Legacy Housing Corp (LEGH) 2025 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 Legacy Housing Corporation 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Curt Hodgson, Co-Founder and Executive Chairman of the Board. Please go ahead.

現在，我謹將會議交給今天的主講人，聯合創始人兼董事會執行主席科特·霍奇森。請繼續。

Good morning. This is Curt Hodgson. I'm here with Kenny Shipley, my legacy Co-Founder and our Interim CEO. Thanks for joining our third quarter 2025 conference call. Ron Arrington, our Interim Chief Financial Officer, will read the safe harbor disclosure before we get started.

早安.這是柯特·霍奇森。我今天和肯尼·希普利在一起，他是我的聯合創始人兼現任臨時執行長。感謝您參加我們2025年第三季電話會議。我們的臨時財務長羅恩·阿靈頓將在我們開始之前宣讀安全港披露聲明。

Before we begin, I'm reminding 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 that is contained in the Private Securities Litigation Reform Act of 1995.

在開始之前，我要提醒各位聽眾，管理層今天準備的發言稿將包含前瞻性陳述，這些陳述存在風險和不確定性，管理層可能會在回答你們的問題時做出額外的前瞻性陳述。因此，該公司聲稱享有 1995 年《私人證券訴訟改革法案》中關於前瞻性陳述的安全港條款的保護。

Actual results may differ from management's current expectations. Therefore, we 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 represents management's estimates as of today's call. Legacy Housing assumes no obligation to update these projections in the future unless it is required by applicable law.

實際結果可能與管理層目前的預期有所不同。因此，我們建議您參閱本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，任何關於公司未來業績的預測均代表管理層截至今天電話會議的估計。除非適用法律另有規定，否則 Legacy Housing 沒有義務在未來更新這些預測。

Thanks, Ron. As you can tell from the word interim, appearing in two of our titles, we've had some senior turnover recently. -- our prior CEO, CFO and General Counsel departed last month. Fortunately, Kenny and I have remained active in the business through these years and are excited to re-engage in the day-to-day operations of profitability of profitably manufacturing and selling mobile homes. Ron Arrington previously served as our CFO and has led our development team recently.

謝謝你，羅恩。從我們兩個職位名稱中出現的「臨時」一詞可以看出，我們最近經歷了一些高層人員更迭——我們之前的執行長、財務長和總法律顧問上個月都已離職。幸運的是，這些年來我和肯尼一直積極參與這項業務，我們很高興能夠重新投入到盈利性地製造和銷售移動房屋的日常運營中。Ron Arrington 曾擔任我們的財務官，最近一直領導著我們的開發團隊。

So we haven't skipped a beat in that section. I'm going to turn the call over to Ron now for a review of our third quarter performance. After which, I will speak briefly with our thoughts and some additional corporate updates, and then we'll open the call up for questions. Ron?

所以，我們在這個部分的工作進展得非常順利。現在我將把電話交給羅恩，讓他回顧我們第三季的表現。之後，我將簡要介紹我們的想法和一些公司最新動態，然後我們將開放提問環節。羅恩？

Thanks, Curt. Let's get straight to the numbers. Home sales decreased by $1.4 million or 4.8% during the 3-months ended September 30, 2025, as compared to the same period last year. The decrease was primarily driven by a decline in sales to mobile home park customers utilizing Legacy's commercial loan program as well as a decline in sales to independent dealers participating in legacy's inventory finance program.

謝謝你，科特。讓我們直接來看數據。截至 2025 年 9 月 30 日的三個月內，房屋銷售額比去年同期減少了 140 萬美元，降幅為 4.8%。此次下降主要是由於使用 Legacy 商業貸款計劃的行動房屋園區客戶的銷售額下降，以及參與 Legacy 庫存融資計劃的獨立經銷商的銷售額下降所致。

These drops were primarily offset by increase in direct sales to customers and revenues from legacy's company-owned heritage outlets. Net revenue per unit increased approximately 8% to 68,500 and from 63,500 year-over-year. At the end of the second quarter of 2025. legacy increased prices to mitigate the impact increases in raw material cost and tariffs on Chinese goods.

這些下降主要被直接面向客戶的銷售成長以及傳統公司自有門市的收入成長所抵消。每單位淨收入年增約 8%，達到 68,500，而上年同期為 63,500。2025 年第二季末，傳統價格上漲，以減輕原物料成本上漲和中國商品關稅的影響。

Curt can speak later as to these other steps, Legacy is taking to address these challenges. Product sales remained relatively flat in the year-to-date comparison for 2025 versus 2024, declining slightly by 1.2 million or 3%. The sales mix changed with declines in direct sales and mobile home park sales offset by increase in company-owned retail store sales and New York inventory finance program sales.

Curt 稍後可以談談 Legacy 為應對這些挑戰而採取的其他措施。與 2024 年相比，2025 年至今的產品銷售額保持相對平穩，略微下降了 120 萬件，降幅為 3%。銷售結構發生了變化，直接銷售和移動房屋園區銷售的下降被公司自有零售店銷售和紐約庫存融資計劃銷售的增長所抵消。

The shift in mix along with price increase explains why Legacy's net revenue per unit increased 13% to 68,600. Consumer MHP and dealer loan interest income increased to $10.9 million, up 5.4% during the third quarter as compared to the prior year.

產品組合的變化以及價格上漲解釋了為什麼 Legacy 的單位淨收入增長了 13%，達到 68,600 美元。第三季消費者行動房屋計畫和經銷商貸款利息收入增至 1,090 萬美元，比去年同期成長 5.4%。

This increase was primarily driven by increases in the consumer loan portfolio and higher interest rates from MHP loans converting to variable rates per their loan agreements. Consumer NPH and dealer loan interest increased to $32.4 million, up 5.3% for the 9-months ended September 2025 as compared to 2024.

這一增長主要是由於消費貸款組合的增加以及 MHP 貸款根據貸款協議轉為浮動利率而導致的利率上升所致。截至 2025 年 9 月的 9 個月內，消費者淨現值和經銷商貸款利息增加至 3,240 萬美元，比 2024 年同期成長 5.3%。

Over the prior 12-months, Legacy's consumer loan portfolio increased by $21.4 million, up to $188.1 million, up 12.8%. During the same period, Legacy's MHP note portfolio remained essentially unchanged at $201.5 million. Dealer inventory finance loans decreased $1.4 million to $30.3 million, down 4.4%.

在過去的 12 個月裡，Legacy 的消費貸款組合增加了 2,140 萬美元，達到 1.881 億美元，成長了 12.8%。同期，Legacy 的 MHP 票據組合基本上保持不變，為 2.015 億美元。經銷商庫存融資貸款減少了 140 萬美元，至 3,030 萬美元，下降了 4.4%。

Other revenue consists primarily of contract deposit foreclosures -- forfeitures, dealer consignment sales, commercial lease rents, portfolio service revenue and land sales revenue decreased by $3 million or 79% for the third quarter of 2025 compared to the third quarter of 2024.

其他收入主要包括合約保證金止贖——沒收、經銷商寄售銷售、商業租賃租金、投資組合服務收入和土地銷售收入，與 2024 年第三季相比，2025 年第三季減少了 300 萬美元，降幅達 79%。

This decrease was primarily due to a significant land sale, which occurred during the third quarter of 2024 as well as a decrease in portfolio service revenue between comparison periods. For the 9-month comparison period of third quarter '25 versus third quarter 2024, other revenue declined $4.1 million or 63.1% due to the aforementioned sale as well as a significant reduction of 2025 forfeiture income on MHP deposits for cancel contracts.

這一下降主要是由於 2024 年第三季發生的一筆重大土地出售，以及比較期間投資組合服務收入的下降。在 2025 年第三季與 2024 年第三季的 9 個月比較期內，由於上述出售以及 2025 年 MHP 定金因取消合約而導致的沒收收入大幅減少，其他收入下降了 410 萬美元，降幅達 63.1%。

The cost of product sales increased $1.6 million or 7.5% during the 3-months ended September 2025 as compared to the same period in 2024. During this same comparison period, product sales declined $1.4 million or 4.6%. This increase and cost of product sales is primarily related to a sizable increase in raw material cost and tariffs offset by a decrease in delivery, shipping and setup costs as we ship fewer units.

截至 2025 年 9 月的三個月內，產品銷售成本比 2024 年同期增加了 160 萬美元，增幅為 7.5%。在同一對比期內，產品銷售額下降了 140 萬美元，降幅為 4.6%。產品銷售成本的增加主要與原材料成本和關稅的大幅上漲有關，但由於發貨量減少，交付、運輸和安裝成本也隨之降低，從而抵消了部分成本。

I know tariffs are a particular interest. So to put them in perspective, they had roughly $1,200 to the cost of a standard for plan. Product gross margin was 20.28% for the third quarter of 2025. And down from 29.2% for the third quarter of 2024. The cost of product sales increased $2.7 million or 4.3% for the 9-months ended September 2025 compared to 2024.

我知道關稅問題尤其引人關注。所以，從某種意義上說，他們的標準計畫費用大約是 1200 美元。2025年第三季產品毛利率為20.28%。低於 2024 年第三季的 29.2%。截至 2025 年 9 月的 9 個月內，產品銷售成本比 2024 年同期增加了 270 萬美元，增幅為 4.3%。

During the same period, product revenue decreased by $1.2 million or 1.3%. The increase in cost of product sales is primarily related to increases in raw material costs, tariffs and delivery shipping and setup costs, offset by a decrease in labor and factory overhead cost. Product gross margin was 27.7% for the 9-months ended September '25 compared to 31.6% for 2024.

同期，產品收入減少了 120 萬美元，降幅為 1.3%。產品銷售成本的增加主要與原材料成本、關稅以及運輸和安裝成本的增加有關，但被勞動力和工廠管理費用的減少所抵消。截至 2025 年 9 月的 9 個月，產品毛利率為 27.7%，而 2024 年預計為 31.6%。

Selling, general and administrative expenses increased $1.3 million or 20.6% for the 3-months ended September '25 compared to '24. The increase was a result of a $900,000 increase in legal expenses, $500,000 increase in loan portfolio loss expenses and a $0.5 million increase in professional and consulting fees, partially offset by a $600,000 decrease in the company's self-insured health benefit fan.

截至 2025 年 9 月的三個月內，銷售、一般及行政費用較 2024 年同期增加 130 萬美元，增幅為 20.6%。該增長是由於法律費用增加 90 萬美元、貸款組合損失費用增加 50 萬美元以及專業和諮詢費用增加 50 萬美元造成的，部分被公司自保健康福利支出減少 60 萬美元所抵消。

SG&A increased $2.7 million or 15.5% for the 9-months ended September 2025 compared to 2024. The increase was primarily a result of a $1.7 million increase in loan portfolio expenses, $800,000 increase in legal costs, a $700,000 increase in service and warranty expenses and a $400,000 increase in professional and consulting fees, offset by a $700,000 decrease in the company's self-insured health benefit expenses and a $400,000 decrease in corporate and general payroll expenses.

截至 2025 年 9 月的 9 個月，銷售、一般及行政費用比 2024 年同期增加了 270 萬美元，增幅為 15.5%。此次成長主要是由於貸款組合支出增加 170 萬美元、法律費用增加 80 萬美元、服務和保固費用增加 70 萬美元以及專業和諮詢費用增加 40 萬美元，但被公司自保健康福利支出減少 70 萬美元以及公司和一般工資支出減少 40 萬美元所抵消。

Other non-operating income decreased $6.9 million or 72.3% over the 9-month comparison period ending September '25 compared to September 2024. This was primarily due to a significant onetime transaction during the 2024 period.

與截至 2024 年 9 月的 9 個月比較期相比，截至 2025 年 9 月的 9 個月比較期間內，其他非經營性收入減少了 690 萬美元，降幅達 72.3%。這主要是由於 2024 年期間的一筆重大一次性交易。

The two largest were a $4.9 million fair market value adjustment and loan restructuring gains and a $2 million of liability of accrual reverses related to various completed MHP contracts. So that's the bottom line for a tutor at increased net income decreased $7.2 million or 45.3% to $8.6 million compared to $15.8 million in the third quarter of 2024.

其中最大的兩項分別是 490 萬美元的公允市價調整和貸款重組收益，以及與已完成的各種 MHP 合約相關的 200 萬美元的應計收益衝回負債。因此，對於一位家教來說，最終結果是淨收入減少了 720 萬美元，降幅達 45.3%，至 860 萬美元，而 2024 年第三季為 1,580 萬美元。

Net income margin was 21.4%, down from 35.7% for the third quarter of 2024. For the 9-months ended September '25 compared to '24, net income declined $13 million or $28.7 million to $33.6 million from $47.1 million. Net income margin was 26.6% for the 9-months ended September 2025 compared to 36.3% in 2024.

淨利率為 21.4%，低於 2024 年第三季的 35.7%。截至 2025 年 9 月的 9 個月與 2024 年同期相比，淨收入減少了 1,300 萬美元，即 2,870 萬美元，從 4,710 萬美元降至 3,360 萬美元。截至 2025 年 9 月的 9 個月，淨利率為 26.6%，而 2024 年為 36.3%。

We ended the third quarter of 2025 with $13.6 million in cash. In July of 2023, we closed a new revolving credit facility with Prosperity Bank. The facility is for $15 million with a $25 million accordion feature. It is secured by our consumer loan portfolio and currently has a zero balance. As of September '24, we had approximately $570,000 in cash and equivalents and a balance of [2.6] on our line of credit.

截至 2025 年第三季末，我們擁有 1,360 萬美元現金。2023 年 7 月，我們與 Prosperity Bank 達成了一項新的循環信貸協議。該設施耗資 1500 萬美元，另有價值 2500 萬美元的折疊功能。該貸款由我們的消費貸款組合作抵押，目前餘額為零。截至 2024 年 9 月，我們擁有約 57 萬美元的現金及等價物，以及 [2.6] 的信貸額度餘額。

So you can see that despite the lower sales and net margin, we have continued to strengthen our balance sheet. Legacy has delivered a 9.5% return on shareholders equity over the last four quarters ended September '25. And at the end of the third quarter, Legacy's book value per basic share outstanding was $21.85, an increase of $1.90 since the same period of 2024.

因此，您可以看到，儘管銷售額和淨利潤率有所下降，但我們的資產負債表仍在不斷增強。截至 2025 年 9 月的過去四個季度，Legacy 為股東實現了 9.5% 的權益回報率。第三季末，Legacy 的每股基本股帳面價值為 21.85 美元，比 2024 年同期增加了 1.90 美元。

I'll now turn things back over to Curt.

現在我把事情交還給柯特。

Thanks, Ron. So let's quickly discuss the market, followed by our financial performance and updates on key issues and strategic initiatives. The latest data shows continued slowing in the industry as a whole with the Texas Manufactured Housing Association reporting a seasoning adjusted drop of 3.8% in August, and down 6.1% on the raw total from September of 2024.

謝謝你，羅恩。那麼，我們先快速討論一下市場狀況，然後介紹一下我們的財務表現以及關鍵問題和策略舉措的最新進展。最新數據顯示，整個產業持續放緩，德州製造房屋協會報告稱，8 月經季節性調整後的下降率為 3.8%，而 2024 年 9 月的原始總量則下降了 6.1%。

Despite the continued housing affordability problem in our markets, macroeconomic headwinds, such as falling consumer confidence, large tariff rises necessitating price increases are somewhat restraining growth. On the bright side, we held our big annual show in September in Fort Worth.

儘管我們的市場持續存在住房負擔能力問題，但宏觀經濟逆風，例如消費者信心下降、關稅大幅上漲導致價格上漲等，在一定程度上抑制了經濟成長。好消息是，我們9月在沃斯堡舉辦了一年一度的大型展覽。

The show was one of the most successful that the company has ever had. Orders booked there will ensure higher production rates for the fourth quarter over the third quarter and carrying on well into the first quarter of '26. Either [N-par] customers ordered homes at our full Fall show. I'd kind of like to dive into some macro topics for a minute. So I think we're not happy with these results, and I think that probably explains why the changing of the guard, sort of speak happened last month.

這場演出是該公司有史以來最成功的演出之一。那裡已下的訂單將確保第四季度的生產力高於第三季度，並持續到 2026 年第一季。[N-par] 客戶在我們的秋季展上訂購了房屋。我想花點時間深入探討一些宏觀話題。所以我覺得我們對這些結果並不滿意，我認為這可能解釋了為什麼上個月發生了人事變動。

Our retail and dealer side of our business saw sales falling for the last year or more. Our community parts side of the business, we saw sales falling for the last year or so. Heritage, our retail side actually had increased sales and our finance division continued to be profitable, very much so low, but somewhat increasing charge-offs due to more foreclosures and lower resale prices as of September 30, I think 99% of our mobile home notes are better. We're performing as agreed and about 97.5% of our consumer loans were performing as agreed and by that, we mean are they within 30 days of being current.

過去一年多來，我們零售和經銷商業務的銷售一直在下降。在過去一年左右的時間裡，我們社區零件業務的銷售額一直在下降。Heritage 的零售業務實際上銷售額有所增長，金融部門也繼續盈利，儘管截至 9 月 30 日，由於止贖數量增加和轉售價格下降，沖銷額略有上升，但我認為我們 99% 的移動房屋貸款情況有所改善。我們按約定履行了義務，約 97.5% 的消費貸款按約定履行了義務，也就是說，這些貸款在 30 天內都處於正常還款狀態。

You monitor these numbers are monthly and are confident that our portfolios are very strong. We have begun to feel the effects of ICE enforcement on our labor force and on customer demand and on the performance of our retail portfolio. I don't think it's real significant but we definitely are feeling the effects of fewer Hispanic customers in our market, particularly in Texas, but I think it's also true in the Southeast. We began hiring at key positions. We had kind of a lull in hiring.

您每月都會監控這些數據，並且確信我們的投資組合非常穩健。我們已經開始感受到美國移民及海關執法局的執法行動對我們的勞動力、客戶需求以及零售業務組合的表現所產生的影響。我認為這並不十分重要，但我們確實感受到了市場上西班牙裔顧客減少的影響，尤其是在德州，但我認為東南部的情況也是如此。我們開始招募關鍵職位人員。我們之前有一段時間招聘比較緩慢。

I think our past management can't really be credited with hiring anybody of consequence. We've already hired a new General Manager for Fort Worth. We're -- as you know, Norm Newton is not with the company. It was released earlier. We are actively looking for a new CEO with industry experience.

我認為我們過去的管理階層在招募重要人才方面並沒有任何成就。我們已經為沃斯堡聘請了一位新的總經理。如您所知，諾姆·牛頓已不在公司任職。它之前已經發布過了。我們正在積極尋找一位具有行業經驗的新任執行長。

So our hiring is since in the last few weeks when Kenny and I got back about, we're focusing on filling the seats with some quality people. Our working capital is too high, and I've been noticing this in our financials for some time. we have too much raw material, probably double of what we should have in our finished inventory is also high. At any given time, we have as many as 200 houses in the yard, which is probably double what it should be. Our finished good inventory was $24 million, including work in progress at the end of the quarter.

所以，自從我和肯尼最近幾週回來後，我們的招募工作就一直專注於尋找一些優秀的人才來填補空缺。我們的營運資金過高，我從財務報表中已經注意到這一點一段時間了。我們的原料庫存也過多，可能是正常庫存的兩倍，而成品庫存也過高。任何時候，院子裡都有多達 200 棟房子，這可能是正常數量的兩倍。截至季末，我們的成品庫存價值為 2,400 萬美元，其中包括在製品。

I think that's probably double what it should be. So if we can reduce our working capital or, let's say, our unproductive working capital, that will free up $10 million, $20 million to be reinvested into the business. We remain in a strong cash position. We'll be able to complete the Americas purchase without incurring any debt. On a positive, I don't know who all is on the call and what their knowledge of Texas is, but the data centers in Texas are all underway.

我覺得這可能是正常值的兩倍。因此，如果我們能夠減少營運資金，或減少非生產性營運資金，就能釋放出 1,000 萬到 2,000 萬美元，用於重新投資到企業中。我們現金流依然充裕。我們將能夠在不產生任何債務的情況下完成對美洲的收購。從積極的方面來說，我不知道參加電話會議的人都有哪些人，也不知道他們對德克薩斯州的了解程度，但德克薩斯州的數據中心都在建設中。

There's going to be at least 5,000 housing units probably created the next 24-months to tend to that -- to those housing needs, almost all of which will come from the 30-plus manufacturing facilities located in the state of Texas, ours being a couple of those. So our business in Texas anyway looks like it's going to be really good for the next year or two. I'd like to discuss a little bit about the Mericasa acquisition. We've known this partnership between Jeff Gainsborough and Norm Newton for at least a decade. They've been a customer of ours.

未來 24 個月內，可能會新建至少 5000 套住房來滿足這些住房需求，而這些住房需求幾乎全部來自德克薩斯州的 30 多家製造工廠，我們公司就是其中之一。所以，無論如何，我們在德克薩斯州的業務在未來一兩年內看起來會非常好。我想稍微談談 Mericasa 的收購案。我們至少在十年前就知道傑夫·蓋恩斯伯勒和諾姆·牛頓之間的這種合作關係。他們一直是我們的客戶。

They've had a portfolio is the whole way. We're basically buying them out of everything they have in the mobile home business and Norm Newton has agreed to come to work as a Director of revenue for the company. He has particular expertise in passively or should I say, absency managing of dealerships, which has really been a real challenge for us.

他們一直都有投資組合。我們基本上收購了他們在移動房屋業務中的所有股份，而諾姆·牛頓已同意加入公司擔任營收總監。他特別擅長被動管理（或應該說是缺席管理）經銷商，這對我們來說確實是一個真正的挑戰。

He has a vibrant dealership that we're acquiring in Houston and it doesn't have an owner on the premises and he's proven that his model works pretty good, and we hope to be able to use this model over our 12 other locations that we have at the retail level. We are acquiring some other things in this process. It's kind of a hodgepodge of things.

他在休士頓有一家充滿活力的經銷店，我們正在收購它。這家經銷店目前沒有店主，他已經證明他的模式非常有效，我們希望能夠在我們其他 12 家零售店推廣這種模式。在這個過程中，我們還獲得了一些其他東西。它有點像各種東西的大雜燴。

The net result is about $9 million or $10 million will be allocated among the retailer ship that we're acquiring in Houston, the near shoring that we're affiliating with in Colombia, which I visited myself and the what we call the home FX model. which is Norm's proprietary system, including software of managing retail locations remotely.

最終，大約 900 萬到 1000 萬美元將分配給我們在休士頓收購的零售商、我們在哥倫比亞合作的近岸外包公司（我親自去過那裡）以及我們稱之為「家庭外匯模式」的系統。家庭外匯模式是 Norm 的專有系統，包括遠端管理零售店的軟體。

So we're looking forward to that, integrating that with our system so that we can do more retailing at our company stores. I think that the likelihood of that is extremely high. We continue to deliver strong operating margins and consistent profitability. In fact, we've never had a quarterly loss in our entire history, not just from the 6-years plus that we've been public. But for the -- actually, the 40-plus years that Kenny and I have maintained our partnership.

因此，我們很期待將其整合到我們的系統中，以便我們可以在公司門市開展更多零售業務。我認為這種可能性極高。我們持續保持強勁的營業利潤率和穩定的獲利能力。事實上，在我們整個發展歷程中，我們從未出現過季度虧損，而不僅僅是在我們上市的這六年多時間裡。但實際上，肯尼和我維持合作關係的40多年裡，一直都是如此。

The loan portfolios are on track to deliver about $40 million straight to the bottom line this year. As far as valuation, Kenny and I started this company in '97 with about $700,000. We took in about $60 million of outside money when we went public and the combination of that has now grown to $522 million over the 20-plus years that we've done this, and we'll continue to grow that book value. That's pretty much after taxes. We make it.

貸款組合預計今年直接為公司帶來約 4,000 萬美元的利潤。至於估值方面，我和 Kenny 在 1997 年創辦這家公司時，啟動資金約 70 萬美元。我們上市時獲得了約 6000 萬美元的外部資金，經過 20 多年的發展，這些資金的總和已經增長到 5.22 億美元，我們將繼續增長賬面價值。這基本上是扣除稅金後的結果。我們做到了。

We say that we invested, and that's what we've always done, and that's the basic value that we'll be getting back to. I think we got a little distracted over the last couple of years, and we intend to get back to doing what we do, which is selling a good product for a fair price, financing and distributing unit in a variety of ways.

我們說我們進行了投資，我們一直都是這樣做的，這也是我們將要回歸的基本價值。我認為我們在過去幾年裡有點分心了，我們打算重新專注於我們所做的事情，那就是以合理的價格銷售優質產品，並以各種方式進行融資和分銷。

Our book bag consists mostly of finance notes realize that, that book value wasn't ever in place at any given time. It's what we evolve to. We basically finance notes to enhance our own yields, but we like to finance business from a return on investment point of view, too.

我們的書包裡大部分都是財務筆記，我們意識到，帳面價值在任何特定時間點都從未真正存在過。這是我們進化到的最終形態。我們主要透過發行債券來提高自身的收益，但我們也喜歡從投資回報的角度為企業融資。

The Norm portfolio that we're acquiring, which is a little over $10 million notes carries interest at over 16%. And we have experience with his portfolios because we have one in common with them. It's always performed very well. And we expect that portfolio we're acquiring from Norm will perform well and make everybody money.

我們正在收購的 Norm 投資組合，其債券金額略高於 1,000 萬美元，利率超過 16%。我們對他投資組合的運作方式很熟悉，因為我們和他們有一個共同的投資組合。它一直表現都非常出色。我們預計從 Norm 手中收購的投資組合將表現良好，並為所有人帶來收益。

We published our book value per share each quarter. As Ron mentioned, as of September 30, our book value is $21.85 per share. We've also bought back through time. Ron might be able to quantify this, I don't know, but I want to say it's some in the neighborhood of $20 million or more of stock, which is on our balance sheet as treasury stock.

我們每季都會公佈每股帳面價值。正如 Ron 所提到的，截至 9 月 30 日，我們的帳面價值為每股 21.85 美元。我們也穿越回了過去。羅恩或許能量化這個數字，我不知道，但我想說這筆股票價值大約為 2000 萬美元或更多，在我們的資產負債表上作為庫存股列出。

With our stock trading essentially the same price, we're looking at this changing the guard as an opportunity to maybe reinvigorate our growth and innovation, which should increase profit margins and create a stock premium.

由於我們的股票交易價格基本上保持不變，我們認為這次領導層更迭是一個機會，或許可以重振我們的成長和創新，從而提高利潤率並創造股票溢價。

On the flip side, if the stock continues to trade somewhere around book value, we will use our own liquidity as usual to repurchase shares. So I think the bottom is fairly well protected subject to our limitations of how much we can buy back in any given day. And as you know, with the new buyback laws, every time we buy back shares, we do pay,

另一方面，如果股票繼續在帳面價值附近交易，我們將像往常一樣利用我們自己的流動資金回購股票。所以我認為底部得到了相當好的保護，當然，這取決於我們每天可以回購的數量。如您所知，根據新的股票回購法，每次我們回購股票時，我們都需要支付費用。

I think it's a 1% tax to the federal government. I believe we can continue building shareholders equity even in this high interest slowing growth economy and then our share price will begin to reflect this. I think when we get the uncertainty behind us, we'll get back to some reasonable PE ratio.

我認為這是向聯邦政府繳納的1%的稅。我相信，即使在當前高利率、經濟成長放緩的環境下，我們也能繼續累積股東權益，屆時我們的股價也將反映出這一點。我認為，當不確定性消除後，本益比就會恢復到合理的水平。

Any strategic moves are icing on the cake in my opinion, this is a great time to be an owner of a legacy, particularly if you're in today's price as you loan part of the company that's never lost money in any year since its founding.

在我看來，任何策略性舉措都是錦上添花，現在是擁有家族企業的好時機，尤其是如果你以今天的股價出借公司的一部分股份，而這家公司自成立以來從未虧損過。

As for affordability is now front and center in the US in housing. We are positioned to provide that affordable housing to thousands of family over the coming years. And for those of you that are not from Texas, Texas is a nice place to be right now.

在美國，住房可負擔性現在已成為首要問題。我們有能力在未來幾年為成千上萬個家庭提供經濟適用房。對於那些不是德州人的人來說，德州現在是個很不錯的地方。

The economy is still doing great. And we haven't had any hiccups as far as the economy is concerned. I want to address a couple of questions on e-mail that was sent to me recently. We have a lot of real estate on our books. The Austin project is coming along nicely. It's a little slower than we like. We have three or four hurdles before we're up and running. The wastewater treatment plant needs to be installed, which will not happen until probably second quarter of 2026.

經濟情勢依然良好。就經濟而言，我們沒有遇到任何問題。我想回答一下最近收到的一封電子郵件中的幾個問題。我們帳面上有很多房地產項目。奧斯汀專案進展順利。速度比我們預期的要慢一些。在我們正式啟動之前，還有三、四個障礙需要克服。污水處理廠需要安裝，但可能要到 2026 年第二季才能安裝。

We're also working on getting access from the state highways that adjoin our property. The infrastructure in the middle of the property is coming along really well and will be very far along by the time we solve those other two problems. We are trying to negotiate with the school system to put in all Mexico in the middle of it, which will be the primary amenity of the parcel. As for other real estate we own, we are not -- we have no shovels in the dirt anywhere else. It is all entitled to be mobile home properties.

我們還在努力爭取從與我們房產相鄰的州際公路進入。該計畫中心區域的基礎建設進展非常順利，等到我們解決另外兩個問題時，基礎建設也將取得巨大進展。我們正在與學校系統協商，將整個墨西哥城建在中心位置，這將是這塊地的主要配套設施。至於我們擁有的其他房地產，我們並沒有——我們在其他任何地方都沒有動工。這些房產都有資格被劃為移動房屋。

It's a little bit challenging when the properties were 2 times, 3 times, 4 times, 5 times more than you paid for it. just because we bought it for $10,000 an acre to make a mobile home park out of it doesn't mean we would come to the same conclusion now that it's valued at $40,000 or $50,000 per acre, which is the case in several of our properties, we are entertaining divesting ourselves of of the properties.

當房產的售價是購買價格的2倍、3倍、4倍甚至5倍時，情況就變得有點棘手了。我們當初以每英畝1萬美元的價格買下這塊地，打算把它改造成移動房屋公園，但這並不意味著我們現在還會做出同樣的決定。現在，這塊地價值4萬或5萬美元，而我們的一些房產正是如此，我們正在考慮出售這些房產。

I would estimate of the fixture seven remaining properties on the books besides faster accounting, we probably have $4 million to $5 million of gains should we choose to liquidate those properties. And if anything, that's on the low side. I was asked about the long-term margin targets for the industry.

我估計，除了加快會計計算速度外，帳面上剩餘的七處房產，如果我們選擇清算這些房產，我們可能會獲得 400 萬至 500 萬美元的收益。而且，這還是偏低的水平。有人問我該產業的長期利潤率目標是什麼。

I think a lot of companies have been absorbing the increase in costs caused by tariffs and other factors. I think when they start looking at their financial statements like we just did ours, we'll probably all be in likestep with each other to slowly increase prices for the products that we're opening right now has been pretty cut throw from one manufacturer to the other.

我認為很多公司都在自行承擔關稅和其他因素造成的成本上漲。我認為，當他們開始像我們一樣審視自己的財務報表時，我們可能都會步調一致地逐步提高我們目前正在銷售的產品的價格，而這些產品的價格在各個製造商之間已經大幅下降。

And I'm hoping that when people realize that the tariffs are not temporary, the labor increases that we've paid labor wage increase that we're paying are not temporary. I think we probably need to re-evaluate the operating margins in the industry as a whole. That's pretty much it.

我希望當人們意識到關稅不是暫時的，我們支付的勞動成本上漲也不是暫時的。我認為我們可能需要重新評估整個行業的營業利潤率。差不多就是這樣了。

I can probably turn it over to question and answer questions.

我大概可以把這個環節交給問答環節。

(Operator Instructions)

（操作說明）

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Good morning, Curt. Good morning, Ron. Appreciate the color and thanks for taking questions. Maybe start with the AmeriCasa, the AmeriCasa asset purchase. Just talk to their revenue model, what are the features of the future Homex platform? And how is their software expected to enhance sales growth?

早上好，柯特。早安，羅恩。很喜歡這個顏色，也謝謝你回答問題。或許可以從 AmeriCasa 的資產收購開始。直接談談他們的獲利模式，以及未來 Homex 平台的功能特色？他們的軟體預計如何促進銷售成長？

Well, we weren't really looking at their financials on the purchase. We were intrigued by the Homex product. We've experimented a little bit with it, several of our dealers are using it. They pay a royalty to use it. If we can find a way to manage these locations remotely, whether it be from Dallas or Houston or Bogota, then we will solve a lot of the mystery.

其實，我們當時並沒有真正關注他們的財務狀況。我們對Homex的產品很有興趣。我們已經進行了一些試驗，我們的一些經銷商正在使用它。他們需要支付使用費。如果我們能找到遠端管理這些地點的方法，無論是在達拉斯、休士頓或波哥大，那麼我們就能解開許多謎團。

Our manufacturing peer group all maintain their own retail locations, and they struggled with how to get volumes up as well. industry-wide, I would guess that the average retail location that is affiliated with the manufacturer sells two, three, four mobile homes per month. Two is maybe breakeven three is profitable, four is highly profitable. So basically, we're just trying to get our sales up on a location basis, the primary reason we made a deal with Norm was to have access to that remote management technology.

我們的製造同行都擁有自己的零售店，他們也都在努力提高銷售量。我估計，在整個產業內，與製造商合作的零售店平均每月能賣出兩到三、四套移動房屋。兩個人可能勉強收支平衡，三個人獲利，四個人利潤豐厚。所以基本上，我們只是想提高各個地區的銷售額，我們與 Norm 達成協議的主要原因是為了獲得遠端管理技術。

And I think that's it as far as there's one lot in Houston, it signs, he sells roughly 10-, 12-hours a month, every month, which is more than double what we saw at our locations and Kenny and I have both visited it as pretty impressive in that front.

我認為休士頓那塊地的情況就是這樣，上面有一塊牌子，他每個月大約賣 10 到 12 個小時，這比我們在其他地方看到的要多一倍，我和肯尼都去過那裡，覺得這方面相當令人印象深刻。

I mean, are we paying a little bit of premium, it kind of depends on what the management systems or if it's worth say, $5 million, which is what I kind of put on, I would look at it as though we paid fair market value for all the assets we're acquiring from -- on the AmeriCasa. I think, of course, we won't know until we integrate it with our own model to see what it is, but I'm very optimistic that, that acquisitions could help us sell more direct retail consumers.

我的意思是，我們是否支付了一點溢價，這在某種程度上取決於管理系統的價值，或者它的價值，比如說，500萬美元，這是我估計的，我會把它看作是我們為從AmeriCasa收購的所有資產支付了公平的市場價值。當然，我認為只有將其與我們自己的模式整合起來才能知道結果，但我非常樂觀地認為，收購可以幫助我們向更多直接零售消費者銷售產品。

Really helpful. And just making sure I heard correctly, the size of the chattel mortgage loan portfolio that you're acquiring, I heard the 16%. Was it $30 million? Or was that off, I'm sorry.

真的很有幫助。我再確認我是否聽錯了，你們正在收購的動產抵押貸款組合的規模，我聽到的是 16%。是3000萬美元嗎？或者我記錯了，抱歉。

The portfolio, the deal is when we close we'll acquire all loans in that portfolio that are current defined by within 30 days of currency. And we think the face value of that part of the transaction will be $10.8 million, plus or minus a couple of hundred thousand. And the effective interest rate or the interest rate on that is just over 16% in some our portfolios. It's almost exactly on that thesis right of rally. We can serve it rather easily, and I have confidence that it will be accretive to our financials.

這項交易的條件是，交易完成後，我們將收購該投資組合中所有目前到期的貸款（定義為30天內到期的貸款）。我們認為這部分交易的帳面價值將是 1,080 萬美元，上下浮動數十萬美元。而我們某些投資組合的實際利率或利率略高於 16%。它幾乎完全符合集會的論點。我們可以輕鬆地提供這項服務，而且我相信它會對我們的財務狀況產生正面影響。

Got it. And then you mentioned in the press release you expect normal production out of the Texas manufacturing facilities through year-end. Obviously, great to hear the encouraging show that you had at the end of September in Fort Worth. What does kind of normal mean maybe relative to Q4 last year and just talk about what your expectations are from the Georgia plant as well over the next quarter or two?

知道了。然後您在新聞稿中提到，預計德克薩斯州製造工廠的生產將正常進行到年底。顯然，很高興聽到你們九月底在沃斯堡的演出取得了令人鼓舞的成績。「正常」是指相對於去年第四季而言的水準嗎？另外，請談談您對喬治亞州工廠未來一兩個季度的預期？

I don't have Q4 in front of me from last year, but I think we'll be through most of the Q4, which now, of course, we're a month into, I think we'll average 6 to 7 in Texas per day and probably 2% to 3% in Georgia.

我手頭上沒有去年第四季的數據，但我認為我們已經度過了第四季度的大部分時間，當然，現在已經過去一個月了，我認為德州平均每天會有 6 到 7 例，喬治亞州可能會有 2% 到 3% 的病例。

So let's call it company-wide $8 million to $10 million -- and I don't really know I'd have to dig out to see how we did in Q4 last year. $8 million to $10 million is profitable, so one shareholder elegantly pointed out, it doesn't look like the production of sales of mobile made money in Q3, and that is correct. But in Q4, that part of the business should contribute pretty nicely our earnings and the first quarter will even better than that.

所以我們姑且把公司整體的獲利額定在800萬到1000萬美元之間——至於去年第四季的業績，我得翻翻資料才能知道。 800萬到1000萬美元是盈利的，正如一位股東精闢地指出，行動業務的銷售在第三季度似乎並沒有盈利，這確實沒錯。但到了第四季度，這部分業務應該會為我們的獲利做出相當不錯的貢獻，而第一季的情況甚至會更好。

Perfect. And then lastly, you mentioned that the industry pricing have you taken or plan to take additional price increases? I know it's a tough environment, but to offset some of the increase in raw material costs and tariffs over the next one, two, three quarters? And I'll jump back in queue.

完美的。最後，您提到了行業定價，您是否已經或計劃進一步提價？我知道現在的經營環境很艱難，但是為了抵銷未來一到三個季度原物料成本和關稅上漲的部分影響，我們能做些什麼呢？那我再重新排隊。

Thank you.

謝謝。

Well, we went first. We had a not price increase in June, and I think we were first in the industry to do it. And it may have dissuaded some of our regular buyers for buying. But since then, our competitors have joined into slight price increases we're talking overall, probably 3%, 4% has been the price increases. But again, we're all trying to use up excess capacity, 34 plants operating in the State of Texas, probably only three or four of them operating at capacity.

我們先來。六月我們沒有提價，我認為我們是業內第一個這樣做的。這或許會讓一些老顧客打消購買的念頭。但自那以後，我們的競爭對手也開始小幅漲價，我們說的是整體而言，價格漲幅可能在 3% 到 4% 之間。但是，我們都在努力利用過剩產能，德州有 34 家工廠在運營，但可能只有三、四家工廠滿載運作。

So we do get out on pricing and financing features and all sorts of things, I mean I heard recently have a manufacturer that was offering 1-year free flooring dealers if they buy a house, we're concerned about profitability. We were able to make hay while the sun shines, during COVID, but we don't intend to give it back by building a bull home unless we can make a margin on it.

所以我們確實會關注定價、融資方案以及各種其他方面，我的意思是，我最近聽說有一家製造商向購買房屋的經銷商提供一年的免費地板，我們很關心盈利能力。在新冠疫情期間，我們趁著情況好轉，賺了不少錢，但除非能從中獲利，否則我們並不打算把這些錢用來建造牛舍。

It's tempting to say, okay, let's just keep the factory running or whatnot, but we're not going to be giving back this tangible book value we have. I don't see the market declining, especially in Texas with the data center workforce housing lift that we're going to be having in the next 24-months. I am a little more concerned about Georgia and where it's where its unit sales are going to come from in the Southeast.

我們很容易會說，好吧，那就讓工廠繼續運作吧，但我們不會把我們已經擁有的這些有形帳面價值拱手讓人的。我不認為市場會下滑，尤其是在德州，未來 24 個月內，資料中心員工住房需求將會大幅增加。我比較擔心喬治亞州，以及它在東南部的銷售來源。

Alex Rygiel, Texas Capital Securities.

Alex Rygiel，德州資本證券。

Thanks. A couple of quick questions here. So -- are you looking at other acquisitions at this time? And can you talk a bit about expanding your company-owned retail stores?

謝謝。這裡有幾個問題想問一下。那麼—您目前是否在考慮其他收購？您能否談談公司自營零售店的擴張計畫？

Well, I mean, I would say that if we do any acquisitions, it will dovetail well with the one we just did. And the one we just did is designed to increase our ability to profitably distribute through company stores. So I think you hit the nail on the head, Alex, that there is an acquisition that would probably be retail centers in our market areas.

嗯，我的意思是，如果我們進行任何收購，我想說，它將與我們剛剛完成的收購完美契合。我們剛完成的這項措施旨在提高我們透過公司門市進行獲利性分銷的能力。所以我覺得你說的很對，Alex，我們市場區域內可能會有一家零售中心被收購。

The independent dealers are getting difficult to make money on. And besides that, a lot of them are aging out there more ages very few retail centers independent retail are owned by anybody under 50-years old. So that (technical difficulty) sort competitors and then may be more of a put to Internet sales, we may be emphasizing used our sales.

獨立經銷商越來越難賺錢了。除此之外，許多獨立零售店的店主年齡都偏大，很少有零售中心或獨立零售店是由 50 歲以下的人擁有的。因此，（技術上的困難）對競爭對手進行排序，然後可能會更多地轉向網路銷售，我們可能會強調我們利用的銷售方式。

But yeah, we want to be more in the retail business than we have in the past, very small percentage of revenue has been from our own retail centers, and I would hope to grow that to maybe as much as 50% by the end of next year.

是的，我們希望比以往更多地涉足零售業務，目前我們自有零售中心的收入佔比很小，我希望到明年年底能將這一比例提高到 50%。

Very helpful. And then secondly, can you talk a little bit more about your kind of consumer loan portfolio and how it's performed kind of more recently how the trends have been playing out over the last few months and if there's been any kind of notable change there?

很有幫助。其次，您能否再詳細談談您的消費貸款組合，以及它最近的表現，過去幾個月的趨勢如何，是否有任何顯著的變化？

We don't have much notable change, but there is anecdotal evidence we had the benefit of everything that was on our books pre-COVID, was their prices substantially below current prices. So every mobile home loan on our books that was pre-Covid. I had the benefit of being right side up, so to speak, from a consumer's perspective. So every time one bid repo, we actually made money on it. I mean the guy owed $30,000 mall home and turn it back to us, we sold there for $40,000.

雖然沒有太多顯著的變化，但有傳聞證據表明，我們在新冠疫情之前所享有的所有權益，其價格都遠低於當前價格。所以，我們帳上所有在新冠疫情前發放的行動房屋貸款。從消費者的角度來看，我算是站在了正確的位置。所以每次我們競標回購，實際上都能賺錢。我的意思是，那傢伙欠了我們 3 萬美元的房貸，買了一套商場裡的房子，然後把房子還給了我們，我們以 4 萬美元的價格賣掉了。

So for years, when we did Repon,itwal-as actually kind of a windfall since those notes that have been created in the last 4-years don't have a corresponding benefit from price increases. So now when we repo, I note that was I'd say, in 2022, when we go to sell it, if they owe us $40,000, maybe we can only sell it for $35,000 and we have a little bit of impairment to take on it.

所以多年來，當我們進行 Repon,itwal 時，實際上是一種意外之財，因為過去 4 年創建的那些票據並沒有從價格上漲中獲得相應的收益。所以現在當我們回購資產時，我注意到，比如說，在 2022 年，當我們出售它時，如果他們欠我們 40,000 美元，我們可能只能以 35,000 美元的價格出售，並且我們會承擔一些減值損失。

So -- so the recovery rate on the repos is not as good as it once was. But let's just say, my opinion is more realistic that, that onetime nearly doubling of prices that we had during go kept us from having any losses when we did repossess something.

所以——所以程式碼庫的恢復率不如以前那麼好了。但這麼說吧，我的觀點更現實一些，那就是，在市場波動期間，價格一度幾乎翻了一番，這使得我們在收回資產時沒有遭受任何損失。

And now as far as the percentage that are in trouble, and this is kind of the good news is we just don't have more than a couple of percent at the retail level that are problematic, which is still historically a low amount. Anecdotally, we're in Texas, I live here. Kenny lives here.

至於陷入困境的百分比，這算是個好消息，零售層面出現問題的百分比不超過幾個百分點，這在歷史上仍然是一個很低的數字。順便一提，我們身處德州，我就住在這裡。肯尼住在這裡。

And we all know somebody now that's subject to deportation or a relative that is subject to deportation. And a lot of our nodes and a lot of our basic demand comes from and for lack of a better word, an immigrant market. So we're kind of expecting some difficulty there, but it hasn't shown up in the numbers yet.

現在我們都認識一些面臨被驅逐出境的人，或是有親戚面臨被驅逐出境的風險。我們很多的節點和很多基本需求都來自（如果非要用一個字來形容的話）移民市場。所以我們預料到會遇到一些困難，但目前還沒有從數據中體現出來。

That's good to hear. And then circling back to capital allocation. Through the years, like you mentioned, you have been a buyer of stock. Can you talk about that a little bit more? And also, have there been any insider repurchases? Or has there been an open period for insider purchases at all.

聽到這個消息真好。然後又回到資本配置的問題。多年來，正如您所說，您一直是股票的買家。能再詳細談談這方面嗎？另外，是否有內部人士回購股票？或者說，是否存在過任何允許內部人士購買股票的開放期？

I haven't bought any, and I don't think Kenny has bought any. Unfortunately, from an insider point of view, that's pretty much the only visibility that we do on our [Form 4s]. -- in our circle of influence, which is not an insider. I do know of at least one party that's bought pretty heavily in the last couple of months. And I don't know of any party in my own circle.

我一個也沒買，我覺得肯尼也沒買。不幸的是，從內部人士的角度來看，這幾乎是我們唯一能公開的[表格 4]資訊了。 ——在我們的影響範圍內，而這些人並非內部人士。我知道至少有一個政黨在過去幾個月大量購入了商品。而且我身邊的人裡也沒有人參加政黨活動。

It has been a seller at these levels ever since, say, [724]. I don't know anybody that's even consider being a selling seller that I have much funds over. So I would say at what level will we protected -- well, I don't make the decision. Kenny doesn't make a decision. We kind of make a decision when we talk to each other, we do have the authority to make the decision.

自那時以來，它一直以這樣的價位賣出。[724]我不認識任何有本事當賣家的人，所以我的資金不會像他們那麼雄厚。所以我想說，我們會受到怎樣的保護——嗯，這不是我來決定的。肯尼沒有做出決定。我們透過交談來做決定，我們有權利做出決定。

And as you know, the company can't -- for instance, we can't buy today weren't back. We could buy later in the week. It's always a little bit discretionary when we could buy. But when we're not in a blackout, I think you can assume any time that we think it's a good investment. -- we'll be there with our category resources.

正如你所知，公司無法——例如，我們今天無法購買，我們還沒有回來。我們可以在這週晚些時候再買。是否購買總是有一定的自主權。但當我們沒有遇到資訊封鎖時，我認為你可以隨時假設我們認為這是一項好的投資——我們會利用我們的資源參與其中。

Not only do we have cash in the bank today, but we have an unused $50 million loan. I think it's still pretty solid with price parity. So between -- and we cash flow money. All the improvements to our land in Base County have all been paid for with free cash flow. And I think we're now pressing about $30 million of money we put into bad drop counting.

我們不僅現在銀行帳戶裡有現金，而且還有一筆未使用的 5,000 萬美元貸款。我認為它的價格仍然相當穩定。所以，在兩者之間──我們就能獲得現金流。我們在Base County的所有土地改良費用由自由現金流支付。我認為我們現在正在追回大約 3000 萬美元，這些錢都浪費在了錯誤的掉落物計數上。

And I would guess by the time it's all said and done, we'll put another $20 million to $30 million in a master upcoming, and then we'll have room for 1,100 mobile homes be a thing of beauty. We probably keep a couple of days a month or 3 days a month active in one of our factories is when I said in that one properties demand.

我估計等到一切完工後，我們還會再投入 2000 萬到 3000 萬美元用於一個大型項目，然後我們就能擁有容納 1100 套移動房屋的漂亮空間了。我之前說過，為了滿足那項房產的需求，我們每個月可能會在工廠保持兩到三天的活躍狀態。

Sorry. And one last question as it relates to Master County. What's your best guess right now as to when you might start to sell homes?

對不起。最後一個問題，與馬斯特縣有關。您目前估計什麼時候可以開始出售房屋？

We have 110 lots that were designed to be three simple lots. They we would begin marketing as soon as we solve just one piece of the puzzle, and that's connecting to state highways on one side or the other. They would go under market. The many part about that is when we did this, we thought we'd be selling those things for $70,000 or $80,000 a piece. And the current value of those lots is retail is probably more like $120,000 or maybe even $130,000.

我們有 110 個地塊，設計成三個簡單的地塊。一旦我們解決了難題中的一塊，也就是與州際公路的一側或另一側連接起來，我們就會立即開始市場推廣。它們的售價會低於市價。這件事的關鍵在於，我們當時做這件事的時候，以為每件東西可以賣到 7 萬或 8 萬美元。而這些地塊目前的零售價值可能更接近 12 萬美元，甚至可能達到 13 萬美元。

So in a way, not selling them for $80,000 yield is an above average rate of return just by not selling them. But anybody has a lot, 3.25-acre lot in this market is getting well over $100,000 for a place to put a mobile home, sometimes $130,000. We're kind of expecting now to get $115,000, $120,000 when we go to market on those. And we'd like to get that going if nothing else to fill it up with legacy that we build in our two plants in Texas.

所以從某種意義上來說，不賣掉它們就能獲得 8 萬美元的收益，這本身就是一種高於平均的回報率。但在這個市場上，一塊 3.25 英畝的地皮，用來放置移動房屋，價格已經超過 10 萬美元，有時甚至高達 13 萬美元。我們現在預計這些產品上市後能賣到 11.5 萬美元到 12 萬美元。我們希望盡快啟動這個項目，即便沒有其他目的，也要用我們在德州兩家工廠累積的寶貴經驗來充實它。

Mark Smith, Lake Street.

馬克史密斯，湖街。

Hi guys, first question for me. I just wanted to ask, you talked quite a bit about kind of demand and production in Texas. Curious if you can just give us your thoughts around kind of Georgia and the Southeast, how that market is doing and kind of how things are running at the plant?

大家好，我的第一個問題是…我只是想問一下，您剛才談到了很多關於德克薩斯州的需求和生產情況。能否請您談談您對喬治亞州和美國東南部地區的看法，例如當地市場的情況以及工廠的營運狀況？

Like you probably got this mark from my mood when you -- when I say just a minute ago or my tone of voice. I am not that confident in the Southeast and know that we can carry on at 2 or 3 a day, but that's a very large manufacturing facility and doesn't really make sense at 2 or 3 a day. So we've got to find a way to develop distribution in that market. The mobile home park model is not as good as it was. People now are paying a lot more for the house.

你可能從我的情緒或語氣中感受到了這一點——比如我說「就在一分鐘前」的時候。我對東南地區的生產能力不太有信心，我知道我們每天可以生產 2 到 3 件，但那是一個非常大的製造工廠，每天生產 2 到 3 件真的不太合理。所以我們必須找到在該市場發展分銷管道的方法。移動房屋園區模式已不如以前那麼好了。現在人們買房子要花更多的錢。

They're paying a lot more for the home. They're paying a lot more to set it up. They're paying more hooked up utilities. And unfortunately, the rents that they typically get when they put one of their mobile home parks haven't increased accordingly.

他們為這套房子支付的價格要高得多。他們為此支付了更高的費用。他們支付的公用設施費用更高。但不幸的是，他們建造移動房屋公園時通常獲得的租金並沒有相應上漲。

So the model is not as solid as it was, say, 5-years ago. which was a big part of what we built in the market when everybody built filling up ecomobilhome parks in a model that did make sense. When all those prices were down and the rents were pretty much the same as they are today.

所以，這個模式不如五年前那麼穩固了。五年前，大家都在建造生態移動房屋公園，而這種模式是我們在市場上建立的重要因素，當時這種模式確實很合理。當時物價都很低，而租金和現在差不多。

So the underlying demand in the Southeast has got to be to the guy who's going to live in rural America or some sort of opportunistic disaster housing, which is oftentimes happen in that market that we participated in. If you assume that park sales is going to be much lower than historically than it has been historically, demand has to come from direct consumer sales for privately owned land or from some sort of disaster relief.

因此，東南部的潛在需求一定是那些打算居住在美國農村地區的人，或者那些尋求機會購買災後住房的人，這種情況在我們參與的市場中經常發生。如果假設公園銷售額將遠低於歷史水平，那麼需求就必須來自私人土地的直接消費者銷售，或者來自某種災難救濟。

So if you can tell me how many hurricanes there will be in the Southeast next year, I could probably give you a pretty good feel for how good the markets are based and that's really kind of the demand there. As you know, the Southeast doesn't have the tailwinds that Texas has but it has better tailwinds in many parts of the country.

所以，如果你能告訴我明年東南部會有多少颶風，我大概就能讓你對市場的基礎有多好有個大致的了解，而這實際上也反映了那裡的需求。如你所知，東南部地區沒有德州那樣的順風，但全國許多地區的順風條件更好。

So the demographics in all those states that we serve in the Southeast are still positive. And we know it's not because of birth rate. it's positive because people are still moving to Georgia and there's still a move into North Carolina. And they're still moving to Florida. So there's an immigration from one part of the United States to another that goes on in that market.

因此，我們在東南部的各州的人口結構仍然保持積極態勢。我們知道這並非出生率造成的。這是正面的訊號，因為人們仍在遷往喬治亞州，也仍然有人遷往北卡羅來納州。他們仍然要搬到佛羅裡達州。因此，在這個市場中，存在著從美國一個地區到另一個地區的移民現象。

So we get some positive demographics there. And we sell to operators that are taking advantage of that. I talk to them all the time. They're struggling to make the economics work. Now if interest rates come down a little bit and there are models instead of being, say, at a 6% cap rate or at a 5% cap rate, then they can make more sense out of it.

所以，我們在那裡獲得了一些積極的人口統計。我們向那些利用這一點的運營商銷售產品。我常常和他們聊天。他們正努力使經濟效益得以實現。如果利率稍微下降一些，而且模型不是基於 6% 或 5% 的資本化率，那麼它們就能更好地發揮作用。

And we've had a nice reduction in it relates over the last month or so, they actually punish mobile home stocks or because they thought that would make site-built housing more attractive and maybe it does. But it sure helps communities that are trying to make sense community-owned rentals and community-owned mobile homes. When their rate -- their borrow rate goes down a point, it really helps their model quite a bit.

在過去一個月左右的時間裡，相關股票數量有所下降，他們實際上懲罰了移動房屋股票，因為他們認為這將使現場建造的房屋更具吸引力，也許確實如此。但這肯定有助於那些正在努力理解社區所有製租賃房屋和社區所有製移動房屋的社區。當他們的利率——也就是他們的借貸利率下降一個百分點時，這對他們的商業模式真的很有幫助。

So I know this didn't address the answer that you want specific answer. But I think I made it clear that there's only two ways to really do well in the Southeast, the community model and disaster relief housing, as the likelihood that all those plants in the Southeast, which there's roughly 20 operating in that market that we compete against.

我知道這並沒有回答你想要的具體問題。但我認為我已經明確表示，在東南部真正取得成功只有兩種途徑，即社區模式和災難救濟住房，因為東南部大約有 20 家工廠在運營，我們與它們競爭。

There's not enough demand at the retail level to keep 20 factories working. So I can see the industry as a whole, making some difficult decisions in the Southeast absent getting some disasters next year that they give us more tailwinds.

零售層面的需求不足以維持 20 家工廠的運作。因此，我認為整個產業在東南部地區將做出一些艱難的決定，除非明年發生一些災難，為我們帶來更多順風。

Okay. And then I did want to ask about gross profit margin. I know you don't give guidance, but just kind of any insight you can give us on the outlook there, maybe where the pressures are coming? I know you discussed tariffs, but I guess maybe two things here.

好的。然後我還想問毛利率的問題。我知道您不提供指導，但您能否就那裡的前景提供一些見解，例如壓力來自哪裡？我知道你們討論過關稅問題，但我想這裡可能還有兩點需要說明。

Do you think that you've seen kind of topped out the inflationary pressure, whether it's from tariffs or anything else? And then two, do you think that you've taken ample price to cover the pressure that you've seen or could see?

你認為通膨壓力是否已經達到高峰，無論是關稅還是其他因素造成的？其次，你認為你收取的價格是否足以彌補你已經看到或可能看到的壓力？

Well, I think the price increase that we did are going to cover the effects of tariffs, in particular. And the world believes that tariffs are a one-time inflationary event. And if that's the case, then the price increases may be over. But we've also increased our line workers' wages by 10% this year. And we've -- obviously, the Chinese imports have gone from a 25% tariff to as of what time is it 10:00 AM.

我認為，我們此次漲價主要是為了彌補關稅帶來的影響。世界普遍認為關稅是一次性的通貨膨脹事件。如果真是這樣，那麼價格上漲可能就結束了。但今年我們也提高了生產線工人的薪資 10%。顯然，中國進口商品的關稅已經從 25% 降到了……現在是上午 10 點嗎？

-- as of 11:00 AM today, the tariff Kuwait currently is, -- but that could change by 02:00 afternoon. So I mean, it moves around. So the net result of our cost of goods sold on just what happened last week, decreasing the tariff from in to 45%. Our cost of goods sold will go down roughly $1 million with just that one happening just like they went up before when they went up that much.

截至今天上午 11:00，科威特目前的關稅是，但到下午 2:00 可能會有所變動。我的意思是，它會四處移動。因此，上週關稅從 1% 降至 45% 的結果，導致我們的商品銷售成本淨增加。光是這一點就將使我們的銷售成本下降約 100 萬美元，就像之前成本上漲這麼多時一樣。

I don't really look at and inflation as something that either does happen or doesn't happen, it's 70-years old, I can remember stance, I can remember $0.29 gasoline. I think inflation is inevitable. At what pace, that's the only thing that we might disagree on. But I would guess that our average wholesale price now is about $60,000 per floor. And I think that if I was to give the same earnings call, say, 24-months or 2-years from now, I think that would be -- it's going to be closer to closer to $70,000 than $60,000.

我並不把通貨膨脹看成是非此即彼的事情，它已經有70年的歷史了，我還記得當時的立場，我還記得一桶0.29美元的汽油。我認為通貨膨脹是不可避免的。我們唯一可能有分歧的地方就是速度如何。但我估計我們現在的平均批發價約為每層樓 6 萬美元。我認為，如果我在 24 個月或 2 年後再次進行同樣的獲利預測，那麼獲利預期將會更接近 7 萬美元，而不是 6 萬美元。

The margins are real simple. Financial statements sometimes make it seem more complicated. You got a selling price, you got materials, you've got labor, you've got allocable overhead. On the materials side, all factories are pretty similar. I would say 80% of the capacity buys their materials within a few percentage points of each other's.

邊距非常簡單。財務報表有時會使情況看起來更複雜。成本包括售價、材料費、人工費和可分攤的間接費用。從材料方面來看，所有工廠都大同小異。我認為，80% 的產能企業採購原料的價格彼此之間的差異都在幾個百分點之內。

Labor, there's quite a disparate what it is for labor deal kind of depending on the complexity of the product you're building if you're building a very simple product, you might get labor all the way down to $4 or $5 a square foot. And if you're very complex product, you're going to get labor in the $10 to $15 range per square foot. And the only thing that could help that -- the more you build that's exactly the same, the more productive assembly line gets as far as allocable overhead.

勞動成本差異很大，這取決於你所製造的產品的複雜程度。如果你製造的是一個非常簡單的產品，勞動成本可能會低至每平方英尺 4 或 5 美元。如果你的產品非常複雜，那麼每平方英尺的人工費將在 10 到 15 美元之間。唯一能幫助解決這個問題的方法是——你生產的完全相同的產品越多，組裝線在可分配開銷方面就越有效率。

That's very specific about what we're allowed to do on a GAAP basis. purchasing agent can be allocated by the CEO can't. So while our gross margin may be suffering a little bit over the next 12-months, our net margin because now we're talking about eliminating SG&A or controlling SG&A. While the founders were gone, SG&A went up.

這非常具體地規定了我們在GAAP準則下可以做什麼。採購代理人可以由CEO指定，但CEO不能。因此，雖然未來 12 個月我們的毛利率可能會略有下降，但我們的淨利率不會下降，因為現在我們正在討論消除銷售、一般及行政費用或控制銷售、一般及行政費用。創辦人不在的時候，銷售、一般及行政費用上漲了。

I think Ron was very clear and is outlined on that with SG&A up 15%, 16% at a time when sales were down I think you will see the immediate reversal of that trend and some relief in probably the fourth quarter followed by a significant release in the first quarter on SG&A as a percentage of sales.

我認為羅恩已經非常明確地闡述了這一點，銷售、一般及行政費用增加了 15% 到 16%，而銷售額卻在下降。我認為你會看到這種趨勢立即逆轉，並在第四季度得到一些緩解，隨後在第一季銷售、一般及行政費用佔銷售額的百分比將出現顯著下降。

I hope that puts a little color on your question.

希望這能為你的問題增添一些色彩。

That's helpful. If I can squeeze in one more. Just I don't know if you're able to talk at all about kind of numbers behind the acquisition and potential impact on the balance sheet just as far as the size of this acquisition?

那很有幫助。如果我能再擠出一個時間的話。我不知道您是否能夠談談此次收購背後的具體數字，以及此次收購的規模及其對資產負債表可能產生的影響？

It's simple. We're on a call that's available to the public. We didn't give much detail on Friday's announcement. But I don't mind telling you what it is. This roughly a $22 million deal, all in, about half of which is retail paper and the other half are the assets that I've described.

很簡單。我們正在進行一次公開的電話會議。週五的公告我們沒有透露太多細節。但我並不介意告訴你那是什麼。這筆交易總額約為 2,200 萬美元，其中大約一半是零售票據，另一半是我所描述的資產。

We wouldn't be doing this if we didn't think it was going to have a positive aspect of the company. I was just guessing I would guess that our retail selling as a company, which is currently about 250, 300 units a year. I would expect that to be 50% higher, maybe 60% higher in 2026 than it was in 2025. If that doesn't come to pass, then the acquisitions, the purpose of the acquisition, didn't get accomplished. It's really that's the jewel.

如果我們認為這樣做對公司沒有正面影響，我們就不會這樣做。我只是猜測，我猜我們公司的零售銷售目前約為每年 250 至 300 件。我預計 2026 年這個數字會比 2025 年高出 50%，甚至 60%。如果這種情況沒有發生，那麼收購的目的就沒有實現。那才是真正的瑰寶。

And then everything else we bought pretty much what we would be willing to pay on a one-off basis at any time. We have a 28% interest in the mobile home park. As part of the deal, we know that market really well. Worth a little over $1 million or more to us.

至於其他所有東西，我們買的基本上都是我們任何時候都願意一次性支付的價格。我們擁有該移動房屋園區28%的股份。作為交易的一部分，我們對那個市場非常了解。對我們來說，它的價值略高於100萬美元。

So a lot of what we acquired was hard asset value with the only uncertainty being how well can we integrate the Columbia presence and the home model into our retail system. If that turns out to be -- what I think it is, I would think our retail sales will go up by at least 50%. And if we really perform well, it could even be double in 2026 relative to 2025. Let's face it, we make a lot more money than we can retail one. that we can make on selling wholesale for $60,000.

因此，我們收購的大部分都是硬資產價值，唯一的不確定因素是我們如何將哥倫比亞的業務和家居模式很好地整合到我們的零售系統中。如果事情的發展正如我所想的那樣，我認為我們的零售額至少會成長 50%。如果我們表現出色，2026 年的增幅甚至可能比 2025 年翻倍。說實話，我們零售一件商品賺的錢比批發一件商品（6萬美元）賺的錢多很多。

The margin in this industry is about 45% up. So if we build it for 60%, we retail it for 90% -- and -- the more that we can retail the better. I think Ron mentioned that a good part of the reason why our average price per home went up is because we retailed a higher percentage of what we build in 2025 than we did 2024.

該行業的利潤率提高了約 45%。所以如果我們以 60% 的成本生產，我們就以 90% 的成本零售——而且——零售越多越好。我認為羅恩提到過，我們房屋平均價格上漲的一個重要原因是，我們在 2025 年零售的房屋比例比 2024 年更高。

But it was just nominal compared to the leap that we're planning on taking with this acquisition. -- acquisition is pretty much what can we do at the retail level to improve that part of our distribution filling the gap that is kind of leaving us because of the park problems and I referred to earlier on the call.

但與我們計劃透過此次收購實現的飛躍相比，這只是微不足道的。 ——此次收購主要是為了在零售層面改善我們的分銷管道，填補園區問題（我之前在電話會議上提到過）而造成的缺口。

And just confirming within that kind of increase within retail stores that including the site that you're buying in as your retail location as well as kind of improvements in retail stores at the existing heritage sites today?

確認一下，零售商店的數量是否真的在增加，包括您購買商品的地點作為您的零售店，以及現有歷史遺址的零售商店的改進情況？

Correct. Yeah. We probably retailed -- and I'm just guessing because I know we do monthly, so I'm going to go ahead and multiply by 12, I guess to that in my head. I'm going to guess we're about 300 now. The Houston location itself could add [100] to that going forward and then the integration of the systems into our existing retails should add another [100] to it.

正確的。是的。我們可能零售了——我只是猜測，因為我知道我們是按月零售的，所以我打算乘以 12，我猜是這樣。我猜我們現在大概有300人了。休士頓的這家門市本身未來可能會增加[100]，而將這些系統整合到我們現有的零售店中，應該又會增加[100]。

And on a good day, maybe even another 200. So what I'm saying is we should be up 60% in '26 versus '25 in the number of units we retail and it could be as much as 100%. There's a little more guidance than what you asked for, but on the other hand, the press release on acquisition was a little bit gray, let's put it that way. So you have Colorado. And we haven't closed it yet, so you never know it could blow up, but it's a binding contract.The contingencies are being put together and we expect to close before Thanks giving.

運氣好的話，一天可能還能再多200個。我的意思是，2026 年我們的零售銷售量應該會比 2025 年成長 60%，甚至可能成長 100%。雖然提供的指導比你要求的要多一些，但另一方面，關於收購的新聞稿有點含糊不清，這麼說吧。所以，你還有科羅拉多州。我們還沒最終敲定這筆交易，所以誰也說不準會出什麼岔子，但它畢竟是一份具有法律約束力的合約。我們正在製定各種緊急應變計畫，預計感恩節前就能完成交易。

Thank you. This concludes the question-and-answer session. I would now like to hand the call back over to Curt Hodgson for closing remarks.

謝謝。問答環節到此結束。現在我謹將電話交還給柯特·霍奇森，請他作總結發言。

Well, it's a much longer call than I expected. I had to have a little a bunch of it, but I think I did a reasonable good job. I'd like to thank everybody who joined in today's earnings call. We appreciate your interest in our company. and look forward to delivering you better results at than we did in this last quarter.

嗯，這次通話比我預想的要長得多。我不得不做一大堆，但我認為我做得還不錯。感謝今天所有參加財報電話會議的人。感謝您對我們公司的關注，我們期待在本季為您帶來比上一季更好的業績。

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

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。