Champion Homes Inc (SKY) 2024 Q4 法說會逐字稿

Good morning, and welcome to Skyline Champion Corporation's fourth quarter and full year fiscal 2024 earnings conference call. The company issued its earnings press release yesterday after the close.

早安，歡迎參加 Skyline Champion Corporation 的 2024 財年第四季和全年財報電話會議。該公司昨天收盤後發布了收益新聞稿。

I'd 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，今天的新聞稿和電話會議期間發表的聲明包含 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 financial measures, which it believes can be useful in evaluating its performance. A definition and 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財務指標，該公司認為這些指標有助於評估其績效。這些措施的定義和調節可以在收益報告中找到。

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

現在我想將電話轉給東道主 Skyline Champion 總裁兼執行長 Mark Yost 先生。請繼續。

Thank you for joining our earnings call, and good morning all. I am pleased to have Laurie Hough, our EVP and CFO, with me today. On this call, I will briefly cover the highlights from the full year and the fourth quarter. I will also update you on our progress in the first quarter of fiscal 2025 and share some insights on our expectations for the remainder of the year.

感謝您參加我們的財報電話會議，大家早安。我很高興今天有我們的執行副總裁兼財務長 Laurie Hough 與我在一起。在這次電話會議上，我將簡要介紹全年和第四季的亮點。我也會向您介紹我們在 2025 財年第一季取得的最新進展，並分享我們對今年剩餘時間的預期的一些見解。

In fiscal 2024, Skyline Champion made significant strides in executing our strategic vision through investments in integrated turnkey solutions for retail, financial services, and home completion. These efforts not only broaden our geographical reach and enhanced our market approach, but also upgraded our digital lead management systems, improving service to customers and expanding the market for our products. In line with our investment priorities, we also approved a share repurchase program for up to $100 million of our common stock. This decision reflects our strong balance sheet, robust cash generation while returning excess capital to shareholders after investing in strategic and growth priorities.

2024 財年，Skyline Champion 透過投資零售、金融服務和住宅竣工綜合交鑰匙解決方案，在執行我們的策略願景方面取得了重大進展。這些努力不僅擴大了我們的地理覆蓋範圍，增強了我們的市場策略，還升級了我們的數位銷售線索管理系統，改善了對客戶的服務並擴大了我們產品的市場。根據我們的投資重​​點，我們還批准了一項高達 1 億美元普通股的股票回購計畫。這項決定反映了我們強大的資產負債表、強勁的現金產生能力，同時在投資於策略和成長優先事項後將多餘資本回饋給股東。

For the year, we were able to provide 21,845 customers and families with a place to call home and reported over $2 billion in top line revenue. The year-over-year decrease in unit volume was driven by the community and government channels as builder developer and retail unit volumes grew year-over-year based upon the strength of demand for affordable housing. From a market perspective, consumer demand remains healthy in the face of housing shortages and a growing base of potential homeowners. The challenges posed by higher interest rates further highlight the need for accessible housing options. Our strategic efforts to enhance the home buying experience has significantly increased the visibility of our solutions in this competitive economic environment.

這一年，我們為 21,845 名客戶和家庭提供了一個可以稱之為家的地方，並報告了超過 20 億美元的收入。單位數量的同比下降是由社區和政府管道推動的，因為建築商和零售單位數量基於經濟適用房需求的強勁而逐年增長。從市場角度來看，面對住房短缺和潛在購屋者群體不斷擴大的情況，消費者需求仍然健康。高利率帶來的挑戰進一步凸顯了對無障礙住房選擇的需求。我們為增強購屋體驗所做的策略性努力顯著提高了我們的解決方案在競爭激烈的經濟環境中的知名度。

Demand this quarter was reinforced by a 16% sequential increase in orders and a 118% organic rising year-over-year, reflecting sustained demand for affordable housing and the growth in emerging channels like builder developer sector, which was our fastest-growing segment. Despite these gains, the quarter presented challenges, including adverse weather conditions and longer cycle times for our Regional acquisition, which temporarily reduced net sales and led to higher levels of finished good inventory.

本季的需求因訂單環比增長16% 和同比有機增長118% 得到加強，反映出對經濟適用房的持續需求以及建築開發商行業等新興渠道的增長，建築開發商行業是我們增長最快的領域。儘管取得了這些成績，但本季仍面臨挑戰，包括惡劣的天氣條件和區域收購週期時間延長，這暫時減少了淨銷售額並導致成品庫存水平更高。

Our US home sales in the quarter increased year-over-year by 15% to 5,652 units. This growth was supported by our strategic acquisition and enhanced manufacturing capabilities. Though our process was tempered by inclement weather, which disrupted the shipping and setting of our homes. Additionally, weaker demand in Canada contributed to sales figures that did not meet our expectations. Nonetheless, the positive trends in organic net order volume growth at our manufacturing plants are driving the future outlook.

本季我們的美國房屋銷售量年增 15% 至 5,652 套。這一增長得益於我們的策略性收購和增強的製造能力。儘管我們的過程受到惡劣天氣的影響，這擾亂了我們房屋的運輸和佈置。此外，加拿大需求疲軟導致銷售數據未達到我們的預期。儘管如此，我們製造工廠的有機淨訂單量成長的積極趨勢正在推動未來的前景。

During the fourth quarter, we recorded $34.5 million reserve for estimated remediation costs related to a water intrusion issue. This issue was isolated involving materials that did not perform in accordance with the manufacturer's contractual obligations and was limited to homes constructed at one of our manufacturing facilities. We discontinued the use of this material in our production process in March 2021. We are actively seeking recoveries from various parties, including the supplier, their insurance provider and our own insurance provider. Laurie will elaborate on this shortly.

第四季度，我們記錄了 3,450 萬美元的儲備金，用於與水入侵問題相關的估計修復成本。該問題是孤立的，涉及不符合製造商合約義務的材料，並且僅限於在我們的製造工廠之一建造的房屋。我們於 2021 年 3 月停止在生產過程中使用這種材料。我們正在積極向各方尋求賠償，包括供應商、他們的保險提供者和我們自己的保險提供者。勞裡很快就會對此進行詳細闡述。

Our gross profit margin adjusted for the water intrusion remediation costs indicate sustainable profitability as we continue to navigate shifts in product mix driven by consumer affordability. As operations at our new plants ramp up, we expect some margin impact, but the increased volumes should help us maintain our backlog lead times within the usual 4- to 12-week range. Our year-end backlog stood at $316 million, marking a 9% sequential increase with current lead times averaging nine weeks.

我們根據水入侵修復成本調整後的毛利率表明，隨著我們繼續應對消費者承受能力驅動的產品結構變化，我們的獲利能力可持續。隨著我們新工廠營運的增加，我們預計利潤率會受到一些影響，但產量的增加應該有助於我們將積壓交貨時間維持在通常的 4 至 12 週範圍內。我們的年終積壓訂單達到 3.16 億美元，季增 9%，目前平均交貨時間為 9 週。

The integration of our recent investments is a top priority. We are focusing on capturing synergies and aligning cultures and systems capabilities. We have made significant progress in achieving operational and purchasing efficiencies at the Regional manufacturing facilities and are on track to achieve the upper end of our original synergy target of $10 million to $15 million by the end of fiscal 2025 ahead of schedule.

整合我們最近的投資是當務之急。我們專注於捕捉協同效應並調整文化和系統能力。我們在實現區域製造工廠的營運和採購效率方面取得了重大進展，並預計在 2025 財年末提前實現我們最初設定的 1,000 萬至 1,500 萬美元協同目標的上限。

This quarter, we also expanded our financial services through our partnership with Triad, introducing new programs that include floor plan financing for our independent dealers and consumer financing for selected national products. Although these initiatives are in the early stages, they have been well received in the market and show great potential in attracting new home customers and meeting the comprehensive needs of homebuyers. These strategic actions, supported by our order growth, affirm our commitment to strengthening our market position and delivering on our promise of accessible, comprehensive housing solutions.

本季度，我們還透過與 Triad 的合作擴大了我們的金融服務，推出了新計劃，包括為我們的獨立經銷商提供平面圖融資以及為選定的國家產品提供消費者融資。儘管這些措施仍處於早期階段，但已受到市場的好評，在吸引新購屋客戶、滿足購屋者的綜合需求方面展現出巨大潛力。這些策略行動在我們的訂單成長的支持下，證實了我們對加強市場地位和兌現我們提供無障礙、全面的住房解決方案的承諾的承諾。

Moving into our first fiscal quarter. We are seeing healthy demand from both retailers and builder developers. Their consistent ordering patterns are key drivers of our growth. Additionally, with a year-over-year increase in orders from our community partners, we are starting to ramp production in our manufacturing facilities. Looking ahead, we anticipate low double-digit sequential revenue growth. This will be driven by the order growth we have seen partially tempered by a growing backlog as we balance between increasing production while maintaining our high standards of quality.

進入我們的第一個財政季度。我們看到零售商和建築開發商的健康需求。他們一致的訂購模式是我們成長的關鍵驅動力。此外，隨著社區合作夥伴的訂單逐年增加，我們開始提高製造工廠的產量。展望未來，我們預期營收將出現兩位數的低成長。這將受到訂單成長的推動，我們看到訂單成長在一定程度上受到了積壓訂單成長的影響，因為我們在增加產量和維持高品質標準之間取得了平衡。

On the macroeconomic front, job and wage growth remains strong, especially in critical sectors like health care, manufacturing, and retail, which are foundational to our customer base. Given recent inflationary pressures and robust employment data, we anticipate the Federal Reserve will maintain higher interest rates for an extended period. These dynamics support the stability of future demand for our products. Higher income levels, coupled with sustained high interest rates and the shortage of affordable housing align well with our pricing and product offerings.

在宏觀經濟方面，就業和薪資成長仍然強勁，尤其是在醫療保健、製造和零售等關鍵領域，這些領域是我們客戶群的基礎。鑑於近期的通膨壓力和強勁的就業數據，我們預期聯準會將在較長時間內維持較高的利率。這些動態支持了我們產品未來需求的穩定性。較高的收入水平，加上持續的高利率和經濟適用房的短缺，與我們的定價和產品供應完全一致。

As we continue to integrate our acquisitions and enhance our integrated turnkey solutions across retail, financial services, and home completion, we are not only broadening our geographical reach, but also reinvesting and reinventing our approach to the market. A pivotal aspect of this progress is strengthening our digital lead management system. This enhanced platform is now more robust, better introducing our customers to our products, and expanding our total market presence. The successful integration of these turnkey solutions has increased our capture rate of both channel partners and end consumers.

隨著我們繼續整合我們的收購並增強我們在零售、金融服務和家居裝修方面的綜合交鑰匙解決方案，我們不僅擴大了我們的地理覆蓋範圍，而且還重新投資和重塑了我們的市場方法。這項進展的一個關鍵方面是加強我們的數位潛在客戶管理系統。這個增強的平台現在更加強大，可以更好地向客戶介紹我們的產品，並擴大我們的整體市場份額。這些統包解決方案的成功整合提高了我們對通路合作夥伴和最終消費者的捕獲率。

The positive reception at recent industry events, coupled with the launch and early capture rates of Champion Financing highlights the effectiveness of our strategies. These achievements have ignited considerable market interest, open new paths for growth, and further expanded our opportunities in the housing market.

最近產業活動的正面反響，加上冠軍融資的推出和早期捕獲率，凸顯了我們策略的有效性。這些成就激發了巨大的市場興趣，開啟了新的成長路徑，並進一步擴大了我們在房地產市場的機會。

I will now hand the call over to Laurie, who will provide more detail and insights into our quarterly financial performance.

我現在將把電話轉交給勞裡，他將提供有關我們季度財務業績的更多詳細資訊和見解。

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，大家早安。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期望。

During the fourth quarter, net sales increased 9% to $536 million compared to the same quarter last year, with US factory-built housing revenue increasing 12%. The number of homes sold increased 15% to 5,652 homes in the US compared to 4,900 homes in the prior year period. US home volume during the quarter was supported by additional retail and manufacturing capacity resulting from the Regional Homes acquisition that contributed approximately $108 million to net sales during the quarter as well as the opening of our Bartow, Florida and Decatur, Indiana facilities earlier this year.

第四季淨銷售額較去年同期成長 9%，達到 5.36 億美元，其中美國工廠建造的房屋收入成長 12%。美國售出房屋數量增加 15%，達到 5,652 套，去年同期為 4,900 套。本季度美國房屋銷售量得到了額外的零售和製造能力的支持，這些能力來自於收購Regional Homes，為本季度的淨銷售額貢獻了約1.08 億美元，以及今年早些時候我們在佛羅裡達州巴托和印第安納州迪凱特工廠的開幕。

The average selling price per US home sold decreased by 3% to $89,800 due to changes in product mix and reduced material surcharges compared to the prior year. On a sequential basis, US factory-built housing revenue decreased 3% in the fourth quarter compared to the third quarter of fiscal 2024. Interest rates continue to have an impact on our core product ASPs as consumers are focused on maintaining affordable monthly payments.

由於產品結構的變化以及材料附加費的減少，與前一年相比，美國每棟房屋的平均售價下降了 3%，至 89,800 美元。與 2024 財年第三季相比，美國第四季工廠建造的房屋收入較上季下降了 3%。由於消費者專注於維持負擔得起的每月付款，利率繼續對我們的核心產品平均售價產生影響。

On a sequential basis, the average selling price per home decreased 3%. And going forward, we expect revenue and ASPs to continue to be impacted by a mix of lower optioned homes. Capacity utilization was 57%, which was flat compared to the sequential third quarter of fiscal 2024. Current utilization rates primarily reflect the increased capacity brought online through acquisitions and newly opened plants.

環比來看，每間房屋的平均售價下降了 3%。展望未來，我們預計收入和平均售價將繼續受到選擇性較低的房屋的影響。產能利用率為 57%，與 2024 財年第三季相比持平。目前的利用率主要反映了透過收購和新開設工廠而增加的產能。

Canadian revenue during the quarter was $23 million, representing a 23% decline in the number of homes sold, which was partially mitigated by a 4% increase in the average home selling price. The average home selling price in Canada increased to $121,200 due to a shift in product mix. The reduction in sales volume can be attributed to a combination of factors, including higher interest rates that have tempered buyer enthusiasm. In addition, economic uncertainties driven by the current drought in the Prairies and Western Canada are causing rural homebuyers to delay their purchases. These conditions are anticipated to continue to impact the housing market dynamics in these regions in the near term.

加拿大本季收入為 2,300 萬加元，售出房屋數量下降 23%，但平均房屋售價上漲 4% 部分緩解了這一影響。由於產品結構的變化，加拿大的平均房屋售價上漲至 121,200 美元。銷售下降可歸因於多種因素，其中包括利率上升抑制了買家的熱情。此外，目前大草原和加拿大西部的乾旱造成的經濟不確定性導致農村購屋者推遲購屋。預計這些情況在短期內將繼續影響這些地區的房地產市場動態。

Consolidated gross profit decreased 30% to $98 million in the fourth quarter, and our gross margin contracted by 1,040 basis points from 28.7% in the prior year period. The change in gross profit and gross margin reflects the impact of the estimated liability of $34.5 million recorded in the fourth quarter of fiscal 2024 related to the remediation costs for water intrusion issues in homes produced at one of our plants from 2016 to early 2021.

第四季綜合毛利潤下降 30% 至 9,800 萬美元，毛利率較去年同期的 28.7% 下降 1,040 個基點。毛利和毛利率的變化反映了2024 財年第四季度記錄的3,450 萬美元估計負債的影響，該負債與2016 年至2021 年初我們其中一家工廠生產的房屋水侵入問題的補救成本有關。

We've developed a remediation plan that calls for inspection and repair or mitigation of affected homes. We estimated the charges by establishing a range of total expected costs using an actuarial analysis. The analysis resulted in a range of losses between $34.5 million and $85 million. We were not able to determine a value in the range that was more likely than any other value and as prescribed by accounting guidance recorded the charge based on the low end of the range. We will monitor the results of the inspection and repair activities and may revise the amounts of the estimated liability, which could result in an increase or decrease in the estimated liability in future periods.

我們制定了一項補救計劃，要求對受影響的房屋進行檢查、修復或緩解。我們透過精算分析確定一系列總預期成本來估算費用。分析得出的損失範圍為 3,450 萬美元至 8,500 萬美元。我們無法確定該範圍內的某個值比任何其他值更有可能，並且按照會計指南的規定，根據該範圍的下限記錄費用。我們將監控檢查和維修活動的結果，並可能修改預計負債金額，這可能導致未來期間的預期負債增加或減少。

As Mark mentioned, we're pursuing recoveries from the manufacturer, the distributor and the related insurance companies, but cannot estimate or record those potential recoveries in this period. Adjusted gross profit decreased by 6% to $133 million, and adjusted gross margin was 24.8% of net sales, a 390 basis point contraction compared to the prior year period. The contraction in adjusted gross margin was primarily due to lower average selling prices in the US and the shift in product mix to less optioned homes as well as the ramping of our previously idled facilities and the impact of the Regional Homes acquisition.

正如馬克所提到的，我們正在向製造商、分銷商和相關保險公司尋求追償，但無法估計或記錄這段時期的潛在追償。調整後毛利下降 6%，至 1.33 億美元，調整後毛利率佔淨銷售額的 24.8%，較上年同期下降 390 個基點。調整後毛利率的收縮主要是由於美國平均售價下降、產品組合轉向選擇較少的住宅、以及我們先前閒置設施的增加以及區域住宅收購的影響。

Regional Homes core product gross margins are generally lower than the legacy Skyline Champion margins. In addition, consolidated margins were impacted by the effect of purchase accounting increases to the carrying value of Regional finished goods inventory, which had a negative 80 basis point impact on consolidated gross margins during the quarter. We expect this purchase accounting impact to continue in the near term as we sell off the finished goods inventory acquired.

區域住宅核心產品的毛利率普遍低於傳統的 Skyline Champion 的毛利率。此外，合併利潤率也受到採購核算增加對區域成品庫存帳面價值的影響，這對本季的合併毛利率產生了 80 個基點的負面影響。我們預計，隨著我們出售所收購的製成品庫存，這種採購會計影響將在短期內持續。

SG&A in the fourth quarter increased $18 million to $91 million, primarily due to the Regional Homes acquisition, partially offset by lower variable compensation at existing operations.

第四季的SG&A 增加了1,800 萬美元，達到9,100 萬美元，主要是由於收購了Regional Homes，部分被現有業務可變薪酬的降低所抵消。

Net income for the fourth quarter decreased 95% to $3 million or $0.05 per diluted share compared to net income of $58 million or earnings of $1 per share during the same quarter period last year. The decrease in EPS was driven by the decline in sales and gross profit, including the impact of the estimated remediation costs for the water intrusion issue.

第四季淨利下降 95%，至 300 萬美元，即稀釋後每股收益 0.05 美元，去年同期淨利為 5,800 萬美元，即每股收益 1 美元。每股盈餘下降是由於銷售額和毛利下降所致，其中包括水入侵問題的估計修復成本的影響。

Adjusted net income per diluted share was $0.62, excluding the estimated remediation costs for the water intrusion liability and the company's share of ECN's calendar fourth quarter loss of $7 million. As a reminder, we record the impact of our equity investment in ECN's common shares on a one-quarter lag.

調整後每股攤薄淨利潤為 0.62 美元，不包括水入侵責任的估計補救成本以及該公司在 ECN 日曆第四季度虧損 700 萬美元中所應承擔的份額。提醒一下，我們對 ECN 普通股的股權投資的影響記錄了四分之一的滯後。

The company's effective tax rate for the quarter was 19.2% versus an effective tax rate of 24.5% for the year ago period. The decrease in the effective tax rate is primarily due to equity compensation and tax credits.

該公司本季的有效稅率為 19.2%，而去年同期的有效稅率為 24.5%。有效稅率的下降主要是由於股權補償和稅收抵免。

Adjusted EBITDA for the quarter was $53 million compared to $76 million in the prior year period. Adjusted EBITDA margin was 9.9% compared to 15.5% in the prior year period, which was impacted by lower gross margins and higher SG&A.

本季調整後 EBITDA 為 5,300 萬美元，而上年同期為 7,600 萬美元。調整後 EBITDA 利潤率為 9.9%，而去年同期為 15.5%，這是受到毛利率下降和 SG&A 上升的影響。

As we've noted in previous quarters, we expect a continued decline in our gross margin in the near term. This trend is influenced by homebuyers increasingly selecting homes with fewer options driven by inflationary pressures and persistently high interest rates. Additionally, the ramp-up of our new plant operations and the sale of finished goods inventory from the acquisition of Regional Homes retail sales centers contribute to this outlook. Collectively, these dynamics are likely to push our gross margins down in the short term, 100 basis points to 150 basis points versus the sequential fourth quarter.

正如我們在前幾季所指出的，我們預計短期內毛利率將持續下降。這一趨勢的影響因素是，由於通膨壓力和持續高利率，購屋者越來越多地選擇選擇較少的房屋。此外，我們新工廠營運的增加以及收購區域住宅零售中心的成品庫存銷售也促成了這一前景。總的來說，這些動態可能會在短期內推低我們的毛利率，與第四季相比下降 100 至 150 個基點。

Despite these headwinds, we remain confident in reaching our long-term structural margin targets, bolstered by ongoing enhancements in our operational capabilities and strategic investments in the business. As of March 30, 2024, we had nearly $500 million of cash and cash equivalents and long-term borrowings of $25 million with no maturities until 2026.

儘管存在這些不利因素，但在營運能力和業務策略投資不斷增強的支撐下，我們仍有信心實現長期結構性利潤目標。截至 2024 年 3 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，2026 年才到期。

We generated $4 million of operating cash flows for the quarter compared to $52 million for the prior year period. Operating cash flows were adversely impacted by the growth in our captive retail inventory balances and growth in our independent dealer floor plan receivables.

本季我們產生了 400 萬美元的營運現金流，而去年同期為 5,200 萬美元。營運現金流量受到自有零售庫存餘額成長和獨立經銷商平面圖應收帳款成長的不利影響。

On May 16, 2024, our Board of Directors approved a share repurchase program for up to $100 million of our common stock. The share repurchase program may be amended, suspended, or terminated by the Board of Directors at any time. We plan to fund the program from existing cash on hand and future cash generation. This program represents a logical evolution of our capital allocation strategy as our strong balance sheet and cash generation allows us to maintain a balanced approach to returning capital to shareholders, reinvestment, and growth initiatives.

2024 年 5 月 16 日，我們的董事會批准了一項最多 1 億美元普通股的股票回購計畫。董事會可隨時修改、暫停或終止股份回購計畫。我們計劃從現有現金和未來現金產生中為該計劃提供資金。該計劃代表了我們資本配置策略的邏輯演變，因為我們強大的資產負債表和現金產生能力使我們能夠保持平衡的方式向股東返還資本、再投資和成長計劃。

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 outlook looks bright for our company. With demand from retailers and builder developers, the return of more normal ordering volumes from 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're excited about the opportunities that lie ahead.

謝謝，勞裡。我們公司的長期前景看起來很光明。隨著零售商和建築開發商的需求、社區合作夥伴恢復正常的訂購量以及對經濟適用房的持久需求，我們已做好持續成長和成功的準備。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 section, I would like to express our gratitude to the entire Skyline Champion team for their exceptional efforts this year as we drive for long-term success. And with that, operator, you may now open the lines for Q&A.

在我們進入問答部分之前，我要對整個 Skyline Champion 團隊今年在我們爭取長期成功的過程中所做的傑出努力表示感謝。接線員，您現在可以打開問答線路了。

(Operator Instructions) Phil Ng, Jefferies.

（操作員說明）Phil Ng，Jefferies。

Hey, guys. I appreciate the color that, Mark, you provided perhaps that weighed on results from a top line perspective, weather and stuff of that nature. And the low double-digit sequential growth is actually quite strong, but given some of the noise you saw in the fourth quarter, is the spring selling season kind of shaping up as you thought? And the elongated cycle time you called out -- dynamic you called out in this past quarter, is that largely flushed out at this point?

大家好。我很欣賞馬克，你提供的顏色，也許從頂線角度、天氣和類似性質的東西來看，它對結果產生了影響。低兩位數的環比增長實際上相當強勁，但考慮到您在第四季度看到的一些噪音，春季銷售季節是否像您想像的那樣正在形成？您在上個季度提出的延長週期時間，現在是否已基本消除？

Yeah, Phil, thank you, and good morning. I think the spring selling season and demand-wise is shaping up as we thought very healthy demand overall. The tie-up with weather and other things is really just a timing issue. So if you look at our inventory balances on the balance sheet, you'll see an increase sequentially quarter-over-quarter. That was largely driven by just timing of retail inventory getting delivered and not yet set and finished.

是的，菲爾，謝謝你，早安。我認為春季銷售季節和需求正在形成，因為我們認為整體需求非常健康。與天氣和其他因素的連結實際上只是一個時間問題。因此，如果您查看資產負債表上的庫存餘額，您會發現環比增長。這主要是由於零售庫存交付的時間尚未確定和完成而造成的。

So that cycle time is a little longer than we expected. I expect that this quarter will work through some of that. But I think demand at retail is very strong. So it will probably be rather balanced through the quarter.

所以這個週期時間比我們預期的要長一些。我預計本季將解決其中的一些問題。但我認為零售業的需求非常強勁。因此，整個季度可能會相當平衡。

Okay. And then you talked about the REIT channel, perhaps activity picking up a little bit, Mark. It's been lots of hits and goes in that channel. Can you just provide a little more color what you're seeing on that front and how your customers are reacting? Have you started seeing them kind of step-up order activity and where to kind of -- how they're managing that business?

好的。然後你談到了房地產投資信託基金管道，也許活動有所回升，馬克。該頻道的點擊量和點擊率都很高。您能否提供更多有關您在這方面看到的情況以及客戶的反應的資訊？您是否開始看到他們的逐步訂單活動以及在哪裡 - 他們如何管理該業務？

Yeah, Phil, I think the REIT customers are starting to return to market in a decent way. Actually, some of our plants, you'll see backlogs probably grow this quarter in addition to the sequential growth in revenue just because those customers are starting to return this quarter kind of in the March, April time period and forward. Not everybody has returned, but I would say most of them have started to return to ordering. And so I would expect that volume to ramp up into our first and second quarters. It will ramp through.

是的，菲爾，我認為房地產投資信託基金的客戶正開始以一種體面的方式重返市場。實際上，在我們的一些工廠中，除了收入的環比增長之外，您還會看到本季度的積壓訂單可能會增加，因為這些客戶在本季度（三月、四月及以後）開始返回。並不是每個人都回來了，但我想說他們中的大多數人已經開始恢復訂單。因此，我預計第一季和第二季的銷售量將會增加。它將逐漸通過。

Interest rates are not really impacting them to a great deal, most of them. I think it's really the ones that are focused on rentals are very strong. And actually, given the Champion Financing partnership with Triad and some of the other turnkey services we're offering, we've actually signed up some new communities that are now approaching us because of those additional offerings.

利率並沒有真正對他們中的大多數人產生很大影響。我認為專注於租賃的公司確實非常強大。事實上，考慮到 Champion Financing 與 Triad 的合作夥伴關係以及我們提供的其他一些統包服務，我們實際上已經簽約了一些新社區，這些社區現在正在因為這些額外的服務而與我們接洽。

Got you. And on that note, Mark, how are you set up on Triad? I know early on, as you kind of integrated, you were kind of working through that. How are you set up perhaps now as you kind of head to a very busy time of the year? And appreciate any color in terms of opportunities and wins you've seen with this acquisition you guys made or a partnership you've made, obviously.

明白你了。馬克，你在 Triad 上的表現如何？我很早就知道，當你融入其中時，你就在努力解決這個問題。當你即將進入一年中非常忙碌的時期時，你現在準備如何？顯然，感謝你們在此次收購或建立的合作關係中所看到的機會和勝利。

Yeah. I think that the system integration or kind of setup is behind us, that's done. Their team at Triad has done a great job on that. I think we've rolled out some new programs. So those have been very well received. Early innings on that, but the traction has been exceptional. And actually, I think one of the key surprises or maybe not surprises, but good conclusions coming from that is given that we have this partnership, we're getting kind of customers that we couldn't attract previously are now looking to do business with us or more business with us because of those relationships.

是的。我認為系統整合或某種設定已經過去了，已經完成了。Triad 的團隊在這方面做得非常出色。我認為我們已經推出了一些新計劃。所以這些都非常受歡迎。雖然剛開始幾局，但牽引力非常出色。事實上，我認為關鍵的驚喜之一，也許不是驚喜，但鑑於我們有這種合作夥伴關係，我們得到了一些我們以前無法吸引的客戶現在正在尋求與之開展業務，因此得出了很好的結論由於這些關係，我們或與我們有更多業務。

Okay. I appreciate all the color, guys. Thanks.

好的。我很欣賞所有的顏色，夥計們。謝謝。

Thank you.

謝謝。

Mike Dahl, RBC Capital Markets.

麥克·達爾，加拿大皇家銀行資本市場部。

Hi, it's actually Chris on for Mike. Maybe just going back to the volume outlook or results this quarter. I think the industry kind of came up low double digits. You guys looks like on an organic basis, saw volumes down mid-single digits. So could you just help us bridge the gap? I know weather was an issue, but just maybe put some quantification around the relative performance versus the industry.

嗨，實際上是克里斯代替邁克。也許只是回到本季的銷售前景或業績。我認為這個行業的成長有點低兩位數。你們看起來在有機基礎上，銷量下降了中個位數。那麼你能幫助我們彌合差距嗎？我知道天氣是一個問題，但也許可以對行業的相對錶現進行一些量化。

Yeah. I think if you take a look at our top line and if you just adjust it for the finished good inventory build during the quarter, you'll see that we're right on par. So it's really just a timing issue with its cycle time through the inventory channel and through the retail channel. They really created that.

是的。我認為，如果您看一下我們的營收情況，並根據本季的成品庫存建設進行調整，您就會發現我們的業績處於同等水平。因此，這實際上只是一個透過庫存管道和零售管道的週期時間的時間問題。他們確實創造了這個。

Got it. So does that imply that next quarter, you're assuming to outperform the market, just given that timing dynamic?

知道了。那麼，這是否意味著下個季度，考慮到時機動態，您就假設跑贏大盤？

Yeah. I think if you take a look -- it depends on the timing of backlog as well on that, Chris. But yes, I think if you look at kind of how we're talking sequential growth, I think you'll see some of that freed-up demand coming through how we're thinking about this upcoming quarter.

是的。我想如果你看一下——這也取決於積壓的時間，克里斯。但是，是的，我認為如果你看看我們如何談論連續成長，我想你會看到一些釋放的需求來自我們對下一個季度的看法。

Appreciate that. And then just on the water intrusion remediation costs, I know you guys said you're expecting some recoveries to cover that just given the wide range of outcomes, and I know it's still early on, but is your base case expectation today that the recoveries you'll get from suppliers will kind of cover the potential range of outcomes on the liability side? Or is it -- just some help on understanding the ultimate cash flow impacts to expect from you guys.

感謝。然後就水入侵修復成本而言，我知道你們說，考慮到結果範圍廣泛，你們預計會得到一些恢復，我知道現在還為時過早，但您今天的基本情況期望是恢復您將從供應商在那裡得到的資訊是否涵蓋了責任方面的潛在結果範圍？或者是——只是幫助了解你們對現金流的最終影響。

Hi, Chris. Yeah, so we're really in the early stages of development of understanding what the total impact is going to be and what the recoveries are. So at this point, we just want to see how the repairs and communications develop.

嗨，克里斯。是的，所以我們確實處於了解整體影響以及復原情況的早期發展階段。所以此時，我們只想看看修復和通訊如何發展。

And I guess, timing of that clarity. Just do you have a sense of kind of when you'll have a better sense of --

我想，這種清晰的時機。只是你是否有一種感覺，什麼時候你會有更好的感覺--

Yeah. So the first step was our communication to HUD, and that happened recently. And so they need to come back to us and give us approval on our plan for remediation. And then the next step after that will be communication to the customers of the homes. And then we need to understand what reply rate we get. And from there, we'll go out and inspect the homes and do whatever the appropriate level of mitigation is.

是的。因此，第一步是我們與 HUD 進行溝通，這是最近發生的。因此，他們需要回到我們身邊並批准我們的補救計劃。下一步將是與房屋的客戶溝通。然後我們需要了解我們得到的回覆率。從那裡，我們將出去檢查房屋，並採取任何適當的緩解措施。

Understood. Appreciate the color.

明白了。欣賞顏色。

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Yes. Thanks, Mark. Thanks, Laurie. Good morning. You touched on it, obviously, but maybe just drill down into the cadence of kind of retail traffic and demand through the quarter as well as overall orders, including community business and how that's trended thus far in April and May, as we get more into the spring selling season as they continue to kind of tick higher sequentially. What are you seeing there at the ground level?

是的。謝謝，馬克。謝謝，勞裡。早安.顯然，您提到了這一點，但也許只是深入了解本季零售流量和需求的節奏以及整體訂單，包括社區業務以及 4 月和 5 月迄今為止的趨勢，因為我們會更深入地了解春季銷售季節，它們繼續按順序走高。你在地面上看到了什麼？

Yeah. The ground level -- good morning, Dan, the ground level has been good and healthy. I would say that through the first calendar quarter, our fourth fiscal quarter, we saw demand kind of steadily increasing in the quarter, as you would normally see during kind of the spring ramp. I will say January was a little slower than expectations, mainly driven by the weather, which kind of created a backlog of kind of some activity flowing through our retail orders.

是的。地面水平——早上好，丹，地面水平一直很好而且很健康。我想說的是，在第一個日曆季度，即我們的第四個財政季度，我們看到該季度的需求穩定增長，正如您通常在春季增長期間看到的那樣。我想說的是，一月份的速度比預期要慢一些，主要是受到天氣的影響，這在某種程度上造成了我們零售訂單中某些活動的積壓。

But as far as demand activity, retail is very healthy. Builder is very good. Communities, like I said earlier, are starting to ramp. So I think we'll see not only the sequential revenue growth that I mentioned earlier, but we'll see an increase in backlog as well. So I think the order rates are fairly healthy.

但就需求活動而言，零售業非常健康。建設者非常好。正如我之前所說，社區正在開始發展。因此，我認為我們不僅會看到我之前提到的收入連續成長，而且還會看到積壓訂單的增加。所以我認為訂單率相當健康。

Okay. And I know this is a little bit crystal ball and early, but in the past, you've sort of given a little bit of a maybe a one or two quarter look. Are you given current trends, would you expect to continue to ramp production through at least kind of the September quarter at this stage or TBD?

好的。我知道這有點水晶球和早期，但在過去，你有點像一兩個季度的樣子。鑑於目前的趨勢，您是否預計至少在現階段或待定的九月季度繼續提高產量？

No, I think that's a fair depiction of how we would do it. We're slow and steady in our ramping in production. I think we're very focused on quality, especially with the traction we've made in our branding processes and our social media followings now up to 1.5 million, so I think across our brands. So we're really getting that end consumer buyer who is not our traditional customer. So we want to make sure to really emphasize a slow and steady ramp and keep our backlogs in that 4- to 12-week range.

不，我認為這公平地描述了我們將如何做到這一點。我們的產量成長緩慢而穩定。我認為我們非常注重質量，尤其是我們在品牌流程中所取得的牽引力以及我們的社交媒體粉絲現在已達到 150 萬，所以我認為我們的品牌都是如此。因此，我們真正吸引的是非我們傳統客戶的最終消費者買家。因此，我們希望確保真正強調緩慢而穩定的成長，並將我們的積壓訂單保持在 4 到 12 週的範圍內。

Very good. And then obviously, you're excited about -- I feel like you've got your DTC initiatives in a better position at this point. Any metrics that you can share or even anecdotes of how that's starting to drive demand from clients that you would not have necessarily reached otherwise directly to your company-owned retail, but as well as your kind of retail partners? Thanks, again.

非常好。顯然，您很興奮——我覺得您的 DTC 計劃此時處於更好的位置。您可以分享任何衡量標準，甚至是如何開始推動客戶需求的軼事，而您本來不一定會直接接觸到您公司擁有的零售業務，也不一定會接觸到您的零售合作夥伴？再次感謝。

Yes. Thanks, Dan. I don't have specific necessarily metrics. I will say, certain indicators such as phone call return time and other things like that or contact return time, e-mail contact return time has improved drastically, 30%-plus from our independent retailers and captives as we've driven these leads to them, and it's turning into higher conversion rates. So I think those kind of signs are really healthy.

是的。謝謝，丹。我沒有具體的必要指標。我想說的是，某些指標，例如電話回電時間和其他類似的指標，或者聯繫回電時間、電子郵件聯繫回電時間，已經大幅改善，我們的獨立零售商和自營公司已經提高了30% 以上，因為我們推動了這些銷售線索他們，並且它正在轉化為更高的轉換率。所以我認為這些跡象非常健康。

And I think some of the things we're implementing in terms of our call centers and other things are really impacting the customers to take away the confusion of how to buy our homes and help hand them off to a retailer who can drive that customer home.

我認為我們在呼叫中心和其他方面實施的一些措施確實對客戶產生了影響，消除瞭如何購買房屋的困惑，並幫助將它們交給可以開車送客戶回家的零售商。

All right. I'll jump back on the queue. Thank you.

好的。我會重新加入隊列。謝謝。

Matthew Bouley, Barclays.

馬修·博利，巴克萊銀行。

Hi, good morning. You have Elizabeth Langan on for Matt today. I was wondering if you could just kind of speak to how you're thinking about industry volumes as we head into F2025.

早安.今天請伊莉莎白·蘭根為馬特發言。我想知道您是否可以談談在我們進入 F2025 之際您對行業銷售的看法。

Yes. I think industry volumes as a whole I think should pick up, really driven by the community channel and healthy retail activity. So the community channel was off significantly in fiscal 2024 and calendar last year. So they were down significantly in volume, which is really the whole driver of the industry's year-over-year decreases in absolute volume that we saw. So I think as they return, you'll see kind of the industry get back to where it was in probably gradually, so maybe not on a full year basis, but gradually towards the late half of the year, we should get back to kind of a normal cadence in terms of demand activity versus what we saw last year.

是的。我認為整個行業的銷售應該會上升，這確實是由社區通路和健康的零售活動所推動的。因此，社區頻道在 2024 財年和去年日曆上出現了大幅下滑。因此，它們的銷量大幅下降，這確實是我們看到的該行業絕對銷量同比下降的全部驅動因素。所以我認為，當他們回來時，你會看到行業可能會逐漸回到原來的狀態，所以也許不是在全年的基礎上，但逐漸到今年下半年，我們應該回到原來的狀態與我們去年看到的情況相比，需求活動處於正常節奏。

And then on the builder developer channel, have you kind of seen anything -- I know that you mentioned that the demand has been good so far this year. Have you won any like incremental business? I know you have one business from like a top 100 builder previously. Is there anything kind of in the works or any momentum around any more wins like that coming forward?

然後在建築商開發者頻道上，你有沒有看到什麼——我知道你提到今年到目前為止需求一直很好。您贏得過類似的增量業務嗎？我知道您以前有過一項類似 100 強建築商的業務。是否有任何事情正在進行中，或者有任何動力圍繞著更多類似的勝利即將到來嗎？

Yeah, there is. I think this quarter, we won awards from several builders in several subdivision development. So I think that momentum is starting to increase. It takes a little bit of time for those orders to process through. They're not as quick as one might think just because of the cycle time of land development and other things, but we're starting to gain traction and actually conversion with our builder channel.

是的，有。我認為這個季度，我們在幾個細分開發項目中獲得了幾家建築商的獎項。所以我認為這種勢頭正在開始增強。處理這些訂單需要一點時間。由於土地開發和其他因素的周期時間，它們並不像人們想像的那麼快，但我們開始透過我們的建築商管道獲得吸引力和實際轉化。

Thank you very much.

非常感謝。

Thank you, Elizabeth.

謝謝你，伊麗莎白。

Greg Palm, Craig-Hallum Capital Group.

帕爾姆（Greg Palm），克雷格-哈勒姆資本集團。

Hi, this is Danny Eggerichs on for Greg today. Thanks for taking my questions. I was hoping to kind of dig in on now that we have more Regional inclusion, maybe just how the strategy shifts a little bit more towards pushing homes through company-owned stores. Just any kind of progress update on that and how you think about that moving forward. And how, if anything, it kind of shifts the strategy in the business. Thanks.

大家好，我是丹尼·埃格里克斯，今天為格雷格發言。感謝您回答我的問題。我希望能深入了解現在我們有更多的區域包容性，也許只是策略如何更多地轉向透過公司擁有的商店推銷房屋。只是有關這方面的任何進展更新以及您對未來的看法。以及它如何改變業務策略（如果有的話）。謝謝。

Thanks, Dan. I don't know that it shifts the strategy of the business. We have excellent independent retail partners throughout the country. I think in the parts of the country, I'll call it, Mississippi, Alabama, that region, we had a very small presence, generally speaking. So having retail in that area or that distribution area is critically important. I do think, over time, we will see expansion of our captive retail. There's several or many independent retailers who will look in the next few years to retire and maybe exit the business. So we want to have a strategy to make sure to capture those.

謝謝，丹。我不知道它會改變業務策略。我們在全國各地擁有優秀的獨立零售合作夥伴。我認為在這個國家的部分地區，我稱之為密西西比州、阿拉巴馬州，一般來說，我們在該地區的存在非常小。因此，在該區域或分銷區域開展零售至關重要。我確實認為，隨著時間的推移，我們將看到自營零售業的擴張。有幾家或許多獨立零售商將在未來幾年內尋求退休，甚至可能退出該業務。因此，我們希望制定一項策略來確保捕獲這些內容。

And given the success and traction we've had with our digital lead management, the conversion rates with our captive versus independents being higher conversion at a captive store with that digital channel, I think it bears some fruit for us and really drives that synergy between them. But we're seeing the independents really adapt to the digital strategy as well. So I think it's a win-win.

鑑於我們在數位銷售線索管理方面取得的成功和吸引力，我們的自營商店與獨立商店的轉換率在擁有該數位管道的自營商店中具有更高的轉換率，我認為這為我們帶來了一些成果，並真正推動了兩者之間的協同作用他們。但我們看到獨立人士也真正適應了數位化策略。所以我認為這是雙贏的。

Got it. That's helpful. And I think last quarter, you'd kind of mentioned maybe expectation for fiscal year '25 of maybe 10% to 15% revenue growth, anything over the last couple of months that has kind of changed that outlook or you still feel confident in that kind of growth this year?

知道了。這很有幫助。我認為上個季度，您可能提到了對 25 財年收入增長 10% 至 15% 的預期，過去幾個月發生的任何事情都改變了這一前景，或者您仍然對此充滿信心今年的增長情況如何？

Yeah. I think general industry growth should be in that range, and we should be in line with that kind of industry range as well.

是的。我認為整個產業的成長應該在這個範圍內，我們也應該符合這種產業範圍。

Okay, great. And then maybe one last one. In terms of kind of SG&A, another step-up in the quarter, I know you mentioned. Is that kind of the new level to go off of? Or was there anything in there that kind of makes it one timey? Or how should we think about that as we move throughout the year?

好的，太好了。然後也許是最後一件事。就SG&A 而言，這是本季的另一項進步，我知道您提到過。這是一種新的水平嗎？或是裡面有東西能讓它一次完成嗎？或者說，當我們全年移動時，我們應該如何思考這個問題？

So sequentially, we did see SG&A pick up because we had an additional couple of weeks for the full impact of Regional given the timing of the close in mid-October. And then in addition to that, in the March quarter, we also have our two large industry shows, Louisville in January and Biloxi in March. So that's something that occurs annually, but sequentially was an add for the quarter. But barring those couple of items, this is closer to the new normal.

因此，我們確實看到 SG&A 有所回升，因為考慮到 10 月中旬的收盤時間，我們還有額外幾週的時間來充分發揮區域性的影響。除此之外，在三月季度，我們還有兩個大型產業展會，一月份的路易斯維爾展會和三月的比洛克西展會。因此，這種情況每年都會發生，但按順序是本季的增加。但除了這幾個項目之外，這更接近新常態。

We are going to see a slight reduction in fixed SG&A. We did do some headcount reductions for overlap related to the Regional acquisition at the end of the March quarter that we will see a benefit of coming into subsequent quarters.

我們將看到固定銷售管理費用略有減少。我們確實在三月季度末因與區域收購相關的重疊而削減了一些員工人數，我們將在後續幾季看到這一好處。

Okay, very helpful. Thank you.

好的，非常有幫助。謝謝。

Jay McCanless, Wedbush Securities.

傑伊‧麥肯利斯，韋德布希證券公司。

Hey, good morning, everyone. So I wanted to ask with the community business potentially coming back and -- but at the same time, it sounds like in the retail channel, you're selling maybe homes with less options, less frills on them. What does that gross margin differential look like now between the retail channel and the community channel?

嘿，大家早安。因此，我想詢問社區業務可能會回來，但同時，聽起來像是在零售通路中，您出售的房屋可能選擇較少，裝飾也較少。現在零售通路和社區通路之間的毛利率差異如何？

Not significantly different, Jay.

沒有太大不同，傑伊。

Okay. And I guess, Mark, could you quantify how much community orders are up? I mean are we talking low single-digit gains. What are we talking about here? Because I'd say this is probably second or third quarter where people think the communities are coming back and it turns out to be a head fake. So what type of numbers are we seeing?

好的。我想，馬克，你能量化社區訂單增加了多少嗎？我的意思是我們正在談論低個位數的收益。我們在這裡談論什麼？因為我想說，這可能是第二或第三季度，人們認為社區正在回歸，但事實證明這是一個假象。那我們看到什麼類型的數字呢？

I don't have -- I'm not going to give specific numbers, Jay. But I think if you just look at the combination of our revenue during the quarter, our backlog growth and combine that with the finished good inventory growth that we see on the balance sheet, just kind of add those few numbers up and understand that a good portion of that or a decent portion of that is driven by the community volume. That gives us a lot of confidence that they're returning. But yeah, I would say it's been strong growth in orders for communities on a year-over-year basis.

我沒有——我不會給出具體的數字，傑伊。但我認為，如果你只看一下我們本季的收入、我們的積壓訂單增長的組合，並將其與我們在資產負債表上看到的成品庫存增長相結合，只需將這幾個數字相加，就會明白，其中一部分或相當一部分是由社區數量驅動的。這讓我們對他們回來充滿信心。但是，是的，我想說的是，社區訂單同比增長強勁。

Great. And then could you tell us where channel rates are sitting right now? And also, is the manufactured housing industry starting to see any type of interest rate buydowns like we've seen from the stick builders?

偉大的。那麼您能告訴我們現在的通路費率是多少嗎？此外，製造業產業是否開始出現任何類型的利率下調，就像我們從棒式建築商看到的那樣？

So there -- I'd say rates right now for a good healthy customer is about 8.5% today. We really have not seen industry rate buydowns. I will tell you that we have some national products that we've launched very selectively with our partnership with Triad, that we are doing a test pilot rate buydown just to see the difference in traction between does that really draw that consumer in versus doesn't it. So we're kind of getting some data from a test pilot program to do that.

因此，我想說，目前健康狀況良好的客戶的費率約為 8.5%。我們確實沒有看到行業利率下修。我會告訴你，我們透過與Triad 的合作，非常有選擇性地推出了一些全國性產品，我們正在進行試點利率購買，只是為了看看真正吸引消費者與不吸引消費者之間的吸引力差異。因此，我們正在從測試試點計畫中獲取一些數據來做到這一點。

But as a whole, the industry really has not done that in any meaningful way. I think the price point that we have as an industry is really helping the consumer and getting that step-down buyer whose kind of disenfranchised with site-built homes, rent or other price points.

但總體而言，該行業確實沒有以任何有意義的方式做到這一點。我認為我們作為一個行業的價格點確實幫助了消費者，並吸引了那些在現場建造的房屋、租金或其他價格點上被剝奪權利的買家。

With that trial with Triad, are you writing only pristine customers? Or are you trying to maybe write across the FICO spectrum to see what kind of results you get, how -- what customers are you targeting with that trial?

透過 Triad 的試用，您是否只寫原始客戶？或者您是否嘗試在 FICO 範圍內進行分析，看看您會得到什麼樣的結果，您的試驗目標客戶是哪些？

No. It's really just -- it's no different in the FICO scores than Triad's normal customer base. We're really just doing test pilots to say, with these products we're going to do a small buy down, with these we're not, and just see the incremental difference between those trajectories. It's really not a -- Triad sells or passes their loans through to Blackstone, community banks, Carlyle, others. So they already have a defined risk matrix and FICO score matrix. So we're just fitting in with that matrix box and just doing test pilots in conjunction with them to see how that goes.

不。事實上，FICO 評分與 Triad 的正常客戶群沒有什麼不同。我們實際上只是在進行測試飛行員，對於這些產品，我們將進行少量購買，而對於這些產品，我們不會，只是看看這些軌跡之間的增量差異。這實際上不是——三合會將貸款出售或轉交給黑石集團、社區銀行、凱雷集團等。所以他們已經有一個定義的風險矩陣和 FICO 評分矩陣。所以我們只是適應那個矩陣框，並與它們一起進行測試飛行員，看看效果如何。

Got you. And then, Laurie, could you remind me what you said in terms of the gross margin in the first quarter, did you say down 100 basis points to 150 basis points sequentially?

明白你了。然後，Laurie，您能否提醒我您所說的第一季毛利率，您是否說連續下降 100 個基點至 150 個基點？

Yeah. Over the next couple of quarters, Jay, we're going to see some declines in gross margin. And we've got to continue to work through the Regional inventory that we purchased as part of the acquisition that was marked to fair value. So we're going to continue to see that. But also, we're seeing more -- a larger decrease in options as interest rates remain higher. So that's the primary impact. So we expect the ASPs to come down a bit as well as gross margins.

是的。傑伊，在接下來的幾個季度裡，我們將看到毛利率下降。我們必須繼續處理我們在收購過程中購買的區域庫存，這些庫存已標記為公允價值。所以我們將繼續看到這一點。而且，隨著利率仍然較高，我們也看到更多選擇的減少幅度更大。這就是主要影響。因此，我們預計平均售價和毛利率都會略有下降。

Okay. And then the last one I have, just thinking about the input cost, OSB looks like it's rolled over a little bit. Could you maybe talk about what you're seeing on the lumber front as well as some of the other major inputs? And if those could be a tailwind or a headwind to that gross margin over the next couple of quarters?

好的。然後我的最後一個，只要考慮到投入成本，OSB 看起來就已經滾動了一點。您能否談談您在木材方面看到的情況以及其他一些主要投入？這些對於未來幾季的毛利率來說是順風還是逆風呢？

Yeah. No, we're really expecting pretty modest inflation on the 2% range, and we feel that we can pass that on as it comes in. So not big movers from an inflation perspective on input.

是的。不，我們確實預期通膨率將相當溫和，在 2% 的範圍內，我們認為我們可以將其傳遞下去。因此，從通膨角度來看，對投入的影響並不大。

That's all I had. Thank you.

這就是我所擁有的一切。謝謝。

Thanks, Jay.

謝謝，傑伊。

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Thanks, again. Quick follow-up or two. Just housekeeping. On the remediation, how many homes are we talking about between 2016 and 2021? And I assume whatever the net cash impact is, net of recovery, it's fair to assume that will be over several years rather than several quarters?

再次感謝。快速跟進或兩次。只是家事服務。關於修復，2016 年至 2021 年間我們討論了多少房子？我假設無論淨現金影響是多少，扣除復甦後，可以公平地假設這將持續幾年而不是幾季？

So we're not disclosing the homes at this point, Dan, and the recovery, yes, several years.

所以我們現在不會透露這些房屋，丹，以及恢復情況，是的，需要幾年時間。

Okay. And then just capital allocation. Are you still looking at M&A right now or more focused on ramping capacity utilization as demand returns at their existing footprint? And then just how you're thinking about deploying the buyback? Is that kind of a 1-year time frame in your mind or more open ended? Thank you, again.

好的。然後就是資本配置。現在您還在考慮併購，或者更專注於隨著需求恢復到現有規模而提高產能利用率？那麼您如何考慮部署回購？您心目中的時間框架是一年還是更開放？再次感謝你。

Yes, Dan, thank you. I think -- no, our M&A pipeline is still healthy and robust. I think we still have good cash generation happening and probably, as you're noting, kind of an increased outlook going forward. So I think those factors play into it as well as the success with our integration with Regional and Champion Financing. So I think M&A is definitely always on the table. And then as far as the share buyback, it's open-ended as far as the timing of that.

是的，丹，謝謝你。我認為——不，我們的併購管道仍然健康、強勁。我認為我們仍然有良好的現金產生能力，而且正如您所指出的，未來的前景可能會有所改善。因此，我認為這些因素以及我們與區域和冠軍融資整合的成功都發揮了作用。所以我認為併購絕對是永遠擺在桌面上的話題。至於股票回購，其時間安排是開放式的。

Thank you.

謝謝。

Thank you.

謝謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Mark Yost for closing comments.

我們的問答環節已經結束。我現在想將電話轉回馬克·約斯特 (Mark Yost) 以徵求結束意見。

I want to thank everyone today for your attention, and we look forward to updating you on our progress on our first fiscal quarter earnings call. Thank you, and have a great day.

我要感謝今天大家的關注，我們期待向您通報我們第一財季財報電話會議的最新進展。謝謝您，祝您有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。