(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
(Nasdaq Global Select Market) |
Exhibit Number | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CAVCO INDUSTRIES, INC. | |||||
By: | /s/ Allison K. Aden | ||||
Allison K. Aden | |||||
Executive Vice President, Chief Financial Officer & Treasurer | |||||
Date: | November 4, 2021 |
Exhibit Number | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
For additional information, contact: | ||||||||
Mark Fusler Director of Financial Reporting and Investor Relations investor_relations@cavco.com | ||||||||
News Release | Phone: 602-256-6263 On the Internet: www.cavco.com |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | October 2, 2021 | September 26, 2020 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 342,094 | $ | 240,967 | $ | 101,127 | 42.0 | % | |||||||||||||||
Financial services | 17,449 | 17,009 | 440 | 2.6 | % | ||||||||||||||||||
$ | 359,543 | $ | 257,976 | $ | 101,567 | 39.4 | % | ||||||||||||||||
Factory-built modules sold | 6,256 | 5,739 | 517 | 9.0 | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 3,597 | 3,427 | 170 | 5.0 | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 95,105 | $ | 70,314 | $ | 24,791 | 35.3 | % | |||||||||||||||
Six Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | October 2, 2021 | September 26, 2020 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 654,377 | $ | 479,057 | $ | 175,320 | 36.6 | % | |||||||||||||||
Financial services | 35,588 | 33,720 | 1,868 | 5.5 | % | ||||||||||||||||||
$ | 689,965 | $ | 512,777 | $ | 177,188 | 34.6 | % | ||||||||||||||||
Factory-built modules sold | 12,574 | 11,355 | 1,219 | 10.7 | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 7,297 | 6,776 | 521 | 7.7 | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 89,678 | $ | 70,699 | $ | 18,979 | 26.8 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | October 2, 2021 | September 26, 2020 | Change | ||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Factory-built housing | $ | 82,299 | $ | 46,155 | $ | 36,144 | 78.3 | % | |||||||||||||||
Financial services | 7,629 | 7,386 | 243 | 3.3 | % | ||||||||||||||||||
$ | 89,928 | $ | 53,541 | $ | 36,387 | 68.0 | % | ||||||||||||||||
Consolidated gross profit as % of Net revenue | 25.0 | % | 20.8 | % | N/A | 4.2 | % | ||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Factory-built housing | $ | 41,952 | $ | 15,430 | $ | 26,522 | 171.9 | % | |||||||||||||||
Financial services | 2,604 | 2,658 | (54) | (2.0) | % | ||||||||||||||||||
$ | 44,556 | $ | 18,088 | $ | 26,468 | 146.3 | % | ||||||||||||||||
Six Months Ended | |||||||||||||||||||||||
($ in thousands) | October 2, 2021 | September 26, 2020 | Change | ||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Factory-built housing | $ | 148,572 | $ | 93,147 | $ | 55,425 | 59.5 | % | |||||||||||||||
Financial services | 15,369 | 15,717 | (348) | (2.2) | % | ||||||||||||||||||
$ | 163,941 | $ | 108,864 | $ | 55,077 | 50.6 | % | ||||||||||||||||
Consolidated gross profit as % of Net revenue | 23.8 | % | 21.2 | % | N/A | 2.6 | % | ||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Factory-built housing | $ | 72,728 | $ | 31,685 | $ | 41,043 | 129.5 | % | |||||||||||||||
Financial services | 5,009 | 6,403 | (1,394) | (21.8) | % | ||||||||||||||||||
$ | 77,737 | $ | 38,088 | $ | 39,649 | 104.1 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | October 2, 2021 | September 26, 2020 | Change | ||||||||||||||||||||
Net Income attributable to Cavco common stockholders | $ | 37,610 | $ | 15,049 | $ | 22,561 | 149.9 | % | |||||||||||||||
Diluted net income per share | $ | 4.06 | $ | 1.62 | $ | 2.44 | 150.6 | % | |||||||||||||||
Six Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | October 2, 2021 | September 26, 2020 | Change | ||||||||||||||||||||
Net Income attributable to Cavco common stockholders | $ | 64,656 | $ | 31,723 | $ | 32,933 | 103.8 | % | |||||||||||||||
Diluted net income per share | $ | 6.97 | $ | 3.42 | $ | 3.55 | 103.8 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
($ in millions) | October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | ||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||
Unrealized (losses) gains recognized during the period on securities held in the financial services segment | $ | (0.5) | $ | 0.7 | $ | (0.1) | $ | 1.7 | ||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Amortization of additional Director & Officer insurance premiums | — | (2.1) | — | (4.2) | ||||||||||||||||||||||
Legal and other expense related to the SEC inquiry, net of recovery | (0.5) | 0.3 | (0.6) | 0.2 | ||||||||||||||||||||||
Commodore acquisition deal costs | (2.1) | — | (2.4) | — | ||||||||||||||||||||||
Other income, net | ||||||||||||||||||||||||||
Corporate unrealized gains recognized during the period on securities held | 0.5 | 0.6 | 1.7 | 1.6 | ||||||||||||||||||||||
Gain on consolidation of equity method investment | 3.3 | — | 3.3 | — | ||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Tax benefits from stock option exercises | 0.5 | 0.4 | 0.7 | 0.7 |
October 2, 2021 | April 3, 2021 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 224,291 | $ | 322,279 | |||||||
Restricted cash, current | 19,850 | 16,693 | |||||||||
Accounts receivable, net | 72,038 | 47,396 | |||||||||
Short-term investments | 18,867 | 19,496 | |||||||||
Current portion of consumer loans receivable, net | 26,475 | 37,690 | |||||||||
Current portion of commercial loans receivable, net | 31,307 | 14,568 | |||||||||
Current portion of commercial loans receivable from affiliates, net | 294 | 4,664 | |||||||||
Inventories | 190,394 | 131,234 | |||||||||
Prepaid expenses and other current assets | 49,482 | 57,779 | |||||||||
Total current assets | 632,998 | 651,799 | |||||||||
Restricted cash | 335 | 335 | |||||||||
Investments | 35,650 | 35,010 | |||||||||
Consumer loans receivable, net | 32,124 | 37,108 | |||||||||
Commercial loans receivable, net | 36,685 | 20,281 | |||||||||
Commercial loans receivable from affiliates, net | 3,647 | 4,801 | |||||||||
Property, plant and equipment, net | 156,397 | 96,794 | |||||||||
Goodwill | 106,487 | 75,090 | |||||||||
Other intangibles, net | 35,404 | 14,363 | |||||||||
Operating lease right-of-use assets | 16,706 | 16,252 | |||||||||
Total assets | $ | 1,056,433 | $ | 951,833 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 42,549 | $ | 32,120 | |||||||
Accrued expenses and other current liabilities | 237,462 | 203,133 | |||||||||
Current portion of secured financings and other | 2,260 | 1,851 | |||||||||
Total current liabilities | 282,271 | 237,104 | |||||||||
Operating lease liabilities | 13,240 | 13,361 | |||||||||
Secured financings and other | 17,305 | 10,335 | |||||||||
Deferred income taxes | 9,373 | 7,393 | |||||||||
Redeemable noncontrolling interest | 1,128 | — | |||||||||
Stockholders' equity | |||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | — | — | |||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,275,016 and 9,241,256 shares, respectively | 93 | 92 | |||||||||
Treasury stock, at cost; 98,201 and 6,600 shares, respectively | (21,877) | (1,441) | |||||||||
Additional paid-in capital | 259,116 | 253,835 | |||||||||
Retained earnings | 495,713 | 431,057 | |||||||||
Accumulated other comprehensive income | 71 | 97 | |||||||||
Total stockholders' equity | 733,116 | 683,640 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,056,433 | $ | 951,833 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | ||||||||||||||||||||
Net revenue | $ | 359,543 | $ | 257,976 | $ | 689,965 | $ | 512,777 | |||||||||||||||
Cost of sales | 269,615 | 204,435 | 526,024 | 403,913 | |||||||||||||||||||
Gross profit | 89,928 | 53,541 | 163,941 | 108,864 | |||||||||||||||||||
Selling, general and administrative expenses | 45,372 | 35,453 | 86,204 | 70,776 | |||||||||||||||||||
Income from operations | 44,556 | 18,088 | 77,737 | 38,088 | |||||||||||||||||||
Interest expense | (203) | (194) | (367) | (390) | |||||||||||||||||||
Other income, net | 4,668 | 1,702 | 7,129 | 3,578 | |||||||||||||||||||
Income before income taxes | 49,021 | 19,596 | 84,499 | 41,276 | |||||||||||||||||||
Income tax expense | (11,338) | (4,547) | (19,770) | (9,553) | |||||||||||||||||||
Net income | 37,683 | 15,049 | 64,729 | 31,723 | |||||||||||||||||||
Less: net income attributable to redeemable noncontrolling interest | 73 | — | 73 | — | |||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 37,610 | $ | 15,049 | $ | 64,656 | $ | 31,723 | |||||||||||||||
Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
Basic | $ | 4.09 | $ | 1.64 | $ | 7.03 | $ | 3.46 | |||||||||||||||
Diluted | $ | 4.06 | $ | 1.62 | $ | 6.97 | $ | 3.42 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 9,190,866 | 9,182,945 | 9,194,577 | 9,178,609 | |||||||||||||||||||
Diluted | 9,273,136 | 9,295,409 | 9,274,440 | 9,280,080 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 2, 2021 | September 26, 2020 | October 2, 2021 | September 26, 2020 | ||||||||||||||||||||
Capital expenditures | $ | 2,078 | $ | 1,917 | $ | 4,671 | $ | 3,773 | |||||||||||||||
Depreciation | $ | 1,448 | $ | 1,382 | $ | 2,851 | $ | 2,808 | |||||||||||||||
Amortization of other intangibles | $ | 166 | $ | 187 | $ | 339 | $ | 374 |
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