(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: | February 2, 2023 |
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) | December 31, 2022 | January 1, 2022 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 481,193 | $ | 413,590 | $ | 67,603 | 16.3 | % | |||||||||||||||
Financial services | 19,410 | 18,124 | 1,286 | 7.1 | % | ||||||||||||||||||
$ | 500,603 | $ | 431,714 | $ | 68,889 | 16.0 | % | ||||||||||||||||
Factory-built modules sold | 7,544 | 7,645 | (101) | (1.3) | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 4,442 | 4,424 | 18 | 0.4 | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 108,328 | $ | 93,488 | $ | 14,840 | 15.9 | % | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | December 31, 2022 | January 1, 2022 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 1,613,392 | $ | 1,067,967 | $ | 545,425 | 51.1 | % | |||||||||||||||
Financial services | 52,941 | 53,712 | (771) | (1.4) | % | ||||||||||||||||||
$ | 1,666,333 | $ | 1,121,679 | $ | 544,654 | 48.6 | % | ||||||||||||||||
Factory-built modules sold | 25,649 | 20,219 | 5,430 | 26.9 | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 14,899 | 11,721 | 3,178 | 27.1 | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 108,289 | $ | 91,116 | $ | 17,173 | 18.8 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | December 31, 2022 | January 1, 2022 | Change | ||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Factory-built housing | $ | 122,923 | $ | 104,119 | $ | 18,804 | 18.1 | % | |||||||||||||||
Financial services | 9,045 | 11,089 | (2,044) | (18.4) | % | ||||||||||||||||||
$ | 131,968 | $ | 115,208 | $ | 16,760 | 14.5 | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 26.4 | % | 26.7 | % | N/A | (0.3) | % | ||||||||||||||||
Factory-built housing | 25.5 | % | 25.2 | % | N/A | 0.3 | % | ||||||||||||||||
Financial services | 46.6 | % | 61.2 | % | N/A | (14.6) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 54,127 | $ | 55,735 | $ | (1,608) | (2.9) | % | |||||||||||||||
Financial services | 4,777 | 4,587 | 190 | 4.1 | % | ||||||||||||||||||
$ | 58,904 | $ | 60,322 | $ | (1,418) | (2.4) | % | ||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Factory-built housing | $ | 68,796 | $ | 48,384 | $ | 20,412 | 42.2 | % | |||||||||||||||
Financial services | 4,268 | 6,502 | (2,234) | (34.4) | % | ||||||||||||||||||
$ | 73,064 | $ | 54,886 | $ | 18,178 | 33.1 | % | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands) | December 31, 2022 | January 1, 2022 | Change | ||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Factory-built housing | $ | 412,174 | $ | 252,691 | $ | 159,483 | 63.1 | % | |||||||||||||||
Financial services | 22,117 | 26,458 | (4,341) | (16.4) | % | ||||||||||||||||||
$ | 434,291 | $ | 279,149 | $ | 155,142 | 55.6 | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 26.1 | % | 24.9 | % | N/A | 1.2 | % | ||||||||||||||||
Factory-built housing | 25.5 | % | 23.7 | % | N/A | 1.8 | % | ||||||||||||||||
Financial services | 41.8 | % | 49.3 | % | N/A | (7.5) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 176,690 | $ | 131,579 | $ | 45,111 | 34.3 | % | |||||||||||||||
Financial services | 15,244 | 14,947 | 297 | 2.0 | % | ||||||||||||||||||
$ | 191,934 | $ | 146,526 | $ | 45,408 | 31.0 | % | ||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Factory-built housing | $ | 235,484 | $ | 121,112 | $ | 114,372 | 94.4 | % | |||||||||||||||
Financial services | 6,873 | 11,511 | (4,638) | (40.3) | % | ||||||||||||||||||
$ | 242,357 | $ | 132,623 | $ | 109,734 | 82.7 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | December 31, 2022 | January 1, 2022 | Change | ||||||||||||||||||||
Net Income attributable to Cavco common stockholders | $ | 59,524 | $ | 79,419 | $ | (19,895) | (25.1) | % | |||||||||||||||
Diluted net income per share | $ | 6.66 | $ | 8.57 | $ | (1.91) | (22.3) | % | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | December 31, 2022 | January 1, 2022 | Change | ||||||||||||||||||||
Net Income attributable to Cavco common stockholders | $ | 193,242 | $ | 144,075 | $ | 49,167 | 34.1 | % | |||||||||||||||
Diluted net income per share | $ | 21.55 | $ | 15.54 | $ | 6.01 | 38.7 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
($ in millions) | December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | ||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||
Unrealized gains (losses) recognized during the period on securities held in the financial services segment | $ | 0.7 | $ | 0.5 | $ | (0.5) | $ | 0.4 | ||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Expenses incurred in engaging third-party consultants in relation to the non-recurring energy efficient home tax credits | (0.6) | (5.8) | (5.1) | (6.2) | ||||||||||||||||||||||
Legal and other expense related to the SEC inquiry, net of recovery | (0.8) | (0.6) | (3.6) | (1.2) | ||||||||||||||||||||||
Acquisition related deal costs | (0.5) | — | (0.6) | (2.4) | ||||||||||||||||||||||
Other income, net | ||||||||||||||||||||||||||
Corporate unrealized (losses) gains recognized during the period on securities held | (0.1) | 2.3 | (1.2) | 4.0 | ||||||||||||||||||||||
Gain on consolidation of equity method investment | — | — | — | 3.3 | ||||||||||||||||||||||
Income tax (expense) benefit | ||||||||||||||||||||||||||
Energy efficient home tax credits, net | 2.4 | 34.4 | 5.1 | 34.4 | ||||||||||||||||||||||
Tax benefits from stock option exercises | 0.4 | 0.6 | 0.4 | 1.3 |
December 31, 2022 | April 2, 2022 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 376,148 | $ | 244,150 | |||||||
Restricted cash, current | 9,911 | 14,849 | |||||||||
Accounts receivable, net | 80,062 | 96,052 | |||||||||
Short-term investments | 16,607 | 20,086 | |||||||||
Current portion of consumer loans receivable, net | 13,763 | 20,639 | |||||||||
Current portion of commercial loans receivable, net | 33,899 | 32,272 | |||||||||
Current portion of commercial loans receivable from affiliates, net | 298 | 372 | |||||||||
Inventories | 215,458 | 243,971 | |||||||||
Prepaid expenses and other current assets | 86,408 | 71,726 | |||||||||
Total current assets | 832,554 | 744,117 | |||||||||
Restricted cash | 335 | 335 | |||||||||
Investments | 21,822 | 34,933 | |||||||||
Consumer loans receivable, net | 26,903 | 29,245 | |||||||||
Commercial loans receivable, net | 40,727 | 33,708 | |||||||||
Commercial loans receivable from affiliates, net | 3,049 | 2,214 | |||||||||
Property, plant and equipment, net | 194,329 | 164,016 | |||||||||
Goodwill | 100,577 | 100,993 | |||||||||
Other intangibles, net | 26,948 | 28,459 | |||||||||
Operating lease right-of-use assets | 17,230 | 16,952 | |||||||||
Total assets | $ | 1,264,474 | $ | 1,154,972 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 26,788 | $ | 43,082 | |||||||
Accrued expenses and other current liabilities | 251,635 | 251,088 | |||||||||
Total current liabilities | 278,423 | 294,170 | |||||||||
Operating lease liabilities | 13,058 | 13,158 | |||||||||
Other liabilities | 7,898 | 10,836 | |||||||||
Deferred income taxes | 8,663 | 5,528 | |||||||||
Redeemable noncontrolling interest | 932 | 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 9,319,700 and 9,292,278 shares, respectively | 93 | 93 | |||||||||
Treasury stock, at cost; 556,344 and 241,773 shares, respectively | (134,270) | (61,040) | |||||||||
Additional paid-in capital | 268,423 | 263,049 | |||||||||
Retained earnings | 821,998 | 628,756 | |||||||||
Accumulated other comprehensive loss | (744) | (403) | |||||||||
Total stockholders' equity | 955,500 | 830,455 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,264,474 | $ | 1,154,972 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | ||||||||||||||||||||
Net revenue | $ | 500,603 | $ | 431,714 | $ | 1,666,333 | $ | 1,121,679 | |||||||||||||||
Cost of sales | 368,635 | 316,506 | 1,232,042 | 842,530 | |||||||||||||||||||
Gross profit | 131,968 | 115,208 | 434,291 | 279,149 | |||||||||||||||||||
Selling, general and administrative expenses | 58,904 | 60,322 | 191,934 | 146,526 | |||||||||||||||||||
Income from operations | 73,064 | 54,886 | 242,357 | 132,623 | |||||||||||||||||||
Interest expense | (216) | (209) | (610) | (576) | |||||||||||||||||||
Other income, net | 3,233 | 4,258 | 6,455 | 11,387 | |||||||||||||||||||
Income before income taxes | 76,081 | 58,935 | 248,202 | 143,434 | |||||||||||||||||||
Income tax (expense) benefit | (16,492) | 20,680 | (54,721) | 910 | |||||||||||||||||||
Net income | 59,589 | 79,615 | 193,481 | 144,344 | |||||||||||||||||||
Less: net income attributable to redeemable noncontrolling interest | 65 | 196 | 239 | 269 | |||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 59,524 | $ | 79,419 | $ | 193,242 | $ | 144,075 | |||||||||||||||
Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
Basic | $ | 6.71 | $ | 8.66 | $ | 21.72 | $ | 15.68 | |||||||||||||||
Diluted | $ | 6.66 | $ | 8.57 | $ | 21.55 | $ | 15.54 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 8,870,565 | 9,174,224 | 8,897,405 | 9,187,828 | |||||||||||||||||||
Diluted | 8,936,075 | 9,270,438 | 8,969,104 | 9,270,855 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 31, 2022 | January 1, 2022 | December 31, 2022 | January 1, 2022 | ||||||||||||||||||||
Capital expenditures | $ | 7,662 | $ | 4,267 | $ | 40,850 | $ | 8,938 | |||||||||||||||
Depreciation | $ | 3,389 | $ | 3,037 | $ | 10,663 | $ | 5,888 | |||||||||||||||
Amortization of other intangibles | $ | 501 | $ | 523 | $ | 1,511 | $ | 862 |
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