Champion Homes Inc (SKY) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Champion Homes first quarter fiscal 2026 earnings call. My name is Mina, and I will be coordinating your call today. 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 2026 財年第一季財報電話會議。我叫米娜，今天我將負責協調您的通話。現在我將把電話轉給主持人傑森布萊爾 (Jason Blair) 開始。傑森，請繼續。

Good morning. Thank you for taking the time to join us for today's conference call and review of our business results for the first quarter ended June 28, 2025. 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.

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 6 月 28 日的第一季的業務業績。來審查我們業績的是 Champion Homes 總裁兼執行長 Tim Larson 和執行副總裁、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 meaning of the Private Securities Litigation Reform Act of 1995.

昨天，市場收盤後，我們發布了收益報告。提醒一下，今天的電話會議中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。

These results 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. 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.

這些結果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。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很有用。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. Before we discuss our quarterly results, I want to share an update on the progress we are making on our strategic priorities. These priorities reflect how we are elevating the business for near- and long-term performance.

謝謝你，傑森，大家早安。在我們討論季度業績之前，我想先分享一下我們在策略重點方面取得的進展。這些優先事項反映了我們如何提升業務的近期和長期業績。

On our first strategy, winning as a customer-centric, high-performance team, we've added two highly accomplished executives, one to our Board of Directors, Ms. Fedewa and Alan Robertson as Chief Human Resources Officer. Mary is an accomplished leader in the real estate industry with more than 30 years of experience in finance and capital markets. She co-founded STORE Capital, one of the largest and fastest-growing real estate investment trusts in the US. Mary served as its President and CEO and as a member of its Board of Directors.

在我們的第一個策略中，我們以客戶為中心，以高績效團隊取勝，我們增加了兩位非常有成就的高階主管，一位是董事會成員 Fedewa 女士，另一位是首席人力資源長 Alan Robertson。瑪麗是房地產行業的傑出領導者，在金融和資本市場擁有 30 多年的經驗。她與他人共同創立了 STORE Capital，這是美國最大、發展最快的房地產投資信託公司之一。瑪麗擔任該公司總裁兼執行長以及董事會成員。

Alan Robertson joins our executive leadership team at CHRO. He has over 15 years of human capital leadership experience, including most recently at Pulte Homes, where he led HR across their manufacturing and field operations teams. Alan's homebuilder experience and business-first leadership style are a great fit to support and develop our 9,000 team members. We continue to invest in our new product strategy that's bringing in new buyers with home styles and floor plans at the right price point and value.

艾倫羅伯森 (Alan Robertson) 加入我們 CHRO 的執行領導團隊。他擁有超過 15 年的人力資本領導經驗，最近在 Pulte Homes 擔任製造和現場營運團隊的人力資源主管。艾倫的房屋建築經驗和以業務為先的領導風格非常適合支持和發展我們的 9,000 名團隊成員。我們將繼續投資我們的新產品策略，以合適的價格和價值吸引新的買家和房屋風格和平面圖。

Recently, we received national recognition for our newly launched HUD Code and modular homes. You can view the homes on our social platforms. Consistent with our strategy to drive broader awareness to our brands and bring in new buyers to MH, we recently were featured on Designing Spaces on Lifetime Television.

最近，我們新推出的 HUD 規範和模組化住宅獲得了國家認可。您可以在我們的社交平台上查看房屋。為了符合我們提高品牌知名度並為 MH 吸引新買家的策略，我們最近在 Lifetime Television 的「設計空間」節目中亮相。

The program highlights our homes and how they are each delivered with quality, speed and affordability without compromise. From a regulatory perspective, we are pleased with last week's unanimous bipartisan vote by the Senate Banking Committee to advance the ROAD to Housing Act. The bill includes a specific section titled Manufactured Housing for America that highlights Congress' support for off-site built homes.

該計劃重點介紹我們的房屋以及如何以高品質、快速和實惠的方式交付每棟房屋。從監管角度來看，我們很高興看到參議院銀行委員會上週一致通過兩黨投票，推動《住房道路法案》。該法案包含一個名為「美國製造房屋」的專門章節，強調國會對異地建造房屋的支持。

We are encouraged that it's advancing to the next step, however, recognize it's early in the legislative process. We will continue to closely monitor the legislation and work with MHI in support of its advancement. Now I'll give an overview of this quarter's performance as well as expectations on the near-term outlook. The team's nimble operational execution resulted in a strong first quarter of fiscal 2026, delivering profitable growth in an ever-changing environment.

我們很高興看到該法案正在推進到下一步，但我們也意​​識到該法案仍處於立法程序的早期階段。我們將繼續密切關注該立法並與三菱重工合作支持其推進。現在我將概述本季的表現以及對近期前景的預期。該團隊靈活的營運執行力使得 2026 財年第一季表現強勁，在不斷變化的環境中實現了獲利成長。

First quarter year-over-year net sales increased 12% to $701 million and homes sold during the period increased 8% to a total of 7,215 homes. The increased sales across our channels and effective cost management delivered strong gross margin and earnings growth in the quarter. We are pacing production to the consumer environment in each market. Plants with larger backlogs increased production rates, while some locations moderated with local market trends. Manufacturing backlog at the end of June totaled $302 million, down 12% sequentially.

第一季淨銷售額年增 12%，達到 7.01 億美元，期間售出的房屋數量增加 8%，達到 7,215 套。我們各通路銷售額的成長和有效的成本管理帶來了本季強勁的毛利率和獲利成長。我們根據每個市場的消費環境調整生產節奏。積壓訂單較多的工廠提高了生產率，而一些工廠則根據當地市場趨勢調整了生產力。6月底製造業積壓訂單總額為3.02億美元，季減12%。

The average backlog lead time ended the quarter at seven weeks, which is within our target range of 4 to 12 weeks. Now I'll provide some additional commentary from the quarter on each of our sales channels. Sales to our independent retail channel increased compared to the prior-year period. In addition to expanding the adoption of our digital and marketing support for dealers, we are also adding independent distribution points.

本季末的平均積壓交付週期為七週，符合我們 4 至 12 週的目標範圍。現在，我將針對本季我們各個銷售管道提供一些額外的評論。與去年同期相比，我們獨立零售通路的銷售額有所增加。除了擴大經銷商的數位和行銷支援外，我們還增加了獨立分銷點。

At captive retail, sales increased versus Q1 the prior year due to an increase in average selling price and a shift in product mix. We also closed on the Iseman acquisition in late May. The combined teams are already making good progress in executing retail and product synergies.

在專屬零售方面，由於平均售價上漲和產品結構轉變，銷售額較去年第一季增加。我們也在五月底完成了對 Iseman 的收購。合併後的團隊在執行零售和產品綜效方面已經取得了良好的進展。

Moving to the community channel. Our community sales were up in the first quarter versus the same period last year, driven by new products and strong engagement by our sales team to match the offering with the needs of today's community operators. Consistent with the consumer environment I mentioned earlier, we anticipate some moderation in the community channel, which may impact near-term order rates.

轉到社區頻道。與去年同期相比，我們第一季的社群銷售額有所上升，這得益於新產品的推出以及我們銷售團隊的積極參與，以使產品滿足當今社群營運商的需求。與我之前提到的消費者環境一致，我們預期社區管道會出現一些放緩，這可能會影響近期的訂單率。

Sales to the builder developer channel grew in the first quarter versus the same period last year. Our pipeline in this channel remains solid and is growing. We remain encouraged by the potential of off-site construction being more widely adopted by builders.

與去年同期相比，第一季建築商開發商通路的銷售額有所成長。我們在這個管道的管道仍然穩固並且還在不斷成長。我們仍然對異地施工被建築商更廣泛採用的潛力感到鼓舞。

Champion Financing, our joint venture with Triad Financial Services, continues to operate effectively. Our retail loan programs continue to be a key lever in today's consumer environment as it allows our stores to match consumers with the right home and their optimal monthly payment. We are confident that the combination of our joint venture and ongoing access to consumer financing across several lenders provides a diversified portfolio of options for our retailers and consumers. I'll now turn the call over to Laurie, who will discuss our quarterly financial performance in more detail.

我們與 Triad Financial Services 的合資公司 Champion Financing 繼續有效運作。我們的零售貸款計劃仍然是當今消費環境中的關鍵槓桿，因為它使我們的商店能夠為消費者匹配合適的住房和最佳的每月還款額。我們相信，我們的合資企業和持續透過多家貸款機構獲得消費者融資的結合將為我們的零售商和消費者提供多樣化的選擇組合。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 first quarter, followed by a discussion of our balance sheet and cash flows. I will also briefly discuss our near-term expectations. During the first quarter, net sales increased 12% to $701 million compared to the same quarter last year with US factory-built housing revenue increasing 10%.

謝謝，提姆，大家早安。我將首先回顧我們第一季的財務業績，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。第一季度，淨銷售額與去年同期相比成長 12%，達到 7.01 億美元，其中美國工廠建造房屋收入成長 10%。

The number of homes sold increased 7% to 6,965 homes in the US compared to 6,538 homes in the prior-year period. US home volume during the quarter was supported by healthy demand across our community channel and an increase in builder developer sales. The average selling price per US home sold increased by 4% to $95,000 due to a shift in mix to more multi-section units and increased pricing at our company-owned retail sales centers.

美國房屋銷售數量為 6,965 套，較去年同期的 6,538 套成長 7%。本季美國房屋銷售受到我們社區通路的強勁需求和建築商開發商銷售額成長的支持。由於房屋結構轉向更多多單元房以及公司自有零售中心的定價提高，美國每套房屋的平均售價上漲了 4%，達到 95,000 美元。

On a sequential basis, US factory-built housing revenue increased 18% in the first quarter compared to the fourth quarter of fiscal 2025. We saw a sequential increase due to expected seasonality as well as a shift of sales from the fourth quarter of fiscal 2025 into the first quarter of fiscal 2026 from delayed home shipments caused by inclement weather across the South in the March quarter.

以環比計算，美國工廠建造房屋收入在第一季與2025財年第四季相比成長了18%。由於預期的季節性因素，我們看到銷售額出現了連續增長，並且由於 3 月份季度南部地區惡劣天氣導致房屋發貨延遲，銷售額從 2025 財年第四季度轉移到了 2026 財年第一季。

Manufacturing capacity utilization was 61% compared to 60% in the fourth quarter of fiscal 2025. On a sequential basis, the average selling price per US home sold increased approximately 1%. Canadian revenue during the quarter was $30 million, representing a 50% increase in the number of homes sold versus the prior-year period. We saw product mix shift to more single-section homes in Canada as well as stronger demand in the Alberta province versus the same period last year.

製造產能利用率為 61%，而 2025 財年第四季為 60%。以環比計算，美國房屋平均售價上漲約 1%。本季加拿大的收入為 3,000 萬美元，售出的房屋數量比去年同期增加了 50%。我們發現加拿大的產品結構轉向更多的單層住宅，與去年同期相比，阿爾伯塔省的需求也更加強勁。

The average home selling price in Canada decreased 3% to $120,500, primarily due to a shift in product mix. Consolidated gross profit increased 16% to $190 million in the first quarter, and our gross margin expanded 90 basis points from 26.2% in the prior-year period. The higher gross margin was driven by higher ASPs on new homes sold through company-owned retail sales centers and the unfavorable purchase accounting impact in the prior year related to the increase in the carrying value of inventory acquired in the Regional Homes acquisition that did not recur in fiscal 2026.

加拿大平均房屋售價下降 3% 至 120,500 美元，主要原因是產品結構的變化。第一季綜合毛利成長 16% 至 1.9 億美元，毛利率較去年同期的 26.2% 擴大 90 個基點。毛利率上升的原因是，透過公司自有零售中心銷售的新房平均售價較高，以及上一年因區域住宅收購中獲得的庫存賬面價值增加而產生的不利購買會計影響，而這種影響在 2026 財年沒有再次發生。

Gross margin increased sequentially from our fiscal fourth quarter and was higher than expectations, primarily due to lower-than-expected material input costs, higher captive retail ASPs, and favorable product mix.

毛利率較第四財季較上季成長，且高於預期，主要由於材料投入成本低於預期、專屬零售平均售價較高、產品組合有利。

SG&A in the fourth quarter increased $2 million over the prior-year period to $111 million. The increase is primarily attributable to higher variable compensation from higher sales as well as $3.9 million of costs associated with plant closures and the acquisition of Iseman Homes.

第四季銷售、一般及行政費用較去年同期增加 200 萬美元，達到 1.11 億美元。成長主要歸因於銷售額成長帶來的浮動薪酬增加，以及與工廠關閉和收購 Iseman Homes 相關的 390 萬美元成本。

Those factors were partially offset by an $8 million expense in the first quarter of fiscal 2025 related to the acquisition of Regional Homes, which did not recur in the current period. The company's effective tax rate for the quarter was 21% versus an effective tax rate of 22.5% for the year-ago period. The decrease in the effective tax rate is primarily due to an increase in tax credits.

這些因素被 2025 財年第一季與收購 Regional Homes 相關的 800 萬美元費用部分抵消，該費用在本期沒有再次發生。該公司本季的有效稅率為 21%，而去年同期的有效稅率為 22.5%。有效稅率的下降主要是由於稅收抵免的增加。

Net income attributable to Champion Homes for the first quarter increased by $19 million to $65 million or earnings of $1.13 per diluted share compared to net income of $46 million or earnings of $0.79 per diluted share during the same period last year. The increase in EPS was driven mainly by improved operating income. Adjusted EBITDA for the quarter was $94 million, which is an increase of $19 million or 26% compared to the prior year.

第一季度，Champion Homes 淨利增加 1,900 萬美元，達到 6,500 萬美元，即每股攤薄收益 1.13 美元，而去年同期的淨利為 4,600 萬美元，即每股攤薄收益 0.79 美元。每股收益的成長主要得益於營業收入的提高。本季調整後的 EBITDA 為 9,400 萬美元，較上年增加 1,900 萬美元，增幅為 26%。

Adjusted EBITDA margin was 13.4% compared to 11.9% in the prior-year period. This increase in EBITDA margin is mainly driven by higher gross margins. We expect near-term gross margin in the 25% to 26% range as we balance cautious consumer sentiment and softer demand in certain markets. As a reminder, our consolidated gross margin fluctuates from quarter-to-quarter due to changes in product mix as well as the quantity of sales through our independent channels versus sales through our captive retail stores. As we work through this dynamic market environment, we continue to balance SG&A spending while continuing to drive our strategic growth priorities, including investments in people and technology.

調整後的 EBITDA 利潤率為 13.4%，而去年同期為 11.9%。EBITDA 利潤率的成長主要得益於毛利率的提高。由於我們要平衡謹慎的消費者情緒和某些市場疲軟的需求，我們預期近期毛利率將在 25% 至 26% 之間。提醒一下，由於產品結構的變化以及透過獨立管道的銷售量與透過專屬零售店的銷售量的變化，我們的合併毛利率每季都會波動。在我們應對這個動態市場環境的過程中，我們將繼續平衡銷售、一般及行政費用 (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 June 28, 2025, we had $605 million of cash and cash equivalents and long-term borrowings of $24 million with no maturities until December 2026. We generated $75 million of operating cash flows for the quarter. In the quarter, we leveraged our strong cash position and returned capital to our shareholders through $50 million in share repurchases. Additionally, our Board recently refreshed our $150 million share repurchase authority, reflecting confidence in our continued strong cash generation.

截至 2025 年 6 月 28 日，我們擁有 6.05 億美元的現金和現金等價物以及 2,400 萬美元的長期借款，到期日為 2026 年 12 月。本季我們產生了 7,500 萬美元的經營現金流。本季度，我們利用強大的現金狀況，透過 5,000 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 1.5 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。

Subsequent to quarter end, we amended our existing $200 million revolving credit facility and extended the term through July 28, 2030. The facility provides the company with available liquidity for its strategic initiatives. We remain focused on executing on our strategic initiatives and given our favorable liquidity position, plan to utilize our cash to reinvest in the business to support strategic growth and return cash to shareholders. I'll now turn the call back to Tim for some closing remarks.

季度末之後，我們修改了現有的 2 億美元循環信貸額度，並將期限延長至 2030 年 7 月 28 日。該工具為該公司的策略性舉措提供了可用的流動資金。我們仍然專注於執行我們的戰略舉措，並鑑於我們良好的流動性狀況，計劃利用我們的現金再投資於業務，以支持戰略增長並向股東返還現金。現在我將把電話轉回給提姆，請他發表一些結束語。

Thank you, Laurie. Looking to our second fiscal quarter of 2026, as we navigate consumer uncertainty and the factors impacting the overall housing market, we anticipate our second quarter revenue to be flat to up low single digits compared to the prior-year period. While we are encouraged by the customer engagement and quoting activity we're seeing, the pace of orders so far in Q2 has been a bit slower than our fiscal second quarter last year. Our teams are being proactive in this environment to ensure production is optimized and our purchasing team has been very effective at navigating the ever-changing tariff dynamics. Our backlogs remain within a normal range of 4 to 12 weeks, and we are taking measured actions to manage fixed costs.

謝謝你，勞裡。展望 2026 財年第二季度，隨著我們應對消費者不確定性和影響整體房地產市場的因素，我們預計第二季營收將與去年同期持平或略有上升。雖然我們對所看到的客戶參與和報價活動感到鼓舞，但第二季迄今的訂單速度比去年第二財季略慢。在這種環境下，我們的團隊積極主動，確保生產得到優化，我們的採購團隊在應對不斷變化的關稅動態方面非常有效。我們的積壓工作時間維持在 4 至 12 週的正常範圍內，我們正在採取有節制的措施來管理固定成本。

We continue to review internal survey data to understand who is buying our homes. It is encouraging to see that we are consistently attracting first-time homebuyers as well as first-time buyers of manufactured homes. This reinforces that our products are a core solution to address the need for affordable housing in the US and Canada. It's one of the many reasons the future for Champion is promising, and we are confident in the strategies we are executing to deliver value to all stakeholders.

我們繼續審查內部調查數據，以了解誰在購買我們的房屋。令人鼓舞的是，我們一直在吸引首次購屋者以及首次購買預製房屋的買家。這進一步證明我們的產品是解決美國和加拿大經濟適用住房需求的核心解決方案。這是 Champion 未來前景光明的眾多原因之一，我們對正在執行的為所有利害關係人創造價值的策略充滿信心。

Our strategic long-term priorities that I've shared on previous calls provide a clear vision to execute effectively in today's environment and the discipline to effectively deploy our capital. In summary, we believe Champion Homes is well positioned to navigate this uncertain market while maintaining a steadfast focus on our long-term strategic growth priorities and daily execution, all grounded in our commitment to our customers, team members and shareholders.

我在先前的電話會議上分享過的我們的長期策略重點，為我們在當今環境下有效執行提供了清晰的願景，也為我們有效部署資本提供了紀律。總而言之，我們相信 Champion Homes 完全有能力應對這個不確定的市場，同時堅定不移地專注於我們的長期策略成長重點和日常執行，所有這些都基於我們對客戶、團隊成員和股東的承諾。

Thank you, everyone, for tuning into today's call and for the Champion Homes team for their continued efforts with a strong start to the fiscal year. I look forward to updating you all on the second quarter later this year. And now let's open the line for questions. Operator, please proceed.

感謝大家收聽今天的電話會議，也感謝 Champion Homes 團隊的持續努力，為本財年帶來了強勁的開局。我期待今年稍晚向大家通報第二季的進展。現在讓我們開始提問。接線員，請繼續。

(Operator Instructions) Greg Palm, Craig-Hallum Capital Group.

（操作員指示）Craig-Hallum Capital Group 的 Greg Palm。

Yeah. Hey, thanks, good morning. Maybe we can just start with a little bit more commentary on kind of the backdrop, the environment relative to what you talked about in late May. So what -- maybe just what's changed geographically, recent -- it sounds like recent order rates may be softening maybe a little bit more, but just give us a little bit more color on what you're seeing out there, please?

是的。嘿，謝謝，早安。也許我們可以先對背景、環境（與您在五月底談到的情況有關）進行一些評論。那麼——也許只是地理位置上的變化，最近——聽起來最近的訂單率可能會下降一點，但請給我們多一點關於你所看到的情況的細節，好嗎？

Yes. Appreciate it, Greg. So first off, we had stronger community business in Q1. And as we talk to our community customers, they're seeing some of the same consumer dynamics. So we don't anticipate that continuing in the near term, but still having steady business with our community customers. We had our plant backlogs in Q1 that the plants with larger backlogs were able to produce, and those are in the regions of the country that we've talked about previously with some strength, whether that be the West as an example. Some of the softness that we saw in the South that we've talked about hasn't really returned back to some of the robust demand.

是的。非常感謝，格雷格。首先，我們在第一季擁有更強勁的社區業務。當我們與社區客戶交談時，他們看到了一些相同的消費者動態。因此，我們預計這種情況不會在短期內持續下去，但仍會與我們的社區客戶保持穩定的業務往來。我們第一季的工廠訂單積壓，積壓訂單較多的工廠能夠生產，這些工廠位於我們之前談到的具有一定實力的地區，例如西部地區。我們之前談到的南方地區的一些疲軟現象並沒有真正恢復到強勁的需求。

So overall, those impacts that we factored into Q2. The other driver is, as we look across our channels, we have leading indicators that we look at, and those are some of the drivers that we see from our Q2 view. What I would share is that over the last six months, we've been able to grow share in HUD and grow share against single-family, which is encouraging in the market environment that we're in. So it's more of the consumer indicators, Greg, that we're seeing that affect our view of Q2, but I'm pleased with how the team is out there every day driving the business in this environment.

總的來說，這些影響我們已經計入第二季。另一個驅動因素是，當我們縱觀我們的管道時，我們會發現一些領先指標，這些是我們從第二季度的觀點中看到的一些驅動因素。我想分享的是，在過去的六個月裡，我們在 HUD 和單戶住宅​​領域的份額都有所增加，這對於我們所處的市場環境來說是令人鼓舞的。因此，格雷格，我們看到更多的消費者指標影響了我們對第二季的看法，但我對團隊在這種環境下每天推動業務的方式感到滿意。

And just thinking back to what you talked about in late May when you reported Q4 results, I mean, what happened in June specifically because you vastly outperformed relative to what you talked about for revenue and gross margin. So can you just give us a little bit of sense on where June was relative to what you thought back in late May?

回想一下您在 5 月底報告第四季度業績時談到的情況，我的意思是，6 月份的具體情況是，您的業績遠遠超出了您所說的收入和毛利率。那麼，您能否稍微告訴我們一下，相對於您在五月底所認為的情況，六月的情況如何？

So a big change was certainly the impact of the community business, and that drove a lot of the impact in Q1. And then as I mentioned, we look at each backlog by plant and where they can increase production rates. And as Laurie mentioned in her remarks, we had some improved pricing relative in our captive retail business.

因此，一個巨大的變化肯定是社區業務的影響，這對第一季產生了很大的影響。然後，正如我所提到的，我們會查看工廠的每個積壓訂單，並了解它們可以在哪些方面提高生產力。正如勞裡在評論中提到的那樣，我們的專屬零售業務的定價相對有所改善。

The other driver is our material costs weren't as significant as they've been previously in the quarters that have benefited Q1, which then all of that combined to flow through earnings in a strong quarter. And so as we go into Q2, we don't have some of those same dynamics, and we can already see that. And so that's why we have the view that we have for Q1 in terms of the guide that I provided on the revenue earlier. So it's some of those different drivers that we see is impacting Q1 versus Q2.

另一個驅動因素是，我們的材料成本不像之前第一季那麼高，所有這些因素共同作用，促成了本季的獲利成長。因此，當我們進入第二季度時，我們不再擁有一些相同的動態，而且我們已經看到了這一點。這就是為什麼我們根據我之前提供的收入指南對第一季有這樣的看法。因此，我們看到一些不同的驅動因素對第一季和第二季產生了影響。

Okay. And then if I could just sneak one more quick one. Laurie, you mentioned these delayed shipments from the March quarter to now previously quarter. How many homes was that? What was the revenue impact? I don't recall you quantifying that last quarter.

好的。然後如果我能再偷偷地快速做一次。勞裡，您提到這些貨物從三月到上一季都有延遲出貨。那有多少棟房子？對收入有何影響？我不記得你對上個季度進行過量化。

Yeah. We didn't quantify it, Greg, and we're not going to quantify it. But we -- that was part of the -- certainly part of the difference between our expectations. I think, originally, we were thinking that would flow in over the first and second quarter of this fiscal year and the majority of it hit all in the first quarter. So that is certainly one of the differences between late May and where the results ended up as well.

是的。格雷格，我們沒有量化它，我們也不會量化它。但我們——這肯定是我們期望之間的差異的一部分。我認為，最初我們認為這些資金將在本財年的第一季和第二季流入，並且大部分資金將在第一季全部到帳。所以這肯定是 5 月底的結果與最終結果之間的差異之一。

Yeah. And I think, Greg, too, if you look at the industry, we were pretty in line with the industry, what we were signaling for Q1. What changed is we got more benefit from those items that were in Q4, those homes and then the other drivers I mentioned. So from an industry perspective, our Q1 kind of outlook was pretty consistent. But to your point, we did outperform given the drivers that I mentioned.

是的。而且我認為，格雷格，如果你看一下這個行業，你會發現我們與行業情況非常一致，我們對第一季發出了信號。變化的是，我們從第四季度的那些項目、那些房屋以及我提到的其他驅動因素中獲得了更多利益。因此，從產業角度來看，我們對第一季的展望相當一致。但正如您所說，考慮到我提到的驅動因素，我們的表現確實出色。

Yeah. Understood. I appreciate the color. Thanks.

是的。明白了。我很欣賞這個顏色。謝謝。

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Thank you. Good morning, Tim; good morning, Laurie. Maybe just pulling on the string in the community channel. You talked about anticipating some moderation. I think, you mentioned, Tim, a little bit in terms of geographic dispersion, but -- and the consumer softening. But is it more a function of just not picking up or are things actually softening a little bit? If so, what geographies and what's holding some of your community partners back?

謝謝。早安，提姆；早安，勞裡。也許只是在社區頻道中拉動琴弦。您談到了預期某種程度的緩和。提姆，我認為你提到了一點地理分散方面的問題，但還有消費者疲軟的問題。但這更多的是一種沒有回升的功能，還是情況實際上有所緩和？如果是的話，哪些地區和哪些因素阻礙了您的一些社區夥伴？

Yeah. Thanks, Dan. No, we certainly have seen a robust community orders through the first quarter. What we're sharing is that rate, we don't anticipate continuing in Q2. And it's as each community operator is looking at where their projects are, where their demand is, and balancing that with the consumer environment, and it's fairly across multiple geographies.

是的。謝謝，丹。不，我們確實看到第一季社區訂單強勁。我們所分享的是，我們預計該成長率不會在第二季繼續。每個社區營運商都在關注他們的專案在哪裡、他們的需求在哪裡，並將其與消費者環境進行平衡，並且公平地跨越多個地區。

As you know, we have a number of community operators around the country. And so those are on a case-by-case basis. It's pretty consistent with what we've talked about before about various geographies. So it's not saying that -- I mean the community business, there's some strength there and certainly versus where it was over a few years ago, but it's more at the growth rate going forward. And so we're working with each community customer to make sure that the pace of production and the homes that they're looking for based on that match that. And we're just signaling that what we saw in Q1, we don't anticipate continuing into Q2 at the same rate.

大家知道，我們在全國各地有很多社區經營者。所以這些都是根據具體情況來決定的。這與我們之前討論的各個地理位置非常一致。所以這並不是說——我的意思是社區業務有一定的優勢，當然與幾年前相比，但更多的是未來的成長率。因此，我們正在與每個社區客戶合作，以確保生產速度和他們所尋找的房屋相匹配。我們只是表示，我們預計第一季看到的情況不會以同樣的速度延續到第二季​​。

Got it. That's helpful. Net new orders, as you just described, up in the quarter, you saw some strength there. The guide flat to up low single digits year-over-year in Q2, based on where we're trending quarter-to-date in terms of order rates, would that leave backlogs relatively flat sequentially? Are you operating one in one out? Or do you anticipate drawing backlogs down a bit more in this quarter?

知道了。這很有幫助。正如您剛才所描述的，本季淨新訂單有所增加，您看到了一些強勁勢頭。根據我們本季迄今的訂單率趨勢，預計第二季的訂單量將與去年同期持平或略有上升，那麼積壓訂單量是否將與上一季持平？你是一進一出操作嗎？或者您預計本季積壓訂單數量會進一步減少？

Yeah, we anticipate being in our normal range, and we'll update you exactly where that lands. And one of the specific things we're doing is plant by plant, looking at what makes most sense in their market for that backlog utilization. As I mentioned, for Q1, we had some opportunities in certain locations. We'll look to do that in Q2. And then also in other markets, we'll moderate it just based on what makes sense in their environment. But we plan to be in our normal background range for the quarter.

是的，我們預計會處於正常範圍內，我們會向您準確更新具體情況。我們正在進行的具體工作之一就是逐個工廠地研究在他們的市場中如何最合理地利用積壓訂單。正如我所提到的，對於第一季度，我們在某些​​地方有一些機會。我們將在第二季度實現這一目標。在其他市場，我們也會根據其環境的實際情況進行調整。但我們計劃本季處於正常的背景範圍內。

Got it. Nice kind of turnaround or pickup in Canada. Is it one specific industry driving that in that demand? And what's the outlook as we look forward? How sustainable is the recovery we saw in the quarter?

知道了。在加拿大出現了不錯的轉變或復甦。是否有某個特定產業推動了這種需求？我們展望的前景如何？我們在本季看到的復甦有多可持續？

Yeah. It was strength in Alberta. And certainly, from an overall total business, it's 4% of our revenue. So you're going to see some relative movement within that percent. As we've mentioned, that market is pretty dynamic. We saw some recovery, but we're very poised in terms of how we think about that business. They face some of the challenges at the consumer level as well. So I think, we're balanced in terms of how we think about Canada, but we're pleased by the progress we saw in Q1 in the Alberta region.

是的。這是阿爾伯塔省的實力。當然，從整體業務來看，這占我們收入的 4%。因此，您將會看到該百分比內的一些相對變動。正如我們所提到的，該市場非常活躍。我們看到了一些復甦，但我們對該業務的看法非常冷靜。他們在消費者層面也面臨一些挑戰。因此我認為，我們對加拿大的看法是平衡的，但我們對第一季在阿爾伯塔地區的進展感到高興。

Okay. And last for me, Laurie, some sense for what Iseman Homes contributed to revenue in the quarter as well as backlog at quarter end?

好的。最後，勞裡，您能告訴我 Iseman Homes 對本季營收的貢獻以及季度末的積壓情況嗎？

So we closed on Iseman on May 30. So it was one month of revenue that was included in the results for the first quarter. Backlog, Dan, is really our manufacturing backlog. So our captive retail has no impact on our backlog numbers.

因此我們在 5 月 30 日關閉了伊斯曼。因此，第一季的業績中包含了一個月的收入。丹，積壓訂單實際上是我們的製造積壓訂單。因此，我們的專屬零售對我們的積壓數量沒有影響。

Great. Okay, that's helpful.

偉大的。好的，這很有幫助。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

Hi, good morning, everyone. Thank you for taking my questions. On the gross margin, so I think in Q1 there, you spoke to some of these, I guess, surprising positives that led to the beat, maybe better input costs and some pricing in captive retail. But I'm just trying to understand sequentially into Q2 going back to 25% to 26%, if I heard you correctly. I guess, what sequentially would be a little softer to drive that? And I just want to understand, are we still thinking 25% to 26% is where you'll be for the -- beyond the quarter? Or how are you thinking about getting back to that longer-term range of 26% to 27%? Thank you.

大家好，早安。感謝您回答我的問題。關於毛利率，我認為在第一季度，您談到了一些令人意外的積極因素，這些因素導致了業績超出預期，也許是更好的投入成本和一些專屬零售的定價。但如果我沒聽錯的話，我只是想了解第二季的連續成長情況，回到 25% 到 26%。我猜，按順序怎麼做才能讓駕駛更平穩？我只是想了解一下，我們是否仍然認為本季之後的成長率將保持在 25% 到 26% 之間？或者您如何考慮回到 26% 到 27% 的長期範圍？謝謝。

Matt, thanks for the question. In 2Q, we're really balancing the cautious consumer sentiment and softer demand in certain markets. And as a reminder, our gross margins can fluctuate pretty significantly actually from quarter-to-quarter due to product mix, including single wide versus multi-section mix, option content in products as well as the mix between manufacturing volume going through captive retail versus independents. So that can drive a significant shift from quarter-to-quarter. We do think the 25% to 26% gross margins are going to continue in the near term.

馬特，謝謝你的提問。在第二季度，我們實際上正在平衡謹慎的消費者情緒和某些市場的疲軟需求。需要提醒的是，由於產品組合的原因，我們的毛利率實際上每個季度都會有相當大的波動，包括單寬與多部分組合、產品中的選項內容以及透過專屬零售與獨立零售的製造量組合。因此，這可以推動季度間的顯著轉變。我們確實認為 25% 至 26% 的毛利率將在短期內持續下去。

Okay. Got it. And then I guess just on SG&A as well. Obviously, showed some leverage there in Q1, on the strong revenue growth, and -- but as you're talking about kind of flattening out, I guess, year-over-year in the second quarter, I mean, any thoughts on how SG&A leverage might shape up as we go through this year? Thank you.

好的。知道了。然後我想也只是關於銷售、一般和行政費用。顯然，第一季在強勁的收入成長上顯示出了一些槓桿作用，但是正如您所說，第二季度的同比增速趨於平穩，我的意思是，對於今年銷售、一般和行政管理費用槓桿率將如何變化，您有什麼看法？謝謝。

Yeah. We're going to continue to balance SG&A based on what we're seeing from a demand perspective.

是的。我們將根據需求角度繼續平衡銷售、一般和行政費用。

Okay. Thanks, Laurie. Good luck, guys.

好的。謝謝，勞裡。祝你們好運，夥計們。

Michael Dahl, RBC Capital Markets.

麥可‧達爾 (Michael Dahl)，加拿大皇家銀行資本市場 (RBC Capital Markets)。

Hi, thanks for taking my questions. First question on some of the pricing dynamics. I think the mix side is pretty clear, but you mentioned price increases on new products and at your captive retail. So can you speak a little more to what those like-for-like pricing dynamics were, where you took price, the rationale for taking price and what the response has been?

你好，謝謝你回答我的問題。第一個問題是關於一些定價動態。我認為混合方面非常清楚，但您提到了新產品和專屬零售的價格上漲。那麼，您能否再多說一下同類定價動態是什麼、您如何定價、定價的理由以及反應如何？

Thanks, Mike, for the question. Our pricing strategy varies by market and geography. So we're really trying to more broadly across all geographies, balance volume and price given the local demand environment in each region.

謝謝邁克提出這個問題。我們的定價策略因市場和地理而異。因此，我們確實試圖在所有地區更廣泛地嘗試，根據每個地區的當地需求環境來平衡銷售和價格。

Okay. Could you put an order of magnitude on what that like-for-like increase contributed?

好的。您能否對同類成長的貢獻給予一個數量級？

We're not going to separately disclose that. It's all part of wrapped up in the US segment housing. So we did see at manufacturing that wholesale prices remained relatively flat, but we did see an increase in retail pricing. It had been a while since our captive retail locations had taken some price. So they did -- we were able to take advantage of that in certain geographies this quarter.

我們不會單獨披露這一點。這一切都是美國細分住房的一部分。因此，我們確實看到製造業的批發價格保持相對平穩，但零售價格卻有所上漲。我們的專屬零售店已經有一段時間沒有受到任何影響了。他們確實這麼做了——本季我們能夠在某些地區利用這一點。

Okay. And then in terms of -- I guess, going back to Greg's question around kind of visibility. So the guide you gave was kind of two months into the quarter at the time you gave it. And I understand that things can fluctuate quite a bit. But at any given point in time, you do have half a quarter's worth of backlog, give or take, to give you some visibility. So my question is more around internal processes and whether there's anything that you are working on or can work on that help give you a little better visibility into refining some of those near-term guideposts, whether it's communicating externally or I assume operating internally, having this type of variance probably isn't optimal. So can you just give us a sense of anything that you guys are doing to try to refine that internally?

好的。然後就——我想，回到格雷格關於可見性的問題。因此，您給出的指導意見是本季兩個月的情況。我也知道事情可能會發生很大的波動。但在任何給定的時間點，你確實有大約半個季度的積壓工作，以便給你一些可見性。所以我的問題更多的是關於內部流程，以及您是否正在做或可以做的事情，以幫助您更好地了解改進一些近期的指導方針，無論是外部溝通還是我認為內部運營，這種差異可能不是最佳的。那麼，您能否向我們介紹一下您們正在採取哪些措施來嘗試從內部改進這一點？

Yes, Mike. So a lot of it has to do with the closing of end consumer transactions at the end of any given month or quarter, and that's dependent on a lot of different factors. So as we mentioned earlier, we were able to pull forward a lot of the pent-up inventory that we weren't able to close in the fourth quarter into the first quarter. And so it's dependent on weather, it's dependent on the consumers' financing and what of those transactions can happen to get an order counted as a sale at the end of any given month or quarter. So we do obviously have financial forecasting tools and methodologies, but there's a lot of moving pieces when it comes to the end consumer closing of transactions as of a specific date.

是的，麥克。因此，這在很大程度上與任何特定月份或季度末的最終消費者交易結束有關，並且這取決於許多不同的因素。因此，正如我們之前提到的，我們能夠將第四季度未能解決的大量積壓庫存提前到第一季。因此，它取決於天氣，取決於消費者的融資情況，以及在任何一個月末或季度末，哪些交易可以算作銷售。因此，我們顯然擁有財務預測工具和方法，但當涉及到最終消費者在特定日期完成交易時，還有很多變化因素。

Phil Ng, Jefferies.

Phil Ng，傑富瑞集團。

Congrats on another really strong quarter. So Tim, if I heard you correctly, it sounds like your REIT channel -- community channel business is still growing, but perhaps the pace is slowing down a touch. But when you kind of look at order trends by different channels, it would be helpful to kind of give us a little color whether it's independent, direct-to-builder, how that's kind of shaping up from an order trend perspective? And any color from a channel inventory level, any risk that there's too much inventory and you got to destock in any pockets?

恭喜您又一個非常強勁的季度。所以提姆，如果我沒聽錯的話，聽起來你的 REIT 管道——社區通路業務仍在成長，但速度可能正在放緩。但是，當您透過不同的管道查看訂單趨勢時，如果能為我們提供一些信息，無論是獨立的還是直接面向建築商的，從訂單趨勢的角度來看，其發展情況如何，這將很有幫助。從通路庫存水準來看，是否有庫存過多的風險，需要從哪些方面去庫存？

Appreciate that, Phil. So on the builder developer side, we've had some new projects come online that are encouraging. As I've mentioned before, those go through quite a process from where they are at zoning all the way through execution. So we'll work through that process with those customers. And then in terms of our independent channel, the overall guide that I mentioned factors in what we're seeing there, which is we've had really good quoting activity with our independents. But part of the order trend we're looking at is how does that conversion really work through the Q2 results.

非常感謝，菲爾。因此，在建築商開發商方面，我們已經有一些令人鼓舞的新項目上線。正如我之前提到的，它們經歷了從分區到執行的整個過程。因此我們將與這些客戶一起完成這項流程。然後就我們的獨立管道而言，我提到的整體指南考慮了我們在那裡看到的情況，即我們與獨立人士的報價活動非常好。但我們正在關注的訂單趨勢的一部分是，這種轉換實際上如何透過第二季的結果發揮作用。

And right now, we're not seeing a strong conversion we saw in Q2 of last year, but still decent quoting activity with our independents. In terms of our captive retail, as I mentioned, we did see growth in that channel on the revenue side. Part of what the team was working through there is we anticipated last fall, a pretty significant opportunity going into Q1 and Q2 of this year. And with not as strong a consumer environment, we've had to work through some inventory in that channel, and they're doing that. And so I think from our perspective, that's part of a prudent approach we're taking with our captive retailers to work through that inventory.

目前，我們並沒有看到像去年第二季那樣強勁的轉化，但我們的獨立公司的報價活動仍然不錯。就我們的專屬零售而言，正如我所提到的，我們確實看到該管道的收入有所增長。團隊正在努力的部分工作是我們去年秋天預測的，今年第一季和第二季將出現一個相當重要的機會。由於消費環境不那麼強勁，我們不得不處理該通路的一些庫存，他們正在這樣做。因此，我認為從我們的角度來看，這是我們與專屬零售商一起採取的謹慎方法的一部分，以處理庫存。

As far as the other channels go, on inventory, I think we're pretty balanced on an overall basis, but we certainly work with our dealers on a case-by-case basis to make sure we're having the right inventory for their customers. And beyond just aggregate inventory, it's the right products in this environment given the consumer price points that we want to hit and the payments we want to hit. So from our perspective, I think each channel, it's really relative to the Q1 growth rate, but we're encouraged by the quoting activity across our channels and the progress. It's just relative to the growth rate we saw in Q1 is more where we're seeing the moderation.

就其他通路的庫存而言，我認為我們在整體上是相當平衡的，但我們肯定會根據具體情況與經銷商合作，以確保我們為他們的客戶提供合適的庫存。除了總庫存之外，考慮到我們想要達到的消費者價格點和我們想要達到的付款額，它是這種環境下的正確產品。因此，從我們的角度來看，我認為每個管道實際上都與第一季的成長率有關，但我們對各個管道的報價活動和進展感到鼓舞。只是相對於我們在第一季看到的成長率而言，我們看到的是放緩。

And on the inventory that you're kind of working through on your captive retail, should we expect that to be largely flushed out this quarter? Or it's going to take a little more time?

至於您正在處理的專屬零售庫存，我們是否應該預期本季這些庫存會大量被清空？或者說還需要多花一點時間？

At this point, we're working that week by week and location by location, and we have over 80 retail stores. So I'm pleased with the progress the team is making there, and they're doing it very thoughtfully. But we'll give you an update on that in Q2.

目前，我們正在每週、每個地點開展工作，我們擁有 80 多家零售店。因此，我對團隊所取得的進展感到滿意，他們做得非常周到。但我們會在第二季向您提供最新消息。

And a question for Laurie. Gross margins were great. You mentioned lower input costs help. I suspect part of that is lumber and OSB prices falling. Should we still expect input costs to be a good guy in this current quarter? And not to say you have clarity, but certainly a little more on tariffs. Can you give us some color on how you're thinking about just inflation broadly as it relates to tariffs? Do you need to go out and raise prices to kind of offset that? Certainly, lumber duties, I think, coming out of Canada will start to pick up over the course of the year?

還有一個問題要問勞裡。毛利率很高。您提到較低的投入成本有幫助。我懷疑部分原因是木材和定向刨花板價格下跌。我們是否仍應預期本季的投入成本會很好？並不是說你已經清楚了，但肯定對關稅有了更多的了解。您能否向我們詳細說明您對通貨膨脹與關稅關係的看法？您是否需要提高價格來抵銷這項影響？當然，我認為，加拿大的木材關稅在今年內將會開始上漲？

Yeah, Phil. So from -- I do think that lower material costs will continue to help margins. They seem to be staying relatively stable. Other than forest products, we are seeing some increases in some components. And then as far as tariffs are concerned, we have evaluated the tariff impact. It wasn't substantial, actually not very significant at all in the first quarter. And as you know, they're constantly evolving. Our current estimate is that our unmitigated impact on our material cost is approximately 1% of our material cost for tariffs. And we will use a combination of alternative sourcing as well as price where demand allows.

是的，菲爾。因此——我確實認為較低的材料成本將繼續有助於提高利潤率。他們似乎保持相對穩定。除了林產品之外，我們還看到一些成分的價格有所增長。就關稅而言，我們已經評估了關稅的影響。這並不算多，實際上在第一季根本不算多。正如你所知，它們正在不斷發展。我們目前的估計是，關稅對我們的材料成本造成的未緩解影響約為材料成本的 1%。在需求允許的情況下，我們將結合使用替代採購和價格。

Jesse Lederman, Zelman & Associates.

傑西‧萊德曼 (Jesse Lederman)，澤爾曼與合夥人公司 (Zelman & Associates)。

Nice job in the quarter. A follow-up question, Laurie, on the tariff impact. So 1%, is that already contemplated within the reiterated 25% to 26% near-term range? Or will that be an incremental impact on top?

本季表現不錯。勞裡，後續問題是關於關稅的影響。那麼 1% 是否已經包含在重申的 25% 至 26% 的近期範圍內了？或者這會產生漸進的影響？

It is considered in that 25% to 26% based on known tariffs today.

根據目前已知的關稅，這一比例約為 25% 至 26%。

Okay. Got it. And then were there any -- are you able to quantify the impact from tariffs? You said it was like basically not significant at all, I guess, was it like a couple -- a dozen basis points or something in the first quarter? Or just to kind of understand like how that might change from fiscal 1Q to 2Q?

好的。知道了。那麼有沒有—您能量化關稅的影響嗎？您說這基本上不重要，我想，第一季大概只有幾或十幾個基點左右吧？或者只是想了解從財政第一季到第二季的情況會發生怎樣的變化？

It was not material in fiscal 1Q, primarily because of the flow of our inventory. We do have inventory on hand in our factories, Jesse. So that's the primary impact.

這在第一財季並不重要，主要是因為我們的庫存流動。傑西，我們的工廠確實有庫存。這就是主要的影響。

Got it. So basically, no impact in 1Q and then can go up to 1% of COGS in 2Q, but already contemplated within the guide?

知道了。所以基本上，第一季沒有影響，然後第二季的 COGS 可能會上升到 1%，但這已經在指南中考慮了？

1% of material costs.

材料成本的1%。

Material costs, right?

材料費吧？

Yes.

是的。

Got it. Which is about half of the overall COGS. Is that right?

知道了。這大約是總銷貨成本的一半。是嗎？

In that range.

在那個範圍內。

Okay. And then last question. Through the new JV, the Financing JV, are you -- or even just through captive retail, are you able to track or measure the average household income of those that are purchasing homes or applying for loans and whether that's increased or decreased over time?

好的。最後一個問題。透過新的合資企業、融資合資企業，您是否能夠——或者甚至只是透過專屬零售，追蹤或衡量那些購買房屋或申請貸款的人的平均家庭收入，以及這些收入是否隨著時間的推移而增加或減少？

So Jesse, I mentioned that reviewing the internal survey data of our customers and there are elements in there. And part of that is where are the buyers coming from, what their previous homeownership, what type of dwell they're in. And we're seeing a lot of first-time homebuyers. We're seeing people new to manufactured homes from a demographic, from a socioeconomic income, that's some of the cross-checks what we're doing. And right now, we're not going to be sharing that publicly because some of that's where we're pricing our approach and some of our consumer approaches. So I would say we're encouraged by what we're seeing there. We're encouraged by the ability for that consumer to pay, and we're also encouraged by how we're attracting new customers to manufactured housing.

傑西，我提到審查我們客戶的內部調查數據，其中有一些元素。其中一部分是買家來自哪裡，他們之前的房屋所有權是什麼，他們居住的類型是什麼。我們看到很多首次購屋者。我們看到，從人口統計角度、從社會經濟收入角度來看，人們都是剛接觸預製房屋的，這就是我們正在進行的一些交叉檢查。目前，我們不會公開分享這些訊息，因為這些資訊是針對我們的方法和消費者方法進行定價的。所以我想說，我們對那裡所看到的情況感到鼓舞。消費者的支付能力讓我們感到鼓舞，而我們吸引新客戶購買預製房屋的方式也讓我們感到鼓舞。

Okay. That's great. Yeah, I was curious if maybe you were seeing higher household income could be reflective of consumers that are mixing lower from site-built housing, if that's something you're willing to disclose. But otherwise, I appreciate all the color.

好的。那太棒了。是的，我很好奇，如果您願意透露的話，也許您看到的更高的家庭收入可以反映出消費者對現場建造住房的混合程度較低。但除此之外，我很欣賞所有的色彩。

Yeah. What I can say is we are seeing people come from previously owning a site-built home to manufactured housing. And so that is encouraging. What I do think we have to recognize is, and this is the consumer environment is those consumers are impacted by the general impact of the economy and inflation. So it's an opportunity for us and certainly part of the tailwind we anticipate over time, which is why we're doing the marketing to bring in new consumers, the new products that we're doing, but that's certainly shifting that over time. But so far, we're encouraged by what we're seeing from those efforts and bringing in those new buyers.

是的。我可以說的是，我們看到人們從擁有現場建造的房屋轉向擁有預製房屋。這是令人鼓舞的。我認為我們必須認識到，這就是消費環境，消費者受到經濟和通貨膨脹的整體影響。所以這對我們來說是一個機會，當然也是我們預期的順風的一部分，這就是我們進行行銷以吸引新消費者、推出新產品的原因，但隨著時間的推移，這種情況肯定會改變。但到目前為止，這些努力和新買家的到來讓我們感到鼓舞。

This concludes our question-and-answer session. I would like to turn the conference back over to Tim Larson for any closing remarks.

我們的問答環節到此結束。我想將會議交還給蒂姆·拉爾森 (Tim Larson) 做結束語。

As I mentioned earlier, it's encouraging that we've been able to grow share in the last six months, and it reflects the team's commitment to innovating with products and engaging our customers. And we appreciate your time today and your questions and your interest in Champion and our strategy going forward. So with that, we'll wrap it up and look forward to updating you next quarter. Thanks so much.

正如我之前提到的，令人鼓舞的是，我們在過去六個月中能夠增加市場份額，這反映了團隊致力於產品創新和吸引客戶的承諾。我們非常感謝您今天抽出時間提出問題以及對 Champion 和我們未來策略的關注。至此，我們就結束了，並期待下個季度為您帶來最新消息。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。