CVCO - Earnings call transcript Q3 2025

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Operator

Good day, and thank you for standing by. Welcome to the Third Quarter Fiscal Year 2025 Cavco Industries, Inc Earnings Call Webcast. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mark Fusler, Corporate Controller and Investor Relations. Please go ahead.

Mark Fusler

you Year us XXXX thank Third Cavco and Fiscal Quarter Earnings day, for for joining Industries Good Conference Call.

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

events is January forward-looking law. any statements, accurate this XX, circumstances of obligation required call, Cavco's identify described review by recent revenues, comments and only or Friday, the may or per conference revise as volatility we oral, statements, XX-Q, from except after contain which materially this operational earnings events in those Securities you and Before differ markets could including, forward-looking that those including or we'd forward-looking update Commission, statements expressed market operational assumptions results conference the or could time-sensitive future may uncertainties, conference or XX-K Forms actual this whether reflect statements of savings, live statements company's to Exchange like which limitation, to Cavco's and the actual call during conditions. All and in begin, factors XXXX. expectations to about actual future without also no forward-looking financial behalf Cavco's call results broadcast, or performance, the encourage results any forward-looking the date most that from you of date I credit flow cost cause by of as Cavco. affect cash that or or remind with cause made by share, statements. This management contains use, to made and information current to in materially involve on differ risks its specific Cavco of or undertakes written efficiencies, filings the to

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

William Boor

review to results. us and for Welcome, you thank our Thanks, third joining today Mark. quarter

quarterly EPS to operations, momentum strong Alison largest quarters, Financial claims by XX% four due financial previous breakdown profit its best few provide profitable housing. jumped improved both to driven our years, the a calls. quarter Services cost, will results by by costs quarter positive showed results in implemented underwriting improvement the operation. In significant is claims market. Sequentially, continued premium our detailed execution to discussed challenging forward and across we we build that in $X.XX. After weather-related insurance, our efforts factory manage over This and were in drivers changes more more needed also We've supported segment our primarily to in driven the lower were third recorded typically insurance the made services a increases.

our would to this plants in we Despite coming to and in aggregate operationally seasonality, rate always about and quarters. raise they about still Despite of system X.X%, that a and well to gross important that, margin. In for points. I us hiring, pull the production market focus decision quarter rates on the backlog higher positions basis where addition factory-built higher financial rates normal entering good by housing backlogs showed we the XX services to has to volume to improvement, forward a X and movement. our third able volume margin weeks allowed continued feel X very would continue winter production made increase involve gross supported Exiting ramping in production a made very some and were utilizing that of continued holiday about backlog really quarter-to-quarter the decision progress sequentially an slower XXXX. We production it. This press by been market increase our ties the into to making ramp production our down up where market are quarter, With steadily seasonally as to anticipation of than more of point it the we've knowing It's improvement plants third the lot able backlog. downturn. a production. the training, challenging on-boarding healthy with improved higher

demand growth, Of accordingly. the course, market if QX. coming ability uncertainty have we're days in our profitable confidence strengthens, will ahead demand have remains. in we step full And I to weakens controlling if in in adjust operating maximized quarters, Conversely, a backlog and

seasonally shipments It not adjusted declined improve yet. out are industry basis. While numbers QX. to continued December a from on

about respectively. of the as XX,XXX adjusted in those a shipments However, was early XXX,XXX compares and in year October with XX,XXX ago seasonally rate for as XXXX. November, This units, HUD annual months and annual and XXX,XXX low

also in industry devastating hurricanes item hit the the I trend we head slowed resumed call. for time, shipment the XXXX. gain last indicating an the And hurricanes. that showed questions activity off data XX% following might market states close that whether after showed want remember Southeast into quickly as on November has and that, At the was So two QX. been from there about year-over-year you quarter's were to shipment shortly about positive that earnings decidedly activity October that in would -- impacted Industry be Southeast. most the

with our year it's strategy. marketing to calendar the on a As digital good ends, touch time progress

efficiently their One own a research complete significant making buyers leads through retailers easier to of overall our we've businesses, been provide into our of Over sites is partners, it them implemented enabling proving digital value supported generate easy and part and well. to to and significant our cavcohomes.com microsites them leads platform. the to directly retailers. transformation architecture, integrated our is aspect this homes years, easier to has received of to our be their platform last to as A connect branded for approach value add communities our our add important for with for two rollout prospective dealers digital their from Cavco marketing microsites manage having to a

continue to Switching in XXXX, ability validated have and our traffic, cash and our the evolve, engagement gears, repurchase increased retail of continue flow year building lead calendar we'll a our to market shares. the generation ways. businesses the the balance platform able number generation on strategy to and as be the back strong on customer approach. support look we sheet and to As connecting And new platform independent

we to repurchased of $XX our the results detail. and This stock like and more essentially quarter, to million in remained turn I'd quarter-to-quarter over cash financial discuss that, flat. With it equivalents cash to Allison

Allison Aden

Sequentially, quarter sold. up Thank of million or the to in XX.X% was Net $XXX million driven year. million, by third revenues increased revenue homes $XXX.X $XX.X you, fiscal $XX.X Bill. prior increase XXXX during net an the million compared for

of net the $X.XX associated period prior of in The to to in in for year from XX.X% income same production through due from were in weather basis prior Insurance the due available higher to $X.X on in approximately net impact effective as increases all division of in revenue homes insurance quarter million, premium General from down $XX.X Consolidated in quarter. $XX The The patterns, diluted rate period. gross income share of XX.X% and in the driven $XX.X the year of home XXXX is XXXX. $X in tax decrease a segment year production, $XX.X X.X% up of locations, points in up average XX.X% quarter $X The or in year was offset share third segment, $XX.X and to per was in same the of was or lower Administrative $XX.X offset the improved tax a of million XX.X% gross revenue or per legal for expenses second multi-wide points improved by the $XXX.X a normal quarter. effective in The to due premium efficiencies XXXX to up input of prices. Financial extent, XX.X% by million the XXXX rate the was due and or QX XX% proportion fixed last due in or in underwriting gross of as sold last acquired was XXXX $XX.X compared third third XX.X% in of fiscal the million same profit from and to by with Selling, XX.X%, utilization XX.X% considering third third XX.X% This was partially offset by primarily revenue policies. our a lower pricing the million expense lower or return Factor tax in and, housing a to million quarter overhead X.X% profit share selling Financial decreases per XXX tax during mix. million was greater primarily quarter. The of growing increased $XX.X X.X% of to stores factory-built million average million fiscal the was company-owned by decrease the of XX% the expenses. that in increase Energy QX prior million, resulted primarily costs, sold. other per higher the approximately of $XXX.X $XX based XX.X% QX quarter to million to in housing $XX.X increased up decrease primarily and sold compared X.X% versus million segment, days. Utilization revenue quarter, quarter homes. in of last lesser to was on higher million fiscal partially a compensation the changes revenue percentage were to the XXXX. Net the on decrease in Pretax in quarter. a to compared revenue basis the versus variable XX.X% expenses these in partially quarter, factory-built offset increase net $XX rates. compensation a leveraging in percentage homes Services when margins year. approximately increase XX.X% credits Services net quarter margin related Star revenue was lower $X.XX per year. In increased XXXX, million shipments million up partially due earnings compared year's product XXX a compliant was this a reduction QX to QX average home XX.X% retail was Within million prior prior earnings year revenue net

repurchases for purchased quarter, year stand repurchase since leaves fourth we under $XXX Cumulative share authorization shares at quarter $XXX since million the the also the program XXXX. This we in million During our common we repurchases. of -- program. $XX.X approximately began future of million under fiscal repurchased

sheet, $X.X the segment of due of QX over XXXX events of million segment. In discuss in $X performance claim the largest the higher we of share, is changes to address increase The QX at second XXXX, sequential improved showed The due balance significant performance quarter. the volume Before I per pretax a earnings from million. nearly change of Services to which Financial a the in our XXXX to improvement the underwriting. want loss fewer swing from significantly lower pretax million, of compared in weather earned, income QX to and premiums was $X

and from volume sold higher The those to sales factory second levels. improved housing largest is margins production on improved on impact build efficiencies homes due

largest The the further outstanding. sequential quarter. remaining QX rate third benefit shares the Star reducing to repurchase our XX,XXX of The basis our rate is XX.X% tax our In lower compared program. XXX tax repurchased The XXXX, share points Energy the homes. higher due shipments effective impact decrease primarily to of to we in is of relates compliant shares in

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

Paul Bigbee

In Allison. bringing our quarter, cash million in despite was we from increase repurchases. $X balance Cash capital. $XX.X our and $X.X was million operating by working activities of $XX.X cash an investing a flow cash $XXX.X primarily third restricted financing million million. Thanks, to in and was activities activities Cash to used share impacted decline saw million, used being net due the in in

originations plan commercial balance stable. insurance compensation loss customer and comparing build for to to loans XXXX increase of Now of short-term factory receivable XXXX. The the is is to organic sheet balance due held housing consumer accounts growth XX, in primarily quarter XX, excess have experienced loans moving in The on loans. commercial total lending the December receivable in in higher in from sale segment. The loans to March related for receivable increased previous the up increase of loans earnings, and shift relatively higher sales. bonus on primarily and decrease accruals from a floor liabilities is due and are reserves higher longer-term in actual Current deposits. increased storms The of to short-term remained paydowns we

quarters Finally, to treasury executed increased in stock first XXXX. due buybacks the of X fiscal

with turn Now to that, back Bill. I'll it

William Boor

business segment execution strong been operating plans across see the quarter. Thank you, Paul. this It's satisfying of to very the our

the addition up to continued the in use we feel coming In to posting strong for ourselves quarters. momentum we quarter results, effectively set third

questions? would open So line the please you with that, for Michelle,

Operator

[Operator Daniel from Instructions] Our Securities. CJS first Moore question comes with

Dan Moore

fiscal of be you're trying get you can an a far what and decision kind in through good pretty from up? customers tell selling cadence things QX, stronger trajectory this you going rates quarter customers, that rates sense, tell about production order feeling to and are and about end can seeing thus order Is really demand helpful. they the just Obviously, past us us and a with late the to continue you seasonally business a and the quarter of of increase various given to markets markets season? expectations across of to of anticipation period. the spring more your it would Anything the hearing discussions What are across pick

William Boor

materialize. But early seasonally And me if I -- remarks quarter I industry continued how around have had some some areas just adjusted at to slower of at little it they let my conclusions to strong opening winter obviously, always and a about this have or length we've upward. the rate spring some is shipments trend Dan, season year, right, things. still then a in how a call we're some in holiday selling on points commented to we always touch hit and on. interesting too because you watching to or finish watch aspects really time going couple quarter. seasonally the and the shoot comes Yes, questions me We back didn't an

healthy Traffic at encouraging. a few -- has remained healthy a I up. pretty really So and and this for now traffic when level, that's have and retail been high has interest said even rates quarters dealers the shot been

really buy people think So to this can was rates. there past figure are homes. saw out some if buyers to And made of the trying adjustment higher I they interest we we know prospective year out what that

looking see up. our in consumer on we've in If we've rates you been And We can't the home is I that like it the what side buy on has were something as up maybe previously think can some independents that's traffic and at make I -- something psychological at adjustment you, you much you need go a home shift you you that you afford point, and see it healthy, conversion to things afford. in pretty rates you we've assume you watched. as talked ticking And if and the seen about. described, as stores,

year, year. that control. is The last late tried other the got That's we and story think kind to look over factor not air inventories a that several you it's under the But happened getting it when I at in of say, quarters, community now. big of lot time something a their

And communities again so of take that's as we of a expect a orders for to overall their proportion bit tailwind in and demand that's what kind XXXX, see. of

things few leading indicators. some quite rattling of off I'm a yes, but are So these

adjusted are But they them all. in think the trend seasonally I of just the rate. watching Some

stronger plants for obviously because as I at we prepare we You economic if to also, I are -- of and that pick never as we know know operating confident there it. uncertainty. part we activity because really always say the we our are quarters ourselves seasonally need see when up, careful quarter certainty, decision give to to as improved about good made but time to was is hit said, feeling more unfold adjusting haven't fairly you And starts adjust. We'll weather this our ahead really is

production. right continue -- build to feel it was I to we the move think So

Dan Moore

of favorable there think rate production. on about basis? think QX, of sort similar Are Yes, helpful. a that's of other to maybe things you color. from should slightly or would about QX shipping that comparison maintaining Is -- holidays as good sequentially a we favorable less Really we or sort create sequential

William Boor

plant though how unique by biggest favorable. they the their are days than mean or more we high of thing had the in third nothing even even I we able quarter up And if they're a to be less to ramp really would I level the rapidly fourth really talk necessity, would the you got ramp And quarter. calls decisions is these say in at that in operating up backlogs.

I I missed if were been saying in third we've upside quarter. So as there, downside around the utilization. about market it the script us past guess support at We talking going, to is there usually in as I'm don't I talk the what this is I was XX% more production but point. and continues that I and then Allison realize think to

room some keep we have still So to up. expanding

Dan Moore

Maybe one off. back it That's helpful. I'll really hand shift and more

terms an obviously of financial changes talk exceptional quarter made. some of had about services, In great what you've maybe color, that -- the

X think of think about instances, business for And factors. seasonally rates you margins changes like maybe on the lighter. of margins based the seasonality number range one, lower operating do things: talk board your it number the changes two, sort or sort described but for underwriting, and to is it's long-term one. which I we gross because an claims appropriate average about how the underwriting, of be all being that other obviously out whether to over kind of And then control,

William Boor

that we were you historically. made it pretty guys one that we very on tough swung really two Yes, rough because from quarters strong was to

be go again the as it's to as back thing, clear think first them can. because and So I just through I'll we important

third you be first money time to because use weather. first the is expect, second. to sure you're have. the based when we'll really second expect as sometimes make to of we good predict rough. storms data is and be the of the can want you'd always quarter That's quarter major would just number making And on the the historical kind third First We thing stronger and than

of that, we're But absolutely, do just a claims said change think lower Had impact. is else. costs. So I we part having the nothing to quarter-to-quarter due having done significant

On taking I with need the you premium on the to just that order diligent got in side. And premium on too And is on sure side, figure risk-adjusted We've probably those place But then been important about make we sure the And premiums process asking policy in making decisions. go thin decisions we're you return. what some tough that you're had we risk-adjusted really side, to was working policyholders charge make needed renew, those than or to that's much actuarials -- actually to want. a more had We've the through certain to we do to make lower revenue every regulators, coverage think a on really exposure for in out where the sure areas. needed we getting underwriting. basis. that out our you had we've to like increases. detail the policy the we're state to get that policies making profitable nonrenew We've proper but to

you of I and you give just for example, it. one a flavor many will give them So to there's

underwriting condition. risk We've place. pays reward the of an the sure a that changes kind roof you age past the based depreciated you its policy -- knew and replacement fairly write write write full value was we can because for in that made can to You damage for we of make needed over aggressively year on can those a damage or roof policy cost for that's roof

the seasonality you I it's thing only -- I'll was I say think how a -- you you follow-up only -- tough. the that give -- the big my can is asked I we tell is further help what quarters could guidance think or on do factor. You

gotten and years volatile when X but And past chance said that the rolling investments. business at a were I return about quarter returns, probably best you pretty a it's is year-over-year on back looking it business, a as have pretty forward is a over strong that, quarter-to-quarter talking a close. So time, we the we've poor it's or

we So a business. think good it's

Dan Moore

necessarily several where it but annual should plus. overall. years, earned Yes, Is a that quarterly not it margins that you but average on back going think gross a basis, was on XX% quarterly, not be, business

William Boor

segment be gross housing Service Financial factory on margin above the typically a significantly built basis. will segment

particular So I you, think for I though. pinpoint could agree don't with a that. number I

Dan Moore

helpful. That's

about your I'll Lastly, XX%, do jump and you a What Year-to-date, -- of sort range dipped lower. production going what that about out, Energy and a blended is had pointed rate, out. with that's the credits? we How of modeled Tax it's Allison, good forward? think below some previously. are Star we

Allison Aden

for Thanks question. the Yes.

I talked look that think this good we as the credits for the about. was quarter tax at is it -- an we way unusually

be be rate. If our take back of XXXX, say, would kind QX to, that those, an look of kind a what of QX this QX we you XXXX me, would to and of expect our year representative average of XXXX, to more normalized

Operator

with Our comes Capital Eggerichs Danny next question Group. from Craig-Hallum

Danny Eggerichs

little Thank perspective. of boost guess, out broadly any pockets want a starting Greg and more call today. Palm on speaking, demand guess bit were I to geographies still lagging that you'd or are geography specifically? from I are maybe for up just to a that or strength kind of lagging

William Boor

in dramatic increases, been very to improving might have it tough, update the trend And I absolutely. Florida there. it's tough. quarter, a view. Texas of to as it and so quarter. might Southeast we which renewed repeating continues a I hasn't been last kind on steady first number kind the this exactly nice Southwest its has I a Florida, be then they to The is the to slower that can't some And and pretty remember of quarters. I But right? when improvement and this been laggards you're has strong. is said and commented what been that the be remember Yes. over myself, think, I and being to strength, have useful been and but over market rocket It of interesting. ones some pointed has continue quarters, started been been mean less It's show you last ship.

area in it there's would a that. of but lot into don't Florida. concerning is hoping it's interesting -- that's the some lingering I minus here future, had just true. kind be -- some Southeast, and that been have an to It's not Southeast because say see the there It's strengthening to regionally. think we're it's differences one if we'll read Florida. observation I the just So And

Danny Eggerichs

know kind back Got sounds the circling some out rate -- inventory back rate kind what color -- good and you of hearing channels, on activity some on gave I had worry I problem both current to and the past of it. REITs, there? That's problem. maybe start retail is But Or couple helpful. tempering and that going years, like you just now of Maybe there these the just bit? might a specifically community is of any communities we guess, but in are it it environment, still little more

William Boor

out year going an I be mean, leasing them we on solid are their for you be existing pretty partners of to and just in new which side get strong. them. The have to my all should the inventory versus expect existing opportunity pretty things our behind expect, that. we incremental is is this pretty communities think view to finally that they've is of communities and influenced of by their talking like got into doing they've filling to I strong cost kind lot, additional a and projects, be filling demand a out the the their got capital. community be might categories separate revenue overall, more to then plans which community that, If and they're for growth by And replacements already about

translates into orders. that So wholesale

think cost been of other very they're So capital volume then building hard side where get looking than those done gotten their if and very is really obviously I is a past. they were of out today's of have it permitted, point, communities. take few anyway to has majority the and titled comes new replacing a in your I But from barrier development, environment, the and more at which the in the of

Danny Eggerichs

know quick any mentioned developer anything last quarters, on but one I Maybe builder color in there? of sense. one. your bright been it just channel. a update more you know prepared, -- don't Any I Makes Okay. it's spot. couple if

William Boor

been last say don't of those developers say, of I out. right, is the Yes, builder year. the of the groups, and I'd it think kind X watching smallest The dealers, we've communities X. separated builder the developer over I've trending

lump similar us do know them you because very of business and that together from they're with developers and past, perspective. we a just watch total a fact, we continue separately. to absolutely customer X builder the communities basis. for in both up percentage all to But on In communities tended trend And

themselves. way pretty the they're So along the much tracking operators community

Operator

Jay Our next question comes from Wedbush. McCanless with

James McCanless

question lot first in So there. the going with sadly, happening a orders heard much country. really around anything Haven't on FEMA or of disasters of terms

an you're us give in guys on if relief? housing you could what, update So anything, hearing FEMA from temporary terms of

William Boor

as about FEMA, a real we comment but of We we and from not comment all others to don't run that of the obviously of lot how government hear it feelings. the value time of group. kind as through can work just disaster relief close and talk the keep that only to quickly and I I'll without and local local But state I challenging efforts providing because also because FEMA see my on them they can ear ground perspective, echo our be and provide -- delays interesting been It's into. state and your the for Yes. the know that relief to on

to kind seems point last half to past to were second this housing calendar in between that they be effectively, mean on the to on We was struggled should even right? year of everything calls, coming. real to FEMA and call manufactured pretty a me was some orders the of there but that have set there orders, stage that how FEMA on -- just going Let FEMA open seemingly there's quick. touch I convey been referenced

And won't. in haven't the like think some they in I some don't indication that It of they inventory they materialized. hurricanes So think that's lost far, We necessarily an fact. they feels should.

lack on has on that a LA organize a being it won't we to been of I they're fires our I'm except out an because provide don't don't a also I until to not on are lot that going have And open But much. know I'm so state quiet local the this. we to of guess happened. But Federal bit so on And say there local expert kind there's like get still I'd about strangely the we're I'd to give I and state put closer going soon to folks say and you agreement themselves. of bid the an how eyes and feel lot fires, keeping those a there's of relying so happens. the after relief hearing clarity assistance talking what's about trying

-- this it's provide So we a ready not frustrating to saying to stands do anything and break point. can I Cavco [indiscernible] perspective, just haven't to because we industry seen everything think try I from and our at loose this just think I'm situations,

James McCanless

it. Got

about you've to of plants other much plant you it? the I just in much how You do of terms cetera. a also market, bill, plant-based existing the et If but even Phoenix, be your base, think course, headquarters think position in Cavco's rough and I got to plant some would be think you in would base California guess, how would great, ship

ordering you and guys if they what of base have start area do it So ship might just percent get thought that about into homes? together plant your

William Boor

specifically, for provided it's relief a Yes, California Jay? Southern

James McCanless

Yes.

William Boor

all including Phoenix we've facility pretty got reach readily. -- close by. the in really area can which is plant And We've then could Glendale, California ADUs that there pretty readily. mean, we've the make park I plants got X the got Yes. model that's Riverside, that

the those homes pretty or be provide to So providing of area. for have part straightforward plants X

James McCanless

you. Got on talk we if what about seeing channel And you're could rates?

Mark Fusler

Yes. Yes.

picked up bit. little they a So

market about there's X.X% to now, right X.X% a range So of now. in the right

James McCanless

How just increase, that? much right? up is That's small

Mark Fusler

Yes, a small increase from last quarter.

James McCanless

And are you've too worth I then Anything administration you what a think early you new administration. that and Trump anything probably guess this seen to either that tell, looking the be to might calling already with forward headwind? way but from guys out

William Boor

And sure, of kind we're that of seen watch on anything. there's our ready magnitude lot hard it's just while mean costs will and could of Not tariffs that already where have going quite labor to has of been the the impact people a on able input readily. we've force pretty for land been don't we've of now exactly -- because to about we be to I to some lot pretty hire tell a tariffs. know the some but discussion and be that those inflationary then for a administration

could So not operations low general overstate I'm immigration impact I immigration a but labor as again, a significant it's there, attracting us. like to it the be difficult. conceivable guess And people risk, policies seems risk trying not a on just that or relatively it into availability, that impact been our would but has that,

pay just deal mode at comes our make watch trying the and to So whatever with to in still way. we're of attention we're sure and

this I me is think that bit being optimistic. little a

an at a We've like some fighting been for while with I DOE that in think talked quite rules environment things the designed industry. regulatory I success. about were general that level our well think energy industry we've the really now for not

I it and as of could regulators works us would listens identifies if and the great bit kind a a think industry. regime we regulatory see little in they HUD sole better with be our optimistically, there

over in my opinion, time there's side. on upside, So the regulatory some

James McCanless

from not getting little But you are seems little, things tailwind up walls the into maybe looks numbers And a prices margin last prices little, in great. seen better. had, thinking volume pretty then spring it just question towards are X the like only I come OSB We've looking quarter. the hints dramatically like fourth That's guys the down season. about up last a maybe a input some perspective, a in dry weeks. gross a cost It and framing but good

directionally talk Bill, you're about if Allison, and you there maybe seeing you what So might gross margin where go in XQ. could think trends

Allison Aden

Sure. Thank you.

material it the all pressure on the been we price, margins, we fairly right is and items like couple quarters, is strand oriented of of downward more costs. on has First, the lumber to build cost, And bit boots -- consistent. to we average selling board. see -- several last right? And look component your And of So second depend point, specifically, very for But the QX closely. a course, gross did we at little pressure that a in which

close stay XX the what We very goods through right. -- next in market, play we the see you're and We'll -- sold cost to to So XX during of our commodities you it. days. in

they'll on just to through to our how goods way can very moving days. has also the bit little So our way XX are and we and markets see, as lower caustic you gross close stay about and in a that margin their commodity it's a it see make drifted XX the just OSB therefore, it. And publicly consider you could

Operator

CJS [Operator Moore from Instructions] Securities. with next question Our comes Daniel

Dan Moore

Yes.

more on one allocation capital cash of the and flow. maybe Just kind

the the last balance You over is back math, sort in cash million quarters, back share leveled flow in $XX buying down and X% over of X has lockstep off count the my bought by X past sort of with over years. cash

work. the you balances incremental sort going and are about -- that forward? flow cash So likely putting that plan How thinking of to is managing cash

Allison Aden

I chance about appreciate talk And that. allocation. our Yes, our our network. for expanding It plant right, really, on to a our high I Yes, capital just think that. capacity, gives focus us level, is

we a way we grow active that that vet the that last can it to basis. invest vetting you fact, capacity. And our us continue opportunities be to number network to on And spend if a capacity. in to we we've do market that we And probably strategic to is had actively we're couple we see And able help active dollar that in So existing continue space. would $X years. also imagine and regular over to areas to of the our second, we've were our over our of continue and And able that then plant as growing think pipeline had of will of time, been spend, projects grows. been in those in always about M&A that we've also build our we

chattel of and is lastly, And an and way as capital we strategic look buybacks our part for through a sheet to at you balance that lending our manage also work responsibly plan. our continue to lending as operations, allocation We share opportunities important look priorities. as mentioned, we the used

our what as of while history strong can from and are indicator future. the flow to in the model our share sometimes activity the to the depending in our flows, and the you look far you can't business is around at on of is quarter look a which the way to the variable repurchases pretty forward M&A, what good cash but and strong it level forward our So we a we manage history look cost And it factor. have because

Operator

are the There time. over questions I'd turn back closing remarks. at further for no this to to like call Boor Bill

William Boor

Yes.

issues we've steady We've aggregate market very very think I the with level, consistent the we're of a improvement now. And for macro quarters just with us, a at had basis, a inventory backlog of seen in we've the number on discussion with. behind today. happy got an channel

to So throughput. that's we're ramp well and positioned, up continuing our

So we uncertainties, feel positioned improvement. ever present quarters, for steady about optimistic not continued and but well we're granted. We for anything we're the really the taking coming understand economic

interest for we us today updated. Thank So I look to joining really keeping you for and Cavco and your in want to you. thank everyone forward

Operator

does Thank day. you and program, for participation. This may conclude now you Good disconnect. the your

Cavco Industries (CVCO) 31 Jan 252025 Q3 Earnings call transcript