Delaware | 000-08822 | 56-2405642 | ||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
3636 North Central Avenue, Suite 1200 | ||||||||||||||
Phoenix | Arizona | 85012 | ||||||||||||
(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 | ||||||
Common Stock, par value $0.01 | CVCO | The Nasdaq Stock Market LLC | ||||||
(Nasdaq Global Select Market) |
Exhibit Number | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CAVCO INDUSTRIES, INC. | |||||
By: | /s/ Allison K. Aden | ||||
Allison K. Aden | |||||
Executive Vice President, Chief Financial Officer & Treasurer | |||||
Date: | November 3, 2022 |
Exhibit Number | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
![]() | For additional information, contact: | |||||||
Mark Fusler Corporate Controller and Investor Relations investor_relations@cavco.com | ||||||||
News Release | Phone: 602-256-6263 On the Internet: www.cavcoindustries.com |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 559,602 | $ | 342,094 | $ | 217,508 | 63.6 | % | |||||||||||||||
Financial services | 17,790 | 17,449 | 341 | 2.0 | % | ||||||||||||||||||
$ | 577,392 | $ | 359,543 | $ | 217,849 | 60.6 | % | ||||||||||||||||
Factory-built modules sold | 8,863 | 6,256 | 2,607 | 41.7 | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 5,111 | 3,597 | 1,514 | 42.1 | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 109,490 | $ | 95,105 | $ | 14,385 | 15.1 | % | |||||||||||||||
Six Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 1,132,199 | $ | 654,377 | $ | 477,822 | 73.0 | % | |||||||||||||||
Financial services | 33,531 | 35,588 | (2,057) | (5.8) | % | ||||||||||||||||||
$ | 1,165,730 | $ | 689,965 | $ | 475,765 | 69.0 | % | ||||||||||||||||
Factory-built modules sold | 18,105 | 12,574 | 5,531 | 44.0 | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 10,457 | 7,297 | 3,160 | 43.3 | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 108,272 | $ | 89,678 | $ | 18,594 | 20.7 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Factory-built housing | $ | 149,665 | $ | 82,299 | $ | 67,366 | 81.9 | % | |||||||||||||||
Financial services | 7,934 | 7,629 | 305 | 4.0 | % | ||||||||||||||||||
$ | 157,599 | $ | 89,928 | $ | 67,671 | 75.3 | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 27.3 | % | 25.0 | % | N/A | 2.3 | % | ||||||||||||||||
Factory-built housing | 26.7 | % | 24.1 | % | N/A | 2.6 | % | ||||||||||||||||
Financial services | 44.6 | % | 43.7 | % | N/A | 0.9 | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 61,640 | $ | 40,347 | $ | 21,293 | 52.8 | % | |||||||||||||||
Financial services | 5,254 | 5,025 | 229 | 4.6 | % | ||||||||||||||||||
$ | 66,894 | $ | 45,372 | $ | 21,522 | 47.4 | % | ||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Factory-built housing | $ | 88,025 | $ | 41,952 | $ | 46,073 | 109.8 | % | |||||||||||||||
Financial services | 2,680 | 2,604 | 76 | 2.9 | % | ||||||||||||||||||
$ | 90,705 | $ | 44,556 | $ | 46,149 | 103.6 | % | ||||||||||||||||
Six Months Ended | |||||||||||||||||||||||
($ in thousands) | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Factory-built housing | $ | 289,251 | $ | 148,572 | $ | 140,679 | 94.7 | % | |||||||||||||||
Financial services | 13,072 | 15,369 | (2,297) | (14.9) | % | ||||||||||||||||||
$ | 302,323 | $ | 163,941 | $ | 138,382 | 84.4 | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 25.9 | % | 23.8 | % | N/A | 2.1 | % | ||||||||||||||||
Factory-built housing | 25.5 | % | 22.7 | % | N/A | 2.8 | % | ||||||||||||||||
Financial services | 39.0 | % | 43.2 | % | N/A | (4.2) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 122,563 | $ | 75,844 | $ | 46,719 | 61.6 | % | |||||||||||||||
Financial services | 10,467 | 10,360 | 107 | 1.0 | % | ||||||||||||||||||
$ | 133,030 | $ | 86,204 | $ | 46,826 | 54.3 | % | ||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Factory-built housing | $ | 166,688 | $ | 72,728 | $ | 93,960 | 129.2 | % | |||||||||||||||
Financial services | 2,605 | 5,009 | (2,404) | (48.0) | % | ||||||||||||||||||
$ | 169,293 | $ | 77,737 | $ | 91,556 | 117.8 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||
Net Income attributable to Cavco common stockholders | $ | 74,116 | $ | 37,610 | $ | 36,506 | 97.1 | % | |||||||||||||||
Diluted net income per share | $ | 8.25 | $ | 4.06 | $ | 4.19 | 103.2 | % | |||||||||||||||
Six Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | October 1, 2022 | October 2, 2021 | Change | ||||||||||||||||||||
Net Income attributable to Cavco common stockholders | $ | 133,718 | $ | 64,656 | $ | 69,062 | 106.8 | % | |||||||||||||||
Diluted net income per share | $ | 14.88 | $ | 6.97 | $ | 7.91 | 113.5 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
($ in millions) | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||
Unrealized losses recognized during the period on securities held in the financial services segment | $ | — | $ | (0.5) | $ | (1.2) | $ | (0.1) | ||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Expenses incurred in engaging third-party consultants in relation to the non-recurring energy efficient home tax credits | (1.9) | (0.4) | (4.5) | (0.4) | ||||||||||||||||||||||
Legal and other expense related to the SEC inquiry, net of recovery | (1.4) | (0.5) | (2.8) | (0.6) | ||||||||||||||||||||||
Commodore acquisition deal costs | — | (2.1) | — | (2.4) | ||||||||||||||||||||||
Other income, net | ||||||||||||||||||||||||||
Corporate unrealized gains (losses) recognized during the period on securities held | — | 0.5 | (1.1) | 1.7 | ||||||||||||||||||||||
Gain on consolidation of equity method investment | — | 3.3 | — | 3.3 | ||||||||||||||||||||||
Income tax benefit | ||||||||||||||||||||||||||
Energy efficient home tax credits, net | 2.7 | — | 2.7 | — | ||||||||||||||||||||||
Tax benefits from stock option exercises | — | 0.5 | — | 0.7 |
October 1, 2022 | April 2, 2022 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 333,249 | $ | 244,150 | |||||||
Restricted cash, current | 14,535 | 14,849 | |||||||||
Accounts receivable, net | 96,614 | 96,052 | |||||||||
Short-term investments | 16,367 | 20,086 | |||||||||
Current portion of consumer loans receivable, net | 18,400 | 20,639 | |||||||||
Current portion of commercial loans receivable, net | 32,452 | 32,272 | |||||||||
Current portion of commercial loans receivable from affiliates, net | 211 | 372 | |||||||||
Inventories | 233,965 | 243,971 | |||||||||
Prepaid expenses and other current assets | 73,998 | 71,726 | |||||||||
Total current assets | 819,791 | 744,117 | |||||||||
Restricted cash | 335 | 335 | |||||||||
Investments | 38,323 | 34,933 | |||||||||
Consumer loans receivable, net | 28,570 | 29,245 | |||||||||
Commercial loans receivable, net | 41,420 | 33,708 | |||||||||
Commercial loans receivable from affiliates, net | 2,022 | 2,214 | |||||||||
Property, plant and equipment, net | 189,968 | 164,016 | |||||||||
Goodwill | 100,577 | 100,993 | |||||||||
Other intangibles, net | 27,450 | 28,459 | |||||||||
Operating lease right-of-use assets | 16,210 | 16,952 | |||||||||
Total assets | $ | 1,264,666 | $ | 1,154,972 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 42,655 | $ | 43,082 | |||||||
Accrued expenses and other current liabilities | 263,396 | 251,088 | |||||||||
Total current liabilities | 306,051 | 294,170 | |||||||||
Operating lease liabilities | 12,289 | 13,158 | |||||||||
Other liabilities | 10,420 | 10,836 | |||||||||
Deferred income taxes | 6,048 | 5,528 | |||||||||
Redeemable noncontrolling interest | 926 | 825 | |||||||||
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 9,314,152 and 9,292,278 shares, respectively | 93 | 93 | |||||||||
Treasury stock, at cost; 404,813 and 241,773 shares, respectively | (100,000) | (61,040) | |||||||||
Additional paid-in capital | 267,183 | 263,049 | |||||||||
Retained earnings | 762,474 | 628,756 | |||||||||
Accumulated other comprehensive loss | (818) | (403) | |||||||||
Total stockholders' equity | 928,932 | 830,455 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,264,666 | $ | 1,154,972 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Net revenue | $ | 577,392 | $ | 359,543 | $ | 1,165,730 | $ | 689,965 | |||||||||||||||
Cost of sales | 419,793 | 269,615 | 863,407 | 526,024 | |||||||||||||||||||
Gross profit | 157,599 | 89,928 | 302,323 | 163,941 | |||||||||||||||||||
Selling, general and administrative expenses | 66,894 | 45,372 | 133,030 | 86,204 | |||||||||||||||||||
Income from operations | 90,705 | 44,556 | 169,293 | 77,737 | |||||||||||||||||||
Interest expense | (233) | (203) | (394) | (367) | |||||||||||||||||||
Other income, net | 2,339 | 4,668 | 3,222 | 7,129 | |||||||||||||||||||
Income before income taxes | 92,811 | 49,021 | 172,121 | 84,499 | |||||||||||||||||||
Income tax expense | (18,613) | (11,338) | (38,229) | (19,770) | |||||||||||||||||||
Net income | 74,198 | 37,683 | 133,892 | 64,729 | |||||||||||||||||||
Less: net income attributable to redeemable noncontrolling interest | 82 | 73 | 174 | 73 | |||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 74,116 | $ | 37,610 | $ | 133,718 | $ | 64,656 | |||||||||||||||
Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
Basic | $ | 8.32 | $ | 4.09 | $ | 15.01 | $ | 7.03 | |||||||||||||||
Diluted | $ | 8.25 | $ | 4.06 | $ | 14.88 | $ | 6.97 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 8,903,703 | 9,190,866 | 8,910,933 | 9,194,577 | |||||||||||||||||||
Diluted | 8,978,997 | 9,273,136 | 8,983,425 | 9,274,440 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||
Capital expenditures | $ | 8,181 | $ | 2,078 | $ | 33,188 | $ | 4,671 | |||||||||||||||
Depreciation | $ | 3,836 | $ | 1,448 | $ | 7,274 | $ | 2,851 | |||||||||||||||
Amortization of other intangibles | $ | 502 | $ | 166 | $ | 1,010 | $ | 339 |
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