(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 23, 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) | March 30, 2024 | April 1, 2023 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 398,493 | $ | 456,058 | $ | (57,565) | (12.6) | % | |||||||||||||||
Financial services | 21,625 | 20,322 | 1,303 | 6.4 | % | ||||||||||||||||||
$ | 420,118 | $ | 476,380 | $ | (56,262) | (11.8) | % | ||||||||||||||||
Factory-built modules sold | 6,231 | 7,236 | (1,005) | (13.9) | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 3,938 | 4,477 | (539) | (12.0) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 101,192 | $ | 101,867 | $ | (675) | (0.7) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | March 30, 2024 | April 1, 2023 | Change | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Factory-built housing | $ | 89,288 | $ | 111,355 | $ | (22,067) | (19.8) | % | |||||||||||||||
Financial services | 9,727 | 9,286 | 441 | 4.7 | % | ||||||||||||||||||
$ | 99,015 | $ | 120,641 | $ | (21,626) | (17.9) | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 23.6 | % | 25.3 | % | N/A | (1.7) | % | ||||||||||||||||
Factory-built housing | 22.4 | % | 24.4 | % | N/A | (2.0) | % | ||||||||||||||||
Financial services | 45.0 | % | 45.7 | % | N/A | (0.7) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 55,937 | $ | 61,208 | $ | (5,271) | (8.6) | % | |||||||||||||||
Financial services | 5,485 | 5,181 | 304 | 5.9 | % | ||||||||||||||||||
$ | 61,422 | $ | 66,389 | $ | (4,967) | (7.5) | % | ||||||||||||||||
Income from operations | |||||||||||||||||||||||
Factory-built housing | $ | 33,351 | $ | 50,147 | $ | (16,796) | (33.5) | % | |||||||||||||||
Financial services | 4,242 | 4,105 | 137 | 3.3 | % | ||||||||||||||||||
$ | 37,593 | $ | 54,252 | $ | (16,659) | (30.7) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | March 30, 2024 | April 1, 2023 | Change | ||||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 33,934 | $ | 47,312 | $ | (13,378) | (28.3) | % | |||||||||||||||
Diluted net income per share | $ | 4.03 | $ | 5.39 | $ | (1.36) | (25.2) | % |
Three Months Ended | ||||||||||||||
($ in millions) | March 30, 2024 | April 1, 2023 | ||||||||||||
Net revenue | ||||||||||||||
Unrealized gains recognized during the period on marketable equity securities held in the financial services segment | $ | 0.9 | $ | 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 | — | (2.2) | ||||||||||||
Legal and other expense related to the SEC inquiry, including indemnified costs of a former officer | (0.4) | (1.9) | ||||||||||||
Acquisition related transaction costs | — | (1.9) | ||||||||||||
Other income, net | ||||||||||||||
Corporate unrealized gains recognized during the period on securities held | — | 2.0 | ||||||||||||
Income tax expense | ||||||||||||||
Energy efficient home tax credits, net | — | 3.0 | ||||||||||||
Tax benefits from stock option exercises | 0.2 | 0.5 |
Year Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | March 30, 2024 | April 1, 2023 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 1,716,607 | $ | 2,069,450 | $ | (352,843) | (17.1) | % | |||||||||||||||
Financial services | 78,185 | 73,263 | 4,922 | 6.7 | % | ||||||||||||||||||
$ | 1,794,792 | $ | 2,142,713 | $ | (347,921) | (16.2) | % | ||||||||||||||||
Factory-built modules sold | 27,355 | 32,885 | (5,530) | (16.8) | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 16,928 | 19,376 | (2,448) | (12.6) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 101,406 | $ | 106,805 | $ | (5,399) | (5.1) | % |
Year Ended | |||||||||||||||||||||||
($ in thousands) | March 30, 2024 | April 1, 2023 | Change | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Factory-built housing | $ | 398,919 | $ | 523,529 | $ | (124,610) | (23.8) | % | |||||||||||||||
Financial services | 27,983 | 31,403 | (3,420) | (10.9) | % | ||||||||||||||||||
$ | 426,902 | $ | 554,932 | $ | (128,030) | (23.1) | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 23.8 | % | 25.9 | % | N/A | (2.1) | % | ||||||||||||||||
Factory-built housing | 23.2 | % | 25.3 | % | N/A | (2.1) | % | ||||||||||||||||
Financial services | 35.8 | % | 42.9 | % | N/A | (7.1) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 226,267 | $ | 237,898 | $ | (11,631) | (4.9) | % | |||||||||||||||
Financial services | 21,653 | 20,425 | 1,228 | 6.0 | % | ||||||||||||||||||
$ | 247,920 | $ | 258,323 | $ | (10,403) | (4.0) | % | ||||||||||||||||
Income from operations | |||||||||||||||||||||||
Factory-built housing | $ | 172,652 | $ | 285,631 | $ | (112,979) | (39.6) | % | |||||||||||||||
Financial services | 6,330 | 10,978 | (4,648) | (42.3) | % | ||||||||||||||||||
$ | 178,982 | $ | 296,609 | $ | (117,627) | (39.7) | % |
Year Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | March 30, 2024 | April 1, 2023 | Change | ||||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 157,817 | $ | 240,554 | $ | (82,737) | (34.4) | % | |||||||||||||||
Diluted net income per share | $ | 18.37 | $ | 26.95 | $ | (8.58) | (31.8) | % |
Year Ended | ||||||||||||||
($ in millions) | March 30, 2024 | April 1, 2023 | ||||||||||||
Net revenue | ||||||||||||||
Unrealized gains (losses) recognized during the period on securities held in the financial services segment | $ | 1.3 | $ | (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 | — | (7.3) | ||||||||||||
Legal and other expense related to the SEC inquiry, net of recovery | (3.4) | (5.5) | ||||||||||||
Acquisition transaction costs | — | (2.5) | ||||||||||||
Other income, net | ||||||||||||||
Gains recognized during the period on corporate securities | 0.3 | 0.8 | ||||||||||||
Income tax expense | ||||||||||||||
Energy efficient home tax credits, net | — | 8.1 | ||||||||||||
Tax benefits from stock option exercises | 1.3 | 0.9 |
March 30, 2024 | April 1, 2023 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 352,687 | $ | 271,427 | |||||||
Restricted cash, current | 15,481 | 11,728 | |||||||||
Accounts receivable, net | 77,123 | 89,347 | |||||||||
Short-term investments | 18,270 | 14,978 | |||||||||
Current portion of consumer loans receivable, net | 20,713 | 17,019 | |||||||||
Current portion of commercial loans receivable, net | 40,787 | 43,414 | |||||||||
Current portion of commercial loans receivable from affiliates, net | 2,529 | 640 | |||||||||
Inventories | 241,339 | 263,150 | |||||||||
Prepaid expenses and other current assets | 82,870 | 92,876 | |||||||||
Total current assets | 851,799 | 804,579 | |||||||||
Restricted cash | 585 | 335 | |||||||||
Investments | 17,316 | 18,639 | |||||||||
Consumer loans receivable, net | 23,354 | 27,129 | |||||||||
Commercial loans receivable, net | 45,660 | 53,890 | |||||||||
Commercial loans receivable from affiliates, net | 2,065 | 4,033 | |||||||||
Property, plant and equipment, net | 224,199 | 228,278 | |||||||||
Goodwill | 121,934 | 114,547 | |||||||||
Other intangibles, net | 28,221 | 29,790 | |||||||||
Operating lease right-of-use assets | 39,027 | 26,755 | |||||||||
Total assets | $ | 1,354,160 | $ | 1,307,975 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 33,531 | $ | 30,730 | |||||||
Accrued expenses and other current liabilities | 239,736 | 262,661 | |||||||||
Total current liabilities | 273,267 | 293,391 | |||||||||
Operating lease liabilities | 35,148 | 21,678 | |||||||||
Other liabilities | 7,759 | 7,820 | |||||||||
Deferred income taxes | 4,575 | 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 9,389,953 and 9,337,125 shares, respectively; Outstanding 8,320,718 and 8,665,324 shares, respectively | 94 | 93 | |||||||||
Treasury stock, at cost; 1,069,235 and 671,801 shares, respectively | (274,693) | (164,452) | |||||||||
Additional paid-in capital | 281,216 | 271,950 | |||||||||
Retained earnings | 1,027,127 | 869,310 | |||||||||
Accumulated other comprehensive loss | (333) | (615) | |||||||||
Total stockholders' equity | 1,033,411 | 976,286 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,354,160 | $ | 1,307,975 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
March 30, 2024 | April 1, 2023 | March 30, 2024 | April 1, 2023 | ||||||||||||||||||||
Net revenue | $ | 420,118 | $ | 476,380 | $ | 1,794,792 | $ | 2,142,713 | |||||||||||||||
Cost of sales | 321,103 | 355,739 | 1,367,890 | 1,587,781 | |||||||||||||||||||
Gross profit | 99,015 | 120,641 | 426,902 | 554,932 | |||||||||||||||||||
Selling, general and administrative expenses | 61,422 | 66,389 | 247,920 | 258,323 | |||||||||||||||||||
Income from operations | 37,593 | 54,252 | 178,982 | 296,609 | |||||||||||||||||||
Interest income | 5,334 | 3,933 | 20,998 | 10,679 | |||||||||||||||||||
Interest expense | (284) | (300) | (1,649) | (910) | |||||||||||||||||||
Other income, net | 292 | 676 | 849 | 385 | |||||||||||||||||||
Income before income taxes | 42,935 | 58,561 | 199,180 | 306,763 | |||||||||||||||||||
Income tax expense | (9,001) | (11,201) | (41,275) | (65,922) | |||||||||||||||||||
Net income | 33,934 | 47,360 | 157,905 | 240,841 | |||||||||||||||||||
Less: net income attributable to redeemable noncontrolling interest | — | 48 | 88 | 287 | |||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 33,934 | $ | 47,312 | $ | 157,817 | $ | 240,554 | |||||||||||||||
Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
Basic | $ | 4.07 | $ | 5.45 | $ | 18.55 | $ | 27.20 | |||||||||||||||
Diluted | $ | 4.03 | $ | 5.39 | $ | 18.37 | $ | 26.95 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 8,338,595 | 8,683,376 | 8,506,673 | 8,844,326 | |||||||||||||||||||
Diluted | 8,428,613 | 8,781,079 | 8,591,911 | 8,924,452 |
Three Months Ended | Year Ended | ||||||||||||||||||||||
March 30, 2024 | April 1, 2023 | March 30, 2024 | April 1, 2023 | ||||||||||||||||||||
Capital expenditures | $ | 4,184 | $ | 3,256 | $ | 17,421 | $ | 44,106 | |||||||||||||||
Depreciation | $ | 4,279 | $ | 4,170 | $ | 16,956 | $ | 14,833 | |||||||||||||||
Amortization of other intangibles | $ | 392 | $ | 559 | $ | 1,569 | $ | 2,070 |
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