Cavco Industries, Inc.

Good day and thank you for standing by. Welcome to the Capco Industries fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Mark Fusler, Corporate Controller and Investor Relations. Please go ahead.

Good day, and thank you for joining us for Capco Industries' fourth quarter and fiscal year 2025 earnings conference call. During this call, you'll be hearing from Bill Bohrer, President and Chief Executive Officer, Allison Aiden, Executive Vice President and Chief Financial Officer, and Paul Bigby, Chief Accounting Officer. Before we begin, we'd like to remind you that comments made during this conference call by management may contain forward-looking statements and non-GAAP financial measures. Forward-looking statements include statements about our expected future business and financial performance and are not promises or guarantees of future performance. They are expectations or assumptions about CABCO's financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies, current or future volatility in the credit markets, or future credit conditions. All forward-looking statements involve risks and uncertainties which could affect Capco's actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of Capco. For discussion of material risks and the important factors that could affect our actual results, please refer to those contained in our filings with the SEC, which are also available on our investor relations website and at sec.gov. The appendix to our press release also contains reconciliations of our non-GAAP financial metrics to the most comparable GAAP measure. This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast, Friday, May 23, 2025, CAFCO undertakes no obligation to revise or update any forward-looking statement, whether written or oral, to reflect events or circumstances after the date of this conference call, except as required by law. Now I'd like to turn the call over to Bill Bohr, President and Chief Executive Officer. Bill?

Thanks, Mark. Welcome and thank you for joining us today to review our fourth quarter results. Seasonally, the fourth quarter ushers in the spring selling season. In our last call, we talked about the steady increase in orders over several quarters through calendar 2024 and how that has enabled us to increase production rates where our plants had supporting backlogs. The quarter-to-quarter trend of increasing orders continued in Q4, boosted by a pickup in March. This was after unusually challenging weather in February slowed installations in the field and caused some unplanned downtime in several plants. March-February weather is obviously expected in northern states, but the weather across the south was unexpected. Specifically, we lost 24 operating days across our system. The good news is that weather backs up installations and shipments, but it doesn't negate them. Again, in March, we saw the expected spring pickup to close out a solid quarter. More generally, a lot of economic uncertainty entered the mix in Q4. March's uptick indicates that our buyers are out there trying to purchase new homes. Overall, our unit shipments were up almost 29% year over year. The backlog was down sequentially. To dissect that a bit, backlogs were expected to be down in January. They continued to decline in February for the reasons outlined earlier. And then we saw a healthy increase in March. While there is a range in the individual plants, across the system we have five to seven weeks of backlog. Market activity across the retail channels is generally positive, and our plants are either holding production levels or looking to increase depending on their specific market conditions. Earlier in Q4, we announced that we renamed our manufacturing plants to the CAVCO name. This is part of a rebranding of our homes under product lines that tie directly to the characteristics of the homes rather than the legacy brands of the factories. Our new and cohesive branding approach will make it easier for homebuyers to quickly narrow their home search to the product lines that match their needs. Clearly, this change will better leverage all of the work we've done in digital marketing over the past few years and will benefit our dealers with improved leads from CAFCOhomes.com. Our plant investments and marketing improvements have CAFCO ready to continue ramping shipments through both industry growth and market share gains. Our steady strategic investment through the downturn in both acquisitions and plant improvements has meaningfully grown our peak-to-peak capacity. This consistent investment has been enabled by strong cash generation and our debt-free balance sheet. While we've continued investing strategically, we've also continued our four-plus-year buyback program. This quarter, we repurchased about $33 million of stock. Cumulatively, since the initial repurchase authorization in fiscal 2021, we've bought back 15.5% of our outstanding shares. We continue to be confident that we can repurchase shares without hindering any strategic opportunities. With that, I'd like to hand it over to Alison to provide more details around the fourth quarter results.