Financial Data and Key Metrics Changes - The company reported a total of 37,589,332 shares issued and outstanding as of the record date, with each share entitled to one vote [4] - The meeting confirmed a quorum was present for the transaction of business, indicating strong shareholder engagement [5] Business Line Data and Key Metrics Changes - No specific financial data or key metrics related to individual business lines were provided in the meeting records Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting Company Strategy and Development Direction and Industry Competition - The company emphasized the importance of forward-looking statements, indicating a focus on future growth and potential risks associated with financial performance [7] Management's Comments on Operating Environment and Future Outlook - Management cautioned that actual results could differ materially from projections, highlighting the inherent risks and uncertainties in the current operating environment [7] Other Important Information - The company provided access to its annual report on Form 10-K for the fiscal year ended September 30, 2025, which includes important risk factors [7] Q&A Session All Questions and Answers Question: What are the key risks associated with the company's forward-looking statements? - Management indicated that the actual results could differ materially from those projected due to various risk factors outlined in the annual report [7] Question: How did the voting on executive compensation and auditor appointment go? - The non-binding advisory vote regarding executive compensation received more votes for than against, and the proposal to ratify the appointment of Deloitte & Touche LLP was approved by a majority [6]

Financial Data and Key Metrics Changes - The company reported a total of 37,589,332 shares issued and outstanding as of the record date, with a majority of votes represented at the meeting [4][6] - The non-binding advisory vote regarding executive compensation received more votes in favor than against, indicating shareholder support [6] Business Line Data and Key Metrics Changes - No specific data on business line performance or key metrics was provided in the meeting [1] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [1] Company Strategy and Development Direction and Industry Competition - The company emphasized the importance of forward-looking statements and acknowledged the risks and uncertainties associated with them, indicating a cautious approach to future projections [7][8] Management Comments on Operating Environment and Future Outlook - Management highlighted that actual results could differ materially from projections, referencing the risk factors detailed in the annual report [7][8] Other Important Information - The meeting included the election of two incumbent directors and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending September 30, 2026 [5][6] Q&A Session All Questions and Answers Question: What are the company's future growth prospects? - The company did not provide specific answers to questions during the meeting, but indicated that questions could be addressed later through their investor relations website [2][9]

Financial Data and Key Metrics Changes - First Business Bank reported a nearly 15% increase in pre-tax, pre-provision earnings over 2024, with a return on average tangible common equity exceeding 15% for the year [5][6] - Tangible book value per share grew 14% year-over-year, and earnings per share (EPS) increased by 14% over 2024, surpassing the long-term goal of 10% annual growth [5][6] - The net interest margin (NIM) declined by 15 basis points to 3.53%, primarily due to a non-accrual interest reversal, but remained stable at 3.64% for the full year [16][17] Business Line Data and Key Metrics Changes - The private wealth business generated a record $3.8 million in fee income, up 11% year-over-year, while service charges increased nearly 20% year-over-year [9] - Net interest income grew 10% for the full year, meeting the double-digit growth goal, attributed to robust loan and deposit growth [9][10] - Non-interest income was affected by lower SBA gains and a reclassification of partnership investment income, which was adjusted to reflect net benefits [18][19] Market Data and Key Metrics Changes - Loan balances grew by approximately $39 million, or 5% annualized during the fourth quarter, and $261 million, or 8% year-over-year [11] - Core deposit balances increased by 12% from both the linked and prior year quarters, primarily from interest-bearing and money market accounts [14] - The company expects loan growth to rebound to typical double-digit rates in 2026, driven by strong regional economic conditions in Southern Wisconsin [12][13] Company Strategy and Development Direction - The company aims to achieve double-digit growth by investing in talent, technology, and maintaining prudent underwriting practices [24] - Management emphasized the importance of organic growth over acquisitions, believing it provides better value for shareholders [72][73] - The focus remains on maintaining a strong and stable net interest margin while shifting the loan mix towards higher-yielding commercial and industrial (C&I) relationships [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong pipelines in commercial real estate and C&I lending, as well as potential benefits from changes in federal tax policy [13][72] - The company anticipates continued competitive pressure on deposit pricing but believes it can maintain margins due to a balanced interest rate strategy [17][70] - Management acknowledged isolated credit challenges but indicated overall asset quality remains strong, with no significant concerns outside of specific loans [14][33] Other Important Information - The company recorded net charge-offs of $2.5 million, primarily from previously reserved equipment finance loans [14] - The effective tax rate for 2025 was 16.8%, within the expected range, and the company plans to continue evaluating capital management tools to maximize shareholder returns [22] Q&A Session Summary Question: Details on the CRE relationship affecting MPAs - Management provided insights on appraisals and the loan-to-value ratio, indicating a 72% LTV across seven properties [30][31] Question: Expectations for credit costs in the coming year - Management clarified that recent charge-offs were primarily related to equipment finance, with no specific reserves needed for the CRE relationship [32][33] Question: Fee income growth guidance - Management confirmed a 10% growth expectation for overall fees, excluding certain non-recurring items [35][36] Question: Timeline for resolution of larger problem loans - Management indicated that resolution could take time but expects progress throughout the year [48][49] Question: Equipment finance portfolio balance and expectations - The equipment finance portfolio was reported at $20 million, down from $61 million, with expectations for stability moving forward [55][56] Question: Strategic goals and potential adjustments - Management discussed the achievement of strategic goals and the focus on maintaining or improving efficiency ratios [57][58] Question: Outlook for loan growth in 2026 - Management expressed confidence in achieving double-digit loan growth, supported by strong pipelines and improved team performance [80][82]

Financial Data and Key Metrics Changes - First Business Financial Services reported a nearly 15% growth in pre-tax, pre-provision earnings over 2024, with a return on average tangible common equity exceeding 15% for the year [4] - Tangible book value per share increased by 14% year-over-year, and earnings per share (EPS) grew 14% over 2024, surpassing the long-term annual goal of 10% earnings growth [4][5] - The net interest margin (NIM) declined by 15 basis points to 3.53%, primarily due to a non-accrual interest reversal, but remained stable at 3.64% for the full year [15][16] Business Line Data and Key Metrics Changes - The private wealth business generated a record $3.8 million in fee income, up 11% year-over-year, while service charges increased nearly 20% year-over-year [9] - Non-interest income showed resilience despite lower SBA gains and variable swap and loan fees, achieving 10% operating revenue growth for the full year [10][11] - Loan balances grew by approximately $39 million, or 5% annualized during the quarter, and $261 million, or 8% over the same period last year [11] Market Data and Key Metrics Changes - The company experienced elevated commercial real estate (CRE) payoff activity during Q4, with total payoffs in 2025 exceeding 2024 levels by almost $70 million [12] - Core deposit balances increased by 12% from both the linked and prior year quarters, primarily from core interest-bearing and money market accounts [14] - The company anticipates continued solid loan demand in its bank markets, particularly in Southern Wisconsin, benefiting from a strong regional economy [12][13] Company Strategy and Development Direction - The company aims to maintain double-digit growth in earnings and revenue, focusing on talent acquisition, technology investment, and prudent underwriting [21] - The board approved a 17% increase in the quarterly cash dividend, reflecting confidence in the company's financial success and growth trajectory [5] - The company emphasizes organic growth as the best way to drive shareholder value, rather than pursuing M&A opportunities [72][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong pipelines in commercial real estate and C&I loans, as well as potential benefits from changes in federal tax policy [13][21] - The company expects to see growth rebound to typical double-digit rates in 2026, driven by positive trends in the banking industry and client demand [12][21] - Management noted that while deposit pricing pressure remains competitive, it has eased modestly since the Fed began cutting rates [16][70] Other Important Information - The company recorded a non-accrual interest reversal totaling $892,000, which compressed net interest income and lowered the margin by ten basis points in Q4 [8] - The effective tax rate for 2025 was 16.8%, within the expected range of 16%-18%, and the company continues to generate excess capital for organic growth [20] Q&A Session Summary Question: Details on the CRE relationship that drove the increase in MPAs - Management provided insights on the timing of appraisals and the current loan-to-value ratio, which is 72% across the cross-collateralized properties [26][28] Question: Expectations for credit costs in the coming year - Management clarified that charge-offs for the quarter were primarily related to equipment finance and not the downgraded CRE loan, indicating no specific reserves were needed [30] Question: Fee income guidance clarification - Management confirmed that the 10% growth expectation for overall fees excludes certain non-recurring items and is based on a solid foundation [32][34] Question: Equipment finance portfolio balance and expectations - The equipment finance portfolio was reported at $20 million, down from $61 million, with expectations for stability moving forward [52] Question: Outlook on specialty businesses and fee income growth - Management highlighted expectations for growth in private wealth and SBA gain on sale, aiming for 10% growth in overall fee income [111]

Financial Data and Key Metrics Changes - The company reported a return on average tangible equity of 15.8% for Q4 and 16.3% for the full year, with an effective tax rate of 24.8% in Q4, expected to normalize to 23.2% going forward [7][17] - Net interest income for Q4 was $170.3 million, a $1 million increase from the prior quarter, with a net interest margin (NIM) of 3.21%, up 2 basis points from the previous quarter [12][7] - Total loans grew by $183 million in the quarter, representing a 5.2% annualized growth rate [10] Business Line Data and Key Metrics Changes - Retail and commercial deposits increased by $233 million, while public deposits declined by $447 million, resulting in a net increase of $214 million in deposits for Q4 [11] - Non-interest income was reported at $55.6 million, while non-interest expense for Q4 was $125.1 million [13] Market Data and Key Metrics Changes - The unemployment rate in the state was 2.2% in November, significantly lower than the national rate of 4.5% [6] - Year-to-date spending through November was $19.6 billion, up about 6% compared to the same period last year [6] Company Strategy and Development Direction - The company anticipates full-year loan growth in the range of 3%-4%, primarily driven by commercial real estate (CRE) and commercial and industrial (C&I) loans [17] - The company has a new stock repurchase authorization of $250 million, indicating a strong capital position and flexibility for future growth initiatives [9][60] Management's Comments on Operating Environment and Future Outlook - Management noted that credit risk remains low and stable, with no broad signs of weakness observed in consumer or commercial books [14] - The company expects non-interest income to remain stable at approximately $220 million for the year, with expenses projected to be around $520 million in 2026 [17][54] Other Important Information - The company repurchased about 1 million shares during the quarter, utilizing the remaining $26 million of its $100 million purchase authorization for 2025 [9] - The allowance for credit losses increased to $168.5 million, with coverage rising to 118 basis points of total loans and leases [16] Q&A Session Summary Question: Loan growth trends and pipeline - Management indicated that loan growth was broad-based, with some payoffs in the CRE portfolio affecting expectations, but they anticipate more normalized growth in the second half of the year [24][25] Question: Payoffs and paydowns in the industry - Management noted that payoffs have been occurring sooner than expected due to increased competition from permanent lenders, but they expect this trend to normalize [26][28] Question: Deposit trends and NIM expansion - Management confirmed that the margin guide reflects the ability to continue cutting deposit rates, with expectations of a lower deposit beta going forward [30][31] Question: Full year loan growth guidance - Management suggested that loan growth may start lower in the first half of the year but expects a pickup in the second half [44] Question: M&A activity and ideal targets - Management reiterated their focus on organic growth but remains open to M&A opportunities, looking for well-managed firms with strong deposit franchises [72][73]

Financial Data and Key Metrics Changes - The net interest margin (NIM) expanded to 3.21%, up 2 basis points from the prior quarter [10] - Net interest income increased to $170.3 million, $1 million higher than the previous quarter [10] - Return on average tangible equity was 15.8% for the fourth quarter and 16.3% for the full year [6] - The effective tax rate for the fourth quarter was 24.8%, expected to return to about 23.2% going forward [6] Business Line Data and Key Metrics Changes - Total loans grew by $183 million in the quarter, or 5.2% on an annualized basis, with significant growth in commercial and industrial (C&I) loans [8] - Retail and commercial deposits increased by $233 million, while public deposits declined by $447 million, resulting in a net increase of $214 million in deposits [10] - Non-interest income was reported at $55.6 million, while non-interest expense was $125.1 million for the fourth quarter [11] Market Data and Key Metrics Changes - The state unemployment rate was 2.2% in November, significantly lower than the national rate of 4.5% [5] - Total visitor arrivals were down 0.2% year-over-year, with spending up 6% to $19.6 billion [5] - The median single-family home price on Oahu was $1.1 million, up 4.3% from the previous year, while the median condo sales price was $512,000, down 5.2% [5][6] Company Strategy and Development Direction - The company expects full-year loan growth to be in the 3%-4% range, driven primarily by commercial real estate (CRE) and C&I loans [15] - Non-interest income is anticipated to remain stable at about $220 million for the year, with expenses expected to be around $520 million in 2026 [15] - The company has a new stock repurchase authorization of $250 million, providing flexibility for capital return [8][59] Management's Comments on Operating Environment and Future Outlook - Management noted that credit risk remains low and stable, with no broad signs of weakness in consumer or commercial books [12] - The company expects to see more normalized growth in the second half of the year, following a period of payoffs in the CRE portfolio [22][28] - Management expressed confidence in maintaining a strong capital position, with a CET1 target of 12% and current levels above 13% [59] Other Important Information - The company repurchased about 1 million shares, utilizing the remaining $26 million of its $100 million purchase authorization for 2025 [8] - The allowance for credit losses increased to $168.5 million, with coverage at 118 basis points of total loans and leases [13] Q&A Session Summary Question: Loan growth trends and pipeline - Management indicated that loan growth was broad-based, with some payoffs in the CRE portfolio affecting expectations, but they anticipate more normalized growth in the future [22][23] Question: Payoffs and paydowns in the industry - Management noted that payoffs have been occurring sooner than expected due to increased competition from permanent lenders, but they expect this trend to normalize [27][28] Question: Deposit trends and NIM expansion - Management confirmed that the interest-bearing deposit beta is expected to decrease to 30%-35% after two rate cuts, with continued focus on reducing deposit costs [29][48] Question: Full year loan growth guidance - Management suggested that loan growth may start lower in the first half of the year but expects a pickup in the second half [44] Question: M&A activity and ideal targets - Management remains open to M&A opportunities, focusing on strong management teams and disciplined lending cultures, particularly in the western U.S. [71][72]

Financial Data and Key Metrics Changes - Net revenue for Q3 FY2026 was $581 million, an increase of $59 million or 11.3% from $522 million in the prior year quarter [16] - Consolidated gross margin as a percentage of net revenue decreased to 23.4% from 24.9% in the same period last year [18] - Net income was $44.1 million, down from $56.5 million in the same quarter of the prior year, with diluted earnings per share at $5.58 compared to $6.90 [20] Business Line Data and Key Metrics Changes - Factory-built housing segment net revenue was $558.5 million, up 11.5% from $500.9 million in the prior year quarter, primarily due to the addition of American Homestar [16] - Financial services segment net revenue increased to $22.5 million, up 6.2% from $21.2 million in the prior year quarter [17] - Gross profit in the factory-built housing segment was 21.7%, down from 23.6% in the prior year quarter due to higher per unit costs [18] Market Data and Key Metrics Changes - Industry shipments slowed in October and November, down 13% from the calendar 2024 period, with Cavco's volume down about 4% compared to last year [6][9] - The Southeast region saw higher volume in Q3 versus Q2, while most other regions experienced declining shipments [8] - Average selling price grew sequentially despite the volume drop-off, indicating underlying demand [9] Company Strategy and Development Direction - The company is focused on integrating American Homestar and realizing synergies, with an estimated annual synergy of over $10 million, half of which has been achieved [12][14] - Continued share repurchases during the quarter, with $44 million used to buy back company stock, reflecting a commitment to return capital to shareholders [15] - The company is enhancing its digital marketing infrastructure and rebranding efforts to improve market presence and customer engagement [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the spring selling season, citing healthy leading indicators such as quotes and retail traffic [10] - The company is monitoring the impact of weather on operations but remains confident in maintaining production rates and backlogs [33][81] - Discussions around affordable housing policies are seen as supportive for factory-built housing, especially with upcoming elections [10] Other Important Information - SG&A expenses increased to $81.4 million, or 14% of net revenue, primarily due to the addition of American Homestar and higher compensation costs [18][19] - Interest income decreased to $3 million from $5.4 million in the prior year quarter due to lower cash balances after the acquisition [19] Q&A Session Summary Question: What caused the lower utilization and production adjustments? - Management noted a significant industry downturn in October and November, but the Southeast region performed well, and production rates were maintained to prepare for potential increases in the spring [28][30] Question: What is the outlook for gross margins and cost impacts? - Management indicated that gross margins were affected by higher input costs, but no significant impact from acquisition accounting was noted [37][64] Question: How are community sales performing compared to retail? - Community sales showed relative weakness, but management did not perceive this as a long-term trend, noting that communities remain optimistic about future sales [52][55] Question: What are the expectations for synergies from the American Homestar acquisition? - Management expects to realize $10 million in annual synergies, with approximately half already achieved, focusing on purchasing and labor savings [99] Question: How is the company positioned for the upcoming spring selling season? - Management expressed confidence in maintaining production rates and backlogs, with positive indicators from recent industry events and customer discussions [88][90]

Financial Data and Key Metrics Changes - Net revenue for Q3 FY2026 was $581 million, an increase of $59 million or 11.3% from $522 million in the prior year quarter [16] - Consolidated gross margin as a percentage of net revenue decreased to 23.4% from 24.9% in the same period last year [18] - Net income was $44.1 million, down from $56.5 million in the same quarter of the prior year, with diluted earnings per share at $5.58 compared to $6.90 [20] Business Line Data and Key Metrics Changes - Factory-built housing segment net revenue was $558.5 million, up 11.5% from $500.9 million in the prior year quarter, primarily due to the addition of American Homestar [16] - Financial services segment net revenue increased to $22.5 million, up 6.2% from $21.2 million in the prior year quarter, driven by higher insurance premium rates [17] Market Data and Key Metrics Changes - Industry shipments slowed in October and November, down 13% from the calendar 2024 period, with Cavco's volume down about 4% compared to last year [6][8] - The Southeast region saw higher volume in Q3 versus Q2, while most other regions experienced declining shipments [8] Company Strategy and Development Direction - The company is focused on integrating American Homestar, with estimated annual synergies above $10 million, half of which has been achieved [12][14] - The company continues to enhance its digital marketing infrastructure and rebranding efforts to improve market presence and customer engagement [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the spring selling season, citing healthy leading indicators such as quotes and retail traffic [10][86] - The company noted that while there is uncertainty in the market, the tone from operations and market feedback remains positive [10] Other Important Information - The company repurchased $44 million of common shares during the quarter, maintaining a healthy unrestricted cash balance of $225 million [15][20] - SG&A expenses increased due to the addition of American Homestar and higher compensation costs, expected to decline as synergies are realized [19] Q&A Session Summary Question: What caused the lower utilization and production adjustments? - Management noted that the industry experienced a significant downtick in October and November, with the Southeast region performing better than others [28][30] Question: How is the gross margin impacted by acquisition accounting? - Management clarified that there was no impact on gross margins from the acquisition, with year-over-year declines attributed to increases in input costs [38][65] Question: What are the updated synergy targets from the American Homestar acquisition? - Management indicated that the annualized synergy target is $10 million, with approximately half already actioned, expected to contribute positively in Q4 [95][96]

Financial Data and Key Metrics Changes - The bank's net interest margin (NIM) expanded to 3.21%, up 2 basis points from the prior quarter [6][7] - Return on average tangible equity was 15.8% for the fourth quarter and 16.3% for the full year [4] - Net interest income for the fourth quarter was $170.3 million, an increase of $1 million from the previous quarter [6][7] - The effective tax rate for the fourth quarter was 24.8%, expected to return to about 23.2% going forward [4] Business Line Data and Key Metrics Changes - Total loans grew by $183 million in the quarter, or 5.2% on an annualized basis, with significant growth in commercial and industrial (C&I) loans [5] - Retail and commercial deposits increased by $233 million, while public deposits declined by $447 million, resulting in a net increase of $214 million in deposits [6] - Non-interest income was reported at $55.6 million, while non-interest expense was $125.1 million for the fourth quarter [7] Market Data and Key Metrics Changes - The state unemployment rate was 2.2% in November, significantly lower than the national rate of 4.5% [3] - Total visitor arrivals in Hawaii were down 0.2% year-over-year, but spending increased by 6% to $19.6 billion [3] - The median single-family home price in Oahu rose to $1.1 million, a 4.3% increase from the previous year [3] Company Strategy and Development Direction - The company aims for full-year loan growth in the range of 3%-4%, primarily driven by C&I and commercial real estate (CRE) loans [11] - The bank plans to maintain a conservative approach to credit losses, with an allowance for credit losses increasing to $168.5 million [9] - The new stock repurchase authorization is for $250 million, providing flexibility for capital return strategies [5][54] Management's Comments on Operating Environment and Future Outlook - Management noted that credit risk remains low and stable, with no broad signs of weakness in consumer or commercial books [8] - The outlook for NIM is projected to be in the range of 3.16%-3.18%, with expectations of tailwinds from fixed asset repricing [11] - Management expressed confidence in the growth of multifamily loans and anticipated a normalization of growth in the second half of the year [18][39] Other Important Information - The bank repurchased about 1 million shares, utilizing the remaining $26 million of its $100 million purchase authorization for 2025 [5] - The bank's capital position remains strong, with a common equity tier 1 (CET1) ratio above the targeted 12% [54] Q&A Session Summary Question: Loan growth trends and pipeline - Management indicated that loan growth was broad-based, with C&I growth driven by existing lines and new dealer relationships [17] Question: Payoffs and paydowns in the industry - Management noted that payoffs have been occurring sooner than expected due to increased competition from permanent lenders [21] Question: Deposit trends and NIM expansion - Management confirmed that the margin guide reflects the ability to continue cutting deposit rates and fixed asset repricing [25] Question: Expense growth expectations - Management expects a normalization of expense growth in 2026, with a projected expense of about $520 million [45] Question: Capital return and buyback strategy - Management expressed a strong appetite for continuing the share buyback program while considering organic growth opportunities [51]

Financial Data and Key Metrics Changes - Net revenue for Q3 2026 was $581 million, an increase of $59 million or 11.3% from $522 million in the prior year quarter [15] - Consolidated gross margin as a percentage of net revenue decreased to 23.4% from 24.9% in the same period last year [16] - Net income was $44.1 million, down from $56.5 million in the same quarter of the prior year, with diluted earnings per share at $5.58 compared to $6.90 [19] Business Line Data and Key Metrics Changes - Factory-built housing segment net revenue was $558.5 million, up 11.5% from $500.9 million in the prior year quarter, primarily due to the addition of American Homestar [15] - Financial services segment net revenue increased to $22.5 million, up 6.2% from $21.2 million in the prior year quarter, driven by higher insurance premium rates [16] - Gross profit in the factory-built housing segment decreased to 21.7% from 23.6% in the prior year quarter due to higher per unit costs [17] Market Data and Key Metrics Changes - Industry shipments slowed in October and November, down 13% from the calendar 2024 period, with Cavco's volume down about 4% compared to last year [5] - The Southeast region stabilized and saw higher volume in Q3 versus Q2, while most other regions experienced declining shipments [8] - Average selling price grew sequentially despite the volume drop-off, with single-section home prices roughly flat and multi-section pricing up [9] Company Strategy and Development Direction - The company is focused on integrating American Homestar, with estimated annual synergies above $10 million, half of which has been achieved [12] - Continued share repurchases during the quarter amounted to $44 million, with a healthy unrestricted cash balance of $225 million at the end of Q3 [14] - The company is optimistic about the spring selling season, with healthy leading indicators such as quotes and retail traffic [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the tone in operations and the market is optimistic, with discussions around affordable housing gaining traction [10] - The company is maintaining production rates and staffing levels to be well-positioned for potential increases in demand during the spring [28] - Management acknowledged challenges due to weather impacting operations but expressed confidence in the stability of backlogs [82] Other Important Information - SG&A expenses increased to $81.4 million, or 14% of net revenue, primarily due to the addition of American Homestar and higher compensation costs [17] - Interest income decreased to $3 million from $5.4 million in the prior year quarter due to lower cash balances after the acquisition [18] Q&A Session Summary Question: What caused the lower utilization and how should production be viewed for Q4? - Management indicated that the industry experienced a significant downtick in October and November, but production rates were maintained to prepare for potential increases in the spring [28][30] Question: Can you elaborate on gross margin impacts and acquisition accounting? - Management clarified that there was no impact on gross margins from the acquisition, with year-over-year declines attributed to increases in input costs [38][65] Question: What are the updated synergy targets from the American Homestar acquisition? - Management stated that annualized synergies are expected to reach $10 million, with approximately half already realized [99]