(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: | May 18, 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) | April 1, 2023 | April 2, 2022 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 456,058 | $ | 488,316 | $ | (32,258) | (6.6) | % | |||||||||||||||
Financial services | 20,322 | 17,163 | 3,159 | 18.4 | % | ||||||||||||||||||
$ | 476,380 | $ | 505,479 | $ | (29,099) | (5.8) | % | ||||||||||||||||
Factory-built modules sold | 7,236 | 8,666 | (1,430) | (16.5) | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 4,477 | 4,976 | (499) | (10.0) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 101,867 | $ | 98,134 | $ | 3,733 | 3.8 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | April 1, 2023 | April 2, 2022 | Change | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Factory-built housing | $ | 111,355 | $ | 119,559 | $ | (8,204) | (6.9) | % | |||||||||||||||
Financial services | 9,286 | 10,041 | (755) | (7.5) | % | ||||||||||||||||||
$ | 120,641 | $ | 129,600 | $ | (8,959) | (6.9) | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 25.3 | % | 25.6 | % | N/A | (0.3) | % | ||||||||||||||||
Factory-built housing | 24.4 | % | 24.5 | % | N/A | (0.1) | % | ||||||||||||||||
Financial services | 45.7 | % | 58.5 | % | N/A | (12.8) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 61,208 | $ | 54,699 | $ | 6,509 | 11.9 | % | |||||||||||||||
Financial services | 5,181 | 5,028 | 153 | 3.0 | % | ||||||||||||||||||
$ | 66,389 | $ | 59,727 | $ | 6,662 | 11.2 | % | ||||||||||||||||
Income from operations | |||||||||||||||||||||||
Factory-built housing | $ | 50,147 | $ | 64,860 | $ | (14,713) | (22.7) | % | |||||||||||||||
Financial services | 4,105 | 5,013 | (908) | (18.1) | % | ||||||||||||||||||
$ | 54,252 | $ | 69,873 | $ | (15,621) | (22.4) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | April 1, 2023 | April 2, 2022 | Change | ||||||||||||||||||||
Interest income | $ | 3,933 | $ | 1,260 | $ | 2,673 | 212.1 | % | |||||||||||||||
Other income (expense), net | 676 | (2,452) | 3,128 | 127.6 | % | ||||||||||||||||||
Net income attributable to Cavco common stockholders | 47,312 | 53,624 | (6,312) | (11.8) | % | ||||||||||||||||||
Diluted net income per share | $ | 5.39 | $ | 5.80 | $ | (0.41) | (7.1) | % |
Three Months Ended | ||||||||||||||
($ in millions) | April 1, 2023 | April 2, 2022 | ||||||||||||
Net revenue | ||||||||||||||
Unrealized gains (losses) recognized during the period on marketable equity securities held in the financial services segment | $ | 0.4 | $ | (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 | (2.2) | (0.7) | ||||||||||||
Legal and other expense related to the Securities and Exchange Commission ("SEC") inquiry, net of recovery | (1.9) | (0.9) | ||||||||||||
Acquisition related transaction costs | (1.9) | — | ||||||||||||
Other income (expense), net | ||||||||||||||
Gains (losses) recognized during the period on marketable equity securities at corporate | 2.0 | (2.7) | ||||||||||||
Income tax expense | ||||||||||||||
Energy efficient home tax credits, net | 3.0 | 1.3 | ||||||||||||
Tax benefits from stock option exercises | 0.5 | — |
Year Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | April 1, 2023 | April 2, 2022 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 2,069,450 | $ | 1,556,283 | $ | 513,167 | 33.0 | % | |||||||||||||||
Financial services | 73,263 | 70,875 | 2,388 | 3.4 | % | ||||||||||||||||||
$ | 2,142,713 | $ | 1,627,158 | $ | 515,555 | 31.7 | % | ||||||||||||||||
Factory-built modules sold | 32,885 | 28,885 | 4,000 | 13.8 | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 19,376 | 16,697 | 2,679 | 16.0 | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 106,805 | $ | 93,207 | $ | 13,598 | 14.6 | % |
Year Ended | |||||||||||||||||||||||
($ in thousands) | April 1, 2023 | April 2, 2022 | Change | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Factory-built housing | $ | 523,529 | $ | 372,250 | $ | 151,279 | 40.6 | % | |||||||||||||||
Financial services | 31,403 | 36,499 | (5,096) | (14.0) | % | ||||||||||||||||||
$ | 554,932 | $ | 408,749 | $ | 146,183 | 35.8 | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 25.9 | % | 25.1 | % | N/A | 0.8 | % | ||||||||||||||||
Factory-built housing | 25.3 | % | 23.9 | % | N/A | 1.4 | % | ||||||||||||||||
Financial services | 42.9 | % | 51.5 | % | N/A | (8.6) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 237,898 | $ | 186,278 | $ | 51,620 | 27.7 | % | |||||||||||||||
Financial services | 20,425 | 19,975 | 450 | 2.3 | % | ||||||||||||||||||
$ | 258,323 | $ | 206,253 | $ | 52,070 | 25.2 | % | ||||||||||||||||
Income from operations | |||||||||||||||||||||||
Factory-built housing | $ | 285,631 | $ | 185,972 | $ | 99,659 | 53.6 | % | |||||||||||||||
Financial services | 10,978 | 16,524 | (5,546) | (33.6) | % | ||||||||||||||||||
$ | 296,609 | $ | 202,496 | $ | 94,113 | 46.5 | % |
Year Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | April 1, 2023 | April 2, 2022 | Change | ||||||||||||||||||||
Interest income | $ | 10,679 | $ | 3,537 | $ | 7,142 | 201.9 | % | |||||||||||||||
Other income (expense), net | 385 | 6,658 | (6,273) | (94.2) | % | ||||||||||||||||||
Net income attributable to Cavco common stockholders | 240,554 | 197,699 | 42,855 | 21.7 | % | ||||||||||||||||||
Diluted net income per share | $ | 26.95 | $ | 21.34 | $ | 5.61 | 26.3 | % |
Year Ended | ||||||||||||||
($ in millions) | April 1, 2023 | April 2, 2022 | ||||||||||||
Net revenue | ||||||||||||||
Unrealized (losses) gains recognized during the period on securities held in the financial services segment | $ | (0.1) | $ | 0.3 | ||||||||||
Selling, general and administrative expenses | ||||||||||||||
Expenses incurred in engaging third-party consultants in relation to the non-recurring energy efficient home tax credits | (7.3) | (6.9) | ||||||||||||
Legal and other expense related to the SEC inquiry, net of recovery | (5.5) | (2.1) | ||||||||||||
Acquisition transaction costs | (2.5) | (2.4) | ||||||||||||
Other income (expense), net | ||||||||||||||
Gains recognized during the period on corporate securities | 0.8 | 1.3 | ||||||||||||
Gain on consolidation of equity method investment | — | 3.3 | ||||||||||||
Income tax expense | ||||||||||||||
Energy efficient home tax credits, net | 8.1 | 35.7 | ||||||||||||
Tax benefits from stock option exercises | 0.9 | 1.3 |
April 1, 2023 | April 2, 2022 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 271,427 | $ | 244,150 | |||||||
Restricted cash, current | 11,728 | 14,849 | |||||||||
Accounts receivable, net | 89,347 | 96,052 | |||||||||
Short-term investments | 14,978 | 20,086 | |||||||||
Current portion of consumer loans receivable, net | 17,019 | 20,639 | |||||||||
Current portion of commercial loans receivable, net | 43,414 | 32,272 | |||||||||
Current portion of commercial loans receivable from affiliates, net | 640 | 372 | |||||||||
Inventories | 263,150 | 243,971 | |||||||||
Prepaid expenses and other current assets | 92,876 | 71,726 | |||||||||
Total current assets | 804,579 | 744,117 | |||||||||
Restricted cash | 335 | 335 | |||||||||
Investments | 18,639 | 34,933 | |||||||||
Consumer loans receivable, net | 27,129 | 29,245 | |||||||||
Commercial loans receivable, net | 53,890 | 33,708 | |||||||||
Commercial loans receivable from affiliates, net | 4,033 | 2,214 | |||||||||
Property, plant and equipment, net | 228,278 | 164,016 | |||||||||
Goodwill | 114,547 | 100,993 | |||||||||
Other intangibles, net | 29,790 | 28,459 | |||||||||
Operating lease right-of-use assets | 26,755 | 16,952 | |||||||||
Total assets | $ | 1,307,975 | $ | 1,154,972 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 30,730 | $ | 43,082 | |||||||
Accrued expenses and other current liabilities | 262,661 | 251,088 | |||||||||
Total current liabilities | 293,391 | 294,170 | |||||||||
Operating lease liabilities | 21,678 | 13,158 | |||||||||
Other liabilities | 7,820 | 10,836 | |||||||||
Deferred income taxes | 7,581 | 5,528 | |||||||||
Redeemable noncontrolling interest | 1,219 | 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 9,337,125 and 9,292,278 shares, respectively | 93 | 93 | |||||||||
Treasury stock, at cost; 671,801 and 241,773 shares, respectively | (164,452) | (61,040) | |||||||||
Additional paid-in capital | 271,950 | 263,049 | |||||||||
Retained earnings | 869,310 | 628,756 | |||||||||
Accumulated other comprehensive loss | (615) | (403) | |||||||||
Total stockholders' equity | 976,286 | 830,455 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,307,975 | $ | 1,154,972 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
April 1, 2023 | April 2, 2022 | April 1, 2023 | April 2, 2022 | ||||||||||||||||||||
Net revenue | $ | 476,380 | $ | 505,479 | $ | 2,142,713 | $ | 1,627,158 | |||||||||||||||
Cost of sales | 355,739 | 375,879 | 1,587,781 | 1,218,409 | |||||||||||||||||||
Gross profit | 120,641 | 129,600 | 554,932 | 408,749 | |||||||||||||||||||
Selling, general and administrative expenses | 66,389 | 59,727 | 258,323 | 206,253 | |||||||||||||||||||
Income from operations | 54,252 | 69,873 | 296,609 | 202,496 | |||||||||||||||||||
Interest income | 3,933 | 1,260 | 10,679 | 3,537 | |||||||||||||||||||
Interest expense | (300) | (126) | (910) | (702) | |||||||||||||||||||
Other income (expense), net | 676 | (2,452) | 385 | 6,658 | |||||||||||||||||||
Income before income taxes | 58,561 | 68,555 | 306,763 | 211,989 | |||||||||||||||||||
Income tax expense | (11,201) | (15,157) | (65,922) | (14,247) | |||||||||||||||||||
Net income | 47,360 | 53,398 | 240,841 | 197,742 | |||||||||||||||||||
Less: net income (loss) attributable to redeemable noncontrolling interest | 48 | (226) | 287 | 43 | |||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 47,312 | $ | 53,624 | $ | 240,554 | $ | 197,699 | |||||||||||||||
Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
Basic | $ | 5.45 | $ | 5.86 | $ | 27.20 | $ | 21.54 | |||||||||||||||
Diluted | $ | 5.39 | $ | 5.80 | $ | 26.95 | $ | 21.34 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 8,683,376 | 9,150,741 | 8,844,326 | 9,178,593 | |||||||||||||||||||
Diluted | 8,781,079 | 9,243,121 | 8,924,452 | 9,264,153 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
April 1, 2023 | April 2, 2022 | April 1, 2023 | April 2, 2022 | ||||||||||||||||||||
Capital expenditures | $ | 3,256 | $ | 9,715 | $ | 44,106 | $ | 18,653 | |||||||||||||||
Depreciation | $ | 4,170 | $ | 3,745 | $ | 14,833 | $ | 9,633 | |||||||||||||||
Amortization of other intangibles | $ | 559 | $ | 522 | $ | 2,070 | $ | 1,384 |
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