Champion Homes Inc (SKY) 2025 Q2 法說會逐字稿

Good morning and welcome to the Champion Homes second quarter, fiscal 2025 earnings call. My name is Sachi, and I will be coordinating your call today at this time. All participants are in listen-only mode. A brief question and answer session will follow the formal presentation. (operator Instruction). I will now turn the call over to your host, Jason Blair to begin. Jason. Please go ahead.

早安，歡迎參加 Champion Homes 2025 財年第二季財報電話會議。我叫 Sachi，今天這個時候我將協調您的電話。所有參與者均處於僅監聽模式。正式演講後將舉行簡短的問答環節。（操作員說明）。現在我將把電話轉給主持人賈森布萊爾 (Jason Blair) 開始。傑森.請繼續。

Good morning. Thank you for taking the time to join us for today's conference call and review our business results for the second quarter ended September 28, 2024. Here to review champions results are Mark Yost, Champion Homes, President and Chief Executive Officer and Laurie Huff, executive Vice President and Chief Financial Officer.

早安.感謝您抽空參加今天的電話會議，並回顧我們截至 2024 年 9 月 28 日的第二季的業務表現。Champion Homes 總裁兼執行長 Mark Yost 和執行副總裁兼財務長 Laurie Huff 負責審核冠軍結果。

Yesterday after the market closed, we issued our earnings release as a reminder. The earnings release and statements made during today's 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, such risks, risks and uncertainties include the factors set forth in the earnings release and in the company's filings with the securities exchange commission, please note that today's remarks contain non-GAAP financial measures which we believe can be useful in evaluating performance definitions and reconciliations of these measures can be found in the earnings release. I would now like to turn the call over to Champion Homes, President, and CEO Mark Yost.

昨天市場收盤後，我們發布了收益報告作為提醒。今天的電話會議期間發布的收益和聲明包含 1995 年私人證券訴訟改革法案含義內的前瞻性聲明。這些陳述受到風險和不確定性的影響，可能導致實際結果與公司預期存在重大差異，此類風險、風險和不確定性包括收益發布和公司向證券交易委員會提交的文件中規定的因素，請注意今天的評論包含非公認會計準則財務指標，我們認為這些指標有助於評估績效定義，這些指標的調節可以在收益報告中找到。我現在想將電話轉給 Champion Homes 總裁兼執行長 Mark Yost。

Good morning. Ladies and gentlemen, thank you for joining today's earnings call. Before we discuss our financial results and outlook, I would like to take a moment to honor the memory of Keith Anderson, a dear colleague, mentor and transformative leader for Champion Homes.

早安.女士們先生們，感謝你們參加今天的財報電話會議。在我們討論我們的財務表現和前景之前，我想花點時間緬懷基思·安德森 (Keith Anderson)，他是 Champion Homes 的親愛的同事、導師和變革領導者。

Keith served both as a director and former CEO at Champion where his visionary leadership and steadfast commitment to excellence left an indelible mark on our company.

Keith 曾擔任 Champion 的董事和前首席執行官，他富有遠見的領導力和對卓越的堅定承諾給我們公司留下了不可磨滅的印記。

His influence extended beyond our corporate boundaries as he played a significant role in shaping the broader housing industry through his board and advisory roles. Keith's career was distinguished by his integrity, innovation, and relentless dedication to corporate excellence.

他的影響力超越了我們公司的界限，他透過董事會和顧問角色在塑造更廣泛的房地產行業方面發揮了重要作用。Keith 的職業生涯以誠信、創新和對企業卓越的不懈奉獻而聞名。

Keith's was more than just a leader. He was a mentor and a friend to many of us. His wise counsel and warm personality, enriched our professional lives and instilled our corporate culture with a sense of purpose and camaraderie.

基思不僅僅是一位領導者。他是我們許多人的導師和朋友。他明智的建議和熱情的個性豐富了我們的職業生涯，並為我們的企業文化注入了使命感和友誼。

As we proceed with today's call, we hold Keith's memory dear and continue to be inspired by his enduring legacy.

當我們繼續今天的電話會議時，我們珍惜基思，並繼續受到他不朽遺產的啟發。

His contributions have not only shaped our past but also laid the strong foundation for our future.

祂的貢獻不僅塑造了我們的過去，也為我們的未來奠定了堅實的基礎。

Now let us move to the overview of this quarter's performance.

現在讓我們回顧一下本季的業績。

Our performance. This quarter demonstrates effective execution across the company, particularly enhancing our digital direct consumer strategy, advancing the integration of regional homes acquisition and scaling the benefits from champion financing.

我們的表現。本季度展示了整個公司的有效執行力，特別是加強了我們的數位直接消費者策略，推進了區域房屋收購的整合並擴大了冠軍融資的收益。

These efforts have enabled champion homes to deliver more value to our customers.

這些努力使冠軍之家能夠為我們的客戶提供更多價值。

The second quarter exhibited strong growth with home sales increasing 29% year over year to 6,536 units.

第二季表現強勁，房屋銷售量年增 29% 至 6,536 套。

Additionally, we saw a 14% increase in organic sales orders year over year with gains across retail builder developer and our community partners.

此外，我們的有機銷售訂單年增了 14%，零售建築開發商和我們的社區合作夥伴也取得了成長。

However, at the end of the quarter, hurricane impacts disrupted both orders and sales affecting both manufacturing and retail locations due to prolonged power outages and the temporary suspension of policy writing by insurers.

然而，在本季末，由於長時間停電和保險公司暫時停止承保保單，颶風影響擾亂了訂單和銷售，影響了製造和零售地點。

Despite these challenges, our team's extraordinary efforts ensured that our operations suffered no significant damage.

儘管面臨這些挑戰，我們團隊的非凡努力確保我們的營運沒有遭受重大損害。

The second quarter saw a sequential decrease in revenue from the fiscal first quarter down $12 million while our backlog grew $23 million resulting in a total backlog of $427 million. At the end of the quarter, the average backlog lead time remained steady at 11 weeks aligning with the end of the first fiscal quarter, I'm pleased to announce that the acquisition of regional homes has continued and surpassed our expectations.

第二季的營收比第一財季連續下降了 1,200 萬美元，而我們的積壓訂單增加了 2,300 萬美元，導致積壓訂單總額達到 4.27 億美元。截至本季末，平均積壓交貨時間穩定在 11 週，與第一財季末保持一致，我很高興地宣布，區域住宅的收購工作仍在繼續，並超出了我們的預期。

We have achieved the upper limit of our synergy targets this quarter which marks a significant milestone for us.

本季我們已經實現了協同目標的上限，這對我們來說是一個重要的里程碑。

Impressively, this achievement comes just one year following the acquisition, a full year ahead of projected schedule.

令人印象深刻的是，這項成就是在收購後僅一年就取得的，比原計劃提前了整整一年。

Building on the success, Champion financing. Our collaboration with Triad Financial has also gained significant momentum this quarter.

在成功的基礎上，冠軍融資。我們與 Triad Financial 的合作在本季也取得了顯著的進展。

Over recent quarters, we have launched new floor plan financing options for our independent dealers and consumer financing programs for our selected national products.

最近幾個季度，我們為我們的獨立經銷商推出了新的平面圖融資選項，並為我們選定的國內產品推出了消費者融資計劃。

The early outcomes from these initiatives have been very encouraging, bolstering our confidence that we can provide customers with a comprehensive and appealing home buying solution.

這些措施的早期成果非常令人鼓舞，增強了我們的信心，讓我們相信我們可以為客戶提供全面且有吸引力的購屋解決方案。

This success underscores our commitment to enhancing financing, accessibility, further propelling our growth in the manufactured housing market.

這項成功凸顯了我們對加強融資、便利性的承諾，進一步推動我們在製造房屋市場的成長。

All together these strategic actions support our commitment to strengthening our market position and delivering on our promise of providing accessible comprehensive housing solutions and creating value for our shareholders.

所有這些策略行動都支持我們致力於加強我們的市場地位，並兌現我們提供方便的全面住房解決方案並為股東創造價值的承諾。

Looking to our third fiscal quarter, we observe we are observing a softening in order rates which is in line with our typically slower winter selling season.

展望我們的第三財季，我們觀察到訂單率正在疲軟，這與我們通常較慢的冬季銷售季節相符。

Additionally, we have noticed that consumers are taking a cautious approach, delaying their purchasing decisions as they await the outcome of the upcoming election.

此外，我們注意到消費者採取謹慎態度，在等待即將到來的選舉結果時推遲購買決定。

As we address the operational impacts from hurricanes, Helene and Milton. I want to express our heartfelt concern for all those affected by these devastating events.

當我們討論颶風對營運的影響時，海倫和米爾頓。我想對所有受這些毀滅性事件影響的人表示衷心的關注。

9 of our 48 plant locations in Florida, Georgia and the Carolinas have been directly impacted leading to expected timing, delays in order fulfillment home deliveries and retail sales.

我們位於佛羅裡達州、喬治亞州和卡羅來納州的 48 個工廠中有 9 個工廠受到直接影響，導致訂單履行送貨上門和零售銷售的預期時間、延遲。

Our focus is on the extensive cleanup and rebuilding efforts required in these regions and we are committed to supporting our employees and the communities during this challenging time going forward, we do anticipate a modest decline in top line performance for the third quarter projected to decrease by mid-single digits. Sequentially, this anticipated dip is largely attributable to the timing disruptions from the hurricanes.

我們的重點是這些地區所需的廣泛清理和重建工作，我們致力於在未來這個充滿挑戰的時期為我們的員工和社區提供支持，我們確實預計第三季度的營收業績將小幅下降，預計將下降中間個位數。因此，這種預期的下降主要歸因於颶風的時間中斷。

Despite the immediate headwinds, we anticipate strong medium and long term demand within these regions spur by widespread destruction of homes.

儘管面臨眼前的阻力，我們預計這些地區的中長期需求將因房屋的廣泛破壞而受到刺激。

This is expected to increase demand and it places us in a pivotal position to aid in the rebuilding efforts. Affirming our commitment to support the recovery in these communities.

預計這將增加需求，並使我們在援助重建工作中處於關鍵地位。重申我們對支持這些社區的復原的承諾。

I will now turn the call over to Laurie. We'll discuss our quarterly financial performance in more detail.

我現在將把電話轉給勞裡。我們將更詳細地討論我們的季度財務表現。

Thanks, Mark and good morning, everyone. I'll begin by reviewing our financial results for the second quarter followed by a discussion of our balance sheet and cash flows. I will also briefly discuss our near-term expectations during the second quarter. Net sales increased 33% to $617 million compared to the same quarter last year. With US factory built housing revenue increasing 37%.

謝謝，馬克，大家早安。我將首先回顧我們第二季度的財務業績，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對第二季的近期預期。淨銷售額較去年同期成長 33%，達到 6.17 億美元。美國工廠建造的住房收入增加了 37%。

The number of homes sold increased 31% to 6,357 homes in the US compared to 4,842 homes in the prior year period.

美國售出房屋數量增加 31%，達到 6,357 套，去年同期為 4,842 套。

US home volume during the quarter was supported by additional retail and manufacturing capacity resulting from the regional homes acquisition that contributed approximately $148 million to net sales. During the quarter.

本季美國房屋銷售量受到區域房屋收購帶來的額外零售和製造能力的支撐，該收購為淨銷售額貢獻了約 1.48 億美元。本季期間。

The average selling price per US home sold increased by 4.5% to $92,400 due to a higher mix of units sold through our company owned retail sales centers on a sequential basis. US factory built housing revenue decreased 2% in the second quarter compared to the first quarter of fiscal 2025.

由於透過我們公司擁有的零售銷售中心銷售的單位數量有所增加，美國每套房屋的平均售價上漲了 4.5% 至 92,400 美元。與 2025 財年第一季相比，美國工廠建造的房屋收入第二季下降了 2%。

We saw a slight sequential decline mainly due to hurricane Helene's landfall two days prior to the end of the second quarter, several of our manufacturing plants in Florida, Georgia and the Carolinas lost a day or two of production and were unable to ship homes.

我們看到環比略有下降，主要是由於颶風海倫在第二季度結束前兩天登陸，我們位於佛羅裡達州、喬治亞州和卡羅來納州的幾家製造工廠損失了一兩天的生產，並且無法發貨。

In addition, our captive retail locations were delayed in closing several home sales on a sequential basis. The average selling price per home increased 1% due to changes in product mix.

此外，我們的自營零售店在完成幾套房屋銷售方面也出現了連續延遲。由於產品結構的變化，每棟房屋的平均售價上漲了 1%。

Manufacturing capacity. Utilization was 60% compared to 58% in the sequential first quarter of fiscal 2025.

製造能力。利用率為 60%，而 2025 財年第一季的利用率為 58%。

Current utilization rates primarily reflect the increased capacity brought online through recently opened plants.

目前的利用率主要反映了最近開設的工廠帶來的產能增加。

Canadian revenue during the quarter was $22 million representing a 23% decline in the number of homes sold and a 1.5% decline in the average selling price per home versus the prior year period.

加拿大本季的收入為 2,200 萬加元，與去年同期相比，銷售房屋數量下降了 23%，每套房屋的平均售價下降了 1.5%。

The average home selling price in Canada decreased to $124,200 due to a shift in product mix.

由於產品結構的變化，加拿大的平均房屋售價下降至 124,200 美元。

The product. The reduction in sales volume can be attributed to a combination of factors including higher interest rates and economic uncertainty in key markets that have tempered buyer enthusiasm for new homes. These conditions are anticipated to continue to impact the housing market dynamics in Canada. In the near term consolidated gross profit increased 43% to $166 million in the second quarter. And our gross margin expanded by 190 basis points from 25.1% in the prior year period.

產品。銷售下降可歸因於多種因素，包括主要市場的利率上升和經濟不確定性，這些因素削弱了買家對新房屋的熱情。預計這些情況將繼續影響加拿大的房地產市場動態。短期內，第二季綜合毛利潤成長 43%，達到 1.66 億美元。我們的毛利率比去年同期的 25.1% 增加了 190 個基點。

The higher gross margin was primarily due to higher average selling prices on new homes sold as our company owned retail sales centers captured a greater share of overall sales versus the prior year.

毛利率上升主要是由於新房平均售價較高，因為我們公司擁有的零售銷售中心在整體銷售中所佔的份額比前一年更大。

In addition, lower input costs primarily from forest product materials contributed to the higher gross margin profile.

此外，主要來自林產品材料的較低投入成本有助於提高毛利率。

These favorable margin trends were partially offset by the effect of purchase accounting increases to the carrying value of the finished goods inventory that was acquired with the regional homes acquisition which had a negative 40 basis point impact on consolidated gross margin during the quarter.

這些有利的利潤率趨勢被購買會計增加對透過區域住宅收購而獲得的成品庫存帳面價值的影響部分抵消，這對本季度的綜合毛利率產生了 40 個基點的負面影響。

On a sequential basis, gross margin came in better than anticipated due to lower input costs and higher captive retail sales.

環比來看，由於投入成本下降和自營零售額上升，毛利率優於預期。

SG&A in the second quarter increased $35 million over the prior year period to $100 million.

第二季的 SG&A 較上年同期增加 3,500 萬美元，達到 1 億美元。

The increase is primarily attributable to the regional homes acquisition and higher variable costs related to higher revenue and profitability.

這一增長主要歸因於區域房屋收購以及與收入和盈利能力增加相關的可變成本增加。

The company's effective tax rate for the quarter was 21.6% versus an effective tax rate of 24.5% for the year ago period. The effective tax rate was positively impacted by an increase in recognition of tax credits related to the sale of energy efficient homes.

該公司本季的有效稅率為 21.6%，而去年同期的有效稅率為 24.5%。與節能房屋銷售相關的稅收抵免的認可度的提高對有效稅率產生了積極影響。

Net income attributable to champion homes for the second quarter increased 20% to $55 million or earnings of 0.94 per diluted share compared to net income of $46 million or earnings of 0.79 per diluted share. During the same period last year, the increase in EPS was driven mainly by higher operating income in the second quarter.

第二季歸屬於冠軍之家的淨利潤成長了 20%，達到 5,500 萬美元，或稀釋後每股收益 0.94 美元，而淨利潤為 4,600 萬美元，或稀釋後每股收益 0.79 美元。去年同期，每股收益的成長主要是由於第二季營業收入的增加所推動的。

Adjusted EBITDA for the quarter was $74 million compared to $59 million in the prior year period. Adjusted EBITDA margin was 12.0% compared to 12.7% in the prior year period, which was impacted by higher SGN A.

本季調整後 EBITDA 為 7,400 萬美元，而上年同期為 5,900 萬美元。調整後 EBITDA 利潤率為 12.0%，而去年同期為 12.7%，這是受到 SGN A 較高的影響。

We expect the recent hurricanes in the southeast will impact revenue in our fiscal third quarter. Although the extent of that impact is difficult to estimate gross margins have stabilized. However, we expect margins to fluctuate quarter to quarter as a result of product mix.

我們預計東南部最近的颶風將影響我們第三財季的收入。儘管影響的程度很難估計，但毛利率已經穩定下來。然而，我們預計由於產品組合的原因，利潤率將出現季度波動。

As of September 28,2024 we had $570 million of cash and cash equivalents and long term borrowings of $25 million with no maturities until 2026.

截至 2024 年 9 月 28 日，我們擁有 5.7 億美元的現金和現金等價物，以及 2,500 萬美元的長期借款，直到 2026 年才到期。

We generated $60 million of operating cash flows for the quarter compared to $54 million for the prior year period.

本季我們產生了 6,000 萬美元的營運現金流，而去年同期為 5,400 萬美元。

The increase in operating cash flows reflects higher net income partially offset by an increase in our inventory balances. When compared to the prior year period in the quarter, we leveraged our strong cash position and returned capital to our shareholders through $20 million in share repurchases.

經營現金流量的增加反映了淨利潤的增加，但部分被庫存餘額的增加所抵消。與去年同期相比，本季我們利用強大的現金狀況，透過 2,000 萬美元的股票回購向股東返還資本。

Additionally, our board recently approved the replenishment of our $100 million share repurchases of repurchase authority, reflecting confidence in our strong cash generation.

此外，我們的董事會最近批准補充我們 1 億美元的股票回購回購權，反映了對我們強大的現金產生能力的信心。

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。

Thank you, Laurie. The outlook for our company remains optimistic particularly against the backdrop of the broader housing market. Despite the general challenges facing new traditional construction, our operations are benefiting from the healthy demand and resilient margins. This includes revised orders from retailers and builder developers as well as our community partners reflecting a persistent need for affordable housing solutions.

謝謝你，勞裡。我們公司的前景仍然樂觀，尤其是在更廣泛的房地產市場的背景下。儘管新傳統建築面臨普遍挑戰，但我們的業務仍受益於健康的需求和彈性的利潤率。這包括來自零售商和建築開發商以及我們的社區合作夥伴的修訂訂單，反映了對經濟適用住房解決方案的持續需求。

These trends not only demonstrate the resilience of our market but also positions us ideally for sustained growth.

這些趨勢不僅證明了我們市場的彈性，也為我們的持續成長奠定了理想的基礎。

Moreover, we are strategically expanding our reach into builder as a service and consumer retail sales through digital platforms. Complemented by our innovative financing solutions. These initiatives are designed to drive our growth and enhance value for all stakeholders.

此外，我們正在策略性地透過數位平台將業務範圍擴大到建築商即服務和消費者零售領域。輔以我們的創新融資解決方案。這些措施旨在推動我們的發展並為所有利害關係人提高價值。

The recent hurricanes while impacting the near term timing are expected to ultimately create a surge in demand in the affected regions. Affirming our pivotal role in recovery and rebuilding efforts.

最近的颶風雖然影響了近期時間，但預計最終將導致受影響地區的需求激增。確認我們在復原和重建工作中的關鍵作用。

This positions US to further solidify our market presence and capitalize on long term growth opportunities.

這使我們能夠進一步鞏固我們的市場地位並利用長期成長機會。

And now I would like to open the floor for questions. Operator. Please proceed.

現在我想請大家提問。操作員。請繼續。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions).

謝謝。我們現在將進行問答環節。（操作員說明）。

The first question is from Greg Palm from Craig Hallum. Please go ahead.

第一個問題來自 Craig Hallum 的 Greg Palm。請繼續。

Yeah, good. Good morning. Thanks for taking the questions. I would also like to echo your comments about Keith. He had a, you know, really strong influence on a lot of people inside and outside the company. So going to be missed by, by a lot of a lot of people here. I, wanted to just start with maybe, you know, if you're able to quantify just some of the impacts, you know, from the storms, you know, near term, both in, the recently completed quarter and in current quarter, any way to sort of quantify either from a volume or, revenue standpoint. And I, I guess the bigger question is at what point do you sort of catch up that pent up demand? Is it, do you think it takes a couple of quarters? Is it in the next year? What's your, what's your best guess at this point?

是的，很好。早安.感謝您提出問題。我也想回應你對基斯的評論。你知道，他對公司內外的很多人都有很大的影響。所以這裡會有很多人會想念。我想從也許開始，你知道，如果你能夠量化風暴的一些影響，你知道，短期內，最近完成的季度和當前季度，從數量或收入的角度進行量化的任何方式。我想，更大的問題是，你在什麼時候才能趕上被壓抑的需求？是嗎，你認為需要幾個季度嗎？是明年嗎？您現在的最佳猜測是什麼？

Yeah, thank you, Greg. I think, you know, production at several of our facilities in Florida, Georgia and the Carolinas were interrupted due to power outages and flooding in the surrounding areas. Retail placements the last week of September in North Carolina and Florida, those stores had to close, and insurers stopped binding policies the final week of September. So, there definitely was an impact on the quarter overall. I think, you know, as far as when we catch that up, it really depends a lot on the infrastructure rebuild.

是的，謝謝你，格雷格。我想，你知道，我們在佛羅裡達州、喬治亞州和卡羅來納州的幾家工廠的生產由於週邊地區停電和洪水而中斷。九月最後一周，北卡羅來納州和佛羅裡達州的零售店不得不關閉，保險公司也於九月最後一周停止了保單約束。因此，這肯定會對整個季度產生影響。我認為，你知道，就我們能否趕上這一點而言，這在很大程度上取決於基礎設施的重建。

So right now we're assuming it's going to take, you know, probably this quarter and maybe a little bit into the next quarter for them to rebuild. But if, that clean up goes a little quicker or the infrastructure moves ahead of schedule, then I think that demand is there.

所以現在我們假設他們可能需要這個季度，甚至下個季度的一段時間才能重建。但如果清理工作進展得更快一點，或者基礎設施建設提前，那麼我認為需求就存在。

Okay. And just, you know, I think the obvious bright spot in the quarter on, the gross margin side of things, you know, really, remarkable performance there. And I, I think you're still seeing some purchase accounting headwind. So maybe a two part question at what point do those and I assume we're, pretty close but, you know, just even looking ahead, not just kind of near term, but, you know, is this, you know, a better sort of gross margin rate knowing that we're, going to have maybe some upside from, you know, its capacity in, increases and maybe just highlight a little bit more in terms of the quarter other than, you know, the sort of the mix of units going through, you know, captive, anything else that you want to call out in terms of the outperformance

好的。只是，你知道，我認為本季的明顯亮點是毛利率方面，你知道，那裡的表現確實非常出色。我認為您仍然看到一些購買會計方面的不利因素。所以，也許是一個由兩部分組成的問題，我認為我們在什麼時候會非常接近，但是，你知道，甚至只是展望未來，不僅僅是近期，而是，你知道，這是一個更好的嗎？在表現優異方面指出的其他事情

Hi, Greg. Yeah, I would say definitely saw some positive impact on gross margins for lower forest products input costs. So, we don't expect that to be quite as significant in the third fiscal quarter. So, we will negatively impact margins from a purchase accounting perspective. We do feel that that we are kind of through that at this point and it will be IMA trail going forward.

嗨，格雷格。是的，我想說，林產品投入成本的降低確實對毛利率產生了一些正面影響。因此，我們預計第三財季的影響不會那麼大。因此，從採購會計的角度來看，我們將對利潤率產生負面影響。我們確實覺得我們現在已經完成了這一點，這將是 IMA 的前進之路。

And then as you mentioned, the last key component was stronger captive retail sales than we expected running through this quarter. Even with the impact of the hurricane. So the captive retail segment did really well.

正如您所提到的，最後一個關鍵因素是自有零售銷售強於我們本季的預期。即使受到颶風的影響。因此，自有零售領域表現非常好。

Yeah, that's, what I thought. Okay, I will leave it there. Congrats on the solid execution again.

是的，我就是這麼想的。好的，我會把它留在那裡。再次恭喜您的紮實執行。

Thank you, Greg.

謝謝你，格雷格。

The next question is from Daniel Moore from CJS Securities. Please go ahead.

下一個問題來自 CJS 證券的 Daniel Moore。請繼續。

Yes, thank you, Morning Mark morning Laurie.

是的，謝謝你，馬克晨，勞裡。

Maybe just a little bit more color in terms of obviously, the impact of the hurricanes is, helpful and, clearly, we're going into a little bit of a seasonally softer period. Just your thoughts about overall expectations for order rates and backlog, should we think about, you know, backlog, potentially moderating for a quarter or two, before start, perhaps starting to pick up as we get into the seasonally stronger kind of spring and summer selling season. I'm just thinking how you just in terms of how you're thinking about managing, you know, production versus, versus order rates for the next say 1 to 2 quarters.

也許只是多一點顏色，顯然，颶風的影響是有幫助的，而且顯然，我們將進入季節性疲軟的時期。只是您對訂單率和積壓的總體預期的想法，我們是否應該考慮一下，您知道，積壓在開始之前可能會緩和一兩個季度，也許隨著我們進入季節性較強的春季和夏季而開始回升銷售季節。我只是在考慮你如何考慮管理，你知道，接下來的一到兩個季度的生產與訂單率。

Yeah, thank you, Dan. I think, you know, we, we were looking at this and, expecting a little bit of an order softening going into the Presidential election. You know, as I looked at the current last quarter, it was really a quarter of, I'll call it a tail of two halves, you know, the first half of last quarter, orders were very strong, kind of in the organically in the 30% range. And then, you know, as soon as, as soon as the Presidential candidates mentioned, you know, things like a $25,000 incentive, you know, I think orders right after that week, you know, started to soften a little bit as we kind of expected going into the Presidential election. So I, I think the outcome of the election is going to influence that, that trajectory on orders a little bit. So,we've actually purposely been building a little bit of backlog going into the winter season waiting on the outcome of the elections. So I think, you know, order pace is still very good up 14% organically year over year, so very good pace. I think backlogs will moderate a little bit going into December. And I, I expect once we get through the election cycle, maybe, depending on which candidate wins, could influence the order pace in the third and fourth quarter, depending on, you know, the incentive structure and, or regulatory environment. Each candidate is proposing.

是的，謝謝你，丹。我想，你知道，我們正在研究這個問題，並期待總統選舉時秩序會有所軟化。你知道，正如我所看到的上個季度，這實際上是四分之一，我將其稱為兩半的尾巴，你知道，上個季度前半部分的訂單非常強勁，有點有機在30%範圍內。然後，你知道，一旦總統候選人提到，你知道，像 25,000 美元的獎勵之類的事情，你知道，我認為那週之後的訂單，你知道，隨著我們的要求，開始有點軟化預計進入總統選舉。所以我認為選舉的結果將會對訂單的軌跡產生一點影響。因此，我們實際上故意在冬季積壓了一些訂單，等待選舉結果。所以我認為，你知道，訂單速度仍然非常好，比有機增長 14%，所以速度非常好。我認為進入 12 月積壓訂單將會有所緩解。我預計，一旦我們完成選舉週期，也許，根據哪位候選人獲勝，可能會影響第三和第四季的訂單節奏，這取決於激勵結構和/或監管環境。每個候選人都在提議。

Really helpful and maybe just following up on Greg's question on the gross margin front, if you had to sort of rank order that the favorable impacts of the quarter, in terms of you know, kind of the delta between lower force products or input costs and, and mix. How do we think about that in a year over year?

真的很有幫助，也許只是跟進格雷格關於毛利率的問題，如果你必須對本季度的有利影響進行排序，就你所知，較低的產品或投入成本之間的增量和，並混合。一年又一年，我們如何看待這個問題？

Yeah, we're not going to break out the, the bucket of the impact.

是的，我們不會揭露影響的範圍。

Understood, appreciate the commentary previously, maybe just, you know, taking the seasonality and, and the impact of the hurricanes out of the equation. You just talk about what you're hearing from both three customers as well as community developers and you know how that translates into your kind of confidence as we look out beyond the next 1 to 2 quarters.

理解，欣賞先前的評論，也許只是，你知道，將季節性和颶風的影響排除在外。您只需談論您從三位客戶以及社群開發人員那裡聽到的內容，您知道這將如何轉化為您在我們展望未來 1 到 2 個季度後的信心。

No, I, I think the tone in the marketplace is very good. Community rates were a strong order growth channel. This this quarter, builder developers were extremely strong. So I think, you know, if, the order payloaded all it was really in some of the retail channel in certain areas which is really akin to the consumer confidence and waiting for the results of the election. I think so. Very good optimism on all sides. Our leads are up. Our quote activity is very strong. So I, I think people are, are shopping, they're coming in. We have got good traffic, both at retail and with our community partners. So I think, I think the traffic is there. I think people are just holding off on the execution of the buying decision until they see if there's some type of opportunity for some type of incentive post election.

不,我,我覺得市場的氣氛非常好。社區價格是一個強大的訂單成長管道。本季度，建築商的表現極為強勁。所以我認為，如果訂單在某些地區的某些零售管道中真正有效，這確實類似於消費者信心和等待選舉結果。我想是的。各方面都非常樂觀。我們的領先優勢已經出現。我們的報價活動非常強勁。所以我認為人們正在購物，他們正在進來。我們在零售和社區合作夥伴方面都擁有良好的流量。所以我認為，我認為流量就在那裡。我認為人們只是推遲執行購買決定，直到他們看到選舉後是否有某種機會進行某種激勵措施。

Alright, makes sense. And maybe lastly you bought back a little bit of stock during in the quarter. You're kind of basically through the, synergies or, or most of them with the acquisition a year ahead of schedule, just talk about your appetite for M&A you know, going forward and, and how we think about capital allocation priorities for the next 2 to 4 quarters. Thanks again.

好吧，有道理。也許最後您​​在本季回購了一些股票。您基本上已經通過了協同效應，或者其中大部分是提前一年進行的收購，只需談談您對併購的興趣，您知道，未來以及我們如何考慮下一步的資本配置優先事項2到4個季度。再次感謝。

Yeah, thank you. I think, you know, M&A is definitely a priority for us. You know, we are, we're blessed that the acquisition and the people at regional and the team at regional have done amazing things. And so I think that gives us some confidence, you know, in doing further acquisitions, our pipeline is very robust. So I think we're very active in, in thinking about that and that would be our top capital priority as we go forward and then, you know, innovation in driving some of the growth of our platforms. And our direct consumer strategy would also be pivotal in that. Along with, of course, since we're generating high cash, you know, we have the ability to return some to shareholders as well.

是的，謝謝。我認為，併購絕對是我們的首要任務。你知道，我們很幸運，收購以及區域人員和區域團隊做了令人驚奇的事。所以我認為這給了我們一些信心，你知道，在進行進一步的收購時，我們的管道非常強大。因此，我認為我們非常積極地思考這一點，這將是我們前進時的首要資本優先事項，然後，你知道，創新將推動我們平台的一些成長。我們的直接消費者策略在這方面也至關重要。當然，由於我們產生了大量現金，我們也有能力向股東返還一些現金。

The next question is from Matthew Bouley from Barclays. Please go ahead.

下一個問題來自巴克萊銀行的 Matthew Bouley。請繼續。

Good morning. You have Elizabeth Langon on for Matt today. Thank you for taking our questions. You mentioned that the demand in your builder developer channel was extremely strong. Could you talk a little bit about more about that and kind of relative to last quarter? What you've seen with builder sign up, whether it's, you know, continuing to accelerate or kind of staying stable?

早安.今天請伊莉莎白·蘭貢為馬特發言。感謝您接受我們的提問。您提到您的建築商開發者管道的需求非常強勁。您能否詳細談談這一點以及與上季相關的情況？您在建築商註冊方面看到了什麼，您知道，是繼續加速還是保持穩定？

Yeah, so the new builder, the new builder capture this quarter accelerated slightly over the last quarter. So, we are seeing it accelerate the the capture rate as small to mid tier builders are under pressure. E even the large traditional builders I think are starting to see some margin, pressure and compression in their ability to meet the demands of first-time home buyers So I think, you know, that bodes well for us as we go forward. So builder developer continues to escalate and we anticipate it'll be a strong growth channel for the foreseeable future.

是的，所以本季新建築商的收購比上季略有加速。因此，我們看到它加快了捕獲率，因為中小型建築商面臨壓力。我認為，即使是大型傳統建築商也開始在滿足首次購房者需求的能力方面看到一些利潤、壓力和壓縮，所以我認為，你知道，這對我們前進來說是個好兆頭。因此，建築開發商繼續升級，我們預計這將在可預見的未來成為一個強勁的成長管道。

And then kind of thinking about the impact of hurricanes. And, you know, are you expecting any impact at the inventory stocking positions or is there anything that we should think about in terms of whether or not people might be, you know, dealers might be stocking more if they're expecting the demand to pick up or anything around that?

然後思考颶風的影響。而且，你知道，你是否預計庫存庫存位置會受到任何影響，或者我們是否應該考慮一些事情，即人們是否可能，你知道，如果經銷商預計需求會增加，他們可能會庫存更多。周圍的任何東西？

No, I think, you know, obviously dealers are going to start. I think probably in the near term as they see infrastructure start to get rebuilt in certain areas, start to, you know, I would call order because they're going to need to backfill the demand. There was thousands upon thousands of homes unfortunately destroyed. And so the demand for housing in those regions is going to be substantial. So, yeah, I would expect, you know, as they see the visibility in terms of infrastructure timing, then they'll start to place orders more readily to take care of the homeowners who've been displaced.

不，我想，你知道，經銷商顯然要開始了。我認為可能在短期內，當他們看到某些地區的基礎設施開始重建時，我會開始打電話訂購，因為他們將需要回填需求。不幸的是，有成千上萬的房屋被摧毀。因此，這些地區的住房需求將會很大。所以，是的，我預計，當他們看到基礎設施時間的可見性時，他們會開始更容易下訂單來照顧流離失所的房主。

Thank you.

謝謝。

Thank you.

謝謝。

The next question is from Fiona Shang from Jeffrey. Please go ahead.

下一個問題是 Jeffrey 的 Fiona Shang 提出的。請繼續。

Hi, this is Fiona. For fill in congrats on a good quarter. I'm just curious. Given the damage from hurricane towing and mountain. Do you guys see any potential option? In units from FEMA going forward. And comparing to the contract awarded back in the physical year of 2023 are you guys expecting to see more unit growth this time?

嗨，這是菲奧娜。填寫此內容，恭喜季度表現良好。我只是好奇。考慮到颶風拖曳和山地造成的損壞。你們看到任何潛在的選擇嗎？未來以 FEMA 的單位表示。與 2023 年實際年度授予的合約相比，你們是否預計這次會看到更多的單位成長？

Yeah, I think, I think as far as (fema), we haven't received any type of orders yet. Obviously, there's been mass destruction in, in those regions. So, you know, the federal government along with state governments are actively trying to figure out what type of response to do, but there's no activity from fema as of yet.

是的，我想，就（聯邦緊急管理局）而言，我們還沒有收到任何類型的訂單。顯然，這些地區發生了大規模破壞。所以，你知道，聯邦政府和州政府正在積極嘗試找出採取何種類型的應對措施，但聯邦緊急事務管理局到目前為止還沒有採取任何行動。

Okay. Thank you. And then just another follow up. Given the chatter, we usually lack the 30 year fixed mortgage rate. Have you seen any movement for the chatter rate for this quarter?

好的。謝謝。然後又是一個後續行動。考慮到人們的討論，我們通常缺乏 30 年期固定抵押貸款利率。您是否看到本季的喋喋不休率有任何變化？

No, the channel rates generally lag changes in mortgages by about six months. Generally speaking, they're currently running at about 150 basis point spread for good credit. You know, somewhere north of 8% I would say 8 point, you know, 8.5 points something like that for fairly good credit.

不會，通路利率通常滯後於抵押貸款的變化約六個月。一般來說，目前良好信用的利差約為 150 個基點。你知道，在 8% 以上的地方，我會說 8 分，你知道，8.5 分之類的東西就代表相當好的信用。

Okay. That's helpful. Thank you.

好的。這很有幫助。謝謝。

There are no further questions at this time. I would like to turn the floor back over to Mario for closing comments.

目前沒有其他問題。我想把發言權交還給馬裡奧，讓他發表最後的評論。

I want to thank everyone for taking the time to listen to our call this morning and for your continued interest in champion homes. We look forward to updating you on our progress on our fiscal third quarter earnings call. Thank you and have a great day.

我要感謝大家今天早上抽出時間聆聽我們的電話會議，並感謝大家對冠軍住宅的持續關注。我們期待向您通報第三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 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。