Champion Homes Inc (SKY) 2023 Q4 法說會逐字稿

Good morning, and welcome to Skyline Champion Corporation's Fourth Quarter and Full Year Fiscal 2023 Earnings Call. The company issued an earnings press release this morning.

早上好，歡迎來到 Skyline Champion Corporation 的第四季度和全年 2023 財年收益電話會議。該公司今天上午發布了財報新聞稿。

I would like to remind everyone that today's press release and statements made during this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the company's expectations and projections. Such risks and uncertainties include the factors set forth in the earnings release and in the company's filings with the Securities and Exchange Commission.

我想提醒大家，今天的新聞稿和在本次電話會議上發表的聲明包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明。這些聲明受風險和不確定因素的影響，可能導致實際結果出現重大差異來自公司的期望和預測。此類風險和不確定性包括收益發布和公司向美國證券交易委員會提交的文件中規定的因素。

Additionally, during today's call, the company will discuss non-GAAP measures, which it believes, can be useful in evaluating its performance. A reconciliation of these measures can be found in the earnings release.

此外，在今天的電話會議中，公司將討論非 GAAP 指標，它認為這些指標有助於評估其業績。這些措施的對賬可以在收益發布中找到。

I would now like to turn the call over to Mark Yost, Skyline Champion's President and Chief Executive Officer. Please go ahead.

我現在想把電話轉給 Skyline Champion 的總裁兼首席執行官 Mark Yost。請繼續。

Thank you for joining our earnings call, and good morning, everyone.

感謝您加入我們的財報電話會議，大家早上好。

I am pleased to be joined on this call by Laurie Hough, EVP and CFO. Today, I will briefly talk about our full year and fourth quarter highlights and then provide an update on activities so far in our first quarter of fiscal 2024 and conclude with thoughts about the balance of the year.

我很高興能與執行副總裁兼首席財務官 Laurie Hough 一起參加這次電話會議。今天，我將簡要介紹我們全年和第四季度的亮點，然後提供我們 2024 財年第一季度迄今為止活動的最新情況，並以對今年餘額的想法作為結尾。

I'm pleased with the results Skyline Champion achieved in fiscal 2023 as we continue to grow our top line, while expanding our profitability and expanding our capacity and capabilities to better serve our customers. Our performance during the year reflects our innovative product offerings, affordable price points, strategic positioning and the success of our core initiatives.

我對 Skyline Champion 在 2023 財年取得的成果感到滿意，因為我們繼續增加我們的收入，同時擴大我們的盈利能力並擴大我們的能力和能力以更好地為我們的客戶服務。我們在這一年的業績反映了我們的創新產品供應、實惠的價格點、戰略定位以及我們核心計劃的成功。

For the year, we were able to provide 25,910 customers and families with a place to call home. Over the past 2 years, we've delivered more than 50,000 homes, growing net sales by 83% and adjusted EBITDA by over 300%. Our results were driven by the need for affordable housing and our ability to increase output at higher profitability levels, while continuing to invest in our business to deliver future growth.

全年，我們為 25,910 名客戶和家庭提供了一個可以稱之為家的地方。在過去 2 年中，我們交付了 50,000 多套房屋，淨銷售額增長了 83%，調整後的 EBITDA 增長了 300% 以上。我們取得業績的原因是對經濟適用房的需求以及我們在更高盈利水平下增加產出的能力，同時繼續投資於我們的業務以實現未來增長。

From an industry standpoint, end consumer demand remains healthy as supply-side housing shortages, a growing base of homebuyers and higher interest rate pressures, increased the need for attainable housing solutions. The current economic environment and our investments in enhancing the home buying experience has increased awareness of our housing solutions.

從行業的角度來看，終端消費者需求依然健康，因為供應方住房短缺、購房者基數不斷擴大和利率壓力上升，增加了對可實現住房解決方案的需求。當前的經濟環境和我們在提升購房體驗方面的投資提高了人們對我們住房解決方案的認識。

For the quarter, we delivered 5,146 homes, as softness from retail inventory destocking was partially offset by expansion in other key channels, such as builder developer in tiny home distribution. In the fourth quarter, the industry experienced delays in setting and finishing homes in certain markets, causing a backlog of inventory resulting in the postponement of production of existing orders and the placement of future orders.

本季度，我們交付了 5,146 套房屋，因為零售庫存去庫存帶來的疲軟被其他主要渠道的擴張所部分抵消，例如小型房屋分銷的建築開發商。第四季度，該行業在某些市場的房屋設置和裝修出現延誤，導致庫存積壓，導致現有訂單的生產和未來訂單的下達推遲。

Margins continued to normalize during fiscal '22 levels, reflecting lower volumes and a product mix shift as customers look to maintain affordable monthly payments in the current interest rate environment. We remain steadfast on our key areas of focus, that of enhancing the customer experiencing, streamlining our product offering and transforming the way homes are built and bought.

在 22 財年期間，利潤率繼續正常化，反映出銷量下降和產品組合轉變，因為客戶希望在當前利率環境下維持負擔得起的每月付款。我們始終堅定不移地專注於我們的重點領域，即增強客戶體驗、簡化我們的產品供應以及改變房屋的建造和購買方式。

Over the course of the year, our backlog normalized because of increased production capabilities and the dealer destocking of inventory. Backlog finished the year at $308 million and has reverted to more customary normal seasonal lead times. Normal backlog levels of 4 to 12 weeks helped the homebuyer lock in both pricing and financing and benefits our direct sales channels to better meet the needs of their customers.

在這一年中，由於生產能力的提高和經銷商庫存的減少，我們的積壓正常化。積壓訂單在這一年結束時達到 3.08 億美元，並且已經恢復到更常見的正常季節性交貨時間。 4 到 12 週的正常積壓水平幫助購房者鎖定定價和融資，並有利於我們的直銷渠道更好地滿足客戶的需求。

While retailer walk-in traffic was down, leads grew over 20% from the prior year in the fourth quarter, driving good credit quality customers to our retail stores. We also saw strong increases in quoting activity at our plants quarter-over-quarter, and a substantial increase in plant orders versus the sequential third quarter.

雖然零售商的上門客流量有所下降，但第四季度的潛在客戶比去年同期增長了 20% 以上，將信用良好的客戶吸引到我們的零售店。我們還看到我們工廠的報價活動環比強勁增長，工廠訂單與第三季度相比大幅增加。

During the quarter, we announced our inaugural build-to-rent modular subdivision through our partnership with an industry-leading provider of sustainable, modular housing. This collaboration drives the modular industry forward by serving as a blueprint for increased modular adoption in the homebuilding space. This innovation in community development will demonstrate the full benefits of modular construction in a build-for-rent residential application, providing developers a turnkey solution at a price point, quality and speed for today's market.

在本季度，我們通過與行業領先的可持續模塊化住房供應商的合作，宣布了我們的首個按需建造模塊化細分。這種合作通過作為在住宅建築領域增加模塊化採用的藍圖來推動模塊化行業向前發展。這一社區發展創新將展示模塊化建築在出租住宅應用中的全部優勢，為開發商提供適合當今市場的價格、質量和速度的交鑰匙解決方案。

Moving to the first quarter outlook. Order activity at our manufacturing operations is trending up in May, but was slower than expected in April, given the set and finishing delays. Most industry retailers are through the destocking process and are beginning to order more retail sold units, while many of the community REITs are pausing orders for a short term as they catch up on setting existing inventory. Additionally, one of our builder developer partners has shifted expected orders to the second and third quarters due to permitting timing.

轉到第一季度展望。我們製造業務的訂單活動在 5 月份呈上升趨勢，但由於排布和整理延遲，4 月份的訂單活動低於預期。大多數行業零售商都在完成去庫存過程，並開始訂購更多的零售單位，而許多社區 REITs 在趕上設置現有庫存時，正在暫停短期訂單。此外，由於時間允許，我們的建築開發商合作夥伴之一已將預期訂單轉移到第二和第三季度。

Accordingly, our plants have moderated production rates and reduced staffing levels in line with the timing of these incoming orders. As a result, we anticipate a sequential decline in first quarter revenue in the mid-single-digit range.

因此，我們的工廠根據這些新訂單的時間調整了生產率並減少了人員配置。因此，我們預計第一季度收入將出現中個位數範圍內的環比下降。

Mid-term strong end consumer demand for affordable housing, positive REIT channel outlook and stable retail placements combined with the near finalization of retail destocking, support our confidence in continuing to invest and ramping up our plants in Decatur, Indiana, Bartow, Florida and Pembroke, North Carolina. This additional capacity will help us serve the upcoming needs from the impact of Hurricane Ian and the builder developer channel which is starting to sprout as our pipeline has been expanding rapidly.

中期強勁的終端消費者對經濟適用房的需求、積極的 REIT 渠道前景和穩定的零售配售，加上零售去庫存接近完成，支持我們繼續投資和擴大我們在迪凱特、印第安納州、巴托、佛羅里達和彭布羅克的工廠的信心， 北卡羅來納。這種額外的能力將幫助我們滿足颶風伊恩的影響以及隨著我們的管道迅速擴張而開始萌芽的建築開發者渠道的即將到來的需求。

We continue to drive digital transformation in homebuilding and have made great progress on this journey in fiscal 2023. We made strides in executing our digital product development plan and are making a journey of personalizing a home, simpler and more transparent to end consumers. We have seen excellent traction with the consumer since launching our digital tools and Home Configurator experience.

我們繼續推動住宅建築的數字化轉型，並在 2023 財年的這一旅程中取得了長足進步。我們在執行數字產品開發計劃方面取得了長足進步，並正在打造個性化的家居之旅，讓最終消費者更簡單、更透明。自推出我們的數字工具和 Home Configurator 體驗以來，我們已經看到了對消費者的極大吸引力。

Our social media presence has grown to 875,000 followers, and we have passed over 0.25 million vetted leads on to our retail partners. Our lead generation platform continues to scale and is up 40%, sequentially, in April from the month of March. While it will take time to continue to develop and refine these new capabilities for our customers, the initial momentum we have seen gives us the confidence to continue to expand our investment in our digital strategy. It allows us a tighter integration with both the end consumer and our channel partners.

我們在社交媒體上的影響力已增至 875,000 名關注者，我們已將超過 25 萬條經過審查的銷售線索傳遞給我們的零售合作夥伴。我們的潛在客戶生成平台繼續擴大規模，4 月份比 3 月份環比增長 40%。雖然繼續為我們的客戶開發和完善這些新功能需要時間，但我們看到的初步勢頭讓我們有信心繼續擴大對數字戰略的投資。它使我們能夠與最終消費者和我們的渠道合作夥伴進行更緊密的整合。

The tighter integration will allow us to better utilize our future production automation investments. We will have completed the design and order of our next phase of automation components and await the delivery, installation and optimization of that equipment. As we do so, we are digitizing the elements of our engineering for automation readiness and advancing the material handling and plant configuration for the process changes that automation will drive.

更緊密的集成將使我們能夠更好地利用我們未來的生產自動化投資。我們將完成下一階段自動化組件的設計和訂購，並等待該設備的交付、安裝和優化。當我們這樣做時，我們正在數字化我們的工程元素以實現自動化準備，並為自動化將推動的過程變化推進材料處理和工廠配置。

These long-term investments into digital will not only be a better experience for the end consumer, but will drive greater efficiency in our operations and make us the preferred channel partner as we drive more engaged homebuyers to our customers.

這些對數字的長期投資不僅會為最終消費者帶來更好的體驗，而且會提高我們的運營效率，並使我們成為首選的渠道合作夥伴，因為我們會吸引更多參與的購房者到我們的客戶身邊。

I will now turn the call over to Laurie to discuss our quarterly financials in more detail.

我現在將電話轉給 Laurie，以更詳細地討論我們的季度財務狀況。

Thanks, Mark, and good morning, everyone. I'll begin by reviewing our financial results for the Fourth Quarter followed by a discussion of our balance sheet and cash flows. I will also briefly discuss our near-term expectations.

謝謝，馬克，大家早上好。我將首先回顧我們第四季度的財務業績，然後討論我們的資產負債表和現金流量。我還將簡要討論我們的近期預期。

During the fourth quarter, net sales decreased 23% to $492 million compared to the same quarter last year. U.S. factory-built housing revenue decreased 21% quarter-over-quarter, which was driven by a decrease in home sales volume, partially offset by an increase in average selling price per home. We sold 4,900 homes in the U.S. during the quarter compared to 6,580 in the prior-year period.

第四季度，淨銷售額與去年同期相比下降 23% 至 4.92 億美元。美國工廠建造的房屋收入環比下降 21%，這是受房屋銷量下降的推動，但部分被每間房屋平均售價的上漲所抵消。本季度我們在美國售出了 4,900 套房屋，而去年同期為 6,580 套。

U.S. home volume, during the quarter, was supported by additional retail and manufacturing capacity resulting from the acquisitions earlier this year as well as the opening of our Pembroke, North Carolina facility this quarter. However, volumes were down year-over-year due to reduced production schedules at plants located in certain markets where demand softened or retailer inventory destocking.

本季度美國房屋銷量受到今年早些時候收購以及本季度北卡羅來納州彭布羅克工廠開業帶來的額外零售和製造能力的支持。然而，由於位於需求疲軟或零售商庫存減少的某些市場的工廠的生產計劃減少，銷量同比下降。

The average selling price per U.S. homes sold increased by 6% to $92,700 due to product mix and year-over-year price increases on our core products to offset material, labor and transportation inflation. On a sequential basis, revenue in the U.S. factory-built segment decreased 16% in the fourth quarter compared to the third quarter of fiscal 2023. The decrease was due to a 15% decline in the number of homes sold and a 2% decrease in average selling price per home.

由於產品組合和我們核心產品的同比價格上漲以抵消材料、勞動力和運輸通脹，每套美國房屋的平均售價上漲 6% 至 92,700 美元。按順序計算，與 2023 財年第三季度相比，美國工廠建造部門第四季度的收入下降了 16%。下降的原因是房屋售出數量下降了 15%，而銷售量下降了 2%。每間房屋的平均售價。

In the current environment, we continue to see a decrease in our core product ASPs sequentially due to a shift in product mix to smaller homes and a reduction in our material surcharges on a per home basis. As mentioned earlier, some markets experienced softening demand because of retailer destocking during the quarter, resulting in reduced production, which caused our capacity utilization levels to decrease to 59% during the quarter compared to 66% in the prior quarter.

在當前環境下，由於產品組合向較小的房屋轉移以及每個房屋的材料附加費減少，我們繼續看到我們的核心產品 ASP 連續下降。如前所述，由於本季度零售商去庫存導致產量下降，一些市場的需求疲軟，導致本季度我們的產能利用率水平從上一季度的 66% 降至 59%。

Capacity utilization was negatively impacted by the newly opened Pembroke, North Carolina facility as well. Canadian revenue decreased 37% to $29 million compared to the fourth quarter last year, driven by a 39% decline in the number of homes sold, partially offset by an increase in the average selling price per home. The average home selling price in Canada increased 2% to $116,600 and was driven by previously enacted price increases in response to inflation. The decline in volume was caused by softening demand.

新開設的北卡羅來納州彭布羅克工廠也對產能利用率產生了負面影響。與去年第四季度相比，加拿大的收入下降了 37% 至 2900 萬加元，這是由於售出房屋數量下降了 39%，但部分被每間房屋平均售價的上漲所抵消。加拿大的平均房屋售價上漲 2% 至 116,600 加元，這是受先前為應對通貨膨脹而實施的價格上漲所推動。銷量下降是由於需求疲軟。

Consolidated gross profit decreased 26% to $141 million in the fourth quarter and gross margins contracted by 120 basis points versus prior year quarter as lower sales volume was partially offset by higher average selling prices. Our U.S. housing segment gross margins were 28.4% of segment net sales, down 120 basis points from the fourth quarter last year, primarily due to the decrease in volume and a mix shift to smaller, less optioned homes.

第四季度綜合毛利潤下降 26% 至 1.41 億美元，毛利率較上年同期下降 120 個基點，原因是較低的銷量被較高的平均售價部分抵消。我們的美國住房部門毛利率為部門淨銷售額的 28.4%，比去年第四季度下降 120 個基點，這主要是由於銷量下降以及向更小、選擇更少的房屋的混合轉移。

SG&A in the fourth quarter decreased to $72 million from $75 million in the same period last year due to lower incentive compensation expense and reduced sales activity, partially offset by additional SG&A costs from plant start-ups and acquisitions closed earlier this year.

第四季度的 SG&A 從去年同期的 7500 萬美元減少到 7200 萬美元，原因是激勵補償費用減少和銷售活動減少，部分被今年早些時候工廠啟動和收購帶來的額外 SG&A 成本所抵消。

Net income for the fourth quarter decreased 33% to $58 million or $1 per diluted share compared to net income of $87 million or earnings of $1.51 per diluted share during the same period last year. The decrease in EPS was driven by the decline in sales and reduced operating leverage on lower volume.

與去年同期的淨收入 8700 萬美元或稀釋後每股收益 1.51 美元相比，第四季度淨收入下降 33% 至 5800 萬美元或稀釋後每股收益 1 美元。每股收益的下降是由於銷量下降和銷量下降導致的經營槓桿下降。

The company's effective tax rate for the quarter was 24.5% versus an effective tax rate of 24.8% for the year ago period. The decrease in the effective tax rate was primarily due to lower state tax expense and results of foreign operations.

公司本季度的有效稅率為 24.5%，而去年同期的有效稅率為 24.8%。實際稅率的下降主要是由於州稅支出和海外業務的結果下降。

EBITDA for the quarter was $76 million compared to $121 million in the prior year period. The EBITDA margin normalized to 15.5% compared to 19.0% in the prior year period. The structural improvements in our business over the last few years have strengthened our operational capabilities, leading to increased profitability. These improvements also enhance our ability to navigate periods of economic uncertainty, while continuing to service our customers, protect our margin profile and generate strong free cash flow.

本季度的 EBITDA 為 7600 萬美元，而去年同期為 1.21 億美元。 EBITDA 利潤率正常化為 15.5%，而去年同期為 19.0%。過去幾年我們業務的結構性改進增強了我們的運營能力，從而提高了盈利能力。這些改進還增強了我們應對經濟不確定時期的能力，同時繼續為我們的客戶提供服務，保護我們的利潤率並產生強勁的自由現金流。

As we move further into fiscal 2024, we reiterate our expectations of margins landing near fiscal 2022 level, as we face headwinds to our product mix with consumers moving to smaller homes with less options to offset inflation and interest rate increases and to maintain more affordable monthly payments. In addition, we continue to expect some margin compression from the ramp of 3 new manufacturing facilities in North Carolina, Indiana and Florida. We are closely monitoring fixed SG&A spend and have identified several levers to pull if order volume does not continue its recent trend upward.

隨著我們進一步進入 2024 財年，我們重申我們對利潤率接近 2022 財年水平的預期，因為我們的產品組合面臨不利因素，因為消費者轉向較小的房屋，抵消通貨膨脹和利率上漲的選擇較少，並保持每月負擔得起付款。此外，我們繼續預計北卡羅來納州、印第安納州和佛羅里達州的 3 家新製造工廠的產能擴張會導致利潤率有所壓縮。我們正在密切關注固定的 SG&A 支出，並確定瞭如果訂單量不能繼續其最近的上升趨勢時可以拉動的幾個槓桿。

As of April 1, 2023, we had $747 million of cash and cash equivalents and long-term borrowings of $12 million with no maturities until 2029. We generated $52 million of operating cash flows for the quarter compared to $60 million for the prior-year period. The decrease in operating cash flows is primarily due to the decrease in net income, partially offset by favorable net working capital changes versus the prior-year fourth quarter.

截至 2023 年 4 月 1 日，我們擁有 7.47 億美元的現金和現金等價物以及 1200 萬美元的長期借款，這些借款在 2029 年之前都沒有到期。本季度我們產生了 5200 萬美元的運營現金流，而去年同期為 6000 萬美元時期。經營現金流量的減少主要是由於淨收入減少，部分被與去年第四季度相比有利的淨營運資本變化所抵消。

We remain focused on executing on our operational initiatives, and given our favorable liquidity position, plan to utilize our cash to reinvest in the business and for opportunities that support strategic long-term growth.

我們仍然專注於執行我們的運營計劃，並鑑於我們有利的流動性狀況，計劃利用我們的現金對業務進行再投資，並尋求支持戰略長期增長的機會。

I'll now turn the call back to Mark for some closing remarks.

我現在將電話轉回給馬克，聽取一些結束語。

Thanks, Laurie. As we manage through the rebalancing of our channels, we believe Skyline Champion is well positioned to outperform the broader housing market due to our affordable price points, strategic positioning and our core initiatives.

謝謝，勞裡。在我們通過重新平衡我們的渠道進行管理時，我們相信 Skyline Champion 憑藉我們可承受的價格點、戰略定位和我們的核心計劃，有能力跑贏更廣泛的房地產市場。

The outlook for demand is supported by the channel opportunities with community REITs, manufacturer to rent and builder developer growth as well as helping our retail partners adapt to the changes in consumer demographics. In addition, the need for affordable housing continues to grow, and we believe that the elevated cost of housing will drive more traditional site-built buyers to our homes.

社區房地產投資信託基金的渠道機會、製造商租賃和建築開發商的增長以及幫助我們的零售合作夥伴適應消費者人口結構的變化，都支持了需求前景。此外，對負擔得起的住房的需求持續增長，我們相信住房成本的上漲將推動更多傳統的現場建造買家購買我們的房屋。

Before we open the lines for Q&A, I want to take a moment to thank our entire Skyline Champion team as our consistently strong performance is a result of our focus, hard work and ability to take care of our customers.

在我們打開問答熱線之前，我想花點時間感謝我們整個 Skyline Champion 團隊，因為我們始終如一的強勁表現是我們專注、努力工作和照顧客戶能力的結果。

And with that, operator, you may now open the lines for Q&A.

有了這個，接線員，你現在可以打開問答線了。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Greg Palm with Craig-Hallum Capital.

我們的第一個問題來自 Greg Palm 與 Craig-Hallum Capital 的合作。

I guess, I want to start with the current quarter outlook, Mark, I know you rattled off a lot of reasons maybe why you're seeing a little bit of softness here. And I guess, relative to maybe a few months ago, what's having the biggest impact? Whether that's the -- some of the supply chain issues, the setting crews, whether it's communities pausing, it's -- and maybe you can confirm the order rate shifting on the builder developer channel, was that -- would that top 100 builder win that you referenced last year?

我想，我想從當前的季度展望開始，馬克，我知道你喋喋不休地說了很多原因，也許你會在這裡看到一點點疲軟。我想，與幾個月前相比，影響最大的是什麼？這是否是 - 一些供應鏈問題，設置人員，是否是社區暫停，它是 - 也許你可以確認建築開發者渠道上的訂單率變化，是 - 前 100 名建築商會贏得那個你去年提到過？

Yes. Thanks, Greg. I'll unpack those. I think to answer the last one, first, the top 100 builder is the one who has got a permit timing. So he's moving or that builder is moving their orders to kind of August, September time period of this year just due to permitting timing. So that's just a timing shift. The good news is they're actually starting to break ground on other subdivisions ahead of plan. So I think there's kind of a short-term delay, but long-term win with that top 100 builder.

是的。謝謝，格雷格。我會打開那些。我想回答最後一個問題，首先，排名前 100 的建築商是獲得許可時間的建築商。所以他正在搬家，或者那個建築商正在將他們的訂單轉移到今年 8 月、9 月的時間段，只是因為時間允許。所以這只是時間上的轉變。好消息是他們實際上已經開始提前在其他細分領域破土動工。因此，我認為與前 100 名建設者的合作會有短期的延遲，但會帶來長期的勝利。

As far as the order environment, the order environment has been actually good lately, I'd say, right now, the main delay is in set and finish crews. Across the country, we've got a lot of inventory in the community's hands that are kind of getting set and finished or provided electricity to. So the community orders have been very strong. If you look at UMH and Sun, I think their new home demand has been very, very strong overall, and we're hearing the same from most of our community partners, but they're dealing with getting orders set, finished and delivered. And I think we did have a very, I'll call it, wet and icy period in the first quarter -- first calendar quarter of the year.

至於訂單環境，訂單環境最近一直很好，我想說，現在，主要的延遲是在設置和完成工作人員方面。在全國范圍內，我們在社區手中掌握了大量庫存，這些庫存正在設置和完成或提供電力。所以社區訂單非常強大。如果你看看 UMH 和 Sun，我認為他們的新房需求總體上非常非常強勁，我們從大多數社區合作夥伴那裡聽到了同樣的聲音，但他們正在處理訂單的設置、完成和交付。而且我認為我們在第一季度確實有一個非常，我稱之為潮濕和結冰的時期 - 今年的第一個日曆季度。

And so I think that put some of the crews behind, especially in places like California with the bomb cyclone, I know some of our customers delayed their purchases by 3 to 4 months just due to timing of getting things set, given the flooding out in some of the regions. So I'd say set and finish is the primary driver of everything happening. The retail inventory destocking is behind us. And so right now, we're just going through kind of a wave of community destocking as they're trying to get things set and finished.

所以我認為這讓一些工作人員落後了，特別是在像加利福尼亞這樣有炸彈旋風的地方，我知道我們的一些客戶因為設置時間而推遲了 3 到 4 個月的購買，考慮到洪水氾濫一些地區。所以我想說設置和完成是一切發生的主要驅動力。零售庫存去庫存化已經過去。所以現在，我們正在經歷一波社區去庫存的浪潮，因為他們正試圖把事情做好並完成。

Got it. Okay. That's helpful. Can you just give us some sense of at least kind of how order rates have trended from retail maybe over the last month or 2? Can you quantify, give us any sense of where they are relative to a year ago, relative to, I don't know, 3 months ago? Just a little bit more color would be helpful.

知道了。好的。這很有幫助。您能否至少讓我們了解一下零售訂單率在過去一兩個月的趨勢如何？您能否量化，讓我們了解它們相對於一年前，相對於 3 個月前的情況？多一點顏色會有所幫助。

Yes. I think a few things there, Greg. One is, I think, our quoting activity, this calendar year-to-date is up 32% versus prior year and up 45% versus 2021. So we're seeing very high levels of quote activity and demand.

是的。我認為有幾件事，格雷格。我認為，一個是我們的報價活動，今年迄今為止比上一年增長了 32%，比 2021 年增長了 45%。因此我們看到報價活動和需求水平非常高。

On the order front, our orders in the fourth quarter of fiscal '23 about doubled from where they were in the second and third quarter of fiscal '23. And since that time, orders are actually up year-to-date this fiscal year over 50%, with strengthening in April and May from where they were.

在訂單方面，我們在 23 財年第四季度的訂單大約是 23 財年第二和第三季度的兩倍。從那時起，本財年的訂單實際上比年初至今增長了 50% 以上，4 月和 5 月的訂單比原來的水平有所增強。

So I think we've seen definitely orders picking up pretty consistently. And that's meaningful because it's mainly coming from the retail channel as community activity has paused. So very good, strong pickup in orders, given that many of the communities are in the destocking period. As far as those -- I'm sorry, go on, Greg.

所以我認為我們肯定已經看到訂單的增長非常穩定。這很有意義，因為它主要來自零售渠道，因為社區活動已暫停。考慮到許多社區正處於去庫存期，訂單的增長非常好、強勁。至於那些 - 對不起，繼續，格雷格。

Well, sorry, those order numbers you referenced, those were total or were those retail only?

嗯，抱歉，您引用的那些訂單號是總訂單號還是僅零售？

No, those were total orders.

不，那些是全部訂單。

Okay, perfect. And I'll let you finish up. I think you were going to say one more thing.

好的，完美。我會讓你完成。我想你會再說一件事。

Yes, you had asked about retail demand. And I think if you look at stat surveys and retail placement data. Retail placement data has been very resilient. So I think the retail activity and the end consumer demand for retail has actually been quite resilient year-over-year. So we've seen good, steady traction from that pointing to the destocking.

是的，您曾詢問過零售需求。而且我認為，如果您查看統計調查和零售安置數據。零售安置數據一直非常有彈性。因此，我認為零售活動和最終消費者對零售的需求實際上與去年同期相比相當有彈性。因此，我們已經看到從指向去庫存的良好、穩定的牽引力。

The next question is from the line of Daniel Moore with CJS Securities.

下一個問題來自 CJS 證券公司的 Daniel Moore。

Maybe you can talk a little bit about the cadence of production through the quarter. What kind of -- and your expectations for that cadence of production through the fiscal Q1 where you expect shipments to be down mid-single digits sequentially? What kind of backlog do you expect to end the quarter with, based on that outlook? And do you see production ramping beyond fiscal Q1? Or is that the new normal level near term waiting and seeing how that community demand returns into the summer?

也許你可以談談整個季度的生產節奏。什麼樣的——以及您對第一財季生產節奏的期望，您預計出貨量將連續下降中個位數？根據該展望，您預計本季度結束時會有什麼樣的積壓？您是否認為產量會在第一財季之後增加？或者是近期的新常態水平在觀望社區需求如何回歸到夏季？

Yes, Dan, thank you. No, I think part of the community demand was soft or production of demand was soft in April. It started to pick up since then a little bit. I think we're kind of moderating it, waiting for the communities to finalize when that inventory can get set in place for reorder. We're seeing some of that reordering is starting to happen in certain pockets, but it's not consistent across the board.

是的，丹，謝謝你。不，我認為 4 月份部分社區需求疲軟或需求生產疲軟。從那時起，它開始有所回升。我認為我們有點緩和它，等待社區最終確定何時可以設置庫存以進行重新訂購。我們看到一些重新排序開始在某些地區發生，但並不全面。

So I'd say that pause is kind of in effect for certain regions of the country, especially where weather was heaviest, but I think we're seeing it start to pick up. But I would expect July, August is when the communities will start to resume back to, I'll call it, normal ordering cadence in most of the country.

所以我想說暫停對該國的某些地區有影響，尤其是天氣最惡劣的地區，但我認為我們看到它開始好轉。但我預計 7 月、8 月是社區將開始恢復的時候，我稱之為全國大部分地區的正常訂購節奏。

As far as production ramp, I think we'll continue to ramp up production kind of in the May, June period. Overall, we just don't want to get too aggressive and ahead of ourselves. We want to smooth out production so that we can produce efficiently and hold margins. I think that's a more optimal path versus trying to draw down backlog too much and create inefficiencies in the production schedule, which would hamper margin. So it's really a balancing act between margin and volume, speed and efficiency.

至於產量提升，我認為我們將在 5 月、6 月期間繼續提高產量。總的來說，我們只是不想變得過於激進和超前。我們希望平穩生產，以便我們能夠高效生產並保持利潤。我認為這是一個更優的路徑，而不是試圖過多地減少積壓並在生產計劃中造成低效率，這會影響利潤率。因此，這實際上是利潤與數量、速度與效率之間的平衡。

And do you expect, based on that outlook for Q1 about backlogs, could be down, but maybe much less so sequentially or relatively flattish as we sort of think about exiting Q1?

你是否期望，基於第一季度關於積壓的前景，可能會下降，但可能不會像我們考慮退出第一季度那樣連續或相對平穩？

I would expect flattish. Yes.

我希望平坦。是的。

Okay, perfect. Any more granularity? Appreciate color, Laurie, there on gross margin. I think you again referenced fiscal '22 as sort of a guidepost for fiscal '24. You see a little bit more of a kind of a gradual ramp down from fiscal Q4 levels toward that 26%, 27% range? Or is that more? What we should be thinking about for the next few quarters here?

好的，完美。還有更多的粒度嗎？欣賞顏色，勞裡，毛利率。我認為您再次將 22 財年作為 24 財年的路標。你看到更多的是從第四季度財政水平逐漸下降到 26%、27% 的範圍嗎？還是更多？在接下來的幾個季度裡，我們應該考慮什麼？

Yes, Dan, I think we're going to see those margins come in, in the next couple of quarters, more than a gradual ramp down through the end of the year. We are definitely seeing a shift to smaller, less option homes which is going to impact margins. So I do expect to see a decrease in margins in the second quarter to those homes.

是的，丹，我認為我們將在接下來的幾個季度中看到這些利潤率，而不是在年底前逐漸下降。我們肯定會看到向更小、選擇更少的房屋的轉變，這將影響利潤率。因此，我確實預計第二季度這些房屋的利潤率會下降。

Got it. That's helpful. All right. And then in terms of similar question on ASPs. It sounds like we continue to trend back a little bit given mix and maybe you can unpack what's left in terms of surcharges kind of on a per home basis to roll off versus what type of decline we might see from mix.

知道了。這很有幫助。好的。然後是關於 ASP 的類似問題。聽起來我們在給定組合的情況下繼續趨勢回落一點，也許你可以根據每個家庭的附加費來解開剩下的東西，以便與我們可能從混合中看到的下降類型進行對比。

Yes. I think most of the material surcharges have been adjusted for. So really, at this point, we're just going to see mix shifts impacting the ASP. I do expect, because of that, we'll see more of a decrease in ASP sequentially.

是的。我認為大部分材料附加費都已調整。所以真的，在這一點上，我們只會看到影響 ASP 的混合變化。我確實希望，因此，我們會看到 ASP 連續下降更多。

Last for me, and I'll jump back. But obviously, a significant and growing cash balance, talked about the holding for continued reinvestment and potential M&A opportunities. Given the sort of pause near term and pretty compelling valuation. Is there any thought to revisiting and maybe adding buybacks as another hour or in the quiver in terms of capital allocation?

最後對我來說，我會跳回去。但顯然，大量且不斷增長的現金餘額談到了繼續再投資和潛在併購機會的持有。考慮到近期的停頓和相當有吸引力的估值。是否有任何想法重新審視並可能在另一個小時或在資本配置方面增加回購？

Dan, we don't have a buyback plan in place today, but it's obviously a number off the table. We are continuing to focus on our strategic initiatives, enhancing the customer buying experience, other enterprise-wide technology upgrades and production automation as well as M&A.

丹，我們今天沒有回購計劃，但顯然這是一個不在討論範圍內的數字。我們將繼續專注於我們的戰略舉措，提升客戶購買體驗、其他企業範圍內的技術升級和生產自動化以及併購。

Our next question comes from the line of Matthew Bouley with Barclays.

我們的下一個問題來自巴克萊銀行的 Matthew Bouley。

Just a question on the orders versus revenues. So if I heard you correctly, I think you said orders were up greater than 50% year-to-date, but then obviously, you're guiding revenues sort of down 35%, give or take, year-over-year in Q1. I know ASP is part of that, as Laurie just mentioned. I mean should we think that kind of ex-FEMA, given these order trends that you could kind of return to year-over-year shipment growth beyond the first quarter? Or how do we think about that kind of converting into shipments?

只是關於訂單與收入的問題。因此，如果我沒聽錯的話，我認為你說今年迄今為止訂單增長超過 50%，但很明顯，你指導的收入在第一季度同比下降了 35%，或多或少.正如 Laurie 剛才提到的，我知道 ASP 是其中的一部分。我的意思是我們是否應該考慮那種前 FEMA，鑑於這些訂單趨勢，您可以在第一季度之後恢復同比出貨量增長？或者我們如何看待這種轉化為出貨量？

Yes. Thanks, Matt. I think last year, we did have FEMA in the -- I think our first quarter of $83 million in that first quarter. So part of that, I think you have to adjust the FEMA revenue that's in the quarter.

是的。謝謝，馬特。我認為去年，我們確實有 FEMA - 我認為我們第一季度的第一季度為 8300 萬美元。所以其中一部分，我認為你必須調整本季度的 FEMA 收入。

As far as orders being up year-to-date, 50%, that's sequentially from our fourth quarter. So what we want to do is as orders come in, we want to make sure to kind of smooth out and balance the production lines effectively, to make sure the mix of product is good, so we can maintain margins and our workforce in an optimal way.

就年初至今的訂單而言，50%，這是我們第四季度的順序。所以我們想做的是，隨著訂單的到來，我們要確保有效地平滑和平衡生產線，以確保產品組合良好，這樣我們就可以保持利潤率和我們的勞動力處於最佳狀態方式。

So I think we're going to see orders fill in this quarter, orders pipeline has been picking up steadily. As that ramps, we will kind of lag production behind that to make sure we kind of have a building backlog into the, I'll call it, second through third quarter and kind of ramp up backlog a little bit as we go through to make sure we have a good production schedule going forward.

所以我認為我們將在本季度看到訂單填寫，訂單管道一直在穩步回升。隨著產量的增加，我們將在某種程度上落後於生產，以確保我們在第二季度到第三季度有一些建築積壓，並且在我們完成製作的過程中稍微增加一點積壓確保我們有一個良好的生產計劃。

Got it. Okay. Thanks for the clarification that orders were actually up sequentially. So I guess shifting to the margin side, on the comment that margins -- or gross margin can hold fiscal '22 levels. Are you able to achieve that even if shipment volumes are below that of fiscal '22?

知道了。好的。感謝您澄清訂單實際上是按順序增加的。所以我想轉向利潤率方面，評論說利潤率 - 或毛利率可以保持財政'22水平。即使出貨量低於 22 財年的水平，您是否能夠實現這一目標？

And is that to say that if and when volumes recover to something like that, you would actually be able to -- like-for-like, your margins would actually be higher than fiscal '22? How do you just kind of think about how the volumes are interplaying into that comment?

這就是說，如果當交易量恢復到這樣的水平時，你實際上能夠——類似地，你的利潤率實際上會高於 22 財年？您如何看待卷數如何與該評論相互作用？

Yes. I do think that even with declining margins because of our structural changes to our product offerings, Matt, we can maintain those fiscal '22 margins.

是的。我確實認為，即使由於我們對產品供應的結構性變化而導致利潤率下降，馬特，我們也可以保持 22 財年的利潤率。

Got it. Okay. And then just last one for me back on the Genesis side. I know you mentioned you've got the delay with one builder there. But just as you kind of look around the market and you're hearing from smaller builders that there might be a need to sort of monetize their land quicker in this macro and given everything going on in the lending side, what are you guys hearing from the builder developer channel, more broadly, around sort of the outlook for Genesis demand?

知道了。好的。然後在 Genesis 方面對我來說是最後一個。我知道你提到過那裡的一位建築商有延誤。但是，當你環顧市場時，你會從較小的建築商那裡聽到，在這個宏觀環境中，可能需要更快地將他們的土地貨幣化，並且考慮到貸款方面發生的一切，你們聽到了什麼建築商開發者渠道，更廣泛地說，圍繞 Genesis 需求的前景？

Yes. I think Genesis demand, Matt, actually, I would say the doubling of orders in the fourth quarter and then the pickup sequentially from that are good things. But I would say, actually, the developer activity outshines all of that, in my mind. We have seen kind of the seeds of builder developer that we've been planting start to kind of germinate a little bit and our pipeline has escalated rapidly here in the last 90 days in terms of the Genesis pipeline.

是的。我認為 Genesis 的需求，馬特，實際上，我會說第四季度的訂單增加一倍，然後從中依次增加是好事。但我要說的是，實際上，在我看來，開發人員的活動超過了所有這些。我們已經看到我們一直在播種的建築開發人員的種子開始有點發芽，並且我們的管道在過去 90 天裡在 Genesis 管道方面迅速升級。

So it will take a little bit of time for them to get through the pipeline and into orders. So it's a long-term process for builders. The lead time is very different than our retail partners and our community partners. But I think the pipeline of builder developer maybe one of the biggest -- it's actually matured to where we're actually seeing real traction and builder developer now, which is very exciting.

因此，他們需要一點時間才能通過管道進入訂單。所以這對建設者來說是一個長期的過程。交貨時間與我們的零售合作夥伴和社區合作夥伴有很大不同。但我認為構建器開發人員的管道可能是最大的管道之一——它實際上已經成熟到我們現在真正看到真正的牽引力和構建器開發人員的地方，這非常令人興奮。

Our next question is from the line of Phil Ng with Jefferies.

我們的下一個問題來自 Phil Ng 與 Jefferies 的合作。

I appreciate the handholding on 1Q sales trends. But Mark, any more color on the shape of the year since you're having some timing-related changes in orders from your community customers and that large builder. I mean, should we expect sales to be up sequentially in 2Q?

我很欣賞第一季度銷售趨勢的掌握。但是馬克，由於您的社區客戶和那個大型建築商的訂單發生了一些與時間相關的變化，所以今年的形狀還有更多顏色。我的意思是，我們是否應該期望第二季度的銷售額會連續增長？

Yes. Yes, I would expect that. I think we're seeing good traction, Phil. On the call, I think, I mentioned that our lead activity, which is also another driver for us over the last 60 days has been up 20-ish percent. But in the last 30 days, our lead activity is up 46%. So we're seeing increase.

是的。是的，我希望如此。我認為我們看到了很好的牽引力，菲爾。我想，在電話會議上，我提到我們的領先活動，這也是過去 60 天內我們的另一個驅動力，已經增長了 20%。但在過去 30 天裡，我們的領先活動上升了 46%。所以我們看到了增長。

And so that's kind of a leading indicator going forward to -- it takes about probably, I don't know, a few months for that lead to translate into an order and into production. But I think we're seeing good traction on that. And so that digital capability that we've launched with the traction has really started to benefit our customers and our retail partners in getting lead down into the retail centers, doesn't translate into orders.

因此，這是一個領先指標——我不知道，可能需要幾個月的時間才能將這種領先優勢轉化為訂單和生產。但我認為我們在這方面看到了很好的吸引力。因此，我們推出的具有牽引力的數字功能已經真正開始讓我們的客戶和我們的零售合作夥伴受益，因為他們將鉛帶入了零售中心，但並沒有轉化為訂單。

Okay. So Mark, it sounds like certainly some noise in 1Q, you're going to build off of 1Q to 2Q, some of these headwinds normalizing, and we should expect momentum building in the back half. Is that the takeaway that we should walk away?

好的。所以馬克，聽起來 1Q 肯定有一些噪音，你將從 1Q 到 2Q 建立起來，其中一些逆風正常化，我們應該期待後半部分的勢頭增強。那是我們應該走開的外賣嗎？

Yes.

是的。

Okay. Super. And then any color on the spread for Chattel loans versus the 30-year fixed rate mortgage? Rates are obviously maybe all around. The site builders have been buying down mortgages. Is that something you're looking to partner up with the lender to kind of further stimulate demand? How should we think about that dynamic?

好的。極好的。然後，Chattel 貸款與 30 年期固定利率抵押貸款的利差有什麼顏色？利率顯然可能無處不在。網站建設者一直在購買抵押貸款。這是您希望與貸方合作以進一步刺激需求的東西嗎？我們應該如何看待這種動態？

I mean, I think we're always working with our financing partners in terms of looking at opportunities to help our end consumer and our retail partners in any way we can. Right now, Chattel rates are about a 200 basis point spread for traditional mortgages. I think we're seeing good traction and good activity. We're seeing more cash buyers in terms of the financial capability that are out there.

我的意思是，我認為我們一直在與我們的融資合作夥伴合作，尋找機會以我們力所能及的方式幫助我們的最終消費者和零售合作夥伴。目前，動產利率與傳統抵押貸款的利差約為 200 個基點。我認為我們看到了良好的牽引力和良好的活動。就現有的財務能力而言，我們看到更多的現金買家。

So I would say financing is not really a huge limiting factor today. It's really about repositioning the product in a way that meets the affordable price point and payment point for our customer base. And I think that's really the -- making sure we have the right products and price points to meet their payment needs.

所以我想說，融資在今天並不是一個巨大的限制因素。這實際上是關於以一種滿足我們客戶群負擔得起的價格點和支付點的方式重新定位產品。我認為這真的是 - 確保我們有合適的產品和價格點來滿足他們的支付需求。

Got you. And just one last one. Laurie, you called out ASP having an impact via mix. But from a margin standpoint, given the different dynamics in terms of demand from your different end markets and customers, any impact that we should be mindful of from a margin standpoint?

明白了最後一個。 Laurie，你稱 ASP 通過混合產生影響。但從利潤率的角度來看，鑑於不同終端市場和客戶的需求動態不同，從利潤率的角度來看，我們應該注意哪些影響？

So it's more about the number of features and actions that the consumer adds because those have a tendency to come at a higher margins than the base price of the house. So it's not really channels that vary by margin or a house type, but more really the mix of the futures and options.

因此，更多的是關於消費者添加的功能和操作的數量，因為這些功能和操作的利潤往往高於房屋的基本價格。因此，並不是真正的渠道因保證金或房屋類型而異，而是期貨和期權的組合。

Our next question is from the line of Mike Dahl with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Mike Dahl。

It's actually Chris Kalata for Mike. Just going back to the builder permitting delay. Could you provide more specific color on what's driving that and if that has anything to do with the Genesis product?

Mike 實際上是 Chris Kalata。只是回到允許延遲的構建器。你能否提供更具體的顏色來說明是什麼驅動了它，以及它是否與 Genesis 產品有關？

No, it actually has nothing to do with the Genesis product whatsoever. It's actually related to the -- of all things a clubhouse, to be honest, for the subdivision. So until they get -- the clubhouse needs to be a hurricane shelter for the development. So you're not allowed to put homes in until you have hurricane shelter in place. And so the timing of the hurricane shelter and approval for that is what's causing the delay. So it's really has nothing to do with the Genesis product whatsoever.

不，它實際上與 Genesis 產品無關。它實際上與 - 俱樂部會所的所有事物有關，老實說，對於細分。所以在他們得到之前——俱樂部會所需要成為開發項目的颶風避難所。因此，在颶風避難所到位之前，您不得安家。因此，颶風避難所的時間安排和批准是造成延誤的原因。所以它真的與 Genesis 產品無關。

Got it. Appreciate that. And then for the first quarter, the sales guide, the mid-single-digit sequential guide implies down 35% year-on-year. And then I think you said $83 million for FEMA so call it, down 24%, adjusting for that. What does price mix and volume kind of look like for drivers of year-over-year declines there? Could you help us just flesh out the split?

知道了。感謝。然後是第一季度的銷售指南，中個位數順序指南意味著同比下降 35%。然後我想你說的是 8300 萬美元用於 FEMA 所謂的它，下降了 24%，對此進行了調整。對於那裡同比下降的驅動因素，價格組合和數量是什麼樣的？你能幫我們充實分裂嗎？

So it's going to be probably both. Year-over-year, it's going to be volume and price, probably equally.

所以可能兩者兼而有之。與去年同期相比，這將是數量和價格，可能是一樣的。

Got it. And if I could just sneak one last one in. In terms of the gross margin PAT, I think you said you expect some more meaningful normalization in the next quarter or 2, but for first quarter, is there a sense you could give us in terms of magnitude of step-down from this last quarter?

知道了。如果我能偷偷最後一個。就 PAT 毛利率而言，我想你說你預計下一季度或第二季度會有更有意義的正常化，但對於第一季度，你是否可以給我們一種感覺從上個季度降壓的幅度？

Okay. Yes, not going to give you specific numbers, but we're definitely going to see some margin compression sequentially because of the product mix shift that I mentioned earlier with the change in fewer options and features.

好的。是的，不會給你具體數字，但由於我之前提到的產品組合轉變以及更少選項和功能的變化，我們肯定會看到一些利潤率連續壓縮。

The next question comes from the line of Jay McCanless with Wedbush Securities.

下一個問題來自 Jay McCanless 與 Wedbush Securities 的對話。

So my first question, Laurie, when you're talking about fiscal '24 gross margin in line of fiscal '22, I'm assuming you're talking about full year versus full year, correct?

所以我的第一個問題，勞裡，當你談論 24 財年的毛利率與 22 財年的毛利率時，我假設你是在談論全年與全年，對嗎？

Yes.

是的。

Okay. Just because there's a lot of variability in the quarterly gross margin in fiscal '22. So I want to clarify that.

好的。僅僅因為 22 財年的季度毛利率存在很大差異。所以我想澄清一下。

The second question on SG&A dollars, should we expect -- or what should we expect maybe for baseline quarterly SG&A dollars, given the new plants, so 3 plants in process, is that likely to move higher from here? Maybe some help on that?

關於 SG&A 美元的第二個問題，我們應該期待——或者我們應該期待什麼基準季度 SG&A 美元，考慮到新工廠，所以 3 家工廠正在建設中，這可能會從這裡走高嗎？也許對此有幫助？

I would expect the fixed component of SG&A to remain relatively flat, but the variable component is going to fluctuate, obviously, with revenue. Normally, SG&A is 35% to 40% variable.

我預計 SG&A 的固定部分將保持相對平穩，但可變部分顯然會隨著收入而波動。通常，SG&A 的變動率為 35% 至 40%。

Okay. And then could you talk about what your mix, either in backlog or in what you sold in 4Q '23, with single section versus multi-section homes? And how did that compare to the prior year?

好的。然後你能談談你的組合，無論是積壓訂單還是你在 23 年第 4 季度銷售的單節住宅和多節住宅？與前一年相比如何？

I don't think we'd break that out, Jay. I don't think it was a meaningful shift. It really depends on the geography. The builder developer product is generally more double sections. We're seeing certain regions where single sections are more prevalent based on affordability. But I don't think -- it hasn't moved the needle too greatly for us either way.

我不認為我們會打破它，傑伊。我不認為這是一個有意義的轉變。這真的取決於地理位置。 builder developer的產品一般都是雙節的。我們看到某些地區基於可負擔性，單一部分更為普遍。但我不認為——無論哪種方式，它都沒有對我們產生太大的影響。

Okay. And then the last question I had, just one of your competitors recently on their conference call discussed being at the level now of productivity to where -- whether they're manufacturing single section or multi-section homes, they were achieving the same level of operating profitability. I guess, how would you respond to that? And how far do you think Skyline is away from being able to have that same type of stable operating profitability, regardless of what you're manufacturing?

好的。然後是我的最後一個問題，你們的一個競爭對手最近在他們的電話會議上討論了現在的生產力水平——無論他們是製造單節還是多節住宅，他們都達到了相同的水平經營盈利能力。我想，你會如何回應？您認為 Skyline 距離能夠擁有相同類型的穩定運營盈利能力還有多遠，無論您在製造什麼？

We got there several years ago.

我們幾年前到達那裡。

So if that's the case, then why, I guess, -- are you thinking that gross margin and margins, in general, are going to come down with this mix shift? Can you walk us through that?

所以，如果是這樣的話，那麼我猜，為什麼——你認為總的來說，毛利率和利潤率會隨著這種混合轉變而下降？你能告訴我們嗎？

It really has more to do with the features and options, Jay. So the base price of the homes regardless of what we're building, the margins through the plants are based on the time it takes to get the floor for the base model through the plant. The option dollars are usually at a higher margin because of the additional labor and materials that go into it. So as the buyer decides to take out options to reach their monthly price target or monthly payment target, we're going to see less features and options in the house.

Jay，這確實與功能和選項有關。因此，無論我們正在建造什麼，房屋的基本價格、工廠的利潤率都取決於通過工廠獲得基本模型地板所需的時間。由於額外的勞動力和材料，期權美元通常有更高的利潤。因此，當買家決定取消選項以達到他們的每月價格目標或每月付款目標時，我們將看到房子中的功能和選項更少。

Our next question is from the line of Daniel Moore with CJS Securities.

我們的下一個問題來自 CJS 證券公司的 Daniel Moore。

Just 1 or 2 more quick housekeeping items. Now that we're actually earning some interest on your growing cash balances, that $8 million a quarter range in interest income, a reasonable expectation? At least based on current rates. And are we still thinking taxes in the kind of 24%, 25% range for fiscal '24.

只需 1 或 2 個快速清潔用品。現在我們實際上從您不斷增長的現金餘額中賺取了一些利息，即每季度 800 萬美元的利息收入，這是一個合理的預期嗎？至少基於當前的利率。我們是否仍在考慮 24 財年的 24%、25% 範圍內的稅收。

Yes. Both of those are true, Dan.

是的。這些都是真的，丹。

The next question is from the line of Greg Palm with Craig-Hallum.

下一個問題來自 Greg Palm 與 Craig-Hallum 的對話。

I guess just going back to some of the commentary on the remainder of the year. Just can you help us out with how you're thinking about the remainder of the year, normal seasonality would usually suggest revenues that come down in fiscal Q3 and fiscal Q4.

我想回到今年剩餘時間的一些評論。您能否幫助我們了解您對今年剩餘時間的看法，正常的季節性通常表明第三季度和第四季度的收入下降。

But I'm just wondering if maybe the cadence is a little bit different just given everything we're talking about in terms of timing. So maybe you could provide a little bit more clarity on how you're thinking about the cadence of the entire year on a quarterly basis.

但我只是想知道，考慮到我們在時間方面談論的一切，節奏是否有點不同。所以也許你可以更清楚地說明你是如何考慮每個季度的全年節奏的。

Yes. I mean, I think Q3, Greg, generally, I think we would see a fairly good Q3. Obviously, Q4 would be dependent a little on weather and timing in that first -- in that fourth quarter or first calendar quarter of next year.

是的。我的意思是，我認為第三季度，格雷格，總的來說，我認為我們會看到一個相當不錯的第三季度。顯然，第四季度將在一定程度上取決於第一季度的天氣和時間——第四季度或明年第一季度。

But no, I would expect we're seeing pickups in demand, destocking should be behind us. And so as that picks up and as we see the continued progress on retail and then once community starts chiming in, I think both of those will pick up in that third and fourth quarter, generally speaking.

但不，我預計我們會看到需求回升，去庫存應該已經過去了。因此，隨著這種情況的回升，當我們看到零售業的持續進步，然後一旦社區開始參與進來，我認為一般來說，這兩者都會在第三和第四季度回升。

And the timing of revenues associated with the builder developer, I think you had mentioned that orders in the August, September time frame. Does that mean that you should start seeing that revenue recognized in the fiscal Q3?

以及與建築開發商相關的收入時間，我想你已經提到了 8 月、9 月的訂單。這是否意味著您應該開始看到第三財季確認的收入？

Maybe Q4, Greg, depending on the timing of shipments. So we don't recognize revenue until it ships. So once we receive the orders, depending on how quickly they get through the production cycle and in there, it could flow over in Q4.

也許是第四季度，格雷格，這取決於發貨時間。所以我們在發貨之前不確認收入。因此，一旦我們收到訂單，取決於他們完成生產週期的速度，它可能會在第四季度流出。

Okay. Makes sense. And then just a little bit more -- I mean, broadly speaking, on the builder-developer opportunity. You talked about Genesis and some of the increased demand for that product. But what are you seeing in terms of new customer demand, new projects? I mean, you talked about a robust pipeline, but maybe you can give us a little bit more details on exactly what you're seeing and kind of how that sort of opportunity plays out over the coming years?

好的。說得通。然後再多一點——我的意思是，從廣義上講，關於建築商-開發商的機會。你談到了 Genesis 以及對該產品的一些增加的需求。但是您在新客戶需求和新項目方面看到了什麼？我的意思是，你談到了一個強大的管道，但也許你可以向我們提供更多細節，具體說明你所看到的以及未來幾年這種機會如何發揮作用？

Yes. I mean, I think that pipeline plays out very well over the coming years. I think I'm not going to disclose exactly what our pipeline is, but I will say that it's been maturing. And I would say, over the past 90 days, it's really started to take off. And I think that's in conjunction with people getting comfortable with the solution of Genesis and how it solves their challenges as a builder, in conjunction with other things and solutions and tools we can bring to builder developers.

是的。我的意思是，我認為管道在未來幾年會發揮很好的作用。我想我不會確切地透露我們的管道是什麼，但我會說它已經成熟了。我會說，在過去的 90 天裡，它真的開始起飛了。我認為這與人們對 Genesis 的解決方案感到滿意以及它如何解決他們作為構建器的挑戰以及我們可以為構建器開發人員提供的其他東西、解決方案和工具相結合。

With the Home Configurator launch that we've done and allowing people to personalize their home and design and configure and place in the subdivision, as we start to roll those kind of tools out to expand the capabilities of builder developers. I think they're seeing the benefits of not only just the products we offer, but the digital solutions that can aid them in the sales process of doing this.

隨著我們推出的 Home Configurator 的推出，人們可以個性化他們的家，設計、配置和放置在細分中，因為我們開始推出這些工具來擴展建築開發人員的能力。我認為他們不僅看到了我們提供的產品的好處，而且看到了可以幫助他們在銷售過程中這樣做的數字解決方案的好處。

So the fact that we're driving the leads that we are to our partners, along with our Home Configurator now has 100 -- or 281,000 unique users configuring homes. And so I think those kind of numbers start to get builders excited about using our solutions because we can, not only help them solve their labor challenges, but their sales front-end arm challenges and opportunities as well. So I think it's picked up greatly. So I expect that to take off in the upcoming years and be a significant portion of our overall revenue.

因此，我們正在推動我們對合作夥伴的領導，以及我們的 Home Configurator 現在有 100 - 或 281,000 個獨特的用戶配置家庭。因此，我認為這些數字開始讓建築商對使用我們的解決方案感到興奮，因為我們不僅可以幫助他們解決他們的勞動力挑戰，還可以幫助他們解決前端銷售部門的挑戰和機遇。所以我認為它得到了很大的提升。因此，我預計這將在未來幾年起飛，並成為我們總收入的重要部分。

Thank you. At this time, we've reached the end of our question-and-answer session. Now I'll hand the floor back to Mark Yost for closing remarks.

謝謝。至此，我們的問答環節已經結束。現在我將把發言權交還給 Mark Yost，讓他發表閉幕詞。

Thank you very much for participating in today's call. We appreciate the time and your continued interest. We look forward to updating you on our progress at the end of our upcoming quarter. Thank you, and have a great day.

非常感謝您參加今天的電話會議。感謝您抽出寶貴時間和持續關注。我們期待在即將到來的季度末向您通報我們的進展情況。謝謝你，祝你有美好的一天。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。