Champion Homes Inc (SKY) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Champion Homes second quarter fiscal 2026 earnings call. My name is Keith, and I will be recording your call today. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Champion Homes 2026 財年第二季財報電話會議。我叫基思，今天我會錄下您的通話。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to your host, Jason Blair, to begin. Jason, please go ahead.

現在我將把會議交給主持人傑森布萊爾，由他開始。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 second quarter ended September 27, 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，並與我們一起回顧截至 2025 年 9 月 27 日的第二季度業務業績。出席本次評述活動的有 Champion Homes 總裁兼執行長 Tim Larson，以及執行副總裁、財務長兼財務長 Laurie Hough。

Yesterday, after the market closed, we issued our earnings release. As a reminder, the earnings release and statements during today's call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

昨天股市收盤後，我們發布了獲利報告。提醒各位，今天的獲利報告和電話會議中的聲明包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性聲明。

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

這些聲明存在風險和不確定性，可能導致實際結果與公司預期有重大差異。此類風險和不確定性包括盈利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.

請注意，今天的演講中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。這些指標的定義和核對說明可在獲利報告中查閱。

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

現在我將把電話轉交給 Champion Homes 的執行長 Tim Larson。

Thank you, Jason, and good morning, everyone. I'll talk more specifically about our results in a moment, but first, I will share some operational highlights from the quarter and how I believe executing our customer-centric strategic priorities helped us exceed expectations in Q2.

謝謝你，傑森，大家早安。稍後我會更具體地談談我們的業績，但首先，我想分享一下本季度的一些營運亮點，以及我認為執行以客戶為中心的戰略重點如何幫助我們在第二季度超出預期。

Our strategic priorities will continue to provide the foundation for Champion's operational effectiveness in the near and long term. As I previously shared, one of our priorities is innovating and differentiated the products and services by customer segment and at the right price value.

我們的策略重點將持續為 Champion 在近期和長期的營運效率奠定基礎。正如我之前分享過的，我們的首要任務之一是根據客戶群體，以合適的價格，對產品和服務進行創新和差異化。

During the quarter, we continued introducing new home designs to provide a range of price points and value for today's customers. We have included examples of some of our latest products on our socials and an investor deck on our website. I continue to remain impressed by our team's ability to create stunning homes with relevant floor plans and features that are making new homeownership a reality for more consumers.

本季度，我們繼續推出新的住宅設計，為當今的客戶提供不同價位和價值的產品。我們在社群媒體上展示了一些最新產品的範例，並在網站上發布了投資者簡報。我們的團隊能夠打造出擁有實用戶型和功能的精美住宅，讓更多消費者實現擁有新房的夢想，這讓我一直印象深刻。

Increasing awareness, demand and advocacy for our brands and homes is another strategic priority for Champion. In the quarter, we continue to advocate for the ROAD to Housing Act, which includes a specific title section that highlights Congress' support for off-site built homes. We are pleased that this bill has passed the Senate and on its way to the House. We will continue to monitor the legislation as it goes from the House to the President and then to HUD for implementation.

提高消費者對我們品牌和家居產品的認知、需求和擁護度是 Champion 的另一個策略重點。本季度，我們繼續倡導《住房之路法案》，該法案包含一個專門的標題章節，強調國會對異地建造房屋的支持。我們很高興這項法案已在參議院獲得通過，即將提交眾議院審議。我們將繼續關注該法案從眾議院到總統，再到住房和城市發展部實施的整個過程。

On a local level, in New York State and as reported in September by the New York Times, Champion is collaborating with New York State Homes and Community Renewal as part of their affordable housing strategy, reflecting New York State Governor Hochul's five-year plan to create or preserve thousands of homes statewide.

在紐約州地方層面，正如《紐約時報》9 月報導的那樣，Champion 正在與紐約州住房和社區重建局合作，作為其經濟適用房戰略的一部分，這反映了紐約州州長霍楚五年計劃在全州範圍內創建或保留數千套住房。

The pilot program in Syracuse, New York demonstrates Champion's ability to provide affordable housing solutions with speed to market. The homes were installed on land provided by local land banks with the cost to build and install under $250,000 and taking less than six months to complete. This project reflects the momentum and increased awareness we are seeing across federal, state, and local governments and highlights off-site construction's benefits of speed, cost, and quality.

紐約州錫拉丘茲的試點計畫表明，Champion 有能力快速提供經濟適用房解決方案。這些房屋建在當地土地銀行提供的土地上，建造和安裝成本不到 25 萬美元，耗時不到六個月就完成了。該項目反映了聯邦、州和地方政府日益增強的勢頭和意識，並突顯了異地建造在速度、成本和品質方面的優勢。

Now I'll turn to the recent quarter's performance. Second quarter year-over-year net sales increased 11% to $684 million, and homes sold during the period increased 4% to a total of 6,771 homes. The increased sales through our company-owned captive retail stores and at independent retailers were supported by effective cost management, delivering strong gross margin and earnings growth in the quarter.

現在我將談談最近一個季度的業績。第二季淨銷售額年增 11% 至 6.84 億美元，同期售出房屋數量成長 4% 至 6,771 套。該公司自營零售店和獨立零售商的銷售額增長得益於有效的成本管理，從而在本季度實現了強勁的毛利率和盈利增長。

Our teams continue to thoughtfully pace production with demand in each market. Manufacturing backlog at the end of September totaled $313 million, up 4% sequentially. The average backlog lead time ended the quarter at eight weeks, which is within our target range.

我們的團隊持續根據各市場的需求，謹慎地調整生產節奏。截至9月底，製造業積壓訂單總額為3.13億美元，季增4%。本季平均積壓訂單交付週期為八週，符合我們的目標範圍。

From a channel perspective, sales to our independent retail channel grew compared to the prior year period. We've been successful in adding independent distribution points in the quarter, and we believe the marketing support we provide our dealers, including digital capabilities are helping to drive success in this channel.

從通路角度來看，我們面向獨立零售通路的銷售額較上年同期有所成長。本季度我們成功增加了獨立分銷點，我們相信我們為經銷商提供的營銷支持，包括數位化能力，正在幫助推動該通路的成功。

At captive retail, sales increased versus the same quarter last year. We remain pleased with our acquisition of Iseman Homes, which helped drive this increase along with an increase in average selling price, which has been driven by our retail team's execution of new products and home features resulting in a mix shift to more multi-section homes compared to the prior year period and the sequential first quarter.

在自營零售方面，銷售額較去年同期成長。我們對收購 Iseman Homes 感到非常滿意，這有助於推動這一增長，同時平均售價也有所提高，這得益於我們的零售團隊對新產品和房屋功能的執行，導致與上年同期和上一季度相比，多單元房屋的組合發生了變化。

Moving to the community channel. As expected, our community sales were down slightly in the second quarter versus the same period last year. Based on the balancing of inventory levels in this channel that align with moderating order rates and softening consumer confidence, we expect order and production rates in the community channel to be mixed and impact near-term sales.

移至社區頻道。正如預期的那樣，我們社區第二季的銷售額與去年同期相比略有下降。鑑於該通路庫存水準的平衡與訂單率的放緩和消費者信心的減弱相一致，我們預計社區通路的訂單率和生產力將喜憂參半，並對近期銷售產生影響。

Sales through the builder developer channel grew in the second quarter versus the same period last year. We added several new customers in this channel and continue to see our pipeline grow. We take great pride in the work we do with builders, including providing education and support on the best practices to maximize off-site construction.

第二季度透過建築開發商管道的銷售額較去年同期有所成長。我們在這個通路新增了幾位客戶，我們的銷售管道也持續成長。我們為與建築商合作所做的工作感到非常自豪，包括提供關於最佳實踐的教育和支持，以最大限度地提高異地施工效率。

I had the opportunity to see this firsthand at our builder event in Cleveland in September. Champion Financing continues to produce strong results and allows us to provide diverse financing options for our retailers and our consumers. Our retail loan programs are enabling our teams to connect buyers with the right home and the right payment that fits their needs.

9 月在克利夫蘭舉行的建築商活動上，我有機會親眼目睹了這一點。Champion Financing 持續取得強勁業績，使我們能夠為零售商和消費者提供多樣化的融資選擇。我們的零售貸款計劃使我們的團隊能夠幫助購屋者找到合適的房屋和符合他們需求的付款方式。

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

現在我將把電話交給勞裡，她將更詳細地討論我們季度的財務表現。

Thanks, Tim, and good morning, everyone. I'll begin by reviewing our financial results for the second quarter, followed by a discussion of our balance sheet and cash flows. I will also briefly discuss our near-term expectations.

謝謝你，提姆，大家早安。我將首先回顧我們第二季度的財務業績，然後討論我們的資產負債表和現金流量。我也會簡要地談談我們近期的預期。

During the second quarter, net sales increased 11% to $684 million compared to the same quarter last year, with US factory-built housing revenue also increasing 11%. The number of US homes sold increased 3% to 6,575 homes compared to 6,357 homes in the prior year period.

第二季淨銷售額較去年同期成長 11% 至 6.84 億美元，其中美國工廠建造的房屋收入也增加了 11%。美國房屋銷售數量較上年同期成長 3%，達到 6,575 套，而去年同期為 6,357 套。

US home volume during the quarter was supported by increased captive retail sales, including the acquisition of Iseman Homes. The average selling price per US home sold increased by 7% to $98,700 due to changes in product mix to more multi-section units and increased pricing at homes sold through our company-owned retail sales centers.

本季美國住宅銷售得益於自有零售銷售的成長，其中包括對 Iseman Homes 的收購。由於產品組合向更多多單元住宅轉變，以及透過我們公司自有零售銷售中心銷售的房屋價格上漲，美國每套售出房屋的平均售價上漲了 7%，達到 98,700 美元。

On a sequential basis, US factory-built housing revenue decreased 2% in the second quarter compared to the first fiscal quarter. We saw a sequential decrease due to moderating sales volume in the community REIT channel and a focus on pacing production in certain markets as we move into our slower winter selling season. Manufacturing capacity utilization was 60% compared to 61% in the first quarter. On a sequential basis, the average selling price per US home sold increased approximately 4% due to a shift in product mix.

與第一財季相比，美國工廠建造的房屋收入在第二財季較上季下降了 2%。由於社區 REIT 通路的銷售量有所下降，以及隨著我們進入銷售淡季的冬季，我們更加重視在某些市場控制生產節奏，因此我們看到了環比下降。生產能力利用率為 60%，而第一季為 61%。由於產品組合的變化，美國房屋的平均售價較上月上漲了約 4%。

Canadian revenue during the quarter was $26 million, representing a 10% increase in the number of homes sold versus the prior year period, primarily due to an increase in demand in certain markets. The average home selling price in Canada increased 7% to $133,300 due to price increases and a shift in product mix. Consolidated gross profit increased 13% to $188 million in the second quarter, and our gross margin expanded to 27.5%, an increase of 50 basis points from the prior year period.

該季度加拿大地區的收入為 2,600 萬美元，房屋銷售數量比上年同期增加了 10%，這主要是由於某些市場的需求增加。由於物價上漲和產品組合變化，加拿大平均房屋售價上漲了 7%，達到 133,300 美元。第二季綜合毛利成長 13% 至 1.88 億美元，毛利率擴大至 27.5%，比上年同期成長 50 個基點。

The higher gross margin was driven by a higher percentage of total sales through our company-owned retail sales centers in the current quarter 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.

本季度公司自有零售中心銷售額佔總銷售額的比例較高，以及上一年因收購 Regional Homes 而導致的購買會計處理上的不利影響（該影響在 2026 財年不會再次發生），使得毛利率有所提高。

Gross margin increased sequentially from our first fiscal quarter and was higher than expectations, primarily due to lower-than-expected material input costs, including tariff impacts, higher captive retail ASPs and favorable product mix. SG&A in the second quarter increased $13 million over the prior year to $113 million. The increase is primarily attributable to higher variable compensation from higher sales and profitability, closing costs related to the previously announced plant closures and the inclusion of Iseman Homes, all partially offset by a $3.7 million gain on sale of one of our idled manufacturing facilities.

毛利率較第一財季較上季成長，高於預期，主要原因是原物料投入成本低於預期（包括關稅影響）、自有零售平均售價較高、產品組合有利。第二季銷售、一般及行政費用比上年同期增加 1,300 萬美元，達 1.13 億美元。此次成長主要歸因於銷售額和盈利能力提高帶來的可變薪酬增加、先前宣布的工廠關閉相關的結算成本以及 Iseman Homes 的併入，但所有這些都被出售我們一家閒置製造工廠獲得的 370 萬美元收益部分抵消。

The company's effective tax rate for the quarter was 23.6% versus an effective tax rate of 21.6% for the year ago period. The increase in the effective tax rate is primarily due to a projected decrease in tax credits due to the change in the new tax law. Net income attributable to Champion Homes for the second quarter increased by $3 million to $58 million or earnings of $1.03 per diluted share compared to net income of $55 million or earnings of $0.94 per diluted share during the same period last year.

該公司本季的實際稅率為 23.6%，而去年同期的實際稅率為 21.6%。實際稅率上升的主要原因是新稅法變更導致稅收抵免預計減少。Champion Homes 第二季淨利增加 300 萬美元，達到 5,800 萬美元，即每股攤薄收益 1.03 美元，而去年同期淨利潤為 5,500 萬美元，即每股攤薄收益 0.94 美元。

The increase in EPS was driven mainly by improved operating income. Adjusted EBITDA for the quarter was $83 million, which is an increase of $9 million or 12% compared to the prior year. Adjusted EBITDA margin was 12.2% compared to 12% in the prior year period.

每股收益成長主要得益於營業收入的提高。本季調整後 EBITDA 為 8,300 萬美元，較上年同期增加 900 萬美元，增幅達 12%。調整後的 EBITDA 利潤率為 12.2%，而去年同期為 12%。

We anticipate near-term gross margin to be in the 26% range as we manage through cautious consumer sentiment and softer demand in certain markets. Variability in consolidated gross margin is expected quarter to quarter, reflecting shifts in product mix and the proportion of sales through independent sales channels and our company-owned retail sales centers. As we navigate the market, we continue to balance SG&A spend while continuing to drive our strategic growth priorities, including investments in people and technology.

我們預計近期毛利率將在 26% 左右，因為我們正在努力應對謹慎的消費者情緒和某些市場需求疲軟的問題。預計合併毛利率將按季度波動，反映產品組合的變化以及透過獨立銷售管道和公司自有零售銷售中心銷售的比例的變化。在因應市場變化的過程中，我們將持續平衡銷售、一般及行政費用，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 September 27, 2025, we had $619 million of cash and cash equivalents, and we generated $76 million of operating cash flows during the second 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 9 月 27 日，我們擁有 6.19 億美元的現金及現金等價物，並且在第二季產生了 7,600 萬美元的營運現金流。本季度，我們利用強勁的現金狀況，透過5000萬美元的股票回購向股東返還了資本。此外，董事會最近更新了 1.5 億美元的股票回購授權，反映出對我們持續強勁現金流的信心。

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，請他做些總結發言。

Thank you, Laurie. We are pleased with our second quarter results and how they reflect the Champion team's unwavering focus on our customers and delivering on our strategic priorities. In our third fiscal quarter of 2026, we continue to navigate the dynamic macro and consumer environment with agility and steadfast execution. We are up against a unit sales shift from Q2 last year into Q3 due to the hurricanes in North Carolina and Florida, which will impact the comparable year-over-year sales.

謝謝你，勞裡。我們對第二季的業績感到滿意，這反映了冠軍團隊對客戶的堅定關注以及對策略重點的落實。在 2026 年第三財季，我們將繼續以敏捷的身手和堅定的執行力來應對瞬息萬變的宏觀經濟和消費環境。由於北卡羅來納州和佛羅裡達州的颶風，我們面臨去年第二季銷售轉移到第三季的局面，這將影響到年銷售量。

As we assess all of these inputs, we currently anticipate our third quarter revenue to be flat versus the third quarter last year. This continues to be an exciting time for Champion, and we remain confident in the strategy we're executing across our stakeholders as each directly aligns with the broader trends and policy changes that are in support of off-site built homes.

綜合評估所有這些因素，我們目前預計第三季營收將與去年第三季持平。對於 Champion 而言，這仍然是一個激動人心的時刻，我們對正在與各利益相關方共同執行的策略充滿信心，因為每個利益相關方都與支持異地建造房屋的更廣泛趨勢和政策變化直接相關。

Thank you, everyone, for tuning in today's call and for the Champion Homes team for their continued execution as we progress through this fiscal year. I look forward to updating you on the third quarter in early 2026.

感謝各位收聽今天的電話會議，也感謝 Champion Homes 團隊在本財年持續的辛勤付出。我期待在 2026 年初向您報告第三季的情況。

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

現在我們來開放提問環節。操作員，請繼續。

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

（操作說明）Greg Palm，Craig-Hallum Capital Group。

Hey, good morning, thanks for taking the questions and congrats on the results. Tim, you broke up pretty hard, at least on my end when you were going into details about kind of community and builder developer. So maybe you can just go back to some of the comments and explain what you were seeing in those two markets specifically.

嗨，早安，謝謝你回答問題，也恭喜你取得好成績。提姆，你當時說的分手很激烈，至少對我來說是這樣，因為你詳細地談到了社區和建築開發商之類的事情。所以，或許你可以回顧一下先前的評論，具體解釋一下你在那兩個市場中觀察到的情況。

Yeah. As expected, community was down in the quarter as the community worked through some inventory and some softening in some markets. We certainly had some community operators up, but on the balance, it was down. And we anticipate some of that continuing in the near term.

是的。正如預期的那樣，由於社區需要消化一些庫存以及一些市場出現疲軟，因此該季度社區規模有所下降。我們確實有一些社區運營商在線，但總體而言，在線人數下降了。我們預計這種情況在短期內還會持續。

On the builder channel, that grew, and we continue to build the pipeline in the builder channel, which just reflects this emergence of that channel for us as we think about reaching more consumers through a different channel. So we're pleased with the progress in the builder channel. But those are the two things that we hit on those channels.

在建築商通路方面，業務有所成長，我們將繼續在建築商通路中建立管道，這也反映了該管道的出現，因為我們正在考慮透過不同的管道接觸更多的消費者。我們對建築商通路的進展感到滿意。但這就是我們透過這些管道所關注的兩件事。

Okay. Perfect. And then the ASPs up, I'm just curious, can you break out the impact from both mix, singles to multi, but also more sales going through company-owned stores? And do you have like a percent of sales going through captive versus year ago periods or sequentially, just some reference point for us?

好的。完美的。然後是平均售價上漲，我很好奇，你能否分析一下單品銷售到多件銷售的混合模式，以及更多透過公司自營商店進行的銷售所帶來的影響？你們能否提供一些數據，例如與去年同期或環比相比，透過自營通路實現的銷售額百分比，供我們參考？

Hi, Greg, so we had about 37% of our sales go through our captive retail stores versus 34% roughly, give or take, last year and in the first quarter. So that pull-through through captive retail was significantly higher for us this quarter than we've been seeing.

嗨，格雷格，我們大約 37% 的銷售額是透過我們自有的零售店實現的，而去年同期和第一季這一比例約為 34%。因此，本季我們透過自有零售通路實現的拉動效應明顯高於以往。

As far as multi-wide and single-section homes, we don't disclose that publicly, but we have seen, over the last couple of quarters, an increase in multi-section. So sequentially, our ASPs are up primarily because of that mix.

至於多寬型和單段式住宅，我們不公開披露，但在過去幾季中，我們看到多段式住宅的數量增加。因此，從順序上看，我們的平均售價上升主要是由於這種組合造成的。

Okay. And just any thoughts on sort of what you're seeing this quarter or expectations in terms of the mix of units going through captive, whether that is consistent or changes at all?

好的。那麼，您對本季的情況或預期，特別是透過自備方式進行生產的設備組合，有什麼看法？這種組合是否與以往保持一致，還是會有任何變化？

Hard to say what that's going to be from quarter-to-quarter this early in the quarter, just given timing of closings and weather-related events and so forth. But we do expect pricing generally to be impacted more by mix than by price actions.

由於季度初仍處於調整階段，考慮到停工時間、天氣相關事件等因素，很難預測每季的具體情況。但我們預計，整體而言，產品組合對價格的影響大於價格變動的影響。

Got it. Understood. Okay, I will leave it there, thanks.

知道了。明白了。好的，我就說到這兒，謝謝。

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Thank you. Good morning, Tim, good morning, Laurie. Thanks for taking my questions. This backlog, despite the choppiness, held up nicely and reflect including 3% or 4% growth in shipments. Just maybe talk about the direction of how orders are trending thus far as we look into October and into early November.

謝謝。早安，提姆；早安，勞瑞。謝謝您回答我的問題。儘管有所波動，但積壓訂單總體保持良好，並反映出出貨量增加了 3% 或 4%。或許我們可以談談截至目前，10 月和 11 月初的訂單趨勢走向。

And I guess, I appreciate the color on sales for this quarter, flat year over year. Where do you expect to kind of maintain current levels of production? And are there maybe regions where we're pulling back a little bit just as we get into the seasonally slower period? Any color there would be helpful.

而且，我覺得本季的銷售額與去年同期持平，這挺讓人欣慰的。您預計如何維持目前的生產水準？是否有一些地區，我們在進入季節性淡季時會稍微減少投入？任何顏色都會有所幫助。

Yeah. Through October, we were hearing good reports of traffic and some order encouragement, but that is balanced against the year-over-year impact I mentioned with the shift from Q2 to Q3 last year. In terms of the production approach, we certainly are doing that plant by plant, and we look at that region market and pace the production rates accordingly.

是的。10 月份，我們不斷聽到客流量和訂單量增長的好消息，但這與我之前提到的去年第二季度到第三季度的同比影響形成了鮮明對比。就生產方式而言，我們當然是逐個工廠進行，我們會觀察該地區的市場狀況，並據此調整生產速度。

But obviously, you see our backlogs were eight weeks, which is across the board. And so some markets, we have opportunities to work through that and others are a little bit lighter. But ultimately, we grew backlog sequentially.

但很顯然，我們的積壓工作長達八週，這是普遍情況。因此，在某些市場，我們有機會克服這些困難，而在其他市場，情況則相對輕鬆一些。但最終，我們的積壓訂單還是逐期成長了。

Obviously, it's down year over year, which also is what we factored into our view for Q3. So on the balance, I think the team is doing a really good job being nimble in each of those markets and executing our playbook accordingly.

顯然，與去年同期相比有所下降，這也是我們在第三季業績展望時所考慮的因素。總的來說，我認為團隊在每個市場都做得非常出色，靈活應對，並相應地執行了我們的策略。

Got it. And then piggybacking on Greg's question, crystal ball it a little bit further, but what are you hearing from both sort of REITs as well as builder developers as we think about kind of turning the calendar to '26?

知道了。然後，借用 Greg 的問題，再進一步預測一下，當我們展望 2026 年的時候，你從 REIT 和建築開發商那裡聽到了什麼？

Are we in kind of wait-and-see mode, waiting for rates to come down? Is there a talk of more expansion given a little bit more maybe stability and visibility? Just -- again, I know it's very, very early, but what are you seeing there in terms of their midterm plans?

我們現在是不是處於觀望狀態，等待利率下降？如果公司能更穩定、更有發展前景，是否有可能進行更大幅度的擴張？我知道現在說這些還為時過早，但就其中期計劃而言，您看到了什麼？

Yeah. I'll start with the builders. Given that channel is a smaller percent, we certainly see continued growth in that channel based on the pipeline that we have. And what we're encouraged by there is we had an event in Cleveland, where we brought a number of builders in from around the country that are either in-flight projects or potential new projects.

是的。我先從建築工人說起。鑑於該管道佔比較小，根據我們現有的業務管道，我們當然會看到該管道持續成長。令我們感到鼓舞的是，我們在克利夫蘭舉辦了一場活動，邀請了來自全國各地的許多建築商，他們要么正在進行項目，要么有潛力開展新項目。

And they're encouraged about the progress that they're seeing, whether it's zoning support or also what they've heard from our best practice projects around the country. So I think we're going to continue to be able to have that be a strength of ours as we go into the upcoming year, albeit within the total number of percent of our total business.

他們對所看到的進展感到鼓舞，無論是分區支持，還是從我們在全國各地的最佳實踐項目中聽到的經驗。所以我認為，在接下來的這一年裡，我們將繼續把這當作我們的優勢，儘管這部分業務在我們總業務中所佔的比例可能不大。

On the community side, I mentioned in the near term, we anticipate some moderation there, and that really depends on the community operator and also where they are in their cycle. So I think we're pretty balanced in terms of our thought process with community. And that as we go into next year, it really is going to be term different factors, ultimately the end consumer.

就社區方面而言，正如我之前提到的，我們預計近期內會有一些調整，但這實際上取決於社區運營商以及他們所處的周期階段。所以我覺得我們在思考方式上與社群的關係相當平衡。而到了明年，真正發揮作用的因素將會有所不同，最終還是取決於最終消費者。

So if we see some more strength at the end consumer, then that obviously feeds all the way up through the community and the REITs. But we did anticipate some of that slow down a bit in the community channel for the quarter, and we saw that, and we see some of that in the near term.

因此，如果我們看到終端消費者的消費能力進一步增強，那麼這顯然會向上蔓延至整個社區和房地產投資信託基金。但我們確實預料到本季社區通路的成長速度會有所放緩，我們也看到了這種情況，而且我們預計這種情況在短期內還會出現。

But I think that's more tied to the general market, and there's certainly going to be opportunities for some community operators depending on their project flow. So that's why we're taking the balanced approach relative to that channel.

但我認為這更多是與整體市場相關，而且根據一些社區運營商的專案進展情況，肯定會有一些機會。所以這就是為什麼我們對這個管道採取平衡策略的原因。

Got it. Last for me. You mentioned the ROAD to Housing. A lot of talk lately by investors about potential benefits of specifically removing the chassis requirement, another potential legislation. I guess you mentioned the -- it's kind of moving past the Senate, moving to the House. What are your thoughts in terms of where you see the most potential direct impacts? And how do you think about the magnitude of the potential benefit of some of this legislation?

知道了。對我來說是最後一個。你提到了通往住房的道路。最近投資者一直在討論取消底盤要求可能帶來的潛在好處，這也是一項潛在的立法。我想你剛才提到了──這件事現在似乎已經從參議院轉移到眾議院了。你認為最有可能受到直接影響的領域是什麼？您認為這些立法可能帶來的巨大益處有多大？

Yeah. I think we look at it from a macro perspective of what doors can it open up in municipalities that previously were more restrictive. The second piece is what can we do from a product perspective, whether that's two-story as well as some different elevations that again open up the market.

是的。我認為我們應該從宏觀的角度來看待這個問題，看看它能為以前限制較多的城市打開哪些大門。第二點是從產品角度來看我們能做什麼，無論是兩層樓或不同的高度，這都能再次開拓市場。

That's all dependent on how long it takes to get through the next phase of legislative process and then ultimately through the HUD process. So we're certainly anticipating those elements and being prepared for that. But I think it also speaks to a broader trend that we're seeing around the overall off-site build category. There's more visibility for it. There's more awareness that certainly get more attention at the legislative level.

這一切都取決於下一階段立法程序以及最終通過住房和城市發展部 (HUD) 審批程序所需的時間。所以我們當然會預料到這些因素，並為此做好準備。但我認為這也反映了我們在整體異地建造領域看到的更廣泛的趨勢。它的知名度更高了。人們的意識不斷提高，這無疑也引起了立法層面的更多關注。

And I think that's from a longer-term trend, a positive for the industry. And so our strategies, the five that I've laid out, are really geared towards being in a good position to execute on those opportunities as they come about.

我認為這是一種長期趨勢，對產業來說是件好事。因此，我提出的這五項策略，其實都是為了讓我們更能掌握這些機會。

Alright. Thank you.

好的，謝謝。

Phil Ng, Jefferies.

Phil Ng，傑富瑞集團。

Hey guys, congrats on another strong quarter in a tough environment. If we think about fiscal 3Q, Tim, should we expect ASPs to be fairly stable sequentially? I know mix is going to be a swing factor. But if ASPs are pretty stable and you're guiding to flat sales would imply volumes down, call it, mid-single digits in 3Q, which is a noticeable step down from the first half run rate.

嘿，夥計們，祝賀你們在如此艱難的環境下又取得了一個強勁的季度業績。提姆，如果我們考慮第三財季，我們是否可以預期平均售價會較上季保持相對穩定？我知道產品組合會是影響因素。但如果平均售價相當穩定，而你預期銷量持平，那就意味著銷量在第三季將下降，比如說，個位數百分比的下降，這與上半年的銷量相比明顯下降。

So I know there were some timing nuances at play, but anything else to call out where you're seeing trends soften a bit? I know you've given us some color on REIT and the builder side. But what about the retail side? So just kind of help us unpack the trends you're calling out for 3Q in particular.

我知道其中存在一些時間上的細微差別，但除此之外，你還注意到哪些趨勢有所放緩嗎？我知道您已經向我們介紹了一些關於房地產投資信託基金（REIT）和建築商方面的情況。那麼零售方面呢？所以，請您幫我們分析一下您特別提到的第三季趨勢。

Yeah. The year-over-year piece is really a driver from what happened last year Q2 from Q2. That's a key factor. And then the other piece is as far as the other channels go. So far, I said we're encouraged in October with our retail channels, but we've got a ways to go there. So at this point, we're balanced in terms of that. Because of the community impact, it's a significant percent of our total volume. That's a key driver.

是的。同比數據主要受去年第二季的情況影響。這是一個關鍵因素。而另一部分則關乎其他管道的發展。我說過，到目前為止，10 月我們的零售通路表現令人鼓舞，但我們還有很長的路要走。所以目前來看，我們在這方面是平衡的。由於對社區的影響，它占我們總業務量的很大一部分。這是關鍵驅動因素。

And then I would say in terms of the mix and pricing, what we saw this last quarter on the ASP was more mix driven from more single section to multi-section. That movement can happen -- change quarter-to-quarter just based on what's happened at the consumer level. And part of it is in this last quarter, we introduced more new products that were geared towards the multi-section. And so we had that initial response to those homes.

然後，就產品組合和定價而言，我們在上個季度看到的平均售價更多地受到產品組合的影響，從單節產品轉向多節產品。這種變化是可能發生的——僅根據消費者層面的變化，每季都會發生變化。其中一部分原因是，在上個季度，我們推出了更多面向多節段的新產品。所以，我們最初對這些房屋做出了回應。

So that balance is going to play out through the quarter. And I think that also speaks to the multi-section is a function of our consumer that may come from that single family or that new buyer. And at the same time, there's also a lot of affordability buyers that are focused in the market where you have single section. So some of that is in our thesis for the quarter.

所以這種平衡將在本季得到體現。我認為這也說明了多部分銷售模式是我們的消費者的功能，這種消費者可能來自同一個家庭，也可能來自新買家。同時，也有很多注重性價比的買家專注於單體住宅市場。所以，其中一部分內容已經寫進了我們本季的論文裡。

So I would say those are the different factors where we played into our view for the potential flat for the quarter. But ultimately, we're driving every day and going to do the best through the quarter through those execution priorities. But those are the key factors that drove into that.

所以我認為，這些是我們考慮並最終得出本季業績可能持平結論的不同因素。但歸根結底，我們每天都在努力，並將透過執行這些優先事項，在本季度做到最好。但這些正是導致這種情況的關鍵因素。

Yeah, that's helpful perspective. I mean you called out some of this choppiness in the REIT side already. I mean it sounds like more of the same, but I don't want to put words in your mouth. And then October trends for retail, pretty similar to what we've seen last quarter.

是的，這很有幫助。我的意思是，你已經指出了房地產投資信託基金（REIT）方面的一些波動問題。我的意思是，聽起來好像還是老一套，但我不想替你說話。10 月的零售趨勢與上個季度的情況非常相似。

So far, we're encouraged by both the traffic and the orders, but the traffic is a leading indicator. So we need to see that play out with the consumer in the upcoming months. And yeah, the choppiness in the REITs, I mean we've got certain REITs that are growing, others that are holding back a bit. So I think that's part of where we factored in that balance.

目前來看，客流量和訂單量都令人鼓舞，但客流量是一個領先指標。所以我們需要觀察未來幾個月消費者的反應。是的，房地產投資信託基金（REITs）的波動性確實存在，我的意思是，有些REITs正在成長，而有些則有所放緩。所以我覺得這是我們考慮平衡因素的一部分。

Okay. And then I appreciate you don't have a crystal ball on the legislation front, but the ROAD to Housing Act is certainly very encouraging. It's out the door with the Senate already. The House obviously needs to mark up their version of the bill. But do you have any insights if there was any large differences in terms of how they're thinking about the opportunity in the bill that they're tackling?

好的。我知道您無法預測立法方面的走向，但《住房之路法案》無疑非常令人鼓舞。參議院已經通過了。眾議院顯然需要對他們版本的法案進行修改。但是，您能否提供一些見解，看看他們在思考他們正在著手處理的法案所帶來的機會時，是否存在任何重大差異？

Any nuances with government shutdown in terms of timing? I know there is a steel chassis element, which could reduce the cost by $15,000 on a list price of ASP in the $100,000 range. But any other pieces that we should be mindful of where it could really reduce the cost for the end consumer from an affordability standpoint?

政府停擺在時間安排上有什麼細微差別嗎？我知道其中有鋼製底盤零件，這可以使售價在 10 萬美元左右的 ASP 標價上降低 1.5 萬美元的成本。但還有哪些方面值得我們注意，從可負擔性角度來看，這些方面真的可以降低最終消費者的成本？

Yeah. I think in terms of the legislative process, there is some impact, obviously, with the shutdown, but there was a positive outcome in the Senate, which I think gives a good indication, plus you've seen a lot of the noise and chatter and positivity around the need for affordable housing. So I think that bodes well.

是的。我認為就立法程序而言，政府停擺顯然產生了一些影響，但參議院取得了積極成果，我認為這是一個很好的跡象，此外，你也看到了圍繞經濟適用房需求的諸多討論和積極聲音。所以我認為這是個好兆頭。

In terms of some of those other dynamics in terms of the cost, there's going to be some elements of that. But what we're looking at is how does it open up the broader industry with zoning and more adoption and then how do we think about product. And so those are going to work through. There'll be adders, deleters in terms of cost as you think about the -- to create a home that really works well with that approach. But net, at the end of the day, it's going to be the price value to the consumer.

至於成本方面的其他一些動態因素，其中會包含一些相關因素。但我們正在研究的是，如何透過分區和更廣泛的採用來開拓更廣泛的行業，以及我們如何考慮產品。所以這些問題都會解決。在考慮如何打造一個真正適合這種理念的家時，成本方面會有增減項。但歸根究底，最終決定消費者利益的還是價格。

We're already at a good price value to the consumer advantage. So I think it's more about bringing in more customers is the main goal. And then where we do have opportunities to get that to consumer, we will. But ultimately, there's going to be some other product innovation that comes out from it.

我們已經提供了對消費者來說很有競爭力的價格。所以我認為，主要目標還是吸引更多顧客。然後，只要有機會將產品推向消費者，我們就會去做。但最終，它還會催生出其他一些產品創新。

And certainly, from a transport perspective, you're not leaving the chassis there, so you're going to get some recycling benefits from the chassis in terms of that element. So those are all factors that I think will bode well for the opportunity if that comes together.

當然，從運輸的角度來看，你不會把底盤留在那裡，所以從這個角度來看，底盤的回收會帶來一些好處。所以我認為，如果這些因素能夠同時出現，那將會是個好兆頭。

Okay, great color, Tim. Thank you so much.

好的，顏色很棒，蒂姆。太感謝了。

Matthew Bouley, Barclays.

馬修·布雷，巴克萊銀行。

Good morning, everyone. Thank you for taking the questions. I want to stick with the ROAD to Housing as this is clearly progressing. My question is, what are you doing to kind of get ahead of these potential changes, whether it's the permanent chassis or otherwise? Kind of what investments might you be considering in your own manufacturing or transportation?

各位早安。感謝您回答這些問題。我想繼續關注「住房之路」項目，因為它顯然正在取得進展。我的問題是，為了應對這些潛在的變化，無論是永久性底盤還是其他方面，你們正在採取哪些措施？您在製造業或運輸業方面可能會考慮哪些投資？

What do you think you need to be more nimble about this if it does happen? And I'm also curious if the industry is advocating for any changes on the financing front as well. Thank you.

如果這種情況真的發生，你認為你需要做些什麼才能更靈活地應對？我也很想知道，業界是否也在倡導融資方面做出任何改變。謝謝。

So in terms of the readiness for it, our product development teams are always evolving, innovating, come up with new products that's been helping us here through the year. So that's part of the process. And then we own our own transportation company and Star Fleet.

因此，就準備工作而言，我們的產品開發團隊一直在不斷發展、創新，推出新產品，這些產品在過去一年中一直幫助我們。這是流程的一部分。然後我們也擁有自己的運輸公司和星際艦隊。

So the benefit of that is we can directly make moves there that are necessary to support the change. The reality, though, is we'll have to see how long it takes to get through the legislative process and thus, you have to have HUD to put it in implementation. So there's those factors in terms of timing. So I would say that's kind of an approach, the balanced approach we have getting ready for it. And we do -- I think we've got the time to do it the right way.

因此，這樣做的好處是我們可以直接採取必要的措施來支持改變。但現實情況是，我們必須看看立法程序需要多長時間才能完成，因此，必須由住房和城市發展部 (HUD) 來實施。所以，時間安排方面也存在這些因素。所以我認為這是一種方法，一種我們為之做好準備的平衡方法。而且我們確實有時間——我認為我們有足夠的時間把這件事做好。

Okay. Got it. Secondly, the captive retail and the mix to multi-width and I guess, the higher like-for-like prices as well. I mean, it's obviously a tough consumer backdrop out there. I think mix and price is probably not something you're seeing on the site-built side right now.

好的。知道了。其次，還有零售通路的封閉以及多寬度組合，我想，還有更高的同類產品價格。我的意思是，很明顯，當前的消費環境非常艱難。我認為目前在網站自建端，你可能看不到產品組合和價格的考量。

So I'm curious if -- from your perspective, is this more just, as you mentioned earlier, just the tough affordability out there that you're sort of potentially drawing buyers from site-built into MH? Or was there kind of a previous opportunity in your product that was available out there and you just kind of reached more for it? So any additional color on that?

所以我很好奇——從你的角度來看，這是否正如你之前提到的那樣，僅僅是因為市場上的購房能力有限，而你正在將潛在的買家吸引到房車網站上？或者說，你的產品之前是否已經存在某種機會，而你只是抓住了這個機會，爭取做得更好？那麼，還有其他補充資訊嗎？

Yeah, exactly. There really are three things. In our captive retail stores, we've mentioned, we didn't take price for a while. And so there was an opportunity, but the larger piece that hit this last quarter was the shift to more multi-section and that relates to the new products we introduced that certainly are more of a fit for the buyer that's looking for more space, more square footage.

對，沒錯。實際上只有三件事。正如我們之前提到的，在我們自營的零售店裡，我們有一段時間沒有考慮到價格因素。因此，這是一個機會，但上個季度最大的衝擊是向多單元住宅的轉變，這與我們推出的新產品有關，這些新產品肯定更適合那些尋求更大空間、更大面積的買家。

And yes, you're right that when we bring in new buyers to our category, some of those new buyers are in that segment that's looking for those larger homes. But to your point on price point, the third piece is that we're already relatively a less price point to site built. So even though we have some gains, we're still much more affordable given our wholesale price point. So it's those factors that are really driving that.

是的，你說得對，當我們把新買家引入我們的類別時，其中一些新買家正是那些正在尋找更大房屋的群體。但關於價格方面，第三點是，我們蓋站的價格已經相對較低了。所以即使我們取得了一些進展，但考慮到我們的批發價格，我們的價格仍然更實惠。所以正是這些因素在推動這種情況的發生。

Great. Thanks, Tim. Good luck guys.

太好了，謝謝你，提姆。祝你們好運。

Mike Dahl, RBC Capital Markets.

Mike Dahl，加拿大皇家銀行資本市場。

Okay, thanks for taking my questions. Tim, just to add one more on to the ROAD to Housing, obviously, very topical. I believe there's a part of the permanent chassis discussion is that there would be a voluntary opt-in from states, and so you could have a state-by-state approach to whether they're opting into that chassis removal.

好的，謝謝您回答我的問題。提姆，我只是想在住房之路上再補充一點，這顯然是一個非常熱門的話題。我認為永久底盤討論的一部分是各州可以自願選擇加入，因此可以採取逐州的方式來決定他們是否選擇移除底盤。

So I was wondering if you had any insight into kind of what that would look like. And I guess the basic question is like hypothetically, let's say that this were to get passed by the end of this calendar year, how long do you think it would take to get some of the things like the space on board, the fleet and logistics, and product mix? Is this a calendar '26 impact? Or should we really be thinking about this is all great, but material impacts maybe still a couple of years out?

所以我想知道你是否對那會是什麼樣子有什麼見解。我想最基本的問題是，假設這項法案在今年年底前獲得通過，您認為需要多長時間才能落實一些事項，例如機隊規模、物流和產品組合？這會在2026年產生影響力嗎？或者我們應該認真考慮，這一切固然很好，但實質的影響可能還要幾年才會顯現？

Yeah. Great question. In terms of the timing, that's what I was referencing in terms of the HUD implementation, how long does that process take? And again, we're assuming that it gets through the legislative process. So I think it's fair to say there is a longer runway in that regard.

是的。問得好。就時間安排而言，我指的是HUD的實施，這個過程需要多長時間？再次強調，我們假設它能夠通過立法程序。所以我覺得可以公平地說，在這方面還有更長的準備時間。

What we are seeing, though, is as there's the communication about this, more states are engaging in terms of understanding how can off-site built homes be a bigger solution for affordability. I referenced in my remarks the example in New York. And so I think we get the benefit of that more in the near term, but the full benefits are going to take some time in terms of the rollout that we talked about.

不過，我們看到的是，隨著這方面的溝通增多，越來越多的州開始參與進來，了解如何讓異地建造的房屋成為提高住房可負擔性的更大解決方案。我在演講中提到了紐約的例子。所以我認為，短期內我們會從中受益更多，但要充分發揮其作用，還需要一段時間，就像我們之前討論的那樣逐步推廣。

Okay. Got it. And then I guess shifting gears back to the near term. So I think previously, you were talking about 25% to 26% gross margin being the near-term range. Now it's about 26%. So be at the higher end of that.

好的。知道了。然後我想，接下來就該把話題轉回近期了。所以我覺得之前您說過，近期毛利率範圍是 25% 到 26%。現在大約是26%。所以要達到較高的水平。

What are the major moving pieces? Is it really kind of the cost dynamic being less bad than feared or just -- or product mix? Can you help bucket out like what exactly is leading you to kind of the modestly higher near-term range there?

主要影響因素有哪些？成本動態真的沒有預想的那麼糟嗎？還是只是產品組合的問題？您能否幫忙解釋一下，究竟是什麼原因導致您得出近期略微偏高的目標價位？

It's quite a few things, Mike, actually. As you touched on, certainly lower material input costs than we expected, including the impact of tariffs. So we had mentioned previously that tariffs were estimated to be about 1% of material costs. That came in about half that this quarter. We do expect that to increase as we go into the third quarter, the impact from tariffs, but the team is still doing a really good job in mitigating those.

麥克，其實有很多事情。正如您所提到的，原材料投入成本確實比我們預期的要低，這其中也包括關稅的影響。我們之前提到過，關稅估計約為材料成本的 1%。本季這個數字大約是上季的一半。我們預計進入第三季後，關稅的影響會加劇，但團隊在減輕這些影響方面仍然做得非常好。

We're also seeing the higher captive retail ASPs as we've been talking about, primarily due to product mix. And then that product mix component was actually a large piece, especially this quarter with the 37% going through captive retail. So it's a mix of all three of those items that we expect to continue.

正如我們一直在討論的那樣，我們也看到自營零售的平均售價有所提高，這主要是由於產品組合的變化。而且，產品組合因素實際上佔了很大一部分，尤其是本季度，其中 37% 的產品是透過自營零售通路銷售的。因此，我們預計這三者將共同發揮作用。

Okay. And -- or if I could just sneak a follow-up in, then the sequential decline versus 2Q, how would you characterize the drivers of that?

好的。如果我能順便問一個後續問題，那麼與第二季度相比，您認為造成這種環比下降的原因是什麼？

Yeah. It's going to be the higher costs from tariffs, as I talked about and then as well as just the slower winter selling season and the cautious consumer confidence coming into that season, coupled both together.

是的。正如我之前提到的，關稅帶來的成本上升，加上冬季銷售淡季以及消費者信心謹慎，兩者疊加在一起，將會導致成本上升。

Okay. Great, thank you.

好的。太好了，謝謝。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼，澤爾曼及合夥人公司。

Yeah, thanks for taking my question. Quick one on the tariff-related impact. You noted about 0.5% increase from tariffs that you expect to rise. Do you expect it to rise to the previously articulated 1%? Or do you think it will rise a little bit higher than that? And is there any impact from Canadian lumber tariffs on Canadian lumber?

謝謝你回答我的問題。簡單說說關稅相關影響。您提到關稅預計上漲，漲幅約 0.5%。你預計它會上升到之前所說的1%嗎？還是你認為它會比這再高一點？加拿大木材關稅對加拿大木材本身有影響嗎？

Yeah. So we expect it to be in that 1% of material costs in the third quarter and going forward. And yeah, we factored in the additional 10% on that countervailing antidumping duties in Canada.

是的。因此，我們預計第三季及以後，它將佔材料成本的 1% 左右。是的，我們已經把加拿大徵收的額外 10% 的反傾銷稅考慮進去了。

Got it. Thank you. On the revenue front, on the last call, I think that was in early August, you had one month of the quarter. You noted orders were tracking lower than in the prior year.

知道了。謝謝。在營收方面，上次電話會議（我記得是在八月初）顯示，你們當時隻公佈了當月的季度業績。您提到訂單量低於去年同期水準。

So just curious, given the very strong results from a year-over-year perspective through the balance of the quarter, what changed over the subsequent couple of months relative to your expectations? And how have those kind of indicators been tracking as we continue on here into early November?

所以我很好奇，鑑於本季剩餘時間裡同比業績非常強勁，在接下來的幾個月裡，與您的預期相比發生了哪些變化？那麼，隨著時間推移，進入11月初，這些指標的變化情況如何？

Yeah. As we mentioned, the community channel is consistent with what we anticipated. The two retail channels, independents and captive, performed stronger through the quarter and then our builder channel as well, as I mentioned. And so those contributed to the stronger performance. And then the shift to the multi-section was another driver. When you launch new products, you see what's the uptick going to be, and there was really strong response to those new products during the quarter.

是的。正如我們之前提到的，社群管道與我們的預期一致。正如我之前提到的，獨立零售通路和專屬零售通路在本季表現更為強勁，我們的建築商通路也表現強勁。因此，這些因素促成了更出色的表現。然後，向多段式結構的轉變是另一個推動因素。推出新產品時，你會看到銷售量會成長到什麼程度，而本季這些新產品的反應確實非常強勁。

And so I mentioned in October so far, we're encouraged by the traffic and the early orders, but those need to play out through the rest of the way, and we're watching those in each of our channels very closely, but we do expect the community still to moderate.

正如我在十月提到的，到目前為止，我們對流量和早期訂單感到鼓舞，但這還需要持續下去，我們正在密切關注各個管道的情況，但我們確實希望社群仍然保持理性。

Okay. So it sounds like the consumer got a little bit stronger as you went from July to August and September, and you're seeing a little bit of that continue. Does that sound about right?

好的。聽起來，從 7 月到 8 月和 9 月，消費者的購買力有所增強，而且這種趨勢還在持續。這樣聽起來對嗎？

And perhaps some of the top line, especially from an ASP perspective, the catalyst there was maybe some of the new multi-section products. Does that all sound right? Or is there anything you'd change from that summary?

或許，從平均售價（ASP）的角度來看，部分營收成長的催化劑可能是一些新的多節段產品。這樣說都對嗎？或者，您對這份總結有什麼需要修改的地方嗎？

Yeah. I would say in the multi-section products for sure. I think in terms of the consumer, that certainly is going to be retail location by retail location, geography by geography. And so we're watching that closely. We certainly see some positive momentum in some of the markets for the new products that we're driving, but there's other markets that are not as strong. So I think that's just part of the reality of today's consumer depending on where the geography is and some of the key drivers.

是的。我肯定會說在多段式產品中。我認為就消費者而言，這肯定會因零售地點和地理位置而異。所以我們正在密切關注此事。我們確實看到，在我們推廣的新產品的一些市場中，出現了一些積極的成長勢頭，但在其他一些市場，成長勢頭並不強勁。所以我認為這只是當今消費者現實的一部分，這取決於地理位置和一些關鍵驅動因素。

But I'm encouraged by the new products that we're coming out with because we've talked a lot today about multi-section, but we also have really compelling offerings on that entry level, that single section, and those are key in those markets where that's the primary buyer. So I think your assumptions there make sense, Jesse. And I think ultimately, it's the balance of that playing out through the rest of the quarter, and we'll update you that in January.

但我對我們即將推出的新產品感到鼓舞，因為我們今天談了很多關於多節式產品，但我們在入門級單節式產品方面也有非常有吸引力的產品，而這些產品在以單節式產品為主要買家的市場中至關重要。所以我覺得你的假設是有道理的，傑西。我認為最終結果取決於本季剩餘時間各種因素的平衡，我們將在1月份向您報告最新情況。

Okay. Thanks, Tim, for that color. Last one for me. You touched on some perhaps market-related differences. Could you maybe expound upon which markets have been maybe particularly strong and others, even if you could summarize by region, if that's a better characterization, which have been a little bit weaker? Thank you.

好的。謝謝你，提姆，謝謝你提供的顏色。這是我最後一個了。您提到了一些可能與市場相關的差異。您能否詳細說明哪些市場表現特別強勁，哪些市場表現稍弱（如果按地區劃分可能更合適）？謝謝。

Yeah. So the Northeast and Southeast this last quarter were the stronger (inaudible) markets for us from a geography, some moderating in the West. I previously mentioned the West had been stronger. I think on a quarter-to-quarter basis, you're going to see some shifts depending on if there's larger community orders coming in, in those markets and also the consumer dynamic.

是的。因此，從地理位置來看，上個季度東北部和東南部市場表現更為強勁（聽不清楚），而西部市場則有所放緩。我之前提到過西方曾經更強大。我認為，從季度來看，你會看到一些變化，這取決於這些市場是否有更大的社區訂單，以及消費者的動態。

But the Northeast and Southeast were stronger for us and then some moderating in the West. And then you can see the national data in some state by state, but we certainly are pleased with the progress in the Southeast, which is where our strongest retail presence is.

但東北部和東南部地區的成長勢頭更強勁，西部地區的成長則有所放緩。您可以查看各州的全國數據，但我們對東南部地區的進展感到非常滿意，那裡是我們零售業務最集中的地區。

One quick follow-up on that, if I may. What do you think drives the stronger performance? Do you think it's inherent demand from the consumers relative to the products you have available maybe at retail locations in those markets?

如果可以的話，我想就此補充一點。你認為是什麼因素促成了更強的業績？您認為這是消費者對您在這些市場零售店提供的產品所固有的需求嗎？

Or do you think it's supply driven and some of your stronger markets have the least amount of supply, whether that's entry-level new homes or existing home inventory or something like that? Do you think it's kind of demand related or supply related where you may be seeing some regional differences?

或者您認為這是供應驅動的，而您一些較強勁的市場供應量最少，無論是入門級新房還是現有房屋庫存或其他類似情況？你認為這跟需求有關還是跟供應有關，以至於出現了一些地區差異？

There certainly is the demand element in terms of where the consumer is at in those particular markets. And as we introduce the new products, we can pull in more of those consumers. So that would be demand driven. There's also a channel element relative to where we are across our various channels.

當然，在這些特定市場中，消費者的需求因素肯定發揮作用。隨著新產品的推出，我們可以吸引更多這類消費者。所以這應該是需求驅動的。此外，還有通路因素，也就是我們在各個管道中所處的位置。

So if we've got a builder project that's advancing, that can drive that market for in a window. And then we've talked about the community. So it's a combination of those factors, the channel factor and those key customer buyers and then also the end consumer on the demand side.

因此，如果我們有一個正在推進的建築項目，這就能推動窗戶市場的發展。然後我們談到了社區。所以，這是多種因素共同作用的結果，包括通路因素、關鍵客戶買家以及需求方的最終消費者。

Got it. Thanks so much, again.

知道了。再次非常感謝。

Thank you.

謝謝。

And this concludes our question-and-answer session. I would like to turn the conference back to Tim Larson for any closing comments.

我們的問答環節到此結束。我想把會議交還給提姆·拉爾森，讓他做總結發言。

We appreciate everybody joining this morning and your continuous interest in Champion Homes. We look forward to updating our progress on our next call. Thanks, everybody.

感謝各位今天早上的到來，也感謝大家一直以來對冠軍住宅的關注。我們期待在下次通話中報告最新進展。謝謝大家。

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

謝謝。會議已經結束。感謝各位參加今天的報告會。現在您可以斷開線路了。