Legacy Housing Corp (LEGH) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Legacy Housing Corporation Q1 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Legacy Housing Corporation 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Max Africk, General Counsel. Please go ahead.

現在，我想將會議交給今天的發言人、總法律顧問馬克斯·阿弗里克 (Max Africk)。請繼續。

Good morning. This is Duncan Bates, Legacy's President and CEO. Thank you for joining Legacy's first quarter 2025 conference call. Max Africk, our General Counsel, will read the Safe Harbor disclosure before getting started. Max?

早安.我是 Legacy 總裁兼執行長 Duncan Bates。感謝您參加 Legacy 2025 年第一季電話會議。我們的總法律顧問 Max Africk 將在開始之前閱讀安全港揭露。最大限度？

Thanks, Duncan. Before we begin, I will 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. Therefore, the company claims the protection of the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 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. Legacy, moreover, assumes no obligation to update these projections in the future unless otherwise required by applicable law.

謝謝，鄧肯。在我們開始之前，我要提醒我們的聽眾，管理層今天準備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，管理層可能會針對您的問題做出額外的前瞻性陳述。因此，該公司要求《1995 年私人證券訴訟改革法案》中關於前瞻性聲明的安全港保護。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。此外，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. Jeff Fiedelman, Legacy's Chief Financial Officer, will discuss our first-quarter financial performance, then I'll provide additional corporate updates and open the call for Q&A. Jeff?

謝謝，馬克斯。Legacy 財務長 Jeff Fiedelman 將討論我們的第一季財務業績，然後我將提供更多公司更新資訊並開啟問答環節。傑夫？

Thanks, Duncan. Product sales primarily consist of direct sales, commercial sales, inventory finance sales, and retail store sales. Product sales decreased $6.5 million or 21.2% during the three months ended March 31, 2025, as compared to the same period in 2024. This decrease was driven by a decrease in unit volumes shipped primarily in mobile home park sales, retail sales, direct sales, and other product sales categories.

謝謝，鄧肯。產品銷售主要包括直銷、商業銷售、庫存融資銷售和零售店銷售。截至 2025 年 3 月 31 日的三個月內，產品銷售額與 2024 年同期相比減少了 650 萬美元，即 21.2%。這一下降主要是由於移動房屋公園銷售、零售、直銷和其他產品銷售類別的出貨量下降所致。

For the three months ended March 31, 2025, our net revenue per product sold increased by 23.1% as compared to the same period in 2024. The increase is primarily due to a decrease in units sold to mobile home parks, which were sold at wholesale prices and an increase in units sold to consumers, which are sold at higher retail prices. Consumer MHP and dealer loans interest income did not change during the three months ended March 31, 2025, as compared to the same period in 2024. Between March 31, 2025, and March 31, 2024, our consumer loan portfolio increased by $20.3 million. Our MHP loan portfolio increased by $20.1 million, and our dealer finance notes decreased by $2.4 million.

截至 2025 年 3 月 31 日的三個月，我們每件銷售產品的淨收入與 2024 年同期相比成長了 23.1%。成長的主要原因是，以批發價出售給移動房屋公園的車輛數量減少，而以更高的零售價出售給消費者的車輛數量增加。與 2024 年同期相比，截至 2025 年 3 月 31 日的三個月內，消費者 MHP 和經銷商貸款利息收入沒有變化。2025 年 3 月 31 日至 2024 年 3 月 31 日期間，我們的消費貸款組合增加了 2,030 萬美元。我們的 MHP 貸款組合增加了 2,010 萬美元，而我們的經銷商融資票據減少了 240 萬美元。

Other revenue primarily consists of contract deposit forfeitures, consignment fees, commercial lease rents, land sales, service fees and other miscellaneous income and decreased $1.0 million or 59.2% during the three months ended March 31, 2025, as compared to the same period in 2024. This decrease was primarily due to a $1.1 million decrease in forfeited deposits, partially offset by a $0.2 million increase in portfolio fees and service revenue and land sales and a net $0.1 million decrease in other miscellaneous revenue.

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，與 2024 年同期相比，截至 2025 年 3 月 31 日的三個月內減少了 100 萬美元，即 59.2%。這一減少主要是由於沒收存款減少了 110 萬美元，但投資組合費用和服務收入以及土地銷售額增加了 20 萬美元，其他雜項收入淨減少了 10 萬美元，部分抵消了這一減少。

Cost of product sales decreased $3.3 million or 16.0% during the three months ended March 31, 2025, as compared to the same period in 2024. The decrease in cost is primarily related to the decrease in units sold. Gross profit margin was 29.2% of product sales during the three months ended March 31, 2025, as compared to 33.6% during the three months ended March 31, 2024. The cost of other sales was $0.5 million during the three months ended March 31, 2025.

截至 2025 年 3 月 31 日的三個月，產品銷售成本與 2024 年同期相比減少了 330 萬美元，即 16.0%。成本的下降主要與銷售單位的減少有關。截至 2025 年 3 月 31 日的三個月，毛利率為產品銷售額的 29.2%，而截至 2024 年 3 月 31 日的三個月，毛利率為 33.6%。截至 2025 年 3 月 31 日的三個月內，其他銷售成本為 50 萬美元。

Selling, general, and administrative expenses increased $0.4 million or 6.9% during the three months ended March 31, 2025, as compared to the same period in 2024. We had a $0.6 million increase in legal expense, a $0.5 million increase in loan loss provision and a $0.3 million increase in other miscellaneous expense, offset by a $0.4 million decrease in warranty expense, a $0.3 million decrease in payroll and related expense, and a $0.3 million decrease in professional fees.

截至 2025 年 3 月 31 日的三個月，銷售、一般及管理費用與 2024 年同期相比增加了 40 萬美元，即 6.9%。我們的法律費用增加了 60 萬美元，貸款損失準備金增加了 50 萬美元，其他雜項費用增加了 30 萬美元，但保固費用減少了 40 萬美元，工資和相關費用減少了 30 萬美元，專業費用減少了 30 萬美元。

Other income decreased $0.6 million or 35.5% during the three months ended March 31, 2025, as compared to the same period in 2024. We had a decrease of $0.8 million in non-operating interest income, primarily as a result of the settlement agreement that we reached with a significant borrower in the third quarter of 2024, offset by a decrease of $0.2 million in interest expense.

截至 2025 年 3 月 31 日的三個月，其他收入與 2024 年同期相比減少了 60 萬美元，即 35.5%。我們的非營業利息收入減少了 80 萬美元，主要原因是我們在 2024 年第三季與一位重要藉款人達成了和解協議，但利息支出減少了 20 萬美元，抵消了這一影響。

Net income decreased 32.1% to $10.3 million in the first quarter of 2025 compared to the first quarter of 2024. Basic earnings per share decreased to $0.43 per share or 30.6% in the first quarter of 2025 compared to the first quarter of 2024. As of March 31, 2025, we had approximately $3.4 million in cash compared to $1.1 million as of December 31, 2024. We did not draw on the revolver in the first quarter. The outstanding balance of the revolver was 0 as of both March 31, 2025, and December 31, 2024.

2025 年第一季淨收入與 2024 年第一季相比下降 32.1% 至 1,030 萬美元。2025 年第一季每股基本收益與 2024 年第一季相比下降至每股 0.43 美元，降幅為 30.6%。截至 2025 年 3 月 31 日，我們擁有現金約 340 萬美元，截至 2024 年 12 月 31 日為 110 萬美元。我們在第一節並沒有利用左輪手槍得分。截至 2025 年 3 月 31 日及 2024 年 12 月 31 日，此循環信貸的未償餘額均為 0。

At the end of the first quarter 2025, Legacy's book value per basic share outstanding was $20.87, an increase of 13.1% from the same period in 2024.

2025 年第一季末，Legacy 每股基本流通股帳面價值為 20.87 美元，較 2024 年同期成長 13.1%。

Thanks, Jeff. Obviously, first-quarter shipments were lower than we would have liked. I want to discuss the steps we have taken to address product sales growth moving forward. After the last earnings call in March, I flew with our founders to the Biloxi Mobile Home Show. It was a good opportunity for the three of us to walk houses, speak with customers and discuss financing solutions. We led the show aligned on several important changes to our products, park financing program and team.

謝謝，傑夫。顯然，第一季的出貨量低於我們的預期。我想討論一下我們為解決未來產品銷售成長問題所採取的措施。在三月的最後一次財報電話會議之後，我和我們的創辦人一起飛往比洛克西移動房屋展。對於我們三人來說，這是一個參觀房屋、與客戶交談並討論融資解決方案的好機會。我們主導了針對我們的產品、公園融資計劃和團隊的幾個重要變化的展會。

First, our product line needs to be simplified. Over time, we added too many floor plans, color choices, options, et cetera. We analyzed the sales data, dramatically reduced the number of choices and simplified pricing. This change will allow our team to focus on the core products and gain efficiency in the plants.

首先，我們的產品線需要簡化。隨著時間的推移，我們添加了太多的平面圖、顏色選擇、選項等等。我們分析了銷售數據，大幅減少了選擇數量並簡化了定價。這項變更將使我們的團隊能夠專注於核心產品並提高工廠的效率。

Next, our park financing product has historically catered to the rental model. Our customers purchase homes and rent them to tenants. Some community owners, especially in the Texas markets want the flexibility to sell homes. We introduced a modification to the MHP program that accommodates this, subject to certain conditions. I believe this change will broaden our customer base in our core markets moving forward.

其次，我們的園區融資產品歷來迎合租賃模式。我們的客戶購買房屋並將其出租給租戶。一些社區業主，尤其是德克薩斯州的業主，希望能夠靈活地出售房屋。我們對 MHP 計劃進行了修改，以適應這種情況，但要滿足某些條件。我相信這項變化將會擴大我們核心市場的客戶群。

Finally, management needs to allocate more time to sales, marketing, and the land development projects. We hired industry veterans in key positions, including General Manager in Fort Worth, Director of Engineering for the company, a Purchasing Manager for the company, and a Texas-based regional manager for our company-owned retail locations. We operate this business closely, but understand the importance of senior management across manufacturing and retail to allocate our time effectively. This was a necessary reset, and I'm encouraged by the feedback to date. Currently, production in Texas is up, and we're working hard to ship houses and extend our backlog.

最後，管理階層需要分配更多時間到銷售、行銷和土地開發專案。我們聘請了行業資深人士擔任關鍵職位，包括沃斯堡的總經理、公司的工程總監、公司的採購經理以及我們公司自有零售店的德克薩斯州區域經理。我們緊密經營這項業務，但也了解製造和零售領域的高階管理層對有效分配時間的重要性。這是必要的重置，迄今為止的回饋令我感到鼓舞。目前，德州的產量已經上升，我們正在努力運送房屋並延長我們的積壓訂單。

Moving to the market. We are now in the spring selling season. Despite market uncertainty and tariff risks, our outlook for the remainder of 2025 is positive. Independent dealers across most of the footprint are healthy. We saw some slowdown in our South Texas dealers post-election during the first quarter, but sales are now recovering. At our company-owned stores, unit sales in April of 2025 were the highest in three years. May 2025 is tracking equally as strong.

走向市場。我們現在正處於春季銷售季節。儘管存在市場不確定性和關稅風險，我們對 2025 年剩餘時間的展望依然樂觀。大部分地區的獨立經銷商都狀況良好。我們看到，在第一季選舉之後，南德州經銷商的銷售有所放緩，但現在銷售額正在復甦。在我們公司自營商店中，2025 年 4 月的單位銷售額是三年來最高的。2025 年 5 月的走勢同樣強勁。

We view retail finance as a leading indicator on the dealer side. A couple of recent data points: retail loan originations in April 2025 were the highest in one month since going public. Originations year-to-date through April of 2025 are up 51% over last year. Community shipments were lower than expected during the first quarter due to broader market uncertainty and timing delays with specific projects.

我們將零售金融視為經銷商的領先指標。最近的一些數據點：2025 年 4 月的零售貸款發放量是上市以來一個月內的最高水準。截至 2025 年 4 月，年初至今的貸款發放量比去年同期成長了 51%。由於更廣泛的市場不確定性和特定項目的時間延遲，第一季社區出貨量低於預期。

Last week, I spoke with several community owners at the MHI Conference. Demand for rentals in most regions is solid and M&A activity is improving. I was encouraged by HUD Secretary Scott Turner's speech and the new administration's views on regulatory reform, less restrictive zoning, access to government financing solutions, and updates to the HUD-Code will have a long-term positive impact on our industry if executed.

上週，我在 MHI 會議上與幾位社區業主進行了交談。大多數地區的租賃需求強勁，併購活動正在改善。住房和城市發展部部長斯科特·特納的演講令我感到鼓舞，新政府對監管改革、放鬆分區限制、獲得政府融資解決方案以及更新住房和城市發展部法規的看法如果得到執行，將對我們的行業產生長期積極影響。

Delinquencies across the loan portfolios remain low, and recovery rates continue to be strong. There were no material land sales during the first quarter, but we will continue to monetize noncore landholdings throughout the year.

貸款組合的拖欠率仍然很低，回收率持續強勁。第一季沒有實質的土地銷售，但我們將在全年繼續將非核心土地持有貨幣化。

Near Austin, we continue pushing forward in Bastrop County with our 1,100 pad development. I drove the property a few weeks ago. The roads and utilities are completed in Phase 1. We still anticipate selling lots in Phase 1 this summer. Phase 2, the rental community is not far behind.

在奧斯汀附近，我們繼續在巴斯特羅普縣推進 1,100 個墊塊的開發工作。幾週前我開走了這處房產。第一階段道路和公用設施已完工。我們仍然預計今年夏天將售出第一階段的土地。第二階段，租賃社區也緊跟著。

We are building the roads and water treatment plant now. Lot rent in the area is over $1,000 a month, and we believe this property is extremely valuable. We just need to finish it.

我們現在正在建造道路和水處理廠。該地區的地塊租金每月超過 1,000 美元，我們認為這處房產非常有價值。我們只需要完成它。

Share repurchases during the first quarter were limited by a narrow window and trading restrictions. Despite the soft quarter, we're long-term focused and have plenty of balance sheet to repurchase shares at current trading levels. We continue to believe in the long-term fundamentals of manufactured housing and the value proposition that Legacy Housing provides its customers.

第一季的股票回購受到窗口狹窄和交易限制的限制。儘管本季業績疲軟，我們仍著眼於長期發展，並且擁有充足的資產負債表以目前的交易水準回購股票。我們繼續相信製造房屋的長期基本面以及 Legacy Housing 為其客戶提供的價值主張。

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

接線員，我們的準備好的發言到此結束。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 ask a little bit about pricing at first. It sounds like the main reason for average price per home going up so much is just due to the mix. But can you talk about any pricing maybe that you took during the quarter?

我首先想問一下有關價格的問題。聽起來，平均房價上漲如此之多的主要原因就是混合因素。但是您能談談本季採取的任何定價措施嗎？

Yes. So the primary driver of the increase in average selling price was the mix. So obviously, soft quarter with shipments to mobile home parks. But we had a pretty strong quarter with retail sales and inventory finance sales, which shifted the mix way up, I think, too far up. In general, we're obviously looking closely into all the tariffs around raw materials, and we pushed through a price increase in February. We're planning to push through another price increase in mid-June.

是的。因此，平均售價上漲的主要驅動力是產品組合。顯然，本季對移動房屋公園的出貨量較弱。但本季我們的零售額和庫存融資銷售表現相當強勁，我認為這導致銷售額組合大幅上升，甚至上升過快。總的來說，我們顯然正在密切關注所有與原材料相關的關稅，並且我們在二月推動了價格上漲。我們計劃在六月中旬再次提高價格。

And I think the good news is with the announcement yesterday, the price increase is not nearly as severe as we were expecting.

我認為好消息是，根據昨天的公告，價格上漲幅度並不像我們預期的那麼嚴重。

Okay. And then just back on MHP sales here, how much of this is just less demand from parks versus maybe timing of orders? If you could quantify or speak to maybe orders, your backlog, that would be great.

好的。然後回到 MHP 的銷售情況，這在多大程度上是因為公園的需求減少，還是因為訂單的時間安排？如果您可以量化或談論訂單、積壓訂單，那就太好了。

Sure. I think it's a combination of both. We did have some shipments, both out of all three plants -- or all three regions. So over in Georgia, we had a pretty large order that got pushed into the second quarter. In Texas, we had the same thing and up north with our partnership.

當然。我認為這是兩者的結合。我們確實有一些貨物，來自所有三個工廠——或者所有三個地區。因此，在喬治亞州，我們有一個相當大的訂單被推遲到第二季。在德州，我們與北方的合作夥伴也遇到了同樣的情況。

They were waiting on some raw material in order to get houses shipped. And so those are three meaningful orders that did slip. But we've been pushing hard on park sales. I mentioned in my comments, in the Texas region, our financing product works really well for community owners that are renting the homes. So they buy the homes. They take the depreciation. They rent the homes versus setting up homes and selling them in your park.

他們正在等待一些原料以便將房屋運走。因此，這三項有意義的命令確實被忽略了。但我們一直在大力推動公園銷售。我在評論中提到，在德州地區，我們的融資產品對於租房的社區業主來說非常有效。所以他們買了這些房子。他們承擔折舊。他們出租房屋，而不是在您的公園建造房屋並出售。

And so I think as guys in our Texas territories have spent a lot of money buying parts, they're trying to unlock or get some of their -- return some of their capital by selling the houses. And so that's a modification that we've done, and we're just rolling out now. The feedback has been pretty good. But I think that allows us to pick up some of the guys that have shifted more toward tenant-owned homes versus the traditional rental model that we believe in.

所以我認為，由於我們德克薩斯州的領土上的人們花了很多錢購買零件，他們正試圖透過出售房屋來解鎖或收回部分資本。這是我們所做的修改，現在我們正在推出。反饋非常好。但我認為這使我們能夠找到一些更傾向於租戶自有住房而不是我們所信奉的傳統租賃模式的人。

Okay. And then lastly, Duncan, can you just remind us any kind of capital spending or needs or use of cash kind of this year that are outside of the norm?

好的。最後，鄧肯，您能否提醒我們今年有哪些資本支出、需求或現金使用超出了正常水平？

Nothing outside the norm. We're really pushing hard to get Bastrop completed. So we've got some additional capital going into that. We're looking at opportunities all the time, whether it's to add to the dealer base or to add to the loan portfolio or to even add manufacturing capacity. So we're currently monetizing some non-core real estate. You'll see that flowing in. And then outside of that, it's developments, retail, manufacturing capacity, and adding more notes to the portfolio.

沒有什麼超出常規的。我們確實在盡力推動巴斯特羅普計畫的完成。因此我們為此投入了一些額外的資金。我們一直在尋找機會，無論是擴大經銷商基礎、增加貸款組合，或是增加製造能力。因此，我們目前正在將一些非核心房地產貨幣化。您會看到它流入。除此之外，還有開發、零售、製造能力以及向投資組合添加更多票據。

Thanks a lot. Thank you.

多謝。謝謝。

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

This is [Will] on for Dan. Can you talk about your expectations for production rates across your three plants for Q2 relative to Q1? And what can you tell us about your discussions with customers in both retail and community markets and the cadence of order rates in Q1 and thus far in Q2?

這是 [Will] 為 Dan 表演的。您能否談談您對第二季三家工廠的生產力相對於第一季的預期？您能否告訴我們您與零售和社區市場客戶的討論情況以及第一季和第二季迄今為止的訂單率節奏？

Yeah. Well, we came out of seasonably slower period. I think that we're pretty enthusiastic about the dealer side of the business and especially our company-owned retail stores, and you see that in the retail loan originations. Park side has been slower. It's lumpier.

是的。嗯，我們已經走出了季節性的低迷期。我認為我們對經銷商業務，特別是我們公司自營的零售店非常熱衷，您可以從零售貸款發放中看到這一點。公園那邊比較慢。它更加粗糙。

If you get large orders that are held for permitting or because the pads aren't finished or they can't get them set quick enough, it could have a meaningful impact on your quarter, and that's what we saw here.

如果您收到大量訂單，但這些訂單因等待許可或因為墊子尚未完成或他們無法足夠快地設置它們而被擱置，這可能會對您的季度產生重大影響，這就是我們在這裡看到的。

I mentioned in my comments that we really simplified the product portfolio, and we're rolling that out to the customer base now. But I think you can imagine all the downstream effects of having too many color options and too many floor plans and too many additions to the house.

我在評論中提到，我們確實簡化了產品組合，現在我們正在向客戶群推出這項產品。但我想你可以想像到房屋顏色選擇過多、平面圖過多以及附加設施過多所帶來的所有後續影響。

So we've really streamlined that, which will help us get production up even higher in the Texas plants where we have orders. In Georgia, Georgia continues to sell and they continue to build. And we're really focused on rebuilding the dealer base there and adding new independent dealers. So I think as the team continues to make progress there, we'll be able to put production in Georgia higher than where we are now. But certainly, production in Texas for Q2 will be higher than Q1.

因此，我們確實簡化了這一流程，這將幫助我們在有訂單的德州工廠進一步提高產量。在喬治亞州，喬治亞州繼續出售並繼續建設。我們真正專注於重建那裡的經銷商基礎並增加新的獨立經銷商。因此我認為，隨著團隊在那裡不斷取得進展，我們將能夠使喬治亞州的產量高於現在。但可以肯定的是，德州第二季的產量將高於第一季。

Thank you. And then how should we think about gross margin and operating margins in Q2 and the back half of the year relative to Q1?

謝謝。那麼，我們該如何看待第二季和下半年相對於第一季的毛利率和營業利潤率呢？

I'd say this is probably the lower end of the range, right? We're under-absorbed on labor. We just pushed through a price increase in February. We've got another one coming in June. We're keeping an eye on material prices. But I think somewhere around 30% seems realistic.

我想說這可能是範圍的下限，對嗎？我們的勞動力投入不足。我們剛剛在二月實現了價格上漲。六月我們還會推出另一款。我們正在密切關注材料價格。但我認為 30% 左右似乎是現實的。

Thank you. And then just one more. How much of a sticking point of tariffs and trade uncertainty been for your retail and community customers? And conversely, do you see the reduction in proposed tariffs as a meaningful potential catalyst for demand?

謝謝。然後再來一個。關稅和貿易不確定性對於您的零售和社區客戶有多大的影響？相反，您是否認為降低擬議關稅對需求具有潛在催化作用？

I think it's -- the tariffs in our business compared to a lot of other industries are not -- I mean they're a real consideration, but they're not a huge consideration. We manufacture all of our products here. And the vast majority of the raw materials that go into one of our homes are domestically sourced. But I think the tougher thing for the business environment, regardless of what industry you're in, it's just the uncertainty because everyone is impacted.

我認為——與許多其他行業相比，我們行業的關稅並不是——我的意思是，它們是一個真正的考慮因素，但不是一個重要的考慮因素。我們所有的產品都在這裡生產。我們家庭使用的原料絕大多數都產自國內。但我認為，對於商業環境來說，更困難的是，無論你身處哪個產業，都存在不確定性，因為每個人都會受到影響。

But I mean, I think you're hesitant to go out and make a large investment or add people to the team, just given all of the moving pieces over the past few months. So I think if we continue to move to some normalcy, that'll be good for our industry, as well as the country.

但我的意思是，考慮到過去幾個月發生的所有變化，我認為你會猶豫是否要進行大規模投資或增加團隊成員。因此我認為，如果我們繼續恢復正常，這將對我們的產業和國家都有好處。

Thank you.

謝謝。

(Operator Instructions) Stefano Latapy, Cannell Capital LLC.

（操作員指示）Stefano Latapy，Cannell Capital LLC。

I have a question. This morning, Craig-Hallum came with a note on Capital and Skyline Champion, where they said that the shipments were strong for the quarter, and you're expecting (inaudible) on the companies. I'm just asking why they have good shipments versus you guys?

我有一個問題。今天早上，Craig-Hallum 帶來了一份關於 Capital 和 Skyline Champion 的報告，報告稱本季度的出貨量強勁，並且您對這些公司抱有期待（聽不清楚）。我只是問為什麼他們的出貨量比你們的好？

Well, I think it comes down to a couple of things. I mean we just talked about we had some delayed shipments. And I think a combination of pricing and the complexity of our product has hurt us this quarter. We've also had a lot of new people in the sales team, but I feel good about finishing the year strong. I think that pricing across the market has been really competitive. And we've chosen to keep our pricing where it is even at lower volumes. And so as things pick up here, I think our pricing has fallen in line with where we've historically played, and the backlog will continue to build.

嗯，我認為這可以歸結為幾件事。我的意思是我們剛才談到了一些貨物延遲的情況。我認為定價和產品複雜性的結合對我們本季造成了傷害。我們的銷售團隊也加入了許多新人，但我對今年的強勢結束感到很高興。我認為整個市場的定價確實很有競爭力。而且，即使在銷售量較低的情況下，我們也選擇維持原有的價格。因此，隨著情況的好轉，我認為我們的定價已經與我們的歷史水準一致，積壓訂單將繼續增加。

Okay. So it's what more you will consider this to be more something specifically to you guys due to what you've explained on the call rather than the industry being weak?

好的。那麼，根據您在電話會議上的解釋，您會認為這對您來說更是一個特殊的事情，而不是因為行業疲軟？

That's correct. Yeah, I think the industry -- we're halfway through May right now. So a lot of things have happened since the end of the quarter. But I think overall, I'm very confident in the industry. And I think others are, too.

沒錯。是的，我認為這個行業——現在已經到了五月中旬。自本季末以來發生了很多事情。但我認為總體而言，我對這個行業非常有信心。我認為其他人也一樣。

Affordability is a real challenge. And if you look at the price points of our homes and the financing solutions that we offer, I think if the industry gets any type of regulatory relief from the new administration, that could have a really positive impact, but we're expecting a positive year.

負擔能力是一個真正的挑戰。如果你看看我們房屋的價格點和我們提供的融資解決方案，我認為如果該行業從新政府獲得任何類型的監管救濟，這可能會產生非常積極的影響，但我們預計今年將是積極的一年。

Thank you.

謝謝。

Thank you. And I would now like to hand the conference back to Duncan Bates for any further remarks.

謝謝。現在我想將會議交還給鄧肯·貝茨，請他發表進一步的評論。

Thank you for joining today's earnings call. We appreciate your interest in Legacy Housing. Operator, this concludes our call.

感謝您參加今天的收益電話會議。感謝您對 Legacy Housing 的關注。接線員，我們的通話到此結束。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。祝大家有個愉快的一天。