Champion Homes Inc (SKY) 2024 Q3 法說會逐字稿

Good morning, and welcome to Skyline Champion Corporation's Third Quarter Fiscal 2024 earnings call. Company issued its earnings press release yesterday after the close.

早安，歡迎參加 Skyline Champion Corporation 的 2024 財年第三季財報電話會議。該公司昨天收盤後發布了收益新聞稿。

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 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 the Company's filings with the Securities and Exchange Commission.

我想提醒大家，今天的新聞稿和電話會議期間的聲明包含 1995 年私人證券訴訟改革法案含義內的前瞻性聲明。這些陳述存在風險和不確定性，可能導致實際結果與公司的預期和預測有重大差異。這些風險和不確定性包括收益報告和公司向美國證券交易委員會提交的文件中列出的因素。

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

此外，在今天的電話會議上，該公司將討論非公認會計準則衡量標準，該公司認為這些衡量標準有助於評估其績效。這些措施的調整可以在收益報告中找到。

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

我現在想將電話轉給 Skyline Champion 總裁兼執行長 Mark Yost。

Please go ahead.

請繼續。

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

我想再次將電話轉給 Skyline Champion 總裁兼執行長 Mark Yost。請繼續。

Thank you for this call. And good morning, everyone. I'm pleased to be joined on this call by Laurie Huff, EVP and CFO. Today I will briefly talk about our third (corrected by company after the call) quarter highlights and then provide an update on activities so far in our fourth (corrected by company after the call) quarter and conclude with thoughts on thoughts the balance of the year. We saw healthy demand from end consumers through our captive and independent retail channels during the quarter, the community retail, yes, the community will cancel, continues to be slow in home sales in our builder developer and retail channels improved year over year, while activity from our community rig customers remained relatively muted, primarily reflecting seasonality and inventory destocking. Year over year results indicate a sustained trend in customer demand towards more affordable homes with fewer options and lower material surcharges. This led to a decrease in average selling prices per home compared to previous year. Additionally, organic order volume grew by over 230% compared to the same quarter last year. This is in line with what our independent and captive retail partners are expressing on the positive demand outlook for attainable homes backlog as of December 30th was $290 million compared to $258 million at the end of September, with the sequential increase primarily attributed to the acquisition of regional homes, but average lead times remained stable at approximately eight weeks, consistent with our historical range of four to 12 weeks. Throughout the quarter, we successfully pursued our operational and strategic priorities, making significant headway in integrating regional homes and rolling out champion financing.

感謝您打來這通電話。大家早安。我很高興執行副總裁兼財務長 Laurie Huff 參加本次電話會議。今天，我將簡要討論我們的第三季度（由公司在電話會議後更正）的亮點，然後提供第四季度（由公司在電話會議後更正）迄今為止的活動最新情況，並以對今年剩餘時間的想法作為總結。本季度，我們透過我們的專屬和獨立零售管道看到了終端消費者的健康需求，社區零售，是的，社區將取消，我們的建築開發商的房屋銷售繼續緩慢，零售通路同比有所改善，而活動我們的社區鑽機客戶的需求仍然相對平靜，主要反映了季節性和庫存去化。逐年結果表明，客戶對價格實惠、選擇較少、材料附加費較低的住房的需求呈持續趨勢。這導致每套房屋的平均售價與去年相比有所下降。此外，有機訂單量與去年同期相比增長了 230% 以上。這與我們的獨立和專屬零售合作夥伴所表達的積極需求前景一致，截至 12 月 30 日，可實現房屋積壓為 2.9 億美元，而 9 月底為 2.58 億美元，環比增長主要歸因於收購區域房屋，但平均交貨時間保持穩定在大約8 週，與我們4 至12 週的歷史範圍一致。在整個季度，我們成功地追求了我們的營運和策略優先事項，在整合區域住宅和推出冠軍融資方面取得了重大進展。

Regarding regional homes, we initiated cultural and management integration from day one, facilitating the exchange of best practices across our production and retail divisions. We foresee opportunities for revenue growth by leveraging our expanded retail presence due to our scale and improved responsiveness to market demand. The realization of synergies is also well underway, and we expect the identified synergies to start positively impacting our profitability in the fiscal fourth quarter. These synergies primarily revolve around purchasing operational enhancements and other cost savings measures. We maintain our expectations of capturing $10 million to $15 million in synergies over the next two years.

對於區域住宅，我們從第一天起就啟動了文化和管理整合，促進生產和零售部門之間最佳實踐的交流。由於我們的規模和對市場需求的反應能力的提高，我們預計透過利用我們擴大的零售業務來實現收入成長的機會。綜效的實現也在順利進行中，我們預計已確定的綜效將開始對我們第四財季的獲利能力產生正面影響。這些協同效應主要圍繞著採購營運增強和其他成本節約措施。我們維持未來兩年實現 1,000 萬至 1,500 萬美元綜效的預期。

During the quarter, we successfully launched our new captive financing joint venture champion financing, and we are making progress in utilizing our new capabilities to provide more comprehensive solutions to our partners and customers. This is crucial for enhancing accessibility and affordability to our customers while driving accelerated growth for our business. These investments are in line with our longer term strategic vision, providing digital configuration and enhanced selling options to homebuyers as we expand champion financing. We anticipate the benefits will foster stronger connections with our dealers and consumers. Furthermore, we expanded our capacity during the quarter with the opening of a new plant in Bartow, Florida to support our growing builder developer channel in the region. We are seeing more interest from builder developer channel and anticipate increased adoption, not just because interest rates are at elevated levels but also because of the reduced time to project completion. We have had good traction at the International Builder Show historically and anticipate strong interest later this month in Las Vegas. These investments collectively present an exciting opportunity as we bolster our initiatives to generate long-term growth, further establishing Skyline Champion as the preferred provider of attainable housing solutions.

本季度，我們成功推出了新的自保融資合資冠軍融資，並且我們在利用新能力為合作夥伴和客戶提供更全面的解決方案方面取得了進展。這對於提高客戶的可近性和可負擔性，同時推動我們業務的加速成長至關重要。這些投資符合我們的長期策略願景，隨著我們擴大冠軍融資，為購屋者提供數位配置和增強的銷售選擇。我們預計這些好處將加強我們與經銷商和消費者的聯繫。此外，我們在本季度擴大了產能，在佛羅裡達州巴托開設了一家新工廠，以支持我們在該地區不斷增長的建築開發商管道。我們看到建築商開發商管道越來越感興趣，並預計採用率會增加，這不僅是因為利率處於較高水平，還因為專案完成時間縮短了。歷史上，我們在國際建築商展上曾獲得良好的關注，並預計本月晚些時候在拉斯維加斯舉行的展會上會有濃厚的興趣。這些投資共同提供了一個令人興奮的機會，因為我們加強了實現長期成長的舉措，進一步將 Skyline Champion 打造為可實現住房解決方案的首選提供者。

As we look to our fourth quarter and future outlook. We continue to experience healthy demand from both retailers and builder developers. The consistent order rates from these key stakeholders have been instrumental in driving our growth Furthermore, as our community partners begin to reenter the market, we are prepared to increase capacity utilization at our manufacturing facilities.

當我們展望第四季和未來展望。我們繼續感受到零售商和建築開發商的健康需求。這些主要利害關係人的一致訂單率有助於推動我們的成長。此外，隨著我們的社區合作夥伴開始重新進入市場，我們準備提高製造工廠的產能利用率。

Looking ahead, we expect our revenue to remain flat sequentially as our third quarter performance was better than anticipated, and weather and pricing will be headwinds (corrected by company after the call) in the fourth quarter. Our long-term outlook remains positive, and we are proud to share that we have achieved six consecutive quarters of order growth, underscoring the sustained demand for our products and the need for smarter HOUSING solutions.

展望未來，我們預計我們的營收將與上一季持平，因為我們第三季的業績好於預期，而天氣和定價將成為第四季度的不利因素（由公司在電話會議後糾正）。我們的長期前景仍然樂觀，我們很自豪地與大家分享，我們已經實現了連續六個季度的訂單增長，突顯了對我們產品的持續需求以及對更智能的住房解決方案的需求。

On a macro level, we continue to see healthy job and wage growth, particularly in sectors such as health care, manufacturing and retail, key areas that form some of the foundations of our customer base. Additionally, trends in job growth and inflationary pressures remain. The Fed will continue to hold interest rates at higher levels for longer. These factors bode well for the stability of our future demand as growth in income demographics combined with higher interest rates and the absence of attainable housing correlate with our price points and product offerings on a micro level, we heard some of the same factors that our industry show in Louisville in mid January, the attendance and tone of the show were positive. The community rates were consistent in their view that 2024 will be a better year than 2023.

在宏觀層面上，我們繼續看到健康的就業和薪資成長，特別是在醫療保健、製造和零售等領域，這些領域構成了我們客戶群的一些基礎。此外，就業成長和通膨壓力的趨勢仍然存在。聯準會將繼續在更長時間內將利率維持在較高水準。這些因素對我們未來需求的穩定性來說是個好兆頭，因為收入人口的增長加上利率的上升以及可實現住房的缺乏與我們的價格點和產品供應在微觀層面上相關，我們聽到了一些與我們行業相同的因素1月中旬在路易斯維爾舉行的展會上，展會的出席率和基調都是正面的。社區一致認為 2024 年將比 2023 年更好。

In addition to the favorable commentary on market conditions heard at the show, our launch of Champion financing generated considerable excitement in the market in new future opportunities I will now turn the call over to Laurie to discuss the financials in more detail.

除了在展會上聽到的對市場狀況的好評之外，我們推出的Champion 融資在未來新的機會中也引起了市場相當大的興奮，我現在將把電話轉給Laurie，更詳細地討論財務狀況。

Thanks, Mark, and good morning, everyone. I'll begin by reviewing our financial results for the third quarter, followed by a discussion of our balance sheet and cash flows. I will also briefly discuss our near term expectations. During the third quarter, net sales decreased 4% to $560 million compared to the same quarter last year. The decrease in net sales reflects a 2% year-over-year decline in average selling price, driven by a decrease in material surcharges and changes in product mix with consumers opting for less option homes. During the quarter, we sold 5,643 homes in the US compared to 5,749 homes in the prior year period as we align production volumes and staffing levels with demand on a sequential basis, the U.S. factory-built housing revenue increased 22% due to the regional acquisition, which contributed approximately $120 million to revenue during the quarter. Excluding the regional Holmes acquisition, revenue was down approximately 5% sequentially, primarily due to normal seasonality. Our average selling price per home increased 4% sequentially from $88,400 to $92,300 due to the increase in homes sold THROUGH captive retail sales center as a percentage of the total, excluding the regional Homes acquisition, our average selling price per home decreased consistent with our expectations. Capacity utilization increased to 57% compared to 53% in the sequential second quarter of fiscal 2024. Canadian revenue during the quarter was $31 million, reflecting a 9% decrease in homes sold, partially offset by an 8% increase in the average home selling price. The average home selling price in Canada increased to $123,700 due to a change in product mix. The decline in volume was caused by softer demand in certain markets compared to the prior year period. Consolidated gross profit decreased 19% to $141 million in the third quarter, and gross margins contracted by 460 basis points to 25.3%. The contraction in gross margin was primarily due to lower average selling prices in the US and the shift in product mix to less option tons as well as the ramping of our previously idled facilities and the impact of the regional Homes acquisition, regional home core product margins are generally lower than the legacy Skyline Champion margins. In addition, consolidated margins were negatively impacted by the effect of purchase accounting increases to the carrying value of regional finished goods inventory, which had a negative 60 basis point impact on consolidated gross margins during the quarter. We expect this purchase accounting impact to continue and potentially increase for the next few quarters.

謝謝，馬克，大家早安。我將首先回顧我們第三季度的財務業績，然後討論我們的資產負債表和現金流。我還將簡要討論我們的近期預期。第三季淨銷售額較去年同期下降 4%，至 5.6 億美元。淨銷售額的下降反映了平均售價年減 2%，這是由於材料附加費的下降以及產品結構的變化以及消費者選擇較少的房屋選擇所導致的。本季度，我們在美國售出了 5,643 套房屋，而去年同期為 5,749 套，因為我們根據需求連續調整產量和人員配備水平，由於區域收購，美國工廠建造的住房收入增長了 22% ，該季度貢獻了約1.2 億美元的收入。不包括區域性 Holmes 收購，營收季減約 5%，主要是由於正常的季節性因素。我們每間房屋的平均售價比上一季度增長了4%，從88,400 美元增至92,300 美元，原因是透過自營零售銷售中心銷售的房屋佔總數的百分比有所增加（不包括區域房屋收購） ，我們每套房屋的平均售價下降與我們的預期一致。產能利用率從 2024 財年第二季的 53% 增至 57%。加拿大本季營收為 3,100 萬加元，反映出房屋銷售量下降 9%，但部分被平均房屋銷售價格上漲 8% 所抵銷。由於產品結構的變化，加拿大的平均房屋售價上漲至 123,700 美元。銷售下降的原因是某些市場的需求較去年同期疲軟。第三季綜合毛利下降 19% 至 1.41 億美元，毛利率下降 460 個基點至 25.3%。毛利率收縮主要是由於美國平均售價下降、產品組合轉向減少選擇噸、以及我們之前閒置設施的增加以及區域住宅收購、區域住宅核心產品利潤率的影響通常低於舊版 Skyline Champion 的利潤率。此外，採購會計增加對區域製成品庫存帳面價值的影響也對綜合利潤率產生了負面影響，這對本季的綜合毛利率產生了 60 個基點的負面影響。我們預計這種採購會計影響將持續下去，並可能在未來幾季增加。

Sg&a in the third quarter increased $13 million to $85 million, primarily due to the regional Homes acquisition, partially offset by lower variable compensation at existing operations.

第三季的銷售及管理費用增加了 1,300 萬美元，達到 8,500 萬美元，這主要是由於區域住宅收購，部分被現有業務可變薪酬的降低所抵消。

Net income for the third quarter decreased 43% to $47 million or $0.81 per diluted share compared to net income of $83 million or earnings of $1.44 per diluted share during the same period last year. The decrease in EPS was driven by the decline in sales and gross profit. The Company's effective tax rate for the quarter was 21.4% versus an effective tax rate of 23.1% for the year ago period. The decrease in the effective tax rate was primarily due to tax benefits from tax credits. Adjusted EBITDA for the quarter was $66 million compared to $109 million in the prior year period. Adjusted EBITDA margin was 11.8% compared to 18.7% in the prior year period, which reflects the return to more normal profitability levels. In the near term, we expect a sequential decline in gross margins as homebuyers continue to move toward homes with fewer options and as we further ramp our new plant operations and sell off the finished goods inventory acquired with the regional homes retail sales centers, as we approach more normal profitability levels in the industry. We remain confident in our long-term structural margin targets, supported by improvements in our operational capabilities and investments in the business. As of December 30, 2023, we had nearly $500 million of cash and cash equivalents and long-term borrowings of $25 million with no maturities until 2026. We generated $89 million of operating cash flow for the quarter compared to $85 million for the prior year period.

第三季淨利下降 43%，至 4,700 萬美元，即稀釋後每股收益 0.81 美元，去年同期淨利為 8,300 萬美元，即稀釋後每股收益 1.44 美元。每股收益下降是由於銷售額和毛利下降所致。該公司本季的有效稅率為 21.4%，而去年同期的有效稅率為 23.1%。有效稅率的下降主要是因為稅收抵免所帶來的稅收優惠。本季調整後 EBITDA 為 6,600 萬美元，去年同期為 1.09 億美元。調整後 EBITDA 利潤率為 11.8%，而去年同期為 18.7%，這反映出獲利能力已恢復到更正常的水平。在短期內，我們預計毛利率將連續下降，因為購房者繼續轉向選擇較少的房屋，並且我們進一步擴大新工廠運營並出售從區域房屋零售中心購買的成品庫存，因為我們接近行業更正常的盈利水平。在營運能力和業務投資改善的支持下，我們對長期結構性利潤率目標仍然充滿信心。截至 2023 年 12 月 30 日，我們擁有近 5 億美元的現金和現金等價物，以及 2,500 萬美元的長期借款，且將於 2026 年到期。本季我們產生了 8,900 萬美元的營運現金流，而去年同期為 8,500 萬美元。

Operating cash well, those were positively impacted by a reduction in finished goods inventory subsequent to the closing of the regional Homes acquisition. During the quarter, we allocated $285 million of cash to purchase original homes. Net of cash acquired and assumed $88 million of debt, primarily related to inventory floor plan liabilities. We remain focused on executing on our operational initiatives and given our favorable liquidity position, we plan to utilize our cash to reinvest in the business and for opportunities that support strategic long-term growth.

營運現金良好，這些受到區域住宅收購結束後成品庫存減少的正面影響。本季度，我們撥出 2.85 億美元現金購買原有房屋。扣除收購的現金並承擔 8,800 萬美元的債務，主要與庫存計劃負債有關。我們仍然專注於執行我們的營運計劃，並鑑於我們有利的流動性狀況，我們計劃利用我們的現金對業務進行再投資，並尋找支持策略性長期成長的機會。

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

現在我將把電話轉回給馬克，讓他做一些結束語。

Thanks, Laurie. The long-term future looks bright for our Company with sustained demand for retailers and builder developers, the resurgence of our community partners and the enduring need for affordable housing. We are well positioned for continued growth and success. Furthermore, our strategic expansions into digital and consumer retail, along with financing, are poised to further enhance our competitive edge and drive value for our stakeholders. We remain steadfast in our commitment to deliver sustainable growth and value creation, and we are excited about the opportunities that lie ahead.

謝謝，勞裡。由於對零售商和建築開發商的持續需求、社區合作夥伴的復甦以及對經濟適用房的持久需求，我們公司的長期前景一片光明。我們處於持續成長和成功的有利位置。此外，我們向數位和消費零售領域的策略擴張以及融資，將進一步增強我們的競爭優勢並為利害關係人創造價值。我們仍然堅定地致力於實現永續成長和價值創造，我們對未來的機會感到興奮。

Before we move on to the Q&A session, I would like to express our gratitude to the entire Skyline Champion, regional and ECN teams for their exceptional efforts, which have been instrumental in our consistently strong performance.

在進入問答環節之前，我想對整個 Skyline Champion、區域和 ECN 團隊的傑出努力表示感謝，他們的努力為我們持續保持強勁表現發揮了重要作用。

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

接線員，您現在可以打開問答線路了。謝謝。

We will now be conducting a question and answer session. If you would like to enter the queue, please press star one on your telephone keypad and indicate a confirmation tone will indicate that your lines in the question queue, you may press star two, if you would like to remove your question from the queue.

我們現在將進行問答環節。如果您想進入佇列，請按下電話鍵盤上的星號 1，並發出確認音，表示您的線路已在問題佇列中。如果您想從佇列中刪除您的問題，可以按星號 2。

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please while we poll for questions. Our first question comes from Greg Palm from Craig-Hallum Capital Corp. Please proceed.

對於使用揚聲器裝置的與會者，可能需要在按星號鍵之前拿起聽筒。請稍等一下，我們進行投票提問。我們的第一個問題來自 Craig-Hallum Capital Corp. 的 Greg Palm。請繼續。

Morning, everyone, and congrats on the results here.

大家早安，祝賀這裡的結果。

Thanks, Greg.

謝謝，格雷格。

Good morning. Maybe start with giving us a view on kind of visibility into kind of those orders from the community channel on based on your discussions? And maybe how that sort of relates to your view or opinion on how the year progresses?

早安.或許先根據你們的討論，讓我們了解社群管道中這些訂單的可見度？也許這與您對今年進展的看法或看法有什麼關係？

Yes, Greg, things. I think the communities are starting to resurge are starting to come back in their order patterns. I think it will kind of slowly evolve, you know, through this fourth fiscal quarter and then you know, start to ramp into first second quarters of next year. So I think overall, you'll kind of see that the spotty resurgence of communities kind of starting to return to market. So I think it'll it'll be will be in pockets and then it'll start to take off towards the tail end of that. But I think each community is in a different phase of that. Some have started to return to market and others are still spotty with their return. So I expect it to to phase in gradually throughout the fiscal 2025 year?

是的，格雷格，事情。我認為社區開始復甦，開始恢復秩序模式。我認為它會在第四財季慢慢發展，然後開始進入明年第一第二季。所以我認為總的來說，你會看到社區的零星復甦開始回到市場。所以我認為它將被裝在口袋裡，然後它將開始向尾部起飛。但我認為每個社區都處於不同的階段。有些已經開始重返市場，而有些則仍不穩定。那麼我預計它將在 2025 財年逐步實施？

And how does that kind of impact your view on sort of sequential growth as we progress through, I guess, either this calendar year or through fiscal 25 at least the first half year.

我想，隨著我們在本日曆年或至少在 25 財年上半年的進展，這會如何影響您對連續成長的看法。

So I know on the far fourth quarter, I expect things to be relatively flat for fiscal 2025. We're kind of thinking revenue in total is going to be up somewhere in the in the 10% to 15% year over year. And really as the communities start to ramp back up volume will increase year over year. But I expect due to pricing and mix that we've seen, you know, the prices to come down. So you kind of have a trade-off between price and mix happening into next year, which will kind of offset some of some of the volume growth will be offset by pricing declines due to mix.

因此，我知道在第四季度，我預計 2025 財年的情況將相對穩定。我們認為總收入將年增 10% 至 15%。事實上，隨著社區開始恢復，數量將會逐年增加。但我預計，由於我們所看到的定價和組合，價格會下降。因此，明年你會在價格和產品組合之間進行權衡，這將在一定程度上抵消一些銷售成長，而部分銷售成長將被產品組合導致的價格下降所抵消。

Yes.Okay. Understood. And then on builder developer opening up a new plant. Can you just give us some sense on how I guess the order rates are flowing from that initial top 100 when what your expectations are for sort of additional onboarding of customers? Yes, let's start with that.

是的，好的。明白了。然後建築開發商開設了一家新工廠。您能否告訴我們，當您對增加客戶的期望是什麼時，我猜測訂單率是如何從最初的前 100 名開始流動的？是的，我們就從這個開始吧。

Yes. So builder developer this quarter was in percentage terms our strongest growing segment. So builder developer was was the fastest growing segment for us this quarter. So very pleased to see that progress. And part of that is due to this top 100 builder that we mentioned they're starting to place orders. And so we've seen that growth and we're starting to land more builder developer opportunities. We're getting some in the Midwest. We're starting to move different sector so I think it really comes down to the timing of their development deals and whether that's going to hit early or late into some of the fiscal 2025 time lines. It really depends on permitting and some land development timing for some of those. But I think the activity for for builder developer has been excellent, and we will be attending the IBS. International Builder Show here in just a few weeks and expect more opportunities to arise out of that as well.

是的。因此，從百分比來看，本季的建築開發商是我們成長最快的部分。因此，建築開發商是本季我們成長最快的部分。非常高興看到這項進展。部分原因是我們提到的這家排名前 100 的建築商已經開始下訂單。因此，我們已經看到了這種成長，我們開始獲得更多建築開發商的機會。我們在中西部得到了一些。我們開始轉移到不同的部門，所以我認為這實際上取決於他們的開發交易的時間安排，以及這是否會在 2025 財年的某些時間表中提前或推遲。這實際上取決於其中一些的許可證和一些土地開發時機。但我認為建築開發商的活動非常出色，我們將參加 IBS。國際建築商展將在短短幾週內舉行，並期待由此產生更多機會。

Yes. No, I'm looking forward to seeing some of those homes and seeing what interest levels are harm just to. And just to clarify that 10% to 15% comment for fiscal 25, is that inclusive of regional, how much of that is organic.

是的。不，我期待看到其中一些房屋，看看利息水平會造成什麼損害。只是為了澄清 25 財年 10% 到 15% 的評論是否包括區域性的，其中有多少是有機的。

Yes. So that that's just total year over year, Greg? Yes, inclusive of everything. Consolidated.

是的。那麼這只是年復一年的總數，格雷格？是的，包容一切。合併。

Okay. Understood. I will leave it there.. Thanks.

好的。明白了。我會把它留在那裡..謝謝。

Thank you.

謝謝。

Our next question comes from Daniel Moore from CJS Securities. Please proceed.

我們的下一個問題來自 CJS 證券的 Daniel Moore。請繼續。

Thanks, Martin, Laurie, good morning. Thanks for the color on quick housekeeping and then a couple. I think you said regional contributed $120 million during the quarter. Just give a sense of what their pro forma growth or decline was on a year-over-year basis. And do you expect it's dissipates similar contribution this quarter?

謝謝，馬丁，勞裡，早安。感謝您對快速內務管理的顏色，然後是一些。我想您說過該季度地區貢獻了 1.2 億美元。只需了解他們的預期同比增長或下降情況即可。您預計本季會消耗類似的貢獻嗎？

Yes, Dan, we're not disclosing the quarter over quarter specifically for regional. You can look at the pro forma information that we filed an eight K at the end of December just to get a feel on that. That's all that we're disclosing at this point.

是的，丹，我們不會專門針對區域披露季度環比情況。您可以查看我們在 12 月底提交的 8 K 的預計信息，以對此有所了解。這就是我們目前要披露的全部內容。

Okay. And appreciate the color on the community developers on the rechannel Mark, what are you hearing there in terms of you expect it sounds like a gradual pickup as we get out past this quarter, or are you hearing about demand in our building potentially from from that key end market as we look out to the balance of calendar '24?

好的。並欣賞社區開發商在 rechannel 上的顏色，馬克，您在那裡聽到了什麼，您期望這聽起來像是我們在本季度過後逐漸回升，或者您是否聽到了我們建築中潛在的需求當我們關注“ 24 日曆年」的平衡時，關鍵的終端市場是什麼？

Yes, yes, I think it just determine it just depends on which community player starts to return. They're all kind of phasing in at different times them. So as they phase in and come together, you know, I would expect then to gradually ramp. Some are kind of returning, I don't know, say full steam, but nearly full back to normal. We're seeing others that are slowly trickling in. And so I think it'll it'll culminate in the next few quarters with them starting to return to market, but it will take a little bit of time for them to get there.

是的，是的，我認為這只是取決於哪個社群玩家開始回歸。他們都在不同的時間逐步介入。因此，當他們逐步加入並走到一起時，你知道，我預計會逐漸增加。有些人正在回歸，我不知道，可以說是全力以赴，但幾乎完全恢復正常。我們看到其他人正在慢慢湧入。因此，我認為這將在接下來的幾個季度達到頂峰，他們開始重返市場，但他們需要一點時間才能到達那裡。

Okay. That's helpful. And one more just talk about the progress you're making in terms of standing up, the Triade JV are as expected from a timing perspective? And any any sense of what contribution and from from Triad might look like over the next one to two quarters and the P&L and no longer term, DCM had put out some financial targets in the time the deal was announced. Just wondering if you have any comment on how achievable those look from your perspective?

好的。這很有幫助。再談談你們在站起來方面取得的進展，Triade JV 從時間角度來看是否符合預期？對於 Triad 在未來一到兩個季度以及損益表和長期內可能帶來的貢獻和收益，DCM 在宣布交易時提出了一些財務目標。只是想知道您對從您的角度來看這些目標的實現程度有何評論？

Yes, Dan, it's pretty early. We've launched the Champion financing JV at the Louisville show just recently a few weeks ago. So we're getting some early signs on. I think it's a little early for us to comment on the exact trajectory of that or how quickly it will ramp. You know, it's been very successful in its launch. But you know how quickly those things come together. I don't think we're giving guidance on at this point.

是的，丹，現在還很早。幾週前，我們剛在路易斯維爾展會上推出了冠軍融資合資企業。所以我們已經看到一些早期跡象。我認為我們現在評論其確切軌跡或成長速度還為時過早。要知道，它的推出非常成功。但你知道這些事情聚集在一起的速度有多快。我認為我們目前不會提供指導。

And all right. I'll circle back to the follow-up.

好吧。我將回到後續內容。

Thanks, Dan.

謝謝，丹。

Our next question comes from Phil Ng from Jefferies. Please proceed.

我們的下一個問題來自 Jefferies 的 Phil Ng。請繼續。

Good morning. It's actually a calling on for Phil. I guess just wanted to touch on where you guys outperformed relative to your guide on the sales line. Can you just walk us through what performed better in the quarter versus your expectations, whether the channel or region or the acquisition performed better. Just curious as to your thoughts there.

早安.這實際上是對菲爾的召喚。我想只是想談談你們在銷售線上相對於你們的指導來說表現更好的地方。您能否向我們介紹本季哪些方面的表現優於您的預期，無論是通路、地區或收購的表現較好。只是好奇你在那裡的想法。

Yes, Alan, thank you. I think I would say the acquisition performed better from, you know, there's if you look if you look at October, November, December, industry shipments for those three months, the industry ITO shrank at about 2.5% in aggregate. But with in that, there's a tremendous amount of noise. So when you look at on a regional regional homes has a heavy PRESIDENT presence in Mississippi, Louisiana, both southern states, you know, so Louisiana year over year during the quarter grew 79% in terms of year over year shipments, Mississippi was up 45% year over year in terms of industry shipments. So I would say those geographies and those markets on, you know, are kind of rebounding quite strongly. So I would say regional did very well, probably outpaced our expectations during the quarter in aggregate. So I think I think that's good on probably the Carolinas and Georgia did a little better than we thought during the quarter. But in most of our markets where we have heavy concentration, we have kind of our core business. So we're heavy in California. California during the quarter was down 34%. The Midwest, Illinois, Iowa, Indiana, Michigan, Ohio, that region where we have a good presence was down 41% year over year in Pennsylvania where we have a lot of plants, which is down 30%. So I think it was really kind of a balancing where certain regions did better in certain regions did a little worse. In terms of the geographic dispersion, there was a lot of movement, but I would say overall that Southern Mississippi type region and the strength of the regional Holmes team and what they've done is surprising us positively every day.

是的，艾倫，謝謝你。我想我想說的是，這次收購的表現更好，如果你看看 10 月、11 月、12 月這三個月的行業出貨量，行業 ITO 總計萎縮了約 2.5%。但隨之而來的是巨大的噪音。因此，當你看到密西西比州和路易斯安那州這兩個南部州的區域性區域住宅時，你知道，路易斯安那州的出貨量同比增長了79%，密西西比州的出貨量同比增長了45 %就行業出貨量而言，年比百分比。所以我想說，這些地區和市場正在強勁反彈。所以我想說，區域性表現非常好，本季的整體表現可能超出了我們的預期。所以我認為這很好，卡羅萊納州和喬治亞州在本季的表現可能比我們想像的要好一些。但在我們高度集中的大多數市場中，我們都有自己的核心業務。所以我們在加州很忙。加州本季下降了 34%。我們業務良好的中西部、伊利諾伊州、愛荷華州、印第安納州、密西根州、俄亥俄州同比下降了 41%，而我們擁有大量工廠的賓州則年減了 30%。所以我認為這確實是一種平衡，某些地區做得更好，某些地區做得更差。就地理分散而言，有很多變動，但我想說，總體而言，密西西比州南部類型的地區和地區霍姆斯團隊的實力以及他們所做的事情每天都讓我們感到驚訝。

That's really helpful color. And then I just move over to the retail channel. Can you provide just some more color on how that performed? And I believe you called out the increasing captive retail sales as a benefit to price can you help quantify how much your business is now going through the retail with the regional acquisition and the price differential there?

這真是有用的顏色。然後我就轉向零售通路。您能否提供更多關於其表現的資訊？我相信您將不斷增加的自有零售銷售視為對價格的好處，您能否幫助量化您的企業現在透過區域收購和價格差異進行的零售業務有多少？

Yes, we're not disclosing that specific breakout column of how much goes through and currently, I think it does help, you know, the ASP.s, you can probably have a sense that regionals $120 million is heavily influenced by retail activity in general. So that can give you a good proxy to think through.

是的，我們沒有透露具體的具體突破專欄，目前，我認為這確實有幫助，你知道，ASP.s，你可能會感覺到，1.2 億美元的區域性很大程度上受到零售活動的影響。一般的。這樣可以給你一個很好的代理來思考。

Okay. And then my last question here is on gross margin came in nicely ahead on the quarter. Can you just talk about the outperformance there versus your initial expectations And just how you're thinking about gross margin going forward with the a quarter of ownership of the acquisition completed that why circle one on,

好的。我的最後一個問題是關於本季毛利率大幅領先的問題。您能否談談與您最初的預期相比的優異表現以及您如何看待收購完成的四分之一所有權後的毛利率，這就是為什麼要圈選一個，

you know, U.S. volumes came in better than we expected on as well as product mix and pricing. So we really on improved versus expectations on all three of those fronts?

您知道，美國的銷售以及產品組合和定價都比我們的預期好。那麼我們在這三個方面真的比預期有所改善嗎？

And any color as to gross margins maybe in the fiscal fourth quarter and into calendar year 24?

第四財季和第 24 財年的毛利率有什麼不同嗎？

Yes. I still expect that gross margins are going to come down a bit sequentially from what we saw this quarter on similar to what I mentioned last quarter, we do expect to see a decrease in average selling price as well as price, really driven by product mix and the customer having to choose less options, which impact gross margin. And also we have the three recently opened idled facilities that are negatively impacting gross margins for the time being. And then the regional acquisition on generally, the regional operations have lower gross margins until we start capturing more synergies and also the purchase accounting implications on which we believe are going to be higher than what we saw in the next couple of quarters versus the third quarter.

是的。我仍然預計毛利率將比我們本季看到的情況有所下降，與我上季度提到的類似，我們確實預計平均售價和價格都會下降，這實際上是由產品組合驅動的客戶必須選擇較少的選項，這會影響毛利率。此外，我們最近開設的三個閒置設施暫時對毛利率產生了負面影響。然後是區域收購，總體而言，區域業務的毛利率較低，直到我們開始獲得更多的協同效應以及採購會計影響，我們認為與第三季度相比，我們認為未來幾季的採購會計影響將更高。

Great. That's all I had. Thank you very much.

偉大的。這就是我所擁有的一切。非常感謝。

Thank you.

謝謝。

Our next question comes from Matthew Bouley from Barclays. Please proceed.

我們的下一個問題來自巴克萊銀行的馬修·鮑利。請繼續。

Good morning, everyone. Thanks for taking the questions. I just wanted to touch on sort of the recent trends with all the volatility and in rates that you experienced during your fiscal quarter and kind of a year to date. And obviously, I think Mark you mentioned at the top, there's some noise around weather as well. So could you just kind of speak to maybe focusing on the on the dealer channel since you gave a lot already on the community side, but just kind of how has demand been progressing from a dealer perspective and retail perspective over the course of the calendar quarter and kind of into the new year?

大家，早安。感謝您提出問題。我只是想談談您在財政季度和迄今為止的一年中經歷的所有波動和利率的近期趨勢。顯然，我想馬克你在上面提到的，天氣方面也有一些噪音。那麼，您能否談談也許專注於經銷商管道，因為您已經在社區方面付出了很多，但從經銷商的角度和零售的角度來看，在本季度的過程中，需求是如何進展的並進入新的一年？

Yes. Thanks, Matt. I think the dealer channel has been are very strong over the over the actually several quarters. But this quarter, definitely we saw our year over year, order growth increased by 230%, and that was largely or are driven by builder developer and retail. As the communities, we're still are still slowly coming back but significantly down year over year. So I think that that bodes well to the strength of that retail channel as it continues to to return.

是的。謝謝，馬特。我認為經銷商通路在過去幾季中一直非常強大。但本季度，我們確實看到訂單年增了 230%，這很​​大程度上是由建築開發商和零售業推動的。作為一個社區，我們仍在緩慢恢復，但逐年大幅下降。因此，我認為這預示著該零售通路的實力將繼續回歸。

Got it. Okay. That's helpful. And then a second one on the price mix side. Just kind of curious if you can kind of unpack a little bit where that can go from, you know, it is kind of dependent on what happens with interest rates or Okay, because at a certain point, you're going to be you're going to be comping against that price mix having been coming down for a while. So kind of where do you anticipate price mix settling out? And what do you think it would take for that to begin to improve again? Thank you.

知道了。好的。這很有幫助。然後是價格組合方面的第二個。只是有點好奇，如果你能稍微解開一下它的來源，你知道，這有點取決於利率的變化，或者好吧，因為在某個時刻，你就會成為你自己。我們將與已經下降了一段時間的價格組合進行競爭。那麼您預計價格組合會如何解決？您認為需要什麼才能讓這種情況再次開始改善？謝謝。

Yes, Matt, I think overall price mix will be, as you heard me say, there are several states and several geographies that have a tremendous amount of volatility in there year over year speed of performance in a lot of that is just due to those changing demand levels for different product types in getting those to market and getting the consumers to those different price points and different product types. So as that customer evolves, I think you're going to see for some of those states that have, you know, the year-over-year declines in large declines in volumes. I think that's where you'll see the adjustment in probably the next quarter or two, then you'll start to see things stabilize. And then I think you'll see kind of upward momentum, you know, in a handful of quarters from now with those prices, it's really just readjusting the price points and the needs for what today consumer consumers need and that that rollout has not happened uniformly across all the states yet. It's still in progress.

是的，馬特，我認為總體價格組合將是，正如你聽到我說的，有幾個州和幾個地區的年復一年的表現速度存在巨大的波動，其中很多只是由於這些改變不同產品類型的需求水平，以將其推向市場並讓消費者接觸不同的價格點和不同的產品類型。因此，隨著客戶的發展，我認為您會看到一些州的銷量比去年同期大幅下降。我認為你可能會在接下來的一兩個季度看到調整，然後你會開始看到事情穩定下來。然後我認為你會看到某種上升勢頭，你知道，從現在起的幾個季度內，這些價格實際上只是重新調整價格點和當今消費者消費者的需求，而這種推出尚未發生尚未在所有州統一實施。目前仍在進行中。

Yes. Got it. Makes sense. Well, thanks, Mark. Good luck.

是的。知道了。說得通。嗯，謝謝，馬克。祝你好運。

Thank you.

謝謝。

Our next question comes from Mike Dahl from RBC Capital Markets. Please proceed.

我們的下一個問題來自加拿大皇家銀行資本市場的麥克達爾。請繼續。

Wanted to take my questions, a follow-up on on regional homes. And so when we think about the difference in terms of where the quarter shook out versus what the guide was. It implies a really sizable difference in terms of the regional contribution. And so I appreciate you kind of described some better trends there. But is there anything else you can that you can kind of point to in terms of was the ultimate timing of the close of the acquisition different than you had anticipated. Was there anything maybe one-time about trying to work down some of their backlog that boosted the sales in the quarter just because I think it's on it may have even been like a 50% differential versus what seem to be embedded in the guide a quarter ago. So any additional color would help?

想回答我的問題，關於地區住宅的後續問題。因此，當我們考慮本季的震動情況與指南的差異時。這意味著區域貢獻方面確實存在相當大的差異。所以我很欣賞你描述了一些更好的趨勢。但是，還有什麼可以指出的，即收購完成的最終時間與您的預期不同。是否有什麼可能一次性地嘗試減少一些積壓訂單，從而提高了本季度的銷售額，只是因為我認為它與季度指南中似乎嵌入的內容甚至可能有 50% 的差異。那麼任何額外的顏色會有幫助嗎？

Yes, I don't know that it was that material of a difference in kind of our thought process going into the quarter? Mike, on I think it was stronger, like I said, Louisiana and Mississippi, our E&O during the quarter had very, very strong growth and in terms of just industry output. So I think I think that was really a good indicator. And even through December, it was phenomenal. I think Mississippi was up 90% year over year in December. So I don't think we solve that or anticipated that strong year-over-year growth in that region. But I would say a lot of it came from stronger industry drivers in those states, better performance out of Georgia kind of that region, maybe a little bit better performance out of Texas. So I really think there was a handful of geographies that you know, kind of ebbs and flows and performed a little better along with obviously, the strongest performance was really out of Mississippi and don't forget regional is heavily retail-focused. And as we've mentioned, retail and builder developer had been very strong this year and continue to be it's really the community focus and the rates that have been on units often are starting to return focused on.

是的，我不知道這是否是我們進入本季的思考過程改變的重要原因？麥克，我認為路易斯安那州和密西西比州的情況更強勁，本季我們的 E&O 成長非常非常強勁，就產業產出而言。所以我認為這確實是一個很好的指標。即使在整個十二月，這也是驚人的。我認為密西西比州 12 月的房價年增了 90%。因此，我認為我們沒有解決這個問題，也沒有預期該地區會出現強勁的同比增長。但我想說，其中很大一部分來自這些州更強大的行業驅動力，佐治亞州該地區更好的表現，也許德克薩斯州的表現更好一些。所以我真的認為有一些你知道的地區，有起有落，表現更好一些，顯然，最強勁的表現確實來自密西西比州，不要忘記該地區主要以零售業為重點。正如我們所提到的，零售和建築開發商今年表現非常強勁，並且仍然是社區關注的焦點，而且單元房的價格通常開始回歸。

And so you'd view all that as core and there wasn't any sort of concerted effort to kind of just close out somewhat some of the backlog that you acquired?

所以你會認為所有這些都是核心，並且沒有任何形式的協調一致的努力來結束你所獲得的一些積壓？

No, definitely not now just normal operations thus far.

不，絕對不只是到目前為止的正常操作。

That's helpful. And then secondly, maybe also just point of clarification around the Triad venture and the CN stake on? Yes, I think technically that deal you had that closed for the entire quarter. Was there a contribution from either the ramp of the finance venture or just your income derived from your stake in ECN? And if so, where was that on on the P&L side?

這很有幫助。其次，也許只是對 Triad 合資企業和 CN 股份進行澄清？是的，我認為從技術上講，整個季度都已完成的交易。金融企業的發展是否有貢獻，或者只是您從 ECN 股份中獲得的收入？如果是這樣，那麼它在損益表方面的位置在哪裡？

Mike, on so we did have a small piece from the ECN investment. We recorded in Other Income and Expense dividend income of about 600 brands. And then that was offset by our share from the common stock of ECM losses for their September quarter of about $200,000. So a net positive in other income of about 400 brands on there was no activity from the JV. And this quarter, we're going to report that record that on a one quarter lag deployed the losses from ECM, the dividends are in the current period.

麥克，所以我們確實從 ECN 投資中獲得了一小部分。我們記錄了約600個品牌的其他收入和費用股息收入。然後，我們從 ECM 普通股中承擔的 9 月季度損失約 20 萬美元抵消了這一損失。因此，在合資企業沒有進行任何活動的情況下，約 400 個品牌的其他收入呈現淨正值。本季度，我們將報告這一記錄，即在部署 ECM 損失的一個季度滯後的情況下，股息屬於當期。

Okay. And will go will all of those come through the effectively the other income line or will there be different accounting treatment for the different pieces and

好的。所有這些都將有效地通過其他收入線，還是會對不同的部分進行不同的會計處理？

everything through other income? Okay.Anyway, I'll probably now pretty clearly in the Q when we file that this afternoon.

一切都透過其他收入？好吧，無論如何，當我們今天下午提交該文件時，我現在可能會在問題中非常清楚地說明這一點。

Okay.Thank you.

好的謝謝。

Our next question comes from Jay McCanless from Wedbush Securities. Please proceed.

我們的下一個問題來自 Wedbush Securities 的 Jay McCanless。請繼續。

Good morning, everyone. Could you talk to us about where charter rates were during the quarter and where they've trended since the beginning of the calendar year.

大家，早安。您能否與我們談談本季的包機費率以及自年初以來的趨勢。

Internal rates were anywhere from 8.5% to 10% on this quarter. I think that they've trended up basically. And while the beginning of '23, since the beginning of this year, they've been relatively flat. They lag J. generally on the 30-year fixed. So it does take a little bit longer for chattel rates to come down relative to the 30-year fixed.

本季內部利率在 8.5% 到 10% 之間。我認為它們基本上已經呈上升趨勢。雖然從 23 年初開始，但自今年年初以來，它們一直相對持平。他們在 30 年固定期限內普遍落後於 J.。因此，相對於 30 年固定利率，動產利率確實需要更長的時間才能下降。

Right. And then based on the eight K you were talking about, it looks like regional did $414 million and trailing 12 month sales as of April 2023, whereas regional trending relative to that year to date. And I thank you for the disclosure for the current quarter, but would love to know how they're sizing up versus what they did there and 2023 year?

正確的。然後，根據您所說的 8 K，截至 2023 年 4 月，區域銷售額和過去 12 個月的銷售額似乎達到了 4.14 億美元，而區域趨勢相對於當年迄今為止。我感謝您披露本季度的情況，但我很想知道他們如何評估他們在 2023 年所做的事情？

So Jade, the eight K has there on their results as of June 30th on for their period and obviously the year December of 22, they did have on disaster relief housing and their revenue. So it's not really apples to apples on this quarter was with more core products, what's our core product actually.

因此，Jade，8 K 列出了截至 6 月 30 日的業績，顯然是 12 月 22 日的業績，他們確實有救災住房和收入。因此，本季的核心產品並不是真正的同類產品，我們的核心產品實際上是什麼。

And then could you talk about what Champion's actual retail owned retail store count is now versus where it was a year ago.

然後您能否談談 Champion 現在的實際零售店數量與一年前相比是多少。

We have 73 sales centers right now versus cash-and-carry member sets us at 31 30 30 a.m. But again, we're in that range.

我們現在有 73 個銷售中心，而現購自運會員將我們的時間定為上午 31 點 30 點 30 點。但我們還是在這個範圍內。

And then, Mark, you said earlier in the call that fiscal fourth quarter is going to be flat and I didn't know if that's flat sequentially, flat year over year maybe you could give us some commentary on what you and Laurie are expecting in terms of revenues as well as gross margin for the fourth quarter?

然後，馬克，你早些時候在電話會議中說過，第四財季將持平，我不知道這是否連續持平，同比持平，也許你可以給我們一些關於你和勞裡的預期的評論。第第四季的營收和毛利率如何？

Yes. So expecting, Jay, that sequentially, revenue should be flat sequentially, really driven by the price mix coming down a little bit, as Lori mentioned, little bit of weather challenges. We've had, you know, flooding in certain regions, some flaws delays that have idled plants for in a handful of days or a week in various areas for shipping laws that will help shipping. So that will we played into that driver for the quarter. So I expect kind of flat sequentially And as far as margins, yes

是的。因此，傑伊預計，接下來的收入應該會持平，這實際上是由價格組合略有下降所推動的，正如洛里提到的，還有一點天氣挑戰。你知道，我們在某些​​地區發生了洪水，一些缺陷延誤導致各個地區的工廠閒置幾天或一周，因為航運法將有助於航運。因此，我們將在本季發揮這一推動作用。所以我預計會連續持平 就利潤率而言，是的

We expect margins to come down sequentially, Jay, because of the things I mentioned earlier on price mix as well as the purchase accounting for regional increasing a bit as we sell through more units on and then the opening of the new idled facilities previously authorities, but

傑伊，我們預計利潤率將依次下降，因為我之前提到的價格組合以及隨著我們出售更多單位以及當局之前開放的新閒置設施，區域採購佔比有所增加，但

thank you yes, that was actually going to be my next question, Mark, since a lot of the Southeast was an ice rink for at least a week during January, is that going to have an impact on volumes sequentially? And do you think you'll be able to capture some of the volume that you missed in January as we get through the rest of the quarter, assuming the weather doesn't get in the way again?

謝謝，是的，這實際上將是我的下一個問題，馬克，因為東南部的許多地區在一月份至少有一周時間都是溜冰場，這是否會對銷量產生連續的影響？假設天氣不再影響，您認為在本季度剩餘的時間裡，您是否能夠彌補 1 月份錯過的部分銷售？

Yes, I think I think we can catch up some of the volume there that from the ice shrink factor that you just mentioned, Jay, it's really more flooding and or if there's been a frost shipping laws that go into effect in towards the tail end of March, the flooding is really what will push out the orders and delay things for a quarter or two. So there's a tremendous amount of flooding getting things set and finished in the field will be delayed by weeks, if not months. And so, you know, it's flooding is probably more of the factor that we'd be looking at. And even ice rink, I think we can catch up most of that, the timing of the defaults that have happened throughout parts of the Southeast.

是的，我想我們可以從你剛才提到的冰收縮因素中趕上一些數量，傑伊，洪水確實更多，或者如果有霜凍運輸法在接近尾聲時生效三月份的洪水確實會推遲訂單並推遲一兩個季度。因此，在發生大量洪水的情況下，現場設置和完成工作將被推遲數週甚至數月。所以，你知道，洪水可能是我們更需要關注的因素。甚至溜冰場，我認為我們可以趕上其中大部分，即東南部部分地區發生的違約時間。

Got it. Okay. And then the last one I had it sounds like that and correct me, please from on this, but it sounds like the average selling price for regional is probably higher and then legacy skyline. And that's I'm assuming because they're being sold at retail, but why is there a negative gross margin differential versus versus what you were selling at legacy Scotland?

知道了。好的。然後我的最後一個聽起來就是這樣，請糾正我，但聽起來區域的平均售價可能更高，然後是傳統的天際線。這是我的假設，因為它們是以零售方式銷售的，但為什麼與您在傳統蘇格蘭銷售的產品相比，存在負毛利率差異？

And so their mix of wholesale and retail is definitely on more concentrated in retail. So their average ASP on a consolidated basis will be higher because of that mix between wholesale and retail on and, you know, the margins are just generally, they've just been generally lower. We do have the $10 million to $15 million of synergies that will help bring those up to on our legacy Skyline Champion margin and then input costs, OSB prices, other things.

因此，他們的批發和零售組合肯定更集中於零售。因此，由於批發和零售之間的混合，他們的平均平均售價會更高，而且你知道，利潤率普遍較低。我們確實擁有 1000 萬至 1500 萬美元的協同效應，這將有助於使我們的 Skyline Champion 利潤率、投入成本、OSB 價格等達到我們的傳統水平。

But what are you seeing on that front? Anything we need to be concerned about or watching there?

但你在這方面看到了什麼？有什麼需要我們關注或關注的嗎？

Yes. No, we're seeing some inflation probably coming into the spring and summer selling season on, but we're keeping a close eye on it, Jay and and passing that information on to our plants and they make the final pricing decision based on on the competitive environment in the region.

是的。不，我們看到春季和夏季銷售季節可能會出現一些通貨膨脹，但我們正在密切關注這一點，傑伊並將該信息傳遞給我們的工廠，他們根據以下因素做出最終定價決定該地區的競爭環境。

Okay, great. That's all I had. Thanks.

好的，太好了。這就是我所擁有的一切。謝謝。

Thank you, Jay.

謝謝你，傑伊。

This concludes our question and answer session. I would like to turn the floor back over to Mark.

我們的問答環節到此結束。我想把發言權交還給馬克。

Just for closing comments.

只是為了結束評論。

Thank you for your attention, and we look forward to continuing this journey of success together. We look forward to updating you on our progress during our fiscal year-end earnings call in late May. Thank you and have a good day.

感謝您的關注，我們期待共同繼續這趟成功之旅。我們期待在五月下旬的財年終收益電話會議上向您通報我們的最新進展。謝謝你，有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。