Champion Homes Inc (SKY) 2025 Q3 法說會逐字稿

Good morning and welcome to the Champion Homes third quarter, fiscal 2025 earnings call. My name is Rob and I'll be coordinating your call today. (Operator Instructions) Please reminder this conference is being recorded.

早安，歡迎參加 Champion Homes 2025 財年第三季財報電話會議。我叫羅布，今天我將負責協調您的通話。（操作員指示）請注意，本次會議正在錄音。

I'll now turn the call over to your host, Jason Blair to begin. Jason, please go ahead.

現在我將把電話轉給主持人 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 of our business results for the third quarter ended December 28, 2024. Here to review Champion results are Tim Larson, Champion Homes, President and Chief Executive Officer; and Laurie Hough, Executive Vice President, Chief Financial Officer and Treasurer.

早安.感謝您抽出時間參加今天的電話會議並審查我們截至 2024 年 12 月 28 日第三季的業務業績。負責審核 Champion 結果的有 Champion Homes 總裁兼執行長 Tim Larson；以及執行副總裁、財務長兼財務主管 Laurie Hough。

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 meeting 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 and uncertainties include the factors set forth in the earnings release and in the company's filings with the Securities and Exchange Commission.

昨天市場收盤後，我們發布了收益報告。提醒一下，今天電話會議上的收益報告和聲明包括 1995 年《私人證券訴訟改革法案》會議中的前瞻性陳述。這些聲明受風險和不確定因素的影響，可能導致實際結果與公司預期有重大差異。這些風險和不確定因素包括收益報告中和公司提交給美國證券交易委員會的文件中列出的因素。

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 introduce Champion Home CEO, Tim Larson, who was appointed CEO and a member of the company's Board of Directors in December.

請注意，今天的評論包含非公認會計準則財務指標，我們認為這些指標對於評估績效有用。這些指標的定義和調節可以在收益報告中找到。現在，我想介紹 Champion Home 執行長 Tim Larson，他於 12 月被任命為執行長和公司董事會成員。

Tim is a highly accomplished Executive and CEO with decades of leadership in the consumer products and manufacturing industries, including significant experience transforming a diverse portfolio of businesses via customer driven innovation and omni channel retail. Tim originally joined Champion Homes in May of 2021 as Chief Growth Officer and led the development and delivery of the company's customer experience, growth strategy and omni channel platform.

蒂姆是一位非常有成就的高管兼首席執行官，在消費品和製造業擁有數十年的領導經驗，包括透過客戶驅動的創新和全通路零售轉變多元化業務組合的豐富經驗。Tim 最初於 2021 年 5 月加入 Champion Homes 擔任首席成長官，並領導公司客戶體驗、成長策略和全通路平台的開發和交付。

During this time, Tim has worked very closely with champions, talented employees, customers and channel partners as well as working closely with the leadership team.

在此期間，Tim 與冠軍、優秀員工、客戶和通路合作夥伴以及領導團隊密切合作。

I will now turn the call over to Champion Home CEO, Tim Larson.

現在我將電話轉給 Champion Home 執行長 Tim Larson。

Thank you, Jason. Good morning, everyone. We appreciate you attending today's earnings call. Since joining Champion 3.5 years ago, being part of this team and what we do has become core of my purpose. I'm honored to serve and lead our collective team as we embark on our next phase of growth.

謝謝你，傑森。大家早安。感謝您參加今天的財報電話會議。自從三年半前加入 Champion 以來，成為這個團隊的一員以及我們所做的事情已經成為我目標的核心。在我們進入下一階段的發展之際，我很榮幸能夠服務和領導我們的團隊。

Champion Homes is a company with a talented team, a strong reputation and a great portfolio of brands and products. Each of those attributes were recently recognized nationally. For the fifth straight year our Skyline brand was named the most trusted manufacturing housing brand by Lifestory Research. This reflects our unwavering commitment to provide customers with high quality homes and experiences.

Champion Homes 是一家擁有優秀團隊、良好聲譽和眾多品牌及產品的公司。這些品質最近都得到了全國的認可。我們的 Skyline 品牌連續第五年被 Lifestory Research 評為最值得信賴的製造住宅品牌。這體現了我們堅定不移地致力於為客戶提供高品質的住宅和體驗。

And stepping into the role, I've been actively engaging in feedback sessions across our stakeholders. We've already identified opportunities to further capitalize on our strengths and drive additional value. I'm committed to building on the effectiveness of our strategy including the expansion of our retail and direct to consumer capabilities and strategic investments that support the growth of our community, independent retail, and builder developer customers.

擔任這項職務後，我一直積極參與利害關係人的回饋會議。我們已經發現了進一步利用我們的優勢並創造額外價值的機會。我致力於加強我們策略的有效性，包括擴大我們的零售和直接面向消費者的能力以及策略投資，以支持我們社區、獨立零售和建築開發商客戶的成長。

In my conversations with employees, I'm thrilled by their enthusiasm and willingness to think differently and advance even further as a customer centric organization. It's already unlocking new ideas and actions to improve and elevate the business.

在與員工的交談中，我對他們的熱情和願意以不同的方式思考並作為以客戶為中心的組織取得更大進步感到興奮。它已經釋放出新的想法和行動來改善和提升業務。

I've already been able to connect with numerous customers in my first 50 days and I remain impressed by their passion for the industry and the opportunities ahead. In December, I was able to meet with several investors and analysts to share my excitement for the Champion Homes business and I look forward to building on our conversations, including our commitment to drive sustainable profitable growth and long term value.

在最初的 50 天裡，我已經與許多客戶建立了聯繫，他們對這個行業和未來機會的熱情給我留下了深刻的印象。12 月，我有幸與幾位投資者和分析師會面，分享我對 Champion Homes 業務的興奮之情，並期待在我們的對話基礎上進一步發展，包括我們對推動可持續盈利增長和長期價值的承諾。

As I look ahead, we will continue to execute our differentiated strategy while remaining nimble in a dynamic market. With that backdrop in mind, I'll now provide an overview of the recent quarter and our expectations for the remainder of the fiscal year.

展望未來，我們將繼續執行差異化策略，同時在動態的市場中保持靈活。考慮到這一背景，我現在將概述最近一個季度的情況以及我們對本財年剩餘時間的預期。

Our third quarter performance demonstrates strong execution across the company, including by our sales, retail and manufacturing teams that are definitely delivered on the market's growing demand. In the third quarter, year-over-year, net sales increased 15.3% to $645 million, homes sold during the period increased 13% for a total of 6,646 homes.

我們第三季的業績證明了整個公司的強大執行力，包括我們的銷售、零售和製造團隊，都滿足了市場日益增長的需求。第三季度，淨銷售額年增 15.3% 至 6.45 億美元，期內售出的房屋總數增加 13%，達到 6,646 套。

The third quarter saw a sequential increase in the revenue from the fiscal second quarter of $28 million. Our backlog at the end of the third quarter was $313 million which is up 8% from the same period last year. We saw a normal seasonal slowdown in order rates throughout the quarter contributing to the 27% sequential decline in backlog. An average backlog ended Q3 at 10 weeks which is on the higher side of our 4 to 12 week norms.

第三季的營收較第二財季較上季增加 2,800 萬美元。我們第三季末的積壓訂單為 3.13 億美元，比去年同期成長 8%。我們看到整個季度訂單率出現正常的季節性放緩，導致積壓訂單量較上季下降 27%。第三季結束時，平均積壓訂單量為 10 週，高於我們 4 至 12 週的標準。

Now I'll provide some additional commentary from the quarter on each of our sales channels. Sales to our independent retailer channel grew during the quarter and we anticipate that to continue enabled by our direct to consumer and digital capabilities, combined with new products and foreign support.

現在，我將針對本季的各個銷售管道提供一些額外的評論。本季度，我們獨立零售商通路的銷售額有所成長，我們預計，得益於我們直接面向消費者和數位化能力，加上新產品和國外支持，這一增長將持續下去。

Sales to our captive retail channel continues to grow. We are very pleased with the organic growth of the regional homeless business and the accretive nature of the overall transaction. The success of the regional acquisition is a testament to the combined organizations including the tenacity and customer centric approach of the regional team.

我們專屬零售通路的銷售額持續成長。我們對區域無家可歸者業務的有機成長和整體交易的增值性質感到非常滿意。區域收購的成功證明了合併後的組織包括區域團隊的堅韌和以客戶為中心的理念。

Spending time with our community customers is among my many highlights of the last 50 days. We're growing with our community customers and are committed to supporting their mission and goals. We're developing new products with communities in mind and are encouraged by the response of the new homes we feature at the recent Louisville show.

與社區客戶共度的時光是我過去 50 天的眾多亮點之一。我們與社區客戶共同成長，並致力於支持他們的使命和目標。我們在開發新產品時充分考慮了社區的需求，在最近的路易斯維爾展覽會上展示的新房的反響令我們備受鼓舞。

In our builder developer channel, homes sold increase year over year and the project pipeline interest continue to grow. We recently delivered homes to projects across several markets and we've had very positive feedback from customers and the local community on the design and value of the homes.

在我們的建築商開發商通路中，房屋銷售量逐年增加，專案通路興趣持續成長。我們最近向多個市場的專案交付了房屋，客戶和當地社區對房屋的設計和價值給出了非常積極的回饋。

With each project, we capture the proof points and the insights that benefit future developments that includes working with federal state and local officials to expand zoning and accelerate the often long lead times associated with these projects. Across our channels, we are pleased with the progress of Champion financing. Our joint venture will attract financial services.

透過每個項目，我們都會獲取有利於未來發展的證明點和見解，包括與聯邦、州和地方官員合作擴大分區並加快與這些項目相關的通常較長的準備時間。透過我們的管道，我們對冠軍融資的進展感到滿意。我們的合資企業將吸引金融服務。

We are seeing early benefits consistent with our vision to serve consumers across their home purchase experience. Our floor plan programs ensure our retailers have the right mix and value of products for today's consumers. And our retail loan programs further drives increased affordability and value. We look forward to continued collaboration with the ECM capital and triad teams and partners.

我們看到的早期利益與我們為消費者提供購屋體驗的願景一致。我們的平面圖方案確保我們的零售商擁有適合當今消費者的產品組合和價值。我們的零售貸款計劃進一步提高了貸款承受能力和價值。我們期待與 ECM 資本和三方團隊及合作夥伴繼續合作。

Before touching on Q4, I want to express our heartfelt concerns for all those affected by the devastating California fires. We have three plants in Southern California and fortunately, there was no direct damage to our facilities or retailers in the area. We are committed to supporting the region and working closely with the community on rebuilding efforts.

在談到第四個問題之前，我想向所有受到加州毀滅性火災影響的人們表達我們深切的關懷。我們在南加州有三家工廠，幸運的是，該地區的設施或零售商沒有受到直接損害。我們致力於支持該地區並與社區密切合作進行重建工作。

Looking to our fiscal fourth quarter demand from our customers remains within our expectations. We anticipate fourth quarter revenue to be up low double digits from the same quarter last year and in line with pre earnings, fourth quarter, consensus. A sequential moderation from the third quarter is anticipated and in line with her typical slower winter selling season.

展望我們第四財季的客戶需求仍在我們的預期之內。我們預計第四季營收將比去年同期成長兩位數，並與第四季獲利預測一致。預計第三季的銷量將環比放緩，這與典型的冬季銷售淡季相符。

We are closely monitoring the dynamic pair of environment and have an agile playbook that builds on previous experiences. We are still early in the spring selling season and are prepared to further scale production with order demand. As I mentioned, we received a very strong response at the Louisville show and anticipate that we possibly contribute to our fiscal fourth quarter and into fiscal 2026.

我們正在密切監視動態環境，並根據以往的經驗制定了敏捷的劇本。我們仍處於春季銷售季節的早期，並準備根據訂單需求進一步擴大生產規模。正如我所提到的，我們在路易斯維爾展會上獲得了非常強烈的反響，預計我們可能會為我們的第四財季和 2026 財年做出貢獻。

In summary, affordable housing remains a pivotal need across our US and Canadian markets reflected in the recent trends and our anticipation for strong medium term and long term demand.

總而言之，經濟適用房仍然是我們美國和加拿大市場的關鍵需求，這反映在最近的趨勢和我們對強勁的中期和長期需求的預期中。

I will now turn the call over to Laurie, who will discuss our quarterly financial performance in more detail.

現在我將電話轉給勞裡，他將更詳細地討論我們的季度財務表現。

Thanks Tim 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 flow. I'll also briefly discuss our near term expectations. During the third quarter, net sales increased 15% to $645 million compared to the same quarter last year with US factory built housing revenue increasing 17%. The number of homes sold increased 14% to 6,437 homes in the US compared to 5,643 homes in the prior year period.

謝謝蒂姆，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。我還將簡要討論一下我們的近期預期。第三季度，淨銷售額與去年同期相比成長 15%，達到 6.45 億美元，其中美國工廠建造房屋收入成長 17%。美國售出的房屋數量比去年同期的 5,643 套增加了 14%，達到 6,437 套。

US home volume during the quarter was supported by healthy demand across our sales channels as well as an additional two weeks of sales from our regional homes acquisition which closed mid-October of last year. The average selling price per US home sold increased by 2.8% to $94,900 due to a higher mix of units sold through our company owned retail sales centers.

本季美國住房銷售主要得益於我們各個銷售管道的強勁需求，以及去年 10 月中旬完成的區域房屋收購帶來的額外兩週銷售。由於透過我們公司自有的零售銷售中心銷售的房源類型更多，美國每套房屋的平均售價上漲了 2.8%，達到 94,900 美元。

On a sequential basis, US factory built housing revenue increased 4% in the third quarter compared to the second quarter of fiscal 2025. We saw a sequential increase mainly due to increased shipments after hurricane delays at the end of our fiscal second quarter, both in our plant's ability to ship homes as well as our company owned retail locations ability to close home sales.

以環比計算，美國工廠建造房屋收入在第三季與 2025 財年第二季相比增長了 4%。我們看到了連續的成長，主要原因是第二財季末颶風延誤後出貨量增加，這不僅包括我們工廠的房屋運輸能力，也包括我們公司自有零售店完成房屋銷售的能力。

In addition, manufacturing capacity utilization was 63% compared to 60% in the sequential second quarter. On a sequential basis, the average selling price per home increased 2.7% due to a higher mix of units sold through our company owned retail sales centers.

此外，製造產能利用率為 63%，而第二季為 60%。與上一季相比，由於透過我們公司自有零售銷售中心銷售的房屋種類更多，每套房屋的平均售價上漲了 2.7%。

Canadian revenue during the quarter was $26 million, representing a 16% decline in the number of homes sold versus the prior year period. The average home selling price in Canada decreased 0.6% to $122,900, primarily due to a shift in product mix.

本季加拿大的收入為 2,600 萬美元，售出的房屋數量較去年同期下降了 16%。加拿大平均房屋售價下降 0.6% 至 122,900 美元，主要原因是產品結構的變化。

The reduction in Canadian 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 28% to $181 million in the third quarter and our gross margin expanded 280 basis points from 25.3% in the prior year period.

加拿大銷售量的下降可以歸因於多種因素，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。預計這些情況將在短期內繼續影響加拿大的房地產市場動態。第三季綜合毛利成長 28% 至 1.81 億美元，毛利率較去年同期的 25.3% 擴大 280 個基點。

The higher gross margin was primarily due to higher average selling prices on new homes sold through our company owned retail sales centers which also generated a greater percentage of total revenue. In addition, lower input costs and acquisition synergy capture also contributed to higher growth margins versus the prior year period. On a sequential basis, growth margin came in better than anticipated due to lower input costs and higher captive retail sales.

毛利率提高主要由於透過我們公司自有零售銷售中心銷售的新房平均售價提高，這也產生了更大比例的總收入。此外，較低的投入成本和收購綜效也促使利潤率較去年同期提高。從環比來看，由於投入成本降低和自有零售額增加，成長利潤率優於預期。

SG&A in the third quarter. Increased $23 million over the prior year period to $108 million. The increase is primarily attributable to increased sales volumes through our company owned retail sales centers and higher variable costs related to higher revenue and profitability. In addition, we continue to make investments in people and technology to support for future growth.

第三季的銷售、一般及行政開支。較上年同期增加 2,300 萬美元，達到 1.08 億美元。成長主要歸因於我們公司自有零售銷售中心的銷售量增加以及與收入和盈利能力提高相關的變動成本增加。此外，我們將繼續對人才和技術進行投資，以支持未來的成長。

The company's effective tax rate for the quarter was 21.1% versus an effective tax rate of 21.4% for the year ago period. Net income attributable to Champion Homes for the third quarter increased 31% to $62 million or earnings of a $6 per diluted share compared to net income of $47 million or earnings of $0.81 per diluted share during the same period last year. The increase in EPS was driven mainly by higher operating income in the third quarter.

該公司本季的有效稅率為 21.1%，而去年同期的有效稅率為 21.4%。第三季冠軍家居淨利潤為 6,200 萬美元，較去年同期的 4,700 萬美元或每股攤薄收益 0.81 美元增長 31%，達到 6,200 萬美元或每股攤薄收益 6 美元。每股盈餘的成長主要得益於第三季營業收入的增加。

Adjusted EBITDA that for the quarter was $83 million compared to $66 million in the prior year period. Adjusted EBITDA margin was 12.9% compared to 11.8% in the prior year period, which was driven by higher gross margins.

本季調整後 EBITDA 為 8,300 萬美元，去年同期為 6,600 萬美元。調整後 EBITDA 利潤率為 12.9%，而去年同期為 11.8%，這得益於毛利率的提高。

Looking forward, we expect gross margins to return to the 26% to 27% range as the benefit of lower forest product costs dissipate relative to ASPs and as we experience fluctuations in the percentage of sales running through our company owned retail sales centers and overall product mix.

展望未來，我們預計毛利率將回到 26% 至 27% 的範圍內，因為較低的林產品成本相對於平均售價的優勢逐漸消失，而且我們公司自有零售銷售中心和整體產品組合的銷售額百分比會出現波動。

As of December 28, 2024 we had $582 million of cash and cash equivalents and long term borrowings of $25 million with no maturities until 2026. We generated $50 million of operating cash flows for the quarter compared to $90 million. In the prior year period in the quarter we leveraged our strong cash position and returned capital to our shareholders through $20 million in share repurchase.

截至 2024 年 12 月 28 日，我們擁有 5.82 億美元的現金和現金等價物以及 2,500 萬美元的長期借款，到期日為 2026 年。我們本季的經營現金流為 5,000 萬美元，而去年同期為 9,000 萬美元。去年同期，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 repurchase authority reflecting confidence in our continued strong cash generation.

此外，我們的董事會最近批准補充 1 億美元的股票回購權，反映出對我們持續強勁的現金創造能力的信心。

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

現在我將把電話轉回給蒂姆，請他做一些結束語。

Thank you, Lourie. It's an exciting time of Champion and I'm honored to be collaborating with such a talented team. While the word Champion certainly conveys the excellence we are driven to deliver, we are also embracing the mean of Champion as a verb, to Champion our customers and to Champion offsite goes on.

謝謝你，勞裡。這是冠軍令人興奮的時刻，我很榮幸能與這樣一支才華橫溢的團隊合作。雖然「冠軍」這個詞確實表達了我們力求實現的卓越成就，但我們也將「冠軍」作為動詞來理解，以冠軍支持我們的客戶，並以冠軍支持場外的其他活動。

In summary, after a bit over 50 days in the new role, we have the team highly focused on a core set of priorities, executing the fundamentals, including leveraging our capacity, innovating with product to grow and bring in new buyers to the category, evolving the experience for today's and tomorrow's customers with solutions before during and after the sale, elevating the awareness of the benefits of off-site built homes, driving a customer centric culture and strategically deploying our capital. I look forward to updating you on these initiatives on our next earnings call.

總而言之，在擔任新職務 50 多天后，我們讓團隊高度專注於一組核心優先事項，執行基本任務，包括利用我們的能力，創新產品以發展並吸引新買家，透過售前、售中和售後解決方案改善當前和未來客戶的體驗，提高對異地建造房屋優勢的認識，推動以客戶為中心的文化，並以策略性地部署我們的資本。我期待在下次財報電話會議上向您通報這些舉措。

And now I'd like to open the floor for questions. Operator, please proceed.

現在我想開始回答大家的提問。接線員，請繼續。

(Operator Instructions)

（操作員指令）

Greg Palm, Craig-Hallum.

格雷格·帕姆、克雷格·哈勒姆。

Yeah, thanks morning everybody, and congrats on the good results here.

是的，早安，謝謝大家，並祝賀你們取得的好成績。

Thanks, Greg.

謝謝，格雷格。

May maybe start with just a little bit more of a recap on the quarter and kind of the outlook. I was hoping maybe you could give us a little bit more color on kind of how orders trended, throughout the quarter.

也許首先要對本季的情況和前景進行一些回顧。我希望您能給我們更多關於整個季度的訂單趨勢的資訊。

And then just in terms of what you're -- kind of seeing in January and more importantly, what you're hearing from your customers in terms of, outlook for 2025 in general.

然後就您在一月份看到的情況而言，更重要的是，就 2025 年的整體前景而言，您從客戶那裡聽到的情況而言。

Yeah, Greg. As far as Q3 goes and that recap, our plant shipments and retail recovered a little quicker on the hurricane outcomes than expected. So that was some tailwinds and then we were able to increase capacity as you heard in orders marks up to that 63%. So that allowed us to produce more during the Q3.

是的，格雷格。就第三季而言，回顧一下，我們的工廠出貨量和零售額在颶風影響下的恢復速度比預期要快一些。因此，這是一些順風，然後我們能夠增加產能，正如您所聽到的，訂單標記高達 63%。因此，我們能夠在第三季生產更多產品。

And then as Q3 went on towards the back half, when seasonality started to come into play or slowed a bit. But as we noted, we still have a strong Q4 ahead of us and we expect a low double digit growth versus last fourth quarter. And what's driving that is, we're seeing healthy traffic at our stores and we're hearing that from independents as well, quoting activity has picked up here recently and we certainly had a strong response at Louisville.

隨著第三季進入後半段，季節性因素開始發揮作用或放緩。但正如我們所指出的，我們仍然面臨強勁的第四季度，我們預計與去年第四季相比將出現低兩位數的成長。推動這一趨勢的因素是，我們看到我們商店的客流量很大，我們也從獨立經銷商那裡聽說，最近這裡的報價活動有所回升，我們在路易斯維爾得到了強烈的反響。

Now, there have been a few geographies that were impacted a bit by the temps and snows. So that's a consideration. So that's a bit of the basis for why we shared what we did in terms of the fourth quarter view. But all in all, we're optimistic as we start the spring selling season.

目前，一些地區已經受到了氣溫和降雪的一定影響。所以這是一個考慮。這就是我們分享第四季觀點的一些依據。但總而言之，隨著春季銷售季節的開始，我們感到樂觀。

Yeah. Okay. That makes sense. And Tim, I think all of us would probably appreciate a little bit more, color on kind of what you think the company has done well or maybe could do better, just kind of any change in kind of direction or strategic focus, going forward, just given that you're now at the CEO seat now.

是的。好的。這很有道理。提姆，我想我們所有人都可能更想知道，您認為公司在哪些方面做得好，或者可以做得更好，以及未來方向或策略重點的任何變化，考慮到您現在坐在執行長的位置上。

Yeah, I mean, strategically, because I've been here 3.5 years, I've been a part of building the strategy and executing the key priorities. So major strategic themes, I don't see changing. What we're really doing is, as I mentioned in my remarks, really focusing on the fundamentals, the things that we see work well in the market across our retail operation, how do we expand those.

是的，我的意思是，從策略上講，因為我已經在這裡工作了 3.5 年，我一直參與制定策略和執行關鍵優先事項。所以我認為主要的戰略主題不會改變。正如我在演講中提到的那樣，我們真正在做的是真正關注基本面，關注我們看到的在整個零售業務中在市場上運作良好的東西，以及我們如何擴大它們。

From a product perspective that you're going to continue to see innovating and evolving? We going to be nimble for today's consumer and make sure we can also invite new buyers into the category with product. And from a customer experience, if you think about digital as the front door, then at retail and then what happens post sale, really executing on that experience. And then really being smart with our capital and deploying it a graphical strategic priority, so, I think it's really those themes and it's really driving execution across those themes.

從產品角度來看，您將繼續看到創新和發展嗎？我們將靈活地滿足當今的消費者需求，並確保我們也能透過產品吸引新的買家。從客戶體驗來看，如果您將數位化視為前門，那麼在零售和售後，真正執行這種體驗。然後真正明智地利用我們的資本，並將其部署為圖形戰略重點，所以，我認為這確實是這些主題，並且它確實推動了這些主題的執行。

Yeah. Okay. We look forward to get the progress updates over time. Best of luck. Thanks.

是的。好的。我們期待隨著時間的推移獲得進展更新。祝你好運。謝謝。

Sounds good. Thanks, Greg.

聽起來不錯。謝謝，格雷格。

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Yes. Thank you. Good morning, Tim. Good morning, Laurie. Champion, as you described, increased the number of homes sold sequentially sounds like, recovered from the hurricane a little bit faster than expected. It dipped into backlog a little during the quarter but still healthy at 10 weeks.

是的。謝謝。早安，提姆。早安，勞裡。正如您所描述的，Champion 的房屋銷售數量連續增加，聽起來從颶風中恢復的速度比預期要快一些。本季積壓情況略有下降，但仍處於 10 週的健康水準。

Just talk about the confidence and trajectory of order rates as we look to Q4 and early fiscal '26. And should we expect production to roughly align with the trajectory of auto rates going forward? How do you think about managing backlogs? Thanks.

我們只談論對第四季度和 26 財年初期的信心和訂單率走勢。我們是否應該預期產量將與未來汽車價格的走勢大致一致？您如何看待管理積壓訂單？謝謝。

Yeah, from a backlog perspective, you mentioned the 10 weeks and that was at the end of the Q3, what I would say as we go forward, we're feeling good about our orders. It's really early in the selling season from the full F26 view. And we certainly are seeing some signs with our retail, as I mentioned that are promising.

是的，從積壓訂單的角度來看，您提到了 10 週，那是在第三季末，我想說，隨著我們的前進，我們對我們的訂單感到滿意。從整個 F26 來看，現在還處於銷售季節的早期。正如我之前提到的，我們確實在零售業中看到了一些令人鼓舞的跡象。

We obviously got to look at the broader housing market. If you think about F25 from an economy perspective, there's mixed signals, some are saying some flat little up now. We're very, optimistic about our products and our price points as an advantage. And so as we develop our fiscal year '26 plans, we're planning for continued profitable growth, leveraging our capacity and we're going to update you further on our next call. But the early signs that indicate, we're feeling good about those rates and we're going to execute accordingly.

我們顯然需要關注更廣泛的房地產市場。如果從經濟角度考慮 F25，就會出現混雜的訊號，有人說現在有些持平，有些略有上漲。我們對我們的產品和價格優勢非常樂觀。因此，在製定 26 財年計劃時，我們計劃繼續實現盈利增長，利用我們的產能，我們將在下次電話會議上進一步向您通報最新情況。但早期跡象表明，我們對這些利率感到滿意並將照此執行。

Great. And one of the themes over the last several years has been penetration of those, kind of top 100 community developers. How is that trending from your perspective? How do you think about the opportunity set there and more generally for Champion and MH to take share from site built where the biggest opportunities over the next say two to three years.

偉大的。過去幾年的主題之一就是對前 100 名社群開發者的滲透。從您的角度來看，這種趨勢如何？您如何看待那裡存在的機會？ 更廣泛地說，您如何看待 Champion 和 MH 從站點建設中奪取份額，而在未來兩到三年內，那裡存在著最大的機會。

Yeah. In the near term, we were able to have the growth in that channel up year over year. It's obviously a smaller channel for us today. But we see over time that really building and as I mentioned, we executed projects in a number of markets that give us the proof points that we're learning on, how do you evolve those and make them go faster. And that includes working with the local municipalities, those particular projects require zoning support, they require the local involvement and we're learning how to accelerate that.

是的。從短期來看，我們能夠實現該通路的逐年成長。對我們今天來說這顯然是一個較小的管道。但隨著時間的推移，我們看到這確實在建設中，正如我所提到的那樣，我們在多個市場執行的專案為我們提供了正在學習的證明點，如何發展這些專案並使它們更快地發展。這包括與當地市政當局合作，這些特定項目需要分區支持，需要當地的參與，我們正在學習如何加速這一進程。

And so I would say from an opportunity, we're really strong in terms of the long term view of it. In the near term. It's just working through those realities by market. But we're pleased with the response that we have in those markets to the quality of the homes, the price value, the acceptance in those communities. We just have to have more communities see that and learn from those and embrace those as we go forward. And so our strategy is going to continue to grow to build a developer channel.

因此我想說，從機會來看，從長遠角度來看我們確實很強大。短期內。這只是透過市場來解決這些現實問題。但我們對這些市場對房屋品質、價格價值以及社區接受度的反響感到滿意。我們只是要讓更多的社區看到這一點，從中學習，並在前進的過程中接受這一點。因此，我們的策略將繼續發展，建構開發者管道。

Helpful. Last one for me, I'll jump back in queue. But SG&A ticked higher as a percentage of revenue despite strong top line growth, how much of that spend or increase would you say reflects incremental investments, including technology and personnel to support growth? And more generally, you gave good color, in terms of outlook for revenue and gross margin. How do we think about SG&A, in Q4 relative to Q3 and what's a good run rate going forward? Thank you again.

很有幫助。對我來說這是最後一個了，我將重新回到隊列中。但是，儘管營收成長強勁，但銷售、一般及行政開支佔收入的百分比仍有所上升，您認為其中有多少支出或成長反映了增量投資，包括支持成長的技術和人員？更總體而言，就收入和毛利率前景而言，您給出了良好的預期。我們如何看待第四季相對於第三季的銷售、一般及行政開支，以及未來的良好運作率是多少？再次感謝您。

Hi Dan. So SG&A, is usually about 35% variable. So as revenue increases or decreases, that 35% variability is going to change relative to revenue. So that's what we saw this further as revenue went up, our variable cap structure went up. We are making investments in people to drive our strategy forward, including our captive retail organization and then also investing in technology to support our direct to consumer platform and other IT capabilities to support our captive retail as well as back office enhancement. So those are going to continue at the pace we saw in the third quarter for the next several quarters.

嗨，丹。因此，銷售、一般及行政開支通常約為 35% 的變動費用。因此，隨著收入的增加或減少，35% 的變動性也會隨之改變。因此，隨著收入的增加，我們的可變上限結構也隨之上升，我們看到了這一點。我們正在對人才進行投資以推動我們的策略向前發展，包括我們的專屬零售組織，然後還投資技術以支援我們的直接面向消費者的平台和其他 IT 能力，以支援我們的專屬零售以及後台辦公室的增強。因此，在接下來的幾個季度中，這一速度將繼續保持在第三季的水平。

Understood. I'll jump back with follow up. Thank you again.

明白了。我會回來跟進。再次感謝您。

Philip Ng, Jefferies.

傑富瑞 (Jefferies) 的 Philip Ng。

Hey guys. Tim congrats on the new role, looking forward to working with you more going forward. I guess the first question I have is obviously from your prepared remarks. You said it's a pretty fluid situation, but tariffs are top of mind for a lot of investors. It's on a pause. But let's say if it does move forward, whether it's Mexico, Canada and China, how does that impact you? Certainly, you guys do use a lot of wood products, some of that comes from Canada, but just kind of help us think through the impact in terms of operationally and what that could mean from an inflation standpoint in your ability to kind of manage that, and kind of sustain that growth margin framework. Laurie kind of highlighted earlier.

嘿，大家好。提姆祝賀你擔任新的職務，期待未來能與你有更多的合作。我想我的第一個問題顯然來自您準備好的演講。您說這是一個相當不穩定的情況，但關稅是許多投資者最關心的問題。正在暫停。但假設它確實向前發展，無論是墨西哥、加拿大還是中國，這會對您產生什麼影響？當然，你們確實使用了很多木製品，其中一些來自加拿大，但請幫助我們思考一下從營運角度來看的影響，以及從通膨的角度來看，這對你們的管理能力和維持成長利潤框架意味著什麼。勞裡早些時候就強調過這一點。

Yeah, Phil, obviously, it is very dynamic and we're monitoring very closely. And what I would say is we do have a playbook that has elements from what we learned from COVID that can apply and from a macro perspective, what we're really going to be looking at is how do we make sure we balance that cost versus price versus volume if we do start to see those inflationary impacts out of the tariffs.

是的，菲爾，顯然，這是非常動態的，我們正在密切關注。我想說的是，我們確實有一個劇本，其中包含了我們從 COVID 中學到的可以應用的元素，從宏觀角度來看，我們真正要考慮的是，如果我們確實開始看到關稅帶來的通膨影響，我們如何確保在成本、價格和數量之間取得平衡。

Now, we've seen some scenarios where maybe there'll be less of that impact as we think about some of the different supply elements. And that's why we have to take a really, piece by piece approach for all the different drivers. But our team is already on it and really anticipating that we prepared in the event, we've seen some of those things come back after this immediate stay. So we'll keep you posted as we go along. And we’re obviously going to be very thoughtful about how we approach across those three drivers.

現在，我們已經看到了一些情況，當我們考慮一些不同的供應要素時，這種影響可能會較小。這就是為什麼我們必須對所有不同的驅動因素採取真正的、逐一的方法。但我們的團隊已經著手進行並真正期待我們在活動中所做的準備，我們已經看到其中一些事情在這次立即停留後得以恢復。因此我們會隨時向您通報進度。我們顯然會非常認真地考慮如何處理這三個驅動因素。

Just operationally, I mean, you guys have a business in Canada but operationally from a manufacturing and whatnot Canada versus US, is there any trade flow and any color to kind of size up in terms of your supply base, in terms of materials and stuff that could be impacted from tariffs? Have you taken a stab at quantifying that.

只是從營運角度來看，我的意思是，你們在加拿大有業務，但從製造業和其他方面來看，加拿大與美國相比，是否存在貿易流量和任何細節，以便在你們的供應基礎、材料和可能受到關稅影響的東西方面進行評估？您是否嘗試過量化這一點？

We're -- we feel pretty balanced in terms of our flow of different sources. So we're not concerned operationally, it's obviously we're going to have to watch the cost and as I mentioned, manage that relative price and volume. But really, I think the team is prepared to execute given different scenarios. So we're just watching very close and making sure that we continue to run operations at the levels we need. So at this point, we're just managing it from that perspective.

我們 — — 就不同來源的流動而言，我們感覺相當平衡。因此，我們並不擔心營運問題，顯然我們必須關注成本，並且正如我所提到的那樣，管理相對價格和數量。但實際上，我認為團隊已經做好了應對不同情況的準備。因此，我們只是密切關注並確保我們繼續以所需的水平開展營運。因此目前我們只是從這個角度來管理它。

Okay. And then this regional home acquisition has been a home run for you guys, having your own captive retailer has been quite additive. Is there a game plan to do more of that, whether it's organically and M&A and have you gotten any pushback, just given some of the channel conflict dynamics.

好的。這次區域性收購對你們來說是一個很大的成功，擁有自己的專屬零售商對你們來說很有好處。是否有更多這樣的計劃，無論是有機成長還是併購，考慮到一些通路衝突動態，您是否遇到任何阻力？

In terms of our ability to operate our retail, when we talk about direct to consumer, it really is both supporting our captive, but it's really been supporting our independent because as we make investments in digital, we're sending lead to our independences, we're supporting that. And so we look at it on a market by market basis. And the benefits of having a family of brands is we can have multiple brands in the market which allows us to support multiple retail approaches and we're going to continue to do that.

就我們經營零售的能力而言，當我們談論直接面向消費者時，它實際上既支持我們的自營業務，也支持我們的獨立業務，因為當我們在數位領域進行投資時，我們正在將線索發送給我們的獨立業務，我們正在支持這一點。因此，我們會根據每個市場的具體情況來研究這個問題。擁有品牌家族的好處是我們可以在市場上擁有多個品牌，這使我們能夠支持多種零售方式，我們將繼續這樣做。

So we really see it as a strength because some of the things we learn in captive, we apply to our independence and vice versa. And so it's really an additive approach to the business and we're going to continue to do that.

所以我們確實將其視為一種優勢，因為我們在圈養環境中學到的一些東西可以運用到我們的獨立生活中，反之亦然。所以這實際上是一種附加的業務方法，我們將繼續這樣做。

Okay. And just last one for me really quickly. On the FEMA order side, I know the hurricanes obviously was very devastating in the South, particularly in the Carolina area. And then the wildfires in California right now. Is that an opportunity? Have you seen any orders come from FEMA, particularly in the Carolinas thus far?

好的。對我來說，這只是最後一個。在聯邦緊急事務管理局的命令方面，我知道颶風對南部，特別是卡羅來納地區顯然造成了極大的破壞。現在加州又發生山火了。這是一個機會嗎？到目前為止，您是否看到過聯邦緊急事務管理局發出的任何命令，特別是在卡羅來納州？

There's been a lot of conversations in our outreach, both at the federal and local lever and but there's not yet any specific orders. We're certainly managing our capacity. In anticipation of that and we're really eager to serve those in the Carolinas well as in California. So we'll keep you posted as that of all, sir.

我們在聯邦和地方層級進行了很多對話，但目前還沒有任何具體的命令。我們確實在管理我們的產能。為了滿足這一需求，我們非常渴望為卡羅來納州和加利福尼亞州的人們提供服務。因此，先生，我們會隨時向您通報最新情況。

Okay, thank you. Appreciate the call.

好的，謝謝。感謝您的來電。

Mike Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Dahl。

Hi, thanks for taking my questions and echo the congrats Tim. Tim, I guess just picking up on one of Phil's questions in terms of the captive retail, can you give us a sense to just update us on what percentage of your US sales are going through captive retail at this point today? And do you have a target or a vision for what that mix ultimately gets to?

你好，謝謝你回答我的問題，我也對提姆表示祝賀。提姆，我想這只是回答菲爾關於專屬零售的一個問題，您能否向我們介紹一下目前您在美國的銷售額中有多少比例是透過專屬零售進行的？對於這種混合最終會達到什麼效果，您有什麼目標或願景嗎？

So it's currently 35% of our sales. And on the US side, in terms of our goal, I would really say it's going to be strategically how we achieve our growth goals and objectives across a portfolio of channels which captive is really important. But obviously, we have our independent channel, our community or build developer. And so I would look at it as by market where we see opportunities, we're going to prioritize the right channels. And so we continue to grow it. It's obviously been successful for us, but we're going to take a balanced approach across our channels, including the captive.

因此它目前占我們銷售額的 35%。就美國方面而言，就我們的目標而言，我實際上會說，這將是我們如何在一系列管道中實現我們的成長目標和目的的策略，其中自保是非常重要的。但顯然，我們有我們獨立的管道，我們的社群或建構開發者。因此，我會根據我們看到的市場機會，優先考慮正確的管道。因此我們會繼續發展它。對我們來說，這顯然是成功的，但我們將在我們的管道（包括自營管道）中採取平衡的做法。

Okay. That's helpful. And then shifting gears to the gross margin side and Laurie, you mentioned the moving pieces both in the quarter and then go back to the kind of the '26, '27 range. If you buck it out, then what contributed to the upside and in this quarter and then the kind of guide back 100 basis points to 200 basis points lower. How would you ballpark that in terms of the wood product cost versus an assumption of near term mix dynamics?

好的。這很有幫助。然後轉到毛利率方面，勞裡，您提到了本季度的變動部分，然後回到 26、27 年的範圍。如果您逆勢而行，那麼是什麼促成了上漲，而在本季度，又會引導利率回落 100 個基點至 200 個基點。就木製品成本與近期混合動態的假設而言，您如何估算？

Yeah, like we're not going to bucket that publicly. So, but certainly input cost was favorable versus our guide at the end of the second quarter in the third quarter. And I really do not expect to see that continuing based on what products are doing. And then obviously, we need to look at the dynamics of the tariff and how they're going to impact pricing.

是的，我們不會公開談論這一點。因此，第三季的投入成本肯定比我們第二季末的預期要好。從產品現況來看，我實在不希望看到這種情況持續下去。然後顯然，我們需要研究關稅的動態以及它們將如何影響定價。

And then also, product mix plays a big piece in our gross margin overall. How much is running through our captive retail versus how much is single wide versus multi section homes and then option content as well. So all of that is contributing to our structural margins of 26% or 27%.

而且，產品組合在我們的整體毛利率中扮演重要角色。我們的專屬零售額有多少，單寬住宅和多部分住宅的經營金額有多少，還有選擇內容有多少。所有這些都為我們 26% 或 27% 的結構性利潤率做出了貢獻。

Okay. Got it, I guess just to be clear, in that comment of 26% to 27%, is that meant to be, you'll be back there in the fourth quarter. And then are you including a prospective tariff impact in that or that's just based on kind of what you can already see given the way you purchase and kind of flow through with a lag on your wood costs.

好的。明白了，我想只是為了清楚起見，在 26% 到 27% 的評論中，是否意味著您將在第四季度回到這個數字。那麼，您是否將預期的關稅影響也包括在內，或者這僅僅是基於您已經看到的購買方式以及木材成本的滯後流動情況。

Yeah, so that's what I expect to see in the fourth quarter. And that does not necessarily include the impact of tariffs.

是的，這就是我預計第四季的情況。這不一定包括關稅的影響。

Okay, got it. Thank you.

好的，明白了。謝謝。

Matthew Bouley, Barclays.

巴克萊銀行的馬修‧布萊 (Matthew Bouley)。

Hey, good morning, everyone. Welcome Tim and thank you for taking the questions. Wanted to go back to California, I guess, putting FEMA aside, but just, thinking about the tragic events, you guys have a footprint down there with the three plans, I know you participate a lot in ADUs, especially over there. So just as you kind of think about that rebuild and how are some of those conversations going and how do you guys kind of plan on participating in that rebuild down there? Thank you.

嘿，大家早安。歡迎蒂姆，感謝您回答問題。我想回到加利福尼亞，把聯邦緊急事務管理局放在一邊，但是，想想那些悲劇事件，你們的三個計劃在那裡留下了足跡，我知道你們參與了很多 ADU，尤其是在那邊。那麼，正如您所想的那樣，一些對話進展如何，您計劃如何參與那裡的重建？謝謝。

Yeah, we're very eager to help and we've already had conversations there from a local level and also with the team on various products that we think are a good fit. I would say that they're really focused right now on some of the initial work to get the sites prepared and that's going to take some time. But we're proactively working with them when they're ready for those homes to support them. And so we're eager to do that. But as you know, these things do take some time based on the logistic elements that they're working through.

是的，我們非常樂意提供協助，我們已經在當地與團隊就我們認為合適的各種產品進行了對話。我想說的是，他們現在真正專注於一些前期的場地準備工作，這將需要一些時間。但當他們準備好接受這些家庭的支持時，我們會積極與他們合作。因此我們渴望這樣做。但正如你所知，根據他們正在處理的後勤問題，這些事情確實需要一些時間。

Got it. Okay, thank you for that, Tim. And then secondly, just kind of zooming into the very near term and you mentioned a bit of an order slow down during the third quarter. I'm just curious if that was just sort of, normal winter seasonality or -- for example, the rise in interest rates or anything else kind of sort of impacted demand a little bit more than you would typically see during the third quarter. Thank you.

知道了。好的，謝謝你，提姆。其次，從近期來看，您提到第三季的訂單有所放緩。我只是好奇這是否只是正常的冬季季節性因素，或者——例如，利率上升或其他任何對需求的影響比第三季度通常看到的要大一些。謝謝。

Yeah. No, we saw it as seasonality and as we've come out of that season, we're starting to see things pick up consistent with the early spring selling season. So at this point, we're seeing it as a seasonal impact and are encouraged with the early spring selling season.

是的。不，我們將其視為季節性現象，隨著我們走出那個季節，我們開始看到情況與早春銷售季節保持一致。因此目前我們將其視為季節性影響，並對早春銷售季節感到鼓舞。

Perfect. Well, thanks Tim. Good luck, guys.

完美的。好吧，謝謝蒂姆。祝你們好運。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼（Jesse Lederman），澤爾曼及合夥人。

Hey, thanks for taking my questions. A strong quarter and congrats Tim, on the new role. First question is about the new administration, curious if you've heard anything about maybe potential initiatives or regulatory changes from the top down that may be a tailwind for the sector.

嘿，謝謝你回答我的問題。本季表現強勁，祝賀蒂姆擔任新職務。第一個問題是關於新政府的，我想知道您是否聽說過自上而下可能出台的舉措或監管變化，這些可能會為該行業帶來推動力。

So obviously, over the years, there's been a lot of conversation on the importance of affordable housing and that's our view as well. And we're optimistic that they are supportive actions on the horizon. Nothing immediate to date. But what I would say is part of the benefit of these build developer projects we're doing is we can show examples of what can happen in the community. And we're hopeful that the federal level, the state level, there are more folks taking and embracing our approach there.

顯然，多年來，人們已經就經濟適用住房的重要性進行了大量討論，這也是我們的觀點。我們樂觀地認為，這些支持性行動即將出台。迄今尚無任何進展。但我想說的是，我們正在進行的這些建置開發專案的好處之一是，我們可以展示社群中可能發生的事情的例子。我們希望，在聯邦層面和州層面，會有更多的人採取並接受我們的做法。

And are optimistic that those proof points will encourage other municipalities to do the same. But there's a lot of actions going on today in the administration. And so, we're certainly having those conversations and sharing how we can be a solution for affordable housing.

並樂觀地認為這些證明點將鼓勵其他城市也這樣做。但如今政府正在採取許多行動。所以，我們肯定會進行這些對話並分享如何解決經濟適用住房問題。

Got it, makes sense. Thanks for that color. On capacity utilization, so up sequentially, up year-over-year, it seems like demand has been solid across all end channels. What would you like to see to move that even higher? So are there things that you're waiting for? Are there certain indicators across any of the channels in particular or just holistically that you're waiting for or looking for before you push that number higher and increase output?

明白了，有道理。謝謝你這個顏色。就產能利用率而言，環比上升、較去年同期上升，似乎所有終端通路的需求都很強勁。您希望看到什麼來使這個目標進一步提高？那麼，您還在等待什麼嗎？在您將這個數字推高並增加產量之前，您是否在等待或尋找某個特定管道或整體上的某些指標？

So as I mentioned, we have all of our key channels and in each of those channels, we have leading indicators that we can see how the quotes are coming all the activity and that really is our key to look at our production rates. And so we'll continue to do that. I think we have a very good balance of how we approach that to make sure that we're optimizing our marginal cost and how we run the operation and we're going to continue to do that.

正如我所提到的，我們擁有所有關鍵管道，並且在每個管道中，我們都有領先指標，我們可以看到報價是如何來自所有活動的，這確實是我們查看生產力的關鍵。我們會繼續這樣做。我認為我們在如何處理這個問題上取得了很好的平衡，以確保我們優化了邊際成本和營運方式，我們將繼續這樣做。

So it's really those leading indicators and our capacity utilization that we shared includes our idled plants. So while it's 63% that includes, half a dozen plants, we're not even operating. So if you look at the actual number, it's a little bit higher than that. And I feel good about how we're approaching our operational capacity, and as I mentioned in some markets, we'll look to increase that as we go forward.

因此，這些確實是領先指標，而且我們分享的產能利用率包括閒置工廠。因此，雖然包括六家工廠在內的 63% 的工廠都沒有運作。所以如果你看看實際數字，你會發現它比這個數字高一點。我對我們的營運能力的提高感到很滿意，正如我在某些市場中提到的那樣，我們將在未來不斷提高營運能力。

Got it. And so is there any thought to increasing capacity or turning the capacity on in any of those idled plants in the foreseeable future?

知道了。那麼，在可預見的未來，有沒有考慮增加產能或啟動任何閒置工廠的產能？

It's really based on those local markets and not at this time, and we've got great plants in many of our key markets that are in a good position with our backlog. So we continue to watch that, but we're fortunate to have that flexibility if need be.

這實際上是基於那些本地市場，而不是目前，而且我們在許多主要市場都有優秀的工廠，這些工廠的積壓訂單狀況良好。因此我們會繼續關注此事，但幸運的是，如果需要的話，我們能夠擁有這種靈活性。

Great. That's all for me. Thanks so much.

偉大的。對我來說這就是全部了。非常感謝。

Thank you.

謝謝。

Thank you at this time. I'll turn the call back to, Tim Larson for closing your marks.

這次謝謝你了。我將把電話轉回給 Tim Larson，讓他結束您的工作。

Thanks everybody for joining today and your continued interest in Champion Homes. We look forward to updating your progress and have a great rest of your day. Thanks so much.

感謝大家今天的參與以及對 Champion Homes 的持續關注。我們期待更新您的進度並祝您度過愉快的一天。非常感謝。

This will conclude today's call. Thank you for your participation. You may now disconnect your line at this time and have a wonderful day.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路並享受美好的一天。