(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 1, 2024 |
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 30, 2023 | December 31, 2022 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 426,939 | $ | 481,193 | $ | (54,254) | (11.3) | % | |||||||||||||||
Financial services | 19,830 | 19,410 | 420 | 2.2 | % | ||||||||||||||||||
$ | 446,769 | $ | 500,603 | $ | (53,834) | (10.8) | % | ||||||||||||||||
Factory-built modules sold | 6,806 | 7,544 | (738) | (9.8) | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 4,160 | 4,442 | (282) | (6.3) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 102,630 | $ | 108,328 | $ | (5,698) | (5.3) | % | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | December 30, 2023 | December 31, 2022 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 1,318,114 | $ | 1,613,392 | $ | (295,278) | (18.3) | % | |||||||||||||||
Financial services | 56,560 | 52,941 | 3,619 | 6.8 | % | ||||||||||||||||||
$ | 1,374,674 | $ | 1,666,333 | $ | (291,659) | (17.5) | % | ||||||||||||||||
Factory-built modules sold | 21,124 | 25,649 | (4,525) | (17.6) | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 12,990 | 14,899 | (1,909) | (12.8) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 101,471 | $ | 108,289 | $ | (6,818) | (6.3) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | December 30, 2023 | December 31, 2022 | Change | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Factory-built housing | $ | 95,756 | $ | 122,923 | $ | (27,167) | (22.1) | % | |||||||||||||||
Financial services | 7,295 | 9,045 | (1,750) | (19.3) | % | ||||||||||||||||||
$ | 103,051 | $ | 131,968 | $ | (28,917) | (21.9) | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 23.1 | % | 26.4 | % | N/A | (3.3) | % | ||||||||||||||||
Factory-built housing | 22.4 | % | 25.5 | % | N/A | (3.1) | % | ||||||||||||||||
Financial services | 36.8 | % | 46.6 | % | N/A | (9.8) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 57,854 | $ | 54,127 | $ | 3,727 | 6.9 | % | |||||||||||||||
Financial services | 5,458 | 4,777 | 681 | 14.3 | % | ||||||||||||||||||
$ | 63,312 | $ | 58,904 | $ | 4,408 | 7.5 | % | ||||||||||||||||
Income from operations | |||||||||||||||||||||||
Factory-built housing | $ | 37,902 | $ | 68,796 | $ | (30,894) | (44.9) | % | |||||||||||||||
Financial services | 1,837 | 4,268 | (2,431) | (57.0) | % | ||||||||||||||||||
$ | 39,739 | $ | 73,064 | $ | (33,325) | (45.6) | % | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands) | December 30, 2023 | December 31, 2022 | Change | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Factory-built housing | $ | 309,631 | $ | 412,174 | $ | (102,543) | (24.9) | % | |||||||||||||||
Financial services | 18,256 | 22,117 | (3,861) | (17.5) | % | ||||||||||||||||||
$ | 327,887 | $ | 434,291 | $ | (106,404) | (24.5) | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 23.9 | % | 26.1 | % | N/A | (2.2) | % | ||||||||||||||||
Factory-built housing | 23.5 | % | 25.5 | % | N/A | (2.0) | % | ||||||||||||||||
Financial services | 32.3 | % | 41.8 | % | N/A | (9.5) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 170,330 | $ | 176,690 | $ | (6,360) | (3.6) | % | |||||||||||||||
Financial services | 16,168 | 15,244 | 924 | 6.1 | % | ||||||||||||||||||
$ | 186,498 | $ | 191,934 | $ | (5,436) | (2.8) | % | ||||||||||||||||
Income from operations | |||||||||||||||||||||||
Factory-built housing | $ | 139,301 | $ | 235,484 | $ | (96,183) | (40.8) | % | |||||||||||||||
Financial services | 2,088 | 6,873 | (4,785) | (69.6) | % | ||||||||||||||||||
$ | 141,389 | $ | 242,357 | $ | (100,968) | (41.7) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | December 30, 2023 | December 31, 2022 | Change | ||||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 35,987 | $ | 59,524 | $ | (23,537) | (39.5) | % | |||||||||||||||
Diluted net income per share | $ | 4.27 | $ | 6.66 | $ | (2.39) | (35.9) | % | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | December 30, 2023 | December 31, 2022 | Change | ||||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 123,883 | $ | 193,242 | $ | (69,359) | (35.9) | % | |||||||||||||||
Diluted net income per share | $ | 14.34 | $ | 21.55 | $ | (7.21) | (33.5) | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
($ in millions) | December 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||
Unrealized gains (losses) recognized during the period on securities held in the financial services segment | $ | 0.4 | $ | 0.7 | $ | 0.4 | $ | (0.5) | ||||||||||||||||||
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) | — | (5.1) | ||||||||||||||||||||||
Legal and other expense related to the Securities and Exchange Commission inquiry, including indemnified costs of a former officer | (2.0) | (0.8) | (3.0) | (3.6) | ||||||||||||||||||||||
Other income expense, net | ||||||||||||||||||||||||||
Corporate unrealized gains (losses) recognized during the period on securities held | 0.2 | (0.1) | 0.3 | (1.2) |
December 30, 2023 | April 1, 2023 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 352,808 | $ | 271,427 | |||||||
Restricted cash, current | 13,215 | 11,728 | |||||||||
Accounts receivable, net | 70,501 | 89,347 | |||||||||
Short-term investments | 16,819 | 14,978 | |||||||||
Current portion of consumer loans receivable, net | 11,855 | 17,019 | |||||||||
Current portion of commercial loans receivable, net | 48,817 | 43,414 | |||||||||
Current portion of commercial loans receivable from affiliates, net | 2,135 | 640 | |||||||||
Inventories | 236,649 | 263,150 | |||||||||
Prepaid expenses and other current assets | 80,248 | 92,876 | |||||||||
Total current assets | 833,047 | 804,579 | |||||||||
Restricted cash | 585 | 335 | |||||||||
Investments | 16,099 | 18,639 | |||||||||
Consumer loans receivable, net | 24,279 | 27,129 | |||||||||
Commercial loans receivable, net | 38,836 | 53,890 | |||||||||
Commercial loans receivable from affiliates, net | 2,784 | 4,033 | |||||||||
Property, plant and equipment, net | 224,216 | 228,278 | |||||||||
Goodwill | 120,744 | 114,547 | |||||||||
Other intangibles, net | 28,613 | 29,790 | |||||||||
Operating lease right-of-use assets | 37,393 | 26,755 | |||||||||
Total assets | $ | 1,326,596 | $ | 1,307,975 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 23,928 | $ | 30,730 | |||||||
Accrued expenses and other current liabilities | 247,244 | 262,661 | |||||||||
Total current liabilities | 271,172 | 293,391 | |||||||||
Operating lease liabilities | 33,285 | 21,678 | |||||||||
Other liabilities | 7,651 | 7,820 | |||||||||
Deferred income taxes | 5,788 | 7,581 | |||||||||
Redeemable noncontrolling interest | — | 1,219 | |||||||||
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 9,381,147 and 9,337,125 shares, respectively; Outstanding 8,345,812 and 8,665,324, respectively | 94 | 93 | |||||||||
Treasury stock, at cost; 1,035,335 and 671,801 shares, respectively | (262,072) | (164,452) | |||||||||
Additional paid-in capital | 277,847 | 271,950 | |||||||||
Retained earnings | 993,193 | 869,310 | |||||||||
Accumulated other comprehensive loss | (362) | (615) | |||||||||
Total stockholders' equity | 1,008,700 | 976,286 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,326,596 | $ | 1,307,975 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||
Net revenue | $ | 446,769 | $ | 500,603 | $ | 1,374,674 | $ | 1,666,333 | |||||||||||||||
Cost of sales | 343,718 | 368,635 | 1,046,787 | 1,232,042 | |||||||||||||||||||
Gross profit | 103,051 | 131,968 | 327,887 | 434,291 | |||||||||||||||||||
Selling, general and administrative expenses | 63,312 | 58,904 | 186,498 | 191,934 | |||||||||||||||||||
Income from operations | 39,739 | 73,064 | 141,389 | 242,357 | |||||||||||||||||||
Interest income | 5,234 | 3,581 | 15,664 | 6,746 | |||||||||||||||||||
Interest expense | (842) | (216) | (1,365) | (610) | |||||||||||||||||||
Other (expense) income, net | (224) | (348) | 557 | (291) | |||||||||||||||||||
Income before income taxes | 43,907 | 76,081 | 156,245 | 248,202 | |||||||||||||||||||
Income tax expense | (7,920) | (16,492) | (32,274) | (54,721) | |||||||||||||||||||
Net income | 35,987 | 59,589 | 123,971 | 193,481 | |||||||||||||||||||
Less: net income attributable to redeemable noncontrolling interest | — | 65 | 88 | 239 | |||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 35,987 | $ | 59,524 | $ | 123,883 | $ | 193,242 | |||||||||||||||
Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
Basic | $ | 4.31 | $ | 6.71 | $ | 14.47 | $ | 21.72 | |||||||||||||||
Diluted | $ | 4.27 | $ | 6.66 | $ | 14.34 | $ | 21.55 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 8,358,389 | 8,870,565 | 8,561,209 | 8,897,405 | |||||||||||||||||||
Diluted | 8,432,471 | 8,936,075 | 8,640,288 | 8,969,104 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 30, 2023 | December 31, 2022 | December 30, 2023 | December 31, 2022 | ||||||||||||||||||||
Capital expenditures | $ | 4,767 | $ | 7,662 | $ | 13,237 | $ | 40,850 | |||||||||||||||
Depreciation | $ | 4,228 | $ | 3,389 | $ | 12,677 | $ | 10,663 | |||||||||||||||
Amortization of other intangibles | $ | 392 | $ | 501 | $ | 1,177 | $ | 1,511 |
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