Operator

Good day, and thank you for standing by. Welcome to Legacy Housing Corporation Second Quarter 2026 Earnings Call. [Operator Instructions]

Please be advised that today’s conference is being recorded.

I would now like to turn the conference over to your speaker for today, Jon. Please go ahead.

Jon Langbert
Chief Financial Officer

Good morning, and thank you for joining Legacy Housing Second Quarter 2026 Conference Call.

I’m Jon Langbert, the Chief Financial Officer; our CEO, Kenneth Shipley is also on the line and will join me for the question-and-answer session following our prepared remarks.

Before we get into the quarter, I want to briefly note a leadership change in July. Curt Hodgson retired as Executive Chairman and from our Board of Directors after decades building Legacy alongside Kenny from a Texas partnership into one of the largest producers of manufactured homes in the country. Curt is the reason I joined Legacy. I’ve known him personally for more than 20 years, and I’ve learned an immense amount from him about this business and about business in general. So I’ll always be grateful to him.

Kenny continues to lead the company as Chief Executive Officer, and he’ll share a few thoughts on Curt, at the close of our prepared remarks.

Before we begin those remarks, 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

Sourcing some additional fans might feel like a relatively minor cost overall, but for those hosting, catering and supplying weddings, the financial impact of coping with this summer’s heatwaves has spiralled.

“It has affected the industry massively. You are talking into the thousands [of pounds] for businesses,” says Michelle Miles, board adviser to the UK Wedding Association and founder of the Sustainable Wedding Alliance.

One of the biggest costs wedding venues are facing is the equipment and energy costs of trying to keep a space and food cool, she says.

“[Some] venues are having to bring in air conditioning units; they are at a premium when everyone else is wanting those units to keep their houses cool and businesses.”

Guests are also drinking more water – which brings another issue for venues.

“There has been a massive hit on alcohol sales. Venues would quite often rely on these to boost their profits, and people are…not drinking alcoholic drinks as much as they would on a temperate day,” says Miles.

It is not just the wedding party wilting in the heat but also the flowers. Peonies and roses – some of the most popular choices for a British wedding – saw their flowering window narrow from two months to two weeks.

“It has been an extremely tough growing season with water shortages, drought, no rainfall, slow germination in the heat, flowers going over too quickly,” explains Rebecca, from Lilac and Lace Floral Design.

For a recent wedding, she had to go to three times as many growers to get enough stems.

“For now, it’s more a time cost than a direct financial one. But using more growers often [has] larger delivery costs – I would estimate it costs £200 more in delivery.”

CUPERTINO, Calif. — Apple has increased estimated trade-in values for the majority of its iPhone, iPad, Mac and Apple Watch models, according to an update reflected on the company’s trade-in page as of August 6. Some devices saw gains approaching 30 percent compared with previous estimates, while the company also expanded the list of eligible Android phones.

The adjustments apply to “up to” credit amounts that customers can receive when trading devices toward a new purchase through Apple’s program. Final values depend on the condition, year and configuration of the returned device, and not every model qualifies for credit. The changes follow earlier adjustments earlier in the year and come as Apple continues to promote device upgrades amid rising hardware prices and the recent introduction of its Upgrade leasing option.

Among iPhones, the largest absolute increase went to the iPhone 16 Pro, which rose from a previous maximum of $560 to $630. The iPhone 16 Pro Max climbed from $695 to $720. The iPhone 16 Plus moved from $465 to $485, and the standard iPhone 16 advanced from $460 to $480. The iPhone 16e remained unchanged at $310.

Older flagship models also received higher estimates. The iPhone 15 Pro Max increased from $490 to $530, the iPhone 15 Pro from $410 to $420, the iPhone 15 Plus from $325 to $340, and the iPhone 15 from $320 to $335. The iPhone 14 Pro Max rose from $375 to $405, the iPhone 14 Pro from $320 to $335, and the iPhone 14 from $225 to $235. The iPhone 14 Plus stayed flat at $235.

Further down the lineup, the iPhone 13 Pro Max advanced from $320 to $340, the iPhone 13 Pro from $260 to $285, the iPhone 13 from $195 to $205, and the iPhone 13 mini from $150 to $155. The iPhone 12 Pro Max moved from $220 to $240, the iPhone 12 Pro from $180 to $195, the iPhone 12 from $125 to $135, and the iPhone 12 mini from $85 to $90. The third-generation iPhone SE rose from $80 to $85, while the second-generation model held steady at $45.

Even older devices saw modest gains in several cases. The iPhone 11 Pro Max increased from $150 to $160, the iPhone 11 Pro from $135 to $145, the iPhone 11 from $100 to $110, the iPhone XS Max from $90 to $95, the iPhone XS from $65 to $70, and the iPhone XR from $80 to $90. The iPhone X remained at $60, the iPhone 8 Plus at $40, and the iPhone 8 rose from $35 to $40.

Apple Watch trade-in estimates improved for most models. The Series 10 rose from $150 to $165, the Series 9 from $130 to $135, the Series 8 from $90 to $95, and the Series 7 from $65 to $70. The Ultra 2 stayed at $305, the original Ultra at $205, the second-generation SE at $60, the Series 6 at $45, and the first-generation SE at $30.

On the tablet side, every listed iPad model received an increase. The iPad Pro advanced from $690 to $720, the iPad Air from $460 to $490, the standard iPad from $235 to $260, and the iPad mini from $265 to $300.

Macs recorded some of the most substantial percentage gains. The MacBook Pro estimate jumped from $690 to $855, the MacBook Air from $520 to $580, the Mac mini from $375 to $480, the iMac from $355 to $380, the Mac Studio from $1,045 to $1,305, and the Mac Pro from $2,045 to $2,195. The iMac Pro remained unchanged at $315.

Apple also broadened the Android portion of the program. Newly added models include the Samsung Galaxy S21 Ultra 5G at up to $95, the Google Pixel 9 Pro XL at $315, the Pixel 9 Pro at $305, the Pixel 9 at $210, the OnePlus 13 at $250, and the OnePlus 13R at $165. Some existing Android estimates shifted slightly downward, including the Samsung Galaxy S22 Ultra 5G from $130 to $125, the Google Pixel 8 Pro from $165 to $155, the Pixel 7 Pro from $95 to $90, and the Pixel 7 from $65 to $60. Other Galaxy and Pixel models held steady or saw small increases.

The trade-in program allows customers to receive credit toward a new Apple device or, in some cases, an Apple Store Gift Card. Devices are evaluated for functionality and cosmetic condition once received. Apple partners with third-party recyclers and refurbishers to handle returned hardware, with the goal of extending product life cycles and recovering materials.

The August update arrives at a time when consumers face higher list prices for new Apple products. Industry observers have noted that more generous trade-in credits can help offset those increases and encourage more frequent upgrades. The addition of recent Android flagships expands the pool of potential customers who might switch platforms by trading in non-Apple phones.

Apple has not issued a formal statement accompanying the value changes beyond the standard language on its trade-in site noting that estimates are approximate and subject to inspection. The company periodically revises the table to reflect secondary-market conditions, supply of used devices and demand for refurbished inventory.

For customers considering a trade, the higher estimates improve the effective net cost of a new purchase, particularly for owners of recent Pro models or higher-end Macs. Those with older devices may still find limited residual value, though the modest increases for several legacy iPhones and Watches provide a small additional incentive to recycle through official channels rather than third-party marketplaces.

The program remains available online and in Apple Stores across the United States. Customers can obtain an instant estimate by entering device details on Apple’s website before completing the process. Actual credit is finalized after the device is inspected and accepted.

By raising values across a broad range of models and expanding Android eligibility, Apple has made its trade-in offers more competitive relative to previous months. The changes give consumers clearer incentives to return older hardware while supporting the company’s circular-economy efforts and ongoing product refresh cycles.

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Samsung’s newest generation of foldable smartphones has smashed the company’s previous pre-order records across multiple continents ahead of their official launch Friday, suggesting foldable devices may finally be moving toward mainstream adoption after years as a relatively niche corner of the smartphone market.

The Galaxy Z Fold 8, Z Fold 8 Ultra and Z Flip 8 opened pre-orders on July 22 and closed the window on Aug. 6, ahead of a full public launch scheduled for Friday, Aug. 7. Samsung shared performance data with multiple outlets throughout the pre-order period showing the new lineup significantly outpacing every previous foldable generation the company has released.

Records Falling Across Multiple Markets

In South Korea, Samsung recorded 1.44 million units in pre-sales across the three new models over a seven-day stretch from July 28 to Aug. 3, according to a company statement. That figure surpassed the previous Korean pre-order record of 1.38 million units, held by the Galaxy Note 10 since 2019, and comfortably exceeded the 1.35 million units recorded for the Galaxy S26 series earlier this year. It also more than doubled the 1.04 million combined pre-orders recorded for the Z Fold 7 and Z Flip 7 during the same window last year. According to a report cited by Dataconomy, the Galaxy Z Fold 8 alone accounted for more than 70% of that Korean pre-order total.

In the United States, Samsung confirmed to Mashable that pre-orders were outpacing the company’s previous Z series record by 30%, with the Z Fold 8 accounting for nearly half of all U.S. pre-orders. In Europe, Samsung reported that pre-order performance had surpassed all previous foldable smartphone records by more than 17%, even with a full day remaining in the pre-order window at the time the figures were shared. European demand for the non-flip Z Fold 8 and Z Fold 8 Ultra models specifically surged 70% compared with the equivalent Z Fold 7 models, with the redesigned Z Fold 8 alone capturing 40% of all European pre-orders.

A New Design Driving Demand

Much of the excitement surrounding this year’s lineup has centered on the Z Fold 8, which introduces a notably wider form factor than previous Fold generations, a shape that reportedly matches rumors surrounding Apple’s still-unconfirmed foldable iPhone. In a statement shared alongside its U.S. pre-order figures, Samsung said the redefined form factor of the Galaxy Z Fold 8 has introduced the foldable experience to an even broader group of users with diverse lifestyles, adding that the company expects the global foldable market to grow more than 20% annually and more than double in size by 2028.

Flip Owners Trading Up

One of the more notable trends Samsung highlighted involves existing Galaxy Z Flip owners upgrading to the larger Fold form factor at unprecedented rates. The company said roughly three times as many Flip users are switching to Fold devices this generation compared with the prior cycle, a shift some analysts have attributed to the improved usability and broader appeal of the redesigned Z Fold 8 specifically. Samsung also disclosed that nearly one in four buyers who pre-ordered a Fold or Flip device this year also pre-ordered one of the company’s new Galaxy Watch models, pointing to strong cross-category demand across its broader device ecosystem.

Popular Colors Selling Out

Demand has been strong enough that certain color options have reportedly sold out in some markets. Globally, Graphite emerged as the most popular color choice across both Fold models, while Pink led sales for the Flip 8. Among younger buyers on Samsung’s own retail platform, specifically those between 15 and 34 years old, a trio of exclusive green-toned colorways, Green Shadow on the Fold 8 Ultra, Pistachio on the Fold 8, and Mint on the Flip 8, proved especially popular.

Higher Prices Haven’t Slowed Demand

The record-breaking pre-order volume comes despite all three new models launching at higher prices than their predecessors, a shift the company has attributed in part to an ongoing memory chip shortage affecting the broader smartphone industry. The Galaxy Z Fold 8 carries a starting price of $1,899.99, the Z Fold 8 Ultra starts at $2,099.99, and the Z Flip 8 starts at $1,199.99. Samsung also reportedly scaled back some pre-order incentives, including free storage upgrades, in several markets compared with prior launches, making the scale of the demand surge notable given the less generous promotional environment.

Part of a Broader Premium Smartphone Trend

The strength of Samsung’s foldable pre-orders arrives amid a broader shift toward premium smartphone segments across the industry. According to market research firm Counterpoint Research, the premium smartphone segment accounted for 29% of overall global smartphone volume during the first half of 2026, up from 25% during the same period the year before. That said, Samsung’s mobile experience division, the unit responsible for its Galaxy phones, tablets and wearables, reported an operating loss for the second quarter of 2026 despite revenue growth, according to Korean media reports, prompting the company to reportedly reassess its broader pricing strategy across sticker prices, trade-in promotions and regional pricing structures.

A Potential Turning Point for Foldables

The foldable phone category emerged less than a decade ago, and early devices in the space were often criticized as expensive, occasionally gimmicky, and prone to visible creasing along their fold lines. In the years since, foldable hardware has improved considerably, and early adopters have identified a growing range of practical use cases for folding displays beyond novelty appeal. Despite those improvements, foldables have largely remained a niche segment of the broader smartphone market. This year’s unprecedented pre-order performance, however, has led some industry observers to suggest the category may finally be approaching a more mainstream inflection point, particularly with Apple reportedly preparing to enter the foldable market with its own device in the near future.

With pre-orders now closed and full retail availability beginning Friday through carriers, retailers, Samsung’s own website and its physical Experience Stores, attention will shift toward whether the strong pre-order momentum translates into similarly strong sales once the devices reach a broader base of walk-in customers. Samsung has already confirmed reviews of the Fold 8 and Fold 8 Ultra are live ahead of launch day, giving prospective buyers additional information as they weigh the new lineup against its record-breaking early demand.

At present, provisions relating to stock exchanges and clearing corporations are contained across the Master Circular for Stock Exchanges and Clearing Corporations (MSECC) issued in December 2024, and the Master Circular for Commodity Derivatives (MCCD) issued in August 2023.

In its consultation paper, Sebi has proposed merging provisions pertaining to clearing corporations contained in the two master circulars into a separate Master Circular for Clearing Corporations.

Similarly, certain requirements primarily concerning exchanges have been proposed to be shifted to the relevant chapters of the Master Circular for Exchanges.

Among other changes, Sebi has proposed extending certain website disclosure requirements for clearing corporations to all segments. These include disclosures relating to the policy on composition and contributions to the Core Settlement Guarantee Fund (SGF), quarterly break-up of contributions, investment policy for the Core SGF and the default waterfall for each segment.

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The regulator has also proposed exempting clearing corporations registered as depository participants (DPs) from submitting periodic DP-related reports and filings to depositories.
Sebi noted that clearing corporations retain DP registrations mainly for establishing connectivity with depositories for clearing and settlement activities and do not undertake retail client transactions like regular DPs.Further, several provisions concerning stock brokers, including mode of payment and delivery, block mechanism for early pay-in, pay-in validation, client collateral and pledge/re-pledge of securities, are proposed to be removed from the MSECC since these are already covered under the Master Circular for Stock Brokers dated June 17, 2025.

The regulator has also proposed deleting or relocating provisions relating to client code modification, order-level checks, dynamic price bands and base minimum capital as these are already covered elsewhere in the regulatory framework.

Requirements relating to calculation of mean impact cost and risk reduction mode, among others, are proposed to be moved to the relevant trading and exchange-traded derivatives chapters of the Master Circular for Exchanges.

Further, provisions concerning clearing corporations that are currently contained in the commodity derivatives and stock exchange master circulars, including those dealing with risk management, delivery and settlement of derivative contracts, have been proposed to be consolidated into the new Master Circular for Clearing Corporations.

Sebi said the move would help standardise norms, rationalise periodic filings, remove obsolete requirements and simplify the regulatory framework.

The regulator has sought public comments on whether provisions under the two existing master circulars should be merged and whether those relating to stock exchanges and clearing corporations should be separated.

The Securities and Exchange Board of India (Sebi) has sought public comments on the proposals till August 27.