☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 56-2405642 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
3636 North Central Ave, Ste 1200 | ||||||||||||||
Phoenix | Arizona | 85012 | ||||||||||||
(Address of principal executive offices, including zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 | CVCO | The Nasdaq Stock Market LLC | ||||||
(Nasdaq Global Select Market) |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | ||||||||
Emerging Growth Company | ☐ |
Page | |||||
Item 3. Not applicable | |||||
Item 4. Not applicable | |||||
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
ASSETS | ASSETS | (Unaudited) | ASSETS | (Unaudited) | ||||||||||||||||||
Current assets | Current assets | Current assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 352,234 | $ | 271,427 | Cash and cash equivalents | $ | 377,264 | $ | 271,427 | ||||||||||||
Restricted cash, current | Restricted cash, current | 13,560 | 11,728 | Restricted cash, current | 17,180 | 11,728 | ||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 84,877 | 89,347 | Accounts receivable, net | 88,560 | 89,347 | ||||||||||||||||
Short-term investments | Short-term investments | 14,173 | 14,978 | Short-term investments | 14,358 | 14,978 | ||||||||||||||||
Current portion of consumer loans receivable, net | Current portion of consumer loans receivable, net | 13,477 | 17,019 | Current portion of consumer loans receivable, net | 10,503 | 17,019 | ||||||||||||||||
Current portion of commercial loans receivable, net | Current portion of commercial loans receivable, net | 48,772 | 43,414 | Current portion of commercial loans receivable, net | 48,583 | 43,414 | ||||||||||||||||
Current portion of commercial loans receivable from affiliates, net | Current portion of commercial loans receivable from affiliates, net | 1,491 | 640 | Current portion of commercial loans receivable from affiliates, net | 1,959 | 640 | ||||||||||||||||
Inventories | Inventories | 253,986 | 263,150 | Inventories | 244,476 | 263,150 | ||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 76,117 | 92,876 | Prepaid expenses and other current assets | 72,560 | 92,876 | ||||||||||||||||
Total current assets | Total current assets | 858,687 | 804,579 | Total current assets | 875,443 | 804,579 | ||||||||||||||||
Restricted cash | Restricted cash | 585 | 335 | Restricted cash | 585 | 335 | ||||||||||||||||
Investments | Investments | 17,967 | 18,639 | Investments | 20,507 | 18,639 | ||||||||||||||||
Consumer loans receivable, net | Consumer loans receivable, net | 25,891 | 27,129 | Consumer loans receivable, net | 25,233 | 27,129 | ||||||||||||||||
Commercial loans receivable, net | Commercial loans receivable, net | 51,612 | 53,890 | Commercial loans receivable, net | 40,998 | 53,890 | ||||||||||||||||
Commercial loans receivable from affiliates, net | Commercial loans receivable from affiliates, net | 3,584 | 4,033 | Commercial loans receivable from affiliates, net | 2,928 | 4,033 | ||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | 223,663 | 228,278 | Property, plant and equipment, net | 223,664 | 228,278 | ||||||||||||||||
Goodwill | Goodwill | 115,498 | 114,547 | Goodwill | 116,015 | 114,547 | ||||||||||||||||
Other intangibles, net | Other intangibles, net | 29,398 | 29,790 | Other intangibles, net | 29,005 | 29,790 | ||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 26,162 | 26,755 | Operating lease right-of-use assets | 34,413 | 26,755 | ||||||||||||||||
Total assets | Total assets | $ | 1,353,047 | $ | 1,307,975 | Total assets | $ | 1,368,791 | $ | 1,307,975 | ||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Current liabilities | Current liabilities | Current liabilities | ||||||||||||||||||||
Accounts payable | Accounts payable | $ | 28,634 | $ | 30,730 | Accounts payable | $ | 41,095 | $ | 30,730 | ||||||||||||
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | 264,742 | 262,661 | Accrued expenses and other current liabilities | 264,380 | 262,661 | ||||||||||||||||
Total current liabilities | Total current liabilities | 293,376 | 293,391 | Total current liabilities | 305,475 | 293,391 | ||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 22,114 | 21,678 | Operating lease liabilities | 30,529 | 21,678 | ||||||||||||||||
Other liabilities | Other liabilities | 7,909 | 7,820 | Other liabilities | 7,792 | 7,820 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | 5,702 | 7,581 | Deferred income taxes | 5,740 | 7,581 | ||||||||||||||||
Redeemable noncontrolling interest | Redeemable noncontrolling interest | 1,120 | 1,219 | Redeemable noncontrolling interest | — | 1,219 | ||||||||||||||||
Stockholders' equity | Stockholders' equity | Stockholders' equity | ||||||||||||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | — | — | 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 9,347,220 and 9,337,125 shares, respectively | 93 | 93 | ||||||||||||||||||||
Treasury stock, at cost; 671,801 shares | (164,452) | (164,452) | ||||||||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,356,421 and 9,337,125 shares, respectively | Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,356,421 and 9,337,125 shares, respectively | 94 | 93 | |||||||||||||||||||
Treasury stock, at cost; 844,742 and 671,801 shares, respectively | Treasury stock, at cost; 844,742 and 671,801 shares, respectively | (211,646) | (164,452) | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 272,175 | 271,950 | Additional paid-in capital | 274,204 | 271,950 | ||||||||||||||||
Retained earnings | Retained earnings | 915,667 | 869,310 | Retained earnings | 957,206 | 869,310 | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (657) | (615) | Accumulated other comprehensive loss | (603) | (615) | ||||||||||||||||
Total stockholders' equity | Total stockholders' equity | 1,022,826 | 976,286 | Total stockholders' equity | 1,019,255 | 976,286 | ||||||||||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,353,047 | $ | 1,307,975 | Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,368,791 | $ | 1,307,975 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||
Net revenue | Net revenue | $ | 475,875 | $ | 588,338 | Net revenue | $ | 452,030 | $ | 577,392 | $ | 927,905 | $ | 1,165,730 | ||||||||||||||||||||||||||||||||
Cost of sales | Cost of sales | 357,996 | 443,614 | Cost of sales | 345,073 | 419,793 | 703,069 | 863,407 | ||||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 117,879 | 144,724 | Gross profit | 106,957 | 157,599 | 224,836 | 302,323 | ||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 61,680 | 66,136 | Selling, general and administrative expenses | 61,506 | 66,894 | 123,186 | 133,030 | ||||||||||||||||||||||||||||||||||||||
Income from operations | Income from operations | 56,199 | 78,588 | Income from operations | 45,451 | 90,705 | 101,650 | 169,293 | ||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 4,618 | 1,314 | Interest income | 5,812 | 1,851 | 10,430 | 3,165 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (266) | (161) | Interest expense | (257) | (233) | (523) | (394) | ||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 126 | (431) | ||||||||||||||||||||||||||||||||||||||||||||
Other income, net | Other income, net | 655 | 488 | 781 | 57 | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 60,677 | 79,310 | Income before income taxes | 51,661 | 92,811 | 112,338 | 172,121 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (14,266) | (19,616) | Income tax expense | (10,088) | (18,613) | (24,354) | (38,229) | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | 46,411 | 59,694 | Net income | 41,573 | 74,198 | 87,984 | 133,892 | ||||||||||||||||||||||||||||||||||||||
Less: net income attributable to redeemable noncontrolling interest | Less: net income attributable to redeemable noncontrolling interest | 54 | 92 | Less: net income attributable to redeemable noncontrolling interest | 34 | 82 | 88 | 174 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Cavco common stockholders | Net income attributable to Cavco common stockholders | $ | 46,357 | $ | 59,602 | Net income attributable to Cavco common stockholders | $ | 41,539 | $ | 74,116 | $ | 87,896 | $ | 133,718 | ||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | Comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 46,411 | $ | 59,694 | Net income | $ | 41,573 | $ | 74,198 | $ | 87,984 | $ | 133,892 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for securities sold | Reclassification adjustment for securities sold | 3 | — | Reclassification adjustment for securities sold | 3 | (6) | 6 | (6) | ||||||||||||||||||||||||||||||||||||||
Applicable income taxes | Applicable income taxes | (1) | — | Applicable income taxes | — | 1 | (1) | 1 | ||||||||||||||||||||||||||||||||||||||
Net change in unrealized position of investments held | Net change in unrealized position of investments held | (56) | (142) | Net change in unrealized position of investments held | 65 | (377) | 9 | (519) | ||||||||||||||||||||||||||||||||||||||
Applicable income taxes | Applicable income taxes | 12 | 30 | Applicable income taxes | (14) | 79 | (2) | 109 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 46,369 | 59,582 | Comprehensive income | 41,627 | 73,895 | 87,996 | 133,477 | ||||||||||||||||||||||||||||||||||||||
Less: comprehensive income attributable to redeemable noncontrolling interest | Less: comprehensive income attributable to redeemable noncontrolling interest | 54 | 92 | Less: comprehensive income attributable to redeemable noncontrolling interest | 34 | 82 | 88 | 174 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Cavco common stockholders | Comprehensive income attributable to Cavco common stockholders | $ | 46,315 | $ | 59,490 | Comprehensive income attributable to Cavco common stockholders | $ | 41,593 | $ | 73,813 | $ | 87,908 | $ | 133,303 | ||||||||||||||||||||||||||||||||
Net income per share attributable to Cavco common stockholders | Net income per share attributable to Cavco common stockholders | Net income per share attributable to Cavco common stockholders | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 5.35 | $ | 6.68 | Basic | $ | 4.80 | $ | 8.32 | $ | 10.15 | $ | 15.01 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 5.29 | $ | 6.63 | Diluted | $ | 4.76 | $ | 8.25 | $ | 10.05 | $ | 14.88 | ||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | Weighted average shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 8,670,434 | 8,918,280 | Basic | 8,656,537 | 8,903,703 | 8,663,430 | 8,910,933 | ||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 8,758,080 | 8,988,929 | Diluted | 8,731,419 | 8,978,997 | 8,742,734 | 8,983,425 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | Net income | $ | 46,411 | $ | 59,694 | Net income | $ | 87,984 | $ | 133,892 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | Adjustments to reconcile net income to net cash provided by operating activities | Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 4,566 | 3,946 | Depreciation and amortization | 9,234 | 8,284 | ||||||||||||||||
Provision for credit losses | Provision for credit losses | 19 | (167) | Provision for credit losses | (204) | (263) | ||||||||||||||||
Deferred income taxes | Deferred income taxes | (1,868) | (2,442) | Deferred income taxes | (1,845) | 630 | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 1,438 | 1,425 | Stock-based compensation expense | 2,989 | 3,525 | ||||||||||||||||
Non-cash interest income, net | Non-cash interest income, net | (297) | (257) | Non-cash interest income, net | (1,413) | (280) | ||||||||||||||||
Loss (gain) on sale or retirement of property, plant and equipment, net | Loss (gain) on sale or retirement of property, plant and equipment, net | 190 | (232) | Loss (gain) on sale or retirement of property, plant and equipment, net | 40 | (25) | ||||||||||||||||
Gain on investments and sale of loans, net | Gain on investments and sale of loans, net | (3,165) | (288) | Gain on investments and sale of loans, net | (4,278) | (3,303) | ||||||||||||||||
Changes in operating assets and liabilities, net of acquisitions | Changes in operating assets and liabilities, net of acquisitions | Changes in operating assets and liabilities, net of acquisitions | ||||||||||||||||||||
Accounts receivable | Accounts receivable | 3,692 | (12,076) | Accounts receivable | 144 | (562) | ||||||||||||||||
Consumer loans receivable originated | Consumer loans receivable originated | (36,737) | (47,467) | Consumer loans receivable originated | (56,158) | (97,155) | ||||||||||||||||
Proceeds from sales of consumer loans receivable | Proceeds from sales of consumer loans receivable | 42,363 | 47,881 | Proceeds from sales of consumer loans receivable | 65,113 | 100,537 | ||||||||||||||||
Principal payments received on consumer loans receivable | Principal payments received on consumer loans receivable | 1,819 | 2,421 | Principal payments received on consumer loans receivable | 3,567 | 4,961 | ||||||||||||||||
Inventories | Inventories | 9,110 | (10,751) | Inventories | 19,683 | 10,006 | ||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 15,151 | 7,359 | Prepaid expenses and other current assets | 17,823 | (4,832) | ||||||||||||||||
Commercial loans receivable originated | Commercial loans receivable originated | (28,726) | (22,776) | Commercial loans receivable originated | (51,768) | (49,491) | ||||||||||||||||
Principal payments received on commercial loans receivable | Principal payments received on commercial loans receivable | 25,216 | 18,981 | Principal payments received on commercial loans receivable | 59,378 | 41,839 | ||||||||||||||||
Accounts payable and accrued expenses and other current liabilities | 3,111 | 12,989 | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | 9,911 | 15,179 | |||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 82,293 | 58,240 | Net cash provided by operating activities | 160,200 | 162,942 | ||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | INVESTING ACTIVITIES | ||||||||||||||||||||
Purchases of property, plant and equipment | Purchases of property, plant and equipment | (4,183) | (25,007) | Purchases of property, plant and equipment | (8,470) | (33,188) | ||||||||||||||||
Payments for acquisitions, net | Payments for acquisitions, net | (1,298) | — | |||||||||||||||||||
Proceeds from sale of property, plant and equipment | Proceeds from sale of property, plant and equipment | 4,434 | 283 | Proceeds from sale of property, plant and equipment | 4,490 | 402 | ||||||||||||||||
Purchases of investments | Purchases of investments | (1,710) | (4,228) | Purchases of investments | (6,499) | (9,742) | ||||||||||||||||
Proceeds from sale of investments | Proceeds from sale of investments | 3,545 | 4,553 | Proceeds from sale of investments | 5,356 | 7,595 | ||||||||||||||||
Net cash provided (used) by investing activities | 2,086 | (24,399) | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (6,421) | (34,933) | |||||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | FINANCING ACTIVITIES | ||||||||||||||||||||
Payments for taxes on stock option exercises and releases of equity awards | Payments for taxes on stock option exercises and releases of equity awards | (1,363) | (848) | Payments for taxes on stock option exercises and releases of equity awards | (1,643) | (982) | ||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 150 | — | Proceeds from exercise of stock options | 909 | 1,591 | ||||||||||||||||
Payments on finance leases and other secured financings | Payments on finance leases and other secured financings | (157) | (165) | Payments on finance leases and other secured financings | (295) | (393) | ||||||||||||||||
Payments for common stock repurchases | Payments for common stock repurchases | — | (38,960) | Payments for common stock repurchases | (40,911) | (38,960) | ||||||||||||||||
Distributions to noncontrolling interest | Distributions to noncontrolling interest | (120) | (240) | Distributions to noncontrolling interest | (300) | (480) | ||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (1,490) | (40,213) | Net cash used in financing activities | (42,240) | (39,224) | ||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 82,889 | (6,372) | ||||||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | Net increase in cash, cash equivalents and restricted cash | 111,539 | 88,785 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | Cash, cash equivalents and restricted cash at beginning of the fiscal year | 283,490 | 259,334 | Cash, cash equivalents and restricted cash at beginning of the fiscal year | 283,490 | 259,334 | ||||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | Cash, cash equivalents and restricted cash at end of the period | $ | 366,379 | $ | 252,962 | Cash, cash equivalents and restricted cash at end of the period | $ | 395,029 | $ | 348,119 | ||||||||||||
Supplemental disclosures of cash flow information | Supplemental disclosures of cash flow information | Supplemental disclosures of cash flow information | ||||||||||||||||||||
Cash paid for income taxes | Cash paid for income taxes | $ | 8,123 | $ | 18,486 | Cash paid for income taxes | $ | 18,641 | $ | 48,027 | ||||||||||||
Cash paid for interest | Cash paid for interest | $ | 185 | $ | 71 | Cash paid for interest | $ | 368 | $ | 142 | ||||||||||||
Supplemental disclosures of noncash activity | Supplemental disclosures of noncash activity | Supplemental disclosures of noncash activity | ||||||||||||||||||||
Change in GNMA loans eligible for repurchase | Change in GNMA loans eligible for repurchase | $ | (1,873) | $ | (2,620) | Change in GNMA loans eligible for repurchase | $ | (3,250) | $ | (3,286) | ||||||||||||
Right-of-use assets recognized and operating lease obligations incurred | Right-of-use assets recognized and operating lease obligations incurred | $ | 687 | $ | 1,159 | Right-of-use assets recognized and operating lease obligations incurred | $ | 10,490 | $ | 1,445 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | Factory-built housing | ||||||||||||||||||||||||||||||||||||||||||||
Home sales | Home sales | $ | 439,744 | $ | 555,276 | Home sales | $ | 410,040 | $ | 544,501 | $ | 849,784 | $ | 1,099,777 | ||||||||||||||||||||||||||||||||
Delivery, setup and other revenues | Delivery, setup and other revenues | 17,365 | 17,321 | Delivery, setup and other revenues | 24,026 | 15,101 | 41,391 | 32,422 | ||||||||||||||||||||||||||||||||||||||
457,109 | 572,597 | 434,066 | 559,602 | 891,175 | 1,132,199 | |||||||||||||||||||||||||||||||||||||||||
Financial services | Financial services | Financial services | ||||||||||||||||||||||||||||||||||||||||||||
Insurance agency commissions received from third-party insurance companies | Insurance agency commissions received from third-party insurance companies | 899 | 1,397 | Insurance agency commissions received from third-party insurance companies | 1,017 | 1,029 | 1,916 | 2,426 | ||||||||||||||||||||||||||||||||||||||
All other sources | All other sources | 17,867 | 14,344 | All other sources | 16,947 | 16,761 | 34,814 | 31,105 | ||||||||||||||||||||||||||||||||||||||
18,766 | 15,741 | 17,964 | 17,790 | 36,730 | 33,531 | |||||||||||||||||||||||||||||||||||||||||
$ | 475,875 | $ | 588,338 | $ | 452,030 | $ | 577,392 | $ | 927,905 | $ | 1,165,730 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Cash related to CountryPlace customer payments to be remitted to third parties | Cash related to CountryPlace customer payments to be remitted to third parties | $ | 12,883 | $ | 11,123 | Cash related to CountryPlace customer payments to be remitted to third parties | $ | 15,567 | $ | 11,123 | ||||||||||||
Other restricted cash | Other restricted cash | 1,262 | 940 | Other restricted cash | 2,198 | 940 | ||||||||||||||||
14,145 | 12,063 | 17,765 | 12,063 | |||||||||||||||||||
Less current portion | Less current portion | (13,560) | (11,728) | Less current portion | (17,180) | (11,728) | ||||||||||||||||
$ | 585 | $ | 335 | $ | 585 | $ | 335 |
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 352,234 | $ | 238,072 | Cash and cash equivalents | $ | 377,264 | $ | 333,249 | ||||||||||||
Restricted cash | Restricted cash | 14,145 | 14,890 | Restricted cash | 17,765 | 14,870 | ||||||||||||||||
$ | 366,379 | $ | 252,962 | $ | 395,029 | $ | 348,119 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | $ | 17,292 | $ | 18,555 | Available-for-sale debt securities | $ | 19,821 | $ | 18,555 | ||||||||||||
Marketable equity securities | Marketable equity securities | 9,798 | 9,989 | Marketable equity securities | 10,121 | 9,989 | ||||||||||||||||
Non-marketable equity investments | Non-marketable equity investments | 5,050 | 5,073 | Non-marketable equity investments | 4,923 | 5,073 | ||||||||||||||||
32,140 | 33,617 | 34,865 | 33,617 | |||||||||||||||||||
Less short-term investments | Less short-term investments | (14,173) | (14,978) | Less short-term investments | (14,358) | (14,978) | ||||||||||||||||
$ | 17,967 | $ | 18,639 | $ | 20,507 | $ | 18,639 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | $ | 2,328 | $ | 2,237 | $ | 2,567 | $ | 2,488 | Residential mortgage-backed securities | $ | 2,254 | $ | 2,168 | $ | 2,567 | $ | 2,488 | ||||||||||||||||||||||||||||
State and political subdivision debt securities | State and political subdivision debt securities | 5,172 | 4,910 | 6,023 | 5,769 | State and political subdivision debt securities | 5,911 | 5,687 | 6,023 | 5,769 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 10,623 | 10,145 | 10,745 | 10,298 | Corporate debt securities | 12,419 | 11,966 | 10,745 | 10,298 | ||||||||||||||||||||||||||||||||||||
$ | 18,123 | $ | 17,292 | $ | 19,335 | $ | 18,555 | $ | 20,584 | $ | 19,821 | $ | 19,335 | $ | 18,555 |
July 1, 2023 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
Due in less than one year | $ | 3,590 | $ | 3,510 | |||||||
Due after one year through five years | 11,565 | 10,906 | |||||||||
Due after five years through ten years | 250 | 250 | |||||||||
Due after ten years | 390 | 389 | |||||||||
Mortgage-backed securities | 2,328 | 2,237 | |||||||||
$ | 18,123 | $ | 17,292 |
September 30, 2023 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
Due in less than one year | $ | 3,422 | $ | 3,365 | |||||||
Due after one year through five years | 14,269 | 13,651 | |||||||||
Due after five years through ten years | 250 | 250 | |||||||||
Due after ten years | 389 | 387 | |||||||||
Mortgage-backed securities | 2,254 | 2,168 | |||||||||
$ | 20,584 | $ | 19,821 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | Marketable equity securities | Marketable equity securities | ||||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) recognized during the period | $ | 460 | $ | (2,342) | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) gain recognized during the period | Net (loss) gain recognized during the period | $ | (185) | $ | (233) | $ | 275 | $ | (2,575) | |||||||||||||||||||||||||||||||||||||
Less: Net (gain) loss recognized on securities sold during the period | Less: Net (gain) loss recognized on securities sold during the period | (20) | 74 | Less: Net (gain) loss recognized on securities sold during the period | (110) | 216 | (130) | 290 | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) recognized during the period on securities still held | $ | 440 | $ | (2,268) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) gain recognized during the period on securities still held | Unrealized (loss) gain recognized during the period on securities still held | $ | (295) | $ | (17) | $ | 145 | $ | (2,285) |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Raw materials | Raw materials | $ | 85,289 | $ | 92,045 | Raw materials | $ | 85,663 | $ | 92,045 | ||||||||||||
Work in process | Work in process | 29,087 | 29,022 | Work in process | 28,290 | 29,022 | ||||||||||||||||
Finished goods | Finished goods | 139,610 | 142,083 | Finished goods | 130,523 | 142,083 | ||||||||||||||||
$ | 253,986 | $ | 263,150 | $ | 244,476 | $ | 263,150 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Loans held for investment, previously securitized | Loans held for investment, previously securitized | $ | 20,055 | $ | 21,000 | Loans held for investment, previously securitized | $ | 18,756 | $ | 21,000 | ||||||||||||
Loans held for investment | Loans held for investment | 12,880 | 13,117 | Loans held for investment | 13,045 | 13,117 | ||||||||||||||||
Loans held for sale | Loans held for sale | 7,599 | 10,846 | Loans held for sale | 5,208 | 10,846 | ||||||||||||||||
Construction advances | Construction advances | 376 | 706 | Construction advances | 84 | 706 | ||||||||||||||||
40,910 | 45,669 | 37,093 | 45,669 | |||||||||||||||||||
Deferred financing fees and other, net | Deferred financing fees and other, net | (398) | (368) | Deferred financing fees and other, net | (312) | (368) | ||||||||||||||||
Allowance for loan losses | Allowance for loan losses | (1,144) | (1,153) | Allowance for loan losses | (1,045) | (1,153) | ||||||||||||||||
39,368 | 44,148 | 35,736 | 44,148 | |||||||||||||||||||
Less current portion | Less current portion | (13,477) | (17,019) | Less current portion | (10,503) | (17,019) | ||||||||||||||||
$ | 25,891 | $ | 27,129 | $ | 25,233 | $ | 27,129 |
Three Months Ended | |||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 1,153 | $ | 2,115 | |||||||||||||||||||
Change in estimated loan losses, net | (9) | (210) | |||||||||||||||||||||
Charge-offs | — | (19) | |||||||||||||||||||||
Recoveries | — | 19 | |||||||||||||||||||||
Allowance for loan losses at end of period | $ | 1,144 | $ | 1,905 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 1,144 | $ | 1,905 | $ | 1,153 | $ | 2,115 | |||||||||||||||
Change in estimated loan losses, net | (99) | (166) | (108) | (376) | |||||||||||||||||||
Charge-offs | — | — | — | (19) | |||||||||||||||||||
Recoveries | — | — | — | 19 | |||||||||||||||||||
Allowance for loan losses at end of period | $ | 1,045 | $ | 1,739 | $ | 1,045 | $ | 1,739 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Weighted average contractual interest rate | Weighted average contractual interest rate | 8.1 | % | 8.2 | % | Weighted average contractual interest rate | 8.1 | % | 8.2 | % | ||||||||||||
Weighted average effective interest rate | Weighted average effective interest rate | 9.6 | % | 8.8 | % | Weighted average effective interest rate | 9.2 | % | 8.8 | % | ||||||||||||
Weighted average months to maturity | Weighted average months to maturity | 153 | 150 | Weighted average months to maturity | 164 | 150 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Current | Current | $ | 38,722 | $ | 43,252 | Current | $ | 35,457 | $ | 43,252 | ||||||||||||
31 to 60 days | 31 to 60 days | 1,040 | 1,247 | 31 to 60 days | 157 | 1,247 | ||||||||||||||||
61 to 90 days | 61 to 90 days | 77 | 213 | 61 to 90 days | 185 | 213 | ||||||||||||||||
91+ days | 91+ days | 1,071 | 957 | 91+ days | 1,294 | 957 | ||||||||||||||||
$ | 40,910 | $ | 45,669 | $ | 37,093 | $ | 45,669 |
July 1, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime- FICO score 680 and greater | Prime- FICO score 680 and greater | $ | 5,378 | $ | 1,440 | $ | 183 | $ | 996 | $ | 1,963 | $ | 16,864 | $ | 26,824 | Prime- FICO score 680 and greater | $ | 4,009 | $ | 668 | $ | 182 | $ | 991 | $ | 1,945 | $ | 16,007 | $ | 23,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Near Prime- FICO score 620-679 | Near Prime- FICO score 620-679 | 694 | 265 | — | 1,008 | 1,087 | 9,680 | 12,734 | Near Prime- FICO score 620-679 | 546 | — | — | 1,217 | 1,062 | 9,238 | 12,063 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sub-Prime- FICO score less than 620 | Sub-Prime- FICO score less than 620 | — | — | — | 19 | 50 | 938 | 1,007 | Sub-Prime- FICO score less than 620 | — | — | — | 18 | 50 | 834 | 902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No FICO score | No FICO score | — | — | — | — | — | 345 | 345 | No FICO score | — | — | — | — | — | 326 | 326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 6,072 | $ | 1,705 | $ | 183 | $ | 2,023 | $ | 3,100 | $ | 27,827 | $ | 40,910 | $ | 4,555 | $ | 668 | $ | 182 | $ | 2,226 | $ | 3,057 | $ | 26,405 | $ | 37,093 |
April 1, 2023 | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||||||||||||||
Prime- FICO score 680 and greater | $ | 9,471 | $ | 185 | $ | 1,051 | $ | 1,982 | $ | 1,191 | $ | 16,601 | $ | 30,481 | |||||||||||||||||||||||||||
Near Prime- FICO score 620-679 | 1,695 | — | 1,012 | 1,131 | 1,550 | 8,244 | 13,632 | ||||||||||||||||||||||||||||||||||
Sub-Prime- FICO score less than 620 | 84 | — | 19 | 51 | — | 1,033 | 1,187 | ||||||||||||||||||||||||||||||||||
No FICO score | — | — | — | — | 24 | 345 | 369 | ||||||||||||||||||||||||||||||||||
$ | 11,250 | $ | 185 | $ | 2,082 | $ | 3,164 | $ | 2,765 | $ | 26,223 | $ | 45,669 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Loans receivable | Loans receivable | $ | 107,246 | $ | 103,726 | Loans receivable | $ | 96,148 | $ | 103,726 | ||||||||||||
Allowance for loan losses | Allowance for loan losses | (1,614) | (1,586) | Allowance for loan losses | (1,497) | (1,586) | ||||||||||||||||
Deferred financing fees, net | Deferred financing fees, net | (173) | (163) | Deferred financing fees, net | (183) | (163) | ||||||||||||||||
105,459 | 101,977 | 94,468 | 101,977 | |||||||||||||||||||
Less current portion of commercial loans receivable (including from affiliates), net | Less current portion of commercial loans receivable (including from affiliates), net | (50,263) | (44,054) | Less current portion of commercial loans receivable (including from affiliates), net | (50,542) | (44,054) | ||||||||||||||||
$ | 55,196 | $ | 57,923 | $ | 43,926 | $ | 57,923 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Weighted average contractual interest rate | Weighted average contractual interest rate | 7.5 | % | 7.6 | % | Weighted average contractual interest rate | 7.5 | % | 7.6 | % | ||||||||||||
Weighted average months outstanding | Weighted average months outstanding | 10 | 9 | Weighted average months outstanding | 11 | 9 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 1,586 | $ | 1,011 | Balance at beginning of period | $ | 1,614 | $ | 1,054 | $ | 1,586 | $ | 1,011 | ||||||||||||||||||||||||||||||||
Change in estimated loan losses, net | Change in estimated loan losses, net | 28 | 43 | Change in estimated loan losses, net | (117) | 69 | (89) | 112 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 1,614 | $ | 1,054 | Balance at end of period | $ | 1,497 | $ | 1,123 | $ | 1,497 | $ | 1,123 |
July 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 26,639 | $ | 63,412 | $ | 10,907 | $ | 3,268 | $ | 2,015 | $ | 1,005 | $ | 107,246 |
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 34,942 | $ | 47,827 | $ | 8,306 | $ | 2,652 | $ | 1,538 | $ | 883 | $ | 96,148 |
April 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 80,193 | $ | 16,028 | $ | 4,071 | $ | 2,203 | $ | 1,231 | $ | — | $ | 103,726 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Property, plant and equipment, at cost | Property, plant and equipment, at cost | Property, plant and equipment, at cost | ||||||||||||||||||||
Land | $ | 39,823 | $ | 39,822 | ||||||||||||||||||
Buildings and improvements | Buildings and improvements | 168,091 | 167,291 | Buildings and improvements | $ | 169,331 | $ | 167,291 | ||||||||||||||
Machinery and equipment | Machinery and equipment | 73,733 | 76,826 | Machinery and equipment | 75,381 | 76,826 | ||||||||||||||||
Land | Land | 39,822 | 39,822 | |||||||||||||||||||
Construction in progress | Construction in progress | 7,136 | 5,472 | Construction in progress | 8,228 | 5,472 | ||||||||||||||||
288,783 | 289,411 | 292,762 | 289,411 | |||||||||||||||||||
Accumulated depreciation | Accumulated depreciation | (65,120) | (61,133) | Accumulated depreciation | (69,098) | (61,133) | ||||||||||||||||
$ | 223,663 | $ | 228,278 | $ | 223,664 | $ | 228,278 |
Classification | September 30, 2023 | April 1, 2023 | |||||||||||||||
ROU assets | |||||||||||||||||
Operating lease assets | Operating lease right-of-use assets | $ | 34,413 | $ | 26,755 | ||||||||||||
Finance lease assets | Property, plant and equipment, net (1) | 6,044 | 6,088 | ||||||||||||||
Total lease assets | $ | 40,457 | $ | 32,843 | |||||||||||||
Lease Liabilities | |||||||||||||||||
Current: | |||||||||||||||||
Operating lease liabilities | Accrued expenses and other current liabilities | $ | 5,027 | $ | 6,262 | ||||||||||||
Finance lease liabilities | Accrued expenses and other current liabilities | 78 | 347 | ||||||||||||||
Non-current: | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 30,529 | 21,678 | ||||||||||||||
Finance lease liabilities | Other liabilities | 6,127 | 5,896 | ||||||||||||||
Total lease liabilities | $ | 41,761 | $ | 34,183 |
Operating Leases | Finance Leases | Total | |||||||||||||||
Remainder of fiscal 2024 | $ | 3,254 | $ | 178 | $ | 3,432 | |||||||||||
Fiscal 2025 | 6,582 | 356 | 6,938 | ||||||||||||||
Fiscal 2026 | 6,160 | 356 | 6,516 | ||||||||||||||
Fiscal 2027 | 3,655 | 356 | 4,011 | ||||||||||||||
Fiscal 2028 | 3,141 | 356 | 3,497 | ||||||||||||||
Fiscal 2029 | 3,072 | 356 | 3,428 | ||||||||||||||
Thereafter | 18,140 | 10,230 | 28,370 | ||||||||||||||
44,004 | 12,188 | 56,192 | |||||||||||||||
Less: Amount representing interest | (8,448) | (5,983) | (14,431) | ||||||||||||||
$ | 35,556 | $ | 6,205 | $ | 41,761 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indefinite-lived | Indefinite-lived | Indefinite-lived | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | $ | 115,498 | $ | — | $ | 115,498 | $ | 114,547 | $ | — | $ | 114,547 | Goodwill | $ | 116,015 | $ | — | $ | 116,015 | $ | 114,547 | $ | — | $ | 114,547 | ||||||||||||||||||||||||||||||||||||||||||||
Trademarks and trade names | Trademarks and trade names | 16,980 | — | 16,980 | 16,980 | — | 16,980 | Trademarks and trade names | 16,980 | — | 16,980 | 16,980 | — | 16,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State insurance licenses | State insurance licenses | 1,100 | — | 1,100 | 1,100 | — | 1,100 | State insurance licenses | 1,100 | — | 1,100 | 1,100 | — | 1,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
133,578 | — | 133,578 | 132,627 | — | 132,627 | 134,095 | — | 134,095 | 132,627 | — | 132,627 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-lived | Finite-lived | Finite-lived | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | Customer relationships | 15,000 | (4,267) | 10,733 | 16,900 | (5,818) | 11,082 | Customer relationships | 15,000 | (4,616) | 10,384 | 16,900 | (5,818) | 11,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1,114 | (529) | 585 | 1,114 | (486) | 628 | Other | 1,114 | (573) | 541 | 1,114 | (486) | 628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 149,692 | $ | (4,796) | $ | 144,896 | $ | 150,641 | $ | (6,304) | $ | 144,337 | $ | 150,209 | $ | (5,189) | $ | 145,020 | $ | 150,641 | $ | (6,304) | $ | 144,337 |
Remainder of fiscal year 2024 | $ | 1,177 | |||
2025 | 1,530 | ||||
2026 | 1,488 | ||||
2027 | 1,415 | ||||
2028 | 1,299 | ||||
2029 | 1,265 | ||||
Thereafter | 3,144 | ||||
$ | 11,318 |
Remainder of fiscal year 2024 | $ | 785 | |||
Fiscal 2025 | 1,530 | ||||
Fiscal 2026 | 1,488 | ||||
Fiscal 2027 | 1,415 | ||||
Fiscal 2028 | 1,299 | ||||
Fiscal 2029 | 1,265 | ||||
Thereafter | 3,143 | ||||
$ | 10,925 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Salaries, wages and benefits | Salaries, wages and benefits | $ | 45,250 | $ | 47,100 | |||||||||||||||||
Customer deposits | Customer deposits | $ | 46,122 | $ | 45,193 | Customer deposits | 43,477 | 45,193 | ||||||||||||||
Salaries, wages and benefits | 45,998 | 47,100 | ||||||||||||||||||||
Estimated warranties | Estimated warranties | 32,401 | 31,368 | Estimated warranties | 33,015 | 31,368 | ||||||||||||||||
Unearned insurance premiums | Unearned insurance premiums | 29,835 | 27,901 | Unearned insurance premiums | 30,449 | 27,901 | ||||||||||||||||
Accrued volume rebates | Accrued volume rebates | 23,943 | 22,858 | Accrued volume rebates | 23,925 | 22,858 | ||||||||||||||||
Other | Other | 86,443 | 88,241 | Other | 88,264 | 88,241 | ||||||||||||||||
$ | 264,742 | $ | 262,661 | $ | 264,380 | $ | 262,661 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 31,368 | $ | 26,250 | Balance at beginning of period | $ | 32,401 | $ | 28,802 | $ | 31,368 | $ | 26,250 | ||||||||||||||||||||||||||||||||
Charged to costs and expenses | Charged to costs and expenses | 13,409 | 15,004 | Charged to costs and expenses | 12,206 | 13,623 | 25,615 | 28,627 | ||||||||||||||||||||||||||||||||||||||
Payments and deductions | Payments and deductions | (12,376) | (12,452) | Payments and deductions | (11,592) | (11,584) | (23,968) | (24,036) | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 32,401 | $ | 28,802 | Balance at end of period | $ | 33,015 | $ | 30,841 | $ | 33,015 | $ | 30,841 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Finance lease payables | Finance lease payables | $ | 6,224 | $ | 6,243 | Finance lease payables | $ | 6,205 | $ | 6,243 | ||||||||||||
Mandatorily redeemable noncontrolling interest | Mandatorily redeemable noncontrolling interest | 2,442 | 2,268 | |||||||||||||||||||
Other secured financing | Other secured financing | 2,184 | 2,379 | Other secured financing | 2,067 | 2,379 | ||||||||||||||||
Mandatorily redeemable noncontrolling interest | 2,300 | 2,268 | ||||||||||||||||||||
10,708 | 10,890 | 10,714 | 10,890 | |||||||||||||||||||
Less current portion included in Accrued expenses and other current liabilities | Less current portion included in Accrued expenses and other current liabilities | (2,799) | (3,070) | Less current portion included in Accrued expenses and other current liabilities | (2,922) | (3,070) | ||||||||||||||||
$ | 7,909 | $ | 7,820 | $ | 7,792 | $ | 7,820 |
Three Months Ended | |||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | 10,379 | $ | 8,676 | $ | 7,728 | $ | 7,050 | |||||||||||||||
Assumed premiums—nonaffiliated | 9,800 | 8,570 | 9,028 | 7,957 | |||||||||||||||||||
Ceded premiums—nonaffiliated | (6,127) | (6,127) | (4,229) | (4,229) | |||||||||||||||||||
$ | 14,052 | $ | 11,119 | $ | 12,527 | $ | 10,778 |
Three Months Ended | |||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | 10,067 | $ | 9,371 | $ | 7,168 | $ | 7,338 | |||||||||||||||
Assumed premiums—nonaffiliated | 9,505 | 8,851 | 8,818 | 8,211 | |||||||||||||||||||
Ceded premiums—nonaffiliated | (6,438) | (6,438) | (4,414) | (4,414) | |||||||||||||||||||
$ | 13,134 | $ | 11,784 | $ | 11,572 | $ | 11,135 | ||||||||||||||||
Six Months Ended | |||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | 20,446 | $ | 18,047 | $ | 14,896 | $ | 14,388 | |||||||||||||||
Assumed premiums—nonaffiliated | 19,305 | 17,421 | 17,846 | 16,168 | |||||||||||||||||||
Ceded premiums—nonaffiliated | (12,565) | (12,565) | (8,643) | (8,643) | |||||||||||||||||||
$ | 27,186 | $ | 22,903 | $ | 24,099 | $ | 21,913 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 10,939 | $ | 8,149 | Balance at beginning of period | $ | 13,001 | $ | 8,574 | $ | 10,939 | $ | 8,149 | ||||||||||||||||||||||||||||||||
Net incurred losses during the period | Net incurred losses during the period | 11,077 | 8,777 | Net incurred losses during the period | 8,586 | 7,809 | 19,663 | 16,586 | ||||||||||||||||||||||||||||||||||||||
Net claim payments during the period | Net claim payments during the period | (9,015) | (8,352) | Net claim payments during the period | (12,433) | (8,593) | (21,448) | (16,945) | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 13,001 | $ | 8,574 | Balance at end of period | $ | 9,154 | $ | 7,790 | $ | 9,154 | $ | 7,790 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Construction loan contract amount | Construction loan contract amount | $ | 1,594 | $ | 2,214 | Construction loan contract amount | $ | 371 | $ | 2,214 | ||||||||||||
Cumulative advances | Cumulative advances | (376) | (706) | Cumulative advances | (84) | (706) | ||||||||||||||||
$ | 1,218 | $ | 1,508 | $ | 287 | $ | 1,508 |
Equity Attributable to Cavco Stockholders | Equity Attributable to Cavco Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | Redeemable noncontrolling interest | Treasury stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | Redeemable noncontrolling interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2023 | Balance, April 1, 2023 | 9,337,125 | $ | 93 | $ | (164,452) | $ | 271,950 | $ | 869,310 | $ | (615) | $ | 976,286 | $ | 1,219 | Balance, April 1, 2023 | 9,337,125 | $ | 93 | $ | (164,452) | $ | 271,950 | $ | 869,310 | $ | (615) | $ | 976,286 | $ | 1,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 46,357 | — | 46,357 | 54 | Net income | — | — | — | — | 46,357 | — | 46,357 | 54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | Other comprehensive loss, net | — | — | — | — | — | (42) | (42) | — | Other comprehensive loss, net | — | — | — | — | — | (42) | (42) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans, net | Issuance of common stock under stock incentive plans, net | 10,095 | — | — | (1,213) | — | — | (1,213) | — | Issuance of common stock under stock incentive plans, net | 10,095 | — | — | (1,213) | — | — | (1,213) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 1,438 | — | — | 1,438 | — | Stock-based compensation | — | — | — | 1,438 | — | — | 1,438 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (120) | Distributions | — | — | — | — | — | — | — | (120) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation adjustment | Valuation adjustment | — | — | — | — | — | — | — | (33) | Valuation adjustment | — | — | — | — | — | — | — | (33) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2023 | Balance, July 1, 2023 | 9,347,220 | $ | 93 | $ | (164,452) | $ | 272,175 | $ | 915,667 | $ | (657) | $ | 1,022,826 | $ | 1,120 | Balance, July 1, 2023 | 9,347,220 | 93 | (164,452) | 272,175 | 915,667 | (657) | 1,022,826 | 1,120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 41,539 | — | 41,539 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | Other comprehensive income, net | — | — | — | — | — | 54 | 54 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans, net | Issuance of common stock under stock incentive plans, net | 9,201 | 1 | — | 478 | — | — | 479 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 1,551 | — | — | 1,551 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | Common stock repurchases | — | — | (47,194) | — | — | — | (47,194) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | — | — | — | — | — | — | — | (180) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion to mandatorily redeemable noncontrolling interest | Conversion to mandatorily redeemable noncontrolling interest | — | — | — | — | — | — | — | (974) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | 9,356,421 | $ | 94 | $ | (211,646) | $ | 274,204 | $ | 957,206 | $ | (603) | $ | 1,019,255 | $ | — |
Equity Attributable to Cavco Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | Redeemable noncontrolling interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 2, 2022 | 9,292,278 | $ | 93 | $ | (61,040) | $ | 263,049 | $ | 628,756 | $ | (403) | $ | 830,455 | $ | 825 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 59,602 | — | 59,602 | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | (112) | (112) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans, net | 5,957 | — | — | (848) | — | — | (848) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 1,425 | — | — | 1,425 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | (38,960) | — | — | — | (38,960) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (240) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 2, 2022 | 9,298,235 | $ | 93 | $ | (100,000) | $ | 263,626 | $ | 688,358 | $ | (515) | $ | 851,562 | $ | 677 | ||||||||||||||||||||||||||||||||||||||||||||
Equity Attributable to Cavco Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | Redeemable noncontrolling interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 2, 2022 | 9,292,278 | $ | 93 | $ | (61,040) | $ | 263,049 | $ | 628,756 | $ | (403) | $ | 830,455 | $ | 825 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 59,602 | — | 59,602 | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | (112) | (112) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans, net | 5,957 | — | — | (848) | — | — | (848) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 1,425 | — | — | 1,425 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | (38,960) | — | — | — | (38,960) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (240) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 2, 2022 | 9,298,235 | 93 | (100,000) | 263,626 | 688,358 | (515) | 851,562 | 677 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 74,116 | — | 74,116 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | (303) | (303) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans, net | 15,917 | — | — | 1,457 | — | — | 1,457 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 2,100 | — | — | 2,100 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | (240) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation adjustment | — | — | — | — | — | — | — | 407 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, October 1, 2022 | 9,314,152 | $ | 93 | $ | (100,000) | $ | 267,183 | $ | 762,474 | $ | (818) | $ | 928,932 | $ | 926 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to Cavco common stockholders | Net income attributable to Cavco common stockholders | $ | 46,357 | $ | 59,602 | Net income attributable to Cavco common stockholders | $ | 41,539 | $ | 74,116 | $ | 87,896 | $ | 133,718 | ||||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | Weighted average shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 8,670,434 | 8,918,280 | Basic | 8,656,537 | 8,903,703 | 8,663,430 | 8,910,933 | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities | Effect of dilutive securities | 87,646 | 70,649 | Effect of dilutive securities | 74,882 | 75,294 | 79,304 | 72,492 | ||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 8,758,080 | 8,988,929 | Diluted | 8,731,419 | 8,978,997 | 8,742,734 | 8,983,425 | ||||||||||||||||||||||||||||||||||||||
Net income per share attributable to Cavco common stockholders | Net income per share attributable to Cavco common stockholders | Net income per share attributable to Cavco common stockholders | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 5.35 | $ | 6.68 | Basic | $ | 4.80 | $ | 8.32 | $ | 10.15 | $ | 15.01 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 5.29 | $ | 6.63 | Diluted | $ | 4.76 | $ | 8.25 | $ | 10.05 | $ | 14.88 | ||||||||||||||||||||||||||||||||
Anti-dilutive common stock equivalents excluded | Anti-dilutive common stock equivalents excluded | 39 | 1,617 | Anti-dilutive common stock equivalents excluded | 335 | 413 | 320 | 596 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Book Value | Estimated Fair Value | Book Value | Estimated Fair Value | Book Value | Estimated Fair Value | Book Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | $ | 17,292 | $ | 17,292 | $ | 18,555 | $ | 18,555 | Available-for-sale debt securities | $ | 19,821 | $ | 19,821 | $ | 18,555 | $ | 18,555 | ||||||||||||||||||||||||||||
Marketable equity securities | Marketable equity securities | 9,798 | 9,798 | 9,989 | 9,989 | Marketable equity securities | 10,121 | 10,121 | 9,989 | 9,989 | ||||||||||||||||||||||||||||||||||||
Non-marketable equity investments | Non-marketable equity investments | 5,050 | 5,050 | 5,073 | 5,073 | Non-marketable equity investments | 4,923 | 4,923 | 5,073 | 5,073 | ||||||||||||||||||||||||||||||||||||
Consumer loans receivable | Consumer loans receivable | 39,368 | 44,604 | 44,148 | 50,686 | Consumer loans receivable | 35,736 | 38,537 | 44,148 | 50,686 | ||||||||||||||||||||||||||||||||||||
Commercial loans receivable | Commercial loans receivable | 105,459 | 99,281 | 101,977 | 97,106 | Commercial loans receivable | 94,468 | 86,328 | 101,977 | 97,106 | ||||||||||||||||||||||||||||||||||||
Other secured financing | Other secured financing | (2,184) | (2,078) | (2,379) | (2,332) | Other secured financing | (2,067) | (1,972) | (2,379) | (2,332) |
July 1, 2023 | April 1, 2023 | ||||||||||
Number of loans serviced with MSRs | 4,018 | 4,070 | |||||||||
Weighted average servicing fee (basis points) | 34.69 | 34.71 | |||||||||
Capitalized servicing multiple | 176.5 | % | 98.99 | % | |||||||
Capitalized servicing rate (basis points) | 61.23 | 34.36 | |||||||||
Serviced portfolio with MSRs (in thousands) | $ | 512,707 | $ | 520,458 | |||||||
MSRs (in thousands) | $ | 3,140 | $ | 1,788 |
September 30, 2023 | April 1, 2023 | ||||||||||
Number of loans serviced with MSRs | 3,949 | 4,070 | |||||||||
Weighted average servicing fee (basis points) | 34.75 | 34.71 | |||||||||
Capitalized servicing multiple | 181.0 | % | 98.99 | % | |||||||
Capitalized servicing rate (basis points) | 62.90 | 34.36 | |||||||||
Serviced portfolio with MSRs (in thousands) | $ | 502,162 | $ | 520,458 | |||||||
MSRs (in thousands) | $ | 3,159 | $ | 1,788 |
January 3, 2023 | Adjustments | January 3, 2023 (as Adjusted at July 1, 2023) | |||||||||||||||
Cash | $ | 5,119 | $ | (77) | $ | 5,042 | |||||||||||
Investments | 334 | — | 334 | ||||||||||||||
Accounts receivable | 3,536 | (778) | 2,758 | ||||||||||||||
Inventories | 58,045 | (54) | 57,991 | ||||||||||||||
Property, plant and equipment | 36,109 | (70) | 36,039 | ||||||||||||||
Other current assets | 1,519 | — | 1,519 | ||||||||||||||
Intangible assets(1) | 3,400 | — | 3,400 | ||||||||||||||
Total identifiable assets acquired | 108,062 | (979) | 107,083 | ||||||||||||||
Accounts payable and accrued liabilities | 11,251 | (28) | 11,223 | ||||||||||||||
Net identifiable assets acquired | 96,811 | (951) | 95,860 | ||||||||||||||
Goodwill(2) | 13,970 | 951 | 14,921 | ||||||||||||||
Net assets acquired | $ | 110,781 | $ | — | $ | 110,781 |
January 3, 2023 | Adjustments | January 3, 2023 (as Adjusted at September 30, 2023) | |||||||||||||||
Cash | $ | 5,119 | $ | (77) | $ | 5,042 | |||||||||||
Investments | 334 | — | 334 | ||||||||||||||
Accounts receivable | 3,536 | (778) | 2,758 | ||||||||||||||
Inventories | 58,045 | (54) | 57,991 | ||||||||||||||
Property, plant and equipment | 36,109 | (70) | 36,039 | ||||||||||||||
Other current assets | 1,519 | — | 1,519 | ||||||||||||||
Intangible assets | 3,400 | — | 3,400 | ||||||||||||||
Total identifiable assets acquired | 108,062 | (979) | 107,083 | ||||||||||||||
Accounts payable and accrued liabilities | 11,251 | 21 | 11,272 | ||||||||||||||
Net identifiable assets acquired | 96,811 | (1,000) | 95,811 | ||||||||||||||
Goodwill | 13,970 | 1,000 | 14,970 | ||||||||||||||
Net assets acquired | $ | 110,781 | $ | — | $ | 110,781 |
2022 | |||||||||||
October 1, 2022 | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
Net revenue | $ | 613,566 | $ | 1,238,077 | |||||||
Net income attributable to Cavco common stockholders | 76,159 | 137,804 | |||||||||
Diluted net income per share | 8.48 | 15.34 |
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | July 2, 2022 | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||
Net revenue: | Net revenue: | Net revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | $ | 457,109 | $ | 572,597 | Factory-built housing | $ | 434,066 | $ | 559,602 | $ | 891,175 | $ | 1,132,199 | ||||||||||||||||||||||||||||||||
Financial services | Financial services | 18,766 | 15,741 | Financial services | 17,964 | 17,790 | 36,730 | 33,531 | ||||||||||||||||||||||||||||||||||||||
$ | 475,875 | $ | 588,338 | $ | 452,030 | $ | 577,392 | $ | 927,905 | $ | 1,165,730 | |||||||||||||||||||||||||||||||||||
Income (loss) before income taxes: | ||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes: | Income before income taxes: | |||||||||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | $ | 61,825 | $ | 79,772 | Factory-built housing | $ | 50,226 | $ | 90,374 | $ | 112,051 | $ | 170,146 | ||||||||||||||||||||||||||||||||
Financial services | Financial services | (1,148) | (462) | Financial services | 1,435 | 2,437 | 287 | 1,975 | ||||||||||||||||||||||||||||||||||||||
$ | 60,677 | $ | 79,310 | $ | 51,661 | $ | 92,811 | $ | 112,338 | $ | 172,121 |
July 1, 2023 | April 1, 2023 | September 30, 2023 | April 1, 2023 | |||||||||||||||||||
Total assets: | Total assets: | Total assets: | ||||||||||||||||||||
Factory-built housing | Factory-built housing | $ | 1,151,632 | $ | 1,107,555 | Factory-built housing | $ | 1,168,127 | $ | 1,107,555 | ||||||||||||
Financial services | Financial services | 201,415 | 200,420 | Financial services | 200,664 | 200,420 | ||||||||||||||||
$ | 1,353,047 | $ | 1,307,975 | $ | 1,368,791 | $ | 1,307,975 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except revenue per home sold) | ($ in thousands, except revenue per home sold) | July 1, 2023 | July 2, 2022 | Change | ($ in thousands, except revenue per home sold) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | $ | 457,109 | $ | 572,597 | $ | (115,488) | (20.2) | % | Factory-built housing | $ | 434,066 | $ | 559,602 | $ | (125,536) | (22.4) | % | ||||||||||||||||||||||||||||
Financial services | Financial services | 18,766 | 15,741 | 3,025 | 19.2 | % | Financial services | 17,964 | 17,790 | 174 | 1.0 | % | ||||||||||||||||||||||||||||||||||
$ | 475,875 | $ | 588,338 | $ | (112,463) | (19.1) | % | $ | 452,030 | $ | 577,392 | $ | (125,362) | (21.7) | % | |||||||||||||||||||||||||||||||
Factory-built homes sold | Factory-built homes sold | Factory-built homes sold | ||||||||||||||||||||||||||||||||||||||||||||
by Company-owned retail sales centers | by Company-owned retail sales centers | 959 | 873 | 86 | 9.9 | % | by Company-owned retail sales centers | 1,014 | 860 | 154 | 17.9 | % | ||||||||||||||||||||||||||||||||||
to independent retailers, builders, communities and developers | to independent retailers, builders, communities and developers | 3,623 | 4,473 | (850) | (19.0) | % | to independent retailers, builders, communities and developers | 3,234 | 4,251 | (1,017) | (23.9) | % | ||||||||||||||||||||||||||||||||||
4,582 | 5,346 | (764) | (14.3) | % | 4,248 | 5,111 | (863) | (16.9) | % | |||||||||||||||||||||||||||||||||||||
Net factory-built housing revenue per home sold | Net factory-built housing revenue per home sold | $ | 99,762 | $ | 107,108 | $ | (7,346) | (6.9) | % | Net factory-built housing revenue per home sold | $ | 102,181 | $ | 109,490 | $ | (7,309) | (6.7) | % | ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except revenue per home sold) | ($ in thousands, except revenue per home sold) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | $ | 891,175 | $ | 1,132,199 | $ | (241,024) | (21.3) | % | |||||||||||||||||||||||||||||||||||||
Financial services | Financial services | 36,730 | 33,531 | 3,199 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||
$ | 927,905 | $ | 1,165,730 | $ | (237,825) | (20.4) | % | |||||||||||||||||||||||||||||||||||||||
Factory-built homes sold | Factory-built homes sold | |||||||||||||||||||||||||||||||||||||||||||||
by Company-owned retail sales centers | by Company-owned retail sales centers | 1,973 | 1,733 | 240 | 13.8 | % | ||||||||||||||||||||||||||||||||||||||||
to independent retailers, builders, communities and developers | to independent retailers, builders, communities and developers | 6,857 | 8,724 | (1,867) | (21.4) | % | ||||||||||||||||||||||||||||||||||||||||
8,830 | 10,457 | (1,627) | (15.6) | % | ||||||||||||||||||||||||||||||||||||||||||
Net factory-built housing revenue per home sold | Net factory-built housing revenue per home sold | $ | 100,926 | $ | 108,272 | $ | (7,346) | (6.8) | % |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | July 1, 2023 | July 2, 2022 | Change | ($ in thousands) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | $ | 113,368 | $ | 139,586 | $ | (26,218) | (18.8) | % | Factory-built housing | $ | 100,507 | $ | 149,665 | $ | (49,158) | (32.8) | % | ||||||||||||||||||||||||||||
Financial services | Financial services | 4,511 | 5,138 | (627) | (12.2) | % | Financial services | 6,450 | 7,934 | (1,484) | (18.7) | % | ||||||||||||||||||||||||||||||||||
$ | 117,879 | $ | 144,724 | $ | (26,845) | (18.5) | % | $ | 106,957 | $ | 157,599 | $ | (50,642) | (32.1) | % | |||||||||||||||||||||||||||||||
Gross profit as % of Net revenue | Gross profit as % of Net revenue | Gross profit as % of Net revenue | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | 24.8 | % | 24.6 | % | N/A | 0.2 | % | Consolidated | 23.7 | % | 27.3 | % | N/A | (3.6) | % | ||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | 24.8 | % | 24.4 | % | N/A | 0.4 | % | Factory-built housing | 23.2 | % | 26.7 | % | N/A | (3.5) | % | ||||||||||||||||||||||||||||||
Financial services | Financial services | 24.0 | % | 32.6 | % | N/A | (8.6) | % | Financial services | 35.9 | % | 44.6 | % | N/A | (8.7) | % | ||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | $ | 213,875 | $ | 289,251 | $ | (75,376) | (26.1) | % | |||||||||||||||||||||||||||||||||||||
Financial services | Financial services | 10,961 | 13,072 | (2,111) | (16.1) | % | ||||||||||||||||||||||||||||||||||||||||
$ | 224,836 | $ | 302,323 | $ | (77,487) | (25.6) | % | |||||||||||||||||||||||||||||||||||||||
Gross profit as % of Net revenue | Gross profit as % of Net revenue | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | 24.2 | % | 25.9 | % | N/A | (1.7) | % | ||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | 24.0 | % | 25.5 | % | N/A | (1.5) | % | ||||||||||||||||||||||||||||||||||||||
Financial services | Financial services | 29.8 | % | 39.0 | % | N/A | (9.2) | % |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | July 1, 2023 | July 2, 2022 | Change | ($ in thousands) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | $ | 56,021 | $ | 60,923 | $ | (4,902) | (8.0) | % | Factory-built housing | $ | 56,455 | $ | 61,640 | $ | (5,185) | (8.4) | % | ||||||||||||||||||||||||||||
Financial services | Financial services | 5,659 | 5,213 | 446 | 8.6 | % | Financial services | 5,051 | 5,254 | (203) | (3.9) | % | ||||||||||||||||||||||||||||||||||
$ | 61,680 | $ | 66,136 | $ | (4,456) | (6.7) | % | $ | 61,506 | $ | 66,894 | $ | (5,388) | (8.1) | % | |||||||||||||||||||||||||||||||
Selling, general and administrative expenses as % of Net revenue | Selling, general and administrative expenses as % of Net revenue | 13.0 | % | 11.2 | % | N/A | 1.8 | % | Selling, general and administrative expenses as % of Net revenue | 13.6 | % | 11.6 | % | N/A | 2.0 | % | ||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||
Factory-built housing | Factory-built housing | $ | 112,476 | $ | 122,563 | $ | (10,087) | (8.2) | % | |||||||||||||||||||||||||||||||||||||
Financial services | Financial services | 10,710 | 10,467 | 243 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||
$ | 123,186 | $ | 133,030 | $ | (9,844) | (7.4) | % | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses as % of Net revenue | Selling, general and administrative expenses as % of Net revenue | 13.3 | % | 11.4 | % | N/A | 1.9 | % |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | July 1, 2023 | July 2, 2022 | Change | ($ in thousands) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 4,618 | $ | 1,314 | $ | 3,304 | 251.4 | % | Interest income | $ | 5,812 | $ | 1,851 | $ | 3,961 | 214.0 | % | ||||||||||||||||||||||||||||
Interest expense | Interest expense | (266) | (161) | (105) | 65.2 | % | Interest expense | (257) | (233) | (24) | 10.3 | % | ||||||||||||||||||||||||||||||||||
Other income (expense), net | 126 | (431) | 557 | N/M | ||||||||||||||||||||||||||||||||||||||||||
Other income, net | Other income, net | 655 | 488 | 167 | (34.2) | % | ||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (14,266) | (19,616) | (5,350) | (27.3) | % | Income tax expense | (10,088) | (18,613) | 8,525 | 45.8 | % | ||||||||||||||||||||||||||||||||||
Effective tax rate | Effective tax rate | 23.5 | % | 24.7 | % | N/A | (1.20) | % | Effective tax rate | 19.5 | % | 20.1 | % | N/A | (0.60) | % | ||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 10,430 | $ | 3,165 | $ | 7,265 | 229.5 | % | |||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (523) | (394) | (129) | 32.7 | % | ||||||||||||||||||||||||||||||||||||||||
Other income, net | Other income, net | 781 | 57 | 724 | N/M | |||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (24,354) | (38,229) | (13,875) | (36.3) | % | ||||||||||||||||||||||||||||||||||||||||
Effective tax rate | Effective tax rate | 21.7 | % | 22.2 | % | N/A | (0.50) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | July 1, 2023 | July 2, 2022 | $ Change | (in thousands) | September 30, 2023 | October 1, 2022 | $ Change | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | Cash, cash equivalents and restricted cash at beginning of the fiscal year | $ | 283,490 | $ | 259,334 | $ | 24,156 | Cash, cash equivalents and restricted cash at beginning of the fiscal year | $ | 283,490 | $ | 259,334 | $ | 24,156 | ||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 82,293 | 58,240 | 24,053 | Net cash provided by operating activities | 160,200 | 162,942 | (2,742) | ||||||||||||||||||||||||||
Net cash provided (used) by investing activities | 2,086 | (24,399) | 26,485 | |||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (6,421) | (34,933) | 28,512 | ||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (1,490) | (40,213) | 38,723 | Net cash used in financing activities | (42,240) | (39,224) | (3,016) | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | Cash, cash equivalents and restricted cash at end of the period | $ | 366,379 | $ | 252,962 | $ | 113,417 | Cash, cash equivalents and restricted cash at end of the period | $ | 395,029 | $ | 348,119 | $ | 46,910 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of the Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs (in thousands) | ||||||||||||||||||||||
July 2, 2023 to August 5, 2023 | — | $ | — | — | $ | 135,731 | ||||||||||||||||||||
August 6, 2023 to September 2, 2023 | — | — | — | 135,731 | ||||||||||||||||||||||
September 3, 2023 to September 30, 2023 | 172,941 | 270.51 | 172,941 | 88,949 | ||||||||||||||||||||||
172,941 | 172,941 |
Exhibit No. | Exhibit No. | Exhibit | Exhibit No. | Exhibit | |||||||||||||||
10.1* | (1) | 2023 Omnibus Equity Incentive Plan | |||||||||||||||||
10.1* | 10.1* | (1) | |||||||||||||||||
(2) | |||||||||||||||||||
(2) | |||||||||||||||||||
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(2) | (2) | ||||||||||||||||||
(2) | (2) | ||||||||||||||||||
(3) | (3) | ||||||||||||||||||
101.INS | 101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | 101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||
101.SCH | 101.SCH | Inline XBRL Taxonomy Extension Schema Document | 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||||||||||
101.CAL | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||
101.DEF | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||
101.LAB | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||
101.PRE | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||
104 | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Cavco Industries, Inc. | |||||||||||
Registrant | |||||||||||
Signature | Title | Date | |||||||||
/s/ William C. Boor | Director, President and Chief Executive Officer | ||||||||||
William C. Boor | (Principal Executive Officer) | ||||||||||
/s/ Allison K. Aden | Executive Vice President, Chief Financial Officer & Treasurer | ||||||||||
Allison K. Aden | (Principal Financial Officer) |