Champion Homes Inc (SKY) 2025 Q4 法說會逐字稿

Good morning. Welcome to the Champion Homes fourth-quarter fiscal 2025 earnings call. My name is Sherry. I will be coordinating your call today. (Operator Instructions) As a reminder, this conference is being recorded. 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 財年第四季財報電話會議。我的名字是雪莉。我今天將協調您的通話。（操作員指示）提醒一下，本次會議正在錄音。現在我將把電話交給主持人傑森布萊爾開始。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 fourth quarter and full year ending March 29, 2025.

早安.感謝您抽出時間參加今天的電話會議並回顧我們截至 2025 年 3 月 29 日的第四季度和全年的業務業績。

Here to review our results are Tim Larson, Champion Homes' President and Chief Executive Officer; and Laurie Hough, Executive Vice President, Chief Financial Officer, and Treasurer. Earlier this morning, we issued our earnings release.

在此回顧我們的結果的是 Champion Homes 總裁兼執行長 Tim Larson；以及執行副總裁、財務長兼財務長 Laurie Hough。今天早上，我們發布了收益報告。

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

提醒一下，今天的電話會議上發布的收益報告和聲明包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。這些聲明受風險和不確定性的影響，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。

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 will now turn the call over to Champion Homes' CEO, Tim Larson.

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。這些指標的定義和對帳可以在收益報告中找到。現在我會把電話轉給 Champion Homes 的執行長 Tim Larson。

Thank you, Jason, and good morning everyone. On behalf of the Champion team, I'm proud to report that in fiscal 2025, we provided over 26,000 homes to customers and families across the US and Canada. This represents a 19% increase in homes sold year-over-year, and revenue growth of 23%, resulting in fiscal year 2025 sales of $2.5 billion.

謝謝你，傑森，大家早安。我代表 Champion 團隊自豪地報告，在 2025 財年，我們為美國和加拿大的客戶和家庭提供了超過 26,000 套住房。這意味著房屋銷售量年增 19%，營收成長 23%，2025 財年的銷售額將達到 25 億美元。

Unit volume increase was driven by higher demand across all channels, including from the regional homes acquisition for the entirety of the fiscal year. Performance was driven by an unwavering focus on our customers and executing our strategic priorities. We are investing in new products and services for our channel partners and expanding our retail capabilities, including today announcing an acquisition of Iseman Homes, which I will discuss further in a moment.

單位數量增加是由所有管道的需求增加所推動的，包括整個財政年度的區域房屋收購需求。業績的推動源自於我們對客戶的堅定關注和策略重點的執行。我們正在為我們的通路合作夥伴投資新產品和服務，並擴大我們的零售能力，包括今天宣布收購 Iseman Homes，稍後我將進一步討論。

We were very active in the marketplace during the quarter, and had a tremendous reception to our new products at the International Builders' Show, where we showcase models laser focused on providing builders with relevant and affordable turnkey homes.

本季我們在市場上非常活躍，我們的新產品在國際建築商展覽會上獲得了熱烈的反響，我們在展會上展示的模型專注於為建築商提供相關且價格合理的交鑰匙住宅。

In March, we had a great response for our Biloxi shelf product lineup, reflecting the strength of the Champion Holmes family of brands. More recently, we were able to engage with leadership from the Department of Housing and Urban Development. We are encouraged by the dialogue and the positive feedback we received during their recent visits.

三月份，我們的比洛克西貨架產品系列獲得了熱烈的反響，體現了 Champion Holmes 品牌家族的實力。最近，我們有機會與住房和城市發展部的領導層接觸。他們最近來訪期間的對話和正面回饋令我們感到鼓舞。

We are impressed by US HUD Secretary, Scott Turner's commitment to making home ownership more attainable. I appreciate the time we've spent train our homes, and his willingness to learn how we can further expand manufactured housing to address the affordability needs across the country.

美國住房和城市發展部部長史考特·特納致力於讓更多人擁有住房，這項承諾給我們留下了深刻的印象。我很感激我們花在培訓房屋上的時間，以及他願意學習如何進一步擴大製造房屋以滿足全國的負擔能力需求。

The recent spotlight in Congress to reaffirm HUD's role as the sole regulator and removing the requirement that manufactured homes on a permanent chassis are all steps in the right direction. And when combined with zoning reform, will reduce barriers to further grow the market for off-site build homes.

國會最近強調重申住房和城市發展部作為唯一監管機構的角色，並取消在永久底盤上建造預製房屋的要求，這些都是朝著正確方向邁出的步伐。與分區改革結合，將減少進一步擴大異地建造房屋市場的障礙。

A market that we are investing in for growth, as reflected in our strategic priorities and capital allocation, they are all aligned to deliver sustained value across all stakeholders. Given the current overall market uncertainty, we are focused on remaining nimble while thoughtfully advancing our strategy, and that was very evident in the fourth quarter of fiscal '25.

我們投資的市場是為了成長，正如我們的策略重點和資本配置所反映的那樣，它們都是為了給所有利害關係人帶來持續的價值。鑑於當前整體市場的不確定性，我們專注於保持靈活性，同時深思熟慮地推進我們的策略，這在 25 財年第四季非常明顯。

Team continued to execute on the fundamentals and deliver profitable growth by navigating an unpredictable environment with tariffs and inflation looming throughout the quarter. Fourth quarter year-over-year net sales increased 11% to $594 million, and homes sold during the period increased 6% to a total of 6,171 units.

團隊繼續執行基本原則，並透過在整個季度關稅和通貨膨脹迫在眉睫的不可預測的環境中實現盈利增長。第四季淨銷售額年增 11% 至 5.94 億美元，期間售出的房屋數量增加 6% 至總計 6,171 套。

We experienced normal seasonality in the fourth quarter, with a sequential decrease in revenue compared to the third quarter, and orders increased as we progressed through the quarter, and our backlog at the end of the year was $343 million. Backlogs were up 9% from the end of last year, and up 10% sequentially. Average backlog lead time ended the quarter at 8 weeks, which is within our target range of 4 to 12 weeks.

第四季我們經歷了正常的季節性變化，營收與第三季相比環比下降，但隨著季度的推進，訂單有所增加，年底的積壓訂單為 3.43 億美元。積壓訂單較去年年底增加了 9%，比上一季成長了 10%。本季末平均積壓交貨時間為 8 週，符合我們 4 至 12 週的目標範圍。

I'll provide some additional commentary from the quarter on each of our sales channels. Sales to our independent retail channel and through our captive retail stores both increased versus the prior year period. For independent retailers, we continue to advance our digital technology and league management platform, including the phase launch of a dealer portal, which was receiving great reviews from the early adopters.

我將針對本季度我們每個銷售管道提供一些額外的評論。我們獨立零售通路和專屬零售店的銷售額均比去年同期有所成長。對於獨立零售商，我們繼續推進我們的數位技術和聯盟管理平台，包括分階段推出經銷商門戶，該門戶獲得了早期採用者的高度評價。

Consistent with our strategy to expand our captive retail presence, we announced today an agreement to acquire Iseman Homes located in the plains region of the US. We will use the strength of our in-house retail and our new Iseman Homes team to drive growth in this region. I'll touch more on Iseman in a bit.

根據我們擴大專屬零售業務的策略，我們今天宣布了一項收購位於美國平原地區的 Iseman Homes 的協議。我們將利用我們內部零售和新 Iseman Homes 團隊的優勢來推動該地區的發展。稍後我將更詳細地談論 Iseman。

Moving to the community channel, we remain focused on supporting our community partners by providing timely and relevant products at the right value. Through these efforts, sales in community channel increased versus the prior year. Our build a developer pipeline remains strong as we continue to grow the network.

轉向社區管道，我們仍然專注於透過以適當的價值提供及時和相關的產品來支持我們的社區合作夥伴。透過這些努力，社區通路的銷售額比前一年增加。隨著我們網路的不斷擴大，我們建構的開發人員管道依然強勁。

The projects are in various stages and are being paid somewhat by the market uncertainty. However, we are continuing to invest in this channel and believe over the long term, off-site build homes will become a more widely adopted approach for builders and land developers.

這些項目處於不同的階段，並且受到市場不確定性的影響。然而，我們將繼續投資這一渠道，並相信從長遠來看，異地建造房屋將成為建築商和土地開發商更廣泛採用的方式。

Champion Financing, our joint venture with Triad Financial Services, continues to perform well. Our retail loan programs, when combined with the right home, provide today's consumers with their optimal monthly payment.

我們與 Triad Financial Services 合資成立的 Champion Financing 繼續表現良好。我們的零售貸款計劃與合適的住房相結合，為當今的消費者提供最佳的每月還款額。

Our floor plan programs allow us to support growth with our retailers by ensuring they have the right products for each market. We appreciate the collaboration with the ECM Capital and Triad teams and partners.

我們的平面圖方案使我們能夠確保零售商擁有適合每個市場的產品，從而支持零售商的成長。我們感謝與 ECM Capital 和 Triad 團隊及合作夥伴的合作。

Looking to our first fiscal quarter of '26, as we thoughtfully navigate the market and consumer uncertainty, we anticipate Q1 revenue be up low single digits compared to the same period last year. As we begin fiscal 2026, the demand has been less predictable compared to a normal spring selling season. In addition, we are seeing a shift in consumer trends to smaller floor plans with fewer features and options.

展望 26 財年第一季度，我們深思熟慮地應對市場和消費者的不確定性，我們預計第一季營收將與去年同期相比成長個位數。隨著我們開始 2026 財年，與正常的春季銷售季節相比，需求變得不那麼可預測。此外，我們看到消費者趨勢正在轉向更小的平面圖，具有更少的功能和選項。

The near term outlook for the community channel varies as we hear mixed views depending on the operator's geography and expansion pace. Despite the uncertain environment, we remain confident and focused on executing our strategy and leading and managing the variables within our control while remaining nimble in the market.

由於我們聽到的意見因營運商的地理位置和擴張速度而異，因此社區管道的短期前景會有所不同。儘管環境不確定，我們仍然充滿信心，專注於執行我們的策略，引領和管理我們控制範圍內的變量，同時在市場中保持靈活。

We are actively managing within the dynamic environment and are executing our playbook as developments unfold. But so far the direct cost impact has been limited, but we do believe it is affecting consumer sentiment.

我們正在動態環境中積極管理，並隨著事態發展執行我們的劇本。但到目前為止，直接成本影響有限，但我們確實認為它正在影響消費者情緒。

Our strategy includes a balanced approach of selective price adjustments and material sourcing changes to optically mitigate the impact. We're also being proactive and agile as we navigate the environment, including taking actions to thoughtfully control our fixed costs, while not losing sight of our need to invest in our strategies for the long term.

我們的策略包括選擇性價格調整和材料採購變化的平衡方法，以從視覺上減輕影響。我們在應對環境時也積極主動、靈活變通，包括採取行動精心控制固定成本，同時也不忽視對長期策略進行投資的必要性。

We recently idled one of our production locations in the Florida market by leveraging our remaining nearby facilities for customers in that region. Fermenting in demand in Florida has been slow to recover from the 2024 hurricanes.

我們最近閒置了位於佛羅裡達市場的一個生產基地，利用附近剩餘的設施為該地區的客戶提供服務。佛羅裡達州的發酵需求從 2024 年颶風中緩慢恢復。

In addition, in the British Columbia region, we are consolidating two of our Canadian factories into one, to improve operating efficiencies and reduce overhead costs. From a growth perspective, as I mentioned earlier, we announced the signing of a definitive agreement to acquire Iseman Homes, including its 10 retail sales centers in the plains region of the US.

此外，在不列顛哥倫比亞地區，我們正在將兩家加拿大工廠合併為一家，以提高營運效率並降低管理成本。從成長角度來看，正如我之前提到的，我們宣布簽署最終協議，收購 Iseman Homes，包括其在美國平原地區的 10 個零售銷售中心。

This acquisition underscores our long term strategy to expand our retail footprint and deliver market relevant products, all while elevating the home buying experience for our customers. With annualized revenues of approximately $40 million, we see a pipeline of local market demand and synergistic opportunities.

此次收購凸顯了我們的長期策略，即擴大零售足跡、提供市場相關產品，同時提升客戶的購屋體驗。年收入約 4000 萬美元，我們看到了當地市場的需求和協同機會。

Champion Homes team is very excited to welcome Iseman Homes, and we look forward to their integration with our Champion family of brands. We expect the transaction to close by the end of our first fiscal quarter.

Champion Homes 團隊非常高興地歡迎 Iseman Homes，我們期待他們與我們的 Champion 品牌家族的整合。我們預計該交易將在第一個財政季度末完成。

In summary, we believe Champion Homes is well positioned to weather the uncertain market environment while driving an unwavering focus on our long term strategic growth priorities and day to day execution that are directly centered on our customers and team.

總而言之，我們相信 Champion Homes 完全有能力應對不確定的市場環境，同時堅定不移地專注於我們的長期策略成長重點以及以我們的客戶和團隊為中心的日常執行。

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

現在我將把電話轉給勞裡，她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 fourth quarter, followed by a discussion of our balance sheet and cash flows. I will also briefly discuss our near term expectations.

謝謝，提姆，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。我還將簡要討論一下我們的近期預期。

During the fourth quarter, net sales increased 11% to $594 million compared to the same quarter last year, with US factory-built housing revenue increasing 10%. The number of homes sold increased 5% to 5,941 homes in the US compared to 5,652 homes in the prior year period.

第四季度，淨銷售額與去年同期相比成長 11%，達到 5.94 億美元，其中美國工廠建造房屋收入成長 10%。美國房屋銷售數量較去年同期的 5,652 套成長 5%，達到 5,941 套。

US home volume during the quarter was supported by healthy demand across our retail and community channels. The average selling price per US home sold increased by 5% to $94,300 due to product mix, including a higher number of units sold through our company owned retail sales centers.

本季美國住房銷售受到我們零售和社區通路強勁需求的支持。由於產品組合的原因，包括透過我們公司自有的零售銷售中心銷售的房屋數量增加，美國每套房屋的平均售價上漲了 5%，達到 94,300 美元。

On a sequential basis, US factory-built housing revenue decreased 8% in the fourth quarter compared to the third quarter fiscal 2025. We saw a sequential decrease, mainly due to expected seasonality, as well as an impact from weather across the south.

以環比計算，美國工廠建造房屋收入在第四季度與 2025 財年第三季相比下降了 8%。我們看到了連續的下降，主要是由於預期的季節性，以及南方天氣的影響。

In addition, manufacturing capacity utilization was 60% compared to 63% in the third quarter. On a sequential basis, the average selling price per home was relatively flat. Canadian revenue during the quarter was $25 million, representing a 22% increase in the number of homes sold versus the prior year period.

此外，製造業產能利用率為 60%，而第三季為 63%。以環比計算，每套房屋的平均售價相對持平。本季加拿大的收入為 2,500 萬美元，售出的房屋數量比去年同期增加了 22%。

The average home selling price in Canada decreased 9% to $110,600 primarily due to a shift in product mix. Consolidated gross profit increased 55% to $152 million in the fourth quarter, and our gross margin expanded 740 basis points from 18.3% in the prior year period.

加拿大平均房屋售價下降 9% 至 110,600 美元，主要原因是產品結構的變化。第四季綜合毛利潤成長 55% 至 1.52 億美元，毛利率較去年同期的 18.3% 擴大 740 個基點。

The higher gross margin was primarily due to a product liability reserve of $34.5 million recorded in the fourth quarter of last year that did not reoccur in fiscal 2025, as well as higher average selling prices and a higher share of sales through our captive retail sales centers.

毛利率提高主要由於去年第四季記錄的 3,450 萬美元產品責任準備金（該準備金在 2025 財年沒有再次出現），以及平均銷售價格提高和透過我們的專屬零售銷售中心的銷售份額提高。

Gross margin declined sequentially from our fiscal third quarter and was lower than expectations, primarily due to higher material input costs relative to flat wholesale ASPs, as well as lower capacity utilization, causing decreased leverage of fixed overhead costs.

毛利率與第三財季相比較上季下降且低於預期，主要原因是材料投入成本相對於批發平均售價持平而上升，以及產能利用率下降，導致固定間接成本的槓桿率下降。

SG&A in the fourth quarter increased $20 million over the prior year period to $110 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.

第四季銷售、一般及行政費用較去年同期增加 2,000 萬美元，達到 1.1 億美元。成長主要歸因於我們公司自有零售中心的銷售量增加以及與收入增加相關的變動成本增加。

In addition, we increased marketing spend to drive awareness in our brands and homes and continued to make investments in technology to support future growth. The company's effective tax rate for the quarter was 17.1% versus an effective tax rate of 19.2% for the year ago period. The decrease in the effective tax rate is primarily due to an increase in tax credits and a decrease in state income taxes.

此外，我們增加了行銷支出，以提高我們品牌和家居的知名度，並繼續在技術方面進行投資，以支持未來的成長。該公司本季的有效稅率為 17.1%，而去年同期的有效稅率為 19.2%。有效稅率的下降主要是由於稅收抵免的增加和州所得稅的減少。

Net income attributable to Champion Homes for the fourth quarter increased by $33 million to $36 million or earnings of $0.63 per diluted share compared to net income of $3 million or earnings of $0.05 per diluted share during the same period last year. The increase in EPS was driven mainly by the absence of an adjustment to the water intrusion product liability reserve in the current year period.

第四季度，Champion Homes 淨利增加 3,300 萬美元，達到 3,600 萬美元，即每股攤薄收益 0.63 美元，去年同期的淨利為 300 萬美元，即每股攤薄收益 0.05 美元。EPS 的成長主要是因為本年度沒有對水侵入產品責任準備金進行調整。

Adjusted EBITDA for the quarter was $53 million which is consistent with the same period a year ago. Adjusted EBITDA margin was 8.9% compared to 9.9% in the prior year period. This decrease in EBITDA margin is mainly driven by higher SG&A.

本季調整後的 EBITDA 為 5,300 萬美元，與去年同期持平。調整後的 EBITDA 利潤率為 8.9%，而去年同期為 9.9%。EBITDA 利潤率的下降主要是因為銷售、一般及行政費用增加所致。

We expect near term growth margin in the 25% to 26% range as we balance softening consumer confidence, decreased demand in certain markets, and inflation. In addition, we're seeing consumers shifting to homes with fewer or lower priced features and options which impacts gross margin.

我們預計近期成長率將在 25% 至 26% 之間，因為我們要平衡消費者信心的減弱、某些市場的需求下降以及通貨膨脹。此外，我們看到消費者正在轉向功能和選項更少或價格更低的房屋，這會影響毛利率。

To help offset some of this impact, and as Tim mentioned earlier, we're taking steps to balance SG&A spending while continuing to drive our strategic growth priorities, including investments in people and technology.

為了幫助抵消部分影響，正如蒂姆之前提到的，我們正在採取措施平衡銷售、一般和行政費用 (SG&A) 支出，同時繼續推動我們的策略成長重點，包括對人才和技術的投資。

As of March 29, 2025, we had $610 million of cash and cash equivalents and long-term borrowings of $25 million, with no maturities until July of 2026. We generated $46 million of operating cash flows for the quarter compared to $4 million in the prior year period.

截至 2025 年 3 月 29 日，我們擁有 6.1 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 7 月。本季我們的經營現金流為 4,600 萬美元，去年同期為 400 萬美元。

In the quarter, we leveraged our strong cash position and returned capital to our shareholders through $20 million in share repurchases. Additionally, our Board recently refreshed our $100 million share repurchase authority, reflecting confidence in our continued strong cash generation.

本季度，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。此外，我們的董事會最近更新了 1 億美元的股票回購權，反映出對我們持續強勁現金創造的信心。

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

現在我將把電話轉回給提姆，請他作一些結束語。

Thank you, Laurie. While we anticipate near term rates to vary by channel geography, the need for affordable housing remains ever present across the US and Canada. The long term outlook for Champion is strong, and we have the strategies in place to deliver for all our stakeholders, strategies that we are thoughtfully executing as we evolve the team with the combination of internal advancement, new talent, and selective engagement of outside resources.

謝謝你，勞裡。雖然我們預期短期利率會因通路地理位置而異，但美國和加拿大對經濟適用房的需求始終存在。Champion 的長期前景強勁，我們已製定策略為所有利益相關者提供服務，我們正在透過內部晉升、新人才和選擇性利用外部資源來發展團隊，並認真執行這些策略。

Our guiding priorities are not only for the long term, they provide a clear roadmap for today's environment and deploying our capital, including winning as a customer centric, high performance, agile team, innovating and differentiating with products and services that bring in new buyers, expanding and elevating our go to market channels, including delivering experiences before, during and after the sale that earn new customers and their referrals, increasing awareness, demand and adequacy for our brands and homes, and leveraging our costs, capacity and investments in people and technology.

我們的指導重點不僅著眼於長遠，還為當今的環境和資本的部署提供了清晰的路線圖，包括以客戶為中心、高績效、敏捷的團隊取勝，還為當今的環境和資本的部署提供了清晰的路線圖，包括以客戶為中心、高績效、敏捷的團隊取勝，透過產品和服務進行創新和差異化以吸引新買家，擴大和提升我們的市場管道，包括在銷售前、銷售中和銷售後提供體驗以贏得新客戶及其推薦，並在我們的品牌和產品方面提高我們品牌和產品的需求。

Finally, I would like to recognize the entire Champion Homes team for their exceptional efforts to grow revenue and earnings in fiscal 2025, and as we work together to continue to execute our strategic initiatives for all our stakeholders.

最後，我要表彰整個 Champion Homes 團隊為在 2025 財年增加收入和收益所做的傑出努力，以及我們共同努力繼續為所有利益相關者執行我們的策略性舉措。

And now let's open the line for questions. Operator, please proceed.

現在讓我們開始提問。接線員，請繼續。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員指示） Daniel Moore，CJS 證券。

Thank you. Good morning, Tim. Good morning, Laurie. Maybe you start with just elaborating on the discussions with customers in both retail and community markets and then cadence of order rates into April and thus far in May, and maybe a little bit more bifurcation by geography, obviously Florida by all accounts has been soft, but where you're seeing pockets of strength, pockets of weakness, et cetera.

謝謝。早安，提姆。早安，勞裡。也許您首先要詳細闡述與零售和社區市場客戶的討論，然後介紹 4 月份以及 5 月份迄今為止的訂單率變化，也許還可以按地域進行進一步細分，顯然佛羅裡達州的情況一直比較疲軟，但您會看到一些強勢領域、一些弱勢領域等等。

Yeah, good morning, Dan. Encouraging wise, we're seeing digital leads are up across a lot of our regions, but then when we talk to the retail teams, the in-store traffic has been mixed and certainly by region of the country.

是的，早安，丹。令人鼓舞的是，我們看到許多地區的數位銷售線索都在增加，但當我們與零售團隊交談時，我們發現店內客流量情況不一，而且肯定因國家/地區的不同而不同。

And as I talked to our independents, they're seeing similar impacts in terms of certain areas where there's strong traffic, others that are a little weaker. But what I would say in general, what's encouraging is that there's more buyers, active buyers, and those buyers are ones that are more motivated to obviously purchase a home, and our financing programs are helping that.

當我與我們的獨立人士交談時，他們發現在某些交通繁忙的地區和交通較弱的地區也有類似的影響。但總的來說，令人鼓舞的是，買家越來越多，活躍的買家也越來越多，這些買家顯然更有動力購買房屋，而我們的融資計劃正在對此有所幫助。

So I would say there's more serious buyers in the market, and that's why we reflected our low single digit growth for Q1 versus some what you're seeing in the broader market. But I would say, that it's been mixed traffic this spring, but we've been driving more leads, certainly driving more of that engagement with our consumer at our retail stores, but it is more mixed, and that's why we signaled a more low single digit rate for the quarter.

因此我想說市場上有更多認真的買家，這就是為什麼我們反映出第一季的個位數低成長，而不是像在更廣泛的市場上看到的那樣。但我想說，今年春季的客流量情況好壞參半，但我們一直在吸引更多的潛在客戶，當然也增加了與零售店消費者的互動，但情況更加複雜，這就是為什麼我們預示本季的個位數成長率會更低。

Sorry, that's helpful, Tim. And on the community side, a little bit of continued interest, but maybe kind of a slow burner holding off for now. I'm trying to remember your exact commentary prepared remarks, but any elaborate there would be great. Thank you.

抱歉，這很有幫助，蒂姆。而在社區方面，人們仍保持著一些興趣，但目前可能進展緩慢。我試圖記住您準備的確切評論，但如果您能詳細說明就更好了。謝謝。

Yeah, we were up in the quarter year-over-year in the community segments, and we've certainly seen some returns with key customers there, but I would say it's mixed. There's some projects and some community developers that are pacing a bit, but we've been pleased with the growth of the community segment over the last year.

是的，本季我們在社區領域的業績年增，我們也確實看到了一些關鍵客戶的回報，但我想說的是，情況好壞參半。有些專案和社群開發人員的步伐有點慢，但我們對過去一年社群部分的成長感到滿意。

They're now at 28% of our overall units, which is strong, and so we're pleased with how that's going. But I -- we're just balanced about the community segment, given that they face some of the dynamics with the consumer as well.

它們現在占我們整體單位的 28%，這是一個強勁的成長勢頭，因此我們對目前的進展感到滿意。但是我——我們對社區部分保持平衡，因為他們也面臨著與消費者相關的一些動態。

Got it. And then on the SG&A side, increased sequentially despite the decline and sequential decline in revenue. Can you maybe just break out a little bit about how much was incentive comp versus investments in marketing and technology? Just trying to get a sense for how much SG&A in Q4 could be temporary versus kind of permanently higher cost structure.

知道了。然後在銷售、一般及行政費用方面，儘管收入連續下降，但仍環比增長。您能否稍微解釋一下激勵補償與行銷和科技投資的比例是多少？只是想了解第四季度的銷售、一般及行政費用 (SG&A) 有多少是暫時的，還是永久性的高成本結構。

Good morning, Dan. I would say, we should remember in the fourth quarter that we have quite a few of our industry shows. That's kind of a cyclical timing issue for us in the fourth quarter, so that won't reoccur quite as strongly going into the first half of next year -- of this fiscal year. So -- but we aren't going to break out the components individually.

早上好，丹。我想說，我們應該記住，在第四季我們有相當多的行業展會。對我們來說，這是第四季度的週期性時間問題，因此在明年上半年（即本財年）不會再次出現如此強烈的情況。所以——但我們不會單獨分解各個組件。

Understood. Okay, and then just last one for me, continue to utilize buybacks as an arrow in a quiver in terms of capital allocation, with shares indicating where they are this morning, just your thoughts about being more aggressive, cash continues to grow, but despite buying back shares more aggressively. So any thoughts on that front, and thanks again for the color.

明白了。好的，然後對我來說是最後一個，繼續利用回購作為資本配置的箭筒中的箭，股票表明它們今天早上的位置，只是你關於更積極的想法，現金繼續增長，但儘管更積極地回購股票。所以對此有什麼想法嗎？再次感謝您提供的顏色。

Yeah, obviously -- go ahead, Laurie.

是的，顯然——繼續吧，勞裡。

No, that's okay. Yeah, we have a really balanced capital allocation profile, so we'll keep an eye on that and obviously be opportunistic if the shares low and just make judgment calls based on our overall strategy, Dan.

不，沒關係。是的，我們的資本配置狀況非常均衡，因此我們會密切關注這一點，如果股價走低，我們顯然會抓住機會，並根據我們的整體戰略做出判斷，丹。

Thanks again. And I was going to add Dan that we're pleased we refreshed our commitment to share repurchase, and we've added $100 million of cash versus last year, which certainly gives us options across our capital allocation.

再次感謝。我想補充一點，丹，我們很高興更新了股票回購的承諾，而且與去年相比，我們增加了 1 億美元現金，這無疑為我們的資本配置提供了選擇。

Greg Palm, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的格雷格·帕爾姆 (Greg Palm)。

Yeah, good morning, thanks. Going back to the quarter, I think you had maybe talked or mentioned about some unfavorable weather conditions. Just based on order rates and any backlog, was there any inability to ship homes from retail to end customers? I know you had a dynamic in the year ago period that came into play, but just curious if that was impacted at all this quarter as well.

是的，早上好，謝謝。回顧本季度，我想您可能已經談論或提到了一些不利的天氣條件。僅根據訂單率和積壓訂單，是否存在無法將房屋從零售店運送到最終客戶的情況？我知道您在去年同期就已出現了一些動態，但我只是好奇這是否也對本季產生了影響。

Yeah, the Texas market and part of the south was a bit slower than typically it would be, so there is some impact there. And we factored that into the first quarter of fiscal '26. But I think that plus some of the consumer dynamics I mentioned are factoring in, but we feel like we're in a good position now with where we are with our inventory and the opportunity to move in a nimble way, given consumers demand that if that continues to grow, so I think we're pretty balanced there.

是的，德州市場和南部部分地區的成長速度比平常慢一些，所以受到了一些影響。我們已將其計入 26 財年第一季。但我認為，加上我提到的一些消費者動態因素，我們覺得現在我們的庫存狀況良好，並且有機會以靈活的方式行動，考慮到消費者的需求，如果這種需求繼續增長，那麼我認為我們在這方面相當平衡。

Yes, okay. And I guess it's not a secret that housing overall is pretty soft, but I know activity here is held up maybe better than stick built if you want to call it that. But I'm just curious if you just take a step back and talk a little bit about manufacturer housing, specifically in the customer base and the demographics, and What gives you hope that maybe this is a time for more meaningful shared gains, maybe you can talk a little bit about sort of deregulation in there as well because there's obviously some important things going on behind the scenes.

是的，好的。我想，房屋市場總體疲軟並不是一個秘密，但我知道這裡的活動可能比堅持建設的更好，如果你想這麼說的話。但我只是好奇，如果您退一步談談製造商住房，特別是在客戶群和人口統計數據方面，是什麼讓您希望現在是一個實現更有意義的共同利益的時代，也許您也可以談談其中的放鬆管制，因為顯然在幕後正在發生一些重要的事情。

Yeah, for sure. There's a few different levers there. One of our commitments to have captive retail is that's where you really can drive the customer experience and the speed with the customer, and you combine that with the consumer financing program. So that's why we're expanding with Iseman.

是的，當然。那裡有幾個不同的槓桿。我們對專屬零售的承諾之一是，您可以真正推動客戶體驗和客戶速度，並將其與消費者融資計劃結合。這就是我們與 Iseman 合作擴張的原因。

Second, another area you mentioned is the regulation elements. We're encouraged by the focus on reducing the chassis, the requirements, looking at different approach in terms of the reform around zoning potentially, so that more local municipalities are supportive. Obviously removing the chassis is going to help that in certain markets.

第二，您提到的另一個領域是監管要素。我們感到鼓舞的是，我們專注於減少底盤和要求，並在分區改革方面尋找不同的方法，以便獲得更多的地方市政當局的支持。顯然，在某些市場中，拆除底盤將有助於實現這一目標。

The other driver is just an overall awareness. When we had the HUD Secretary walk through our homes, his feedback was positive. While these are beautiful homes, so well built, just getting that advocacy out there so more consumers are aware of it. You see that with our investment and marketing spending and obviously what we're doing digitally.

另一個驅動因素只是整體意識。當住房和城市發展部部長參觀我們的家時，他的回饋是正面的。雖然這些都是漂亮的房子，建造得非常好，但只要宣傳，就能讓更多的消費者了解它。您可以從我們的投資和行銷支出以及我們在數位化方面的努力中看到這一點。

Then in terms of the consumer, really making sure they're aware of the price points that you can get in a brand new home, and that's obviously the key with our financing programs, you can get a customer matched to the right product with that right price point, just getting more aware and that's in the market and pulling a new consumers, and we're putting our digital spend to work there.

然後就消費者而言，真正確保他們了解購買新房的價格點，這顯然是我們融資計劃的關鍵，您可以讓客戶以合適的價格找到合適的產品，只需提高知名度，就能進入市場並吸引新的消費者，而我們正在將我們的數字支出投入到那裡。

We're using social media to attract people who typically would maybe be aware of our products and pull them into our retail. So those are all drivers. Now that's against the backdrop that there's more challenges with the consumer in terms of some of the uncertainty we're seeing.

我們正在使用社群媒體來吸引那些通常會了解我們產品的人，並將他們吸引到我們的零售店。這些都是驅動因素。現在的背景下，我們看到消費者面臨一些不確定性帶來的更多挑戰。

So that's why we're investing to make sure that we're getting into their mindset in terms of a consideration purpose. The combination of those things I think are really are what's going to be in the near term key, but then from a longer term, our product innovation spend is to make sure that we have a range of products for those range of customers that are looking for the different types of homes and needs.

這就是我們進行投資的原因，以確保我們在考慮目的方面進入他們的思維模式。我認為這些因素的結合才是短期內的關鍵，但從長遠來看，我們的產品創新支出是為了確保我們能為尋求不同類型住宅和需求的客戶提供一系列產品。

And you see -- you saw that at the show maybe you bring out our shows where you see the type of new products that we're coming out with. And I think those are all key in terms of growth and the strategic priorities that I laid out in my remarks.

而且你看——你在展會上看到了，也許你會帶出我們的展示，在那裡你可以看到我們即將推出的新產品類型。我認為這些都是我在演講中提出的成長和策略重點的關鍵。

Yeah, okay, makes sense. Thanks for the color.

是的，好的，有道理。謝謝你的顏色。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

Morning everyone. Thank you for taking the questions. I'll ask on the gross margin, the change to the near term guide, I think you said 25% to 26%. I think previously it was in that 26% to 27% range. So my question is some of the I guess pressures that you're seeing today, if your view is there sort of more temporary and that the 26% to 27% is still realistic over time, or is it that you're kind of still I guess looking for what the structural gross margins of the business should be going forward as obviously the business mix has shifted over the years. Thank you.

大家早安。感謝您回答這些問題。我會問毛利率，近期指南的變化，我想你說的是 25% 到 26%。我認為之前的比例是在 26% 到 27% 之間。所以我的問題是，對於您今天看到的一些壓力，您是否認為這些壓力只是暫時的，並且隨著時間的推移，26% 到 27% 仍然是現實的，或者您是否仍然在尋找業務的結構性毛利率應該是多少，因為顯然業務組合多年來已經發生了變化。謝謝。

Good morning, Matt. Thanks for the question. We do think that the lowering to the 25% to 26% range is just for the short term, based on softening consumer confidence and decrease in demand in certain markets, as well as some inflation that we're seeing in material cost. Long term, we still expect structural margins to be in the 26% to 27% range, based on the improvements that we've made across the platform.

早安，馬特。謝謝你的提問。我們確實認為，降低至 25% 至 26% 的範圍只是短期的，這是基於消費者信心減弱和某些市場需求下降，以及我們看到的材料成本有所上漲。從長期來看，基於我們在整個平台上所做的改進，我們仍然預計結構性利潤率將在 26% 至 27% 的範圍內。

Got it. Okay, thanks for that, Laurie. And then -- yeah, secondly, interesting discussion at the top there around some of your discussions with the new HUD Secretary, maybe just around that potential removal of the permanent chassis requirement, any color on sort of what that would do for your own cost, how realistic is that actually happening and I guess how would you then react around either passing that through to consumers or maybe just impacting other designs, just kind of giving you more flexibility in the product design, just how would that all play out? Thank you.

知道了。好的，謝謝你，勞裡。然後——是的，其次，上面提到的一些有趣的討論圍繞著您與新任住房和城市發展部部長之間的討論，可能只是圍繞著取消永久底盤要求的可能性，您能透露一下這會對您自己的成本產生什麼影響嗎？這在實際中有多現實？我想您會如何應對，是將其傳遞給消費者，還是只是影響其他設計，讓您在產品設計上擁有更多的彈性，這一切將如何實現？謝謝。

Yeah, first off, from a consumer perspective, it allows you to do maybe two stories more effectively, gives some elevations because you can do more slab on grade, so it gives that benefit from a curb appeal, and then there's some municipalities that are still hung up on having a chassis in their home, so it helps with the zoning support.

是的，首先，從消費者的角度來看，它可以讓你更有效地建造兩層樓，並提供一些高度，因為你可以在地面上做更多的板坯，所以它從外觀上給人一種吸引力，然後有些市政當局仍然堅持在家裡安裝底盤，所以它有助於分區支持。

From a cost perspective, certainly not having the chassis underneath, you need it for transport, different types of transport that may be lower cost. So there is some opportunity there. As far as how we would approach it, our goal is to create the right product price value.

從成本角度來看，當然沒有底盤，你需要它來運輸，不同類型的運輸可能會降低成本。因此，那裡存在一些機會。至於我們如何處理這個問題，我們的目標是創造正確的產品價格價值。

And if we haven't a chance to do that for a consumer that this allows it, great, but obviously we want to continue to drive margins, we'd have to look at the balance there. But it's encouraging that it's actually now in discussion, and there's progress in terms of regulators.

如果我們沒有機會為消費者做到這一點，那很好，但顯然我們希望繼續提高利潤率，我們必須考慮這裡的平衡。但令人鼓舞的是，目前該問題實際上已進入討論階段，而且監管方面也取得了進展。

And I think it because of the strength of the quality of our homes and the way that we can deliver them, it really gives us the confidence that this should happen and likely will happen, but also that has to go through the bills process which is well underway at this point.

我認為，由於我們房屋的品質以及我們交付房屋的方式，這確實讓我們有信心這應該發生並且很可能會發生，但這也必須經過目前正在順利進行的法案程序。

So we're encouraged by it. And we're also looking at product innovations that would leverage from it. So we'll keep you posted as it evolves, but it's an encouraging sign.

因此我們對此感到鼓舞。我們也在尋找能夠利用它的產品創新。因此，我們會隨時向您通報最新進展，但這是一個令人鼓舞的信號。

Alright, thanks Tim. Good luck guys.

好的，謝謝蒂姆。祝大家好運。

Mike Dahl, RBC Capital Markets.

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

Morning. Thanks for taking my questions. A couple follow-ups here. First on the gross margin dynamics, I guess can you be more specific about what role the input costs are playing in the near term, because if I look at kind of wood products, even though lumbers up a little, OSP is down a lot, so I would think your blended wood basket is actually kind of flattish. But maybe just give us a sense of what's impacting -- what's the cost impact versus that mix or mix down impact in your near term margin expectations.

早晨。感謝您回答我的問題。這裡有幾個後續問題。首先關於毛利率動態，我想您能否更具體地說明投入成本在短期內發揮的作用，因為如果我看一下木製品，儘管木材價格略有上漲，但 OSP 卻下降了很多，所以我認為您的混合木材籃子實際上有點持平。但也許只是讓我們了解一下有什麼影響——成本影響與混合或混合下降對你的近期利潤預期有何影響。

Hey Mike, good morning. I would say that we're obviously we're not going to break out components, but we do have portions of our wood products that we buy at the spot rate and also portions that we buy on contract. So the mix of those don't necessarily align 100% with the spot rate activity. So we need to keep that in mind.

嘿，麥克，早安。我想說的是，我們顯然不會單獨列出零件，但我們確實有一部分木製品是以現貨價格購買的，也有一部分是按合約購買的。因此，這些組合併不一定與現貨匯率活動 100% 一致。所以我們需要記住這一點。

We're also seeing some increases in some other component costs across the board. So -- and then we are seeing some pricing pressure in certain regions of the country based on consumer confidence.

我們也看到其他一些零件的成本也全面上漲。因此，我們看到，基於消費者信心，該國某些地區出現了一些定價壓力。

Okay, got it. Appreciate that. And then just to follow-up on that response to Matt's question on the permanent chassis -- the chassis requirement. In your -- with builder developer specifically as you've kind of rolled out and tried to promote the Genesis brand and build those relationships, has that been a hang up in your discussions with builders because that is a limiting factor?

好的，明白了。非常感謝。然後只是為了跟進馬特關於永久底盤的問題——底盤要求——的回答。在您與建築開發商的合作中，特別是在您推出並嘗試推廣 Genesis 品牌和建立這些關係時，這是否成為您與建築商討論中的一個障礙，因為這是一個限制因素？

Or how would you describe that when you think about the potential to unlock that part of your business or further that part of your business specifically. And then if I could just ask more broadly when you talk about kind of some more measured pace on that side of the business recently understandable but maybe just put some put some numbers around that.

或者當您考慮解鎖您業務的該部分或進一步發展您業務的該部分的潛力時，您會如何描述這一點。然後，如果我可以更廣泛地詢問，當您談論最近該業務方面某種更有節制的步伐時，這是可以理解的，但也許只是給出一些數字。

Yeah, great question. In terms of the chassis, yeah, that is a key opportunity with those developer because oftentimes those developers are going into new municipality, new land zoning, and that certainly would help if they're looking for that more single family slab on grade look.

是的，很好的問題。就底盤而言，是的，這對那些開發商來說是一個關鍵的機會，因為這些開發商經常進入新的市政當局、新的土地分區，如果他們想要更多的單戶住宅樓板外觀，這肯定會有所幫助。

The other factor is those builders at times are looking for two story projects, which this would be an advantage for that approach. In terms of the overall builder developer, the pipeline is continuing to build and we've had really good response to the new products that we've come out with.

另一個因素是，這些建築商有時會尋找兩層樓的項目，這對這種方法來說是一個優勢。就整體建築開發商而言，通路正在繼續建設，我們推出的新產品得到了良好的迴響。

One of the realities of that business and giving it a smaller size in our total portfolio is the time it takes for those projects. They can be here for from 12 months to 24 months, so that pace does impact when those more orders really materialize, but we're encouraged by the pipeline and we're working directly with those builders.

該業務的現實情況之一是這些項目所需的時間，因此在我們的總投資組合中該業務的規模較小。他們可以在這裡待 12 到 24 個月，因此當這些更多訂單真正實現時，這種速度確實會產生影響，但我們對渠道感到鼓舞，我們正在直接與這些建築商合作。

And I think the painting also is with the macro environment, some of them are looking at the phases and how quickly they deployed. But we're working with them directly to make sure that we can help and support that and move those projects along.

我認為這幅畫也與宏觀環境有關，其中一些正在觀察各個階段以及它們部署的速度。但我們正在直接與他們合作，以確保我們能夠提供幫助和支持並推動這些項目的發展。

And we're leveraging what we've learned from the projects that we've done so far. So again, that's a longer term development channel for us, but it's one that both the regulatory opportunities and the way we're pacing it is really helping. So I appreciate the question on builder developer.

我們正在利用迄今為止所做項目所獲得的經驗。所以，這對我們來說是一個長期的發展管道，但監管機會和我們的步伐方式確實有幫助。因此，我很感謝有關建築商開發商的問題。

Thanks Tim.

謝謝蒂姆。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Hey guys. I guess a question for Laurie. Your near term margin guidance is pretty steady from Q4, which is great, but certainly we're still seeing impacts from tariffs. It doesn't sound like it's massive, but help us kind of think through how that could impact margins, and do you have to take incremental price because you had alluded to perhaps some pricing pressures in certain markets.

嘿，大家好。我想問勞裡一個問題。您的近期利潤率預期與第四季度相比相當穩定，這很好，但我們肯定仍會看到關稅的影響。這聽起來並不是很大，但請幫助我們思考這會如何影響利潤率，以及您是否必須採取增量價格，因為您曾提到某些市場可能存在一些定價壓力。

Hey Phil, good morning. Yeah, so we're not seeing a significant increase from tariffs currently. We are watching and monitoring as it changes on a daily basis, so keeping track of that and understanding where our products come from and what the impact will be, and then just being proactive about sourcing from other locations and so forth.

嘿，菲爾，早安。是的，所以我們目前沒有看到關稅大幅上漲。我們每天都在觀察和監控它的變化，追蹤它並了解我們的產品來自哪裡以及會產生什麼影響，然後主動從其他地方採購等等。

So we're -- we have an active playbook of things that we can do when that comes up, but we're not quantifying what that will be.

因此，我們有一個積極的計劃，當這種情況發生時我們可以採取一些行動，但我們沒有量化這些行動的具體內容。

Okay. But let's say if you do see a little more inflation just given the current demand backdrop, do you feel comfortable that you have the ability to take some price, or you're going to have to manage through that, I guess, in the near term?

好的。但是，假設在當前需求背景下，您確實看到通貨膨脹加劇，您是否認為自己有能力承受一定的價格，或者我猜，您必須在短期內設法解決這個問題？

I think it depends on the region of the country. So keeping in mind that our plants ship within a 500 mile radius, generally without being too cost prohibitive on transportation. So ultimately the decision still lies on price with and at the plant level. We give them a guidance, but they have to measure competitively what's happening in their markets relative to consumer demand and pricing, more broadly.

我認為這取決於該國的地區。因此請記住，我們的工廠在 500 英里半徑範圍內運輸，通常運輸成本不會太高。因此，最終的決定仍然取決於價格和工廠層級。我們為他們提供指導，但他們必須更廣泛地衡量其市場在消費者需求和定價方面的情況。

Okay, super. I guess a question for you, Tim on the Iseman transactions. Certainly you guys had great success with regional homes. Can you give us a little color on the opportunity here in terms of driving gross margins higher and some of the synergies. And then the $40 million number, is that all incremental? I just wasn't sure if you guys were selling to them already.

好的，太棒了。提姆，我想問你一個關於伊斯曼交易的問題。當然，你們在區域住宅方面取得了巨大的成功。您能否向我們稍微介紹一下這裡在提高毛利率和一些綜效的機會？那麼 4000 萬美元這個數字是增量嗎？我只是不確定你們是否已經向他們銷售產品了。

Yeah, in terms of the $40 million, we are -- they are a key customer of ours today, but there's still meaningful opportunities to bring existing volume that they're doing with other providers to us, and we'll do that over time.

是的，就 4000 萬美元而言，他們目前是我們的關鍵客戶，但仍然有機會將他們與其他供應商的現有業務量帶給我們，我們會隨著時間的推移做到這一點。

In terms of the opportunities beyond that, one of the things we've learned this last year regional is in addition to the synergies, we can also drive accretive growth, which we did with regional and we certainly are prepared to do with Iseman.

至於除此之外的機會，去年我們在區域業務中學到的一件事就是，除了協同效應之外，我們還可以推動增值增長，我們在區域業務中做到了這一點，我們當然也準備在伊斯曼業務中做到這一點。

Ken and his team, they're a great team. There's an opportunity to collaborate with both of our organizations from what we've learned. And now we can bring some of the tools directly to them -- that team and directly to the consumer.

肯和他的團隊是一支很棒的團隊。根據我們所了解的情況，我們有機會與兩個組織合作。現在我們可以將一些工具直接帶給他們——那個團隊和消費者。

So we're excited about that and opportunities with product. And so we've got a lot to build on with the success of regional, but also in a broader market in the midwest. And strategically, obviously, you see we've had a presence in the south and southeast, we're excited to expand that in the midwest. So those are opportunities for us.

因此，我們對此以及產品帶來的機會感到非常興奮。因此，我們在區域市場以及中西部更廣泛的市場中都取得了巨大的成功。從戰略上講，顯然我們已經在南部和東南部佔有一席之地，我們很高興能夠將業務擴展到中西部。所以這些對我們來說都是機會。

Would it be accretive gross margins out of gates, Tim?

提姆，這是否會提高毛利率？

I think we'll get through that. We're just obviously announced today we're going to work through integration. We're seeing some things that are encouraging in that front, but we'll be back to you as we work through the acquisition. But we're excited to move to that integration phase next, and we anticipating closing this at the end of June.

我想我們會渡過難關的。我們今天剛宣布我們將進行整合工作。我們看到了這方面的一些令人鼓舞的事情，但我們會在完成收購後再向您報告。但我們很高興接下來進入整合階段，我們預計在六月底完成這一階段。

Okay, appreciate the color.

好的，欣賞一下顏色。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼（Jesse Lederman），澤爾曼與合夥人公司。

Hey, thanks for taking the questions. Laurie, I just want to clarify, so it sounds like the 25% to 26% gross margin guide, you're not seeing any impact from tariffs yet. Does that number include any baked in conservatism from potential inflation from tariffs or no?

嘿，謝謝你回答這些問題。勞裡，我只是想澄清一下，聽起來 25% 到 26% 的毛利率指南，你還沒有看到關稅的任何影響。這個數字是否包括了關稅可能帶來的潛在通膨所帶來的保守因素？

It does not, no.

不是的，不是的。

Okay, thanks for clarifying that. I'm curious, when you talk about there -- you're seeing mixed shifts lower to either smaller size homes or less options and upgrades. Are you also seeing or you are able to quantify mixed shift from maybe buyers that would otherwise be buying an existing home that are now considering a manufactured home, maybe even a single section?

好的，謝謝你澄清這一點。我很好奇，當您談論那裡時 - 您看到混合轉變，要么轉向更小尺寸的房屋，要么轉向更少的選擇和升級。您是否也看到或能夠量化混合轉變，這些轉變可能是來自原本會購買現有房屋的買家，現在正在考慮購買預製房屋，甚至是單個部分？

Or do you -- is that something you can track? Is that something you expect? Maybe can you talk a little bit about what you're seeing at the larger size homes?

或者你——這是你可以追蹤的東西嗎？這是你所期望的嗎？也許您可以稍微談談您在較大面積的房屋中看到的情況？

Yeah, I think in terms of the market trends, we are seeing that smaller size, and that's driven more by price point and monthly payment, which speaks to the consumer environment. As far as new consumers coming in the category, I mentioned our efforts to pull in those consumers.

是的，我認為就市場趨勢而言，我們看到規模越來越小，這更多是由價格點和每月付款驅動的，這反映了消費環境。至於該類別的新消費者，我提到了我們為吸引這些消費者所做的努力。

And certainly those first time home buyers or buyers that are looking for entry level but a new home, that gives us the opportunity, so we're starting to see that. But I would say as an industry, one of the things we have to be focused on is how we attract even more new consumers, and that's why the actions with the administration, what we're doing with new products, and certainly the messaging around awareness are key, but now is a good environment to be doing that.

當然，對於那些首次購房者或正在尋找入門級新房的購房者來說，這給了我們機會，所以我們開始看到這一點。但我想說，作為一個行業，我們必須關注的事情之一是如何吸引更多的新消費者，這就是為什麼與政府一起採取行動、我們對新產品的所作所為以及圍繞意識的信息傳遞都是關鍵，但現在是一個良好的環境來做這些事情。

Absolutely, and it sounds like there's some opportunity even just as industry to do some consumer education from a buying process perspective or financing perspective and kind of how the manufactured housing, home buying process works. So hopefully that's something that can be a tail end as well.

絕對的，聽起來甚至只是作為一個行業，就從購買流程或融資的角度對消費者進行一些教育，以及了解製造房屋、購房流程是如何運作的。所以希望這也可以成為一件好事。

One more for you, Tim, and the that you talked about the dealer portal that you've started to roll out. Can you talk a little bit about how that may work in practice and maybe some signs you're seeing into the effectiveness of that program. Thank you.

提姆，我再問您一個問題，您談到了您已經開始推出的經銷商入口網站。您能否稍微談談這在實踐中如何發揮作用，以及您看到的有關該計劃有效性的一些跡象。謝謝。

Yeah, so it ties in tandem with our consumer platform at championhomes.com that we launched, that allows then their dealer to visibly see the leads that are coming through and to quickly respond to those and engage with those, and then also manage it downstream in the process with order status and being able to connect that to our plans.

是的，它與我們在 championhomes.com 上推出的消費者平台緊密相連，這使得他們的經銷商可以直觀地看到正在來的潛在客戶，并快速響應這些潛在客戶並與他們互動，然後還可以通過訂單狀態在流程的下游進行管理，並能夠將其與我們的計劃聯繫起來。

We also are able through that portal to give them the latest digital marketing tools and our capabilities that we can do nationally to support them. And so it starts to organize around the hub of how they work with Champion as a retailer and leverage the effectiveness.

我們還可以透過該入口網站為他們提供最新的數位行銷工具以及我們在全國範圍內為他們提供支援的能力。因此，它開始圍繞如何與 Champion 作為零售商合作並提高效率這一中心進行組織。

And so we're rolling it out in phases. The early responses were really good, but we see it as key to integrating the digital experience from the consumer to the retailer and to us as the OEM in an integrated way.

因此我們將分階段推出這項計劃。早期的反應非常好，但我們認為以整合的方式將消費者的數位體驗整合到零售商和我們作為 OEM 廠商中是關鍵。

Awesome, sounds very exciting. Thanks a lot.

太棒了，聽起來很令人興奮。多謝。

Jay McCanless, Wedbush Securities.

麥坎利斯 (Jay McCanless)，韋德布希證券公司。

Hey, good morning, everyone. Laurie, was hoping you could drill down more on the price competition. What markets specifically are seeing the price competition, and is it more focused on single section or double section homes?

嘿，大家早安。勞裡，希望你能更深入地了解價格競爭。具體哪些市場正在經歷價格競爭？價格競爭主要集中在單層住宅還是雙層住宅？

Yeah, it varies, Jay. We are seeing a pickup actually in activity out west. We are seeing a little bit of slowness in Florida, as we mentioned, and then also in the northeast. We are seeing a shift to more single wides and smaller homes -- a smaller footprint home with less features and options.

是的，情況有所不同，傑伊。我們看到西部地區的活動實際上正在回升。正如我們所提到的，我們看到佛羅裡達州的發展有些放緩，東北部地區也是如此。我們看到人們正在轉向更多單寬和更小的房屋——佔地面積更小、功能和選擇更少的房屋。

And as we mentioned, that'll have an impact on margins because our option content generally comes in at higher margins than the base price of the house.

正如我們所提到的，這將對利潤產生影響，因為我們的選擇權內容的利潤通常高於房屋的基本價格。

Great, thanks. And then the second question, still haven't heard FEMA, I think ordering any homes, have you all heard anything recently from them, whether it be out west or some of the stuff in the Carolinas.

太好了，謝謝。然後第二個問題，仍然沒有聽到聯邦緊急事務管理局的消息，我想是訂購任何房屋，你們最近有沒有聽到他們的任何消息，無論是在西部還是在卡羅來納州的一些事情。

Yeah, no orders of yet. Obviously we're working with them and to prepare for whenever they're ready for that, but we certainly are supportive whenever that occurs, but no orders at this point.

是的，還沒有訂單。顯然，我們正在與他們合作，並隨時為他們做好準備，但無論何時發生這種情況，我們都會提供支持，但目前還沒有命令。

Okay, and then the last question for me, just kind of talk about where chattel rates went this this quarter versus last year and anything positive or negative you guys are seeing on credit availability for chattel?

好的，然後對我來說最後一個問題，只是談談本季與去年相比動產利率的變化情況，以及你們看到動產信貸可用性有什麼積極或消極的跡象？

Yeah, credit availability is pretty stable, Jay. And as far as rates, there's still about 150 to 200 basis points higher than the 30 year fixed for a well-qualified buyer.

是的，信貸可用性相當穩定，傑伊。就利率而言，對於符合條件的買家來說，利率仍比 30 年期固定利率高出約 150 至 200 個基點。

Got it. Okay. Thanks, appreciate it.

知道了。好的。謝謝，感激不盡。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員指示） Daniel Moore，CJS 證券。

Thank you again. My follow-up was on Iseman was answered, but maybe just talk a little about the level of discussions with other regional dealer groups and maybe the M&A pipeline more generally.

再次感謝您。我的後續問題是伊斯曼回答了什麼，但也許只是稍微談一下與其他地區經銷商集團的討論水平，也許更普遍的是併購通路。

Yeah, I mean, we're not going to talk about specifics, but bigger picture, you look at our strategy and we've laid out those five priorities at the end of my remarks. Those are aligning how we're thinking about M&A, capital allocation. And certainly we're excited about Iseman, and we're going to focus on that execution integration, but certainly our strategy reflects where we want to put our capital going forward.

是的，我的意思是，我們不會談論具體細節，而是從更大的角度來看，你看看我們的策略，我們在我發言結束時列出了這五個優先事項。這些與我們對併購、資本配置的看法一致。當然，我們對 Iseman 感到非常興奮，我們將專注於執行整合，但我們的策略無疑反映了我們希望在未來將資本投入到哪裡。

Okay, thanks again.

好的，再次感謝。

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

目前沒有其他問題。我想把發言權交還給提姆，請他做最後發言。

Well, obviously you can see in our first month here of operating the agility and action orientation that we have. I mean, if you think about we've had 26,000 homes wrapped up last year, which is the highest ever outside of one year of the pandemic, the acquisition of Iseman Homes we executed, and idling a couple of our plants, which is always a tough decision, but the right decision for fixed cost, launched our integrated digital platform that we talked about today.

嗯，顯然您可以在我們營運的第一個月就看到我們的敏捷性和行動導向。我的意思是，如果你想想我們去年已經完成了 26,000 套房屋的銷售，這是除疫情爆發一年之外的最高紀錄，我們還收購了 Iseman Homes，並停產了幾家工廠，這始終是一個艱難的決定，但對於固定成本來說是正確的決定，我們還推出了我們今天談到的集成數字平台。

And we talked a bit about purchasing but we strengthened that team pretty notably, and that allows us to navigate this environment. We're advocating and advancing MH policy, and we had another $100 million for balance sheet, and obviously have that in addition to the stock that we repurchased.

我們談論了一些關於採購的問題，但我們顯著地加強了團隊，這使我們能夠駕馭這種環境。我們正在倡導和推動 MH 政策，我們還有另外 1 億美元的資產負債表，顯然除了我們回購的股票之外還有這筆資金。

So as we go forward here, we're in a really strong position with our strategy and our team. We're going to continue to build on that and navigate this environment, and we really look forward to updating your progress, and thank you for your continued interest and thank you for joining us this morning. Thank you.

因此，隨著我們繼續前進，我們的策略和團隊處於非常有利的地位。我們將繼續在此基礎上繼續探索這個環境，我們非常期待更新您的進展，感謝您一直以來的關注，也感謝您今天上午加入我們。謝謝。

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

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。