Legacy Housing Corp (LEGH) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to the Legacy Housing Corporation full-year 2024 earnings call.

大家好，歡迎參加 Legacy Housing Corporation 2024 年全年收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

Now it's my pleasure to turn the call over to our CEO, Duncan Bates.

現在我很高興將電話轉給我們的執行長鄧肯貝茨。

Please proceed.

請繼續。

Good morning.

早安.

This is Duncan Bates, Legacy's President and CEO.

我是 Legacy 總裁兼執行長 Duncan Bates。

Thank you for joining our call to discuss Legacy's year-end 2024 results.

感謝您參加我們的電話會議討論 Legacy 2024 年年終業績。

Max Africk, Legacy's General Counsel, will read the Safe Harbor disclosure before getting started.

Legacy 的總法律顧問 Max Africk 將在開始之前閱讀安全港揭露。

Max?

最大限度？

Thanks, Duncan.

謝謝，鄧肯。

Before we begin, I'll remind our listeners that management's 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.

在我們開始之前，我要提醒我們的聽眾，管理層今天準備好的發言將包含前瞻性陳述，這些陳述受風險和不確定性的影響，管理層可能會在回答您的問題時做出額外的前瞻性陳述。

Therefore, the company claims protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995.

因此，該公司要求受到 1995 年私人證券訴訟改革法案中前瞻性聲明安全港的保護。

Actual results may differ from management's current expectations, and any projections as to the company's future performance represent management's best estimates as of today's call.

實際結果可能與管理層目前的預期不同，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最佳估計。

Legacy assumes no obligation to update these projections in the future unless otherwise required by applicable law.

除非適用法律另有要求，否則 Legacy 不承擔將來更新這些預測的義務。

Thanks, Max.

謝謝，馬克斯。

I'm joined today by Jeff Fiedelman, Legacy's Chief Financial Officer.

今天與我一起參加的是 Legacy 的財務長 Jeff Fiedelman。

Jeff will discuss our 2024 financial performance, then I will provide additional corporate updates and open the call for Q&A.

傑夫將討論我們 2024 年的財務業績，然後我將提供更多公司更新資訊並開始問答環節。

Jeff?

傑夫？

Thanks, Duncan.

謝謝，鄧肯。

Product sales decreased $15.8 million or 10.9% in 2024 as compared to 2023.

2024 年產品銷售額與 2023 年相比減少 1,580 萬美元，即 10.9%。

This decrease was driven primarily by a decrease in unit volume shift primarily in direct sales and inventory finance sales categories.

這一下降主要是由於直銷和庫存融資銷售類別的單位銷售變化下降所致。

In 2024, our net revenue per product sold increased 1.9% as compared to 2023 primarily because of a moderate increase in unit prices.

2024 年，我們銷售的每件產品的淨收入與 2023 年相比增長了 1.9%，這主要是因為單價適度上漲。

Consumer MHP and dealer loans interest increased $3.8 million or 10.1% from 2023 to 2024 due to growth in our loan portfolios.

由於我們的貸款組合成長，消費者 MHP 和經銷商貸款利息從 2023 年到 2024 年增加了 380 萬美元或 10.1%。

This increase was driven primarily by increased balances in the MHP and consumer loan portfolios.

這一增長主要得益於 MHP 和消費者貸款組合餘額的增加。

Between December 31, 2024, and December 31, 2023, our consumer loan portfolio increased by $17.6 million.

2024 年 12 月 31 日至 2023 年 12 月 31 日期間，我們的消費貸款組合增加了 1,760 萬美元。

Our MHP loan portfolio increased by $24.5 million, and our dealer finance notes balance did not change.

我們的 MHP 貸款組合增加了 2450 萬美元，而我們的經銷商融資票據餘額沒有變化。

The change in the balance of our MHP loan portfolio is primarily due to a settlement agreement we reached with a significant borrower, as discussed in our 10-K.

我們的 MHP 貸款組合餘額的變化主要是由於我們與重要藉款人達成的和解協議，如我們的 10-K 中所討論的。

Other revenue primarily consists of contract deposit forfeitures, consignment fees, commercial lease rents, land sales, service fees and other miscellaneous income, and increased $7.0 million or 106.3% from 2023 to 2024.

其他收入主要包括合約押金沒收、代銷費、商業租賃租金、土地銷售、服務費和其他雜項收入，從 2023 年到 2024 年增加了 700 萬美元，即 106.3%。

This increase was primarily due to $8.9 million in land sales related to the Forest Hollow Mobile Home Community and the property in Marble Falls, Texas, $0.5 million in rental income from our Mobile Home Park properties, partially offset by a $1.5 million decrease in forfeited deposits, a $0.6 million decrease in rental income from leased mobile homes, and a $0.3 million decrease in other miscellaneous revenue.

這一增長主要由於與 Forest Hollow 移動房屋社區和位於德克薩斯州馬布爾福爾斯的房產相關的土地銷售額為 890 萬美元，來自我們的移動房屋公園物業的租金收入為 50 萬美元，但部分被沒收押金減少 150 萬美元、租賃移動房屋租金收入減少 60 萬美元以及其他雜項收入減少 30 萬美元所抵消。

The cost of product sales decreased $9.6 million or 9.7% in 2024 as compared to 2023.

2024 年產品銷售成本與 2023 年相比減少 960 萬美元，即 9.7%。

The decrease in cost is primarily related to a decrease in units sold.

成本的下降主要與銷售單位數量的減少有關。

Gross profit margin was 30.4% of product sales during 2024 as compared to 31.3% during 2023.

2024 年毛利率為產品銷售額的 30.4%，而 2023 年為 31.3%。

The cost of other sales was $8.2 million in 2024 and primarily reflects the costs associated with our land sales.

2024 年其他銷售成本為 820 萬美元，主要反映與我們的土地銷售相關的成本。

Selling, general and administrative expenses decreased $1.1 million or 4.4% in 2024 as compared to 2023.

2024 年銷售、一般和行政費用與 2023 年相比減少了 110 萬美元，即 4.4%。

This decrease was primarily due to a $1.4 million decrease in warranty costs, a $0.4 million decrease in consulting and professional fees, and a $0.4 million decrease in salaries and benefit costs, partially offset by a $0.4 million increase in real estate taxes and a net $0.7 million increase in other miscellaneous costs.

這一下降主要由於保固成本減少 140 萬美元、諮詢和專業費用減少 40 萬美元、工資和福利成本減少 40 萬美元，但房地產稅增加 40 萬美元以及其他雜項費用淨增加 70 萬美元部分抵消了這一下降。

Other income expense net increased by $8.3 million in 2024 as compared to 2023.

2024 年其他收入支出淨額與 2023 年相比增加了 830 萬美元。

We had an $8.5 million increase in miscellaneous net, primarily due to, one, gains related to the settlement agreement discussed above; two, a gain on the sale of property in Georgia; three, gains related to properties acquired through foreclosure; and four, reversals of certain balance sheet liabilities.

我們的雜項淨額增加了 850 萬美元，主要原因是：一、與上述和解協議相關的收益；二、出售位於喬治亞州的房產所獲得的收益；三、透過取消抵押品贖回權獲得的財產相關收益；四是撤銷部分資產負債表負債。

We had a $0.4 million decrease in interest income on other notes and a $0.2 million decrease in interest expense.

其他票據的利息收入減少了 40 萬美元，利息支出減少了 20 萬美元。

Net income increased 13.2% to $61.6 million in 2024 compared to 2023.

2024 年淨收入較 2023 年成長 13.2% 至 6,160 萬美元。

Basic earnings per share increased $0.32 per share or 14.3% in 2024 compared to 2023.

2024 年每股基本收益與 2023 年相比增加 0.32 美元，即 14.3%。

As of December 31, 2024, we had approximately $1.1 million in cash compared to $0.7 million as of December 31, 2023.

截至 2024 年 12 月 31 日，我們擁有約 110 萬美元現金，而截至 2023 年 12 月 31 日為 70 萬美元。

The outstanding balance of the revolver as of December 31, 2024, and December 31, 2023, was $0 and $23.7 million, respectively.

截至 2024 年 12 月 31 日及 2023 年 12 月 31 日，此循環信貸的未償還餘額分別為 0 美元及 2,370 萬美元。

At the end of 2024, Legacy's book value per basic share outstanding was $20.40, an increase of 13.9% from the year end of 2023.

截至 2024 年底，Legacy 每股基本流通股帳面價值為 20.40 美元，較 2023 年底成長 13.9%。

Thanks, Jeff.

謝謝，傑夫。

Before I run through my notes, I want to acknowledge that there's a lot of noise and uncertainty in the market right now: politics, tariffs, recession risk, interest rate considerations, et cetera.

在我瀏覽我的筆記之前，我想承認目前市場上有很多噪音和不確定性：政治、關稅、衰退風險、利率考慮等等。

Many of the call participants are long-term investors in Legacy Housing.

許多電話會議參與者都是 Legacy Housing 的長期投資者。

I don't know how 2025 will shake out, but I can assure you that our team will be in the office every day, managing the business closely and making adjustments as needed.

我不知道 2025 年會發生什麼，但我可以向你保證，我們的團隊每天都會在辦公室，密切管理業務並根據需要做出調整。

We continue to believe in the long-term fundamentals of manufactured housing and the value proposition that Legacy Housing provides its customers.

我們繼續相信預製房屋的長期基本面以及 Legacy Housing 為其客戶提供的價值主張。

High-quality, affordable homes, combined with financing solutions that keep monthly payments low.

高品質、價格合理的住房，結合可維持低月供的融資解決方案。

Our target market of homebuyers consists of households with total annual income below $75,000, which comprised 47% of total US households in 2023.

我們的目標購屋市場包括年總收入低於 75,000 美元的家庭，佔 2023 年美國家庭總數的 47%。

This group, nearly half of all households in the United States, has been severely impacted by increasing rental rates, higher prices for site-built homes, elevated mortgage rates, and stagnant wage growth.

這群人占美國家庭總數的近一半，受到租金上漲、現房價格上漲、抵押貸款利率上升以及薪資成長停滯的嚴重影響。

A few data points from yesterday 10-K filing.

來自昨天 10-K 檔案的一些數據點。

The average price for a new single-family home in 2023 was $511,000 including the land, compared to a manufactured home of $123,000.

2023 年新建獨棟住宅的平均價格為 511,000 美元（包括土地），而預製住宅的平均價格為 123,000 美元。

In 2005, 20 years ago, approximately 18% of new single-family homes sold in the United States were under $150,000.

20年前的2005年，美國出售的新建獨棟住宅中約有18%的價格低於15萬美元。

Today, it's essentially zero.

如今，這數字基本上是零。

Legacy's average selling price in 2024 was approximately $61,000 per unit, up from $60,000 in 2023.

Legacy 在 2024 年的平均售價約為每輛 61,000 美元，高於 2023 年的 60,000 美元。

The vast majority of Legacy's business is wholesale, but even with the retail markup and other expenses, our homes and financing solutions provide an affordable alternative to site-built homes, which a large portion of households in our country cannot currently afford.

Legacy 的絕大部分業務是批發，但即使加上零售加價和其他費用，我們的房屋和融資解決方案也為現場建造的房屋提供了可負擔的替代方案，而目前我國很大一部分家庭都無法負擔現場建造的房屋。

We continue to see coverage of factory-built housing in the media and hear positive talks of regulatory reform from the new administration.

我們不斷在媒體上看到有關工廠化住宅的報道，也聽到新政府對監管改革的正面言論。

The affordable housing crisis is not solved without the manufactured housing industry.

沒有預製房屋產業，經濟適用房危機無法解決。

Dealer business across most of our footprint is healthy.

我們大部分業務範圍內的經銷商業務都很健康。

We are moving out of a seasonally slow season.

我們即將走出季節性淡季。

The team continues to sign new independent dealers in both our Texas and Southeast markets.

該團隊繼續在德克薩斯州和東南市場簽約新的獨立經銷商。

Retail finance fundings in the first quarter of 2025 are tracking well ahead of the 8% growth we saw in 2024.

2025 年第一季的零售金融融資額將遠高於 2024 年 8% 的成長率。

Our community business is improving.

我們的社區業務正在不斷改善。

As discussed on previous calls, higher interest rates have depressed community transaction volumes, which tends to drive demand for new Park Model Homes.

正如之前的電話會議中所討論的，較高的利率抑制了社區交易量，這往往會推動對新公園模範住宅的需求。

We're receiving more inbound requests for large orders and think the Community business will continue to improve in 2025.

我們收到了更多大訂單的入站請求，並認為社區業務將在 2025 年繼續改善。

Legacy's lending portfolios continue to compound.

Legacy 的貸款組合持續增加。

For 2024, interest revenue from MHP retail and floor plan financing was $41.2 million compared to $37.2 million in 2023.

2024 年，MHP 零售和平面圖融資的利息收入為 4,120 萬美元，而 2023 年為 3,720 萬美元。

Our delinquencies remain low, although normalizing to pre-COVID levels and recovery rates are strong.

儘管我們的拖欠率已恢復到疫情之前的水平，且恢復率仍然很高，但我們的拖欠率仍然很低。

In 2024, average interest rates for new retail loans were 1% higher than 2023.

2024年新零售貸款平均利率比2023年高出1%。

Product gross margins were 30.4% in 2024, under-absorbed labor given production -- given lower production levels during the year impacted margins.

2024 年產品毛利率為 30.4%，由於生產過程中勞動吸收不足－由於當年生產水準較低，影響了利潤率。

We continue to watch labor closely and expect margins to normalize with production improving.

我們將繼續密切關注勞動力，並預計隨著生產的改善，利潤率將恢復正常。

We are also keeping a very close eye on material price fluctuations from the tariffs.

我們也密切關注關稅引起的材料價格波動。

We pushed through the first price increase since COVID in February of 2025.

我們於 2025 年 2 月實現了新冠疫情以來的首次價格上漲。

During the fourth quarter, Legacy sold one of the mobile home parks that was deeded to us under the settlement agreement.

第四季度，Legacy 出售了根據和解協議轉讓給我們的其中一個移動房屋公園。

As Jeff mentioned, the sale resulted in a meaningful gain at year end.

正如傑夫所提到的，此次銷售在年底帶來了可觀的收益。

We are setting and renting homes in the second part now to increase occupancy before monetizing.

我們現在正在第二部分設置和出租房屋，以便在貨幣化之前提高入住率。

A few updates on land development.

關於土地開發的一些最新動態。

We continue to focus on the properties in Austin.

我們繼續關注奧斯汀的房產。

In Bastrop County, our 1,100-pad development near Austin, the roads and utilities are nearly complete in Phase 1.

在巴斯特羅普縣，我們位於奧斯汀附近的 1,100 個住宅區的開發項目，第一階段的道路和公用設施已接近完工。

We still anticipate selling lots in Phase 1 this summer.

我們仍然預計今年夏天將出售第一階段的土地。

As I mentioned during our last call, we own 300 developed lots, mobile home lots in Horseshoe Bay, Texas.

正如我在上次通話中提到的，我們在德克薩斯州馬蹄灣擁有 300 個已開發地塊和移動房屋地塊。

Our dealership nearby and Marble Falls, Texas, is now open and we are selling land and homes there.

我們位於德克薩斯州馬布爾福爾斯附近的經銷店現已開業，我們在那裡銷售土地和房屋。

I'm proud of the team's progress this year.

我為球隊今年的進步感到自豪。

We finished 2024 with 33.5% GAAP net income margins, up from 28.8% in 2023.

到 2024 年，我們的 GAAP 淨收入利潤率為 33.5%，高於 2023 年的 28.8%。

Over the last three years, we have increased book value by nearly 60% to $494 million.

在過去三年裡，我們的帳面價值增加了近 60%，達到 4.94 億美元。

There's still a lot of work to do though.

但還有很多工作要做。

For 2025, we're focused on sales and specifically park sales in Texas and dealer sales in the Southeast, streamlining our product offering, systems, processes, and employee retention at our retail business, continuing to monetize noncore assets, and finishing construction and putting homes on our land in Austin.

2025 年，我們將專注於銷售，特別是德克薩斯州的公園銷售和東南部的經銷商銷售，簡化我們零售業務的產品供應、系統、流程和員工保留，繼續將非核心資產貨幣化，並完成在奧斯汀的土地上的建設和建造房屋。

Legacy's integrated business model provides multiple avenues to generate returns for our shareholders regardless of economic conditions.

無論經濟狀況如何，Legacy 的綜合業務模式都能為我們的股東提供多種回報途徑。

We are currently in a meaningful net cash position, and if our stock trades off this year, we will repurchase shares aggressively.

我們目前處於有意義的淨現金狀況，如果我們的股票今年下跌，我們將積極回購股票。

Operator, this concludes our prepared remarks.

接線員，我們的準備好的發言到此結束。

Please begin the Q&A.

請開始問答。

(Operator Instructions) Mark Smith, Lake Street.

（操作員指示）馬克史密斯，湖街。

I wanted to just dig in a little deeper on land sales during the quarter.

我想更深入地了解本季的土地銷售情況。

If you can give a little more color on kind of the big sale, how it came about?

能詳細介紹一下這次大促銷嗎？它是如何發生的？

Why at that point to make that sale and then future ones potentially come, it sounds like still trying to improve the other one before selling it?

為什麼在那個時候進行這筆銷售，然後再可能有其他銷售，這聽起來像是在銷售之前仍在嘗試改進另一個？

And then also just land acquisitions, I think that you guys may have bought some property in Texas during the fourth quarter.

然後還有土地收購，我認為你們可能在第四季度在德克薩斯州購買了一些房產。

Yeah.

是的。

Hey, Mark, thanks for the question.

嘿，馬克，謝謝你的提問。

There's only one land sale during the fourth quarter, and that was the sale of a Mobile Home Park from the settlement agreement in Beaumont, Texas.

第四季僅有一筆土地出售，即根據和解協議出售位於德克薩斯州博蒙特的移動房屋公園。

So that's the big sale.

所以這是一筆大買賣。

Obviously, throughout the year, we did monetize other land that we own, some in Eatonton as well as down in Horseshoe Bay.

顯然，全年我們確實將我們擁有的其他土地貨幣化，有些位於伊頓頓，以及馬蹄灣。

And so we're looking at our portfolio closely and if there are noncore assets and the price makes sense to monetize them, we'll be opportunistic with that going forward.

因此，我們正在密切關注我們的投資組合，如果其中存在非核心資產，而且價格足以將其貨幣化，我們就會抓住機會，繼續投資。

Okay.

好的。

And did you guys purchase some land in Q4 in Texas?

你們第四季在德州買了一些土地嗎？

We did not purchase the land.

我們沒有購買這塊土地。

I think what the settlement agreement taught our team is how to foreclose on that.

我認為和解協議教會了我們團隊如何避免這種情況。

And so there's a meaningful portion of our loan portfolio on the MHP and specifically, we call it development loans, but other notes receivable, that's secured by land.

因此，我們的貸款組合中有很大一部分來自 MHP，具體來說，我們稱之為開發貸款，但其他應收票據則是以土地作抵押。

And if we're tracking borrowers down for payments or notes mature, then we're going to take that land back, and we'll monetize it when the price makes sense.

如果我們追蹤借款人付款或票據到期，那麼我們將收回該土地，並在價格合理時將其貨幣化。

But there's a decent amount of equity in that portfolio as well.

但該投資組合中也包含相當數量的股權。

So when we sell it, the returns look pretty good.

所以當我們出售它時，回報看起來相當不錯。

Okay.

好的。

And that brings up a good point.

這提出了一個很好的觀點。

Maybe if you can speak broadly about any concerns that investors may have around delinquencies, squeeze consumers kind of a tough environment today, on your ability to take back and kind of be covered if a loan goes bad, whether it's MHP or consumer?

也許您可以廣泛地談論投資者對拖欠貸款的擔憂，在當今艱難的環境下擠壓消費者，如果貸款出現問題，您是否有能力收回貸款並獲得保障，無論是 MHP 還是消費者貸款？

Yeah.

是的。

I think they're a little bit different between the two portfolios.

我認為這兩個投資組合略有不同。

So maybe we'll start on the retail loan portfolio.

因此我們或許將從零售貸款組合開始。

We've seen past due balances creep up a little bit, but it's certainly not to a point where we're concerned.

我們發現逾期餘額增加，但還未達到我們擔心的程度。

And I think what's important to understand is there are several features of that loan portfolio that make the recovery really strong.

我認為，重要的是要了解該貸款組合的幾個特點使得經濟復甦真正強勁。

I mean one is, you've seen the prices of homes since COVID go up essentially 40%.

我的意思是，首先，你已經看到自 COVID 以來房價基本上上漲了 40%。

And so if you got a meaningful down payment and somebody's made payments on homes for a period of time, when we're selling -- we're currently selling repos now for around 100% of the principal that's outstanding on those.

因此，如果你支付了相當數量的首付款，並且有人在一段時間內支付了房款，當我們出售時 - 我們目前正在出售的回購協議金額約為這些房屋未償還本金的 100％。

The other piece is, there are features of that -- of those loans where we work with our dealers to make sure that we're able to repo houses and resell houses and the economics make sense.

另一點是，這些貸款有其特點，我們與經銷商合作，確保我們能夠回購房屋和轉售房屋，並且經濟上合理。

On the MHP side, and really, the key to both of these portfolios is keeping the monthly payments affordable.

從 MHP 方面來看，這兩個投資組合的關鍵實際上都是保持每月還款額在可負擔範圍內。

If a park owner is able to buy houses from us and finance them through us, and we keep their monthly payment low, then they're able to rent that house out to a renter and generate a profit.

如果公園業主能夠從我們這裡購買房屋並透過我們融資，而我們又保持他們的月供較低，那麼他們就可以將房屋出租給租戶並獲取利潤。

And as long as they get those houses set up, the numbers work.

只要他們建好這些房子，數字就起作用了。

I think where people get into trouble is they take houses; they don't get them set up and they're paying us and not generating rental income.

我認為人們陷入困境的地方是他們搶佔了房子；他們沒有把設施設置好，只給我們付了錢，卻沒有產生租金收入。

So we keep a close eye on that.

因此我們密切關注此事。

And on the MHP side, there's a lot of levers for recovery.

在 MHP 方面，有許多恢復槓桿。

And obviously, this year, we tested that in a big way and ultimately didn't flush a dollar of that through our income statement and have had some significant gains as we've monetized those assets.

顯然，今年我們對此進行了大規模測試，最終沒有從我們的損益表中扣除一分錢，而且在將這些資產貨幣化後，我們還獲得了一些可觀的收益。

Okay.

好的。

Next question for me is just looking at changing immigration policies, potential higher deportations.

我的下一個問題是研究移民政策的變化以及潛在的更高驅逐出境人數。

Curious any potential impact this could have both on customers and demand as well as maybe your labor market?

好奇這會對客戶和需求以及勞動市場產生什麼潛在影響？

Yeah.

是的。

I mean, as a public company, I mean, we've been e-verifying for years.

我的意思是，作為一家上市公司，我們已經進行電子驗證多年了。

So everyone we hire goes through that process.

因此，我們僱用的每個人都要經歷這個過程。

I think even with some of the economic indicators down, I think any manufacturer is struggling with labor, and so that's something that we continue to keep a close eye on but aren't worried about that necessarily impacting our workforce.

我認為，即使一些經濟指標下降，任何製造商都會面臨勞動力問題，因此我們會繼續密切關注這個問題，但並不擔心這必然會影響我們的勞動力。

When we finance someone purchasing a home, the underwriting criteria requires certain things from these borrowers, and these aren't people that came across the border and decided to buy a mobile home.

當我們為某人提供購屋融資時，承保標準會要求這些借款人滿足某些要求，而這些人並不是跨越邊境決定購買移動房屋的人。

These are people that have been in the country for years, and they have stable jobs and they can afford that house.

這些人已在該國生活多年，有穩定的工作，也買得起房子。

So while there's noise in the market, and we haven't seen a material change in our business from the immigration policies.

因此，儘管市場存在噪音，但我們並沒有看到移民政策為我們的業務帶來重大變化。

Perfect.

完美的。

And last one for me.

對我來說這是最後一個。

SG&A certainly down at good healthy levels here.

銷售、一般及行政開支顯然已降至健康水準。

I'm just curious sustainability and if there's anything we should have on our radar as far as maybe increasing SG&A expenses here in 2025?

我只是對永續性感到好奇，以及我們是否應該關註一些事情，例如 2025 年可能增加銷售、一般和行政費用 (SG&A)？

Well, there's -- as you know, Mark, from covering us for a long time, SG&A is a hot topic with the Board and under a -- always under a microscope.

嗯，馬克，正如你長期報道我們的那樣，銷售、一般和行政管理費用是董事會熱議的話題，而且一直受到密切關注。

So we're going to continue to run the business the same way and I don't see any material changes in SG&A.

因此，我們將繼續以同樣的方式經營業務，我認為銷售、一般和行政費用不會有任何重大變化。

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Hi.

你好。

This is Will on for Dan.

這是威爾代替丹。

Can you talk about your expectations for production rates across your three plans for Q1 and the first half of 2025?

您能談談對 2025 年第一季和上半年三個計畫的生產力的預期嗎？

Hey.

嘿。

Yeah, well, like I mentioned in the prepared remarks, I wish I knew -- I wish I had a crystal ball for 2025, but there's obviously a lot of moving pieces.

是的，就像我在準備好的演講中提到的那樣，我希望我知道——我希望我有一個可以預測 2025 年的水晶球，但顯然有很多不確定因素。

We've been really focused on ramping up production at our Texas facilities.

我們一直致力於提高德州工廠的產量。

We're heading into the spring selling season with a good backlog and are heading to a mobile home show next week, where we hope to continue to build that backlog.

我們正帶著大量積壓訂單進入春季銷售旺季，下週我們將參加移動房屋展，希望在展會上繼續增加積壓訂單。

So our production is still not where we want it.

所以我們的產量還未達到我們想要的水平。

I think -- but I think ultimately, we're moving in the right direction.

我認為——但我認為最終我們正朝著正確的方向前進。

Georgia is a little bit slower than we'd like.

喬治亞州的速度比我們希望的要慢一點。

We've continued to grow the Park side of the business in Georgia.

我們繼續在喬治亞州發展公園業務。

The dealer slide lags.

經銷商下滑落後。

But we're focused on building a backlog there and ramping production from the levels that we're at right now.

但我們專注於在那裡建立積壓訂單，並在現有水準上提高產量。

But overall, I'm comfortable with it, but it's our number one focus right now is ramping up production and getting home shipped.

但總的來說，我對此感到滿意，但我們目前的首要任務是提高產量並將產品運送回家。

Thank you.

謝謝。

And then just maybe you could add a little bit more color to backlogs exiting this quarter compared to last quarter and year-over-year?

然後，您是否可以稍微介紹一下本季與上一季和去年同期相比的積壓訂單情況？

Yeah.

是的。

I mean -- if you follow the company for as you guys have for the past couple of years, it's been a little choppy like we took pricing up with COVID.

我的意思是——如果你像過去幾年一樣關注這家公司，你會發現情況有點不穩定，就像我們因為新冠疫情而提高價格一樣。

I think our prices were elevated when some of our competitors came off of pricing.

我認為，當我們的一些競爭對手取消定價時，我們的價格就提高了。

And now with tariffs and with the labor market, that pricing is normalized and the backlog looks pretty healthy.

現在，隨著關稅和勞動市場的恢復，定價已經正常化，積壓訂單看起來也相當充足。

We don't report a backlog number.

我們沒有報告積壓數量。

But certainly, in Texas, -- we've got -- like we've got a pretty meaningful backlog and in Georgia, we're working on it.

但可以肯定的是，在德州，我們有相當多的積壓工作，而在喬治亞州，我們正在努力處理。

(Operator Instructions) As I see no further questions in the queue, I will turn the call back to Duncan Bates for his final comments.

（操作員指示）由於我看到隊列中沒有其他問題，我將把電話轉回給 Duncan Bates 以徵求他的最後評論。

Thank you for joining today's earnings call.

感謝您參加今天的收益電話會議。

We appreciate your interest in Legacy Housing.

感謝您對 Legacy Housing 的關注。

If you're in Biloxi for the mobile home show next week, please come by and see us.

如果您下週來比洛克西觀看移動房屋展，請來參觀我們。

Operator, this concludes our call.

接線員，我們的通話到此結束。

Thank you so much, and thank you, everyone, who participated in today's conference, and you may now disconnect.

非常感謝，也感謝參加今天會議的所有人，現在可以掛斷電話了。