Earnings call transcript Q4 2023

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Operator

Thank you for standing by and welcome to the Cavco Industries Fourth Quarter Fiscal Year 2023 Earnings Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder today’s program is being recorded.

And now I would like to introduce your host for today’s program Mr. and Controller Corporate Fusler, Investor Relations. Mark ahead, go sir. Please

Mark Fusler

joining Good year Industry's Cavco thank XXXX for day, you us fourth conference for call. and earnings quarter and fiscal

Chief from During and President Officer; Chief Boor, be call, Bigbee, Financial Allison hearing Paul Officer. this President Executive you'll Chief and Accounting Executive and Vice Officer; Aden, Bill

or financial Before we this remind future including call or market operational conditions. management by to credit statements conference the cash earnings forward-looking the the per statements, markets Cavco's efficiencies, volatility future that cost flow begin, you we'd assumptions of revenues, performance, or or in expectations current may and savings, like during comments about contain share, made operational use,

results from cause differ behalf and results to All or expressed made those actual could which forward-looking statements involve actual and its materially risks any Cavco. on uncertainties, by forward-looking in of statements Cavco's could affect

with without materially Forms and XX-Q, cause I described Cavco's Securities factors that differ or Exchange encourage actual recent forward-looking the in most those the company's may results including filings events Commission, XX-K identify the specific to review to from which you statements. and limitation,

also call only of broadcast, sensitive events call, circumstances forward-looking any conference except date or to information contains that written oral as no live XXXX. after is law. reflect this Friday, or revise of accurate this Cavco as XX, of update or time the May the undertakes conference to This required obligation by statements, date whether

the President Chief Bill? and like to Boor, turn Executive Now over call Bill to I'd Officer.

Bill Boor

quarter our thank of joining results fourth the to and today for review you Welcome, Mark. Thanks, XXXX. for us

issues been year. latter through calendar the and months of retail This this quarter the pressures experiencing economic and saw into we've XXXX of inventory impact full the

and Our volumes revenue XX%. $XX were XX% approximately profit million dropped year-over-year, down or was pre-tax about X% down

clearly it's been challenging environment. a So operating

improvement the we have two quarters. the side, with to compared seen last orders up in meaningfully, rates On order positive net

as the rate net season basis, it's QX. plant stronger a entered we quarter we despite held on orders saw in while off In drop orders fact, was what a And that also Overall, saw in industry prices well price last selling has were seasonally we spoke up watching We sequentially. sequentially, double average same shipments. improved fourth sign about about order quarter. the pricing good average and down selling throughout the about that X% selling our

However, of was that the majority as reduction. decline opposed price mix-driven to

seen flow we on important as component downturns and variable business very focus structure can is we as by this gross possible, something last A commodity can results. in margins to at and so year-over-year, something XX.X% volumes. of built model profit negative was in maintain year. and our the cost our helped remained This keeping cash pricing essentially impact quarter's Factory compared Certainly, flat accounting. is this that be of high lower improvement, cost purchase at Solitaire despite

due outstanding they also as to management plants our reduced in it's However, schedules. cost to transition

excluding one-time off Despite held, basis quarter. SG&A last in year's on last gross items from summer, peak production rates margins a have than being same plant Solitaire, and lower XX% was comparable the

demonstrate line Our cost our efficiency and nimbleness and leaders I’m very well have adjusted and consider to demonstrating be The million results we very key that quickly the similar focus we success. are proud the environment, resilience and expertise, bottom of and a of on that demand $XX.X to in is these free flow operating posted operating teams. our cash income of challenging we generation.

generalize to system difficult it's in this, like an conditions, across market the but I'll environment Regarding try.

below We're getting has go away actual issue and end For a my dealer home their not I've closer ratio orders. kept industry retail wholesale inventory. manufacturer been a sales. some and X:X inventory to of retail to comment of that that we've facing the time, and local nearing orders is not here issue demand to buyer suddenly before target gotten say area issue and will has commented this every that that

behind rates and a is going us positive that's However, for order in general, forward. issue this largely

interest quote as watch As allow, independent fundamental previous macroeconomic factors lot retailers Retailers traffic there's at in quotes The and order support and improvement. our to of the traffic, both seeing for a quotes positive kept We leading we view is with homes data our I've stores, years. future than for saw the have touch deposits. future frankly, need extent level, a that are optimism. over own remained high rates a healthy of the higher the building pressure two indicator and

homes, further We've interest reversed expectations towards housing that this we're are the sales indicating many the that changes of adjusting home cases starting their that total view seen after improve to trend are buyers rate seeing single toward section home they adjusting shifting and multi-section industry in can product homes. years now in Supporting mix new of afford. the several

Allison a balance. while the cash will share more quarter, completed maintaining strong and repurchases, in As detail this continued acquisition cover we Solitaire

the aspects environment. they've hard and capital my benefit the team underway. I've progress. Cavco, appreciation product well real on out about lower express integration. have our product and offerings We're also and of price quickly all remains Solitaire sincere want at of point development, this product our really work moved approach unchanged So very to made has allocation both in who the is updates and Solitaire in stores, focused the folks aimed within the great homes. Cavco-owned I particularly and past by retail current rounding It's order worked on spoken at to various

is work, company. everything very lot through So forward good of moving with hard a a

homebuyers. our milestone prospective new But our give marketplace. the how we switch to achieved dealers changing Early I in repeat with involved I about January Last have home of cavcohomes.com, been continue an the talked retailers in I quarter, has our game are all the generation we expected gears. aspects live our me progress. is with won't consumer went to and improvement can digital about this having lead being update Let want do sense facing funneled support our a and for retailers smaller and exposure particularly been them the of additional to enthusiastic photos and We've benefiting from and videos. all strong website follow-up. prices, and and And very growing. our leads been happy with traffic they retailers, easy-to-use reaction

Cavco fully our suite now will the to expanding place process retailers and continuing be the we With site more of and adding customization of support in options homebuyers. the and brands functional,

Allison it that, like With turn to in financial the to to over results discuss more I'd detail.

Allison Aden

$XX.X $XXX.X during million X.X% fourth the to or for prior $XXX.X million, down million, was compared revenue Net Bill. you, Thank the year's quarter. period fiscal

from built Solitaire $XXX.X by in the was X.X% The revenue factory increase segment, the $XX.X partially was per from or business and a acquisition. and Within $XX housing decrease X.X% home units year primarily down quarter. base to average sold offset million, million revenue net due a in $XXX.X prior the decline million million

earned loan to net XX.X% due more $XX.X amortize. incomes acquired partially million and segment million, interest insurance rates portfolio by from increased Services policies $XX.X to primarily to offset that lower the Financial revenue continues force consumer on higher in premium

was This XX XX.X%, adjustments XXXX recognized. decreased versus XXXX, slightly purchase acquired period inventory gross QX is to of the profit gross no in fair net housing at is in inventory. which down reduced built year. in of XX.X% sold, XX same from consolidated revenue primarily segment, the sales fourth gross Under points last to in of acquired price. percentages basis the percent profit acquired the accounting when In on by XX.X% approximates built the Consolidated quarter. factory and accounting XX.X% the inventory as recorded profit rules, revenue the value, basis QX Therefore points the due factory a the Solitaire

XX.X% Texas result and of consultants officer leveraging credit energy an primarily revenue, revenue ongoing higher legal in $XX.X in of net margins with XXXX same or net SEC third-party of XX.X% decreased of is revenue to a year. assisting to last in litigation compared and projects, QX XX.X% his as expenses during financial as expenses in Arizona. to general Gross to million related were percent specifically the due weather indemnified incurred XXXX $XX.X The events administrative or QX costs. of from costs, in Selling, million XX.X% increase services higher and and of quarter tax a former

higher SG&A up Built our the loan Solitaire addition costs for increased to costs interest of related on prior is balances QX and program. due invested rates commercial XXXX. percent under Increase our quarter. XXX the of million, Interest income in the $X.X year Solitaire to and lending quarter primarily was cash in fourth

in securities the increase Net current this corporate prior million $X.X year. compared driven year incurred by on equity gains in million, income quarter negative losses was of compared the year, in expense This $X.X to primarily is quarter. other to prior the

was period. The last down $XX.X tax compared fourth this year million quarter effective from XX.X% quarter, the prior $XX.X in XX.X% to income to fiscal rate for for was XX.X% profit Pre-tax the The million Section available quarter. code energy to current of internal XXL efficient same homes the result sale the the the year. tax credits rates was lower period a of revenue related under in

income earnings per to fourth share $XX.X same $XX.X in year, quarter. $X.XX million attributable compared the per Cavco versus diluted to the was last net in share per quarter income quarter million, of shareholders share of Net was prior $X.XX this year's

priorities we with in the continue $XXX cash $XXX us to to with the million recently purchase closed of the discuss purchase. Solitaire in like and to Solitaire Homes approximately leaving acquisition we allocation fourth The over utilized execute on Homes Before balance quarter. share cash, sheet, capital subsequent million $XX that the of million net of of repurchases our a I'd highlight

with this to We capital deploy priorities. will appropriately our strategic keeping in continue

sheet. it turn the discuss I'll over Paul to to balance Now

Paul Bigbee

stock capital, Arizona balance is of the XXXX fiscal and and to Hamlet, non-cash facility. in was for and changes million, and facility, buybacks acquisition net the equipment, Thanks, year. common purchase Allison. items of The by and of sheet the to April due million up our end XXXX, Homes, of the North increase related X, balance plant purchases property $XX.X partially $XXX.X of adjusted development from working Carolina development income primarily Comparing cash April the X, our our continued offset Solitaire Glendale, prior

are acquisition and at are a associated sales sale corporate of locations. securities. our payments. marketable other timing income home in including down and taxes Solitaire by due from joint from declines the and the from current materials to of with higher capital return equity venture increase Inventory's Investments assets Prepaid in resulting of taxable short-term retail primarily and offset higher raw estimated prepaid year the

up to Property, previously from freight Accrued discussed. and is Solitaire expenses of plant and set in up purchase warranty of our reserves. increased liabilities the primarily and Hamlet, facility other and our work and North acquisition and as rebates facility higher foundation development the Carolina due Arizona equipment the payable, Glendale, higher more current

Lastly, XXXX, approximately April million $XXX.X million million as of stockholders' was from X, equity of as $XXX.X X, up XXXX. April $XXX.X

report. it financial And turn the Bill. completes to back I'll This now

Bill Boor

Paul. Thanks,

balance As path Allison inventory demand continuation through remains expectation consistent and downturn Paul healthy delivering of supports a fits our and housing sheet to and within strategy explained, at cyclical very we've upon. need The a been and business. as our capital allocation the industry manufactured this work

need However, increasing our an these are cycles within the homes. context of broader for

the strong to With housing backdrop focused and We're to of opportunity crisis. as the on needed that ability impact balance positively need and bigger for a dire affordable of sheet adjust housing. against proven staying picture

manage will the improvements responsibly continue will buybacks invest balance to we share growth and and in continue We to operational sheet. using

the open With questions. please that for Jonathan, line

Operator

[Operator Instructions] CJS from Moore question line from And the Daniel Securities. our of first comes

please. question Your

Daniel Moore

into thus least you quarters? do of sales curtail anticipate words, in rates, QX have level Allison saw but we Bill, Or parts, coming and moving one Paul. order the little or Maybe you given cadence net touched near-term? production in In extras enough a into rates new over color, Bill. QX QX? more the Thanks production exiting of needing other the at order clarity lot and maybe we far a the ask orders on for few you, on, do next further today of, maintain kind and the of Thank two to new

Bill Boor

on balance. production production decline the indicated in in back a pulled and I rates are yes, we're, rate the in think now, as we’ve kind order coming as Yes, with I certainly of,

but a and In optimistic so work down have we're system, out point stronger there fact, feeling differences are that differential, back to plant-to-plant, that always We've to well. got go across the to period the ready plants that say in seasonally are of I some gone getting will time four-day five, as it's week region-to-region. whole I'd

feeling have about I'm balance So good pretty we right the now.

Daniel Moore

it. Got

start you to production? declines know, and expect short-term, in in a up the maybe of bit pick I terms least further at So wouldn't little

Bill Boor

as and an weeks feeling bit picking very I we're kind retailers. of I were of economic pretty shaky couple than was up. Yes, environment, that's we're take industry where I to said, to We optimistic tell subject from you're tone I'll a and positive a but talked little is think ago, Everything you and everything trending. a as I the there at

the will getting the and is us be suddenly, when in behind issue. talked that conversation an from deal. then it's manufacturing So inventory about disappears big helpful. that orders of, that really a a no X:X ratio creates We I think pickup kind But even longer

Daniel Moore

demand still quick that the Very inventories. were but you your look be number quarter. difficult a May helpful. X,XXX the period sense me for Obviously, what the factories including produced like. answer, destock let in Any for get businesses real and -- in to homes we retail -- here, underlying Solitaire of

sense if you any for wonder that. have So

Bill Boor

And I'm your right think of where precision. you Is the entered -- the as you right? the a answer I bit, last thing than whether if get -- that, can I quarter with we you might order is remember give selling we into quarter kind yes, a rate watch the I higher anything stronger I left said, similar question What it's that up in you hey, guess, consistent you balance? as we looked quarter, at little tell we first to season. can we that orders the is how it. pick think much comments, not at the my I the sure dissect don't any with is mean, about to I to

pulling you of that. I anything job good the issue, like variable. rate, pretty keeping I shape. in production of sure now think I So inventory the not with again, seeing and feel more activity subsiding we're we're costs than we've retailer give good in -- a done optimism I'm the back we're And can

Daniel Moore

No, that's housing business factory one the the we're in gross should in helpful. to QX? Solitaire say to two through And how margins quarters, accounting, purchase now least over your about the we think that of relative at next built portion

Allison Aden

we talked gross know, about margin agree you three with before about on touched we've about, you In think think got I and consistent I on, think think kind we've of, and to areas. what pricing, raw seeing still cost somewhat a that our still but the and we're offset holding materials, commodity pressure, from know, items. you certainly by own slightly consistent is holding our some own perspective of non-commodity

expect XX With purchase couple large regards we we points Solitaire up margin basis But a will perform in as to the ASP rates. that the quarters. to for do and continue the that accounting, long-term anticipated made Solitaire of gross for the we when manufacturing purchase to

Bill Boor

new through from accounting there's Allison home margin will of little as important South, it's homes impact, just take Yes, said. purchase on point and The us getting sale a it’s that. zero no margin that out while negative these

Daniel Moore

going it is begin is And this terms might to to of dovetail to income average Solitaire, question, expect margins built in longer? contribute little just path your Or do getting That take a bit which factory to to pretax the margins? next what's positively housing you helpful. Very to that quarter? glide into my

Allison Aden

-- path kind accounting. with of of I glide through associated moving would it we in think can the purchase think a

a have purchase site about that thing that and we has and that's accretive. is we just add up was other see will online that ramp during come help be the that talked will The broken we

Daniel Moore

the Got see Do you quarter, release? that have didn't utilization the in it. capacity

Bill Boor

Yes.

that. We’re Yes, ahead, Mark. about going go to talk

Mark Fusler

Yes.

just XX%. just full So days available, kind at a operating about we're of on

or mentioned on the those just days Bill XX% work about four-day weeks those. scheduled down did considering have we As

Daniel Moore

helpful, That's Mark.

see the would over for homes maybe color time. see two, there kind about lastly just Thanks. of channel cavcohomes.com, three appreciate a years sales is you helpful. where Any -- me, And commentary Okay. in that to growth do of that incremental that out from a that coming on terms you or of be percentage target

Bill Boor

I know I'd everyone's significant we what because put bigger don't posing even for target, I numeric much you're if question, how a purchase in know than their Dan, homework online. have doing a but any a And it context

not So I a really, vast years from the our if of, surprised central would majority couple of to be kind it's sales of think strategy. home I now.

that believe they're happening kind that experience. with So I of starting they're online that today

we in dealers, with So our at think the really be it's supporting core how right of going us marketed we're it's because the also benefit to homes and to we are huge that dealers. a relationship think

and are long they're eyes As I've results want we've visitors them data and all conversions, of our that it's markets for to conversions asked you much dealers, early meaning to and it up to and we automated our calls who to them you actually the it for your have gotten add then but deeper. good with with said many so or you in would when going in provides dealership them. can very button too easy I photos them, effective and in their for a can be information And for that a that add say, as folks microsite be information, more lighting my hey, and days our and comments on talk didn't that be with small dealer so winded much visitor, site there, is continue relationship more behind

kind on So we're That's seeing to of that. targeted good funneling dealerships. all those about leads early is numbers

point Possibly majority think bit sales as I definitely this in I time concepts, us. So the home I think is but progresses. for know starting but vast for little now, of I'm talking -- a the

as I as targets, to except far say what most. So know don't

Daniel Moore

or it. I a you. may jump two. Appreciate follow-up helpful. Thank is No, that with back

Bill Boor

Dan. Thanks, Alright.

Operator

Palm from of Instructions] our And comes Greg Craig-Hallum. question the line from you. [Operator Thank next

please? Your question

Greg Palm

beginning. And rates of said you to some quantify Any just taking in weeks or earlier seven May post along demand quarter I way the in maybe Have higher rate quarter you the six Bill, in questions can whatever, here. that? well? increase about you those specifically rates order wanted for April a overall and at much what of continued have seen of Hey, order Yes. ended to be activity sort levels, clear, the follow-up just end? kind the to as questions environment. thanks the

Bill Boor

you, talk looking is for data Yes, can tell I'm I'm I mean, I not talk this frame and thing you. saying see of some when one have important at biggest what an back the talking one the I in Cancellations just to driver. about being part order net, can But I'm I fallen of rates, thing, basically about to net cancellations. down not conversation.

be is that, So are backlogs short. we fair, to our -- part because many places of in very

to place So go into order, it's folks an going production.

So But of we're too reduction for the kind net cancellation talking much taking about credit is natural. orders. not

plant same March. just I at on on basis some April, numbers data, well higher was that you And asking it or a was same nearly tell our are the we've than basis directionally, plant a up And net year. just over in bought seen March in about you're orders looking I'll me

pickup while Some than also, seasonal, but being of seasonal pickup And we a a say believe. is to that's bigger the really significance reducing good my are I I think, in pretty opinion. wholesale the got statement, large orders is, inventories in seasonal able of

Greg Palm

actual has strong. rates took a least a was traffic it think little at lag and but because levels, levels inventory to a work trying order that a through, think know calendar not hasn't able get what as you're so a just to? simple been great QX, out quoting because you approximation is aren't at you just you production maybe is maybe that everybody levels? why I were involved, Yes. higher back as production to higher the just the order it and bit weak data tie or industry the production there look sense importantly, And I resulted March to mean, for rates know of just bit I more I specifically. longer in Why And whether said activity really even if sort higher is that's little maybe some, is, interesting. I to-date but and that can of,

Bill Boor

you're honest. have mean, I I Yes. that to hitting -- inventory mean be can do I the make all thing. the we've had you so points,

of that's get wants that the down. to home the an inventory is replaced, not order So lot leaves because retailer retail getting -- the

over, order So not commented and an I big turn you mean I problem. an one factor. discussion into ready got that about does like that is be that inventory And I when that's feel then to

to then to And are dramatic on underlying And for needs in I've increases and do at I and traffic afford family interest -- throughout, always close look right? trying They're been, heels people need. the healthy actually our on traffic put view, out, the has been work, that pretty of indicates just we I there. a there can home? increases My by has said top home. a they their my kind trying of what that There out rate the traffic that consistently is were think but when figure products,

purchase, of and how to won't of but correlation because not months time of strength to several activity I'm easy high It be couple orders, to order over of so months last the I indicator it -- a strength not that's over make the of really their months. quotes figure indicates the it's it's the quick. the the sorry, trying but number It ask orders, extent as it to months, shopping, is for people leading takes a talking true make a several indicator, quotes. can result correlated a positive the be in And out and level last a couple retailers between The decisions. to view close to order --

the not we're we're that but haven't orders. we in positive fact the not seeing I'm by pickup indicators, those but bothered wholesale So seen --

think factors. common. think I very it's by those it's explainable I And

Greg Palm

just I wanted Yes. And right. be sure to you I heard

equal, confirm Or any assume five-days? mean, five-days some but that seen, going today? to into all alone I think else versus of that? can many at what five-day work them about, we've move how would talked schedule. I of just I Are mean plants you least higher are You going rates production forward at a maybe

Bill Boor

Yes.

the plants we them, kind talk they're we own on their stay situation. would very schedules I of And four-day close generally where we circumstances. couple comment And schedules five. reduced my we're able was in Our of in the have now enough that we're retail be to been plants, conversations months. on our saying, say was turning the last thinking seeing the unique that comment whether out of those with majority as changing are about their based they're my hey, back that contact find might had right to now which

who I on number system out entire to to tell a in our back of a that you which has five. conversation direction, positive. is verge of shifted It's plant going the So don't the just have is

Greg Palm

Understood.

of, On sequentially in, bulk think the said due do quarter? that Or you Solitaire kind was to pretty to being of from any this trend? majority of, it the change of pricing, Okay. ongoing think, I Do be consistent? And you clear, foresee you was that ASP the an mix. witnessed in was ASP sort decline just or basically

Bill Boor

period-to-period our price? selling average You're Solitaire's on impact saying Solitaire or

Greg Palm

correct. selling prices, impact Solitaire's on overall

Bill Boor

we across the average can Yes, and plus actually provide, -- data that and -- both from our price units at weren't we looked because give And selling or they to think don't we floors. negative you the a I company. I watch that meaningful the

a the significant figure can And move had that's toward you single-wide we the thing. multi-section. and pretty sales kind don't out that do I So algebra necessarily bad think from a of

indicative of the I issues facing. are think affordability people that's that

periods. the expectations. So get starting in make afford to off those been place to heels they have try their to moving previous And people and their able are kind down they're of might and They're lowering in house, decisions orders.

obviously in can But selling talked level, track in products. the the at and opinion, we our data price, piece. looked an we we it’s past, the my an important average operating at price I've So when

get making but that whether in price is module a before, don't we if time completely profitability, what this consistent saying, our a said or you so single I'm at know products, I a our multi-section. home I we're our factory

but don't certainly issue a shift, view can as profit impact it have on selling average So it that mix I price. see to an

Greg Palm

the there I Alright, now. I’ll all leave Okay. think, insights, for thanks. it Appreciate

Bill Boor

you. Thank

Operator

And Thank Jay question you. Instructions] of our [Operator next from McCanless from line comes Wedbush. the

question, Your please.

Jay McCanless

my they of chattel rates Yes. where questions. Hey taking were everyone. a where Thanks last Could and are this maybe time give us you today year? for sense

Mark Fusler

can that. Yes, I sure, do Jay.

So right now, chattel just rates running bit over our are little a X%.

going they're X% between be and So X.XX%. to

roughly that's year up a So from ago. about X.X%

Jay McCanless

trying -- section, comments around Great. was isn't you're you're Is some to I so that building your more, more by to more drill just versus down And then intrigued because any if a there single off Bill, going more get what drop singles to be across? multi. profitability

Bill Boor

selling plants. time of and we're selling as We're in our what and That's we kind view aim capacity I again, for with pricing time. operating our plants it because,

I'm this products complexity got of make some edge, to we use of challenging than kind others. concept edge, you're our for you so single flow easier is the pricing plant have our the to approach the equalize And that the to can capacity tries going discussion, of double you've have easier trying a lot to to profitability in get in through But general, because make explain.

Jay McCanless

Got it.

I the and them? pricing of think topic one are haven't we type from what park operators, seeing are you about pushback talked demand

Bill Boor

homes convinced permitted we few probably initially The and good on I field. ordering set be when right puzzled And I a me. where was actually that's really earlier. in have I a off their it to got We them. a took by, but them of get wholesale summarized orders. I opportunity with comments more And bit catch. should could recently And answer, Yes, in initially, the struggling to operators I basically talk the seen community we would now drop was commented have if the they

source clear not have we whereas that this it's But been to strength and more of the for in issue issue, in been hoping industry, of issue an that recently. can a their a thing seen past solve the I'm has figure now, the they've use to quarters, the because homes, dealers getting very orders, So as it is silly have -- set right an opinion. out they to drop off a But we'll been and placement relative how orders be of course. have they we in need orders of permitting my way the because in homes.

Jay McCanless

kind still channel, you destocking. the to the just then we're said when they replace inventory in of levels I operators, inventory where beginning, you And their comfort do you But retail were homes. clarify, it. levels their terms floor about with to because how are hesitant at their like of to seems the lenders dealers, now? talking then retail I importantly, are some where through think, more -- it are in Got the guess, talked think the you of about and plan worst where talking

Bill Boor

system, X:X said up at to at there you Yes, my inventory out in point comment, when on I too a say I are I'm my where is probably my opinion, intended was -- point the it's this the picking look really saying high. that still I what to gotten there. ratio. it across think, not general, it's sure that dealers are -- there really in factor the But it's not

some So it. to just of but still there's through I I kind done probably in situations, that we're acknowledging was think isolated be

gone floor this that turn to We've to destocking -- are cost folks or not I dealers They're availability. have floor seen have heard funds their good not reasons. about talked a I be of rates. have really. before, for -- planning constraint business They don't thought up. about has I their plan on and managing talk

dramatic So noted their plan own. coming But down they're the their function have not trying forcing from any inventory I floor lenders. to get on

Jay McCanless

you, that’s Okay. I had Right, that -- again. I Thank my questions. all think

Bill Boor

Thanks, Jay.

Operator

question-and-answer Thank I'd you. This today's program. does for the to conclude hand the Bill like of session to back further remarks. Boor any program

Bill Boor

Okay. Thanks, Jonathan.

for results highlight at generate can I demand, everyone manage conditions challenging the of our we inevitable this of costs return help are when quarter so the families cash even think ready they that to Cavco the get to and homes and need. more the ability organization is

we and your always, look you, keeping forward to thank for I'll that, on Cavco, with everyone in So updated as our interest progress.

Operator

participation program. and your ladies This conference. does gentlemen, the today's conclude you, Thank in for

You may day. disconnect. Good now

Cavco Industries (CVCO) 19 May 232023 Q4 Earnings call transcript