Legacy Housing Corp (Texas) (LEGH) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Legacy Housing Corporation second-quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 Legacy Housing Corporation 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to turn the conference over to your speaker for today, Jon. Please go ahead.

現在我想把會議交給今天的講者 Jon。請開始。

Good morning, and thank you for joining Legacy Housing second-quarter 2026 conference call. I'm Jon Langbert, the Chief Financial Officer; our CEO, Kenneth Shipley is also on the line and will join me for the question-and-answer session following our prepared remarks.

各位早安，感謝您參加 Legacy Housing 2026 年第二季電話會議。我是財務長 Jon Langbert；我們的執行長 Kenneth Shipley 也在線上，並將在我們預先準備的發言結束後，與我一同參與問答環節。

Before we get into the quarter, I want to briefly note a leadership change in July. Curt Hodgson retired as Executive Chairman and from our Board of Directors after decades building Legacy alongside Kenny from a Texas partnership into one of the largest producers of manufactured homes in the country.

在進入本季內容之前，我想先簡要提及 7 月的一項領導層變動。Curt Hodgson 在與 Kenny 攜手數十年、將 Legacy 從德州的一家合夥企業打造為全美最大的製造房屋生產商之一後，已自執行董事長職務及董事會退休。

Curt is the reason I joined Legacy. I've known him personally for more than 20 years, and I've learned an immense amount from him about this business and about business in general. So I'll always be grateful to him.

Curt 是我加入 Legacy 的原因。我與他私交超過 20 年，從他身上學到非常多關於這個產業以及商業運作的知識。因此我將永遠感念他。

Kenny continues to lead the company as Chief Executive Officer, and he'll share a few thoughts on Curt, at the close of our prepared remarks.

Kenny 仍將以執行長身分持續領導公司，並會在我們預先準備的發言結尾，分享一些關於 Curt 的想法。

Before we begin those remarks, I'll read our safe harbor disclosure. 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.

在開始發言之前，我先宣讀我們的安全港聲明。管理層今天的預先準備發言將包含前瞻性陳述，該等陳述受風險與不確定性影響；管理層也可能在回覆各位提問時作出額外的前瞻性陳述。因此，公司主張適用《1995 年私人證券訴訟改革法案》中所載之前瞻性陳述安全港保護。

Actual results may differ from management's current expectations. We refer you to a more detailed discussion of the risks and uncertainties in the company's quarterly report on Form 10-Q filed yesterday with the Securities and Exchange Commission and in our most recent annual report on Form 10-K.

實際結果可能與管理層目前的預期不同。我們請您參閱公司昨日向美國證券交易委員會（SEC）提交的 Form 10-Q 季度報告，以及我們最近一期 Form 10-K 年度報告中，對相關風險與不確定性的更詳細討論。

Any projections as to the company's future performance represent management's estimates as of today's call. Legacy Housing assumes no obligation to update these projections in the future unless otherwise required by applicable law.

任何對公司未來表現的預測，均代表管理層截至本次電話會議當日的估計。除非適用法律另有要求，Legacy Housing 不承擔未來更新這些預測的義務。

With that, let's get into the numbers. Total net revenue for the quarter was $66.3 million, up 32.3% from $50.2 million a year ago. Net income grew to $23.5 million from $14.7 million, an increase of nearly 60% and diluted earnings per share came in at $0.99, up from $0.60 in the second quarter of 2025.

接下來我們進入數字部分。本季總淨營收為 6,630 萬美元，較去年同期的 5,020 萬美元成長 32.3%。淨利由 1,470 萬美元增至 2,350 萬美元，增幅接近 60%；稀釋後每股盈餘為 0.99 美元，高於 2025 年第二季的 0.60 美元。

Net income was a record for the company, and I'll walk you through the drivers. Product sales were $53.8 million, up 40%. We shipped 718 units in the quarter versus 564 a year ago, up 27.3%, and net revenue per unit rose to roughly $74,900 from $68,100 reflecting a shift in product mix toward higher-value homes.

淨利創公司新高，我將說明其主要驅動因素。產品銷售額為 5,380 萬美元，成長 40%。本季出貨 718 台，去年同期為 564 台，成長 27.3%；每台淨營收由 68,100 美元上升至約 74,900 美元，反映產品組合轉向更高價值的住宅。

The single biggest driver was the commencement of deliveries under our large workforce housing order. We shipped 113 units this quarter against the 380-unit contract. We also saw strength in commercial sales to mobile home parks, which were up about 12.5%. Those gains were partially offset by inventory finance sales, which were down about $10.1 million or 74% as our dealers continue to work through existing inventory on their lots and by modestly lower direct and retail store sales.

最大的單一驅動因素，是我們大型勞動力住房訂單開始交付。本季在 380 台合約中出貨 113 台。我們也看到對行動房屋園區（mobile home parks）的商用銷售表現強勁，約成長 12.5%。上述增長部分被庫存融資銷售所抵銷；由於經銷商持續消化其場地既有庫存，庫存融資銷售下滑約 1,010 萬美元或 74%，此外直銷與零售門市銷售亦小幅下降。

Loan portfolio interest income was $11.5 million, up 5.4% with the growth driven primarily by our consumer book. At quarter end, the consumer loan portfolio stood at approximately $202.2 million, notes receivable for mobile home parks at approximately $209 million, and dealer inventory finance receivables at approximately $23.2 million.

貸款組合利息收入為 1,150 萬美元，成長 5.4%，成長主要由消費者貸款業務帶動。截至季末，消費者貸款組合約為 2.022 億美元；行動房屋園區應收票據（notes receivable）約為 2.09 億美元；經銷商庫存融資應收款約為 2,320 萬美元。

On the expense side, cost of product sales rose 29.2%, in line with higher unit volumes, including deliveries under the workforce housing order. Selling, general and administrative expense was $6.9 million, up 21.1% driven mainly by higher professional and consulting fees, higher Heritage Housing payroll, and higher service and warranty costs, partially offset by lower incentive compensation and property taxes.

在費用方面，產品銷售成本隨著出貨量增加而上升 29.2%，其中包含勞動力住房訂單的交付。銷售、一般及行政費用（SG&A）為 690 萬美元，成長 21.1%，主要由較高的專業與顧問費用、Heritage Housing 薪資增加，以及服務與保固成本上升所致；部分被較低的獎勵性薪酬與房產稅所抵銷。

Beginning this quarter, we present the provision for loan loss as a separate line item rather than within SG&A. On that basis, the provision was a benefit of about $600,000 this quarter compared with an expense of $1.1 million a year ago, reflecting favorable portfolio performance.

自本季起，我們將貸款損失準備（provision for loan loss）以獨立科目呈列，而非納入 SG&A。在此基礎下，本季該項為約 60 萬美元的回沖利益（benefit），去年同期則為 110 萬美元費用，反映貸款組合表現良好。

On taxes, our effective rate for the quarter was 11.2% versus 17.3% a year ago and the 21% statutory rate. The lower rate reflects the federal energy-efficient home tax credit, known as Section 45L as well as the reversal of certain uncertain tax position accruals during the quarter. As a reminder, the Section 45L credit terminated on June 30 of this year under last year's tax legislation. So we expect our effective tax rate to move closer to the statutory rate in the second half of the year.

在稅務方面，本季有效稅率為 11.2%，去年同期為 17.3%，而法定稅率為 21%。較低的稅率反映聯邦節能住宅稅額抵免（即第 45L 條，Section 45L），以及本季回轉部分不確定稅務立場（uncertain tax position）的應計數。提醒各位，依去年稅法，45L 抵免已於今年 6 月 30 日終止。因此，我們預期下半年有效稅率將更接近法定稅率。

Our balance sheet remains in excellent shape. We ended the quarter with $29 million in cash, up from $8.5 million at year-end and we generated $24.4 million of operating cash flow in the first half of the year, up from $11 million a year ago. That increase was driven by our stronger earnings and by a $10.7 million increase in customer deposits, which includes the roughly $7.1 million nonrefundable advance we received in the first quarter on that workforce housing order.

我們的資產負債表仍維持非常穩健。本季期末現金為 2,900 萬美元，高於年末的 850 萬美元；今年上半年我們產生 2,440 萬美元的營運現金流，較去年同期的 1,100 萬美元增加。該增幅來自更強勁的獲利，以及客戶訂金增加 1,070 萬美元，其中包含我們在第一季就該勞動力住房訂單所收到約 710 萬美元不可退還的預付款。

Inventories rose to $43.9 million from $39.9 million at year-end, primarily in finished goods to support continued production, including units remaining to be delivered under the workforce housing order. Our $50 million Prosperity Bank revolver had no borrowings outstanding at quarter end. We paid down the small balance carried at year-end, leaving essentially the full facility available, and we remain in compliance with all financial covenants.

存貨由年末的 3,990 萬美元上升至 4,390 萬美元，主要增加於成品，以支援持續生產，包括勞動力住房訂單尚待交付的單位。我們在 Prosperity Bank 的 5,000 萬美元循環信貸（revolver）於季末無任何借款餘額。我們已償還年末所剩的小額餘額，使該額度幾乎全數可用，且我們仍符合所有財務契約條款（financial covenants）。

Total stockholders' equity finished the quarter at $562.2 million, up from $528.6 million at year-end and book value per share was $23.64. Credit quality across the loan portfolios remain solid. The clear highlight of the quarter was the start of deliveries under our large workforce housing order. This is a 380-unit contract, and we shipped 113 units during the second quarter, with deliveries expected to continue throughout the remainder of 2026.

股東權益總額於本季期末為 5.622 億美元，高於年末的 5.286 億美元；每股帳面價值為 23.64 美元。各貸款組合的信用品質仍然穩健。本季最明顯的亮點，是我們大型勞動力住房訂單開始交付。這是一份 380 台的合約，我們在第二季出貨 113 台，預期交付將在 2026 年剩餘期間持續進行。

We're seeing significant interest in workforce housing across our markets, in addition to our traditional oilfield housing, new opportunities tied to data center construction projects. And given the number of projects underway or planned in our regions, we believe there is meaningful potential for additional orders of this type.

我們看到在我們各個市場對員工住房的興趣顯著提升，除了我們傳統的油田住房之外，還出現了與資料中心建設專案相關的新機會。鑑於我們區域內正在進行或規劃中的專案數量，我們相信此類型的新增訂單具有相當可觀的潛力。

We'd also credit our sales organization directly here. The team continues to raise its game, bringing in more and higher-quality leads than we've worked in the past, and that is building an increasingly healthy order book heading into the second half. Our principal near-term constraint on converting that opportunity is securing and retaining enough trained labor and management is implementing new recruiting and retention programs to expand and stabilize our skilled workforce.

我們也要在此直接肯定我們的銷售組織。團隊持續提升表現，帶來比過去更多且品質更高的商機線索，這正在為下半年建立愈發健康的訂單簿。我們在短期內將這些機會轉化為訂單的主要限制，是確保並留住足夠受訓的勞動力；管理層正在推行新的招募與留任計畫，以擴大並穩定我們的熟練人力。

Our loan portfolios continue to be a stable growing source of interest income. Consumer loan portfolio interest income grew again this quarter. Credit quality remains solid across all portfolios, and we have not seen deterioration that would change our reserving posture.

我們的放款投資組合持續成為穩定成長的利息收入來源。本季消費者貸款投資組合的利息收入再度成長。各投資組合的信用品質仍然穩健，我們尚未看到會改變我們提列備抵政策的惡化跡象。

On capital allocation, with our balance sheet carrying $29 million of cash and essentially no debt, we remain well positioned to fund growth, and we continue to view share repurchases as a sensible use of capital when our stock trades near book value.

在資本配置方面，我們的資產負債表持有2,900萬美元現金且幾乎沒有負債，因此我們仍具備良好條件為成長提供資金；當我們的股價接近帳面價值交易時，我們仍認為庫藏股回購是合理的資本運用方式。

One of the important development of the summer came out of Washington. In July, the 21st Century ROAD to Housing Act was signed into law, the most significant federal housing affordability legislation in decades and one that we view as meaningfully favorable to our industry.

今年夏天的一項重要進展來自華盛頓。7月，《21世紀通往住房之路法案》（21st Century ROAD to Housing Act）簽署成為法律，這是數十年來最重要的聯邦住房可負擔性立法之一，我們認為其對本產業具有實質利多。

Among other things, it eliminates the long-standing permanent chassis requirement for HUD code homes, direct HUD to modernize construction standards, raise FHA-insured loan limits for manufactured housing and reauthorizes grant funding that supports manufactured home communities.

除其他內容外，該法案取消了HUD規範住宅長期以來的永久底盤（permanent chassis）要求，指示HUD現代化建造標準，提高製造房屋的FHA保險貸款額度上限，並重新授權支持製造房屋社區的補助金資金。

Taken together, we believe these measures should, over time, expand where our homes can be placed and improve financing access for our customers. It's still early, and we don't know which of these changes we'll ultimately be able to take advantage of, some of the new possibilities such as building duplexes, our two-story units come with their own set of opportunities and challenges that we're still working through.

綜合而言，我們相信這些措施將隨時間推進，擴大我們房屋可設置的地點範圍，並改善客戶取得融資的可近性。目前仍在早期階段，我們尚不確定最終能利用哪些變更；一些新可能性（例如興建雙拼住宅）以及我們的雙層單元，也各自伴隨一套機會與挑戰，我們仍在持續研議與推進。

What we can say is that there was nothing in this legislation that is negative for Legacy and the overall policy direction is clearly supportive of factory-built affordable housing, which is exactly the market we serve.

我們可以確定的是，這項立法沒有任何對Legacy不利之處，而且整體政策方向明確支持工廠預製的可負擔住房，這正是我們所服務的市場。

Tariff rates were relatively stable this quarter, which helped us forecast input costs, and we received about $700,000 of tariff refunds following the Supreme Court's ruling on the IEEPA tariffs, which benefited gross margin. That said, effective rates on most Chinese origin goods remain well above pre-'25 levels, and we continue to mitigate through supplier diversification, more domestic sourcing, and selective price adjustments.

本季關稅稅率相對穩定，有助於我們預測投入成本；在最高法院就IEEPA關稅作出裁決後，我們收到約70萬美元的關稅退稅，對毛利率有所助益。不過，多數中國來源商品的有效稅率仍遠高於25年前的水準；我們持續透過供應商多元化、提高國內採購比例，以及選擇性調價來加以因應。

A quick update on the AmeriCasa litigation. By way of background, AmeriCasa is a manufactured housing business, whose assets we acquired in late 2025. In March, we filed suit against the sellers over alleged misrepresentations and post-closing misappropriation of receipts connected to that acquisition.

簡要更新一下AmeriCasa訴訟。背景說明：AmeriCasa是一家製造房屋業務，我們於2025年底收購其資產。3月，我們就該收購案中賣方涉嫌不實陳述，以及交割後挪用與該收購相關的收款等情事，對賣方提起訴訟。

The case is now in the Texas Business Court, and the sellers have filed counterclaims that we believe are without merit. It's early, and we can't yet predict an outcome, but depending upon how it develops, there could be adjustments to the provisional acquisition accounting in the future period.

該案件目前在德州商業法院審理中，賣方也提出反訴，我們認為其主張毫無根據。目前仍在早期階段，我們尚無法預測結果；但視案件發展而定，未來期間可能需要對暫定的收購會計處理進行調整。

Separately, we wrote off our roughly $560,000 minority investment in an affiliated entity, Corpus AmeriCasa during the quarter. The full detail is in Notes 13, 16 and 17 and in the legal proceedings section of our 10-Q.

另外，本季我們將對關聯實體Corpus AmeriCasa的約56萬美元少數股權投資全數沖銷。完整細節載於我們10-Q的附註13、16與17，以及法律程序章節。

One other item, we hold a roughly $48.6 million note from a group of mobile home park borrowers that matured in July and was not repaid in full. Since quarter end, we've received a $2 million principal paydown and agreed to a modification, a short forbearance, an 18-month interest-only period and then amortizing payments at a market rate, along with additional collateral and an increased personal guarantee.

還有一項事項：我們持有一筆約4,860萬美元的票據，借款人為一組行動房屋園區（mobile home park）借款人，該票據於7月到期但未全額償還。自季末以來，我們已收到200萬美元的本金償還，並同意進行修改，包括短期暫緩執行（forbearance）、18個月僅付息期間，之後以市場利率進行攤還付款，同時增加擔保品並提高個人保證。

Based on the collateral, we do not expect to recognize a loss and we're finalizing the documentation right now. This is covered in Notes 4 and 17 of the 10-Q.

基於擔保品狀況，我們預期不會認列損失，目前正在完成相關文件。此事項載於10-Q的附註4與17。

To sum up, this was a record quarter for net income at Legacy. Net revenue was up 32%. Net income was up nearly 60% to a company record $23.5 million and diluted earnings per share was $0.99. We generated $24.4 million of operating cash flow in the first half, and we ended the quarter with $29 million of cash, essentially no debt, $562 million of stockholders' equity and a fully available revolver.

總結而言，這是Legacy淨利創紀錄的一季。淨營收成長32%。淨利大增近60%，達到公司紀錄的2,350萬美元，稀釋後每股盈餘為0.99美元。我們上半年產生2,440萬美元的營運現金流；季末現金為2,900萬美元，幾乎沒有負債，股東權益為5.62億美元，且循環信貸額度（revolver）可全額動用。

The workforce housing order is delivering on schedule, our sales pipeline is building, and we see real opportunity ahead, including a workforce housing for data center projects. Our loan portfolios remain a dependable growing source of interest income, and our balance sheet gives us the flexibility to invest behind that growth.

員工住房訂單正按期交付，我們的銷售管線持續累積，我們也看到前方確實的機會，包括為資料中心專案提供員工住房。我們的放款投資組合仍是可靠且成長中的利息收入來源，而我們的資產負債表也讓我們有彈性投入資源以支持這些成長。

As Curt often reminded us, Legacy has never had a losing quarter in its history. And the second quarter of 2025 (sic - 2026) keeps that streak going. We're grateful for the foundation Curt and Kenny built. We're conservatively capitalized, and we're focused on long-term value creation as affordable housing becomes ever more important to US consumers and policymakers.

正如Curt經常提醒我們的，Legacy在其歷史上從未出現虧損季度。而2025年（誤植—2026年）第二季延續了這項紀錄。我們感謝Curt與Kenny所奠定的基礎。我們採取保守的資本結構，並專注於長期價值創造，因為可負擔住房對美國消費者與政策制定者而言正變得愈發重要。

That concludes our prepared remarks. Before we move to questions, Kenny, our Co-Founder and Chief Executive Officer, would like to say a few words.

以上為我們事先準備的發言。在進入提問之前，我們的共同創辦人兼執行長Kenny想先說幾句。

Thanks, Jon. I want to say a few words about my friend and business partner for more than 40 years, Curt Hodgson. For just about the entire time that me and Curt were together, most people didn't even know our last name. I think they we're used to hearing us as Curt and Kenny or Kenny and Curt.

謝謝你，Jon。我想談幾句關於我超過40年的朋友與事業夥伴Curt Hodgson。在我和Curt幾乎整段共事期間，多數人甚至不知道我們的姓氏。我想大家習慣聽到我們被稱作Curt和Kenny，或Kenny和Curt。

But Curt swore up and down for the whole time that he was done at 70. I think we just got lucky and we squeezed out an extra couple of years out of him. And it, of course, it paid off. Anything, Curt, did was profitable. Curt and I built the business from the ground up, and we did it hands-on operations over the years. And the two of us has personally climbed in and out of -- I mean, literally thousands of units.

但Curt一直信誓旦旦地說，他70歲就要退休不做了。我想我們只是運氣好，硬是多留了他額外幾年。而且當然，這也帶來了回報。Curt做的任何事情都能賺錢。Curt和我從零開始把事業建立起來，多年來我們都是親力親為地營運。而我們兩個人都親自爬進爬出——我是說，真的有成千上萬個單元。

I'm really proud of everything that me and Curt's built together and we've manufactured for FEMA shelters, for families, hurricane victims. We've built for everything that you could build for in this industry. And we've had our hands in every part of this industry, whether it was mobile home parks or trucking or building or selling. We've done it all.

我對我和 Curt 一起建立並共同打造的一切感到非常自豪，我們也為 FEMA 的庇護所、家庭以及颶風受災者製造產品。在這個產業裡，凡是你能做的，我們幾乎都做過。而且我們涉足了這個產業的每一個環節，不管是活動房屋社區、運輸、建造或銷售。我們全都做過。

Many of the first-time homebuyers who would have never had an opportunity to own a home has gotten that opportunity from our finance programs that we've put in place. That's the legacy that Curt leaves behind. And it's a good one. And he's earned his retirement chance. And everybody at Legacy wishes him the very best. I hope he's happy in his retirement and we're still friends.

許多首次購屋者原本根本沒有機會擁有自己的房子，但透過我們建立的融資方案，他們獲得了這個機會。這就是 Curt 留下的傳承。而且這是一個很好的傳承。他也當之無愧地迎來退休的機會。Legacy 的每一位同仁都祝他一切順利。我希望他退休生活愉快，而我們仍然是朋友。

And I've just got the most respect we could ever have for anybody, I've got that for Curt. And I'd like to -- maybe he's on listening, and probably if he is, thank him for everything he's done for the company and for me, personally. So he's been a great friend. That pretty much sums it up for me.

我對 Curt 的敬重，已經是我們對任何人所能有的最高敬意。我也想——也許他正在收聽，如果是的話，想感謝他為公司以及對我個人所做的一切。所以他一直是個很棒的朋友。對我來說，大概就是這樣了。

But we're going to continue to work for Legacy and make it profitable. Thank you very much.

但我們會繼續為 Legacy 努力，讓公司保持獲利。非常感謝。

Okay. Thanks, Kenny. And with that, Lisa, let's open up the line for Q&A. Kenny and I will both be available to respond.

好的。謝謝你，Kenny。接下來，Lisa，讓我們開放電話線進行問答。Kenny 和我都會在場回覆。

(Operator Instructions) Rohit Seth, B. Riley.

(接線員指示) Rohit Seth，B. Riley。

This is Rohit Seth, from B. Riley. Good quarter guys in the workforce housing. Just curious, is the backlog on the workforce housing, the 267 units? Or is there -- is that increasing so -- since you put out this one.

我是 B. Riley 的 Rohit Seth。各位在勞動力住宅（workforce housing）方面這一季表現不錯。我想請教一下，勞動力住宅的在手訂單（backlog）是 267 戶嗎？還是——自從你們公布這個數字之後，是否還在增加？

I'll take that question. It's -- we've increased a lot of -- we've really beefed up our sales department. So we've got a backlog of more than just workforce housing. We've done -- we beefed up in Georgia's sales force, we've beefed up Texas, and we've got some really good people including Jon Langbert on here.

我來回答這個問題。我們——我們大幅——我們確實大幅強化了銷售部門。所以我們的在手訂單不只有勞動力住宅。我們——我們在喬治亞州的銷售團隊擴編了，在德州也擴編了，而且我們有一些非常優秀的人才，包括在這裡的 Jon Langbert。

I mean, he's been a good, great find for us. Curt believed in him and we brought him on. But in that backlog, it -- there's more than just workforce housing. We've done a good job penetrating the park business. These guys have just been on fire. And we're starting to penetrate more of the independent dealer business. So we've got a pretty good -- we've got a healthy backlog at everywhere right now.

我的意思是，他對我們來說是一個很棒、非常棒的收穫。Curt 相信他，所以我們把他延攬進來。但在那個在手訂單裡——不只是勞動力住宅。我們在社區（park）業務的滲透做得很好。這些人真的火力全開。而且我們也開始更深入滲透獨立經銷商業務。所以我們目前——各地的在手訂單都相當不錯——很健康。

Okay. And the workforce housing, the pricing on that was phenomenal $102,000 or whatnot. Is that the same -- do you expect to -- will that be the same for the remaining backlog?

好的。另外，勞動力住宅的定價非常亮眼，像是 102,000 美元之類。這個——你們預期剩餘在手訂單的價格也會維持一樣嗎？

Yes. Yes. I mean depends on what we build. I mean it's all about square footage and everything. So I mean it's -- some of the stuff that we're building for the workforce housing is harder to build than the normal stuff.

會的。會的。我的意思是，要看我們建什麼。主要取決於坪數（面積）以及各種因素。所以我的意思是——我們為勞動力住宅建的一些產品，比一般產品更難建。

We go through some extra steps -- it's a very -- the stuff that we built previously has been just extremely heavy. I mean we had to increase axles on everything. So there's more cost in building what we've been building.

我們會多做一些額外步驟——之前建的產品非常——非常重。我的意思是，我們必須把所有東西的車軸都升級。所以我們目前建造的產品成本更高。

Okay. And in the Q, you mentioned that Georgia had some room to grow and you're looking at potential to expand over there. Prior calls, had talked about there not being enough volume. So I just want to know, has something changed? Are you guys looking at restaffing Georgia and ramping up given the strength in the workforce housing?

好的。另外在本季你提到喬治亞州還有成長空間，你們也在看那邊擴張的可能性。但在先前的電話會議中，你們談到那邊量不夠。所以我想了解，是不是有什麼改變了？你們是否因為勞動力住宅需求強勁，而打算在喬治亞州補人、重新加速？

Yes, we're doing -- like I said earlier, we beefed up our sales departments in Georgia and Texas. And yes, we're building there also, and it's -- we've got some backlog there. And a lot of deals cooking, whether it's independent dealers, putting on new dealers, putting on -- we've gotten some park business going on up there. And we got a little bit of workforce housing, but it's -- we're working hard to get that beefed up and going.

是的，我們正在做——就像我先前說的，我們已經強化了喬治亞州和德州的銷售部門。而且是的，我們也在那邊生產建造——我們在那邊也有一些在手訂單。也有很多案子正在醞釀，不管是獨立經銷商、增加新的經銷商、增加——我們在那邊也開始有一些社區（park）業務。另外也有一點勞動力住宅，但——我們正努力把那邊的量做大並推動起來。

Okay. And I guess it was just -- last quarter, it was more of like Georgia, you're looking at strategic options. But I guess is that taken off the table?

好的。我想只是——上一季你們比較像是說喬治亞州在評估策略選項。那我想問，這個選項現在是不再考慮了嗎？

I'm sorry, repeat that.

不好意思，請再說一次。

Yes. On the last call, you guys had mentioned that the volumes weren't there and profitability wasn't there earlier, something will have to change. And so you're starting to see that one start to rebuild. You're starting to --

是的。在上一通電話會議，你們提到先前那邊的出貨量不夠、獲利也不夠，必須要有些改變。而現在你們開始看到那邊在重建。你們開始--

Yes. Absolutely. Yes. Yes. I mean we've dusted ourselves off and we got up out the dirt, dust ourselves off.

是的。完全正確。是的。是的。我的意思是，我們把自己從低谷裡振作起來，從泥地裡爬起來，把灰塵拍一拍。

And like I said, we beefed up the sales department and we went back, back to selling and trying to get it going. And we've got good -- we've got some backlog right now and some business working.

就像我說的，我們強化了銷售部門，然後回到——回到銷售，努力把它推動起來。而且我們現在有不錯——我們目前有一些在手訂單，也有一些業務正在進行中。

(Operator Instructions) Alex Rygiel, Texas Capital Securities.

(接線員指示) Alex Rygiel，Texas Capital Securities。

An excellent quarter, everyone.

各位這一季表現非常出色。

Thank you.

謝謝。

Jon or Kenny, could you update us a little bit on the potential to monetize some land assets, in particular, Bastrop County. You've been investing a fair amount on improvements there. So where does that site stand as it relates to delivering homes to it? And maybe update us on some of the other real estate assets you own?

Jon 或 Kenny，能否跟我們更新一下將部分土地資產變現（monetize）的可能性，特別是 Bastrop 郡那塊地？你們在那裡的改善工程投入不少。所以就把房屋交付到該基地而言，那個案場目前進度如何？也請更新一下你們持有的其他不動產資產？

I appreciate your comment, Alex. It's -- I was -- I've been spending a little bit of time up there. I've been up there just in the past two weeks, I think two or three times. And the project is a great project. It's just -- it's an unbelievable deal. If you're ever up that way, you need to go visit. It's unbelievable. We're getting really, really close.

謝謝你的評論，Alex。這個——我——我最近花了一些時間在那邊。我在過去兩週內去了那邊，我想有兩三次。而這個專案是一個很棒的專案。只是——這是一筆令人難以置信的案子。如果你剛好到那一帶，你一定要去看看。真的令人難以置信。我們已經非常、非常接近了。

But when you're dealing with governmental officials and you're dealing with engineers and everything has been (inaudible), everything. And it's a hurry up and wait situation. So I think we're close to getting the DOT driveway in. And the final plan is got to be filed. And I think that gets the door open.

但當你在和政府官員打交道、也在和工程師打交道，而一切都一直是（聽不清），所有事情都是如此。而且這是一種「趕快去等」的狀況。所以我認為我們快要把 DOT 的出入口車道弄進來了。而且最終方案必須要提交備案。我想那就能把門打開。

The sewer treatment plant is actually being built, but I don't think it's going to be a hold up from what I'm told now. It wouldn't be the first time that we've got the rug pulled out from underneath our feet on this deal. Curt had an incredible vision on this project. And he spent a lot of time, and he worked his tail off on it.

污水處理廠其實正在興建中，但就我目前聽到的，我不認為它會造成延宕。這也不是第一次在這筆案子上，我們被人從腳下把地毯抽走。Curt 對這個專案有著不可思議的願景。他投入了很多時間，也為此拼命工作。

And just -- probably if he hadn't had done this, I'd have got another three years out of him. It will age you working this deal, just waiting and dealing with these governmental officials I mean. They're not motivated to let anybody make any money. Their motivation is to figure out a way to keep you out or add something to your list because they got to -- that's how their job is supposed to go.

而且只是——大概如果他沒有做這件事，我還能再多用他三年。做這筆案子會讓人變老，尤其是一直等、一直和這些政府官員周旋。他們沒有動力讓任何人賺到錢。他們的動力是想辦法把你擋在外面，或是在你的清單上再加點東西，因為他們得——他們的工作就是應該這樣進行。

But I think we're getting real close. I could see us being in there before the end of the year with the houses. And I think the need is still there in Austin. I mean, I drove a couple of other parks, and they're just -- they're full. There's no place to put the houses there. So I think it's going to be an incredible opportunity for us anyway.

但我覺得我們真的很接近了。我可以想像我們在年底前就能把房子放進去。而且我認為奧斯汀的需求仍然存在。我的意思是，我開車去看了幾個其他園區，它們就是——都滿了。那裡沒有地方可以放房子。所以我認為無論如何，這對我們來說會是一個極佳的機會。

On the bright side, the fact that it's taken so long to get the project to near where we could start selling lots is that the value of those lots has appreciated well ahead of the rate of inflation in that area of Austin has just really been booming. So it's kind of a silver lining to that cloud.

從好的方面看，專案花了這麼久才接近可以開始賣地塊，這個事實意味著那些地塊的價值上漲幅度遠遠超過通膨；奧斯汀那一帶真的一直在蓬勃發展。所以這算是烏雲中的一線光明。

Helpful. And then, Jon, if we just do the math and we look at the revenue that you broke out for workforce housing and we look at the 113 units, the ASP per unit is pretty high. So is there some other kind of revenue upfront payment that's kind of coming through the P&L there? Or are these units three, four times bigger than what your traditional unit looks like?

很有幫助。然後，Jon，如果我們簡單算一下數學，看看你拆分出來的勞動力住房（workforce housing）收入，再看那 113 個單位，每單位的 ASP（平均售價）相當高。所以那裡的損益表（P&L）是不是有某種其他的收入、例如前期付款之類的流入？還是說這些單位的面積是你們傳統單位的三、四倍大？

These are large units. And as Kenny mentioned, they have some features that are nonstandard to add to your revenue per square foot. You also have oftentimes have customers who are like in the oil business and data centers are motivated by your speed of delivery and will compensate you for that.

這些是大型單位。而且如 Kenny 提到的，它們有一些非標準的配置特色，可以提高每平方英尺的收入。另外，你也常常會遇到像是石油產業、資料中心這類客戶，他們很看重你的交付速度，並且會為此補償你。

Is that kind of where you're headed?

你是朝這個方向在說嗎？

Yes. Super. Awesome. Very helpful. And then lastly, Jon, are there any other ways that you can kind of either trim back costs or be more creative on driving price using different AI tools maybe that you're working on internally that could help you longer term?

是的。太好了。很棒。非常有幫助。最後，Jon，還有沒有其他方式可以讓你們縮減成本，或是用更有創意的方法來推動定價——例如使用不同的 AI 工具——你們內部正在做的、可能對長期有幫助的？

I'm glad you asked that. Something -- I came on in December as CFO. And one of the first things I recognized was Legacy is hugely profitable, but sometimes you rest on your laurels. And it's an old line manufacturing and sales business. So what I wanted to do was bring in some of those AI tools.

很高興你問到這個。有件事——我在 12 月加入擔任 CFO。我最先注意到的一點是，Legacy 的獲利能力非常強，但有時候會安於現狀。而且它是一個傳統的製造與銷售業務。所以我想做的是引進一些 AI 工具。

And we've created a finance -- financial analysis department and brought in four analysts who are doing a great job. And even as we speak right now, they are out in the Fort Worth plant, working on our bills and material, what we call BOMs in the business and going down to the stud on pricing.

我們成立了一個財務——財務分析部門，並引進了四位分析師，他們做得非常出色。甚至就在我們說話的此刻，他們正在沃斯堡工廠，檢視我們的用料清單（BOM，業內稱為 BOM），把定價一路拆解到最細的層級。

And they are looking at it not just from the traditional sense of what's the cost per square foot for labor, materials, for each of our models. But they're looking at the assembly process and saying, where can we apply technology? There might be capital expense or capital investment opportunities there because we have such a strong balance sheet.

他們看的不只是傳統意義上、針對我們每個型號的人工與材料等每平方英尺成本。他們也在看組裝流程，並問：我們可以在哪裡導入技術？那裡可能會有資本支出或資本投資的機會，因為我們的資產負債表非常強健。

But also where does AI work in that system? So everything from where we're replacing the software on our front end, our sales software so that it's more effective. We can quote faster on through the manufacturing process. And then out through financing, how can we more quickly and effectively underwrite. We have AI tools that we've already implemented in a couple of places.

但同時，AI 在那個系統裡要怎麼發揮作用？所以從我們更換前端軟體、也就是銷售軟體，讓它更有效率開始。我們可以更快報價，並一路延伸到製造流程。再到融資端，我們如何更快、更有效地進行承保（underwrite）。我們已經在幾個地方導入了 AI 工具。

And then all the way at the end of the life cycle, the part we don't like to talk about repos. We've got a new AI tool we just put in place last month to go out into the market, check pricing and more accurately price our repos, so they sell quickly without leaving money on the table. So yes, we are absolutely adding technology where we can through the entire production cycle.

然後一直到生命週期的最後端，也就是我們不太喜歡談的回收（repos，收回抵押品）。我們上個月剛導入一個新的 AI 工具，去市場上查核價格，並更精準地為我們的回收物件定價，讓它們能快速售出，同時不會把錢留在桌上（不致少賣）。所以是的，我們確實在整個生產週期中，盡可能導入技術。

There are no more questions in the queue. I would like to turn the call back over to Jon for closing remarks. Please go ahead.

目前佇列中沒有更多問題。我想把電話交回給 Jon 做結語。請繼續。

Well, thank you all for joining us today and your continued interest in Legacy Housing. We look forward to updating you next quarter.

好的，感謝各位今天加入我們，也感謝各位持續關注 Legacy Housing。我們期待在下個季度向各位更新。

This concludes today's program, and you may now disconnect.

今天的節目到此結束，您現在可以斷線。