Legacy Housing (LEGH) 2026年第三季度财报电话会：营收大增72%，利润率扩张

核心要点

• Legacy Housing Corporation（LEGH）公布2026年第三季度净营收为6970万美元，同比增长72.2%；净利润增长133%至2010万美元。
• 稀释后每股收益（EPS）从2025年第三季度的0.35美元增至0.85美元。随着房屋交付量从420套增至635套，产品销售额攀升92%至5520万美元。
• 受产品结构优化以及2026年提价推动，产品毛利率提升16.7个百分点至36.9%。上年同期则受到关税和材料成本上涨的影响。
• 截至本季度末，公司拥有3610万美元的现金及短期大额存单（CD），无负债，并拥有未提取的5000万美元循环信贷额度。前九个月经营性现金流接近翻倍，达到3530万美元。
• 管理层表示，建筑与工业园区住宅、HUD标准房屋以及房车/移动公园租赁住房领域的潜在业务需求依然强劲。技术工人短缺仍是短期的主要产能制约因素。
• Legacy预计将于2027年开始销售其位于巴斯特罗普县（Bastrop County）开发项目的地块和房屋，时间可能在2027年上半年后半段。管理层表示，该开发项目的大部分资本开支已完成。

关键财务数据

业务与经营表现

Heritage Housing门店销售额实现增长，同时为7月份开始发货的2027款户型腾出展示空间。由于经销商需求疲软以及加入该计划的经销商数量减少，存货融资销售额出现下滑。

毛利率的提升反映出更有利的产品结构，以及2026年前九个月平均约3.8%的提价幅度。国际采购的材料约占材料成本的9%，即每套房屋约2700美元。在此期间，关税使每套房屋的成本增加了约700美元。

大额合同对营运资金产生了影响。客户定金从年末的180万美元增至1030万美元，而应收账款从550万美元增至3040万美元。管理层表示，相关发票付款账期在35天以内。

消费贷款组合保持稳定，97.6%的贷款余额处于正常还款状态或逾期少于30天。消费贷款逾期总余额比例为2.4%，而年末时为2.6%。在经销商存货融资中，约有250万美元涉及滞留在经销商场地超过三年的房屋。

在收到200万美元本金偿还后，Legacy完成了一笔余额为4660万美元的活动房屋园区票据的条款重组。该票据在2028年4月前执行7.9%的固定利率，此后按最优惠利率加3%执行。在7月3日至10月3日利息减免期结束后，利息已于10月恢复计收。截至季度末，该票据未逾期，且根据抵押品分析，公司未计提减值准备。

管理层展望

管理层预计，数据中心、建筑工地和油田项目的劳工住房，以及HUD标准房屋和园区租赁房的需求机遇将持续存在。公司表示，其未完工订单（backlog）持续增长，并相信在最初的大型劳工住房合同收尾之际，能够有效填补相关产能。

如果低价经销商销售在产品组合中的占比上升，平均售价可能会有所回落。然而，管理层计划优先生产利润最高的现有单元，包括更大、更复杂的劳工住房产品。

巴斯特罗普县开发项目占地超过350英亩，包括约260个待售地块、约800个潜在租赁点位、一个房车（RV）公园区和商业地块。Legacy计划采取地块销售、地房一体销售、园区内房屋销售、租赁以及潜在商业交易相结合的综合模式。管理层表示，该项目的投资额已接近5000万美元，一旦开始销售，现金流预计将转正。

佐治亚州工厂只需适度投资即可扩充产能，但管理层指出，招募并留住熟练工厂工人是短期的主要制约因素。

风险与关注点

• 经销商需求依然疲软，本季度存货融资销售额出现下滑。
• 尽管潜在项目机会持续增加，但劳动力短缺可能限制Legacy提升产能的能力。
• 2026年前九个月，关税导致每套房屋的材料成本增加了约700美元。
• 巴斯特罗普县开发进度仍取决于基础设施工程和监管审批。管理层对延期表示无奈，但表示该项目已接近完工。
• 约有250万美元由经销商融资的存货在经销商场地滞留超过三年。Legacy正在通过价格和贷款激励措施进行处理，并可能收回房屋用于转售。
• 与收购AmeriCasa相关的诉讼仍处于证据开示阶段，管理层表示无法预测其结果。
• 此前披露的重大缺陷仍在整改中。Legacy扩大了会计团队规模，聘请了一名SOX合规总监，并迁移至Microsoft Dynamics 365 Business Central系统，但新的控制措施仍需经过测试和充分的运行周期。

分析师问答要点

巴斯特罗普县开发项目：管理层表示，地块销售可能最晚于2027年上半年后半段开始。公司目前不倾向于整体打包批发转让该资产，因为此举将无法充分释放其潜在价值。

劳工住房需求：Legacy近期完成了一个约200栋房屋的油田住房项目。管理层表示，数据中心和工业项目正助力公司与新客户建立合作关系，并带来更多业务机会。

劳工住房回购期权：客户可在交付后满四至五年之间按原单价的33%退回符合条件的房屋，或在满五至六年之间按25%退回。客户必须将房屋清理干净并送回。管理层认为客户行使该权利的可能性较低，但相信退回的房屋可以通过Legacy的销售网络以实现盈利的方式重新转售。

利率环境：管理层表示，从历史上看，Legacy在高利率环境下的表现更为出色，因为部分买家因预算不足而无法购买现场建造的传统住宅，转而选择价格更亲民的制造住宅（预制房屋）。

财报电话会议完整实录

完整财报电话会议逐字稿

管理层陈述

Operator

Good day, and thank you for standing by. Welcome to the Legacy Housing Corporation Q3 2026 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jon Langbert, Chief Financial Officer. Please go ahead.

Jon Langbert

Good morning, and thank you for joining Legacy Housing's Third Quarter 2026 Conference Call. This is Jon Langbert, Chief Financial Officer. Our Chairman and Chief Executive Officer, Kenneth Shipley, is also on the line and will join me for the Q&A session following our prepared remarks.

Before we begin those, I'll read our safe harbor disclosure. Management's prepared remarks today will contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995.

Actual results may differ from management's current expectations. We refer you to a more detailed discussion of the risks and uncertainties in the company's quarterly report on Form 10-Q filed yesterday with the Securities and Exchange Commission and in our most recent annual report on Form 10-K. Any projections as to the company's future performance represent management's estimates as of today's call. Legacy Housing assumes no obligation to update these projections in the future unless otherwise required by applicable law.

Before we get into the quarter, on August 13, the Board appointed Kenny Shipley, Chairman of the Board, in addition to his role as Chief Executive Officer. Congratulations, Kenny. With that, let's get to the numbers. Total net revenue for the quarter was $69.7 million, up 72.2% from a year ago, and net income was $20.1 million or $0.85 per diluted share compared with $8.6 million or $0.35 per diluted share in the third quarter of 2025.

Product sales increased 92% to $55.2 million. We sold 635 homes in the quarter compared with 420 a year ago. Our Heritage Housing stores grew sales while making room for our 2027 models, which began shipping in July. Inventory finance sales declined, reflecting weaker dealer demand and fewer new dealers joining the program, and we're working closely with our dealers in that softer retail market. Gross margin on product sales was 36.9%, up 16.7 percentage points from 20.2% a year ago. The improvement reflected a shift in product mix, together with the price increases we implemented during 2026. Keep in mind, too, that the prior year quarter was weighed down by tariffs and rising material costs.

Other revenue increased primarily because of the gain on the sale of a mobile home park we had taken as collateral. That covers the headline numbers. The 10-Q has the full detail, including sales by channel, loan portfolio interest income, SG&A, our provision for loan losses, taxes and our year-to-date results. The balance sheet remains in excellent shape. We ended the quarter with $30.8 million in cash plus $5.3 million in short-term CDs, $36.1 million in total, up from $8.5 million at year-end. Operating cash flow for the first 9 months was $35.3 million, nearly double the $18.2 million of a year ago.

Two working capital items moved meaningfully with our large contracts. Customer deposits rose to $10.3 million from $1.8 million at year-end, reflecting advanced deposits under those contracts, and accounts receivable rose to $30.4 million from $5.5 million, reflecting invoices that are payable within 35 days. Inventories were $39.6 million, down from $43.9 million at June 30 and roughly flat with year-end as we shipped finished goods. Year-to-date capital spending was $10.2 million, mostly for development of our landholdings, principally in Bastrop, and plant equipment.

Our $50 million Prosperity Bank revolver remains undrawn. We remain in compliance with all financial covenants, and we intend to renew the facility ahead of its July 2027 maturity. Total stockholders' equity finished the quarter at $582.4 million, up from $562.2 million at June 30, and book value per share was $24.49, up from $23.64. We made no share repurchases during the quarter and approximately $9.3 million remains available under the Board's repurchase authorization through February of 2029.

As for growth, we continue to see a robust pipeline of opportunities, including housing for large construction and industrial sites, HUD-Code homes and park rentals. Many of these units are higher specification and more complex to build, and customers place real value on our ability to deliver large quantities on compressed schedules. Our principal near-term constraint remains securing and retaining enough trained labor, and the recruiting and retention programs we discussed last quarter are underway. Our Georgia plant still has room to grow with modest additional investment.

On costs, roughly 9% of our material costs, about $2,700 per home, come from internationally sourced materials, and tariffs added approximately $700 per home to material costs during the first 9 months. To offset that, we implemented price increases averaging about 3.8% over the 9 months, and we continue to diversify suppliers and source domestically where practical. Our loan portfolios remain a stable earnings engine. In the consumer book, 97.6% of balances are current or less than 30 days past due, and total past due consumer balances were 2.4% at quarter end compared with 2.6% at year-end.

Within dealer inventory finance, about $2.5 million relates to homes that have been on dealer lots for more than 3 years. We're working with dealers to move that older inventory through pricing and lending incentives and, where appropriate, repossessing homes for resale through our Heritage Housing stores or others.

Last quarter, I told you we had agreed to modify our roughly $48.6 million mobile home park note that matured in July, and we were finalizing the documentation. That's now complete. The final terms differ slightly from what we outlined last quarter, most notably a slightly longer interest-only period. Under the amended note, effective July 3, the borrowers paid down $2 million of principal, bringing the balance to $46.6 million, about 23% of our MHP notes, pledged an additional manufactured housing community in Mississippi as collateral and increased their personal guarantees. The note carries a fixed 7.9% rate through April of 2028 and prime plus 3% thereafter.

Interest was abated from July 3 through October 3. Payments are interest only through April 2028 and then amortizing, and the remaining balance is due at maturity in April of 2031. We accounted for this as a loan modification with no gain or loss. Because of the abatement, we recognized no interest income on this note during the third quarter, and interest resumed in October. The note was not past due at quarter end. And based on our analysis of the collateral, we determined that no allowance was required. This was covered in Note 4 of the 10-Q.

A brief update on AmeriCasa. Our litigation against the sellers is in the Texas Business Court and has moved into discovery. Both sides have served written discovery, and we're preparing for depositions and third-party subpoenas. It's still early, and we can't predict an outcome. Separately, during the quarter, we completed a measurement period review of the acquisition accounting. Based on the historical sales performance of the acquired business, we concluded that the trademark and noncompete agreement had no fair value at the acquisition date. We removed the $4 million recorded for those intangibles and increased goodwill by $3.1 million, net of the related deferred tax effect.

Finally, an update on our control environment. We continue to work on remediating the material weaknesses disclosed in our 10-K. Since year-end, we've substantially expanded our accounting and finance team, including staff accountants and financial analysts. And in September, we hired a SOX Compliance Director, a CPA with SOX 404 and systems implementation experience. On September 1, we completed our migration to Microsoft Dynamics 365 Business Central, and we're building out IT general controls around the new system. We've made a meaningful start, but remediation is a multistep process that will take time. The material weaknesses won't be considered remediated until the new controls have been tested and have operated effectively for a sufficient period.

To sum up, net revenue was up 72% to $69.7 million. Net income was up 133% to $20.1 million. Diluted earnings per share was $0.85, and gross margin on product sales was 36.9%. Through 9 months, we've generated $35.3 million of operating cash flow, and we ended the quarter with $36.1 million of cash and short-term investments, no debt, $582 million of stockholders' equity and a fully available revolver.

With a strong pipeline and our Bastrop County development expected to begin lot and home sales in 2027, we're well positioned heading into next year. Our loan portfolios remain a dependable earnings engine, and our balance sheet gives us the flexibility to fund that growth internally. Legacy has never had a losing quarter in its history, and the third quarter of 2026 keeps that streak going. We're conservatively capitalized and focused on long-term value creation as affordable housing becomes ever more important to U.S. consumers and policymakers.

Operator, that concludes our prepared remarks. Please open the line for questions. Kenny and I will both be available to respond.

Operator

[Operator Instructions] Our first question comes from the line of Rohit Seth of B. Riley.

分析师问答

Rohit Seth

I just want to learn a little bit more about the Bastrop County opportunity, where we stand now and how you see that playing out in the next 12 months?

Kenneth Shipley

Yes. We -- it's still a slow project. I mean it's hurry up and wait for the next regulator to give us an answer on something. We're putting -- we did get a DOT approval, and we're building the DOT entrance into the subdivision now. They're finishing up the sewer. They're claiming they'll be done by the end of December, they'll be finished with our sewer system that we're putting in. So -- and as they advance, I mean, it slowed down some of the road building. We got to come back in and do some more road work, and we've still got to build a bridge after they get underneath it.

So we've been kind of waiting on them guys. So it seems like it's put one puzzle piece in and we can't do anything else until -- we can't put any more puzzle pieces in until we get that one started. So that's been kind of the drawback. It's a pretty slow process, and we're a little bit aggravated with how long it's taken to do things. But we're right here. We can see the end of it coming pretty fast. We think we'll be selling lots here. In probably the -- maybe as late as the first half of the year, late in the first half of the year, maybe we'll be ready to start selling lots. So that's kind of where we're at.

Jon Langbert

At a high level, it's a large development. It's over 350 acres. A lot of the roads are in. We had to put in utilities. And this is a very nice development. It's higher end. It's not your old style mobile home park where you might have 8 or 10 units per acre. It's not that level of density. And if anybody happens to be in the Austin area, I'd be happy to get you the address if you want to drive by and see it in person.

Rohit Seth

There's been a lot of development with SpaceX around there. Is that right?

Kenneth Shipley

I'm sorry, I couldn't hear what you said.

Rohit Seth

There was some development there with SpaceX and whatnot, right? Would it make sense to -- have you seen people poking around to see if maybe just sell the land wholesale, right?

Kenneth Shipley

Yes. Yes, we -- I mean, we've always got some low balls out there that are looking for a screaming deal or something. But we're getting so close that I think we'd be leaving a lot of money on the table. I mean this is -- it's a big project, and it's going to be a cash cow once we get it going.

Rohit Seth

Okay. And then you've had a lot of success with the data centers, the workforce housing. It looks like you're seeing the end of that first contract with the customer. Maybe you can just talk about the opportunities that are out there today.

Kenneth Shipley

Well, I think there's a lot of opportunities in a lot of different areas. Our backlogs are continuing to build. And there's opportunities everywhere. It isn't just data centers. I mean we just finished a big project for a guy that's building a man camp for oilfield. And it was probably a 200 building man camp. So it's a pretty big man camp. But there's a lot of opportunities, and there's a lot of building going on.

So we've -- through some of these man camps that we're building in the oilfield and some of this data center work, we're meeting a lot of new customers. And so I look forward to this thing really domino, and we're going to get a lot of work out of some of this other stuff that we -- some of these other contracts we're making. It's kind of like selling a house to a park and the guy's buddy finds out what he's doing and he jumps in on the bandwagon. So we're getting some of that, that's starting to happen.

Rohit Seth

And then as you've had this workforce housing, ASP on there has been very attractive. And so should we see a normalization in ASP in the upcoming quarter as that contract rolls off?

Kenneth Shipley

Having a hard time hearing you.

Jon Langbert

Yes, we're having a hard time hearing you.

Rohit Seth

I said the -- you had the workforce housing contract and the ASP on that work is significantly higher than the base business. Now that the contract's kind of winding down, should we expect a normalization in the ASP?

Jon Langbert

It does have a slightly higher selling price. They're more complex units and larger. So it's really the overall product mix. If dealer sales pick up, yes, I would expect that number to come down a bit. But our goal is to fill the pipeline with as much profitable business as possible. And with the election results here and the national mood on data centers, the demand for data isn't going away. So on those high-end units, I expect they're going to have to pretty much always now going to be built in uninhabited areas. And those are the ones that require workforce housing.

And so I think you might find a higher percentage of data centers requiring that. So we're going to sell the most profitable units that we can produce. And I think our constraint is manpower. Can we get enough trained workforce into our factories and get production up as high as possible? And while we're doing that, sell the most profitable units.

Operator

Our next question comes from the line of Alex Rygiel of Texas Capital Securities.

Alexander Rygiel

Kenny and Jon, real nice quarter. A couple of questions here. First, as it relates to Bastrop, can you remind us what the total lot opportunity is there for you? And then talk a little bit about kind of what your strategy is going to be? Are you selling lots? Are you leasing lots? Are you selling homes? Are you leasing homes?

Kenneth Shipley

All of the above, everything what you just said. We've got -- I think there's somewhere around room on the lots that we're selling are like 260 and then there's another 800 -- something like that, about 800 rentals that we can do in the park. So it's got a park in the middle. It's got land that we sell around the backside. There's room to put an RV park over in one corner that we're going to do. So...

Jon Langbert

There are even some commercial lots they're widening the road that goes by across sites. So we've lost some land while they're widening the road, but that increases the value of everything else. So we do have some commercial lots that we could sell or lease. We haven't committed to anything. So we'll be opportunistic as the market develops. And this is nothing that's going to fill up in 1 year. So anything we think today could easily change a year from now as we roll it out. And it's a mix of single and double wide lots. Those are pretty much set based on your roads that you're putting in there, but...

Kenneth Shipley

We'll be filling the lots up and selling house and land. And even in the park, we're going to set homes up and sell homes in the park also.

Alexander Rygiel

That's great. And then -- do you have any plans to sort of build like community facilities at Bastrop, like a clubhouse or a pool or anything like that? I guess what I'm trying to get to is what's the incremental kind of CapEx you're looking at spending on this?

Kenneth Shipley

We're already in the process of building a big...

Jon Langbert

Clubhouse.

Kenneth Shipley

Clubhouse right near the park now.

Jon Langbert

Yes. Most of the spend is done at this point. I think we're, I think, approaching $50 million in that development. So it's close to turning cash flow positive as soon as we start selling. There's not a lot to go.

Kenneth Shipley

Lot rentals in that market are $1,000 to $1,300 a month just for lot rentals. So you can imagine if we get this thing when we get it full, what the spin-off of the money is per month. I mean it's going to be unbelievable.

Alexander Rygiel

For sure. As it relates to the workforce housing contract, how many units did you ship in the third quarter? And how many units remain to be shipped?

Kenneth Shipley

I don't know that we have that -- we rushed around and pulled all this information together and filed and got the earnings out. And I mean, if you want to call Jon after a while, he can probably pull that information up for you, Alex. We'd be glad to do that. We want to be as transparent with our partners as we can here. So -- but why don't you -- if you want to give Jon a call after a while, he can pull that information together for you.

Alexander Rygiel

That's super helpful. And then do you think you're going to be able to sort of backfill the capacity fairly efficiently as this first kind of big workforce housing contract kind of winds down in the first quarter/second quarter? Do you think you're going to be able to backfill it with kind of a second one or 2 or 3 smaller ones such that volume stays at a relatively high level?

Kenneth Shipley

I think so. I think we're in good shape. We've talked about our backlog, and I think we're in pretty good shape. I really believe that. And who knows? We've got a whole new administration coming in. A lot of these states went blue instead of red. And I mean, I don't know what's going to happen. I mean if I knew that, heck, I'd load up and go to Las Vegas and start sports betting. I think it's -- sometimes I think it's an easier way to make a living than building more homes. I don't know. But I think we're good at what we do, and I think we're going to be just fine. I really believe that. I'm still a big holder. I still got all most of our shares that me and my brothers have put in the pile, and we're not selling. So...

Operator

[Operator Instructions] Our next question comes from the line of Catherine Lapey of Gabelli Funds.

Catherine Lapey

Congrats on another great order -- another great quarter, really awesome. I wanted to ask a bit about the refund liability for the workforce housing repurchases. I saw that between the fourth and sixth anniversaries of delivery, the contract entails a refund option where you would buy the units back at 33% or 25% of the original unit price. Could you talk a little bit about that kind of more of the terms of that contract, if you think that's likely? And yes, just any of the thinking around that?

Jon Langbert

Sure. You're exactly right on the numbers. So if the customer decides to return the units between years 4 and 5 after they've been delivered, we buy them back at 33% and 25% if it is between years 5 and 6 of the original invoice for the unit itself, not for any extras. The customer needs to have the units clean and delivered back to us. And the math behind that is we have to kind of estimate what the likelihood is of that happening and what the numbers might look like at that time. We believe that it is unlikely that it would be executed. But if it was executed, we would be getting the units back at a cost below where we would be able to sell them.

We think the customer is most likely to do that themselves to use them there or at other projects or to donate them perhaps if they do or sell them themselves. But if they do put them back to us, we're pretty confident that, that will be a profitable enterprise. Legacy participated in a similar exercise many years ago post-Katrina. There was a large number of units available from FEMA that the company was able to buy en masse and sell quickly and do that profitably. And this is something we'd have lots of notice to plan for. So the expectation is the units won't come back. But if they do come back, we feel like we've got a -- we're in the business so that we could repurpose them and resell them through our network profitably.

Catherine Lapey

Awesome. Okay. That's super helpful. Do you have a sense of how long the project for this workforce housing customer will take? I'm just wondering, is it expected to end in 3 years, and that's why they picked the -- or that's why you agreed on the 4 to 6? Or is this project expected to take 6 or 7 years? Do you have a sense of that?

Jon Langbert

Do you want to take that, Kenny?

Kenneth Shipley

I mean I can't speak and be accurate on 3 or 4 or 5 years from now. I don't -- we don't know. I mean I'd be lying if I -- or it would just be my opinion. But I think we're good for a few years. I can't -- most of these guys, I mean, they're going to -- they put a lot of money in a pile to build these things. And I just can't see them unraveling them in 4 or 5 years. I mean I think it'd be -- first of all, they hadn't even got them -- a lot of them aren't even started using them yet. The construction part of the projects were so big that I mean, they're still building on them. So it hadn't even started yet. I don't know. We don't have any idea how long it's going to last.

Jon Langbert

I suspect these projects are going to be run in phases and they're going to keep expanding. The places where they build these where they need the workforce housing, they have places to grow. So long as demand for data continues to grow, and I don't think the math for data centers and space really works that I think these units will stay out there for quite a while.

Catherine Lapey

Okay. Great. That's super helpful. And then just a question on the financing side. I was wondering if you could talk a little bit about the rate environment with the Fed raising rates, how that impacts your business? I know chattel loans are less susceptible than regular mortgages. But I'd love to hear a little bit about that. And also if you've been seeing any increase in private lending in the industry, if that's affecting you? Yes.

Kenneth Shipley

So if you pull up a graph all the way back from the '80s and you put the interest rates on there along with shipments, it's a pretty amazing graph because you're going to see the graph pretty much on shipments follow the rates. So as rates went up, shipments went up because as rates go up, people that are buying these first-time homebuyers, they just fall right out of that market. It puts -- not only have we had a large increase in the cost of building these things, but interest rates going up, it just puts them out of reach, and they fall back into our industry, back into affordable housing. And as far as -- I mean, we've always done better in high interest rate environments than we have in low. I mean when rates go down low, then we're competing with site-built homes.

Operator

I am showing no further questions at this time. So I would like to turn it back to Jon Langbert for closing remarks.

Jon Langbert

Thank you all for joining us today and for your continued interest in Legacy Housing. We look forward to updating you next quarter.

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.