Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 02, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000278166 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 2, 2021 | |
Amendment Flag | false | |
Document Transition Report | false | |
Entity File Number | 000-08822 | |
Entity Registrant Name | CAVCO INDUSTRIES INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 56-2405642 | |
Entity Address, Address Line One | 3636 North Central Ave, Ste 1200 | |
Entity Address, City or Town | Phoenix | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85012 | |
City Area Code | 602 | |
Local Phone Number | 256-6263 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | CVCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 9,177,315 | |
Current Fiscal Year End Date | --04-02 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Current assets | ||
Cash and cash equivalents | $ 224,291 | $ 322,279 |
Restricted cash, current | 19,850 | 16,693 |
Accounts receivable, net | 72,038 | 47,396 |
Short-term investments | 18,867 | 19,496 |
Current portion of consumer loans receivable, net | 26,475 | 37,690 |
Current portion of commercial loans receivable, net | 31,307 | 14,568 |
Current portion of commercial loans receivable from affiliates, net | 294 | 4,664 |
Inventories | 190,394 | 131,234 |
Prepaid expenses and other current assets | 49,482 | 57,779 |
Total current assets | 632,998 | 651,799 |
Restricted cash | 335 | 335 |
Investments | 35,650 | 35,010 |
Consumer loans receivable, net | 32,124 | 37,108 |
Commercial loans receivable, net | 36,685 | 20,281 |
Commercial loans receivable from affiliates, net | 3,647 | 4,801 |
Property, plant and equipment, net | 156,397 | 96,794 |
Goodwill | 106,487 | 75,090 |
Other intangibles, net | 35,404 | 14,363 |
Operating lease right-of-use assets | 16,706 | 16,252 |
Total assets | 1,056,433 | 951,833 |
Current liabilities | ||
Accounts payable | 42,549 | 32,120 |
Accrued expenses and other current liabilities | 237,462 | 203,133 |
Current portion of secured financings and other | 2,260 | 1,851 |
Total current liabilities | 282,271 | 237,104 |
Operating lease liabilities | 13,240 | 13,361 |
Secured financings and other | 17,305 | 10,335 |
Deferred income taxes | 9,373 | 7,393 |
Redeemable noncontrolling interest | 1,128 | 0 |
Stockholders' equity | ||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,275,016 and 9,241,256 shares, respectively | 93 | 92 |
Treasury stock, at cost; 98,201 and 6,600 shares, respectively | (21,877) | (1,441) |
Additional paid-in capital | 259,116 | 253,835 |
Retained earnings | 495,713 | 431,057 |
Accumulated other comprehensive income | 71 | 97 |
Total stockholders' equity | 733,116 | 683,640 |
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ 1,056,433 | $ 951,833 |
Number of shares and par value | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Common Stock, Shares, Issued | 9,275,016 | 9,241,256 |
Treasury Stock, Common, Shares | 98,201 | 6,600 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Income Statement [Abstract] | ||||
Net revenue | $ 359,543 | $ 257,976 | $ 689,965 | $ 512,777 |
Cost of sales | 269,615 | 204,435 | 526,024 | 403,913 |
Gross profit | 89,928 | 53,541 | 163,941 | 108,864 |
Selling, general and administrative expenses | 45,372 | 35,453 | 86,204 | 70,776 |
Income from operations | 44,556 | 18,088 | 77,737 | 38,088 |
Interest expense | (203) | (194) | (367) | (390) |
Other income, net | 4,668 | 1,702 | 7,129 | 3,578 |
Income before income taxes | 49,021 | 19,596 | 84,499 | 41,276 |
Income tax expense | (11,338) | (4,547) | (19,770) | (9,553) |
Net income | 37,683 | 15,049 | 64,729 | 31,723 |
Less: net income attributable to redeemable noncontrolling interest | 73 | 0 | 73 | 0 |
Net income attributable to Cavco common stockholders | 37,610 | 15,049 | 64,656 | 31,723 |
Comprehensive income: | ||||
Reclassification adjustment for securities sold | 0 | 7 | 1 | 33 |
Applicable income taxes | 0 | (2) | 0 | (7) |
Net change in unrealized position of investments held | (16) | 3 | (34) | 62 |
Applicable income taxes | 3 | (1) | 7 | (13) |
Comprehensive income | 37,670 | 15,056 | 64,703 | 31,798 |
Less: comprehensive income attributable to redeemable noncontrolling interest | 73 | 0 | 73 | 0 |
Comprehensive income attributable to Cavco common stockholders | $ 37,597 | $ 15,056 | $ 64,630 | $ 31,798 |
Net income per share attributable to Cavco common stockholders: | ||||
Basic (usd per share) | $ 4.09 | $ 1.64 | $ 7.03 | $ 3.46 |
Diluted (usd per share) | $ 4.06 | $ 1.62 | $ 6.97 | $ 3.42 |
Weighted average shares outstanding: | ||||
Basic | 9,190,866 | 9,182,945 | 9,194,577 | 9,178,609 |
Diluted (in shares) | 9,273,136 | 9,295,409 | 9,274,440 | 9,280,080 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
OPERATING ACTIVITIES | ||
Net income | $ 64,729 | $ 31,723 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 3,190 | 3,182 |
Provision for credit losses | (74) | 223 |
Deferred income taxes | 1,987 | (18) |
Stock-based compensation expense | 2,417 | 2,048 |
Non-cash interest income, net | (770) | (2,596) |
(Gain) loss on sale or retirement of property, plant and equipment, net | (41) | 242 |
Gain on investments and sale of loans, net | (12,555) | (9,597) |
Changes in operating assets and liabilities, net of acquisitions | ||
Accounts receivable | (3,136) | 5,948 |
Consumer loans receivable originated | (85,370) | (82,352) |
Proceeds from sale of consumer loans | 101,556 | 80,589 |
Principal payments on consumer loans receivable | 6,875 | 6,974 |
Inventories | (19,980) | 1,663 |
Prepaid expenses and other current assets | 993 | 11,536 |
Commercial loans receivable | 3,331 | 4,691 |
Accounts payable and accrued expenses and other current liabilities | 16,935 | 20,353 |
Net cash provided by operating activities | 80,087 | 74,609 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (4,671) | (3,773) |
Payments for acquisitions, net | (151,309) | 0 |
Proceeds from sale of property, plant and equipment | 53 | 77 |
Purchases of investments | (6,251) | (4,440) |
Proceeds from sale of investments | 6,133 | 8,054 |
Net cash used in investing activities | (156,045) | (82) |
FINANCING ACTIVITIES | ||
Proceeds from (payments for) exercise of stock options | 2,865 | (11) |
Proceeds from secured financings and other | 0 | 64 |
Payments on secured financings and other | (1,122) | (918) |
Payments for common stock repurchases | (20,436) | 0 |
Distributions to noncontrolling interest | (180) | 0 |
Net cash used in financing activities | (18,873) | (865) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (94,831) | 73,662 |
Cash, cash equivalents and restricted cash at beginning of the fiscal year | 339,307 | 255,607 |
Cash, cash equivalents and restricted cash at end of the period | 244,476 | 329,269 |
Supplemental disclosures of cash flow information | ||
Cash paid for income taxes | 19,127 | 7,865 |
Cash paid for interest | 195 | 251 |
Change in GNMA loans eligible for repurchase | (8,830) | 16,170 |
Operating Lease Obligations | ||
Lease Obligations Incurred | 2,205 | 5,617 |
Finance Lease Obligations | ||
Lease Obligations Incurred | 6,043 | 0 |
Right-of-use Assets | ||
Leased Assets Acquired | 2,205 | 5,617 |
Finance Leased Assets | ||
Leased Assets Acquired | $ 7,398 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Oct. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc. and its subsidiaries (collectively, "we," "us," "our," the "Company" or "Cavco") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, that are necessary to fairly state the results for the periods presented. We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in our 2021 Annual Report on Form 10-K for the year ended April 3, 2021, filed with the SEC ("Form 10-K"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying Notes. The uncertainty created by the novel coronavirus COVID-19 pandemic has made such estimates more difficult and subjective. Due to that and other uncertainties, actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31 st of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31 st . The current fiscal year will end on April 2, 2022 and will include 52 weeks. We operate in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. We design and build a wide variety of affordable manufactured homes, modular homes and park model RVs through 26 homebuilding production lines located throughout the United States, which are sold to a network of independent distributors, community owners and developers and through our 46 Company-owned retail stores. The financial services segment is comprised of a finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Company ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer and a Government National Mortgage Association ("GNMA") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Standard Casualty provides property and casualty insurance primarily to owners of manufactured homes. On September 24, 2021, we acquired the business and certain assets and liabilities of The Commodore Corporation ("Commodore"), including its six manufacturing facilities and two wholly-owned retail locations. The results of operations are included in our Consolidated Financial Statements from the date of acquisition. See Note 21 . In addition to the below, for a description of significant accounting policies we used in the preparation of our Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K. Redeemable Noncontrolling Interest. In fiscal year 2017, we purchased a 50% interest in Craftsman Homes, LLC and Craftsman Homes Development, LLC (collectively known as “Craftsman" or the "Entities") from a third-party ("Seller"). Craftsman is a manufactured home street retailer in Nevada with four locations selling Company and other manufacturer branded homes. They also provide general construction to setup the home property and assist with multi-home developments and multi-family dwellings. On July 4, 2021, we entered into an agreement (the "Craftsman Purchase Agreement") with the Seller to obtain the remaining 50% ownership in Craftsman, owned by the Seller, to be purchased over time. As provided in the Craftsman Purchase Agreement, 20% of the equity of Craftsman owned by the Seller was obtained as of July 4, 2021 by us for cash and, as a result, we obtained a controlling ownership interest. We accounted for this transaction as a business combination to be achieved in stages (see Note 21) and consolidated the entities while recognizing a noncontrolling interest for the remaining Seller ownership as discussed below. The Craftsman Purchase Agreement calls for an additional 20% of the equity of Craftsman owned by the Seller to be purchased on December 31, 2023 by us for cash. As mandatory redemption of this ownership interest is required, $2.5 million for the fair value of this portion of the noncontrolling interest is recorded in the long-term liabilities section of the Consolidated Balance Sheet under the Secured financings and other caption. In each reporting period hereafter, until purchased by the Company, the mandatorily redeemable noncontrolling interest is adjusted to its current redemption value, based on a predetermined formula. Adjustments in the redemption value to the mandatorily redeemable noncontrolling interest are recorded to Interest expense. After December 31, 2023, the Seller has the right to require Cavco to purchase all of Seller's remaining 10% ownership (“Put Right”) for an amount specified in the Agreement that is designed to approximate fair value. Likewise, Cavco has the right to require Seller to sell their remaining 10% ownership (“Call Right”) based on the same timing as described above for the Put Right. The purchase price to be payable by the Company for the purchase of Seller's remaining ownership pursuant to the exercise of the Put Right or the Call Right will be settled in cash. As redemption of this remaining ownership is not a current obligation, $1.2 million for the initial fair value of this portion of the noncontrolling interest is classified as a temporary equity mezzanine item between liabilities and stockholders' equity in the Consolidated Balance Sheet under the Redeemable noncontrolling interest caption. The amount of income attributable to this noncontrolling interest is included in the Consolidated Statements of Comprehensive Income on the face of the Consolidated Statements of Comprehensive Income. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Oct. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following table summarizes customer contract revenues disaggregated by reportable segment and source (in thousands): Three Months Ended Six Months Ended October 2, 2021 September 26, 2020 October 2, September 26, Factory-built housing U.S. Housing and Urban Development code homes $ 285,947 $ 197,723 $ 548,337 $ 387,169 Modular homes 31,386 20,483 58,003 41,266 Park model RVs 9,728 9,027 19,399 22,749 Other 15,033 13,734 28,638 27,873 342,094 240,967 654,377 479,057 Financial services Insurance agency commissions received from third-party insurance companies 850 777 1,723 1,547 Other 16,599 16,232 33,865 32,173 17,449 17,009 35,588 33,720 $ 359,543 $ 257,976 $ 689,965 $ 512,777 |
Restricted Cash
Restricted Cash | 6 Months Ended |
Oct. 02, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash consisted of the following (in thousands): October 2, April 3, Cash related to CountryPlace customer payments to be remitted to third parties $ 18,820 $ 16,049 Other restricted cash 1,365 979 20,185 17,028 Less current portion (19,850) (16,693) $ 335 $ 335 Corresponding amounts for customer payments to be remitted to third parties are recorded in Accounts payable. The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the Consolidated Balance Sheets to the combined amounts shown on the Consolidated Statements of Cash Flows (in thousands): October 2, September 26, Cash and cash equivalents $ 224,291 $ 312,243 Restricted cash 20,185 17,026 $ 244,476 $ 329,269 |
Investments
Investments | 6 Months Ended |
Oct. 02, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments consisted of the following (in thousands): October 2, April 3, Available-for-sale debt securities $ 18,179 $ 14,946 Marketable equity securities 16,566 17,600 Non-marketable equity investments 19,772 21,960 54,517 54,506 Less current portion (18,867) (19,496) $ 35,650 $ 35,010 Investments in marketable equity securities consist of investments in the common stock of industrial and other companies. Our non-marketable equity investments include investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities and other distribution operations. The amortized cost and fair value of our investments in available-for-sale debt securities, by security type are shown in the table below (in thousands). October 2, 2021 April 3, 2021 Amortized Fair Amortized Cost Fair Residential mortgage-backed securities $ 2,352 $ 2,365 $ 2,787 $ 2,804 State and political subdivision debt securities 7,942 8,023 7,239 7,345 Corporate debt securities 7,795 7,791 4,797 4,797 $ 18,089 $ 18,179 $ 14,823 $ 14,946 The amortized cost and fair value of our investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations, with or without penalties. October 2, 2021 Amortized Fair Due in less than one year $ 1,611 $ 1,618 Due after one year through five years 11,807 11,792 Due after five years through ten years 1,268 1,321 Due after ten years 1,051 1,083 Mortgage-backed securities 2,352 2,365 $ 18,089 $ 18,179 There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended October 2, 2021. For the three and six months ended September 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $5,000. Net investment gains and losses on marketable equity securities were as follows (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Marketable equity securities Net gain recognized during the period $ 243 $ 1,251 $ 1,939 $ 3,281 Less: Net (gains) losses recognized on securities sold during the period (143) 27 (279) (6) Unrealized gains recognized during the period on securities still held $ 100 $ 1,278 $ 1,660 $ 3,275 |
Inventories
Inventories | 6 Months Ended |
Oct. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): October 2, April 3, Raw materials $ 78,810 $ 54,336 Work in process 27,983 19,149 Finished goods 83,601 57,749 $ 190,394 $ 131,234 |
Consumer Loans Receivable
Consumer Loans Receivable | 6 Months Ended |
Oct. 02, 2021 | |
Receivables [Abstract] | |
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands): October 2, April 3, Loans held for investment, previously securitized $ 28,631 $ 31,949 Loans held for investment 16,207 18,690 Loans held for sale 10,253 15,587 Construction advances 7,485 13,801 62,576 80,027 Deferred financing fees and other, net (1,178) (2,041) Allowance for loan losses (2,799) (3,188) 58,599 74,798 Less current portion (26,475) (37,690) $ 32,124 $ 37,108 The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Allowance for loan losses at beginning of period $ 2,918 $ 4,012 $ 3,188 $ 1,767 Impact of adoption of Financial Accounting Standards Board's Accounting Standards Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") — — — 2,276 Change in estimated loan losses, net 210 (94) (57) 67 Charge-offs (329) (8) (332) (200) Allowance for loan losses at end of period $ 2,799 $ 3,910 $ 2,799 $ 3,910 The consumer loans held for investment had the following characteristics: October 2, April 3, Weighted average contractual interest rate 8.2 % 8.3 % Weighted average effective interest rate 8.8 % 9.3 % Weighted average months to maturity 157 162 The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands): October 2, April 3, Current $ 59,602 $ 76,378 31 to 60 days 110 508 61 to 90 days 2,502 21 91+ days 362 3,120 $ 62,576 $ 80,027 The following tables disaggregate gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands): October 2, 2021 2022 2021 2020 2019 2018 Prior Total Prime- FICO score 680 and greater $ 6,664 $ 5,077 $ 2,776 $ 1,408 $ 765 $ 22,669 $ 39,359 Near Prime- FICO score 620-679 2,247 3,445 2,175 1,856 1,354 9,978 21,055 Sub-Prime- FICO score less than 620 — 21 53 — — 1,547 1,621 No FICO score — 149 19 27 — 346 541 $ 8,911 $ 8,692 $ 5,023 $ 3,291 $ 2,119 $ 34,540 $ 62,576 April 3, 2021 2021 2020 2019 2018 2017 Prior Total Prime- FICO score 680 and greater $ 18,250 $ 3,575 $ 1,718 $ 971 $ 1,959 $ 23,375 $ 49,848 Near Prime- FICO score 620-679 10,227 2,744 1,794 1,364 500 10,401 27,030 Sub-Prime- FICO score less than 620 348 53 — — 84 1,579 2,064 No FICO score 576 — 28 — — 481 1,085 $ 29,401 $ 6,372 $ 3,540 $ 2,335 $ 2,543 $ 35,836 $ 80,027 As of October 2, 2021, 36% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 18% was concentrated in Florida. As of April 3, 2021, 35% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 20% was concentrated in Florida. Other than Texas and Florida, no sta te had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of October 2, 2021 or April 3, 2021. Repossessed homes totaled approximately $893,000 and $518,000 as of October 2, 2021 and April 3, 2021, respectively, and are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $927,000 and $1.1 million as of October 2, 2021 and April 3, 2021, respectively. |
Commercial Loans Receivable
Commercial Loans Receivable | 6 Months Ended |
Oct. 02, 2021 | |
Receivables [Abstract] | |
Commercial Loans Receivable | Commercial Loans ReceivableThe commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers and amounts loaned by us under participation financing programs. Commercial loans receivable, net consisted of the following (in thousands): October 2, April 3, Loans receivable $ 73,006 $ 45,377 Allowance for loan losses (826) (816) Deferred financing fees, net (247) (247) 71,933 44,314 Less current portion of commercial loans receivable (including from affiliates), net (31,601) (19,232) $ 40,332 $ 25,082 The commercial loans receivable balance had the following characteristics: October 2, April 3, Weighted average contractual interest rate 6.3 % 6.4 % Weighted average months outstanding 10 11 The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Balance at beginning of period $ 785 $ 828 $ 816 $ 393 Impact of adoption of ASU 2016-13 — — — 435 Change in estimated loan losses, net 41 (39) 10 (39) Balance at end of period $ 826 $ 789 $ 826 $ 789 As of October 2, 2021 and April 3, 2021, there were no commercial loans considered watch list or nonperforming. The following table disaggregates our commercial loans receivable by fiscal year of origination (in thousands): October 2, 2021 2022 2021 2020 2019 2018 Prior Total Performing $ 25,069 $ 35,259 $ 7,338 $ 2,669 $ 1,379 $ 1,292 $ 73,006 April 3, 2021 2021 2020 2019 2018 2017 Prior Total Performing $ 30,627 $ 8,677 $ 3,206 $ 1,864 $ 1,003 $ — $ 45,377 At October 2, 2021, there were no commercial loans 90 days or more past due that were still accruing interest and we were not aware of any potential problem loans that would have a material effect on the commercial loans receivable balance. As of October 2, 2021, 34% of our outstanding commercial loans receivable principal balance was concentrated in Pennsylvania. As of April 3, 2021, 13% of our outstanding commercial loans receivable principal balance was concentrated in Arizona. No other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of October 2, 2021 or April 3, 2021. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 6 Months Ended |
Oct. 02, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, Plant and Equipment, net Property, plant and equipment, net, consisted of the following (in thousands): October 2, April 3, Property, plant and equipment, at cost Land $ 42,407 $ 28,314 Buildings and improvements 108,577 71,827 Machinery and equipment 45,628 34,146 196,612 134,287 Accumulated depreciation (40,215) (37,493) $ 156,397 $ 96,794 Depreciation expense was $1.4 million for each of the three month periods ending October 2, 2021 and September 26, 2020. Depreciation expense for the six months ended October 2, 2021 and September 26, 2020 was $2.9 million and $2.8 million, respectively. Included in the balances above are certain assets under finance leases. See Note 9 for further information. |
Leases
Leases | 6 Months Ended |
Oct. 02, 2021 | |
Leases [Abstract] | |
Finance Leases | Leases We lease certain production and retail locations, office space and equipment. During the period ended October 2, 2021, we executed various lease renewals and acquired certain assets under finance leases. The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of October 2, 2021 and April 3, 2021 (in thousands): Classification October 2, April 3, ROU assets Operating lease assets Operating lease right-of-use assets $ 16,706 $ 16,252 Finance lease assets Property, plant and equipment, net (1) 8,352 986 Total lease assets $ 25,058 $ 17,238 Lease Liabilities Current: Operating lease liabilities Accrued expenses and other current liabilities $ 4,783 $ 4,184 Finance lease liabilities Current portion of secured credit facilities and other 401 71 Non-current: Operating lease liabilities Operating lease liabilities 13,240 13,361 Finance lease liabilities Secured credit facilities and other 5,923 233 Total lease liabilities $ 24,347 $ 17,849 (1) Recorded net of accumulated amortization of $149,000 and $143,000 as of October 2, 2021 and April 3, 2021, respectively. The present value of minimum payments for future fiscal years under non-cancelable leases as of October 2, 2021 was as follows (in thousands): Operating Leases Finance Leases Total Remainder of 2022 $ 2,449 $ 206 $ 2,655 2023 4,667 411 5,078 2024 4,121 411 4,532 2025 3,103 411 3,514 2026 3,127 387 3,514 2027 1,087 338 1,425 Thereafter 1,439 10,415 11,854 19,993 12,579 32,572 Less amount representing interest (1,970) (6,255) (8,225) 18,023 6,324 24,347 Less current portion (4,783) (401) (5,184) $ 13,240 $ 5,923 $ 19,163 The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of October 2, 2021 : Remaining Lease Term (Years) Discount Rate Operating leases 4.9 4.5 % Finance leases 34.9 4.5 % |
Operating Leases | Leases We lease certain production and retail locations, office space and equipment. During the period ended October 2, 2021, we executed various lease renewals and acquired certain assets under finance leases. The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of October 2, 2021 and April 3, 2021 (in thousands): Classification October 2, April 3, ROU assets Operating lease assets Operating lease right-of-use assets $ 16,706 $ 16,252 Finance lease assets Property, plant and equipment, net (1) 8,352 986 Total lease assets $ 25,058 $ 17,238 Lease Liabilities Current: Operating lease liabilities Accrued expenses and other current liabilities $ 4,783 $ 4,184 Finance lease liabilities Current portion of secured credit facilities and other 401 71 Non-current: Operating lease liabilities Operating lease liabilities 13,240 13,361 Finance lease liabilities Secured credit facilities and other 5,923 233 Total lease liabilities $ 24,347 $ 17,849 (1) Recorded net of accumulated amortization of $149,000 and $143,000 as of October 2, 2021 and April 3, 2021, respectively. The present value of minimum payments for future fiscal years under non-cancelable leases as of October 2, 2021 was as follows (in thousands): Operating Leases Finance Leases Total Remainder of 2022 $ 2,449 $ 206 $ 2,655 2023 4,667 411 5,078 2024 4,121 411 4,532 2025 3,103 411 3,514 2026 3,127 387 3,514 2027 1,087 338 1,425 Thereafter 1,439 10,415 11,854 19,993 12,579 32,572 Less amount representing interest (1,970) (6,255) (8,225) 18,023 6,324 24,347 Less current portion (4,783) (401) (5,184) $ 13,240 $ 5,923 $ 19,163 The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of October 2, 2021 : Remaining Lease Term (Years) Discount Rate Operating leases 4.9 4.5 % Finance leases 34.9 4.5 % |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 6 Months Ended |
Oct. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill and other intangibles, net, consisted of the following (in thousands): October 2, 2021 April 3, 2021 Gross Accumulated Net Gross Accumulated Net Indefinite-lived Goodwill $ 106,487 $ — $ 106,487 $ 75,090 $ — $ 75,090 Trademarks and trade names 15,680 — 15,680 8,900 — 8,900 State insurance licenses 1,100 — 1,100 1,100 — 1,100 123,267 — 123,267 85,090 — 85,090 Finite-lived Customer relationships 25,400 (7,413) 17,987 11,300 (7,097) 4,203 Other 1,924 (1,287) 637 1,424 (1,264) 160 $ 150,591 $ (8,700) $ 141,891 $ 97,814 $ (8,361) $ 89,453 Changes in the carrying amount of Goodwill were as follows for the six months ended October 2, 2021 (in thousands). See Note 21 for further information. Balance at beginning of period $ 75,090 Goodwill recognized on Craftsman acquisition 3,933 Goodwill recognized on Commodore acquisition 27,464 Balance at end of period $ 106,487 Amortization expense recognized on intangible assets was $166,000 and $187,000 for the three months ended October 2, 2021 and September 26, 2020, respectively. Amortization expense recognized on intangible assets was $339,000 and $374,000 for the six months ended October 2, 2021 and September 26, 2020, respectively. Expected amortization for future fiscal years is as follows (in thousands): Remainder of fiscal year $ 1,985 2023 3,291 2024 1,749 2025 1,686 2026 1,666 2027 1,577 Thereafter 6,670 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Oct. 02, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): October 2, April 3, Customer deposits $ 49,219 $ 41,835 Salaries, wages and benefits 44,161 37,737 Estimated warranties 25,745 18,032 Unearned insurance premiums 24,498 22,643 Accrued volume rebates 22,008 12,132 Company repurchase options on certain loans sold 17,151 25,938 Other 54,680 44,816 $ 237,462 $ 203,133 |
Warranties
Warranties | 6 Months Ended |
Oct. 02, 2021 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Warranties Activity in the liability for estimated warranties was as follows (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Balance at beginning of period $ 19,344 $ 18,538 $ 18,032 $ 18,678 Purchase accounting additions 6,928 — 6,928 — Charged to costs and expenses 7,994 6,232 17,119 12,579 Payments and deductions (8,521) (6,965) (16,334) (13,452) Balance at end of period $ 25,745 $ 17,805 $ 25,745 $ 17,805 |
Debt, Finance Lease and Mandato
Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations | 6 Months Ended |
Oct. 02, 2021 | |
Debt Disclosure [Abstract] | |
Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations | Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations The following table summarizes debt, finance lease and mandatorily redeemable noncontrolling interest obligations (in thousands): October 2, April 3, Secured term loan $ 7,718 $ 8,210 Finance lease obligations 6,324 304 Other secured financings 3,052 3,672 Mandatorily redeemable noncontrolling interest 2,471 — 19,565 12,186 Less current portion (2,260) (1,851) $ 17,305 $ 10,335 We entered into secured credit facilities with independent third-party banks to originate and hold consumer home-only loans secured by manufactured homes, which were pledged as collateral to the facilities. Those facilities have since been converted into an amortizing loan with maturity dates starting in 2028 and payments based on a 20 or 25-year amortization period, resulting in a balloon payment due upon maturity. The outstanding balance of the converted loans was $7.7 million as of October 2, 2021 and $8.2 million as of April 3, 2021 with a weighted average interest rate of 4.91%. |
Reinsurance and Insurance Loss
Reinsurance and Insurance Loss Reserves | 6 Months Ended |
Oct. 02, 2021 | |
Insurance [Abstract] | |
Reinsurance and Insurance Loss Reserves | Reinsurance and Insurance Loss ReservesCertain of Standard Casualty's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations. The effects of reinsurance on premiums written and earned were as follows (in thousands): Three Months Ended October 2, 2021 September 26, 2020 Written Earned Written Earned Direct premiums $ 6,310 $ 6,323 $ 4,915 $ 5,145 Assumed premiums—nonaffiliated 8,240 7,630 7,593 7,043 Ceded premiums—nonaffiliated (3,714) (3,714) (2,853) (2,853) $ 10,836 $ 10,239 $ 9,655 $ 9,335 Six Months Ended October 2, 2021 September 26, 2020 Written Earned Written Earned Direct premiums $ 13,149 $ 12,319 $ 10,680 $ 10,330 Assumed premiums—nonaffiliated 16,814 15,008 15,246 13,833 Ceded premiums—nonaffiliated (7,361) (7,361) (6,055) (6,055) $ 22,602 $ 19,966 $ 19,871 $ 18,108 Typical insurance policies written or assumed have a maximum coverage of $300,000 per claim, of which we cede $150,000 of the risk of loss per reinsurance. Therefore, our risk of loss is limited to $150,000 per claim on typical policies, subject to the reinsurers meeting their obligations. After this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $2 million per occurrence, up to a maximum of $55 million in the aggregate for that occurrence. Standard Casualty establishes reserves for claims and claims expense on reported and unreported claims of non-reinsured losses. The following details the activity in the reserve for the six months ended October 2, 2021 and September 26, 2020 (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Balance at beginning of period $ 8,348 $ 6,730 $ 7,451 $ 5,582 Net incurred losses during the year 7,282 7,477 15,257 13,460 Net claim payments during the year (8,280) (7,320) (15,358) (12,155) Balance at end of period $ 7,350 $ 6,887 $ 7,350 $ 6,887 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Repurchase Contingencies . We are contingently liable under terms of repurchase agreements with financial institutions providing inventory financing to independent distributors of our products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. The maximum amount for which we were liable under such agreements approximated $95.7 million and $74.2 million at October 2, 2021 and April 3, 2021, respectively, without reduction for the resale value of the homes that are repurchased. We had a reserve for repurchase commitments of $2.7 million at October 2, 2021 and $2.3 million at April 3, 2021. Construction-Period Mortgages. We fund construction-period mortgages through periodic advances during home construction. At the time of initial funding, we commit to fully fund the loan contract in accordance with a predetermined schedule. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment to fund future advances. Loan contracts with off-balance sheet commitments are summarized below (in thousands): October 2, April 3, Construction loan contract amount $ 22,466 $ 37,628 Cumulative advances (7,485) (13,801) $ 14,981 $ 23,827 Representations and Warranties of Mortgages Sold . We sell loans to Government-Sponsored Enterprises ("GSEs") and whole-loan purchasers and finance certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, we provide to GSEs and whole-loan purchasers and lenders representations and warranties related to the loans sold or financed. Upon a breach of a representation, we may be required to repurch ase the loan or to indemnify a party for incurred losses. We maintain a reserve for these contingent repurchase and indemnification obliga tions. This reserve of $1.2 million as of October 2, 2021 and April 3, 2021, included in Accrued expenses and other current liabilities, reflects management's estimate of probable loss. There were no claim requests that resulted in the execution of an indemnification agreement or in the repurchase of a loan during the six months ended October 2, 2021. Interest Rate Lock Commitments . In originating loans for sale, we issue interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs bind us to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As of October 2, 2021, we had outstanding IRLCs with a notional amount of $29.5 million. During the three months ended October 2, 2021 and September 26, 2020, we recognized losses of $5,000 and $19,000 , respectively, on outstanding IRLCs. For the six months ended October 2, 2021 and September 26, 2020, w e recognized gains of $42,000 and losses of $144,000, respectively. Forward Sales Commitments . We manage the risk profiles of a portion of the outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments (collectively "Commitments"). As of October 2, 2021, we had $33.5 million in outstanding Commitments. We recognized non-cash gains of $79,000 and $118,000 in the second quarter of 2022 and 2021, respectively. During the six months ended October 2, 2021 and September 26, 2020, we recognized losses of $268,000 and gains of $1.1 million , respectively. Legal Matters. On September 2, 2021, the SEC filed a civil complaint in the United States District Court, District of Arizona, naming the Company along with the Company’s former Chairman, President & Chief Executive Officer and the Company’s former Chief Financial Officer, alleging violations of the antifraud and internal accounting control provisions of the Securities Exchange Act of 1934 based on trading in the shares of another company directed by the former CEO that resulted in an unrealized gain of approximately $260,000. In the prior year, the Company recorded an accrual relating to this loss contingency. The SEC action follows an investigation that began in 2018. The Company filed a summary judgment to dismiss on November 2, 2021. While the Company cannot predict with certainty the resolution of this matter, we do not believe that this proceeding will have a material adverse effect on the Company’s Consolidated Financial Statements. We are party to certain other lawsuits in the ordinary course of business. Based on management's present knowledge of the facts and, in certain cases, advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on our consolidated financial position, liquidity or results of operations after taking into account any existing reserves, which reserves are included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. However, future events or circumstances will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on our consolidated financial position, liquidity or results of operations in any future reporting periods. |
Legal Matters | Legal Matters. On September 2, 2021, the SEC filed a civil complaint in the United States District Court, District of Arizona, naming the Company along with the Company’s former Chairman, President & Chief Executive Officer and the Company’s former Chief Financial Officer, alleging violations of the antifraud and internal accounting control provisions of the Securities Exchange Act of 1934 based on trading in the shares of another company directed by the former CEO that resulted in an unrealized gain of approximately $260,000. In the prior year, the Company recorded an accrual relating to this loss contingency. The SEC action follows an investigation that began in 2018. The Company filed a summary judgment to dismiss on November 2, 2021. While the Company cannot predict with certainty the resolution of this matter, we do not believe that this proceeding will have a material adverse effect on the Company’s Consolidated Financial Statements. We are party to certain other lawsuits in the ordinary course of business. Based on management's present knowledge of the facts and, in certain cases, advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on our consolidated financial position, liquidity or results of operations after taking into account any existing reserves, which reserves are included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. However, future events or circumstances will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on our consolidated financial position, liquidity or results of operations in any future reporting periods. |
Stockholders' Equity and Redeem
Stockholders' Equity and Redeemable Noncontrolling Interest | 6 Months Ended |
Oct. 02, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Redeemable Noncontrolling Interest | Stockholders' Equity and Redeemable Noncontrolling Interest The following table represents changes in stockholders' equity attributable to Cavco's stockholders and redeemable noncontrolling interest for each quarterly period during the six months ended October 2, 2021 (dollars in thousands): Equity Attributable to Cavco Stockholders Treasury Stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Redeemable Noncontrolling Interest Common Stock Shares Amount Balance, April 3, 2021 9,241,256 $ 92 $ (1,441) $ 253,835 $ 431,057 $ 97 $ 683,640 $ — Net income — — — — 27,046 — 27,046 — Other comprehensive income, net — — — — — (13) (13) — Issuance of common stock under stock incentive plans 4,465 — — 136 — — 136 — Stock-based compensation — — — 1,100 — — 1,100 — Common stock repurchases — — (12,842) — — — (12,842) — Balance, July 3, 2021 9,245,721 $ 92 $ (14,283) $ 255,071 $ 458,103 $ 84 $ 699,067 $ — Initial value of noncontrolling interest upon transaction — — — — — — — 1,235 Net income — — — — 37,610 — 37,610 73 Other comprehensive income, net — — — — — (13) (13) — Issuance of common stock under stock incentive plans 29,295 1 — 2,728 — — 2,729 — Stock-based compensation — — — 1,317 — — 1,317 — Common stock repurchases — — (7,594) — — — (7,594) — Distributions — — — — — — — (180) Balance, October 2, 2021 9,275,016 $ 93 $ (21,877) $ 259,116 $ 495,713 $ 71 $ 733,116 $ 1,128 The following table represents changes in stockholders' equity attributable to Cavco's stockholders and redeemable noncontrolling interest for each quarterly period during the six months ended September 26, 2020 (dollars in thousands): Equity Attributable to Cavco Stockholders Treasury Stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Redeemable Noncontrolling Interest Common Stock Shares Amount Balance, March 28, 2020 9,173,242 $ 92 $ — $ 252,260 $ 355,144 $ 90 $ 607,586 $ — Cumulative effect of implementing ASU 2016-13, net — — — — (733) — (733) — Net income — — — — 16,674 — 16,674 — Other comprehensive income, net — — — — — 68 68 — Issuance of common stock under stock incentive plans 3,822 — — (533) — — (533) — Stock-based compensation — — — 945 — — 945 — Balance, June 27, 2020 9,177,064 $ 92 $ — $ 252,672 $ 371,085 $ 158 $ 624,007 $ — Net income — — — — 15,049 — 15,049 — Other comprehensive income, net — — — — — 7 7 — Issuance of common stock under stock incentive plans 11,098 — — 522 — — 522 — Stock-based compensation — — — 1,103 — — 1,103 — Balance, September 26, 2020 9,188,162 $ 92 $ — $ 254,297 $ 386,134 $ 165 $ 640,688 $ — |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Oct. 02, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Net income attributable to Cavco common stockholders $ 37,610 $ 15,049 $ 64,656 $ 31,723 Weighted average shares outstanding Basic 9,190,866 9,182,945 9,194,577 9,178,609 Effect of dilutive securities 82,270 112,464 79,863 101,471 Diluted 9,273,136 9,295,409 9,274,440 9,280,080 Net income per share attributable to Cavco common stockholders Basic $ 4.09 $ 1.64 $ 7.03 $ 3.46 Diluted $ 4.06 $ 1.62 $ 6.97 $ 3.42 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Oct. 02, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The book value and estimated fair value of our financial instruments were as follows (in thousands): October 2, 2021 April 3, 2021 Book Estimated Book Estimated Available-for-sale debt securities $ 18,179 $ 18,179 $ 14,946 $ 14,946 Marketable equity securities 16,566 16,566 17,600 17,600 Non-marketable equity investments 19,772 19,772 21,960 21,960 Consumer loans receivable 58,599 65,641 74,798 86,209 Commercial loans receivable 71,933 70,363 44,314 42,379 Secured financings and other (19,565) (19,454) (12,186) (12,340) See Note 19, Fair Value Measurements, and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies, in the Form 10-K for more information on the methodologies we use in determining fair value. Mortgage Servicing . Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities. MSRs are initially recorded at fair value. October 2, April 3, Number of loans serviced with MSRs 4,533 4,647 Weighted average servicing fee (basis points) 34.39 33.57 Capitalized servicing multiple 73.7 % 45.9 % Capitalized servicing rate (basis points) 25.36 15.42 Serviced portfolio with MSRs (in thousands) $ 586,547 $ 593,939 MSRs (in thousands) $ 1,488 $ 916 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Oct. 02, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans As part of the Commodore acquisition, we entered into a Transition Services Agreement ("TSA") with the seller whereby we lease Commodore employees from the seller while we transition them to our payroll systems. Expenses related to the TSA totaled $1.4 million for the three and six months ended October 2, 2021. Commodore participates in the IAM National Pension Fund, a multiemployer defined benefit plan. Participation in this plan is available to all hourly employees who are members of the participating collective bargaining unit. Once the TSA ends, we will contribute to the plan a specified amount per hour worked for each eligible employee. Benefits under this plan are based on a fixed monthly benefit rate per year of credited service. The risks of participating in this multiemployer plan differ from single-employer plans. The potential risks include, but are not limited to, the use of the Company's contributions to provide benefits to employees of other participating employers, the Company becoming obligated for other participating employers' unfunded obligations and, upon the Company's withdrawal from the plan, the Company being required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Oct. 02, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We have non-marketable equity investments in other distribution operations outside of Company-owned retail stores. In the ordinary course of business, we sell homes and lend to certain of these operations through our commercial lending programs. For the three and six months ended October 2, 2021, the total amount of sales to non-consolidated related parties was $14.0 million and $28.8 million, respectively. For the three and six months ended September 26, 2020, the total amount of sales to non-consolidated related parties was $10.3 million and $23.0 million, respectively. As of October 2, 2021, receivables from non-consolidated related parties included $3.9 million of accounts receivable and $3.9 million of commercial loans outstanding. As of April 3, 2021, receivables from non-consolidated related parties included $4.7 million of accounts receivable and $9.5 million of commercial loans outstanding. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 6 Months Ended |
Oct. 02, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Craftsman Homes, LLC and Craftsman Development, LLC Acquisition In fiscal year 2017, we purchased a 50% ownership interest in Craftsman for $1.3 million to expand our retail presence in Nevada. At the time of the acquisition of that ownership, we concluded that we were not considered to be the primary beneficiary and therefore did not consolidate the Entities. Since the date of acquisition, we have recorded a non-marketable equity investment for the ownership, with changes to that investment for earnings and distributions from the Entities. On July 4, 2021, we obtained an additional 20% ownership interest in the Entities utilizing the same pre-tax income multiple as the 2017 purchase. As we now have a controlling interest, we have consolidated the Entities and remeasured the Entities' assets and liabilities to fair value, including our previous equity investment of $2.9 million in the Entities. As a result of the remeasurement, we recorded a gain of $3.3 million in Other income, net in the Consolidated Statements of Comprehensive Income. The purchase price on July 4, 2021 for 20% ownership was $2.5 million, valuing the Entities at $12.4 million. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands). Certain estimated values are not yet finalized and are subject to change, which could be significant. The allocation of the purchase price is still preliminary due to the short duration since the acquisition date and will be finalized upon completion of the analysis of the fair values of Craftsman's assets and specified liabilities. We expect to finalize these amounts as soon as possible but no later than one year from the acquisition date. July 4, Cash $ 6,466 Accounts receivable 577 Inventories 7,393 Property, plant and equipment 189 Other current assets 846 Intangible assets (1) 2,980 Total identifiable assets acquired 18,451 Accounts payable and accrued liabilities 10,028 Net identifiable assets acquired 8,423 Goodwill (2) 3,933 Net assets acquired $ 12,356 (1) Includes $3.0 million assigned to trademarks and trade names, which are considered indefinite lived intangible assets and are not subject to amortization. (2) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. We recorded a Redeemable noncontrolling interest for the remaining 30% ownership. As 20% of this is considered mandatorily redeemable per the Agreement, $2.5 million for the fair value of this portion of the noncontrolling interest is recorded in the long-term liabilities section of the Consolidated Balance Sheet under the Secured financings and other caption. As we are not currently obligated for the redemption of the remaining 10% ownership, $1.2 million for the initial fair value of this portion of the noncontrolling interest is classified as a temporary equity mezzanine item between liabilities and stockholders’ equity in the Consolidated Balance Sheet under the Redeemable noncontrolling interest caption. Since the acquisition date, Craftsman contributed Net revenue of $4.5 million for the three and six months ended October 2, 2021. Craftsman increased consolidated Net income on the Consolidated Statements of Comprehensive Income for the three and six months ended October 2, 2021 by $243,000. Net income from the Craftsman acquisition included required purchase accounting adjustments whereby home product inventory is recorded at fair value upon acquisition. Commodore Homes Acquisition On September 24, 2021, we purchased certain manufactured housing assets and assumed certain liabilities of Commodore, including its six manufacturing facilities and two wholly-owned retail locations. In addition to manufacturing, Commodore also participates in commercial lending operations with its dealers. The transaction was accounted for as a business combination and the results of operations have been included in the accompanying Consolidated Financial Statements since the date of acquisition. The acquisition of Commodore brings beneficial geographic addition to our footprint with strong operations in the Northeast/Midwest/Mid-Atlantic markets and provides a platform for future growth, with the potential for cost and revenue synergies. The acquisition-date fair value of the total consideration was $156.1 million, which was paid in cash and is subject to future adjustments upon the finalization of closing financial statements. We have expensed $2.7 million in acquisition related deal costs in Selling, general and administrative expense in the Consolidated Statements of Comprehensive Income , and have not incurred debt in connection with the purchase or subsequent operations. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands). Certain estimated values are not yet finalized and are subject to change, which could be significant. The allocation of the purchase price is still preliminary due to the short duration since the acquisition date and will be finalized upon completion of the analysis of the fair values of Commodore's assets and specified liabilities. We expect to finalize these amounts as soon as possible but no later than one year from the acquisition date. September 24, Cash $ 619 Accounts receivable 20,930 Commercial loans 30,960 Inventories 31,787 Property, plant and equipment (1) 57,606 Other current assets 534 Intangible assets (2) 18,400 Total identifiable assets acquired 160,836 Accounts payable and accrued liabilities 32,249 Net identifiable assets acquired 128,587 Goodwill (3) 27,464 Net assets acquired $ 156,051 (1) Includes assets acquired under finance leases. See Note 9 for additional information. (2) Includes $11.8 million assigned to customer-related intangibles, subject to a useful life of 11 years amortized on a straight-line basis; $3.8 million assigned to trademarks and trade names, which are considered indefinite lived intangible assets and are not subject to amortization; $2.3 million for acquired sales order backlogs that will be amortized over the period to produce the associated backlog; and $0.5 million for a covenant not to compete from the sellers, amortized on a straight-line basis over the term of 5 years. (3) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. Since the acquisition date, Commodore contributed Net revenue of $4.4 million for the three and six months ended October 2, 2021. Commodore decreased consolidated Net income on the Consolidated Statements of Comprehensive Income for the three and six months ended October 2, 2021 by $645,000. The Net loss from the Commodore acquisition included required purchase accounting adjustments whereby home product inventory is recorded at fair value upon acquisition. Pro Forma Impact of Acquisitions . The following table presents supplemental pro forma information as if the above acquisitions occurred on March 29, 2020 (in thousands, except per share data): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Net revenue $ 444,303 $ 327,491 $ 856,054 $ 635,061 Net income attributable to Cavco common stockholders 38,331 20,665 66,161 37,494 Diluted net income per share 4.13 2.22 7.13 4.04 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Oct. 02, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information We operate principally in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance. The following table provides selected financial data by segment (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Net revenue Factory-built housing $ 342,094 $ 240,967 $ 654,377 $ 479,057 Financial services 17,449 17,009 35,588 33,720 $ 359,543 $ 257,976 $ 689,965 $ 512,777 Income before income taxes Factory-built housing $ 46,893 $ 17,452 $ 80,452 $ 35,902 Financial services 2,128 2,144 4,047 5,374 $ 49,021 $ 19,596 $ 84,499 $ 41,276 October 2, April 3, Total assets: Factory-built housing $ 819,879 $ 711,579 Financial services 236,554 240,254 $ 1,056,433 $ 951,833 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Oct. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc. and its subsidiaries (collectively, "we," "us," "our," the "Company" or "Cavco") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, that are necessary to fairly state the results for the periods presented. We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in our 2021 Annual Report on Form 10-K for the year ended April 3, 2021, filed with the SEC ("Form 10-K"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying Notes. The uncertainty created by the novel coronavirus COVID-19 pandemic has made such estimates more difficult and subjective. Due to that and other uncertainties, actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31 st of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31 st . The current fiscal year will end on April 2, 2022 and will include 52 weeks. We operate in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. We design and build a wide variety of affordable manufactured homes, modular homes and park model RVs through 26 homebuilding production lines located throughout the United States, which are sold to a network of independent distributors, community owners and developers and through our 46 Company-owned retail stores. The financial services segment is comprised of a finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Company ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer and a Government National Mortgage Association ("GNMA") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Standard Casualty provides property and casualty insurance primarily to owners of manufactured homes. On September 24, 2021, we acquired the business and certain assets and liabilities of The Commodore Corporation ("Commodore"), including its six manufacturing facilities and two wholly-owned retail locations. The results of operations are included in our Consolidated Financial Statements from the date of acquisition. See Note 21 . |
Significant Accounting Policies | In addition to the below, for a description of significant accounting policies we used in the preparation of our Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K. Redeemable Noncontrolling Interest. In fiscal year 2017, we purchased a 50% interest in Craftsman Homes, LLC and Craftsman Homes Development, LLC (collectively known as “Craftsman" or the "Entities") from a third-party ("Seller"). Craftsman is a manufactured home street retailer in Nevada with four locations selling Company and other manufacturer branded homes. They also provide general construction to setup the home property and assist with multi-home developments and multi-family dwellings. On July 4, 2021, we entered into an agreement (the "Craftsman Purchase Agreement") with the Seller to obtain the remaining 50% ownership in Craftsman, owned by the Seller, to be purchased over time. As provided in the Craftsman Purchase Agreement, 20% of the equity of Craftsman owned by the Seller was obtained as of July 4, 2021 by us for cash and, as a result, we obtained a controlling ownership interest. We accounted for this transaction as a business combination to be achieved in stages (see Note 21) and consolidated the entities while recognizing a noncontrolling interest for the remaining Seller ownership as discussed below. The Craftsman Purchase Agreement calls for an additional 20% of the equity of Craftsman owned by the Seller to be purchased on December 31, 2023 by us for cash. As mandatory redemption of this ownership interest is required, $2.5 million for the fair value of this portion of the noncontrolling interest is recorded in the long-term liabilities section of the Consolidated Balance Sheet under the Secured financings and other caption. In each reporting period hereafter, until purchased by the Company, the mandatorily redeemable noncontrolling interest is adjusted to its current redemption value, based on a predetermined formula. Adjustments in the redemption value to the mandatorily redeemable noncontrolling interest are recorded to Interest expense. After December 31, 2023, the Seller has the right to require Cavco to purchase all of Seller's remaining 10% ownership (“Put Right”) for an amount specified in the Agreement that is designed to approximate fair value. Likewise, Cavco has the right to require Seller to sell their remaining 10% ownership (“Call Right”) based on the same timing as described above for the Put Right. The purchase price to be payable by the Company for the purchase of Seller's remaining ownership pursuant to the exercise of the Put Right or the Call Right will be settled in cash. As redemption of this remaining ownership is not a current obligation, $1.2 million for the initial fair value of this portion of the noncontrolling interest is classified as a temporary equity mezzanine item between liabilities and stockholders' equity in the Consolidated Balance Sheet under the Redeemable noncontrolling interest caption. The amount of income attributable to this noncontrolling interest is included in the Consolidated Statements of Comprehensive Income on the face of the Consolidated Statements of Comprehensive Income. |
Debt, Finance Lease and Manda_2
Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations (Policies) | 6 Months Ended |
Oct. 02, 2021 | |
Debt Disclosure [Abstract] | |
Accounting policy for debt | We entered into secured credit facilities with independent third-party banks to originate and hold consumer home-only loans secured by manufactured homes, which were pledged as collateral to the facilities. Those facilities have since been converted into an amortizing loan with maturity dates starting in 2028 and payments based on a 20 or 25-year amortization period, resulting in a balloon payment due upon maturity. The outstanding balance of the converted loans was $7.7 million as of October 2, 2021 and $8.2 million as of April 3, 2021 with a weighted average interest rate of 4.91%. |
Commitments and Contingencies (
Commitments and Contingencies (Policies) | 6 Months Ended |
Oct. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Repurchase Contingencies | Repurchase Contingencies . We are contingently liable under terms of repurchase agreements with financial institutions providing inventory financing to independent distributors of our products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. The maximum amount for which we were liable under such agreements approximated $95.7 million and $74.2 million at October 2, 2021 and April 3, 2021, respectively, without reduction for the resale value of the homes that are repurchased. We had a reserve for repurchase commitments of $2.7 million at October 2, 2021 and $2.3 million at April 3, 2021. |
Representations and Warranties of Mortgages Sold | Representations and Warranties of Mortgages Sold . We sell loans to Government-Sponsored Enterprises ("GSEs") and whole-loan purchasers and finance certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, we provide to GSEs and whole-loan purchasers and lenders representations and warranties related to the loans sold or financed. Upon a breach of a representation, we may be required to repurch ase the loan or to indemnify a party for incurred losses. We maintain a reserve for these contingent repurchase and indemnification obliga tions. This reserve of $1.2 million as of October 2, 2021 and April 3, 2021, included in Accrued expenses and other current liabilities, reflects management's estimate of probable loss. There were no claim requests that resulted in the execution of an indemnification agreement or in the repurchase of a loan during the six months ended October 2, 2021. |
Derivatives | Interest Rate Lock Commitments . In originating loans for sale, we issue interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs bind us to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As of October 2, 2021, we had outstanding IRLCs with a notional amount of $29.5 million. During the three months ended October 2, 2021 and September 26, 2020, we recognized losses of $5,000 and $19,000 , respectively, on outstanding IRLCs. For the six months ended October 2, 2021 and September 26, 2020, w e recognized gains of $42,000 and losses of $144,000, respectively. Forward Sales Commitments . We manage the risk profiles of a portion of the outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments (collectively "Commitments"). As of October 2, 2021, we had $33.5 million in outstanding Commitments. We recognized non-cash gains of $79,000 and $118,000 in the second quarter of 2022 and 2021, respectively. During the six months ended October 2, 2021 and September 26, 2020, we recognized losses of $268,000 and gains of $1.1 million , respectively. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Oct. 02, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Disclosures | See Note 19, Fair Value Measurements, and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies, in the Form 10-K for more information on the methodologies we use in determining fair value. |
Transfers and Servicing of Financial Assets | Mortgage Servicing . Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities. MSRs are initially recorded at fair value. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes customer contract revenues disaggregated by reportable segment and source (in thousands): Three Months Ended Six Months Ended October 2, 2021 September 26, 2020 October 2, September 26, Factory-built housing U.S. Housing and Urban Development code homes $ 285,947 $ 197,723 $ 548,337 $ 387,169 Modular homes 31,386 20,483 58,003 41,266 Park model RVs 9,728 9,027 19,399 22,749 Other 15,033 13,734 28,638 27,873 342,094 240,967 654,377 479,057 Financial services Insurance agency commissions received from third-party insurance companies 850 777 1,723 1,547 Other 16,599 16,232 33,865 32,173 17,449 17,009 35,588 33,720 $ 359,543 $ 257,976 $ 689,965 $ 512,777 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Summary of restricted cash | Restricted cash consisted of the following (in thousands): October 2, April 3, Cash related to CountryPlace customer payments to be remitted to third parties $ 18,820 $ 16,049 Other restricted cash 1,365 979 20,185 17,028 Less current portion (19,850) (16,693) $ 335 $ 335 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | Investments consisted of the following (in thousands): October 2, April 3, Available-for-sale debt securities $ 18,179 $ 14,946 Marketable equity securities 16,566 17,600 Non-marketable equity investments 19,772 21,960 54,517 54,506 Less current portion (18,867) (19,496) $ 35,650 $ 35,010 |
Amortized cost and fair value by security type | The amortized cost and fair value of our investments in available-for-sale debt securities, by security type are shown in the table below (in thousands). October 2, 2021 April 3, 2021 Amortized Fair Amortized Cost Fair Residential mortgage-backed securities $ 2,352 $ 2,365 $ 2,787 $ 2,804 State and political subdivision debt securities 7,942 8,023 7,239 7,345 Corporate debt securities 7,795 7,791 4,797 4,797 $ 18,089 $ 18,179 $ 14,823 $ 14,946 |
Contractual Maturity of Investment Securities | The amortized cost and fair value of our investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations, with or without penalties. October 2, 2021 Amortized Fair Due in less than one year $ 1,611 $ 1,618 Due after one year through five years 11,807 11,792 Due after five years through ten years 1,268 1,321 Due after ten years 1,051 1,083 Mortgage-backed securities 2,352 2,365 $ 18,089 $ 18,179 |
Gain (Loss) on Securities | There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended October 2, 2021. For the three and six months ended September 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $5,000. Net investment gains and losses on marketable equity securities were as follows (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Marketable equity securities Net gain recognized during the period $ 243 $ 1,251 $ 1,939 $ 3,281 Less: Net (gains) losses recognized on securities sold during the period (143) 27 (279) (6) Unrealized gains recognized during the period on securities still held $ 100 $ 1,278 $ 1,660 $ 3,275 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of inventories | Inventories consisted of the following (in thousands): October 2, April 3, Raw materials $ 78,810 $ 54,336 Work in process 27,983 19,149 Finished goods 83,601 57,749 $ 190,394 $ 131,234 |
Consumer Loans Receivable (Tabl
Consumer Loans Receivable (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Receivables [Abstract] | |
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands): October 2, April 3, Loans held for investment, previously securitized $ 28,631 $ 31,949 Loans held for investment 16,207 18,690 Loans held for sale 10,253 15,587 Construction advances 7,485 13,801 62,576 80,027 Deferred financing fees and other, net (1,178) (2,041) Allowance for loan losses (2,799) (3,188) 58,599 74,798 Less current portion (26,475) (37,690) $ 32,124 $ 37,108 |
Allowance for Loan Loss | The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Allowance for loan losses at beginning of period $ 2,918 $ 4,012 $ 3,188 $ 1,767 Impact of adoption of Financial Accounting Standards Board's Accounting Standards Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") — — — 2,276 Change in estimated loan losses, net 210 (94) (57) 67 Charge-offs (329) (8) (332) (200) Allowance for loan losses at end of period $ 2,799 $ 3,910 $ 2,799 $ 3,910 |
Deliquency Status of Consumer Loans | The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands): October 2, April 3, Current $ 59,602 $ 76,378 31 to 60 days 110 508 61 to 90 days 2,502 21 91+ days 362 3,120 $ 62,576 $ 80,027 |
Gross Consumer Loans Receivable by Credit Quality and Fiscal Year of Origination | The following tables disaggregate gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands): October 2, 2021 2022 2021 2020 2019 2018 Prior Total Prime- FICO score 680 and greater $ 6,664 $ 5,077 $ 2,776 $ 1,408 $ 765 $ 22,669 $ 39,359 Near Prime- FICO score 620-679 2,247 3,445 2,175 1,856 1,354 9,978 21,055 Sub-Prime- FICO score less than 620 — 21 53 — — 1,547 1,621 No FICO score — 149 19 27 — 346 541 $ 8,911 $ 8,692 $ 5,023 $ 3,291 $ 2,119 $ 34,540 $ 62,576 April 3, 2021 2021 2020 2019 2018 2017 Prior Total Prime- FICO score 680 and greater $ 18,250 $ 3,575 $ 1,718 $ 971 $ 1,959 $ 23,375 $ 49,848 Near Prime- FICO score 620-679 10,227 2,744 1,794 1,364 500 10,401 27,030 Sub-Prime- FICO score less than 620 348 53 — — 84 1,579 2,064 No FICO score 576 — 28 — — 481 1,085 $ 29,401 $ 6,372 $ 3,540 $ 2,335 $ 2,543 $ 35,836 $ 80,027 |
Commercial Loans Receivable (Ta
Commercial Loans Receivable (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Receivables [Abstract] | |
Commercial Loans Receivables | Commercial loans receivable, net consisted of the following (in thousands): October 2, April 3, Loans receivable $ 73,006 $ 45,377 Allowance for loan losses (826) (816) Deferred financing fees, net (247) (247) 71,933 44,314 Less current portion of commercial loans receivable (including from affiliates), net (31,601) (19,232) $ 40,332 $ 25,082 |
Changes in the Allowance for Loan Losses on Commercial Loans Receivables | The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Balance at beginning of period $ 785 $ 828 $ 816 $ 393 Impact of adoption of ASU 2016-13 — — — 435 Change in estimated loan losses, net 41 (39) 10 (39) Balance at end of period $ 826 $ 789 $ 826 $ 789 |
Commercial Loans Receivables by Class and Internal Credit Quality Indicator | The following table disaggregates our commercial loans receivable by fiscal year of origination (in thousands): October 2, 2021 2022 2021 2020 2019 2018 Prior Total Performing $ 25,069 $ 35,259 $ 7,338 $ 2,669 $ 1,379 $ 1,292 $ 73,006 April 3, 2021 2021 2020 2019 2018 2017 Prior Total Performing $ 30,627 $ 8,677 $ 3,206 $ 1,864 $ 1,003 $ — $ 45,377 |
Geographic Concentration of Commercial Loans Receivables in Key States | As of October 2, 2021, 34% of our outstanding commercial loans receivable principal balance was concentrated in Pennsylvania. As of April 3, 2021, 13% of our outstanding commercial loans receivable principal balance was concentrated in Arizona. No other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of October 2, 2021 or April 3, 2021. |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, plant and equipment, net, consisted of the following (in thousands): October 2, April 3, Property, plant and equipment, at cost Land $ 42,407 $ 28,314 Buildings and improvements 108,577 71,827 Machinery and equipment 45,628 34,146 196,612 134,287 Accumulated depreciation (40,215) (37,493) $ 156,397 $ 96,794 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangibles | Goodwill and other intangibles, net, consisted of the following (in thousands): October 2, 2021 April 3, 2021 Gross Accumulated Net Gross Accumulated Net Indefinite-lived Goodwill $ 106,487 $ — $ 106,487 $ 75,090 $ — $ 75,090 Trademarks and trade names 15,680 — 15,680 8,900 — 8,900 State insurance licenses 1,100 — 1,100 1,100 — 1,100 123,267 — 123,267 85,090 — 85,090 Finite-lived Customer relationships 25,400 (7,413) 17,987 11,300 (7,097) 4,203 Other 1,924 (1,287) 637 1,424 (1,264) 160 $ 150,591 $ (8,700) $ 141,891 $ 97,814 $ (8,361) $ 89,453 |
Goodwill rollforward | Changes in the carrying amount of Goodwill were as follows for the six months ended October 2, 2021 (in thousands). See Note 21 for further information. Balance at beginning of period $ 75,090 Goodwill recognized on Craftsman acquisition 3,933 Goodwill recognized on Commodore acquisition 27,464 Balance at end of period $ 106,487 |
Future amortization expense | Expected amortization for future fiscal years is as follows (in thousands): Remainder of fiscal year $ 1,985 2023 3,291 2024 1,749 2025 1,686 2026 1,666 2027 1,577 Thereafter 6,670 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): October 2, April 3, Customer deposits $ 49,219 $ 41,835 Salaries, wages and benefits 44,161 37,737 Estimated warranties 25,745 18,032 Unearned insurance premiums 24,498 22,643 Accrued volume rebates 22,008 12,132 Company repurchase options on certain loans sold 17,151 25,938 Other 54,680 44,816 $ 237,462 $ 203,133 |
Warranties (Tables)
Warranties (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Product Warranties Disclosures [Abstract] | |
Activity in the liability for estimated warranties | Activity in the liability for estimated warranties was as follows (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Balance at beginning of period $ 19,344 $ 18,538 $ 18,032 $ 18,678 Purchase accounting additions 6,928 — 6,928 — Charged to costs and expenses 7,994 6,232 17,119 12,579 Payments and deductions (8,521) (6,965) (16,334) (13,452) Balance at end of period $ 25,745 $ 17,805 $ 25,745 $ 17,805 |
Debt, Finance Lease and Manda_3
Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt, finance leases and mandatorily redeemable noncontrolling interest obligations | The following table summarizes debt, finance lease and mandatorily redeemable noncontrolling interest obligations (in thousands): October 2, April 3, Secured term loan $ 7,718 $ 8,210 Finance lease obligations 6,324 304 Other secured financings 3,052 3,672 Mandatorily redeemable noncontrolling interest 2,471 — 19,565 12,186 Less current portion (2,260) (1,851) $ 17,305 $ 10,335 |
Reinsurance and Insurance Los_2
Reinsurance and Insurance Loss Reserves (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Insurance [Abstract] | |
Effects of Reinsurance | The effects of reinsurance on premiums written and earned were as follows (in thousands): Three Months Ended October 2, 2021 September 26, 2020 Written Earned Written Earned Direct premiums $ 6,310 $ 6,323 $ 4,915 $ 5,145 Assumed premiums—nonaffiliated 8,240 7,630 7,593 7,043 Ceded premiums—nonaffiliated (3,714) (3,714) (2,853) (2,853) $ 10,836 $ 10,239 $ 9,655 $ 9,335 Six Months Ended October 2, 2021 September 26, 2020 Written Earned Written Earned Direct premiums $ 13,149 $ 12,319 $ 10,680 $ 10,330 Assumed premiums—nonaffiliated 16,814 15,008 15,246 13,833 Ceded premiums—nonaffiliated (7,361) (7,361) (6,055) (6,055) $ 22,602 $ 19,966 $ 19,871 $ 18,108 |
Loss Reserve Rollforward | Standard Casualty establishes reserves for claims and claims expense on reported and unreported claims of non-reinsured losses. The following details the activity in the reserve for the six months ended October 2, 2021 and September 26, 2020 (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Balance at beginning of period $ 8,348 $ 6,730 $ 7,451 $ 5,582 Net incurred losses during the year 7,282 7,477 15,257 13,460 Net claim payments during the year (8,280) (7,320) (15,358) (12,155) Balance at end of period $ 7,350 $ 6,887 $ 7,350 $ 6,887 |
Commitments and Contingencies_2
Commitments and Contingencies (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Repurchase Contingencies [Roll Forward] | |
Loan Contracts with Off-Balance Sheet Commitments | Construction-Period Mortgages. We fund construction-period mortgages through periodic advances during home construction. At the time of initial funding, we commit to fully fund the loan contract in accordance with a predetermined schedule. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment to fund future advances. Loan contracts with off-balance sheet commitments are summarized below (in thousands): October 2, April 3, Construction loan contract amount $ 22,466 $ 37,628 Cumulative advances (7,485) (13,801) $ 14,981 $ 23,827 |
Stockholders' Equity and Rede_2
Stockholders' Equity and Redeemable Noncontrolling Interest (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity and Redeemable Noncontrolling Interest | The following table represents changes in stockholders' equity attributable to Cavco's stockholders and redeemable noncontrolling interest for each quarterly period during the six months ended October 2, 2021 (dollars in thousands): Equity Attributable to Cavco Stockholders Treasury Stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Redeemable Noncontrolling Interest Common Stock Shares Amount Balance, April 3, 2021 9,241,256 $ 92 $ (1,441) $ 253,835 $ 431,057 $ 97 $ 683,640 $ — Net income — — — — 27,046 — 27,046 — Other comprehensive income, net — — — — — (13) (13) — Issuance of common stock under stock incentive plans 4,465 — — 136 — — 136 — Stock-based compensation — — — 1,100 — — 1,100 — Common stock repurchases — — (12,842) — — — (12,842) — Balance, July 3, 2021 9,245,721 $ 92 $ (14,283) $ 255,071 $ 458,103 $ 84 $ 699,067 $ — Initial value of noncontrolling interest upon transaction — — — — — — — 1,235 Net income — — — — 37,610 — 37,610 73 Other comprehensive income, net — — — — — (13) (13) — Issuance of common stock under stock incentive plans 29,295 1 — 2,728 — — 2,729 — Stock-based compensation — — — 1,317 — — 1,317 — Common stock repurchases — — (7,594) — — — (7,594) — Distributions — — — — — — — (180) Balance, October 2, 2021 9,275,016 $ 93 $ (21,877) $ 259,116 $ 495,713 $ 71 $ 733,116 $ 1,128 The following table represents changes in stockholders' equity attributable to Cavco's stockholders and redeemable noncontrolling interest for each quarterly period during the six months ended September 26, 2020 (dollars in thousands): Equity Attributable to Cavco Stockholders Treasury Stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Redeemable Noncontrolling Interest Common Stock Shares Amount Balance, March 28, 2020 9,173,242 $ 92 $ — $ 252,260 $ 355,144 $ 90 $ 607,586 $ — Cumulative effect of implementing ASU 2016-13, net — — — — (733) — (733) — Net income — — — — 16,674 — 16,674 — Other comprehensive income, net — — — — — 68 68 — Issuance of common stock under stock incentive plans 3,822 — — (533) — — (533) — Stock-based compensation — — — 945 — — 945 — Balance, June 27, 2020 9,177,064 $ 92 $ — $ 252,672 $ 371,085 $ 158 $ 624,007 $ — Net income — — — — 15,049 — 15,049 — Other comprehensive income, net — — — — — 7 7 — Issuance of common stock under stock incentive plans 11,098 — — 522 — — 522 — Stock-based compensation — — — 1,103 — — 1,103 — Balance, September 26, 2020 9,188,162 $ 92 $ — $ 254,297 $ 386,134 $ 165 $ 640,688 $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Net income attributable to Cavco common stockholders $ 37,610 $ 15,049 $ 64,656 $ 31,723 Weighted average shares outstanding Basic 9,190,866 9,182,945 9,194,577 9,178,609 Effect of dilutive securities 82,270 112,464 79,863 101,471 Diluted 9,273,136 9,295,409 9,274,440 9,280,080 Net income per share attributable to Cavco common stockholders Basic $ 4.09 $ 1.64 $ 7.03 $ 3.46 Diluted $ 4.06 $ 1.62 $ 6.97 $ 3.42 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of the Fair Value and Carrying Value of Financial Instruments | The book value and estimated fair value of our financial instruments were as follows (in thousands): October 2, 2021 April 3, 2021 Book Estimated Book Estimated Available-for-sale debt securities $ 18,179 $ 18,179 $ 14,946 $ 14,946 Marketable equity securities 16,566 16,566 17,600 17,600 Non-marketable equity investments 19,772 19,772 21,960 21,960 Consumer loans receivable 58,599 65,641 74,798 86,209 Commercial loans receivable 71,933 70,363 44,314 42,379 Secured financings and other (19,565) (19,454) (12,186) (12,340) |
Assumptions for Mortgage Servicing Rights | October 2, April 3, Number of loans serviced with MSRs 4,533 4,647 Weighted average servicing fee (basis points) 34.39 33.57 Capitalized servicing multiple 73.7 % 45.9 % Capitalized servicing rate (basis points) 25.36 15.42 Serviced portfolio with MSRs (in thousands) $ 586,547 $ 593,939 MSRs (in thousands) $ 1,488 $ 916 |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | The purchase price on July 4, 2021 for 20% ownership was $2.5 million, valuing the Entities at $12.4 million. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands). Certain estimated values are not yet finalized and are subject to change, which could be significant. The allocation of the purchase price is still preliminary due to the short duration since the acquisition date and will be finalized upon completion of the analysis of the fair values of Craftsman's assets and specified liabilities. We expect to finalize these amounts as soon as possible but no later than one year from the acquisition date. July 4, Cash $ 6,466 Accounts receivable 577 Inventories 7,393 Property, plant and equipment 189 Other current assets 846 Intangible assets (1) 2,980 Total identifiable assets acquired 18,451 Accounts payable and accrued liabilities 10,028 Net identifiable assets acquired 8,423 Goodwill (2) 3,933 Net assets acquired $ 12,356 (1) Includes $3.0 million assigned to trademarks and trade names, which are considered indefinite lived intangible assets and are not subject to amortization. (2) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. We recorded a Redeemable noncontrolling interest for the remaining 30% ownership. As 20% of this is considered mandatorily redeemable per the Agreement, $2.5 million for the fair value of this portion of the noncontrolling interest is recorded in the long-term liabilities section of the Consolidated Balance Sheet under the Secured financings and other caption. As we are not currently obligated for the redemption of the remaining 10% ownership, $1.2 million for the initial fair value of this portion of the noncontrolling interest is classified as a temporary equity mezzanine item between liabilities and stockholders’ equity in the Consolidated Balance Sheet under the Redeemable noncontrolling interest caption. Since the acquisition date, Craftsman contributed Net revenue of $4.5 million for the three and six months ended October 2, 2021. Craftsman increased consolidated Net income on the Consolidated Statements of Comprehensive Income for the three and six months ended October 2, 2021 by $243,000. Net income from the Craftsman acquisition included required purchase accounting adjustments whereby home product inventory is recorded at fair value upon acquisition. Commodore Homes Acquisition On September 24, 2021, we purchased certain manufactured housing assets and assumed certain liabilities of Commodore, including its six manufacturing facilities and two wholly-owned retail locations. In addition to manufacturing, Commodore also participates in commercial lending operations with its dealers. The transaction was accounted for as a business combination and the results of operations have been included in the accompanying Consolidated Financial Statements since the date of acquisition. The acquisition of Commodore brings beneficial geographic addition to our footprint with strong operations in the Northeast/Midwest/Mid-Atlantic markets and provides a platform for future growth, with the potential for cost and revenue synergies. The acquisition-date fair value of the total consideration was $156.1 million, which was paid in cash and is subject to future adjustments upon the finalization of closing financial statements. We have expensed $2.7 million in acquisition related deal costs in Selling, general and administrative expense in the Consolidated Statements of Comprehensive Income , and have not incurred debt in connection with the purchase or subsequent operations. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands). Certain estimated values are not yet finalized and are subject to change, which could be significant. The allocation of the purchase price is still preliminary due to the short duration since the acquisition date and will be finalized upon completion of the analysis of the fair values of Commodore's assets and specified liabilities. We expect to finalize these amounts as soon as possible but no later than one year from the acquisition date. September 24, Cash $ 619 Accounts receivable 20,930 Commercial loans 30,960 Inventories 31,787 Property, plant and equipment (1) 57,606 Other current assets 534 Intangible assets (2) 18,400 Total identifiable assets acquired 160,836 Accounts payable and accrued liabilities 32,249 Net identifiable assets acquired 128,587 Goodwill (3) 27,464 Net assets acquired $ 156,051 (1) Includes assets acquired under finance leases. See Note 9 for additional information. (2) Includes $11.8 million assigned to customer-related intangibles, subject to a useful life of 11 years amortized on a straight-line basis; $3.8 million assigned to trademarks and trade names, which are considered indefinite lived intangible assets and are not subject to amortization; $2.3 million for acquired sales order backlogs that will be amortized over the period to produce the associated backlog; and $0.5 million for a covenant not to compete from the sellers, amortized on a straight-line basis over the term of 5 years. (3) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. Since the acquisition date, Commodore contributed Net revenue of $4.4 million for the three and six months ended October 2, 2021. Commodore decreased consolidated Net income on the Consolidated Statements of Comprehensive Income for the three and six months ended October 2, 2021 by $645,000. The Net loss from the Commodore acquisition included required purchase accounting adjustments whereby home product inventory is recorded at fair value upon acquisition. |
Pro Forma Impact of Acquisition | Pro Forma Impact of Acquisitions . The following table presents supplemental pro forma information as if the above acquisitions occurred on March 29, 2020 (in thousands, except per share data): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Net revenue $ 444,303 $ 327,491 $ 856,054 $ 635,061 Net income attributable to Cavco common stockholders 38,331 20,665 66,161 37,494 Diluted net income per share 4.13 2.22 7.13 4.04 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Oct. 02, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | The following table provides selected financial data by segment (in thousands): Three Months Ended Six Months Ended October 2, September 26, October 2, September 26, Net revenue Factory-built housing $ 342,094 $ 240,967 $ 654,377 $ 479,057 Financial services 17,449 17,009 35,588 33,720 $ 359,543 $ 257,976 $ 689,965 $ 512,777 Income before income taxes Factory-built housing $ 46,893 $ 17,452 $ 80,452 $ 35,902 Financial services 2,128 2,144 4,047 5,374 $ 49,021 $ 19,596 $ 84,499 $ 41,276 October 2, April 3, Total assets: Factory-built housing $ 819,879 $ 711,579 Financial services 236,554 240,254 $ 1,056,433 $ 951,833 |
Basis of Presentation (Principl
Basis of Presentation (Principles of Consolidation) (Details) $ in Millions | 6 Months Ended | |||
Oct. 02, 2021Segmentstorefactories | Dec. 31, 2023 | Jul. 04, 2021USD ($) | Apr. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of operating segments | Segment | 2 | |||
Number of operating production lines | factories | 26 | |||
Number of Stores | store | 46 | |||
Noncontrolling Interest, Description | Redeemable Noncontrolling Interest. In fiscal year 2017, we purchased a 50% interest in Craftsman Homes, LLC and Craftsman Homes Development, LLC (collectively known as “Craftsman" or the "Entities") from a third-party ("Seller"). Craftsman is a manufactured home street retailer in Nevada with four locations selling Company and other manufacturer branded homes. They also provide general construction to setup the home property and assist with multi-home developments and multi-family dwellings.On July 4, 2021, we entered into an agreement (the "Craftsman Purchase Agreement") with the Seller to obtain the remaining 50% ownership in Craftsman, owned by the Seller, to be purchased over time. As provided in the Craftsman Purchase Agreement, 20% of the equity of Craftsman owned by the Seller was obtained as of July 4, 2021 by us for cash and, as a result, we obtained a controlling ownership interest. We accounted for this transaction as a business combination to be achieved in stages (see Note 21) and consolidated the entities while recognizing a noncontrolling interest for the remaining Seller ownership as discussed below.The Craftsman Purchase Agreement calls for an additional 20% of the equity of Craftsman owned by the Seller to be purchased on December 31, 2023 by us for cash. As mandatory redemption of this ownership interest is required, $2.5 million for the fair value of this portion of the noncontrolling interest is recorded in the long-term liabilities section of the Consolidated Balance Sheet under the Secured financings and other caption. In each reporting period hereafter, until purchased by the Company, the mandatorily redeemable noncontrolling interest is adjusted to its current redemption value, based on a predetermined formula. Adjustments in the redemption value to the mandatorily redeemable noncontrolling interest are recorded to Interest expense.After December 31, 2023, the Seller has the right to require Cavco to purchase all of Seller's remaining 10% ownership (“Put Right”) for an amount specified in the Agreement that is designed to approximate fair value. Likewise, Cavco has the right to require Seller to sell their remaining 10% ownership (“Call Right”) based on the same timing as described above for the Put Right. The purchase price to be payable by the Company for the purchase of Seller's remaining ownership pursuant to the exercise of the Put Right or the Call Right will be settled in cash. As redemption of this remaining ownership is not a current obligation, $1.2 million for the initial fair value of this portion of the noncontrolling interest is classified as a temporary equity mezzanine item between liabilities and stockholders' equity in the Consolidated Balance Sheet under the Redeemable noncontrolling interest caption. The amount of income attributable to this noncontrolling interest is included in the Consolidated Statements of Comprehensive Income on the face of the Consolidated Statements of Comprehensive Income. | |||
Minority Holder | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Minority interest ownership | 30.00% | 50.00% | ||
Asset Acquisition [Line Items] | ||||
Minority interest ownership | 30.00% | 50.00% | ||
Craftsman | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Ownership of Craftsman prior to acquisition | 50.00% | |||
Asset Acquisition [Line Items] | ||||
Ownership of Craftsman prior to acquisition | 50.00% | |||
Additional ownership acquired | 20.00% | |||
Reedemable noncontrolling interest | $ 1.2 | |||
Craftsman | Other Noncurrent Liabilities | ||||
Asset Acquisition [Line Items] | ||||
Reedemable noncontrolling interest | $ 2.5 | |||
Craftsman | Forecast | ||||
Asset Acquisition [Line Items] | ||||
Additional ownership acquired | 20.00% | |||
Craftsman | Forecast | Interest subject to Put or Call Right | ||||
Asset Acquisition [Line Items] | ||||
Additional ownership acquired | 10.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 359,543 | $ 257,976 | $ 689,965 | $ 512,777 |
Factory-built housing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 342,094 | 240,967 | 654,377 | 479,057 |
Factory-built housing | HUD Code | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 285,947 | 197,723 | 548,337 | 387,169 |
Factory-built housing | Modular | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 31,386 | 20,483 | 58,003 | 41,266 |
Factory-built housing | Park Model RVs | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,728 | 9,027 | 19,399 | 22,749 |
Factory-built housing | Product and Service, Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15,033 | 13,734 | 28,638 | 27,873 |
Financial Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17,449 | 17,009 | 35,588 | 33,720 |
Financial Services | Insurance Agency Commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 850 | 777 | 1,723 | 1,547 |
Financial Services | Financial Service, Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 16,599 | $ 16,232 | $ 33,865 | $ 32,173 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 | Sep. 26, 2020 |
Summary of restricted cash | |||
Restricted cash | $ 20,185 | $ 17,028 | $ 17,026 |
Less current portion | (19,850) | (16,693) | |
Non-current restricted cash | 335 | 335 | |
Cash related to CountryPlace customer payments to be remitted to third parties | |||
Summary of restricted cash | |||
Restricted cash | 18,820 | 16,049 | |
Other restricted cash | |||
Summary of restricted cash | |||
Restricted cash | $ 1,365 | $ 979 |
Restricted Cash Reconciliation
Restricted Cash Reconciliation of Cash and cash equivalents and Restricted cash to SOCF (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 | Sep. 26, 2020 | Mar. 28, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 224,291 | $ 322,279 | $ 312,243 | |
Restricted Cash and Cash Equivalents | 20,185 | 17,028 | 17,026 | |
Cash, cash equivalents and restricted cash | $ 244,476 | $ 339,307 | $ 329,269 | $ 255,607 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 18,179 | $ 14,946 |
Marketable equity securities | 16,566 | 17,600 |
Non-marketable equity investments | 19,772 | 21,960 |
Investments | 54,517 | 54,506 |
Less short-term Investments | (18,867) | (19,496) |
Long-term Investments | $ 35,650 | $ 35,010 |
Investments (Amortized cost and
Investments (Amortized cost and fair value) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 18,089 | $ 14,823 |
Fair Value | 18,179 | 14,946 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,352 | 2,787 |
Fair Value | 2,365 | 2,804 |
State and political subdivision debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,942 | 7,239 |
Fair Value | 8,023 | 7,345 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,795 | 4,797 |
Fair Value | $ 7,791 | $ 4,797 |
Investments (Contractual Maturi
Investments (Contractual Maturities) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Amortized Cost | ||
Due in less than one year | $ 1,611 | |
Due after one year through five years | 11,807 | |
Due after five years through ten years | 1,268 | |
Due after ten years | 1,051 | |
Mortgage-backed securities | 2,352 | |
Amortized Cost | 18,089 | $ 14,823 |
Fair Value | ||
Due in less than one year | 1,618 | |
Due after one year through five years | 11,792 | |
Due after five years through ten years | 1,321 | |
Due after ten years | 1,083 | |
Mortgage-backed securities | 2,365 | |
Fair Value | $ 18,179 | $ 14,946 |
Investments (Recognized Gains a
Investments (Recognized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Gain (Loss) on Securities | ||||
Gross gains realized on debt securities | $ 0 | $ 0 | $ 0 | $ 0 |
Gross losses realized on debt securities | 0 | 5 | 0 | 5 |
Net gains recognized during the period on equity securities | 243 | 1,251 | 1,939 | 3,281 |
Less: Net (gains) losses recognized on securities sold during the period | (143) | 27 | (279) | (6) |
Unrealized gains recognized during the period on securities still held | $ 100 | $ 1,278 | $ 1,660 | $ 3,275 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Summary of inventories | ||
Raw materials | $ 78,810 | $ 54,336 |
Work in process | 27,983 | 19,149 |
Finished goods | 83,601 | 57,749 |
Total Inventories | $ 190,394 | $ 131,234 |
Consumer Loans Receivable (Summ
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 | Sep. 26, 2020 |
Receivables [Abstract] | |||
Loans held for investment, previously securitized | $ 28,631 | $ 31,949 | |
Loans held for investment | 16,207 | 18,690 | |
Loans held for sale | 10,253 | 15,587 | |
Construction Advances | 7,485 | 13,801 | |
Consumer loans receivable | 62,576 | 80,027 | $ 80,027 |
Deferred financing fees and other, net | (1,178) | (2,041) | |
Allowance for loan losses | (2,799) | (3,188) | |
Consumer loans receivable, net | 58,599 | 74,798 | |
Less current portion | (26,475) | (37,690) | |
Consumer loans receivable, net | $ 32,124 | $ 37,108 |
Consumer Loans Receivable (Allo
Consumer Loans Receivable (Allowance For Loan Loss Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses at beginning of period | $ 3,188 | |||
Allowance for loan losses at end of period | $ 2,799 | 2,799 | ||
Consumer loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses at beginning of period | 2,918 | $ 4,012 | 3,188 | $ 1,767 |
Change in estimated loan losses, net | 210 | (94) | (57) | 67 |
Charge-offs | (329) | (8) | (332) | (200) |
Allowance for loan losses at end of period | 2,799 | 3,910 | 2,799 | 3,910 |
Accounting Standards Update 2016-13 | Consumer loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | $ 0 | $ 2,276 |
Consumer Loans Receivable (Loan
Consumer Loans Receivable (Loans Held for investment) (Details) | 6 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
Receivables [Abstract] | ||
Weighted average contractual interest rate | 8.20% | 8.30% |
Weighted average effective interest rate | 8.80% | 9.30% |
Weighted average months to maturity | 157 months | 162 months |
Delinquency status of consumer
Delinquency status of consumer loans (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 | Sep. 26, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 62,576 | $ 80,027 | $ 80,027 |
Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 59,602 | 76,378 | |
31 - 60 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 110 | 508 | |
61 - 90 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,502 | 21 | |
91+ days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 362 | $ 3,120 |
Consumer Loans Receivable (Cons
Consumer Loans Receivable (Consumer Loan Receivables by Credit Quality Indicator and Year of Origination) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 | Sep. 26, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 62,576 | $ 80,027 | $ 80,027 |
Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 8,911 | ||
Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 8,692 | 29,401 | |
Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 5,023 | 6,372 | |
Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 3,291 | 3,540 | |
Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,119 | 2,335 | |
Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,543 | ||
Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 34,540 | ||
Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 35,836 | ||
Prime- FICO score 680 and greater | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 39,359 | 49,848 | |
Prime- FICO score 680 and greater | Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 6,664 | ||
Prime- FICO score 680 and greater | Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 5,077 | 18,250 | |
Prime- FICO score 680 and greater | Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,776 | 3,575 | |
Prime- FICO score 680 and greater | Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,408 | 1,718 | |
Prime- FICO score 680 and greater | Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 765 | 971 | |
Prime- FICO score 680 and greater | Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,959 | ||
Prime- FICO score 680 and greater | Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 22,669 | ||
Prime- FICO score 680 and greater | Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 23,375 | ||
Near Prime- FICO score 620-679 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 21,055 | 27,030 | |
Near Prime- FICO score 620-679 | Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,247 | ||
Near Prime- FICO score 620-679 | Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 3,445 | 10,227 | |
Near Prime- FICO score 620-679 | Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,175 | 2,744 | |
Near Prime- FICO score 620-679 | Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,856 | 1,794 | |
Near Prime- FICO score 620-679 | Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,354 | 1,364 | |
Near Prime- FICO score 620-679 | Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 500 | ||
Near Prime- FICO score 620-679 | Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 9,978 | ||
Near Prime- FICO score 620-679 | Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 10,401 | ||
Sub-Prime- FICO score less than 620 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,621 | 2,064 | |
Sub-Prime- FICO score less than 620 | Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | ||
Sub-Prime- FICO score less than 620 | Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 21 | 348 | |
Sub-Prime- FICO score less than 620 | Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 53 | 53 | |
Sub-Prime- FICO score less than 620 | Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | 0 | |
Sub-Prime- FICO score less than 620 | Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | 0 | |
Sub-Prime- FICO score less than 620 | Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 84 | ||
Sub-Prime- FICO score less than 620 | Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,547 | ||
Sub-Prime- FICO score less than 620 | Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,579 | ||
No FICO Score | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 541 | 1,085 | |
No FICO Score | Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | ||
No FICO Score | Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 149 | 576 | |
No FICO Score | Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 19 | 0 | |
No FICO Score | Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 27 | 28 | |
No FICO Score | Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | 0 | |
No FICO Score | Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | ||
No FICO Score | Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 346 | ||
No FICO Score | Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 481 |
Consumer Loans Receivable (Narr
Consumer Loans Receivable (Narrative) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Repossessed Homes | $ 893 | $ 518 |
Mortgage Loans in Process of Foreclosure, Amount | $ 927 | $ 1,100 |
TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 36.00% | 35.00% |
FLORIDA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 18.00% | 20.00% |
Commercial Loans Receivable (Co
Commercial Loans Receivable (Commercial Loans Receivable, Net) (Details) - Commercial Loans Receivable - USD ($) $ in Thousands | 6 Months Ended | |||||
Oct. 02, 2021 | Sep. 26, 2020 | Jul. 03, 2021 | Apr. 03, 2021 | Jun. 27, 2020 | Mar. 28, 2020 | |
Commercial Loans Receivable | ||||||
Commercial loans receivable | $ 73,006 | $ 45,377 | ||||
Allowance for loan loss | (826) | $ (789) | $ (785) | (816) | $ (828) | $ (393) |
Deferred financing fees, net | (247) | (247) | ||||
Total commercial loans, net | 71,933 | 44,314 | ||||
Less current portion of commercial loans receivable (including from affiliates), net | (31,601) | (19,232) | ||||
Commercial loans receivable (including from affiliates), noncurrent | $ 40,332 | $ 25,082 | ||||
Weighted average contractual interest rate, commercial | 6.30% | 6.40% | ||||
Weighted average months outstanding, commercial | 10 months | 11 months |
Commercial Loans Receivable (Ch
Commercial Loans Receivable (Changes in the Estimated Allowance for Loan Loss) (Details) - Commercial Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 785 | $ 828 | $ 816 | $ 393 |
Change in estimated loan losses, net | 41 | (39) | 10 | (39) |
Balance at end of period | 826 | 789 | 826 | 789 |
Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | $ 0 | $ 435 |
Commercial Loans Receivable (_2
Commercial Loans Receivable (Commercial Loans Receivable by Credit Quality Indicator and Year of Origination) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | $ 73,006 | $ 45,377 |
Performing | Fiscal 2022 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 25,069 | |
Performing | Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 35,259 | 30,627 |
Performing | Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 7,338 | 8,677 |
Performing | Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 2,669 | 3,206 |
Performing | Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 1,379 | 1,864 |
Performing | Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 1,003 | |
Performing | Fiscal 2017 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 1,292 | |
Performing | Fiscal 2016 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2022 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Watch list | Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Watch list | Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Watch list | Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Watch list | Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2017 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2016 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2022 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Nonperforming | Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Nonperforming | Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Nonperforming | Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Nonperforming | Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2017 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | $ 0 | |
Nonperforming | Fiscal 2016 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | $ 0 |
Commercial Loans Receivable (_3
Commercial Loans Receivable (Concentrations of Commercial Loans Receivables) (Details) | Oct. 02, 2021 | Apr. 03, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration with one independent third-party and its affiliates | 12.00% | 18.00% |
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Concentration Risk on Financing Receivables Percentage | 10.00% | 10.00% |
PENNSYLVANIA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 34.00% | |
ARIZONA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 13.00% |
Commercial Loans Receivable (Na
Commercial Loans Receivable (Narrative) (Details) $ in Thousands | 6 Months Ended |
Oct. 02, 2021USD ($) | |
Receivables [Abstract] | |
Commercial loans 90 days past due still accruing interest | $ 0 |
Due days for loans on nonaccrual status when interest is past due and remains unpaid | 90 days |
Property, Plant and Equipment_3
Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 196,612 | $ 134,287 |
Accumulated depreciation | (40,215) | (37,493) |
Property, plant and equipment, net | 156,397 | 96,794 |
Land | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 42,407 | 28,314 |
Buildings and improvements | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 108,577 | 71,827 |
Machinery and equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 45,628 | $ 34,146 |
Property, Plant and Equipment_4
Property, Plant and Equipment, net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 1.4 | $ 1.4 | $ 2.9 | $ 2.8 |
Leases (Assets and Liabilities)
Leases (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Lease Assets and Liabilities | ||
Operating lease assets | $ 16,706 | $ 16,252 |
Finance lease assets | 8,352 | 986 |
Total Leased Assets | 25,058 | 17,238 |
Operating lease liabilities | 4,783 | 4,184 |
Finance lease liabilities | 401 | 71 |
Operating lease liabilities | 13,240 | 13,361 |
Long term lease liabilities | 5,923 | 233 |
Lease liabilties | 24,347 | 17,849 |
Accumulated Amortization | $ 149 | $ 143 |
Lease characteristics | ||
Weighted average remaining operating lease term | 4 years 10 months 24 days | |
Weighted average remaining finance lease term | 34 years 10 months 24 days | |
Weighted average operating lease discount rate | 4.50% | |
Weighted average finance lease discount rate | 4.50% |
Leases (Future minimum payments
Leases (Future minimum payments) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Finance Leases | ||
Remainder of 2022 | $ 206 | |
2023 | 411 | |
2024 | 411 | |
2025 | 411 | |
2026 | 387 | |
2027 | 338 | |
Thereafter | 10,415 | |
Total Finance lease payments due | 12,579 | |
Less amount representing interest | (6,255) | |
Finance lease liability | 6,324 | $ 304 |
Less current portion | (401) | (71) |
Long term lease liabilities | 5,923 | 233 |
Operating leases | ||
Remainder of 2022 | 2,449 | |
2023 | 4,667 | |
2024 | 4,121 | |
2025 | 3,103 | |
2026 | 3,127 | |
2027 | 1,087 | |
Thereafter | 1,439 | |
Total operating lease payments due | 19,993 | |
Less amount representing interest | (1,970) | |
Operating lease liability | 18,023 | |
Less current portion | (4,783) | (4,184) |
Long term lease liabilities | 13,240 | $ 13,361 |
Remainder of 2022 | 2,655 | |
2023 | 5,078 | |
2024 | 4,532 | |
2025 | 3,514 | |
2026 | 3,514 | |
2027 | 1,425 | |
Thereafter | 11,854 | |
Total lease payments due | 32,572 | |
Less amount representing interest | (8,225) | |
Less current portion | (5,184) | |
Long term lease liabilities | $ 19,163 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles (Summary of Goodwill and Other Intangibles) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Sep. 24, 2021 | Jul. 04, 2021 | Apr. 03, 2021 | |
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 106,487 | $ 75,090 | |||
Indefinite lived: | |||||
Gross Carrying Amount | 123,267 | 85,090 | |||
Net Carrying Amount | 123,267 | 85,090 | |||
Finite lived: | |||||
Intangible Assets Including Goodwill Gross | 150,591 | 97,814 | |||
Accumulated Amortization | (8,700) | (8,361) | |||
Intangible Assets, Net (Including Goodwill) | 141,891 | 89,453 | |||
Craftsman | |||||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | [1] | $ 3,933 | |||
Commodore | |||||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | [2] | $ 27,464 | |||
Customer relationships | |||||
Finite lived: | |||||
Gross Carrying Amount | 25,400 | 11,300 | |||
Accumulated Amortization | (7,413) | (7,097) | |||
Net Carrying Amount | 17,987 | 4,203 | |||
Other Intangible Assets | |||||
Finite lived: | |||||
Gross Carrying Amount | 1,924 | 1,424 | |||
Accumulated Amortization | (1,287) | (1,264) | |||
Net Carrying Amount | 637 | 160 | |||
Goodwill | |||||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | 106,487 | 75,090 | |||
Trademarks and trade names | |||||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Indefinite lived intangible assets including goodwill. | 15,680 | 8,900 | |||
State insurance licenses | |||||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | |||||
Indefinite lived intangible assets including goodwill. | $ 1,100 | $ 1,100 | |||
[1] | Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. | ||||
[2] | Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. |
Goodwill and Other Intangible (
Goodwill and Other Intangible (Goodwill rollforward) (Details) $ in Thousands | 6 Months Ended |
Oct. 02, 2021USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 75,090 |
Ending balance | 106,487 |
Craftsman | |
Goodwill [Roll Forward] | |
Goodwill acquired during the period | 3,933 |
Commodore | |
Goodwill [Roll Forward] | |
Goodwill acquired during the period | $ 27,464 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles (Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense on intangible assets | $ 166 | $ 187 | $ 339 | $ 374 |
Remainder of fiscal year | 1,985 | 1,985 | ||
2023 | 3,291 | 3,291 | ||
2024 | 1,749 | 1,749 | ||
2025 | 1,686 | 1,686 | ||
2026 | 1,666 | 1,666 | ||
2027 | 1,577 | 1,577 | ||
Thereafter | $ 6,670 | $ 6,670 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Accrued Expenses and Other Current Liabilities | ||
Customer deposits | $ 49,219 | $ 41,835 |
Salaries, wages and benefits | 44,161 | 37,737 |
Unearned insurance premiums | 24,498 | 22,643 |
Company repurchase options on certain loans sold | 17,151 | 25,938 |
Estimated warranties | 25,745 | 18,032 |
Accrued volume rebates | 22,008 | 12,132 |
Other | 54,680 | 44,816 |
Total accrued expenses and other current liabilities | $ 237,462 | $ 203,133 |
Warranties (Activity for Estima
Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Accrual for estimated warranties | ||||
Balance at beginning of period | $ 19,344 | $ 18,538 | $ 18,032 | $ 18,678 |
Purchase accounting additions | 6,928 | 0 | 6,928 | 0 |
Charged to costs and expenses | 7,994 | 6,232 | 17,119 | 12,579 |
Payments and deductions | (8,521) | (6,965) | (16,334) | (13,452) |
Balance at end of period | $ 25,745 | $ 17,805 | $ 25,745 | $ 17,805 |
Debt, Finance Lease and Manda_4
Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations (Summary of Debt Obligations) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Debt Obligations | ||
Secured credit facilities | $ 7,718 | $ 8,210 |
Finance lease liability | 6,324 | 304 |
Other secured financings | 3,052 | 3,672 |
Mandatorily redeemable noncontrolling interest | 2,471 | 0 |
Total debt obligations | 19,565 | 12,186 |
Less current portion | (2,260) | (1,851) |
Secured financings and other | $ 17,305 | $ 10,335 |
Debt, Finance Lease and Manda_5
Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Oct. 02, 2021 | Apr. 03, 2021 | |
Debt Disclosure [Abstract] | ||
Secured credit facility frequency of payments | 20 or 25-year amortization period, resulting in a balloon payment due upon maturity | |
Secured credit facilities | $ 7.7 | $ 8.2 |
Secured credit facility interest rate | 4.91% |
Reinsurance and Insurance Los_3
Reinsurance and Insurance Loss Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Reinsurance Effect on Premiums Written and Earned | ||||
Direct premiums Written | $ 6,310 | $ 4,915 | $ 13,149 | $ 10,680 |
Assumed premiums - nonaffiliate Written | 8,240 | 7,593 | 16,814 | 15,246 |
Ceded premiums - nonaffiliate Written | (3,714) | (2,853) | (7,361) | (6,055) |
Net premiums Written | 10,836 | 9,655 | 22,602 | 19,871 |
Direct premiums Earned | 6,323 | 5,145 | 12,319 | 10,330 |
Assumed premiums - nonaffiliate Earned | 7,630 | 7,043 | 15,008 | 13,833 |
Ceded premiums - nonaffiliate Earned | (3,714) | (2,853) | (7,361) | (6,055) |
Premiums Earned, Net | $ 10,239 | $ 9,335 | $ 19,966 | $ 18,108 |
Reinsurance and Insurance Los_4
Reinsurance and Insurance Loss Reserves (Details Textual) $ in Thousands | 6 Months Ended |
Oct. 02, 2021USD ($) | |
Insurance [Abstract] | |
Insurance policies maximum coverage per claim | $ 300 |
Insurance policies coverage per claim ceded to reinsurers | 150 |
Insurance policy risk of loss maintained per claim | 150 |
Catastrophic losses recoverable in excess of amount | 2,000 |
Aggregate catastrophic losses recoverable in excess of amount | $ 55,000 |
Reinsurance and Insurance Los_5
Reinsurance and Insurance Loss Reserves (Loss Reserve Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Insurance [Abstract] | ||||
Balance at beginning of period | $ 8,348 | $ 6,730 | $ 7,451 | $ 5,582 |
Net incurred losses during the year | 7,282 | 7,477 | 15,257 | 13,460 |
Net claim payments during the year | (8,280) | (7,320) | (15,358) | (12,155) |
Balance at end of period | $ 7,350 | $ 6,887 | $ 7,350 | $ 6,887 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 02, 2021USD ($) | Sep. 26, 2020USD ($) | Oct. 02, 2021USD ($)Claim | Sep. 26, 2020USD ($) | Apr. 03, 2021USD ($) | |
Loss Contingencies | |||||
Reserves Related to Consumer Loans Sold | $ 1,200 | $ 1,200 | $ 1,200 | ||
SEC Inquiry alleged gains | 260 | 260 | |||
Product repurchase | |||||
Loss Contingencies | |||||
Loss contingencies | 2,700 | 2,700 | 2,300 | ||
Product repurchase | Maximum | |||||
Loss Contingencies | |||||
Loss contingencies | 95,700 | $ 95,700 | $ 74,200 | ||
Loan Repurchase | |||||
Loss Contingencies | |||||
New Claims for Mortgages Sold | Claim | 0 | ||||
CountryPlace | |||||
Loss Contingencies | |||||
IRLCs recorded at fair value | 29,500 | $ 29,500 | |||
Recognized (loss) gain on outstanding IRLCs | (5) | $ (19) | 42 | $ (144) | |
Forward Commitments Recorded at Fair Value | 33,500 | 33,500 | |||
Recognized gain (loss) on the forward sales and whole loan commitments | $ 79 | $ 118 | $ (268) | $ 1,100 |
Commitments and Contingencies_4
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Loan Contracts with Off-Balance Sheet Commitments | ||
Construction loan contract amount | $ 22,466 | $ 37,628 |
Construction Advances | (7,485) | (13,801) |
Remaining construction contingent commitment | $ 14,981 | $ 23,827 |
Stockholders' Equity and Rede_3
Stockholders' Equity and Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Oct. 02, 2021 | Jul. 03, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $ 699,067 | $ 683,640 | $ 624,007 | $ 607,586 | $ 683,640 | $ 607,586 |
Net income attributable to Cavco common stockholders | 37,610 | 27,046 | 15,049 | 16,674 | 64,656 | 31,723 |
Other comprehensive income, net | (13) | (13) | 7 | 68 | ||
Issuance of common stock under stock incentive plans | 2,729 | 136 | 522 | (533) | ||
Stock-based compensation | 1,317 | 1,100 | 1,103 | 945 | ||
Common stock repurchases | (7,594) | (12,842) | ||||
Ending balance | 733,116 | 699,067 | 640,688 | 624,007 | 733,116 | 640,688 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 |
Initial value of noncontrolling interest upon transaction | 1,235 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 73 | 0 | 0 | 0 | ||
Other comprehensive income | 0 | 0 | 0 | 0 | ||
Distributions | (180) | |||||
Ending balance | $ 1,128 | $ 0 | $ 0 | $ 0 | $ 1,128 | $ 0 |
Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance, common stock, shares issued | 9,245,721 | 9,241,256 | 9,177,064 | 9,173,242 | 9,241,256 | 9,173,242 |
Issuance of common stock under stock incentive plans, shares | 29,295 | 4,465 | 11,098 | 3,822 | ||
Ending balance, common stock, shares issued | 9,275,016 | 9,245,721 | 9,188,162 | 9,177,064 | 9,275,016 | 9,188,162 |
Beginning balance | $ 92 | $ 92 | $ 92 | $ 92 | $ 92 | $ 92 |
Net income attributable to Cavco common stockholders | 0 | 0 | 0 | 0 | ||
Other comprehensive income, net | 0 | 0 | 0 | |||
Issuance of common stock under stock incentive plans | 1 | 0 | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 | ||
Ending balance | 93 | 92 | 92 | 92 | 93 | 92 |
Treasury Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (14,283) | (1,441) | 0 | 0 | (1,441) | 0 |
Net income attributable to Cavco common stockholders | 0 | 0 | 0 | 0 | ||
Other comprehensive income, net | 0 | 0 | 0 | 0 | ||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 | ||
Common stock repurchases | (7,594) | (12,842) | ||||
Ending balance | (21,877) | (14,283) | 0 | 0 | (21,877) | 0 |
Additional paid-in capital | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 255,071 | 253,835 | 252,672 | 252,260 | 253,835 | 252,260 |
Net income attributable to Cavco common stockholders | 0 | 0 | 0 | 0 | ||
Other comprehensive income, net | 0 | 0 | 0 | 0 | ||
Issuance of common stock under stock incentive plans | 2,728 | 136 | 522 | (533) | ||
Stock-based compensation | 1,317 | 1,100 | 1,103 | 945 | ||
Ending balance | 259,116 | 255,071 | 254,297 | 252,672 | 259,116 | 254,297 |
Retained earnings | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 458,103 | 431,057 | 371,085 | 355,144 | 431,057 | 355,144 |
Net income attributable to Cavco common stockholders | 37,610 | 27,046 | 15,049 | 16,674 | ||
Other comprehensive income, net | 0 | 0 | 0 | 0 | ||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 | ||
Ending balance | 495,713 | 458,103 | 386,134 | 371,085 | 495,713 | 386,134 |
Accumulated other comprehensive income (loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 84 | 97 | 158 | 90 | 97 | 90 |
Net income attributable to Cavco common stockholders | 0 | 0 | 0 | 0 | ||
Other comprehensive income, net | (13) | (13) | 7 | 68 | ||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 | ||
Ending balance | 71 | 84 | 165 | 158 | $ 71 | $ 165 |
Noncontrolling Interest | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | ||
Stock-based compensation | $ 0 | $ 0 | $ 0 | 0 | ||
Accounting Standards Update 2016-13 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of implementing ASU 2016-13, net | (733) | |||||
Accounting Standards Update 2016-13 | Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of implementing ASU 2016-13, net | 0 | |||||
Accounting Standards Update 2016-13 | Treasury Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of implementing ASU 2016-13, net | 0 | |||||
Accounting Standards Update 2016-13 | Additional paid-in capital | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of implementing ASU 2016-13, net | 0 | |||||
Accounting Standards Update 2016-13 | Retained earnings | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of implementing ASU 2016-13, net | (733) | |||||
Accounting Standards Update 2016-13 | Accumulated other comprehensive income (loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of implementing ASU 2016-13, net | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Oct. 02, 2021 | Jul. 03, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Earnings Per Share Computation | ||||||
Net income attributable to Cavco common stockholders | $ 37,610 | $ 27,046 | $ 15,049 | $ 16,674 | $ 64,656 | $ 31,723 |
Weighted average shares outstanding: | ||||||
Basic | 9,190,866 | 9,182,945 | 9,194,577 | 9,178,609 | ||
Effect of dilutive securities | 82,270 | 112,464 | 79,863 | 101,471 | ||
Diluted | 9,273,136 | 9,295,409 | 9,274,440 | 9,280,080 | ||
Net income per share attributable to Cavco common stockholders: | ||||||
Basic (usd per share) | $ 4.09 | $ 1.64 | $ 7.03 | $ 3.46 | ||
Diluted (usd per share) | $ 4.06 | $ 1.62 | $ 6.97 | $ 3.42 | ||
Stock Options | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive stock equivalents excluded from computation | 2,808 | 20,582 | 5,417 | 30,182 |
Summary of the Fair Value and C
Summary of the Fair Value and Carrying Value of Financial Instruments (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Apr. 03, 2021 |
Book Value | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Non-marketable equity investments | $ 19,772 | $ 21,960 |
Consumer loans receivable | 58,599 | 74,798 |
Commercial loans receivable | 71,933 | 44,314 |
Securitized financings and other | (19,565) | (12,186) |
Book Value | Available-for-sale debt securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 18,179 | 14,946 |
Book Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 16,566 | 17,600 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Non-marketable equity investments | 19,772 | 21,960 |
Consumer loans receivable | 65,641 | 86,209 |
Commercial loans receivable | 70,363 | 42,379 |
Securitized financings and other | (19,454) | (12,340) |
Estimated Fair Value | Available-for-sale debt securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 18,179 | 14,946 |
Estimated Fair Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | $ 16,566 | $ 17,600 |
Fair Value Measurements (Assump
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands | Oct. 02, 2021USD ($)Loans | Apr. 03, 2021USD ($)Loans |
Fair Value Disclosures [Abstract] | ||
Number of loans serviced with MSRs | Loans | 4,533 | 4,647 |
Weighted average servicing fee | 0.3439% | 0.3357% |
Capitalized servicing multiple | 73.70% | 45.90% |
Capitalized servicing rate | 0.2536% | 0.1542% |
Serviced portfolio with MSRs | $ 586,547 | $ 593,939 |
Mortgage servicing rights | $ 1,488 | $ 916 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Oct. 02, 2021 | Oct. 02, 2021 | |
Retirement Benefits [Abstract] | ||
Leased employee labor expense under Transition Services Agreement | $ 1.4 | $ 1.4 |
Commodore multiemployer benefit plan description | Commodore participates in the IAM National Pension Fund, a multiemployer defined benefit plan. Participation in this plan is available to all hourly employees who are members of the participating collective bargaining unit. Once the TSA ends, we will contribute to the plan a specified amount per hour worked for each eligible employee. Benefits under this plan are based on a fixed monthly benefit rate per year of credited service. The risks of participating in this multiemployer plan differ from single-employer plans. The potential risks include, but are not limited to, the use of the Company's contributions to provide benefits to employees of other participating employers, the Company becoming obligated for other participating employers' unfunded obligations and, upon the Company's withdrawal from the plan, the Company being required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Apr. 03, 2021 | |
Related Party Transactions [Abstract] | |||||
Net Revenue | $ 14,000 | $ 10,300 | $ 28,800 | $ 23,000 | |
Commercial loans receivable | 3,900 | 3,900 | $ 9,500 | ||
Accounts receivable | $ 3,900 | $ 3,900 | $ 4,700 |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Oct. 02, 2021 | Oct. 02, 2021 | Dec. 31, 2023 | Sep. 24, 2021 | Jul. 04, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | ||
Acquisition details | ||||||||
Initial investment in Craftsman | $ 1,300 | |||||||
Equity method investment balance | $ 19,772 | $ 19,772 | 21,960 | |||||
Assets acquired and liabilities assumed | ||||||||
Goodwill | 106,487 | 106,487 | $ 75,090 | |||||
Net assets acquired | $ 12,400 | |||||||
Minority Holder | ||||||||
Acquisition details | ||||||||
Minority interest ownership | 30.00% | 50.00% | ||||||
Craftsman | ||||||||
Acquisition details | ||||||||
Ownership of Craftsman prior to acquisition | 50.00% | |||||||
Additional ownership acquired | 20.00% | |||||||
Equity method investment balance | $ 2,900 | |||||||
Remeasurement gain on step acquisition | 3,300 | |||||||
Payments to Acquire Businesses, Gross | 2,500 | |||||||
Reedemable noncontrolling interest | $ 1,200 | |||||||
Assets acquired and liabilities assumed | ||||||||
Cash | 6,466 | |||||||
Accounts receivable, net | 577 | |||||||
Inventories | 7,393 | |||||||
Property, plant and equipment, net | 189 | |||||||
Other current assets | 846 | |||||||
Intangible assets | [1] | 2,980 | ||||||
Total identifiable assets acquired | 18,451 | |||||||
Accounts payable and accrued liabilities | 10,028 | |||||||
Net identifiable assets acquired | 8,423 | |||||||
Goodwill | [2] | 3,933 | ||||||
Net assets acquired | 12,356 | |||||||
Results since acquisition | ||||||||
Net revenue since acquisition | 4,500 | 4,500 | ||||||
Net income (loss) | 243 | 243 | ||||||
Craftsman | Forecast | ||||||||
Acquisition details | ||||||||
Additional ownership acquired | 20.00% | |||||||
Craftsman | Forecast | Interest subject to Put or Call Right | ||||||||
Acquisition details | ||||||||
Additional ownership acquired | 10.00% | |||||||
Craftsman | Other Noncurrent Liabilities | ||||||||
Acquisition details | ||||||||
Reedemable noncontrolling interest | 2,500 | |||||||
Craftsman | Trademarks and Trade Names [Member] | ||||||||
Assets acquired and liabilities assumed | ||||||||
Trademarks and trade names | $ 3,000 | |||||||
Commodore | ||||||||
Acquisition details | ||||||||
Acquisition related deal costs for Commodore | $ 2,700 | |||||||
Assets acquired and liabilities assumed | ||||||||
Cash | 619 | |||||||
Accounts receivable, net | 20,930 | |||||||
Commercial loans, net | 30,960 | |||||||
Inventories | 31,787 | |||||||
Property, plant and equipment, net | [3] | 57,606 | ||||||
Other current assets | 534 | |||||||
Intangible assets | [4] | 18,400 | ||||||
Total identifiable assets acquired | 160,836 | |||||||
Accounts payable and accrued liabilities | 32,249 | |||||||
Net identifiable assets acquired | 128,587 | |||||||
Goodwill | [5] | 27,464 | ||||||
Net assets acquired | 156,051 | |||||||
Results since acquisition | ||||||||
Net revenue since acquisition | 4,400 | 4,400 | ||||||
Net income (loss) | $ (645) | $ (645) | ||||||
Commodore | Customer relationships | ||||||||
Assets acquired and liabilities assumed | ||||||||
Customer-related intangible | 11,800 | |||||||
Useful lives of acquired intangible assets | 11 years | |||||||
Commodore | Order or Production Backlog | ||||||||
Assets acquired and liabilities assumed | ||||||||
Customer-related intangible | 2,300 | |||||||
Commodore | Noncompete Agreements | ||||||||
Assets acquired and liabilities assumed | ||||||||
Customer-related intangible | 500 | |||||||
Useful lives of acquired intangible assets | 5 years | |||||||
Commodore | Trademarks and Trade Names [Member] | ||||||||
Assets acquired and liabilities assumed | ||||||||
Trademarks and trade names | $ 3,800 | |||||||
[1] | Includes $3.0 million assigned to trademarks and trade names, which are considered indefinite lived intangible assets and are not subject to amortization. | |||||||
[2] | Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. | |||||||
[3] | Includes assets acquired under finance leases. See Note 9 for additional information. | |||||||
[4] | Includes $11.8 million assigned to customer-related intangibles, subject to a useful life of 11 years amortized on a straight-line basis; $3.8 million assigned to trademarks and trade names, which are considered indefinite lived intangible assets and are not subject to amortization; $2.3 million for acquired sales order backlogs that will be amortized over the period to produce the associated backlog; and $0.5 million for a covenant not to compete from the sellers, amortized on a straight-line basis over the term of 5 years. | |||||||
[5] | Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. |
Business Combinations and Ass_4
Business Combinations and Asset Acquisitions (Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Pro-forma results | ||||
Net revenue | $ 444,303 | $ 327,491 | $ 856,054 | $ 635,061 |
Net income | $ 38,331 | $ 20,665 | $ 66,161 | $ 37,494 |
Diluted net income per share | $ 4.13 | $ 2.22 | $ 7.13 | $ 4.04 |
Business Segment Information (D
Business Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 02, 2021USD ($) | Sep. 26, 2020USD ($) | Oct. 02, 2021USD ($)Segment | Sep. 26, 2020USD ($) | Apr. 03, 2021USD ($) | |
Business Segment Information | |||||
Number of operating segments | Segment | 2 | ||||
Net revenue | $ 359,543 | $ 257,976 | $ 689,965 | $ 512,777 | |
Income before income taxes | 49,021 | 19,596 | 84,499 | 41,276 | |
Total assets | 1,056,433 | 1,056,433 | $ 951,833 | ||
Factory-built housing | |||||
Business Segment Information | |||||
Net revenue | 342,094 | 240,967 | 654,377 | 479,057 | |
Income before income taxes | 46,893 | 17,452 | 80,452 | 35,902 | |
Total assets | 819,879 | 819,879 | 711,579 | ||
Financial services | |||||
Business Segment Information | |||||
Net revenue | 17,449 | 17,009 | 35,588 | 33,720 | |
Income before income taxes | 2,128 | $ 2,144 | 4,047 | $ 5,374 | |
Total assets | $ 236,554 | $ 236,554 | $ 240,254 |