Legacy Housing Corp (LEGH) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Legacy Housing Corporation second-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 Legacy Housing Corporation 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would like now to turn the conference over to Duncan Bates, President and Chief Executive Officer. Please go ahead, sir.

現在我想將會議交給總裁兼執行長鄧肯貝茨 (Duncan Bates)。先生，請繼續。

Good morning. This is Duncan Bates, Legacy's President and CEO. Thank you for joining our second-quarter 2025 conference call. Max Africk, Legacy's 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。感謝您參加我們的 2025 年第二季電話會議。Legacy 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？

Thank you, Duncan. Before we begin, I'll remind our listeners that management's prepared remarks today may contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Actual results may differ from management's current expectations, and Legacy assumes no obligation to update these projections in the future, unless otherwise required by applicable law.

謝謝你，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可能包含前瞻性陳述，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。實際結果可能與管理層目前的預期不同，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. I'm joined today by Jeff Fiedelman, Legacy's Chief Financial Officer. Jeff will discuss our second-quarter financial performance, then I will provide additional corporate updates and open the call for Q&A.

謝謝，馬克斯。今天和我一起參加的是 Legacy 的財務長 Jeff Fiedelman。傑夫將討論我們第二季的財務業績，然後我將提供更多公司更新資訊並開始問答環節。

Thanks, Duncan. Product sales primarily consist of direct sales, commercial sales, inventory finance sales, and retail store sales. Product sales increased $6.7 million or 21.3% during the three months ended June 30, 2025, as compared to the same period in 2024. This increase was driven by an increase in unit volumes shipped primarily in inventory finance sales, retail sales, and mobile home park 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 6 月 30 日的三個月內，產品銷售額與 2024 年同期相比增加了 670 萬美元，即 21.3%。這一增長主要得益於庫存融資銷售、零售銷售和移動房屋公園銷售類別的出貨量增加。

For the three months ended June 30, 2025, our net revenue per product sold increased by 10.5% as compared to the same period in 2024. The increase is primarily due to an increase in units sold to consumers, which are sold at higher retail prices. Consumer MHP and dealer loans interest income increased $1.0 million or 10.6% during the three months ended June 30, 2025, as compared to the same period in 2024.

截至 2025 年 6 月 30 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 10.5%。成長的主要原因是銷售給消費者的單位數量增加，且零售價更高。截至 2025 年 6 月 30 日的三個月內，消費者 MHP 和經銷商貸款利息收入與 2024 年同期相比增加了 100 萬美元，即 10.6%。

Between June 30, 2025 and June 30, 2024, our consumer loan portfolio increased by $24.6 million, our MHP loan portfolio increased by $20.3 million, and our dealer finance notes decreased by $0.5 million. Other revenue primarily consists of contract deposit forfeitures, consignment fees, commercial lease rents, land sales, service fees, and other miscellaneous income and decreased $0.1 million or 10.8% during the three months ended June 30, 2025, as compared to the same period in 2024. This decrease was primarily due to a $0.2 million decrease in forfeited deposits, partially offset by a net $0.1 million increase in other miscellaneous revenue.

2025 年 6 月 30 日至 2024 年 6 月 30 日期間，我們的消費貸款組合增加了 2,460 萬美元，我們的 MHP 貸款組合增加了 2,030 萬美元，我們的經銷商融資票據減少了 50 萬美元。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 6 月 30 日的三個月內減少了 10 萬美元，即 10.8%。這一減少主要是由於沒收存款減少了 20 萬美元，但其他雜項收入淨增加 10 萬美元，部分抵消了這一減少。

The cost of product sales increased $4.4 million or 20.3% during the three months ended June 30, 2025, as compared to the same period in 2024. The increase in cost is primarily related to the increase in units sold. Gross profit margin was 32.4% of product sales during the three months ended June 30, 2025, as compared to 31.9% during the three months ended June 30, 2024. The cost of other sales was $0.6 million during the three months ended June 30, 2025.

截至 2025 年 6 月 30 日的三個月內，產品銷售成本與 2024 年同期相比增加了 440 萬美元，即 20.3%。成本的增加主要與銷售單位的增加有關。截至 2025 年 6 月 30 日的三個月，毛利率為產品銷售額的 32.4%，而截至 2024 年 6 月 30 日的三個月為 31.9%。截至 2025 年 6 月 30 日的三個月內，其他銷售成本為 60 萬美元。

Selling, general, and administrative expenses increased $1.1 million or 19.1% during the three months ended June 30, 2025, as compared to the same period in 2024. We had a $1.1 million increase in warranty expense primarily due to an over-accrual and warranty costs in the second quarter of 2024 that we reversed. And we also had a $0.5 million increase in repossessed home expense, a $0.2 million increase in bad debt expense, a $0.1 million increase in loan loss provision offset by a $0.6 million decrease in legal expense, a $0.1 million decrease in property tax expense, and a net $0.1 million decrease in other miscellaneous expense.

截至 2025 年 6 月 30 日的三個月，銷售、一般及管理費用與 2024 年同期相比增加了 110 萬美元，增幅為 19.1%。我們的保固費用增加了 110 萬美元，主要是因為我們扭轉了 2024 年第二季的超額應計和保固成本。此外，我們的收回房屋費用增加了 50 萬美元，壞帳費用增加了 20 萬美元，貸款損失準備金增加了 10 萬美元，但法律費用減少了 60 萬美元，財產稅費用減少了 10 萬美元，其他雜項費用淨減少了 10 萬美元。

Other income decreased $2.8 million or 74.5% during the three months ended June 30, 2024, as compared to the same period in 2024. And we had a, one, decrease of $0.5 million in non-operating interest income, reflecting a lower balance of other notes receivable; two, a $2.5 million decrease in miscellaneous income, primarily due to land sales and a reversal of accrued liabilities during the three months ended June 30, 2024, that did not occur during the three months ended June 30, 2025; and three, a decrease of $0.2 million in interest expense.

截至 2024 年 6 月 30 日的三個月，其他收入與 2024 年同期相比減少了 280 萬美元，即 74.5%。並且，第一，我們的非營業利息收入減少了 50 萬美元，反映了其他應收票據餘額的減少；第二，雜項收入減少了 250 萬美元，主要是由於截至 2024 年 6 月 30 日的三個月期間的土地銷售和應計負債的沖銷，而截至 2025 年 6 月 30 萬美元的三個月期間未增加了 20 萬美元利息；

Net income decreased 9.2% to $14.7 million in the second quarter of 2025 compared to the second quarter of 2024. Basic earnings per share decreased 9.0% to $0.61 per share in the second quarter of 2025 compared to the second quarter of 2024. As of June 30, 2025, we had approximately $2.6 million in cash compared to $1.1 million as of December 31, 2024. We drew a small amount on the revolver in the second quarter. The outstanding balance of the revolver was $0.1 million as of June 30, 2025, and was zero as of December 31, 2024.

2025 年第二季淨收入與 2024 年第二季相比下降 9.2% 至 1,470 萬美元。2025 年第二季每股基本盈餘與 2024 年第二季相比下降 9.0% 至每股 0.61 美元。截至 2025 年 6 月 30 日，我們擁有現金約 260 萬美元，截至 2024 年 12 月 31 日為 110 萬美元。我們在第二季從這筆轉輪手槍中抽取了少量資金。截至 2025 年 6 月 30 日，該循環信貸的未償餘額為 10 萬美元，截至 2024 年 12 月 31 日，該循環信貸的未償餘額為零。

At the end of the second quarter of 2025, Legacy's book value per basic share outstanding was $21.32, an increase of 11.2% from the same period in 2024. Finally, we repurchased 260,635 shares of common stock for $5.8 million during the three months ended June 30, 2025. As of June 30, 2025, we had a remaining authorization of approximately $8.1 million on our share repurchase program.

2025 年第二季末，Legacy 每股基本流通股帳面價值為 21.32 美元，較 2024 年同期成長 11.2%。最後，我們在截至 2025 年 6 月 30 日的三個月內以 580 萬美元回購了 260,635 股普通股。截至 2025 年 6 月 30 日，我們的股票回購計畫剩餘授權金額約為 810 萬美元。

Thanks, Jeff. I'm pleased with our second-quarter results. Our focus has remained on product sales. While there's still uncertainty in the market and weakness in certain geographies and channels, we are seeing positive signs from the changes we've made. Earlier this year, we took a hard look at historical sales data and simplified our product line. That process had its challenges, but some of the adjustments are paying off.

謝謝，傑夫。我對我們第二季的業績感到滿意。我們的重點仍然放在產品銷售上。儘管市場仍然存在不確定性，某些地區和管道也存在弱點，但我們從所做的改變中看到了積極的跡象。今年早些時候，我們仔細研究了歷史銷售數據並簡化了我們的產品線。這個過程面臨挑戰，但一些調整正在取得成效。

As Jeff mentioned, product sales increased 21.3% during the second quarter compared to the same period in 2024. That growth was primarily driven by dealer activity. Product sales were up 58% sequentially over the first quarter of 2025. Inventory finance sales or floor plan sales to independent dealers increased $4.9 million or 53.3% compared to the second quarter of 2024. Retail sales or sales from our company-owned retail stores rose $2.9 million or 64.2% over the same period. These gains reflect stronger demand across our dealer channel and our continued traction from our product line simplification efforts.

正如 Jeff 所提到的，第二季的產品銷售額與 2024 年同期相比成長了 21.3%。這一增長主要由經銷商的活動推動。產品銷售額較 2025 年第一季較上季成長 58%。與 2024 年第二季相比，獨立經銷商的庫存融資銷售額或平面圖銷售額增加了 490 萬美元，增幅為 53.3%。零售額或我們公司自有零售店的銷售額同期成長了 290 萬美元，即 64.2%。這些成長反映了我們經銷商通路的更強勁需求以及我們產品線簡化努力的持續推動。

Commercial sales or sales to community owners increased 5.3% during the three months ended June 30 compared to the same period in 2024. Our community customers continue to face headwinds, including elevated interest rates, higher operating costs, and budget constraints among renters. Despite these challenges, we're encouraged by ongoing discussions with both new and existing community owners regarding large orders, which should support volume growth in this channel. Product gross margins were 32.4% in the second quarter of 2025.

截至 6 月 30 日的三個月內，商業銷售額或對社區業主的銷售額與 2024 年同期相比增長了 5.3%。我們的社區客戶繼續面臨阻力，包括利率上升、營運成本增加以及租戶的預算限制。儘管面臨這些挑戰，我們仍然對與新舊社群所有者就大訂單進行的持續討論感到鼓舞，這應該會支持該管道的銷售成長。2025年第二季產品毛利率為32.4%。

I'm proud of our team's strong execution and maintaining healthy margins during a rapidly evolving environment for materials and labor costs. We remain disciplined in our pricing strategy and continue to manage expenses carefully to protect profitability. Our top priority for the remainder of 2025 is continuing to build our backlog, which should support increased production volume in the coming quarters. We expect higher output out of our Texas plants where demand remains stronger while activity in the Southeast is comparatively slower.

我為我們團隊的強大執行力以及在材料和勞動力成本快速變化的環境中保持健康的利潤率感到自豪。我們在定價策略上保持嚴謹，並繼續謹慎管理費用以保護獲利能力。我們在 2025 年剩餘時間的首要任務是繼續增加訂單，這應該可以支持未來幾季產量的增加。我們預計德州工廠的產量將會更高，因為那裡的需求仍然強勁，而東南部地區的活動相對較慢。

We continue to actively manage our loan portfolios. Since the second quarter of 2024, our retail loan portfolio has grown by $24.6 million, while our MHP loan portfolio has grown by $20.3 million. Reflecting strong demand in our dealer channel, retail loan fundings were up 49% in the first half of 2025 compared to the same period in 2024.

我們繼續積極管理我們的貸款組合。自 2024 年第二季以來，我們的零售貸款組合成長了 2,460 萬美元，而我們的 MHP 貸款組合成長了 2,030 萬美元。由於我們經銷商通路的強勁需求，2025 年上半年零售貸款融資較 2024 年同期成長了 49%。

There were no material land sales during the second quarter of 2025, but we will continue to evaluate opportunities to monetize non-core land when pricing reflects underlying value. In the second quarter of 2024, we completed a non-core land sale that generated a meaningful profit, creating a challenging year-over-year comparison for this quarter's earnings.

2025 年第二季沒有重大土地銷售，但當定價反映潛在價值時，我們將繼續評估將非核心土地貨幣化的機會。2024 年第二季度，我們完成了非核心土地出售，產生了可觀的利潤，使得本季的收益同比變化頗具挑戰性。

We are focused on completing Phase 1 at Falcon Ranch, our 1,100-lot development in Bastrop County. Phase 1 includes 115 lots, with roads and utilities already complete. The final remaining project, a bridge, is currently under construction. At the same time, we're making progress on Phase 2 where utilities are now in place and road work is underway for the first 350 lots.

我們專注於完成位於巴斯特羅普縣的 1,100 個地塊開發項目 Falcon Ranch 的第一階段。第一階段包括 115 個地塊，道路和公用設施已經完工。最後剩下的項目是一座橋樑，目前正在建設中。同時，第二階段的工程正在取得進展，目前公用設施已經到位，前 350 個地段的道路工程正在進行中。

Over the last 18 months, we repurchased over 552,000 shares of common stock in the open market for an aggregate cost of $11.9 million, reducing our outstanding share count by over 2%. These repurchases reflect our continued confidence in the long-term value of the business and our disciplined approach to capital allocation. With no debt and over $10 million in cash on the balance sheet today, we remain well positioned to continue repurchasing shares.

在過去的 18 個月中，我們在公開市場上回購了超過 552,000 股普通股，總成本為 1,190 萬美元，導致我們的流通股數量減少了 2% 以上。這些回購反映了我們對業務長期價值的持續信心以及我們對資本配置的嚴謹態度。由於目前沒有債務，資產負債表上有超過 1,000 萬美元的現金，我們仍有能力繼續回購股票。

We are keeping our eyes on the ROAD to Housing Act, which passed the Senate Banking Committee and is awaiting a full Senate vote. The bill reauthorizes HUD's price program, which provides grants to improve infrastructure like water and sewer systems and manufactured housing communities. It also removes the federal requirement for a permanent chassis, lowering build costs and allowing for more flexible home designs. If passed, the bill should support growth in both home sales and community development.

我們正在密切關注《住房之路法案》，該法案已通過參議院銀行委員會，正在等待參議院全體投票。該法案重新授權住房和城市發展部的價格計劃，該計劃提供補助金以改善供水和下水道系統以及活動房屋社區等基礎設施。它還取消了聯邦政府對永久底盤的要求，降低了建造成本並允許更靈活的家居設計。如果該法案獲得通過，將有利於房屋銷售和社區發展的成長。

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) Rohit Seth, B. Riley Securities.

（操作員指示）Rohit Seth，B. Riley Securities。

Hi. Thanks for taking my question. So good order flow coming in through the second quarter, a good rebound in volumes. Just curious what you're seeing. As we enter July, August, have you seen the same momentum continue? And is it coming from the same channels? Just to get a sense of how you see the rest of the year.

你好。感謝您回答我的問題。因此，第二季訂單流量良好，交易量出現良好反彈。只是好奇你看到了什麼。進入七月、八月，你是否看到同樣的動力持續下去？並且它來自相同的管道嗎？只是想了解一下您對今年剩餘時間的看法。

Yes, hey, Rohit. We're really -- we're happy with the second-quarter performance. Obviously, the dealer side of our business really drove the revenue growth. Continue to see that this quarter. And we're seeing signs of life on the community side. I think the difficult thing has been the prices for mobile home parks have gone up pretty dramatically.

是的，嘿，羅希特。我們真的——我們對第二季的表現很滿意。顯然，我們業務的經銷商方面確實推動了營收的成長。本季繼續觀察。我們看到社區出現了生氣的跡象。我認為困難的是移動房屋公園的價格大幅上漲。

You've got increased financing costs, you got -- homes are more expensive, operating costs are higher, and you've got a renter that can only afford so much. And so I think there is a shift to smaller houses, and we're having some success in that. But we really -- we need to land a couple of these large orders to really see an uptick in that side of our business for the rest of the year.

你的融資成本增加了，房價更貴了，營運成本更高了，但租屋者只能負擔有限的租金。因此我認為人們正在轉向更小的房屋，並且我們在這方面取得了一些成功。但我們確實需要拿到幾份這樣的大訂單，才能在今年剩餘時間內真正看到這方面的業務成長。

Okay. And then on the backdrop, it looks like you got -- making some progress there. Do you think you'll be selling plots there by the fourth quarter? Is this something happening in '25, or is this more in 2026?

好的。然後在背景上，看起來你已經取得了一些進展。您認為到第四季您會在那裡出售地塊嗎？這是 2025 年會發生的事嗎，還是 2026 年會發生的事？

That's the goal. I mean, the final piece of this thing is we've got to build a bridge. The bridge is under construction, and it's well underway. But ultimately, roads and utilities are all in Phase 1. You got to complete the bridge to connect it to the infrastructure outside of the community. And it's not -- I wouldn't say we're like crossing any waterway, but it's certainly a project. So the goal is to get that done. There's a way to shortcut kind of starting to sell lots. That's something we're looking at where we can go ahead and flat before the bridge is done. But we're just well underway on construction there.

這就是目標。我的意思是，這件事的最後一部分是我們必須建造一座橋樑。這座橋正在建設中，進展順利。但最終，道路和公用設施都處於第一階段。你必須完成這座橋樑，將其連接到社區外的基礎設施。這並不是——我不會說我們像是在穿越任何水道，但這肯定是一個項目。所以我們的目標就是完成它。有一種捷徑可以讓你開始大量銷售。我們正在考慮在橋樑竣工之前先將其鋪平。但我們那裡的建設進展順利。

So the goal is certainly to sell lots as soon as possible. There's a lot of demand down there. We've got a dealer on site who's been doing really well with sales this year. And what's been interesting for me to watch is like we're really gaining ground on Phase 2 where you've got all the utilities in and we're putting the roads down for the first 350 rental lot. So good progress. We've made a couple of key hires down there. We've got the cash to push this thing forward and we're working as hard as we can to get it open.

因此，我們的目標肯定是盡快出售出去。那裡的需求很大。我們現場有一位經銷商，今年的銷售表現非常好。令我感興趣的是，我們在第二階段取得了長足進展，我們已經擁有了所有的公用設施，並且正在為第一批 350 個租賃地段修建道路。進展非常好。我們在那裡聘用了幾位關鍵人員。我們有足夠的資金來推動此事，我們正在盡最大努力讓它順利進行。

Fantastic. If I could squeeze one last one in on the SG&A line, it's running up a little bit higher than as a percentage of sales. Is this like the new normal or at least for the year? And just any sense of kind of the trajectory on SG&A?

極好的。如果我可以在銷售、一般和行政費用 (SG&A) 線上再擠一點，它的漲幅會比銷售額的百分比高一點。這是否是新的常態，或至少是今年的新常態？您能了解銷售、一般和行政費用 (SG&A) 的趨勢嗎？

No. I think SG&A will kind of dip back in line to where it's been. We had some kind of wonky comparison with year-over-year accruals for things like warranty expense and legal expense and others that shifted that upward.

不。我認為銷售、一般及行政費用將會回落到之前的水平。我們對保固費用、法律費用和其他費用等同比應計項目進行了某種不太準確的比較，結果發現這些費用有所上升。

All right, fantastic. Thank you. I'll pass it on.

好的，太棒了。謝謝。我會傳達的。

Thanks.

謝謝。

Alex Rygiel, Texas Capital Securities.

德州資本證券公司的 Alex Rygiel。

Thank you. Good morning, Duncan.

謝謝。早上好，鄧肯。

Hey, good morning, Alex.

嘿，早上好，亞歷克斯。

As it relates to being encouraged by discussions with community owners for large orders, what are the primary items that are either sparking these interests or maybe keeping them on hold until an order?

就與社區所有者討論大訂單有關的鼓勵而言，主要是什麼事情激發了這些興趣，或者可能讓他們等到下訂單？

Well, we've got a handful of, I would call them, like large customers that we've worked with for a long period of time. And these guys tend to buy communities that are in disrepair, and they fix them up and they replace all the homes and then they move to the next one. And so especially through like COVID, we had some huge orders as these guys really expanded. And then they took a breather.

嗯，我們有一些，我稱他們為我們長期合作的大客戶。這些人往往會購買年久失修的社區，然後修繕它們，更換所有房屋，然後搬到下一個社區。因此，尤其是在 COVID 期間，隨著這些公司的真正擴張，我們收到了一些巨額訂單。然後他們休息了一下。

And so what we're seeing is we've got some large customers that have either purchased or have communities under contract where they'll need a decent amount of homes. And I think on the other side, on the new customers, I mean, we've been -- for the past couple of years, we've been growing with some younger guys as we replace the kind of the legacy customer base.

因此，我們看到的是，我們有一些大客戶，他們要么購買了社區，要么與社區簽訂了合同，他們需要大量的房屋。另一方面，我認為，就新客戶而言，在過去的幾年裡，我們一直在與一些年輕人一起成長，以取代傳統的客戶群。

And those guys may start by ordering six homes, and the next year, they order 20 homes. And you just keep -- you keep growing with them as their portfolio builds. I think one change is that it seems like the financing markets have opened up a little bit right? So we're seeing some payoffs on the MHP portfolio as now we've got customers who have parts, newer houses in them, and they're stabilized and they're monetizing those and rolling those gains into new properties to do the same thing.

這些人可能會先訂購 6 套房屋，第二年就訂購 20 套房屋。而你只需繼續下去——隨著他們的投資組合的建立，你也會繼續與他們一起成長。我認為一個變化是融資市場似乎已經開放了一點，對嗎？因此，我們看到 MHP 投資組合獲得了一些回報，因為現在我們的客戶擁有部分較新的房屋，並且他們的狀況穩定下來，他們將這些房屋貨幣化，並將這些收益轉化為新房產來做同樣的事情。

Makes sense. And then can you talk a bit about average selling price? Are you surprised that it's holding up here? And any thoughts that are around that?

有道理。那能談談平均售價嗎？你對它在這裡堅持下去感到驚訝嗎？您對此有何想法？

Yes. I mean the average selling price for the quarter, we went like on a quarter-over-quarter basis from, say, [$61,000 to $68,000]. I think the bulk of that was just driven by the increase in sales through our company-owned retail stores. But we I think we were slower to raise prices during COVID. We've raised prices more aggressively with -- as we've figured out kind of the impact of tariffs on our costs. And so I do expect it to stay elevated. But certainly, there's a point where it's at the detriment of -- or to the detriment of volume through the plants.

是的。我的意思是，我們按季度計算的平均售價，[61,000 美元到 68,000 美元]。我認為其中大部分只是由我們公司自有零售店的銷售成長所推動的。但我認為，在疫情期間，我們漲價的速度比較慢。我們已更積極地提高價格——因為我們已經弄清楚了關稅對我們成本的影響。因此我確實希望它能保持高位。但可以肯定的是，在某種程度上，這是對植物的產量有害的——或者說是有損害的。

And then you talked a bit about Georgia being a little bit slower maybe in the second half. Any additional color on that?

然後你談到喬治亞隊在下半場可能會慢一點。還有什麼其他顏色嗎？

Yes, the Southeast market just feels low. I think Cavco commented on that during their call. Florida is slower. We're seeing similar things in the Southeast. I mean, we've got customers that are doing things. We've won some new customers over there. We've had some workforce housing builds over there. Dealer base isn't as strong out of that plant. So you're more reliant on -- or we're more reliant on community customers. But it just seems a little bit slower than what we're seeing in Texas.

是的，東南市場感覺低迷。我認為 Cavco 在通話中對此發表了評論。佛羅裡達州的速度較慢。我們在東南部也看到了類似的情況。我的意思是，我們的客戶正在做事。我們在那裡贏得了一些新客戶。我們在那裡建造了一些勞動力住房。該工廠的經銷商基礎就沒那麼強大。所以你更依賴——或者我們更依賴社群客戶。但似乎比我們在德克薩斯州看到的情況要慢一點。

Understood. Thank you.

明白了。謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Morning, Duncan. Morning, Jeff. So obviously, you had a really nice jump in product sales in the quarter, volumes up double digits. Year-to-date were relatively flat. I just want to make sure -- and just kind of remind me. Were there any sales that may have slipped from Q1 to Q2, or is it more demand actually improving as we work through the year?

早上好，鄧肯。早安，傑夫。顯然，本季你們的產品銷售有了很大的成長，銷量成長了兩位數。今年迄今相對穩定。我只是想確認一下——並且提醒我。從第一季到第二季度，銷售額是否有所下滑，或者隨著全年的推進，需求是否增加？

I think we had some orders on the community side that slipped. I meanm first quarter wasn't our strongest performance from a product sales standpoint. But you see the community sales at least, quarter over quarter, are -- were relatively flat. They were up 5% or so. So there were some -- there were certainly some orders that slipped, but they were mainly on the community side.

我認為我們在社區方面的一些訂單出現了下滑。我的意思是，從產品銷售的角度來看，第一季並不是我們表現最強勁的季度。但你會看到，至少每季的社群銷售額都相對持平。它們上漲了5%左右。所以確實有一些訂單下滑，但主要集中在社區方面。

I think what we saw on the dealer side was actually some -- a little bit better strength. But the market is still choppy. I mean, it's still -- Parkside is slower than we'd like it to be. Certain geographies even within areas that we serve out of our Georgia plant or out of our Texas plants seem to be slower than others. So we're cautiously optimistic on the year, but we continue to be here every day of working and trying to get houses built and shipped.

我認為我們在經銷商方面看到的實際上是一些——實力稍微好一點的。但市場依然動盪。我的意思是，Parkside 的速度仍然比我們希望的要慢。即使在我們喬治亞州工廠或德州工廠服務的地區內，某些地區的運作速度似乎也比其他地區慢。因此，我們對今年持謹慎樂觀的態度，但我們會繼續每天在這裡工作，努力建造和運送房屋。

Got it. And then specifically for retail, obviously, retail stores had their highest quarter over $7 million in sales. Highest quarter that we've seen in multiple years. Is that a function -- I guess, just talk to the sustainability of that. And any update you can provide on how the investments you've been making in retail sales force are progressing?

知道了。尤其是對於零售業來說，顯然零售店的最高季度銷售額超過了 700 萬美元。這是我們多年來見過的最高季度。這是一個功能嗎——我想，只是談論它的可持續性。您能否提供有關您在零售銷售團隊方面的投資進度的任何最新消息？

Yes. I mean the key to retail systems, processes, and people -- and you need to get people selling houses and making commissions to retain them. And I think that's something that we've struggled with for a while. We've got a pretty good team on the retail side. They had a great quarter. We've got certain stores that are performing better than others. And the focus right now is on bringing the underperforming stores up to some type of baseline and continuing to perform at the stores that are doing better.

是的。我的意思是零售系統、流程和人員的關鍵——你需要讓人們賣房子並賺取佣金來留住他們。我認為這是我們一段時間以來一直在努力解決的問題。我們在零售方面擁有一支非常優秀的團隊。他們度過了一個美好的季度。我們的某些商店的表現比其他商店更好。目前的重點是讓業績不佳的商店達到某種基線水平，並讓業績較好的商店繼續保持良好的業績。

So it was a good quarter for the retail team. I think it's a representative of what we can do, and we just got to -- we got to keep pushing forward on that. July was a little bit slower, but not terrible either. So I think some of these changes are helping, but we still have a ways to go. I mean, I really view that as an opportunity for us. And you see what it does. If we can push more volume to that channel, it does help us on the revenue side, and it's reflected in the average selling price.

因此，對於零售團隊來說，這是一個好的季度。我認為這是我們所能做的事情的代表，我們必須——我們必須繼續推動這件事。七月稍微慢了一點，但也不是很糟。所以我認為其中一些變化是有幫助的，但我們還有很長的路要走。我的意思是，我真的認為這對我們來說是一個機會。你會看到它的作用。如果我們能夠增加該通路的銷量，這確實有助於增加我們的收入，而且這也會反映在平均售價上。

Helpful. One or two more. Just a little bit -- so on the gross margin side, overall, saw a little bit of pressure year over year. But then you called out, I think, product sales gross margin improved. So just -- I guess if I look at holistically, we were at 47% for the company. Is that a -- would we expect that to be kind of a new level or improve as we move forward? Just talk about the puts and takes there.

很有幫助。還有一兩個。只是有一點點——所以從毛利率方面來看，總體而言，同比來看，有一點點壓力。但後來你又喊道，我認為，產品銷售毛利率提高了。所以——我想如果從整體來看，我們公司的利潤率為 47%。這是否是——我們是否期望它能達到一個新的水平，或隨著我們前進而不斷進步？只談那裡的投入和產出。

Yes. See, when I talk about gross margin, I'm really just looking at the product gross margin, so product revenue and the cost of goods sold. And so in Q2 of '24, I've got 31.9%, which were jumped up to 32.4% for the second quarter of 2025. I think if you look at it as a whole, we had a bump in SG&A due to some expenses, but also due to kind of some mismatches of accruals from the second quarter of 2024, that if you look at gross margin in total, it's lower for the second quarter. But I'm discussing just product gross margin.

是的。瞧，當我談論毛利率時，我實際上只是在看產品毛利率，即產品收入和銷售成本。因此，2024 年第二季的比例為 31.9%，而 2025 年第二季的比例則躍升至 32.4%。我認為，如果從整體來看，我們的銷售、一般和行政費用有所增加，這是由於一些費用造成的，而且由於 2024 年第二季度應計項目存在一些不匹配的情況，所以如果從總體來看，第二季度的毛利率較低。但我只是討論產品毛利率。

Makes sense. Lastly, I think you touched on this, but you bought back $6 million of stock in the quarter, I think, $11 million year-to-date that the stock is sitting here, not too far above book value. Is that likely continued use of capital and cash flow as we move forward?

有道理。最後，我想您提到了這一點，但您在本季度回購了價值 600 萬美元的股票，我想，年初至今的股票價值為 1100 萬美元，與帳面價值相差不大。隨著我們前進，是否有可能繼續使用資本和現金流？

Yes. I mean, we've got to weigh it against other opportunities. And we're seeing a lot right now, especially on the lending side, to put money to work at good rates of return. The business has, over the last 20 years, generated, say, a 15% -- or 10% to 15% after-tax returns pretty consistently. And so we're like -- we obviously -- we're watching the stock, but we're going to be opportunistic buyers. We're not just going to buy stock just to buy it if we've got opportunities to deploy the capital elsewhere.

是的。我的意思是，我們必須權衡它與其他機會。我們現在看到很多情況，特別是在貸款方面，將資金投入使用並獲得良好的回報率。在過去的 20 年裡，該業務一直保持著 15% 或 10% 至 15% 的稅後回報率。所以我們就像——我們顯然——我們正在關注股票，但我們將成為機會主義的買家。如果我們有機會將資本部署到其他地方，我們就不會只為了購買而購買股票。

Very good. Makes sense. Appreciate the color.

非常好。有道理。欣賞色彩。

Thanks, Dan.

謝謝，丹。

Mark Smith, Lake Street.

馬克史密斯，湖街。

Hi, Duncan. I wanted to ask, first, you were just talking about product margin a little bit. I would love to hear kind of your outlook as we think about tariffs and some inflationary pressure, if you're seeing any items that are moving higher, kind of your outlook here as we think about second half or even into next year?

你好，鄧肯。我想問一下，首先，您剛剛談到了產品利潤。我很想聽聽您對關稅和通膨壓力的看法，如果您發現任何價格上漲的商品，您對下半年甚至明年的看法是什麼？

Yes. As you can imagine, there's a lot of moving parts. I think from the tariffs and the impact on international goods, we have adjusted our pricing accordingly. But you've got moving like moving commodity prices in other materials. I mean, you've seen kind of lumber futures have crept up. OSB has been low. Steel has been relatively flat.

是的。正如您所想像的，有很多活動部件。我認為從關稅和對國際商品的影響來看，我們已經相應地調整了定價。但是其他材料的商品價格也在變動。我的意思是，你已經看到木材期貨價格已經上漲。OSB一直很低。鋼鐵價格相對穩定。

But what I don't think is going lower, labor costs. And so that's something that we're keeping an eye on. I think there's a balance between price and volume. And that's like you got to keep the plants running. You got to keep -- you can't be under-absorbed on labor. But certainly, the input prices on most of these products that we buy to assemble houses are going up.

但我不認為勞動成本會降低。所以這是我們一直在關注的事情。我認為價格和數量之間存在平衡。這就像你必須讓植物繼續運作一樣。你必須堅持──你不能對勞動投入不足。但可以肯定的是，我們為組裝房屋而購買的大多數產品的投入價格都在上漲。

Yes. And back to pricing a little bit in the ASP, it sounds like it was largely a function of the sales mix. But can you quantify or talk to maybe over the last six months, any kind of pricing action that you guys have taken?

是的。回到 ASP 中的定價問題，聽起來它很大程度上是銷售組合的函數。但是您能否量化或談談過去六個月中您採取的任何定價行動？

Yes. I mean, we've had a couple of price increases this year. We started in February. We had one that I'd say, it's more material kind of mid to late June. And it's something that we're keeping an eye on, but it's also a difficult time right now. I mean, there just seems to be a lot of moving pieces with commodity prices. I think with a little bit higher prices, it does give you some flexibility to run -- to put the advertising machine to work and do some sales and other types of incentives, especially as we head into our fall show coming up in September.

是的。我的意思是，今年我們已經漲過幾次價了。我們從二月開始。我想說的是，我們有一個更實質的事件，發生在六月中旬至下旬。我們正在密切關注此事，但現在也是困難時期。我的意思是，商品價格似乎有很多變動因素。我認為價格稍微高一點確實能為你帶來一些經營靈活性——讓廣告機器運轉起來，做一些銷售和其他類型的激勵，特別是在我們即將迎來九月份的秋季展會的時候。

Okay. And the last one for me. Just curious your thoughts around kind of consumer behavior and if you're seeing a difference out there between the renter in how they're hold out versus a homeowner, homebuyer. Any differences there? And if there's some pressure on renters if that's maybe hurting the MHP market a bit.

好的。對我來說這是最後一個。我只是好奇您對消費者行為的看法，以及您是否發現租屋者與房主、購屋者在堅持購屋方面存在差異。有什麼不同嗎？如果租屋者面臨一些壓力，這可能會對 MHP 市場造成一定損害。

I think the renters are fairly maybe not tapped out, but they're certainly price sensitive. And if your mobile home park model has shown that you're going to continue to raise rents, and costs of everything else have gone up, all your operating costs, homes are more expensive, financing is more expensive, I think it does put pressure on the community operators where the spread isn't as great as it was a few years ago, which is shifting a lot of these guys to smaller houses that they can rent at similar prices and keep the monthly payments affordable.

我認為租屋者可能還沒有耗盡心力，但他們肯定對價格很敏感。如果您的行動房屋公園模型顯示您將繼續提高租金，並且其他所有成本都上漲，您的所有營運成本、房屋價格更高、融資成本更高，我認為這確實給社區運營商帶來了壓力，因為差距不像幾年前那麼大，這使得很多人轉移到可以以相似價格租用的小房子，並保持每月付款的可承受性。

I think the second quarter, obviously, dealer business performed a little bit better. But I wouldn't say that demand is off the charts on the dealer business right now. I mean, I think it's spotty. Customers are price conscious. But compared to a stick-built home, I mean, you're so much more affordable. And that -- although the next few quarters could be choppy, I really don't think that the affordable housing crisis is fixed in this industry -- or fixed in this country without this industry.

我認為第二季經銷商業務表現明顯較好。但我不會說目前經銷商業務的需求已經超乎預期。我的意思是，我認為它不太準確。顧客很注重價格。但與木造房屋相比，我的意思是，它的價格便宜得多。儘管未來幾季可能會出現波動，但我真的不認為這個行業的經濟適用房危機能夠得到解決，或者說，即使沒有這個行業，這個國家的經濟適用房危機也無法解決。

And so the -- some of the work at the legislative level is pretty encouraging, where there's been a lot of talks for years about regulatory reform to the HUD code and you're starting to actually see some traction given how bad the affordability problem is in this country. And so I don't think there's -- we're cautiously optimistic. But I think, longer term, our outlook is pretty strong.

因此，立法層面的一些工作相當令人鼓舞，多年來人們一直在討論 HUD 法規的監管改革，考慮到這個國家嚴重的負擔能力問題，你開始真正看到一些進展。因此我認為沒有──我們持謹慎樂觀的態度。但我認為，從長遠來看，我們的前景相當強勁。

Excellent. That's helpful. Thank you.

出色的。這很有幫助。謝謝。

All right, thank you.

好的，謝謝。

I show no more further questions in the queue. I would now like to turn the call back over to Duncan for closing remarks.

隊列中沒有其他問題。現在我想將電話轉回給鄧肯，請他做最後發言。

Thank you for joining today's earnings call. We appreciate your interest in Legacy Housing. We're hosting our fall show in Fort Worth on September 27 and 28. Feel free to register on our website. Operator, this concludes our call. Thank you.

感謝您參加今天的收益電話會議。感謝您對 Legacy Housing 的關注。我們將於 9 月 27 日和 28 日在沃斯堡舉辦秋季展會。歡迎隨時在我們的網站上註冊。接線員，我們的通話到此結束。謝謝。

Thank you. This does conclude today's conference call, and thank you for participating, and you may now disconnect.

謝謝。今天的電話會議到此結束，感謝您的參與，現在您可以斷開連線了。