Legacy Housing Q2 2024 Earnings Call Transcript

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Provided by Quartr
August 9, 2024

There are 9 speakers on the call.

Operator

Good day and thank you for standing by. Welcome to the Legacy Housing Corp. 2nd Quarter 20 24 Earnings Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session.

Operator

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Duncan Bates. Please go ahead.

Speaker 1

Good morning. This is Duncan Bates, Legacy's President and CEO. Thanks for joining our Q2 2024 conference call. Max Afrik, Legacy's General Counsel will read the Safe Harbor disclosure before getting started. Max?

Speaker 2

Thanks, Duncan. At the outset, I will remind our listeners that 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 and therefore we refer you to a more detailed discussion of the risks and uncertainties in the company's annual report filed with the Securities and Exchange Commission. In addition, any projections as to the company's future performance represents management's best estimates as of today's call.

Speaker 2

Legacy Housing assumes no obligation to update these projections in the future unless otherwise required by applicable law.

Speaker 1

Thanks, Max. I'm joined today by Jeff Fiedelman, Legacy's Chief Financial Officer. Jeff will discuss our Q2 financial performance, then I will provide additional corporate updates and open the call for Q and A. Jeff?

Speaker 3

Thanks, Duncan. Product sales primarily consist of direct sales, commercial sales, inventory finance sales and retail store sales. Product sales decreased $10,700,000 or 25.2 percent during the 3 months ended June 30, 2024 as compared to the same period in 2023. This decrease was driven by a decrease in unit volume shipped, primarily in direct sales, mobile home park sales and inventory finance sales categories. The decrease was partially offset by increased sales at our company owned retail stores.

Speaker 3

For the 3 months ended June 30, 2024, our net revenue per unit sold decreased 1.3% to $61,600 as compared to the same period in 2023, primarily due to a shift in product mix to smaller units. Consumer MHP and dealer loans interest income increased $1,400,000 or 16.0 percent during the 3 months ended June 30, 2024 as compared to the same period in 2023 due to growth in our loan portfolios. This increase was driven by increased balances in the MHP consumer and dealer loan portfolios. Between June 30, 2024 and June 30, 2023, our MHP loan portfolio increased by $16,600,000 our consumer loan portfolio increased by 15,800,000 dollars and our dealer finance notes increased by 900,000 Other revenue primarily consists of contract deposit forfeitures, consignment fees, commercial lease rents, service fees and other miscellaneous income and decreased $800,000 or 45.5 percent during the 3 months ended June 30, 2024 as compared to the same period in 2023. This decrease was primarily due to a $1,000,000 decrease in dealer finance fees, a $200,000 decrease in commercial lease rents, partially offset by a $400,000 increase in other miscellaneous revenue.

Speaker 3

Cost of product sales decreased $8,200,000 or 27.4 percent during the 3 months ended June 30, 2024 as compared to the same period in 2023. The decrease in costs is primarily related to the decrease in units sold. Gross profit margin was 31.9 percent of product sales during the 3 months ended June 30, 2024 as compared to 29.8% during the 3 months ended June 30, 2023. Selling, general and administrative expenses were flat during the 3 months ended June 30, 2024 as compared to the same period in 2023. We had a $800,000 decrease in warranty costs, a $700,000 decrease in payroll and related expense and a $200,000 decrease in bad debt expense, offset by a $800,000 increase in legal expense, a $400,000 increase in property tax expense, a $200,000 increase in loan loss provision, a $100,000 increase in marketing expense and a net $200,000 increase in other miscellaneous expense.

Speaker 3

Other income expense increased $3,200,000 or 538.3 percent during the 3 months ended June 30, 2024, as compared to the same period in 2023. We had an increase of $2,600,000 in miscellaneous income as a result of a gain of $1,300,000 on the sale of real property in Georgia and a reversal of $1,300,000 of accrued liabilities. We had an increase of $300,000 in other miscellaneous income and we had an increase of $300,000 in interest income for other notes receivables net of allowances. Net income increased 7.8 percent to $16,200,000 in the Q2 of 2024 compared to the Q2 of 2023. Basic earnings per share increased $0.05 per share or 8.7% in the Q2 of 2024 compared to the Q2 of 2023.

Speaker 3

As of June 30, 2024, we had approximately $100,000 in cash compared to $700,000 as of December 31, 2023. The outstanding balance of the revolver as of June 30, 2024 and December 31, 2023 was $11,900,000 $23,700,000 respectively. At the end of the Q2 of 2024, Legacy's book value per basic share outstanding was 19 point $1.7 an increase of 13.2% from the same period in 2023. We repurchased 170,342 shares for $3,500,000 during the 3 months ended June 30, 2024. On August 6, 2024, our Board of Directors authorized the repurchase of an additional 10,000,000 of the company's common stock under the share repurchase program.

Speaker 3

We will continue to repurchase shares opportunistically when the stock trades near liquidation value.

Speaker 1

Thanks, Jeff. Our team continues to focus on product sales. We work through delays in Georgia and with certain customers in Texas that push shipments into the Q3. Our dealer business across most of the platform is strong. Some independent dealers are slow to move aged inventory.

Speaker 1

We launched a retail financing special to assist with this ahead of our fall show. Retail finance applications were up 34% from the Q2 of 2024 compared to the Q2 of 2023. Our community business has been impacted by higher interest rates for the past few quarters. Transaction volume, which drives demand as new owners work to increase rent rolls is down and new development is slow. However, the market is improving.

Speaker 1

Our quote activity is up meaningfully since the Q1. We're having success selling smaller HUD units and tiny homes to both MH and RV Park owners aiming to keep rent affordable and occupancy high. Legacy has a handful of large community customers who paused orders for the past 12 months or so. These customers are back ordering and taking deliveries. Product gross margins were 31.9 percent for the Q2 of 2024.

Speaker 1

I'm proud of our team's effort to manage margins at lower production volumes. We are disciplined on price and watching labor and overhead expenses closely. Our top priority for the remainder of 2024 is continuing to build our backlog, which will result in higher production volume. Our new sales team members are building customer relationships and signing orders. We increased production at our Georgia plant in July.

Speaker 1

As Jeff mentioned, we sold a property in Georgia during the Q2. The sale positively impacted our results. Although one time in nature, investors will continue to see similar sales over the next few quarters. There are several real estate assets on our balance sheet, excluding our core developments that have meaningful value. We received 0 credit for these assets in the public markets and we'll continue to monetize them.

Speaker 1

Although sales volumes are down in 2024, our lending portfolios continue to grow. From the first half of twenty twenty three to the first half of twenty twenty four, interest revenue from MHP, retail finance and floorplan financing is up 26.5%. Our delinquencies remain low and recovery rates are strong. On July 27, 2024, we signed a binding settlement agreement to resolve with a long term MHP customer. Under the agreement, the borrower will deed 2 mobile home parks with homes to Legacy.

Speaker 1

Legacy will refinance the remaining debt in a new 2 year note. The collateral and guarantors remain the same. We are finalizing the transfers and the new note and plan to discuss more details on the next earnings call. We view this as a very positive outcome for both parties. Investors following our story know that we have worked through multiple challenging situations over the last 2 years.

Speaker 1

We are hands on operators and solving these complex problems takes significant time and energy. With most of yesterday's challenges behind us, we can focus on growing our core business. There are no more distractions. We have built a great team. Everyone is contributing.

Speaker 1

And today, I feel better about the company and our prospects than any other time since starting full time in June 2022. I'm excited to show investors the earnings potential of this business as we push more volume through the plants this year. Operator, this concludes our prepared remarks. Please begin the Q and A.

Operator

Thank Our first question will come from the line of Daniel Moore from CJS Securities. Your line is open.

Speaker 4

Thank you, Duncan and Jeff. Thanks for taking the questions and all the color. Let me start with, is it possible to quantify The bulk of that's in

Speaker 1

The bulk of that's in Georgia. We had shipments held up for a few weeks over there and those obviously will get pushed into Q3. I'd say there I don't have a specific number. I just think that the backlog looks decent, but customers are struggling, especially on the park side, with permits and getting pads ready. And we just we experienced some delays where we thought, hey, we'd get 30 homes out and instead you ship the first ten and it takes them longer than expected to take the rest.

Speaker 1

So I think the Q3, you'll certainly see a ramp up in shipments, but it was certainly slower than we would like this quarter.

Speaker 4

That's helpful. Obviously, the retail finance apps up 34% is a great sign. Anything you can say in terms of order rates and or changes of backlog during the quarter either sequentially or year over year?

Speaker 1

Yes. Dan, we don't publish backlog, but we obviously follow it closely internally. I think this week, we probably we had one of the best sales weeks that we've had all year. And so we're excited to get back focused 100% on sales. We've had a lot of distractions this year as we've cleaned up yesterday's problems.

Speaker 1

But I think that customers on both sides of the business are ordering. The outlook looks a lot better than it did at this time last summer. And we fought some challenges that are unique to us, but we're really like starting to push a lot of homes out the door. And we've got some big projects. There are some projects that I think we're pretty close that would be a game changer for us and really allow us to take production up.

Speaker 1

But we're just we're taking it day by day. We've got a lot of new salespeople that we've hired over the last 12 months and it takes some time to get people trained and get them up to speed and have them really understand the product and really understand the financing solutions before they can contribute. And I'm happy with the direction that that's going. We've also we implemented a new sales order system that we launched early this year, where we're now tracking all the details around quotes and orders and shipments in one system all the way through the process, so we can hold people accountable on the sales side. So a lot of things moving in the right direction.

Speaker 1

We've just got to stay focused and really push sales forward. I think another in addition to the retail finance applications being up pretty dramatically. We do a fall show in Fort Worth every year. We're obviously tracking RSVPs to that show. It's our big sales event for the year and we're way ahead of where we typically are from RSVPs.

Speaker 1

So we're pushing hard to get to the show and we're expecting a pretty good show in late

Speaker 4

September. Excellent. Really helpful. Maybe 1 or 2 more and I'll jump back in queue. But in terms of the litigation settlement, given the inflation that we've seen, is it possible that the value of those assets could be above or meaningfully above the loans against them?

Speaker 4

Just how do we think about any potential gains or losses there?

Speaker 1

Yes. We've got to roll up our sleeves and do the work and we've spoken with the auditors about that. And so, quantifying, putting those on the balance sheet is something that we're going to spend a lot of time on this quarter. But I think, we're in the assets right. We're talking about over 300 spaces with houses.

Speaker 1

And I think there could be some upside, but we just we've got to get everything wrapped up and get our team in there and then figure out the best way to monetize the assets. We're not planning to own them long term.

Speaker 4

Makes sense. And then lastly, any sense for like combined market value of the non core real estate assets that you're in process of divesting?

Speaker 1

Well, I'll give you an example. What we sold in this quarter was a group of warehouses that we had leased to some tenants at our Eatonton facility. And we essentially I mean, we didn't pay much for that facility to start with. So I think when you can sell something for a $1,300,000 gain that no one even realizes that you own is pretty important. And there are several, at least 4 or 5 real estate assets like that in addition to a meaningfully sized portfolio of leased homes that have real value.

Speaker 1

So as we've as Jeff and his team have really dug into the balance sheet, we've got a list of opportunities and we're just we're working through them. And this was the first real estate asset to come off the balance sheet and for Thank

Speaker 5

you.

Operator

Thank you. One moment for our next question. Our next question will come from the line of Mark Smith from Lake Street. Your line is open.

Speaker 6

Hi, guys. First one for me, just looking at the MHP loan portfolio here. Sequentially stayed pretty flat, but it looks like maybe the actual rate maybe came down a little bit. Can you just talk about that portfolio and especially in a declining rate environment, maybe what we should look for on kind of interest rates coming from that portfolio of MHP loans?

Speaker 1

Yes, sure. I think, park sales have been down, right? And so if we're selling less park model homes to communities, you've got less financing opportunities. And so the growth in that portfolio was pretty robust, 2019, 2020, 2021, 2022, 2023, Park Business started slowing down as the full effect of interest rates carried over into the real estate transactions. And so the park business has been slower and the portfolio has been growing slower than it had the prior 3 or 4 years.

Speaker 1

As far as interest rates go, the way that that product works is there's a 2 year fixed rate and then it flips to variable. And so as notes flip to variable, the interest rate will increase and there are certain loans in that book that will start to flip this year. We've used during slower times, I mean, we've used financing concessions to drive volume tends to be a period of no payments. So these park owners can get homes in and get them set and get them rented before they start paying on the houses. But the interest rates or the starting rates tend to be in line.

Speaker 1

And so what we have seen though is we will offer a little bit better rate for that 2 year fixed period if buyers put down a higher down payment. So we have seen people say, hey, I've got my customer in these communities is tapped out at $1200 a month. And I need to make X $100 a month in lot rent to support the real estate asset. And so I need houses in here that I can keep the overall payment affordable. And so we've seen a shift to smaller homes, but we've also seen a shift toward people putting a higher down payment.

Speaker 1

So their monthly payment to us is lower to keep the homes affordable.

Speaker 6

And then I don't know if you're able to talk about it today, but can you talk about the settlement and any change that this has? I know that there was some refinancing of that note that was out there. Any impact that this has on the MHP notes as we kind of see them reported in Gabbard County?

Speaker 1

Well, it's this is a long time customer. We've done business with him and his partners for over 12 years. And he's got a nice portfolio, and it was an unfortunate situation how we ended up here. But I think, look, it was complex. There were a lot of feelings, a lot of history there.

Speaker 1

And so it's taken a lot of time to put this deal together. And I think it's a win for both parties. And so essentially, the 2 parks that are coming to us will reduce the balance on a new note and we'll wrap up notes that are in the MHP portfolio and in the development portfolio and refinance those into one note, that's drafted in accordance with Louisiana law where all of the collateral is located.

Speaker 6

All right.

Speaker 3

So let's look at

Speaker 5

the street control. So I think it's

Speaker 1

a long way of saying that you're going from say, 60 to 70 individual MHP and development notes down to one note.

Speaker 6

Okay. Okay. So kind of a consolidation, but at the same time, it sounds like you get these couple of parks, but that loan, that refinance loan is a smaller piece than what it was on the books before?

Speaker 1

That's right. And I think from their side, right, it gives them time to refinance, sell assets and get us paid back.

Speaker 6

Okay. And the last one for me Duncan is just looking at the gross profit margin on product sales was really pretty solid here in the quarter. Can you just talk about sustainability of that? It sounds like you've ramped up production in Georgia a little bit, but are there any cost pressures? What are you seeing on labor, input costs?

Speaker 6

Anything that we should be looking at as we think about gross profit margin going forward?

Speaker 1

Sure. Yes. I mean, I'm really proud of the team for keeping it at those levels, just given the production volume. And I think we can maintain it. We took production up in Georgia.

Speaker 1

We're pushing really hard to take it up in Texas. We've hit some we've been close, hit some air pockets, but orders were looking pretty strong in the past couple of weeks. So that's a good sign. I think the hardest thing to manage is labor. I think all companies struggle with labor inflation.

Speaker 1

I don't think wages are coming down anytime soon. And so we've been really disciplined with our pricing. We've had some we've reduced our raw material inventory. We've got a ways to go, but we've been able to take advantage of some materials coming down. But the big one is labor and holding price.

Speaker 1

And so I think if we can push production volume higher, which we will be able to do this year, we should be able to maintain gross margins product gross margins that are at similar levels.

Speaker 6

Okay, perfect. Thank you.

Speaker 1

Thanks, Mark.

Operator

Thank you. One moment for our next question. Our next question will come from the line of Jay McCanless from Wedbush. Your line is open.

Speaker 7

Hey, guys. Thanks for taking my questions. Pretty much gone through everything that I had. Just on repurchase, nice to see that step up sequentially from 1Q to 2Q. Maybe how are you guys thinking about that on a quarterly run rate going forward?

Speaker 1

Yes. We've got support from the Board to continue buying stock. We're not going to come out we're not going to come out and say, hey, every quarter, we're going to repurchase a certain amount of stock. We don't think that that's necessarily the best way to allocate capital. But we are going to repurchase opportunistically.

Speaker 1

So we're going to run a calculation internally each quarter that identifies our what we calculate as our liquidation value. And when the stock trades down to those levels, we'll buy as much back as we can. And if we go through this authorization, we'll ask the Board for another one. But I think the buybacks have been well received. I feel great about the prices and the volumes that we were able to repurchase stock in the first and second quarter and we're just we'll keep an eye on it.

Speaker 1

And when it hits certain levels, we'll be aggressive.

Speaker 7

Okay. That sounds great. And then, the liability reverse in the quarter, was that one off thing or should we be expecting more of that going forward?

Speaker 1

I kind of throw that in the camp with some of these asset sales. Jeff and his team, now that we've got a great team on the accounting and SEC reporting side, and they're really digging in. So as they find order things in our balance sheet that don't make sense anymore. They're going to clean those up. And so there's items on both sides of the balance sheet.

Speaker 1

It's not all lopsided. But we're getting the balance sheet cleaned up and we're going to sell assets that we don't get credit for and don't use.

Speaker 7

Okay. That sounds great. Thanks. Appreciate it.

Speaker 1

Yes. Thanks, Jay.

Operator

Thank you. One moment for our next question. Our next question comes from the line of George Melasqui Ryazi from MKH Management. Your line is open.

Speaker 5

Great. Thank you. Good morning, guys. Thanks for taking my question. Just a quick I think hi, Duncan.

Speaker 5

You guys talked a little bit about the production, about things sort of working out better at the plant, about increasing production in Georgia. Can you just provide a little bit more color on the plants, how things are going from a production level, quality basis? Sort of give us a sense of how happy you are and where do you think you could be in 6 months there?

Speaker 1

George, I've been living and breathing Georgia for 2 years and we have made some significant progress in Georgia. As far as the first step was you've got to clean you have to fix your quality issues and we fix those. And the house is coming out of Georgia now are just as good as anything we're building in Texas. And so I'm really proud of the team and their efforts and working with the regulators to get the quality to where it needs to be. And then the second first you have to fix the quality, then you've got to go out and resolve sins of the past with homes that have issues.

Speaker 1

And so we spent a tremendous amount of time and money doing that. And as you do that, you start to win back some customers. And we have an entirely new sales team in Georgia. And they've been here for, I'd say, in some cases a year, some less than a year. But it's full of young professionals, who see the opportunity and they're starting to really get something going on the sales side.

Speaker 1

We've had to win new customers. We've had to win relationships back with customers that had problems with houses. We've had to rebuild a dealer base over there. And I feel good about where Georgia stands today. And we've just we've got to keep the momentum.

Speaker 1

The Georgia sales team is really firing and they're all excited. And so we just we got to keep pushing. We took production up 1 house a day in July. We didn't have to I think we had maybe a little heavy on labor there already to keep good people. And so we're rightsizing Georgia.

Speaker 1

It's moving in the right direction. The Southeast is the market seems to be pretty strong. And I think as you have storm activity through hurricane season, we may get lucky with some big projects over there. I think one interesting thing that the Georgia team has done is they've targeted RV Park owners with our tiny home products. And we've been able to build some customer relationships that look like they're turning into whales, where they're able to get these houses in and in many cases have them rented before they're even set up and are calling us back and ordering more houses.

Speaker 1

So a lot of good things coming out of Georgia, but we've got to keep our head down and keep moving in the right direction.

Speaker 5

Okay. That's a pretty good update. Just remind us in Georgia, is it primarily park sales historically? What's sort of the mix of sales there? And maybe also give us just a very brief update on the Texas plant.

Speaker 5

Yes.

Speaker 1

Georgia, we have some big park customers over there. We've had to rebuild a dealer base and we've got some work to do with dealers. Some of the new sales guys are hitting the road and coming back with applications and that's encouraging. But I'd say most of the sales in Georgia right now are park sales. As far as Texas goes, 2 plants in Texas, also a lot of new faces on the sales team, people starting to hit their stride.

Speaker 1

We've got some dealers that are just knocking the ball out of the park in Texas. And then we've got others that I'd say haven't moved to a more modern base sales approach using the Internet and technology that are a little behind. And so we're trying to help them and the park business has been slower in Texas, but orders have been picking up over the past couple of weeks and we're really pushing. So a lot of good lot of things moving in the right direction, but we've got to show up next quarter and the following with those with that reflected in the numbers. And I think now that we've gotten through a lot of these larger distractions, we'll be able to do that.

Speaker 5

Okay, great. And then maybe just a quick update on your own dealerships. I think you have 12. I can't exactly remember the number. Yes.

Speaker 1

We have 12 dealerships. I'd say we're making more changes to those, the way that we operate those right now than we probably have in the last 5 years. So we've really embraced technology and Internet marketing and we're starting to see some success. We've got some stores that are really outperforming and some stores that are underperforming. And we've got to keep the hammer down there too.

Speaker 1

I mean, I think if I'm an investor looking at legacy, the retail business has underperformed for years now. And I see that as a real opportunity. We see our larger competitors, right, with big dealer company owned stores and large footprints and they're making it work and this is certainly a fixable piece of our business. We just had to our focus was elsewhere and we're on it now and I'm excited with some of the things that the team is coming back with.

Speaker 5

Sounds great. Best of luck. Thank you.

Speaker 1

Thanks, George.

Operator

Thank you. One moment for our next question. Our next question comes from the line of Alex Rygiel from B. Riley Securities. Your line is open.

Speaker 8

It sounds like you're calling sort of an inflection point here positively in shipments and demand. Do you think this is more company specific or do you see it improving kind of more on a macro basis across the entire sector?

Speaker 1

I'd say after seeing our larger competitors report this week, I think everybody is pretty upbeat. Skyline had a big week, big sales numbers. And so I think the market is improving. It's not as great as we would like it, but it certainly seems to be moving in the right direction. I think our sales numbers show that we've been dealing with a lot of challenges that have distracted us from really managing the sales team closely and spending a lot of time with customers.

Speaker 1

And that's what I'm excited about for the second half of the year. So a long way of saying, I think the market is improving, but there are legacy specific issues that we've been addressing. And I think this is an inflection point.

Speaker 8

And some of the larger production homebuilders are using aggressive incentives and discounting to drive volume and they're seeing great success with that. You've held margin here, but obviously volume has weakened. As the market comes back or as your unit volume picks up, do you think you'll be giving up any margin to drive some of that incremental growth?

Speaker 1

Yes, it's something we're discussing now. The margins do look great. We haven't used the price lever. I think a lot of our larger competitors have used the price lever, but we're mindful that I don't think labor is coming down and we'll see what materials do. So something we're talking about right now as we get ready for the show here in late September.

Speaker 5

Thank you.

Speaker 1

Thanks, Alex.

Operator

Thank you. And we have a follow-up from the line of Daniel Moore from CJS Securities. Your line is open.

Speaker 4

Thank you, Dan. Probably related to the last question, but ASPs after obviously several quarters declines flattened out and actually increased sequentially. So maybe just talk about whether you think we've maybe put in a little bit of a bottom and your expectations going forward? Thanks.

Speaker 1

Yes. Thanks, Dan. I think that's right. I think we've hit a bottom. We went through several quarters where there was a shift on both the dealer side of the business and the part side of the business to smaller, more affordable homes.

Speaker 1

Affordability is a problem throughout the entire housing market, not just first time homebuyers buying stick built homes. And so I think though that the ASP declines have flattened out and should be pretty stable for the rest of the year.

Speaker 4

Excellent. And maybe the last one is the throughout the sort of rise in interest rates, the cost advantage continue to widen between not only MH and stick built, but obviously you focused on kind of the lower end price points as well. In a declining if interest rates do pull in a little bit as forecast here over the next few quarters. Is that do you see that as a net benefit or positive or negative just kind of net of those cross currents? Thanks again.

Speaker 1

Yes. We see interest rates really impacting the Park side of our business. I mean, chattel rates haven't increased as much as traditional mortgage rates have. And I think the availability of financing for this customer base is pretty broad with some of the larger players. And so, I think as interest is there either interest rates come down or in September or there's indications that they will come down.

Speaker 1

I think the Park guys who are evaluating these like real estate assets, right, they'll start to move quicker and say, okay, well, I can get in this thing and refinance in the next 18 or 24 months. And that will drive volume for the Park side of our business. But we our entire business is built around offering a quality product and a financing solution to our customer that keeps this product affordable. And we like that is the key is keeping it affordable. And so I think that there will be a buyer for this product.

Speaker 1

I think there's other goods and services will continue to be more expensive and more of their discretionary income will go to other areas and there's there'll be demand for this product going forward regardless of the interest rate environment.

Speaker 4

Makes sense. I appreciate the color again.

Speaker 1

Thanks, Dan.

Operator

Thank you. And I'm not showing any further questions in the queue. I would now like to turn it back over to Duncan for any closing remarks.

Speaker 1

Thank you for joining today's earnings call. We appreciate your interest in Legacy Housing. We're hosting our fall show in Fort Worth on September 23rd 24th. We've got a link on our website and encourage you to come out, see we'll probably have 15 houses set up fully furnished, hundreds of customers there, speeches on our financing products and the industry. It's going to be a great event.

Speaker 1

I'd encourage anyone who's interested in learning more about the company or our products or seeing some of the updates to the products to come out. Operator, this concludes our call.

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