻性陳述安全港的保護。實際結果可能與管理層目前的預期有所不同。因此，我們建議您參閱該公司向美國證券交易委員會提交的年度報告中有關風險和不確定性的更詳細討論。此外，對公司未來業績的任何預測均代表管理層截至今天電話會議的估計。除非適用法律另有要求，Legacy Housing 不承擔將來更新這些預測的義務。

Thanks, Max. I'm joined today by Jeff Fiedelman, Legacy's Chief Financial Officer. Jeff will discuss our third quarter performance, then I will provide additional corporate updates and open the call for Q&A. Jeff?

謝謝，馬克斯。今天，Legacy 財務長 Jeff Fiedelman 也加入了我的行列。傑夫將討論我們第三季的業績，然後我將提供更多公司最新情況並開始問答環節。傑夫？

Thanks, Duncan. Product sales decreased $11.7 million or 24% during the 3 months ended September 30, 2023, as compared to the same period in 2022. This decrease was driven by an industry-wide decrease unit volumes, a decrease in net revenue per unit and a decrease in the conversion of certain independent dealer consignment arrangements to financing arrangements and other market factors.

謝謝，鄧肯。截至 2023 年 9 月 30 日的三個月，與 2022 年同期相比，產品銷售額減少了 1,170 萬美元，即 24%。這一下降是由全行業單位銷量下降、單位淨收入下降以及將某一些獨立經銷商寄售安排轉換為融資安排及其他市場因素。

For the 3 months ended September 30, 2023, our net revenue per unit sold decreased 1.6% to $63,600. Consumer and MHP loans interest income increased to $8.8 million or 25.7% during the 3 months ended September 30, 2023, as compared to the same period in 2022. This increase was driven by increased balances in the MHP and consumer loan portfolio.

截至 2023 年 9 月 30 日的 3 個月，我們的每件銷售淨收入下降 1.6% 至 63,600 美元。截至2023 年9 月30 日的三個月內，消費者和MHP 貸款利息收入與2022 年同期相比增加至880 萬美元，即25.7%。這一增長是由MHP 和消費者貸款組合餘額增加推動的。

Between September 30, 2023 and September 30, '22 our MHP note portfolio increased by $47.8 million, and our consumer loan portfolio increased by $16.8 million. This is net of principal payments and loan loss allowances. This does not include floor plan financing or development loans. Other revenue primarily consists of contract deposit forfeitures, dealer finance fees and commercial lease rents and increased to $4.1 million or 150.8% in the third quarter of 2023 compared to the third quarter of 2022. This increase was primarily due to an increase in forfeited deposits and an increase in floor plan financing fees.

2023 年 9 月 30 日至 9 月 30 日期間，我們的 MHP 票據投資組合增加了 4,780 萬美元，我們的消費貸款投資組合增加了 1,680 萬美元。這是扣除本金付款和貸款損失準備金後的淨值。這不包括平面圖融資或開發貸款。其他收入主要包括合約押金沒收、經銷商融資費用和商業租賃租金，與2022 年第三季相比，2023 年第三季增加至410 萬美元，即150.8%。這一增長主要是由於沒收押金和商業租賃租金的增加。平面圖融資費用增加。

The cost of product sales decreased $8.7 million or 25.9% during the 3 months ended September 30, 2023, as compared to the same period in 2022. The decrease in costs is primarily related to the decrease in units sold. Product gross margin was 32.9% for the third quarter of 2023, up from 31.9% for the third quarter of 2022.

截至2023年9月30日的三個月，與2022年同期相比，產品銷售成本減少了870萬美元，即25.9%。成本的下降主要與銷售數量的減少有關。 2023年第三季產品毛利率為32.9%，高於2022年第三季的31.9%。

Selling, general and administrative expenses decreased 9.2% during the 3 months ended September 30, 2023, as compared to the same period in 2022. This decrease was primarily due to a decrease in warranty costs and a decrease in other miscellaneous costs, partially offset by increased legal expenses and an increase in loan loss provision.

截至 2023 年 9 月 30 日的三個月，與 2022 年同期相比，銷售、一般和管理費用減少了 9.2%。這一減少主要是由於保固成本的減少和其他雜項成本的減少，部分被法律費用增加，貸款損失撥備增加。

Net income increased 9.2% to $16.1 million in the third quarter of 2023 compared to the third quarter of 2022. Net income margin was 32.2% for the third quarter of 2023, up from 25.7% for the third quarter of 2022. We ended the quarter with $0.5 million in cash and $13.0 million drawn on our line of credit. On July 28, 2023, we closed a new revolving credit facility with Prosperity Bank.

與2022 年第三季相比，2023 年第三季的淨利潤成長了9.2%，達到1,610 萬美元。2023 年第三季的淨利潤率為32.2%，高於2022 年第三季的25.7% 。我們在本季結束時50 萬美元現金和 1300 萬美元從我們的信用額度中提取。 2023 年 7 月 28 日，我們與繁榮銀行完成了一項新的循環信貸安排。

The facility is for $50 million with a $25 million accordion feature. It is secured by our consumer loan portfolio. Legacy delivered an 18.6% return on shareholders' equity over the last 12 months. At the end of the third quarter of 2023, Legacy's book value per basic share outstanding was $17.61, an increase of 18.7% from the same period in 2022.

該設施耗資 5000 萬美元，其中包括價值 2500 萬美元的手風琴功能。它由我們的消費貸款組合提供擔保。 Legacy 在過去 12 個月的股東權益報酬率為 18.6%。截至2023年第三季末，Legacy的每股已發行基本股帳面價值為17.61美元，較2022年同期成長18.7%。

Thanks, Jeff. We're happy to have you on the team. Let's start with the market, then I'll discuss Legacy's financial performance and provide an update on strategic initiatives. According to Manufactured Housing Institute data, industry home shipments through September of 2023 are down 25.7% year-to-date. However, housing affordability in the U.S. continues to deteriorate and large numbers of potential homebuyers are priced out of the traditional housing market.

謝謝，傑夫。我們很高興您加入我們的團隊。讓我們從市場開始，然後我將討論 Legacy 的財務表現並提供策略計劃的最新資訊。根據活動房屋研究所的數據，截至 2023 年 9 月，工業住宅出貨量今年迄今下降了 25.7%。然而，美國的住房負擔能力持續惡化，大量潛在購屋者因價格過高而被擠出傳統房屋市場。

We held our 2023 fall show in Fort Worth in early October. As I mentioned in the press release, the 2023 show was one of the most successful sales events in the company's history. The show orders extend backlogs at our Texas facilities well into the first quarter of 2024 at a higher production rate than the third quarter of 2023.

我們於 10 月初在沃斯堡舉辦了 2023 年秋季展會。正如我在新聞稿中提到的，2023 年展會是該公司歷史上最成功的銷售活動之一。展會訂單將我們德州工廠的積壓訂單延長至 2024 年第一季度，生產力高於 2023 年第三季。

Both dealer and part customers ordered homes at the Fall Show. The retail or dealer side of our business is showing signs of life. Foot traffic is up and dealers are selling homes. Although it varies by geography, we believe that most of the destocking issues from early 2023 are largely behind us. The reorder rate is lower than we would like, but inventory carrying costs are also higher.

經銷商和部分客戶都在秋季展上訂購了房屋。我們業務的零售或經銷商方面正在顯示出活力的跡象。人流增加，經銷商開始出售房屋。儘管因地區而異，但我們認為 2023 年初以來的大部分去庫存問題基本上已過去。再訂購率低於我們的預期，但庫存持有成本也較高。

One important data point on the dealer side, Legacy's consumer finance business closed more loans in October of 2023 than any other month in the company's history. On the community or park side of the business, sales to community owners and developers remain stable like other manufacturers, we have battled delayed shipments due to setup-related issues, discriminatory zoning practices and high interest rates or headwinds for new developments.

經銷商的一個重要數據是，Legacy 的消費金融業務在 2023 年 10 月結清的貸款數量比該公司歷史上任何其他月份都要多。在社區或公園業務方面，與其他製造商一樣，對社區業主和開發商的銷售保持穩定，我們一直在與由於設置相關問題、歧視性分區做法以及高利率或新開發項目的不利因素而導致的發貨延遲作鬥爭。

We secured a few large park orders with deliveries extending through mid-2024. I'm proud of our team's performance to date in 2023 despite a 25.7% decline in industry-wide shipments through September, Legacy's net income is only down 1.5% year-to-date through the third quarter.

我們獲得了一些大型公園訂單，交貨期限將持續到 2024 年中期。我對我們團隊在 2023 年迄今的表現感到自豪，儘管截至 9 月全行業出貨量下降了 25.7%，但 Legacy 的淨利潤截至今年第三季僅下降了 1.5%。

We are driving sales and managing expenses effectively. Interest income from 12 months of reinvesting our profits back into the loan portfolios drove a meaningful portion of the year-to-date profits as product sales declined in 2023. At September 30, 2023, over 99.3% of MHP notes and 98.5% of our consumer loans are current or less than 30 days without payment.

我們正在有效地推動銷售和管理費用。由於2023 年產品銷售下降，我們將利潤再投資回貸款組合的12 個月的利息收入在今年迄今的利潤中佔了很大一部分。截至2023 年9 月30 日，超過99.3% 的MHP 票據和98.5 % 的MHP 票據消費貸款為當前或少於 30 天未付款的貸款。

We monitor these numbers closely and are confident in the strength of our loan portfolios. I received positive feedback from the last call about discussing projects that the team is working on. Here's where I'm focused. Hiring. We made a big -- we're making a big push to hire young, hungry individuals that are committed to a career at Legacy.

我們密切關注這些數字，並對我們貸款組合的實力充滿信心。我從上次關於討論團隊正在進行的專案的電話中收到了正面的回饋。這就是我關注的地方。招聘。我們做了一件大事——我們正在大力招募年輕、充滿渴望、致力於在 Legacy 發展事業的人才。

Our team is lean, aging and possesses a tremendous amount of industry knowledge. Our goal is to create a path for motivated individuals to harness this information in advance within the company. Number two, working capital. Our working capital is too high. We have too much raw material and finished goods inventory. We are working to reduce inventory and free up capital that can be reinvested back into the business.

我們的團隊精幹、老化，擁有豐富的行業知識。我們的目標是為積極進取的個人創建一條在公司內部提前利用這些資訊的途徑。第二，營運資金。我們的營運資金太高了。我們有太多的原料和成品庫存。我們正在努力減少庫存並釋放可以重新投資到業務中的資本。

Third, Georgia sales. The Texas plants are in good shape from a sales standpoint. Our team in Georgia has done a great job with product quality and we are now building the highest quality homes that have come out of the Eatonton plant. Now we need to accelerate sales. Most of the sales team is new and learning. Kenny and I have been heavily involved and we are starting to see results.

第三，格魯吉亞銷售。從銷售角度來看，德州工廠狀況良好。我們在喬治亞州的團隊在產品品質方面做得非常出色，我們現在正在建造伊頓工廠生產的最高品質的房屋。現在我們需要加速銷售。大多數銷售團隊都是新的並且正在學習。肯尼和我積極參與，我們已經開始看到成果。

We need to keep the hammer down though. Number four, workforce housing. We have 40-plus floor plans and have not historically made a push in this space. We continue to bid on large projects with well-known disaster relief service providers. Legacy has the balance sheet to hold and lease large amounts of inventory.

不過，我們需要放下錘子。第四，勞動力住房。我們有 40 多個平面圖，而且歷史上從未在這個領域做出過努力。我們繼續與知名救災服務供應商競標大型專案。傳統的資產負債表可以持有和租賃大量庫存。

It's too early to discuss specific projects and numbers, but I continue to believe the workforce housing is a huge opportunity for Legacy. Number five, land development. We hired a dedicated team to prioritize and accelerate land development. Completing Phase 1 of Del Val or Bastrop County outside of Austin is our top priority. Water and electricity are in, road construction and construction of the water treatment plant began in November. Delaying construction at several properties may have helped us. For example, some properties were in very rural areas when purchased.

現在討論具體項目和數字還為時過早，但我仍然相信勞動力住房對 Legacy 來說是一個巨大的機會。第五，土地開發。我們聘請了一支專門的團隊來優先考慮並加速土地開發。完成奧斯汀郊外德爾瓦爾或巴斯特羅普縣的第一階段是我們的首要任務。水電已通，道路建設和水處理廠建設已於11月開始。推遲幾處房產的施工可能對我們有幫助。例如，有些房產購買時位於非常鄉村地區。

Now 5-plus years later, their plans to run city sewer and other services that will increase value and provide flexibility. We continue to evaluate ways to maximize the value of these projects for our shareholders. In addition to these internal projects, we are consistently evaluating inorganic growth opportunities. The new bank line gives us the flexibility to pursue these opportunities if they hit our return threshold.

五年多後，他們計劃營運城市下水道和其他服務，以增加價值並提供靈活性。我們將繼續評估如何為股東實現這些項目的價值最大化。除了這些內部專案之外，我們還在不斷評估無機成長機會。如果這些機會達到了我們的回報門檻，新的銀行額度使我們能夠靈活地抓住這些機會。

One final thought on valuation. We are growing book value or shareholders' equity at about 19% a year. Legacy was started with $700,000, and we have grown that equity to $429.5 million in 18 years, make it, save it, invest it again and again. Our book value primarily consists of finance notes at par with the reserve, inventory at cost and land developments at cost. Our facilities and equipment are mostly depreciated.

關於估值的最後一個想法。我們的帳面價值或股東權益每年增長約 19%。 Legacy 的初始資金為 70 萬美元，我們在 18 年內將股本增至 4.295 億美元，一次又一次地創造、儲蓄、投資。我們的帳面價值主要包括以儲備金計算的融資票據、以成本計算的存貨和以成本計算的土地開發。我們的設施和設備大多已折舊。

We believe that our book value is conservatively stated and is near the company's liquidation value. We publish our book value per share each quarter. As of September 30, 2023, our book value per share was $17.61. That number is 1.5 months stale and our stock is trading in the $19 range. It's not much of a premium.

我們認為，我們的帳面價值是保守表述的，接近公司的清算價值。我們每季都會發布每股帳面價值。截至 2023 年 9 月 30 日，我們的每股帳面價值為 17.61 美元。這個數字已經過去了 1.5 個月，而我們的股票目前交易價格為 19 美元。這並不是什麼溢價。

If the stock trades at or below book value per share, we will use the full extent of our balance sheet to repurchase shares. I believe that we can continue growing shareholders' equity at 18% to 19% a year in this high interest rate environment and that our share price will begin to reflect this. If you do the math, the numbers get large quickly. Any strategic moves are icing on the cake.

如果股票交易價格等於或低於每股帳面價值，我們將動用資產負債表的全部資金來回購股票。我相信，在這種高利率環境下，我們的股東權益可以繼續以每年 18% 至 19% 的速度成長，我們的股價也將開始反映出這一點。如果你算一下，數字很快就會變大。任何策略舉措都是錦上添花。

Operator, this concludes our prepared remarks. Please begin the Q&A.

接線員，我們準備好的發言到此結束。請開始問答。

(Operator Instructions) Our first question comes from Mark Smith with Lake Street.

（操作員說明）我們的第一個問題來自 Lake Street 的 Mark Smith。

Duncan, first, I wanted to dig into gross profit margin just a little bit more, really solid execution there. Can you talk about any additional drivers there, maybe what you saw is inflationary pressures gone down? What you're looking at for labor? Any insights there would be great?

鄧肯，首先，我想進一步深入了解毛利率，那裡的執行力非常可靠。您能談談其他的驅動因素嗎？也許您看到的是通膨壓力下降了？你在尋找什麼勞動力？有什麼見解會很棒嗎？

Yes, sure. Mark, so a couple of thoughts for you. Obviously, volume was down pretty significantly in the third quarter. So managing expenses is extremely important. We've been able to hold price even at lower volumes and material prices have come down, labor and overhead on the other side of things have continued to go up.

是的，當然。馬克，給你一些想法。顯然，第三季的銷量大幅下降。所以管理開支就顯得格外重要。即使產量較低，我們也能夠保持價格，材料價格已經下降，而另一方面，勞動力和管理費用則持續上升。

And they're not accelerating at a quick rate, but it certainly has had an impact on gross margin. I would expect as we ramp up production and continue to manage our costs, that we can -- we're trying to hold these margins where they are, but obviously, managing inventory as well as labor.

雖然它們的成長速度並不快，但這確實對毛利率產生了影響。我預計，隨著我們提高產量並繼續管理成本，我們可以——我們正在努力將這些利潤保持在原位，但顯然，我們要管理庫存和勞動力。

Okay. And then solid performance on the consumer finance loan business, did you guys use rate there at all to kind of help drive that? It looks like maybe we saw rates down a little bit. Any discussion around that?

好的。然後消費金融貸款業務的穩健表現，你們是否使用那裡的利率來幫助推動這一點？看來我們的利率可能會下降。對此有任何討論嗎？

Yes. We're -- I think our rates across the loan portfolios have been pretty attractive and certainly helped us drive sales. We are taking rates up a little bit on the consumer loan portfolio, but we've not -- those won't be included in the third quarter numbers. So I think we've got an opportunity to pick rates up a little bit here to get back in line with the market.

是的。我認為我們的貸款組合利率非常有吸引力，並且肯定幫助我們推動了銷售。我們正在稍微提高消費貸款組合的利率，但我們沒有——這些不會包含在第三季的數據中。因此，我認為我們有機會稍微提高利率，以使其與市場保持一致。

Okay. And then any -- you guys have done a good job kind of managing charge-offs and any issues within the portfolio. Any changes in kind of your underwriting policies? Or is everything kind of stayed the same there?

好的。然後，你們在管理沖銷和投資組合中的任何問題方面都做得很好。你們的承保保單有什麼改變嗎？還是那裡的一切都保持不變？

They stayed the same. I feel pretty good about our underwriting processes. We have added additional collections personnel to the team just in the event that you did start to see some cracks in the loan portfolios. But we're keeping an eye on it, and we make a lot of calls. We monitor it closely. And we've continued to perform with managing those portfolios.

他們保持不變。我對我們的核保流程感覺非常好。我們已經在團隊中增加了額外的催收人員，以防萬一您確實開始看到貸款組合出現一些問題。但我們正在密切關注此事，並打了很多電話。我們密切監視它。我們繼續管理這些投資組合。

Our next question comes from Alex Rygiel with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Alex Rygiel。

Nice quarter there. A couple of quick questions here. First, you've been holding your average selling price at a nice level here. Any reason for that to change sort of over the intermediate term?

那裡不錯。這裡有幾個簡單的問題。首先，您一直將平均售價保持在一個不錯的水平。有什麼理由讓這種情況在中期發生變化嗎？

No. We plan to continue to hold it. I think the one thing that has changed. Remember last quarter, we saw a pretty significant drop in average selling price quarter-over-quarter. I think that's stabilized and it stabilized toward kind of smaller, less optioned homes.

不，我們計劃繼續持有。我認為只有一件事發生了變化。請記住上個季度，我們看到平均售價環比大幅下降。我認為這種情況已經穩定下來，並且朝著更小、選擇更少的房屋的方向發展。

But I feel pretty good about where it is now. I don't think we'll see another major drop. But as far as pricing goes, I mean, we're now ramping up production at both of the Texas plants. We've got a nice backlog well into the first quarter. And so I don't plan to see any price degradation into 2024.

但我對現在的情況感覺很好。我認為我們不會再看到大幅下降。但就定價而言，我的意思是，我們現在正在提高德州兩家工廠的產量。進入第一季度，我們就有了很好的積壓。因此，我不打算看到 2024 年價格有任何下降。

And then you've been talking about larger kind of commercial customer orders, and that's super exciting. Kind of two questions. I suspect it's a little bit different of a product, but can you talk about that as it relates to average selling price and margin kind of at the end of the day, the margin on that product? And is there any risk that it's a different margin and creates a headwind?

然後你一直在談論更大類型的商業客戶訂單，這非常令人興奮。有點兩個問題。我懷疑它的產品有點不同，但是你能談談它與平均售價和最終的利潤率（該產品的利潤率）有關嗎？是否存在利潤率不同並產生逆風的風險？

Yes. So we're still in the early stages of this. And then all this came about by obviously, orders were pretty slow through the year, and Kenny and I hit the road and have been meeting with as many people as we can to sell all the product that we can.

是的。所以我們仍處於早期階段。顯然，所有這一切都發生了，全年訂單非常緩慢，肯尼和我上路了，並與盡可能多的人會面，以銷售我們能銷售的所有產品。

And we've actually -- we've got -- we build this product already, Alex. So -- but we're typically selling it to dealers in South Texas and in West Texas, who have relationships with mainly oilfield services companies to house their workers. And so for us, it's always been 4 homes here, 10 homes there and never a focus from a direct sales standpoint.

事實上，我們已經──我們已經──開發了這個產品，亞歷克斯。所以 - 但我們通常將其出售給德克薩斯州南部和西德克薩斯州的經銷商，他們主要與油田服務公司有關係，為他們的工人提供住房。所以對我們來說，這裡一直是 4 套，那裡 10 套，從直銷的角度來看從來都不是焦點。

But as we dug in, I mean, there's a lot of these projects. And we're primarily competing against a different product. Let's get moulded metal product. It's more expensive to manufacturers. So I think from a price standpoint, we're pretty competitive. The margins on that product look similar to our other products. I mean it's just -- it's essentially large single wides with individual studio-type apartments with or without kitchens apps and all with bathrooms.

但當我們深入研究時，我的意思是，有很多這樣的項目。我們主要是在與不同的產品競爭。讓我們獲得模製金屬產品。對於製造商來說更貴。所以我認為從價格的角度來看，我們非常有競爭力。該產品的利潤看起來與我們其他產品類似。我的意思是，它本質上是大型單間公寓，帶有單獨的單間公寓，帶或不帶廚房應用程序，並且全部帶有浴室。

And so it's something that we're -- we have experienced building. It's not built to a different code or anything like that, that would significantly increase the price. But really, the interesting thing to us is a lot of this product is leased. And from what we can tell, the lease terms are pretty attractive on larger products.

所以這是我們經歷過的建設。它不是根據不同的程式碼或類似的東西構建的，這會顯著增加價格。但實際上，對我們來說有趣的是，很多產品都是租來的。據我們所知，租賃條款對於大型產品相當有吸引力。

And so it's still -- it's a little early. I want to get contracts signed on a couple of things before we talk about it. But I think there is a large opportunity, and I think it does help diversify the business as well as potentially growing the recurring revenue side of our business.

所以現在還是有點早。在我們討論之前，我想就一些事情簽署合約。但我認為這是一個很大的機會，而且我認為它確實有助於業務多元化，並有可能增加我們業務的經常性收入。

Helpful. And then lastly, as it relates to community development, obviously, Bill Bell is your most attractive kind of near term. Can you help us to understand when homes might get delivered to that site? And then as it relates to other real estate that you own, any opportunities to sell these land assets and redeploy that capital into a share buyback?

有幫助。最後，由於與社區發展相關，顯然比爾貝爾是近期最有吸引力的人選。您能幫助我們了解房屋何時可以交付到該地點嗎？然後，由於它與您擁有的其他房地產相關，是否有機會出售這些土地資產並將這些資本重新部署到股票回購中？

Yes. Well, I'm putting them in 3 buckets. I think that there is a bucket for -- that makes sense to sell. There are some properties that are just raw land where we haven't made a lot of progress, and they're smaller. May be not suited for a development or there's some reason why they're cost prohibitive.

是的。好吧，我把它們放在 3 個桶子裡。我認為有一個桶子可以出售。有些房產只是未開發的土地，我們還沒有取得很大的進展，而且它們規模較小。可能不適合開發，或由於某種原因成本過高。

So I think on those, we can sell them, when we feel like the market is right and make a nice return. There's a second bucket, and I mentioned this on the call, where since these projects have taken a long time, there have been developments. And so we've got a situation, where we're seeing the area that this was in grow pretty significantly and their city sewer and water coming in the near term.

所以我認為，當我們覺得市場合適並獲得不錯的回報時，我們可以出售它們。還有第二個桶，我在電話中提到了這一點，因為這些項目花了很長時間，所以已經有了進展。因此，我們遇到了這樣一種情況，我們看到該地區的增長相當顯著，並且他們的城市下水道和供水將在短期內到來。

And so I think that, that bucket are -- we'll have to look at hard on what's the best use of these projects could be MH, could be single-family, but we want to maximize the value. And so that's bucket number two. And then bucket number three is Del Valle and Horseshoe Bay and some of the other projects that are further along. And I think we've got to accelerate those to create value. We've now got a full-time team working on these projects.

所以我認為，我們必須認真研究這些項目的最佳用途是什麼，可能是 MH，可能是單戶住宅，但我們希望最大化價值。這是第二個桶子。第三個目標是德爾瓦萊 (Del Valle) 和馬蹄灣 (Horseshoe Bay) 以及其他一些更進一步的項目。我認為我們必須加快這些進程以創造價值。我們現在有一個全職團隊致力於這些專案。

And I still -- they're newer, they're getting up to speed on what's been done historically and what needs to happen. I'm hesitant to give you a time line for Del Valle because we've shattered it so many times in the past. But I think by -- I think by year-end, as we start to get the roads in and the water treatment plan is being built. I think next call I'll have a really good idea of when homes actually start getting placed on those lots.

我仍然——他們是較新的，他們正在了解歷史上已經做過的事情以及需要發生的事情。我很猶豫是否要給你一個德爾瓦萊的時間表，因為我們過去已經多次破壞了它。但我認為到年底，當我們開始修建道路並製定水處理計劃時。我想下次打電話時我會很清楚這些地段上何時開始真正建造房屋。

Our next question comes from Tim Moore with EF Hutton.

我們的下一個問題來自 EF Hutton 的 Tim Moore。

Congratulations on the continued good operational execution. Yes, it's vastly improved, since you took over Duncan. I just want to kind of follow-up on a thread that's probably on all the investors' minds. I mean your gross margin has done impressively, if not surprisingly well, the past 3 quarters despite the industry volumes downturn and even the minor ASP drop in the spring for the industry.

恭喜您持續良好的營運執行。是的，自從你接手鄧肯以來，情況已經有了很大的改善。我只是想跟進所有投資者可能都關心的話題。我的意思是，儘管行業銷量低迷，甚至春季該行業的平均售價略有下降，但過去三個季度你們的毛利率表現令人印象深刻，即使不是令人驚訝的好。

So just for the September quarter, you just reported any way Duncan or Jeff to maybe parse out how much of that gross margin expansion in the quarter came from maybe cost deflation versus any benefit you might have had from some conversion of floor financing?

因此，就九月份的季度而言，您剛剛報告了鄧肯或傑夫的任何方式，以分析該季度的毛利率擴張有多少可能來自成本通貨緊縮，以及您可能從場內融資轉換中獲得的任何好處？

Yes, there's no floor financing in this quarter. And so really, I'd say the majority of it is just from better execution on the purchasing side. And I think we still have a ways to go. I think that vendors we're obviously reluctant to give price decreases unless you really push for them.

是的，本季沒有最低融資。事實上，我想說其中大部分只是來自採購方面更好的執行。我認為我們還有很長的路要走。我認為供應商顯然不願意降價，除非你真的推動他們。

And so the majority of that margin expansion came from purchasing, but labor has continued to go up. And I think the market has softened a little bit, and it's not accelerating like it was through COVID. But that's something that we're certainly keeping a close eye on is our -- in our labor cost per square foot produced, and we track it pretty closely. But I'd say over the last 5 years, you see a continued increase in your labor cost.

因此，利潤成長的大部分來自採購，但勞動力持續增加。我認為市場已經有點疲軟，並且沒有像新冠疫情期間那樣加速。但我們肯定會密切關注每平方英尺生產的勞動力成本，並且我們非常密切地追蹤它。但我想說的是，在過去 5 年裡，您會看到勞動成本持續增加。

And as we talk about ramping up production and hiring people, we're certainly paying higher wages than we did 4 or 5 years ago. So the goal is to continue to push on purchasing and add labor to ramp up production in an organized way, instead of just you pay a bunch of labors, a lot of money to stand around.

當我們談論提高產量和僱用人員時，我們支付的工資肯定比四到五年前更高。因此，我們的目標是繼續推動採購，增加勞動力，以有組織的方式提高生產，而不是只付出大量勞動力、大量資金來維持生計。

That makes sense. I mean, it really is very impressive what you've done with the gross margin. So Duncan, maybe you mentioned in your prepared remarks that Legacy close more loans in October than any other month in Legacy's history consumer loan front. Can you maybe share with us just the cadence, the monthly cadence during September quarter? In other words, was it incrementally better every month with the volume and the orders from July through September? Just trying to get a sense, maybe if you're kind of seeing a bottom.

這就說得通了。我的意思是，你們在毛利率方面所做的事情確實令人印象深刻。鄧肯，也許您在準備好的發言中提到，Legacy 在 10 月關閉的貸款比 Legacy 歷史上消費貸款方面的任何其他月份都要多。您能否與我們分享九月季度的每月節奏？換句話說，從 7 月到 9 月，銷售量和訂單是否每個月都在逐漸改善？只是想了解一下，也許你已經看到底部了。

Yes. I mean, I feel like internal sentiment from a sales standpoint was the lowest I've seen in the third quarter. I think we're in a much better place now. And I think that the success of the Fall Show was a big step in the right direction. That was something that I was pretty concerned about.

是的。我的意思是，我覺得從銷售的角度來看，內部情緒是我在第三季看到的最低水準。我認為我們現在處於一個更好的位置。我認為秋季秀的成功是朝著正確方向邁出的一大步。這是我非常關心的事情。

And we sold a lot of homes, and that's great. How can I answer your question better, Sorry, Tim?

我們賣掉了很多房子，這很棒。對不起，提姆，我怎麼才能更好地回答你的問題？

No, no. I'm just trying to think now that you -- if you kind of parse out that amazing show you just had in demand and orders. I mean, do you kind of feel like the floor is in for the industry maybe on volume and consumer sentiment?

不，不。我現在只是想想想，如果你能解析出你剛剛收到的需求和訂單的精彩節目。我的意思是，您是否覺得該行業在數量和消費者信心方面已經處於困境？

Yes. I think volumes, we're ramping up volume. Sales are looking good in Texas. And back to your question, I lost my train of thought. On the lending portfolios, we haven't changed anything. I think the increase in applications and actually closing loans speak to a little bit of a pickup on the dealer side of the business.

是的。我認為數量，我們正在增加數量。德克薩斯州的銷售情況看起來不錯。回到你的問題，我失去了思路。在貸款組合方面，我們沒有任何改變。我認為申請量的增加和實際結束貸款的增加說明經銷商方面的業務有所回升。

These loans don't close overnight. There's a whole underwriting process associated with them. So it's not perfectly linear. But we had -- we saw originations this fall or applications reaching pretty good numbers and Brandon and his team that run that business for us just did a good job of execution in October, and we plan to keep it going.

這些貸款不會在一夜之間結束。有一個完整的核保流程與它們相關。所以它不是完全線性的。但我們看到今年秋天的申請數量達到了相當不錯的數量，布蘭登和他為我們運營該業務的團隊在 10 月份的執行方面做得很好，我們計劃繼續下去。

That's great. I remember meeting Brandon on a year ago. And my last question is just regarding the CFO role change. Maybe you can Jeff comment on maybe what he brings to enhance Legacy housing. I read about his accounting background and his finance experience, but maybe just give him a shot to do a little commercial on what he bring?

那太棒了。我記得一年前見過布蘭登。我的最後一個問題是關於財務長角色的變化。也許你可以傑夫評論一下他為改善遺產住房帶來了什麼。我了解了他的會計背景和財務經驗，但也許只是給他一個機會，用他帶來的東西做一些商業廣告？

Yes, sure. I'll turn it over to Jeff, but I'm happy to have him on.

是的，當然。我會把它交給傑夫，但我很高興有他在場。

Thanks, Tim. Thanks for asking the question. I've got a pretty diverse background, good operational background, especially in manufacturing and really good experience helping businesses grow from one stage to the next in terms of process and operations and scale.

謝謝，蒂姆。感謝您提出問題。我擁有相當多元化的背景，良好的營運背景，尤其是在製造領域，並且在幫助企業在流程、營運和規模方面從一個階段發展到下一個階段方面擁有非常豐富的經驗。

And I've had the benefit of getting exposed to Legacy a couple of years ago and learning the business a little in a consulting role. And so coming in, it's been -- you always have that luxury of knowing the business pretty well before you come into something new. But it's a good team here, and it's -- I feel like I bring good solid experience across the Board from an operations perspective, from a finance -- corporate finance perspective and on the accounting side and getting through some of the issues that the company has had historically.

幾年前，我接觸到了 Legacy，並以諮詢的身份學習了一些業務，這讓我受益匪淺。因此，在進入新領域之前，你總是有一種奢侈的感覺，那就是對業務非常了解。但這裡是一支優秀的團隊，我覺得我從營運角度、財務、企業財務角度以及會計方面為整個董事會帶來了良好的紮實經驗，並解決了公司面臨的一些問題。歷史上曾經有過。

Our next question comes from Jay McCanless with Wedbush.

我們的下一個問題來自韋德布希的傑·麥肯利斯。

Welcome aboard, Jeff. Duncan, could you maybe walk us through -- I mean it sounds like the show went really well, but what was the feedback from the dealers? Just a couple, 3 maybe high points you could give us. And it sounds like with the order rate, it sounds like they're getting more bullish as we think about the spring, but anything that stood out from your talks with the independents?

歡迎加入，傑夫。鄧肯，您能否向我們介紹一下——我的意思是，聽起來這場演出進行得非常順利，但是經銷商的反饋是什麼？您可以給我們一個幾點，也許是三點。聽起來訂單率似乎隨著我們對春季的考慮而變得更加樂觀，但是從您與獨立人士的會談中，有什麼突出的事情嗎？

Yes. Jay, 2023 was a pretty hard year for the independent dealers. I mean, you come off of just the market absolutely going gangbusters in 2022 up until the end of the year and backlogs being stretched out. So when they were selling a lot of homes, they were ordering a lot of homes, but they weren't able to get those immediately.

是的。 Jay，2023 年對獨立經銷商來說是相當艱難的一年。我的意思是，到 2022 年底，市場絕對會蓬勃發展，積壓訂單也將被拉長。因此，當他們出售大量房屋時，他們訂購了許多房屋，但他們無法立即獲得這些房屋。

And so you just -- you had a situation where the demand really dried up from the retail customer. And then as backlogs came in, I think that there was a lot of inventory that was forced on these dealers and they were having trouble selling it. And then you've got the carrying cost going up as well. So I mean, I think a lot of these guys were in pretty tough shape.

所以你遇到的狀況是零售客戶的需求確實枯竭了。然後，隨著積壓的出現，我認為這些經銷商被迫承受了大量庫存，而他們在銷售方面遇到了困難。然後持有成本也會上升。所以我的意思是，我認為這些人中的許多人處於非常艱難的狀態。

And the show was surprisingly optimistic. I mean we were pretty worried about turnout and about -- especially about orders. I mean we kind of thought that, at a minimum, people would come to party in Fort Worth with us, but we were worried about the order front.

這場演出出乎意料地樂觀。我的意思是，我們非常擔心投票率和——尤其是訂單。我的意思是，我們認為，至少，人們會和我們一起來沃斯堡參加派對，但我們擔心訂單問題。

And so I think the good news is we're seeing a lot of dealers sell homes and a lot of those homes have been sitting for a while. And so it's good to see them start to move. We have ran some specials. And I think the sales effort on the dealer side was great. And now they've just got to focus on executing and moving any aged inventory they have.

所以我認為好消息是我們看到很多經銷商在出售房屋，而且其中許多房屋已經閒置了一段時間。所以很高興看到他們開始行動。我們推出了一些特價活動。我認為經銷商的銷售工作非常出色。現在他們只需專注於執行和轉移他們擁有的任何陳舊庫存。

But we're -- what we haven't seen yet is a reorder rate that's as high as we like it. And I think that that's mainly driven by the carrying cost of the inventory being higher, but I think as these guys continue to sell homes, they'll continue to order homes and it's nice to have that piece of our business moving in the right direction because at the beginning of the year, that certainly wasn't the case.

但我們還沒有看到我們所希望的高再訂購率。我認為這主要是由於庫存的持有成本較高，但我認為隨著這些人繼續出售房屋，他們將繼續訂購房屋，很高興我們的這一部分業務朝著正確的方向發展因為在今年年初，情況肯定不是這樣的。

Great. And then I guess you answered my price question, I think, but just this mid-60 -- mid-to low-60s, you think that's probably going to be a good number to use for the next couple of quarters for modeling in terms of average price?

偉大的。然後我想你回答了我的價格問題，但就這個 60 年代中期 - 60 年代中低端，你認為這可能是一個很好的數字，可以在接下來的幾個季度中用於建模平均價格？

Yes, I think so. I think all the customers are a little squeezed. You've got on the retail side, inflation has been tough for this customer, they probably like a little bit larger home, but the payments may not work. And so we're selling a lot of single lives with -- that aren't, I'd say, fully optioned. And then we see the same thing on the park side, where some of the community owners are going to a little bit smaller homes to keep the monthly payments down for the financing.

是的，我想是這樣。我想所有的顧客都有點擠了。在零售方面，通貨膨脹對這個客戶來說一直很艱難，他們可能喜歡更大一點的房子，但付款可能行不通。因此，我們出售的大量單身生活——我想說，這些人並不是完全有選擇的。然後我們在公園方面看到了同樣的情況，一些社區業主將購買更小的房屋，以降低每月的融資費用。

So I'd say that's a pretty good number. If we see a big pickup in double lives going out or we hit one of these -- these workforce housing deals are a little bit higher units that could go up. But for right now, from a base case standpoint, that feels like a good ASP to me.

所以我想說這是一個相當不錯的數字。如果我們看到雙重生活的大幅增加，或者我們遇到其中之一——這些勞動力住房交易的單位價格可能會上漲一些。但就目前而言，從基本案例的角度來看，對我來說這感覺像是一個很好的 ASP。

Okay. And then just one other question. We've heard about some commercial banks in the U.S. pulling back and exiting doing floor plan lending for the MH space. Is there any opportunity for Legacy to maybe go a little further afield and pick up some business as some of these banks have been exiting?

好的。然後還有一個問題。我們聽說美國的一些商業銀行撤回並退出了 MH 領域的平面圖貸款業務。由於其中一些銀行已經退出，Legacy 是否有機會走得更遠一些並接手一些業務？

Yes, absolutely. I mean, I think it's actually a pretty big opportunity for us. We've made some changes to our floor plan program and the team that executes it. But I'd say there's a lot of dealers that we don't floor. And so there's an opportunity to expand and add some more dealers. We've got other dealers that floor with someone else, but carry Legacy's. And so I think there's an opportunity to convert those over to us as well as add more Legacy homes on their lot. And I still think there's an opportunity to grow the consumer finance business.

是的，一點沒錯。我的意思是，我認為這對我們來說實際上是一個很大的機會。我們對平面圖規劃和執行團隊進行了一些更改。但我想說的是，有很多經銷商我們沒有參與。因此，我們有機會擴大並增加更多經銷商。我們還有其他經銷商與其他人一起經營，但他們經營的是 Legacy 的。因此，我認為有機會將這些房屋轉交給我們，並在他們的地段上增加更多的遺產住宅。我仍然認為消費金融業務有發展的機會。

We've got -- we've got a lot of dealers that I wouldn't say we're their #1 financing choice at this point. And so I think there's an opportunity to make a push there. So you're adding floor plan financing, but you're also pushing the consumer lending business as well.

我們有很多經銷商，但我不會說我們是他們目前的第一個融資選擇。所以我認為有機會在那裡推動。因此，您在增加平面圖融資的同時，也在推動消費貸款業務。

Our next question comes from George Melas-Kyriazi with MKH Management.

我們的下一個問題來自 MKH Management 的 George Melas-Kyriazi。

I have a question on production and inventory. My understanding is that you were sort of increasing production in the quarter, but sales, of course, were rather soft and finished good inventory even though maybe it's pretty high, it was flat sequentially. So I'm trying to square that and try to understand if you actually did increase production in the September quarter or sort of how did you handle that to manage to keep finished good inventory flat?

我有一個關於生產和庫存的問題。我的理解是，本季產量有所增加，但銷售當然相當疲軟，且成品庫存良好，儘管可能相當高，但與上一季持平。因此，我正在嘗試解決這個問題，並嘗試了解您是否確實在九月季度增加了產量，或者您是如何處理這一問題以保持成品庫存持平的？

Yes. I mean production in the quarter was down pretty significantly. I mean, I felt like third quarter was about the lowest that we were running at all the plants. And we still -- we did miss a production day, but we're really building 3 homes on average at each plant, which was down pretty significantly from kind of mid-2022 or third quarter of '22. Now we've got a little bit of an easy comp because in the third quarter of '22, that's when we really started having the issues at Georgia.

是的。我的意思是，本季的產量大幅下降。我的意思是，我覺得第三季是我們所有工廠運作的最低水準。我們仍然 - 我們確實錯過了一個生產日，但我們實際上在每個工廠平均建造了 3 棟房屋，比 2022 年中期或 22 年第三季大幅下降。現在我們的比賽比較簡單，因為在 22 年第三季度，我們在喬治亞州才真正開始遇到問題。

And so production was down in the third quarter. We're taking it up in Texas now. We've still got some work to do in Georgia. We were -- we haven't ramped production up there. We've got too much finished good inventory at Georgia that we're working to move. And I really feel like by Q1, we'll be back on track there. We'll get a lot of that finished goods inventory shipped, and we should have the orders to start taking up production at that time.

因此第三季的產量有所下降。我們現在正在德克薩斯州進行。我們在喬治亞州還有一些工作要做。我們——我們還沒有提高那裡的產量。我們在喬治亞州有太多成品庫存，正在努力轉移。我真的覺得到第一季度，我們將回到正軌。我們將運送大量成品庫存，屆時我們應該有訂單開始生產。

Okay. And remind me, Georgia, that's mostly park homes? Or is it also to the retail channel?

好的。提醒我，喬治亞州，那大部分都是公園住宅？還是也面向零售通路？

Yes, it's both. We've got a couple of large park customers there. So we have built a lot of that product, and they've been just kind of large I'd say, good entrepreneurs that have large real estate portfolios, and they've bought a lot of homes from us, and they've been pretty loyal.

是的，兩者都是。我們那裡有幾個大型公園客戶。因此，我們已經開發了許多此類產品，我想說的是，他們是擁有大量房地產投資組合的優秀企業家，他們從我們這裡購買了很多房屋，他們一直在相當忠誠。

And so we're -- we appreciate them. But we've also -- we have a Legacy has a dealer presence in the Southeast through Heritage Housing. And we also have some independent dealers there. But as I add to that sales team, we've hired a lot of people. I mean, I think we've hired 7-or-so salespeople in the past few months. And we need to get back on track with the dealer business. It's just -- it's a large territory. And so you can't have 2 people covering the entire Southeast for dealers effectively. So I think there's a lot of opportunity there now that we've gotten through the quality issues and the service issues and they're starting to regain our customers' trust.

所以我們——我們感謝他們。但我們也——我們透過 Heritage Housing 在東南部擁有 Legacy 經銷商。我們在那裡也有一些獨立經銷商。但隨著我加入銷售團隊，我們僱用了很多人。我的意思是，我認為我們在過去幾個月僱用了大約 7 名銷售人員。我們需要讓經銷商業務重回正軌。只是──這是一個很大的領土。因此，你不可能讓 2 個人有效地覆蓋整個東南部的經銷商。因此，我認為現在有很多機會，我們已經解決了品質問題和服務問題，並且他們開始重新獲得客戶的信任。

Okay. That's great news. That quality has improved. Question about sort of cash, your loans and your line of credit. Your line of credit, of course, was unused at the beginning of the year, and now you have $13 million. So you seem to find good opportunities to increase your own portfolio? Do you think that continues? Or is there a limit to that?

好的。這真是個好消息。這種品質已經提高了。關於現金種類、貸款和信用額度的問題。當然，你的信用額度在年初沒有使用，現在你有 1300 萬美元。所以你似乎找到了增加自己投資組合的好機會？你認為這種情況會持續下去嗎？或者說有限制嗎？

Yes. I mean, cash is king right now. And so, if you've got the ability to lend into this industry, there's plenty of opportunities. And so we're being selective, but we have had some good opportunities to put money to work at pretty attractive yields even though the cost on anybody's bank line that's variable is fairly high right now.

是的。我的意思是，現在現金為王。因此，如果你有能力向這個行業提供貸款，那麼就有很多機會。因此，我們是有選擇性的，但我們有一些很好的機會，可以以相當有吸引力的收益率投入資金，儘管目前任何銀行額度的可變成本都相當高。

And so we'll be selective. We're not going to go crazy, but we're certainly not going to turn down good opportunities to either invest in the loan portfolios or on the development loan side, where we can put money to work with a lean on a property and a personal guarantee at kind of high teens yields.

所以我們會有所選擇。我們不會發瘋，但我們當然不會拒絕投資貸款組合或開發貸款方面的好機會，我們可以將資金投入房地產和開發貸款。個人擔保在十幾歲的高收益率。

Okay. Makes sense. And then just a final quick question. It seems like your own retail operation seems to be doing a little bit better? Have you worked out some of the kinks there or...

好的。說得通。然後是最後一個簡短的問題。看來你們自己的零售業務好像做得好一點了？你有沒有解決那裡的一些問題或...

Yes, we're working on it. I think Heritage has a lot of potential. I mean we haven't added additional locations in a couple of years, and we're seeing some opportunities to do that. But the key is getting the management team in place. We've made a few changes at the senior management team. We've got a few additions that we need to make.

是的，我們正在努力。我認為遺產有很大的潛力。我的意思是，我們已經好幾年沒有增加額外的地點了，但我們看到了一些這樣做的機會。但關鍵是管理團隊到位。我們對高階管理團隊進行了一些調整。我們需要做一些補充。

But I feel pretty good about how Heritage is being managed and we're selling more production through Heritage than we have in the past. And I think -- but it's still lower than, where we would like to be. And so that's another area that I feel like we have a -- with the right team, we've got a good opportunity to grow that side of our business. And it's still significantly below, where our peers are in terms of production that we are selling through our company-owned retail stores. So I just -- I think there's a big opportunity in Heritage.

但我對 Heritage 的管理方式感到非常滿意，而且我們透過 Heritage 銷售的產品比過去更多。我認為——但它仍然低於我們想要的水平。因此，這是我認為我們擁有的另一個領域——有了合適的團隊，我們就有了很好的機會來發展我們這方面的業務。就我們透過公司擁有的零售店銷售的產量而言，它仍然大大低於我們的同行。所以我只是——我認為遺產領域有很大的機會。

Your next question comes from Ramon Nimsoft, who is a Private Investor.

您的下一個問題來自私人投資者 Ramon Nimsoft。

Duncan and Jeff, congrats on a great quarter. I wanted to ask a question related to the land development. Maybe if you can give us a little bit more specificity regarding, who you hired in this as part of this new team and sort of what's your overall vision is for that whole business?

鄧肯和傑夫，祝賀他們度過了一個偉大的季度。我想問一個有關土地開發的問題。也許您可以向我們提供更多具體信息，例如您在這個新團隊中聘請了哪些人，以及您對整個業務的整體願景是什麼？

Yes. I mean we're still -- we're in kind of the early stages of it. We broke the developments up into regions, and we've got essentially a regional manager with some team members below him in each region. And the goal right now is just to prioritize and accelerate the development on these properties.

是的。我的意思是，我們仍處於早期階段。我們將開發工作分解為多個區域，每個區域都有一名區域經理，並在他的下方配備了一些團隊成員。現在的目標只是優先考慮並加速這些房產的開發。

And so like I was speaking about earlier, we've got 3 buckets we're looking at. I think some of them, as we dig a little bit deeper, may make sense to sell. There are some that may make sense to hold. And then, there are certainly the ones that we've made good progress on that we're really trying to push forward quickly.

正如我之前所說，我們正在考慮 3 個桶子。我認為，隨著我們深入挖掘，其中一些可能值得出售。有些可能值得持有。當然，我們確實在某些方面已經取得了良好進展，並且正在努力快速推進。

And so I'll continue to provide updates. I understand it's kind of -- it's high level, but I'm still getting my arms around it and making sure that whatever decision we make on these properties, they're all being executed from the lens of creating the most value for the shareholders. And so it's not going to be overnight, but I think that the easy ones are either, hey, we need to accelerate this or hey, we should just look at selling this and what's it worth?

所以我將繼續提供更新。我知道這是一個很高的水平，但我仍然會全力以赴，並確保我們對這些財產做出的任何決定都是從為股東創造最大價值的角度執行的。所以這不會是一朝一夕的事，但我認為最簡單的要么是，嘿，我們需要加速這個，要么嘿，我們應該看看賣掉它，它值多少錢？

And if there's something that make sense to sell, and you can make 3, 4, 5x your money, it's probably a good opportunity to do that.

如果有一些東西值得出售，並且你可以賺 3、4、5 倍的錢，那麼這可能是一個很好的機會。

That's helpful. I guess my question is, do you see this as like a vertical of the business? Like is this going to be a full rent type of product that's going to be held on the balance sheet for a long time and you're just going to sort of accelerate? Or is this something that's more of -- I guess I'm trying to figure out because of the trade? Or is this as a loan-term hold?

這很有幫助。我想我的問題是，您認為這就像垂直業務嗎？就像這將是一種完全租賃類型的產品，將在資產負債表上長期保留，而您只是要加速嗎？或者這更多的是——我想我是因為交易而試圖弄清楚？還是這是作為貸款期限持有？

Yes. I'm trying to figure that out too. Look, the biggest headwind of this -- in this entire industry is, where to put these homes. And so I think, if you can create a model that is -- that you can replicate over and over again that allows our customers to sell homes into communities that's a pretty good model, but it's going to take some time to get there.

是的。我也在想辦法解決這個問題。看，在整個產業中，最大的阻力是，把這些房子放在哪裡。所以我認為，如果你能創建一個模型，你可以一遍又一遍地複製，允許我們的客戶向社區出售房屋，這是一個非常好的模型，但需要一些時間才能實現。

And so that's -- I mean you hit the nail on the head. That's what I'm trying to understand now. I'd like to think that we can come up with something pretty creative, where this is a model that we can replicate and solve the largest headwind for our industry, but I'm not -- and we have a good starting point.

所以這就是——我的意思是你擊中了要害。這就是我現在想要理解的。我想我們可以想出一些非常有創意的東西，這是一個我們可以複製並解決我們行業最大阻力的模型，但我不是——而且我們有一個很好的起點。

We just have to execute on that and use the knowledge to create something that we can replicate over and over again. And so that is precisely what I'm trying to figure out.

我們只需要執行並利用知識來創造一些我們可以一遍又一遍複製的東西。這正是我想要弄清楚的。

And sorry, 1 more question on this. What do you think is the biggest headwinds for you to sort of figure this out? Is it capital? Is it time? I mean what is the limiting factor to sort of...

抱歉，還有 1 個問題。您認為解決這個問題的最大阻力是什麼？是資本嗎？時間到了嗎？我的意思是限制因素是什麼...

I think we've got the capital. I think we've just got to understand how it's viewed and from a public market standpoint and how the cash flows will be valued, and that's going to determine, if these are long holds? Or are these -- can you get them to a point, where you can maximize the value for the shareholders? Because if I add, if I finished Del Valle and I've got 1,100 spaces and rents coming off of those, are investors going to value that at 7x earnings or are they going to value it like some communities at 30x earnings? And so I don't know the answer to that question yet.

我認為我們有資本。我認為我們只需從公開市場的角度了解如何看待它，以及如何對現金流進行估值，這將決定這些是否是長期持有？或者這些——你能否讓它們達到一個可以為股東實現價值最大化的程度？因為如果我補充一下，如果我完成了Del Valle，並獲得了1,100 個空間並從中獲得租金，那麼投資者是否會以7 倍的市盈率來估值，還是會像某些社區一樣以30 倍的市盈率來估值？所以我還不知道這個問題的答案。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Duncan for any closing remarks.

目前我不會提出任何進一步的問題。我想將電話轉回給鄧肯，讓他作結束語。

Sure. Thank you. I'd like to thank everybody who joined today's earnings call. We certainly appreciate your interest in Legacy. And operator, this concludes our call.

當然。謝謝。我要感謝參加今天財報電話會議的所有人。我們當然感謝您對 Legacy 的興趣。接線員，我們的通話到此結束。

Well, ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

好了，女士們先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。