QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices, including zip code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
(Nasdaq Global Select Market) |
☒ | Accelerated Filer | ☐ | |||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | |||||||||
Emerging Growth Company |
Page | |||||
Item 3. Not applicable | |||||
Item 4. Not applicable | |||||
January 1, 2022 | April 3, 2021 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash, current | |||||||||||
Accounts receivable, net | |||||||||||
Short-term investments | |||||||||||
Current portion of consumer loans receivable, net | |||||||||||
Current portion of commercial loans receivable, net | |||||||||||
Current portion of commercial loans receivable from affiliates, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Restricted cash | |||||||||||
Investments | |||||||||||
Consumer loans receivable, net | |||||||||||
Commercial loans receivable, net | |||||||||||
Commercial loans receivable from affiliates, net | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangibles, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of secured financings and other | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Secured financings and other | |||||||||||
Deferred income taxes | |||||||||||
Redeemable noncontrolling interest | |||||||||||
Stockholders' equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive (loss) income | ( | ||||||||||
Total stockholders' equity | |||||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax benefit (expense) | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: net income attributable to redeemable noncontrolling interest | |||||||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Reclassification adjustment for securities sold | ( | ( | ( | ||||||||||||||||||||
Applicable income taxes | ( | ||||||||||||||||||||||
Net change in unrealized position of investments held | ( | ( | ( | ||||||||||||||||||||
Applicable income taxes | ( | ||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: comprehensive income attributable to redeemable noncontrolling interest | |||||||||||||||||||||||
Comprehensive income attributable to Cavco common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Nine Months Ended | |||||||||||
January 1, 2022 | December 26, 2020 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation and amortization | |||||||||||
Provision for credit losses | ( | ( | |||||||||
Deferred income taxes | ( | ||||||||||
Stock-based compensation expense | |||||||||||
Non-cash interest income, net | ( | ( | |||||||||
(Gain) loss on sale or retirement of property, plant and equipment, net | ( | ||||||||||
Gain on investments and sale of loans, net | ( | ( | |||||||||
Changes in operating assets and liabilities, net of acquisitions | |||||||||||
Accounts receivable | |||||||||||
Consumer loans receivable originated | ( | ( | |||||||||
Proceeds from sales of consumer loans | |||||||||||
Principal payments received on consumer loans receivable | |||||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Commercial loans receivable | |||||||||||
Accounts payable and accrued expenses and other current liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Payments for acquisitions, net | ( | ||||||||||
Proceeds from sale of property, plant and equipment | |||||||||||
Purchases of investments | ( | ( | |||||||||
Proceeds from sale of investments | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from exercise of stock options | |||||||||||
Proceeds from secured financings and other | |||||||||||
Payments on secured financings and other | ( | ( | |||||||||
Payments for common stock repurchases | ( | ||||||||||
Distributions to noncontrolling interest | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | |||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | $ | |||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid for income taxes | $ | $ | |||||||||
Cash paid for interest | $ | $ | |||||||||
Supplemental disclosures of noncash activity | |||||||||||
Change in GNMA loans eligible for repurchase | $ | ( | $ | ||||||||
Right-of-use assets recognized and operating lease obligations incurred | $ | $ | |||||||||
Fair value of assets acquired under finance leases | $ | $ | |||||||||
Finance lease obligations incurred | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Factory-built housing | |||||||||||||||||||||||
U.S. Housing and Urban Development code homes | $ | $ | $ | $ | |||||||||||||||||||
Modular homes | |||||||||||||||||||||||
Park model RVs | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Financial services | |||||||||||||||||||||||
Insurance agency commissions received from third-party insurance companies | |||||||||||||||||||||||
All other sources | |||||||||||||||||||||||
$ | $ | $ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Cash related to CountryPlace customer payments to be remitted to third parties | $ | $ | |||||||||
Other restricted cash | |||||||||||
Less current portion | ( | ( | |||||||||
$ | $ |
January 1, 2022 | December 26, 2020 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
$ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Available-for-sale debt securities | $ | $ | |||||||||
Marketable equity securities | |||||||||||
Non-marketable equity investments | |||||||||||
Less short-term investments | ( | ( | |||||||||
$ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | $ | $ | |||||||||||||||||||
State and political subdivision debt securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
$ | $ | $ | $ |
January 1, 2022 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
Due in less than one year | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Mortgage-backed securities | |||||||||||
$ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Marketable equity securities | |||||||||||||||||||||||
Net gain recognized during the period | $ | $ | $ | $ | |||||||||||||||||||
Less: Net gains recognized on securities sold during the period | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gains recognized during the period on securities still held | $ | $ | $ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
$ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Loans held for investment, previously securitized | $ | $ | |||||||||
Loans held for investment | |||||||||||
Loans held for sale | |||||||||||
Construction advances | |||||||||||
Deferred financing fees and other, net | ( | ( | |||||||||
Allowance for loan losses | ( | ( | |||||||||
Less current portion | ( | ( | |||||||||
$ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
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") | |||||||||||||||||||||||
Change in estimated loan losses, net | ( | ( | ( | ( | |||||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||||||||
Allowance for loan losses at end of period | $ | $ | $ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Weighted average contractual interest rate | % | % | |||||||||
Weighted average effective interest rate | % | % | |||||||||
Weighted average months to maturity |
January 1, 2022 | April 3, 2021 | ||||||||||
Current | $ | $ | |||||||||
31 to 60 days | |||||||||||
61 to 90 days | |||||||||||
91+ days | |||||||||||
$ | $ |
January 1, 2022 | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | |||||||||||||||||||||||||||||||||||
Prime- FICO score 680 and greater | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Near Prime- FICO score 620-679 | |||||||||||||||||||||||||||||||||||||||||
Sub-Prime- FICO score less than 620 | |||||||||||||||||||||||||||||||||||||||||
No FICO score | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
April 3, 2021 | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | |||||||||||||||||||||||||||||||||||
Prime- FICO score 680 and greater | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Near Prime- FICO score 620-679 | |||||||||||||||||||||||||||||||||||||||||
Sub-Prime- FICO score less than 620 | |||||||||||||||||||||||||||||||||||||||||
No FICO score | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Loans receivable | $ | $ | |||||||||
Allowance for loan losses | ( | ( | |||||||||
Deferred financing fees, net | ( | ( | |||||||||
Less current portion of commercial loans receivable (including from affiliates), net | ( | ( | |||||||||
$ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Weighted average contractual interest rate | % | % | |||||||||
Weighted average months outstanding |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Impact of adoption of ASU 2016-13 | |||||||||||||||||||||||
Change in estimated loan losses, net | ( | ( | |||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
January 1, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ |
April 3, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Property, plant and equipment, at cost | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
$ | $ |
Classification | January 1, 2022 | April 3, 2021 | |||||||||||||||
ROU assets | |||||||||||||||||
Operating lease assets | Operating lease right-of-use assets | $ | $ | ||||||||||||||
Finance lease assets | Property, plant and equipment, net (1) | ||||||||||||||||
Total lease assets | $ | $ | |||||||||||||||
Lease Liabilities | |||||||||||||||||
Current: | |||||||||||||||||
Operating lease liabilities | Accrued expenses and other current liabilities | $ | $ | ||||||||||||||
Finance lease liabilities | Current portion of secured financings and other | ||||||||||||||||
Non-current: | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | ||||||||||||||||
Finance lease liabilities | Secured financings and other | ||||||||||||||||
Total lease liabilities | $ | $ |
Operating Leases | Finance Leases | Total | |||||||||||||||
Remainder of 2022 | $ | $ | $ | ||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 | |||||||||||||||||
Thereafter | |||||||||||||||||
Less amount representing interest | ( | ( | ( | ||||||||||||||
Less current portion | ( | ( | ( | ||||||||||||||
$ | $ | $ |
Remaining Lease Term (Years) | Discount Rate | ||||||||||
Operating leases | % | ||||||||||
Finance leases | % |
January 1, 2022 | April 3, 2021 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Indefinite-lived | |||||||||||||||||||||||||||||||||||
Goodwill | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Trademarks and trade names | — | — | |||||||||||||||||||||||||||||||||
State insurance licenses | — | — | |||||||||||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||||||||||||
Finite-lived | |||||||||||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
Balance at beginning of period | $ | |||||||
Goodwill recognized on Craftsman acquisition | ||||||||
Goodwill recognized on Commodore acquisition | ||||||||
Balance at end of period | $ |
Remainder of fiscal year | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter |
January 1, 2022 | April 3, 2021 | ||||||||||
Customer deposits | $ | $ | |||||||||
Salaries, wages and benefits | |||||||||||
Estimated warranties | |||||||||||
Unearned insurance premiums | |||||||||||
Accrued volume rebates | |||||||||||
Company repurchase options on certain loans sold | |||||||||||
Other | |||||||||||
$ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Purchase accounting additions | |||||||||||||||||||||||
Charged to costs and expenses | |||||||||||||||||||||||
Payments and deductions | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Finance lease obligations | $ | $ | |||||||||
Other secured financings | |||||||||||
Mandatorily redeemable noncontrolling interest | |||||||||||
Secured term loans | |||||||||||
Less current portion | ( | ( | |||||||||
$ | $ |
Three Months Ended | |||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | $ | $ | $ | |||||||||||||||||||
Assumed premiums—nonaffiliated | |||||||||||||||||||||||
Ceded premiums—nonaffiliated | ( | ( | ( | ( | |||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | $ | $ | $ | |||||||||||||||||||
Assumed premiums—nonaffiliated | |||||||||||||||||||||||
Ceded premiums—nonaffiliated | ( | ( | ( | ( | |||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net incurred losses during the year | |||||||||||||||||||||||
Net claim payments during the year | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Construction loan contract amount | $ | $ | |||||||||
Cumulative advances | ( | ( | |||||||||
$ | $ |
Equity Attributable to Cavco Stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total | Redeemable Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 3, 2021 | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | ( | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Balance, July 3, 2021 | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Initial value of noncontrolling interest upon transaction | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | ( | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance, October 2, 2021 | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | ( | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ |
Equity Attributable to Cavco Stockholders | |||||||||||||||||||||||||||||||||||||||||
Treasury Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total | |||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance, March 28, 2020 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Cumulative effect of implementing ASU 2016-13, net | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | ( | ( | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Balance, June 27, 2020 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Balance, September 26, 2020 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Balance, December 26, 2020 | $ | $ | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||||||||||||||
Book Value | Estimated Fair Value | Book Value | Estimated Fair Value | ||||||||||||||||||||
Available-for-sale debt securities | $ | $ | $ | $ | |||||||||||||||||||
Marketable equity securities | |||||||||||||||||||||||
Non-marketable equity investments | |||||||||||||||||||||||
Consumer loans receivable | |||||||||||||||||||||||
Commercial loans receivable | |||||||||||||||||||||||
Secured financings and other | ( | ( | ( | ( | |||||||||||||||||||
January 1, 2022 | April 3, 2021 | ||||||||||
Number of loans serviced with MSRs | |||||||||||
Weighted average servicing fee (basis points) | 34.76 | 33.57 | |||||||||
Capitalized servicing multiple | % | % | |||||||||
Capitalized servicing rate (basis points) | 25.33 | 15.42 | |||||||||
Serviced portfolio with MSRs (in thousands) | $ | $ | |||||||||
MSRs (in thousands) | $ | $ |
July 4, 2021 | |||||
Cash | $ | ||||
Accounts receivable | |||||
Inventories | |||||
Property, plant and equipment | |||||
Other current assets | |||||
Intangible assets(1) | |||||
Total identifiable assets acquired | |||||
Accounts payable and accrued liabilities | |||||
Net identifiable assets acquired | |||||
Goodwill(2) | |||||
Net assets acquired | $ |
September 24, 2021 | |||||
Cash | $ | ||||
Accounts receivable | |||||
Commercial loans | |||||
Inventories | |||||
Property, plant and equipment(1) | |||||
Other current assets | |||||
Intangible assets(2) | |||||
Total identifiable assets acquired | |||||
Accounts payable and accrued liabilities | |||||
Net identifiable assets acquired | |||||
Goodwill(3) | |||||
Net assets acquired | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to Cavco common stockholders | |||||||||||||||||||||||
Diluted net income per share |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | January 1, 2022 | December 26, 2020 | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | $ | $ | $ | |||||||||||||||||||
Financial services | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Factory-built housing | $ | $ | $ | $ | |||||||||||||||||||
Financial services | |||||||||||||||||||||||
$ | $ | $ | $ |
January 1, 2022 | April 3, 2021 | ||||||||||
Total assets: | |||||||||||
Factory-built housing | $ | $ | |||||||||
Financial services | |||||||||||
$ | $ |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | January 1, 2022 | December 26, 2020 | Change | ||||||||||||||||||||
Factory-built housing | $ | 413,590 | $ | 270,822 | $ | 142,768 | 52.7 | % | |||||||||||||||
Financial services | 18,124 | 17,950 | 174 | 1.0 | % | ||||||||||||||||||
$ | 431,714 | $ | 288,772 | $ | 142,942 | 49.5 | % | ||||||||||||||||
Factory-built homes sold | |||||||||||||||||||||||
by Company-owned retail sales centers | 658 | 768 | (110) | (14.3) | % | ||||||||||||||||||
to independent retailers, builders, communities and developers | 3,766 | 2,835 | 931 | 32.8 | % | ||||||||||||||||||
4,424 | 3,603 | 821 | 22.8 | % | |||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 93,488 | $ | 75,166 | $ | 18,322 | 24.4 | % | |||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | January 1, 2022 | December 26, 2020 | Change | ||||||||||||||||||||
Factory-built housing | $ | 1,067,967 | $ | 749,879 | $ | 318,088 | 42.4 | % | |||||||||||||||
Financial services | 53,712 | 51,670 | 2,042 | 4.0 | % | ||||||||||||||||||
$ | 1,121,679 | $ | 801,549 | $ | 320,130 | 39.9 | % | ||||||||||||||||
Factory-built homes sold | |||||||||||||||||||||||
by Company-owned retail sales centers | 2,091 | 2,283 | (192) | (8.4) | % | ||||||||||||||||||
to independent retailers, builders, communities and developers | 9,630 | 8,096 | 1,534 | 18.9 | % | ||||||||||||||||||
11,721 | 10,379 | 1,342 | 12.9 | % | |||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 91,116 | $ | 72,250 | $ | 18,866 | 26.1 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | Change | |||||||||||||||||||||||||||||||||
Modules | Homes | Modules | Homes | Modules | Homes | ||||||||||||||||||||||||||||||
U.S. Housing and Urban Development ("HUD") code homes | 6,166 | 3,583 | 5,427 | 3,186 | 13.6 | % | 12.5 | % | |||||||||||||||||||||||||||
Modular homes | 1,270 | 632 | 533 | 255 | 138.3 | % | 147.8 | % | |||||||||||||||||||||||||||
Park model RVs | 209 | 209 | 162 | 162 | 29.0 | % | 29.0 | % | |||||||||||||||||||||||||||
7,645 | 4,424 | 6,122 | 3,603 | 24.9 | % | 22.8 | % | ||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||
January 1, 2022 | December 26, 2020 | Change | |||||||||||||||||||||||||||||||||
Modules | Homes | Modules | Homes | Modules | Homes | ||||||||||||||||||||||||||||||
HUD code homes | 17,366 | 10,013 | 15,338 | 9,030 | 13.2 | % | 10.9 | % | |||||||||||||||||||||||||||
Modular homes | 2,257 | 1,112 | 1,483 | 693 | 52.2 | % | 60.5 | % | |||||||||||||||||||||||||||
Park model RVs | 596 | 596 | 656 | 656 | (9.1) | % | (9.1) | % | |||||||||||||||||||||||||||
20,219 | 11,721 | 17,477 | 10,379 | 15.7 | % | 12.9 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | January 1, 2022 | December 26, 2020 | Change | ||||||||||||||||||||
Factory-built housing | $ | 104,119 | $ | 47,031 | $ | 57,088 | 121.4 | % | |||||||||||||||
Financial services | 11,089 | 12,207 | (1,118) | (9.2) | % | ||||||||||||||||||
$ | 115,208 | $ | 59,238 | $ | 55,970 | 94.5 | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 26.7 | % | 20.5 | % | N/A | 6.2 | % | ||||||||||||||||
Factory-built housing | 25.2 | % | 17.4 | % | N/A | 7.8 | % | ||||||||||||||||
Financial services | 61.2 | % | 68.0 | % | N/A | (6.8) | % | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands) | January 1, 2022 | December 26, 2020 | Change | ||||||||||||||||||||
Factory-built housing | $ | 252,691 | $ | 140,178 | $ | 112,513 | 80.3 | % | |||||||||||||||
Financial services | 26,458 | 27,924 | (1,466) | (5.2) | % | ||||||||||||||||||
$ | 279,149 | $ | 168,102 | $ | 111,047 | 66.1 | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 24.9 | % | 21.0 | % | N/A | 3.9 | % | ||||||||||||||||
Factory-built housing | 23.7 | % | 18.7 | % | N/A | 5.0 | % | ||||||||||||||||
Financial services | 49.3 | % | 54.0 | % | N/A | (4.7) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | January 1, 2022 | December 26, 2020 | Change | ||||||||||||||||||||
Factory-built housing | $ | 55,735 | $ | 30,575 | $ | 25,160 | 82.3 | % | |||||||||||||||
Financial services | 4,587 | 4,839 | (252) | (5.2) | % | ||||||||||||||||||
$ | 60,322 | $ | 35,414 | $ | 24,908 | 70.3 | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue | 14.0 | % | 12.3 | % | N/A | 1.7 | % | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands) | January 1, 2022 | December 26, 2020 | Change | ||||||||||||||||||||
Factory-built housing | $ | 131,579 | $ | 92,037 | $ | 39,542 | 43.0 | % | |||||||||||||||
Financial services | 14,947 | 14,153 | 794 | 5.6 | % | ||||||||||||||||||
$ | 146,526 | $ | 106,190 | $ | 40,336 | 38.0 | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue | 13.1 | % | 13.2 | % | N/A | (0.1) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | January 1, 2022 | December 26, 2020 | Change | ||||||||||||||||||||
Interest expense | $ | 209 | $ | 177 | $ | 32 | 18.1 | % | |||||||||||||||
Other income, net | 4,258 | 2,243 | 2,015 | 89.8 | % | ||||||||||||||||||
Income tax (benefit) expense | (20,680) | 6,189 | (26,869) | (434.1) | % | ||||||||||||||||||
Effective tax rate | (35.1) | % | 23.9 | % | N/A | (59.0) | % | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
($ in thousands) | January 1, 2022 | December 26, 2020 | Change | ||||||||||||||||||||
Interest expense | $ | 576 | $ | 567 | $ | 9 | 1.6 | % | |||||||||||||||
Other income, net | 11,387 | 5,821 | 5,566 | 95.6 | % | ||||||||||||||||||
Income tax (benefit) expense | (910) | 15,742 | (16,652) | (105.8) | % | ||||||||||||||||||
Effective tax rate | (0.6) | % | 23.4 | % | N/A | (24.0) | % |
Nine Months Ended | |||||||||||||||||
(in thousands) | January 1, 2022 | December 26, 2020 | $ Change | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | $ | 339,307 | $ | 255,607 | $ | 83,700 | |||||||||||
Net cash provided by operating activities | 125,967 | 91,566 | 34,401 | ||||||||||||||
Net cash used in investing activities | (147,842) | (5,098) | (142,744) | ||||||||||||||
Net cash used in financing activities | (34,290) | (1,451) | (32,839) | ||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 283,142 | $ | 340,624 | $ | (57,482) |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of the Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program (in thousands) | ||||||||||||||||||||||
October 3, 2021 to November 6, 2021 | — | $ | — | — | $ | 78,123 | ||||||||||||||||||||
November 7, 2021 to December 4, 2021 | 26,672 | 305.58 | 26,672 | 69,972 | ||||||||||||||||||||||
December 5, 2021 to January 1, 2022 | 1,700 | 316.83 | 1,700 | 69,433 | ||||||||||||||||||||||
28,372 | 28,372 |
Exhibit No. | Exhibit | ||||||||||
(1) | |||||||||||
(1) | |||||||||||
(2) | |||||||||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Cavco Industries, Inc. | |||||||||||
Registrant | |||||||||||
Signature | Title | Date | |||||||||
/s/ William C. Boor | Director, President and Chief Executive Officer | February 7, 2022 | |||||||||
William C. Boor | (Principal Executive Officer) | ||||||||||
/s/ Allison K. Aden | Executive Vice President, Chief Financial Officer & Treasurer | February 7, 2022 | |||||||||
Allison K. Aden | (Principal Financial Officer) |
Dated: | February 7, 2022 | ||||
By: | /s/ William C. Boor | ||||
William C. Boor | |||||
President and Chief Executive Officer (Principal Executive Officer) |
Dated: | February 7, 2022 | ||||
By: | /s/ Allison K. Aden | ||||
Allison K. Aden | |||||
Executive Vice President, Chief Financial Officer & Treasurer (Principal Financial Officer) |
February 7, 2022 | ||
/s/ William C. Boor | ||
William C. Boor | ||
President and Chief Executive Officer (Principal Executive Officer) | ||
/s/ Allison K. Aden | ||
Allison K. Aden | ||
Executive Vice President, Chief Financial Officer & Treasurer (Principal Financial Officer) |
Basis of Presentation |
9 Months Ended |
---|---|
Jan. 01, 2022 | |
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 addition, references throughout to numbered "Notes" refer to these Notes to Consolidated Financial Statements, unless otherwise stated. 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 31st 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 31st. 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 45 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 22. 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 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 achieved in stages (see Note 22) 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 within Secured financings and other. 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 Craftsman Purchase 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 on the Consolidated Balance Sheet under the Redeemable noncontrolling interest caption. The amount of income attributable to this noncontrolling interest is included on the face of the Consolidated Statements of Comprehensive Income.
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Revenue from Contracts with Customers |
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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):
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Restricted Cash |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash | Restricted Cash Restricted cash consisted of the following (in thousands):
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 on the Consolidated Balance Sheets to the combined amounts shown on the Consolidated Statements of Cash Flows (in thousands):
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Investments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investments consisted of the following (in thousands):
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).
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.
Gross gains realized on the sale of available-for-sale debt securities during the three and nine months ended January 1, 2022 were $2,000, and there were no gross losses. For the three and nine months ended December 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $1,000 and $6,000 respectively. Net investment gains and losses on marketable equity securities were as follows (in thousands):
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Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following (in thousands):
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Consumer Loans Receivable |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands):
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):
The consumer loans held for investment had the following characteristics:
The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
The following tables disaggregate gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
As of January 1, 2022 and April 3, 2021, 41% and 35% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas, respectively, and 16% and 20% was concentrated in Florida, respectively. Other than Texas and Florida, no state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of January 1, 2022 or April 3, 2021. Repossessed homes totaled approximately $404,000 and $518,000 as of January 1, 2022 and April 3, 2021, respectively, and are included in Prepaid expenses and other current assets on the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $813,000 and $1.1 million as of January 1, 2022 and April 3, 2021, respectively.
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Commercial Loans Receivable |
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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):
The commercial loans receivable balance had the following characteristics:
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):
As of January 1, 2022 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):
At January 1, 2022, 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 January 1, 2022, 20% of our outstanding commercial loans receivable principal balance was concentrated in Pennsylvania and 13% was concentrated in New York. 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 commercial loans receivable as of January 1, 2022 or April 3, 2021. We had concentrations with one independent third-party and its affiliates that equaled 12% and 18% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of January 1, 2022 and April 3, 2021, respectively
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Property, Plant and Equipment, net |
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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):
Depreciation expense for the three months ended January 1, 2022 and December 26, 2020 was $3.0 million and $1.4 million, respectively. Depreciation expense for the nine months ended January 1, 2022 and December 26, 2020 was $5.9 million and $4.2 million, respectively. Included in the balances above are certain assets under finance leases. See Note 9 for further information.
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Leases |
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Leases | Leases We lease certain production and retail locations, office space and equipment. During the period ended January 1, 2022, 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 on the Consolidated Balance Sheets as of January 1, 2022 and April 3, 2021 (in thousands):
(1) Recorded net of accumulated amortization of $44,000 and $143,000 as of January 1, 2022 and April 3, 2021, respectively. The present value of minimum payments for future fiscal years under non-cancelable leases as of January 1, 2022 was as follows (in thousands):
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of January 1, 2022:
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Operating Leases | Leases We lease certain production and retail locations, office space and equipment. During the period ended January 1, 2022, 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 on the Consolidated Balance Sheets as of January 1, 2022 and April 3, 2021 (in thousands):
(1) Recorded net of accumulated amortization of $44,000 and $143,000 as of January 1, 2022 and April 3, 2021, respectively. The present value of minimum payments for future fiscal years under non-cancelable leases as of January 1, 2022 was as follows (in thousands):
The following table provides information about the weighted average remaining lease terms and weighted average discount rates as of January 1, 2022:
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Goodwill and Other Intangibles |
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Jan. 01, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
Changes in the carrying amount of Goodwill were as follows for the nine months ended January 1, 2022 (in thousands). See Note 22 for further information.
Amortization expense recognized on intangible assets was $523,000 and $186,000 for the three months ended January 1, 2022 and December 26, 2020, respectively. Amortization expense recognized on intangible assets was $862,000 and $560,000 for the nine months ended January 1, 2022 and December 26, 2020, respectively. Expected amortization for future fiscal years is as follows (in thousands):
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Accrued Expenses and Other Current Liabilities |
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Warranties |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranties | Warranties Activity in the liability for estimated warranties was as follows (in thousands):
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Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations |
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
We previously entered into secured credit facilities with independent third-party banks to originate and hold consumer home-only loans secured by manufactured homes. Those facilities were then converted into amortizing loans, which were paid in full as of January 1, 2022.
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Reinsurance and Insurance Loss Reserves |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance and Insurance Loss Reserves | Reinsurance and Insurance Loss Reserves Certain 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):
Typical insurance policies written or assumed have a maximum coverage of $300,000 per claim, of which we cede $125,000 of the risk of loss per reinsurance. Therefore, our risk of loss is limited to the first $175,000 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 $70 million in the aggregate for that occurrence. Standard Casualty establishes reserves for claims and related expenses on reported and unreported non-reinsured losses. Reserves for claims are included in the Accrued expenses and other current liabilities line item on the Consolidated Balance Sheet and claims expenses is recorded in Cost of sales on the Consolidated Statement of Comprehensive Income. The following details the activity in the reserve for the nine months ended January 1, 2022 and December 26, 2020 (in thousands):
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Income Taxes |
9 Months Ended |
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Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three and nine months ended January 1, 2022, income taxes resulted in a benefit of $20.7 million and $0.9 million, respectively. This is due to $34.4 million of estimated non-recurring net tax credits related to the sale of energy efficient homes between fiscal year 2018 and fiscal third quarter 2022 available under the Internal Revenue Code §45L. Of this amount, $4.0 million is related to fiscal year 2022. A receivable for the refunds related to the net tax credits is recorded in Prepaid expenses and other current assets. This credit was initially established under the Federal Energy Policy Act of 2005 and most recently extended in the Consolidated Appropriations Act, 2021. The credit expired in its current format as of December 31, 2021. The Company determined eligibility for the program in consultation with third-party qualified experts and recognized the benefit for the five eligible years in the fiscal third quarter of 2022. Excluding these credits, the effective income tax rate was consistent between periods. |
Commitments and Contingencies |
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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 $117.3 million and $74.2 million at January 1, 2022 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 $3.2 million at January 1, 2022 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):
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 repurchase the loan or to indemnify a party for incurred losses. We maintain a reserve for these contingent repurchase and indemnification obligations. This reserve of $1.2 million as of January 1, 2022 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 nine months ended January 1, 2022. 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 January 1, 2022, we had outstanding IRLCs with a notional amount of $29.7 million. During the three months ended January 1, 2022, there were no gains or losses on outstanding IRLCs, and we recognized non-cash gains of $57,000 during the three months ended December 26, 2020. For the nine months ended January 1, 2022 and December 26, 2020, we recognized gains of $42,000 and losses of $87,000, 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 January 1, 2022, we had $21.5 million in outstanding Commitments. We recognized non-cash losses of $61,000 and $318,000 for the three months ended January 1, 2022 and December 26, 2020, respectively. During the nine months ended January 1, 2022 and December 26, 2020, we recognized losses of $329,000 and gains of $816,000, 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. On November 2, 2021, the Company filed a motion to dismiss the claim. On January 25, 2022, the court denied the motion to dismiss and the matter is now proceeding to discovery. 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 on 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.
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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. On November 2, 2021, the Company filed a motion to dismiss the claim. On January 25, 2022, the court denied the motion to dismiss and the matter is now proceeding to discovery. 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 on 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.
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Stockholders' Equity and Redeemable Noncontrolling Interest |
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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 nine months ended January 1, 2022 (dollars in thousands):
The following table represents changes in stockholders' equity attributable to Cavco's stockholders for each quarterly period during the nine months ended December 26, 2020 (dollars in thousands):
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Earnings Per Share |
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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):
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Fair Value Measurements |
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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):
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.
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Employee Benefit Plans |
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Jan. 01, 2022 | |
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 $15.3 million and $16.7 million for the three and nine months ended January 1, 2022, respectively. 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.
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Related Party Transactions |
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Jan. 01, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsWe 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 nine months ended January 1, 2022, the total amount of sales to non-consolidated related parties was $15.8 million and $44.6 million, respectively. For the three and nine months ended December 26, 2020, the total amount of sales to non-consolidated related parties was $11.2 million and $34.2 million, respectively. As of January 1, 2022, receivables from non-consolidated related parties included $3.3 million of accounts receivable and $2.6 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 Acquisitions |
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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 on 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.
(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 Craftsman Purchase 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 within Secured financings and other. 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 on the Consolidated Balance Sheet as Redeemable noncontrolling interest. Since the acquisition date, Craftsman contributed Net revenue of $4.5 million and $9.0 million for the three and nine months ended January 1, 2022, respectively. Craftsman contributed Net income of $654,000 and $897,000 for the three and nine months ended January 1, 2022, respectively. Cost of sales 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 $146.2 million, which was paid in cash and is subject to future adjustments upon the finalization of closing financial statements. During the third quarter certain adjustments were made to these closing financial statements, which resulted in changes to the purchase price allocation and impacted the amount of goodwill recognized. We have expensed $2.7 million in acquisition related deal costs in Selling, general and administrative expenses on 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 time between the acquisition date and reporting date and will be finalized upon completion of the analysis of the fair values of Commodore's acquired assets, liabilities and intangible assets. We expect to finalize these amounts as soon as possible but no later than one year from the acquisition date.
(1) Includes assets acquired under finance leases. See Note 9 for additional information. (2) Includes $7.2 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; $1.0 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 $73.1 million and $77.5 million for the three and nine months ended January 1, 2022, respectively. Commodore contributed Net income of $2.5 million and $1.8 million for the three and nine months ended January 1, 2022, respectively. Cost of sales 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):
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Business Segment Information |
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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):
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Basis of Presentation (Policies) |
9 Months Ended |
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Jan. 01, 2022 | |
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 addition, references throughout to numbered "Notes" refer to these Notes to Consolidated Financial Statements, unless otherwise stated. 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 31st 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 31st. 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 45 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 22.
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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 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 achieved in stages (see Note 22) 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 within Secured financings and other. 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 Craftsman Purchase 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 on the Consolidated Balance Sheet under the Redeemable noncontrolling interest caption. The amount of income attributable to this noncontrolling interest is included on the face of the Consolidated Statements of Comprehensive Income.
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Commitments and Contingencies (Policies) |
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Jan. 01, 2022 | |
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 $117.3 million and $74.2 million at January 1, 2022 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 $3.2 million at January 1, 2022 and $2.3 million at April 3, 2021.
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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 repurchase the loan or to indemnify a party for incurred losses. We maintain a reserve for these contingent repurchase and indemnification obligations. This reserve of $1.2 million as of January 1, 2022 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 nine months ended January 1, 2022. |
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 January 1, 2022, we had outstanding IRLCs with a notional amount of $29.7 million. During the three months ended January 1, 2022, there were no gains or losses on outstanding IRLCs, and we recognized non-cash gains of $57,000 during the three months ended December 26, 2020. For the nine months ended January 1, 2022 and December 26, 2020, we recognized gains of $42,000 and losses of $87,000, 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 January 1, 2022, we had $21.5 million in outstanding Commitments. We recognized non-cash losses of $61,000 and $318,000 for the three months ended January 1, 2022 and December 26, 2020, respectively. During the nine months ended January 1, 2022 and December 26, 2020, we recognized losses of $329,000 and gains of $816,000, respectively.
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Fair Value Measurements (Policies) |
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Jan. 01, 2022 | |
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 Customers (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table summarizes customer contract revenues disaggregated by reportable segment and source (in thousands):
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Restricted Cash (Tables) |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of restricted cash | Restricted cash consisted of the following (in thousands):
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments | Investments consisted of the following (in thousands):
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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).
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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.
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Gain (Loss) on Securities | Gross gains realized on the sale of available-for-sale debt securities during the three and nine months ended January 1, 2022 were $2,000, and there were no gross losses. For the three and nine months ended December 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and gross losses realized were $1,000 and $6,000 respectively. Net investment gains and losses on marketable equity securities were as follows (in thousands):
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of inventories | Inventories consisted of the following (in thousands):
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Consumer Loans Receivable (Tables) |
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands):
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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):
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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):
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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):
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Commercial Loans Receivable (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Loans Receivables | Commercial loans receivable, net consisted of the following (in thousands):
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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):
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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):
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Geographic Concentration of Commercial Loans Receivables in Key States | As of January 1, 2022, 20% of our outstanding commercial loans receivable principal balance was concentrated in Pennsylvania and 13% was concentrated in New York. 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 commercial loans receivable as of January 1, 2022 or April 3, 2021. |
Property, Plant and Equipment, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, net | Property, plant and equipment, net, consisted of the following (in thousands):
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Goodwill and Other Intangibles (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles | Goodwill and other intangibles, net, consisted of the following (in thousands):
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Goodwill rollforward | Changes in the carrying amount of Goodwill were as follows for the nine months ended January 1, 2022 (in thousands). See Note 22 for further information.
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Future amortization expense | Expected amortization for future fiscal years is as follows (in thousands):
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Accrued Expenses and Other Current Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands):
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Warranties (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in the liability for estimated warranties | Activity in the liability for estimated warranties was as follows (in thousands):
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Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Reinsurance and Insurance Loss Reserves (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Reinsurance | The effects of reinsurance on premiums written and earned were as follows (in thousands):
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Loss Reserve Rollforward | Standard Casualty establishes reserves for claims and related expenses on reported and unreported non-reinsured losses. Reserves for claims are included in the Accrued expenses and other current liabilities line item on the Consolidated Balance Sheet and claims expenses is recorded in Cost of sales on the Consolidated Statement of Comprehensive Income. The following details the activity in the reserve for the nine months ended January 1, 2022 and December 26, 2020 (in thousands):
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Stockholders' Equity and Redeemable Noncontrolling Interest (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended January 1, 2022 (dollars in thousands):
The following table represents changes in stockholders' equity attributable to Cavco's stockholders for each quarterly period during the nine months ended December 26, 2020 (dollars in thousands):
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Fair Value Measurements (Tables) |
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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):
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Assumptions for Mortgage Servicing Rights |
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Business Combinations and Asset Acquisitions (Tables) |
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Jan. 01, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
(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 Craftsman Purchase 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 within Secured financings and other. 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 on the Consolidated Balance Sheet as Redeemable noncontrolling interest. Since the acquisition date, Craftsman contributed Net revenue of $4.5 million and $9.0 million for the three and nine months ended January 1, 2022, respectively. Craftsman contributed Net income of $654,000 and $897,000 for the three and nine months ended January 1, 2022, respectively. Cost of sales 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 $146.2 million, which was paid in cash and is subject to future adjustments upon the finalization of closing financial statements. During the third quarter certain adjustments were made to these closing financial statements, which resulted in changes to the purchase price allocation and impacted the amount of goodwill recognized. We have expensed $2.7 million in acquisition related deal costs in Selling, general and administrative expenses on 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 time between the acquisition date and reporting date and will be finalized upon completion of the analysis of the fair values of Commodore's acquired assets, liabilities and intangible assets. We expect to finalize these amounts as soon as possible but no later than one year from the acquisition date.
(1) Includes assets acquired under finance leases. See Note 9 for additional information. (2) Includes $7.2 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; $1.0 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 $73.1 million and $77.5 million for the three and nine months ended January 1, 2022, respectively. Commodore contributed Net income of $2.5 million and $1.8 million for the three and nine months ended January 1, 2022, respectively. Cost of sales from the Commodore acquisition included required purchase accounting adjustments whereby home product inventory is recorded at fair value upon acquisition.
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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):
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Business Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | The following table provides selected financial data by segment (in thousands):
|
Basis of Presentation (Principles of Consolidation) (Details) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Jan. 01, 2022
factories
Segment
store
|
Dec. 31, 2023 |
Jul. 04, 2021
USD ($)
|
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 | 45 | |||
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 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 achieved in stages (see Note 22) 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 within Secured financings and other. 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 Craftsman Purchase 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 on the Consolidated Balance Sheet under the Redeemable noncontrolling interest caption. The amount of income attributable to this noncontrolling interest is included 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% |
Restricted Cash (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
Dec. 26, 2020 |
---|---|---|---|
Summary of restricted cash | |||
Restricted cash | $ 15,877 | $ 17,028 | $ 13,137 |
Less current portion | (15,542) | (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 | 14,567 | 16,049 | |
Other restricted cash | |||
Summary of restricted cash | |||
Restricted cash | $ 1,310 | $ 979 |
Restricted Cash Reconciliation of Cash and cash equivalents and Restricted cash to SOCF (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
Dec. 26, 2020 |
Mar. 28, 2020 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 267,265 | $ 322,279 | $ 327,487 | |
Restricted Cash and Cash Equivalents | 15,877 | 17,028 | 13,137 | |
Cash, cash equivalents and restricted cash | $ 283,142 | $ 339,307 | $ 340,624 | $ 255,607 |
Investments (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 17,101 | $ 14,946 |
Marketable equity securities | 19,100 | 17,600 |
Non-marketable equity investments | 20,292 | 21,960 |
Investments | 56,493 | 54,506 |
Less short-term Investments | (21,116) | (19,496) |
Long-term Investments | $ 35,377 | $ 35,010 |
Investments (Amortized cost and fair value) (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 17,155 | $ 14,823 |
Fair Value | 17,101 | 14,946 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,165 | 2,787 |
Fair Value | 2,157 | 2,804 |
State and political subdivision debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,521 | 7,239 |
Fair Value | 7,538 | 7,345 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,469 | 4,797 |
Fair Value | $ 7,406 | $ 4,797 |
Investments (Contractual Maturities) (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Amortized Cost | ||
Due in less than one year | $ 1,604 | |
Due after one year through five years | 11,473 | |
Due after five years through ten years | 1,264 | |
Due after ten years | 649 | |
Mortgage-backed securities | 2,165 | |
Amortized Cost | 17,155 | $ 14,823 |
Fair Value | ||
Due in less than one year | 1,608 | |
Due after one year through five years | 11,353 | |
Due after five years through ten years | 1,307 | |
Due after ten years | 676 | |
Mortgage-backed securities | 2,157 | |
Fair Value | $ 17,101 | $ 14,946 |
Investments (Recognized Gains and Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Gain (Loss) on Securities | ||||
Gross gains realized on debt securities | $ 2 | $ 0 | $ 2 | $ 0 |
Gross losses realized on debt securities | 0 | (1) | 0 | (6) |
Net gains recognized during the period on equity securities | 2,967 | 2,008 | 4,906 | 5,289 |
Less: Net gains recognized on securities sold during the period | (257) | (151) | (536) | (157) |
Unrealized gains recognized during the period on securities still held | $ 2,710 | $ 1,857 | $ 4,370 | $ 5,132 |
Inventories (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Summary of inventories | ||
Raw materials | $ 84,963 | $ 54,336 |
Work in process | 27,357 | 19,149 |
Finished goods | 87,993 | 57,749 |
Total Inventories | $ 200,313 | $ 131,234 |
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Receivables [Abstract] | ||
Loans held for investment, previously securitized | $ 27,332 | $ 31,949 |
Loans held for investment | 14,835 | 18,690 |
Loans held for sale | 11,746 | 15,587 |
Construction Advances | 5,377 | 13,801 |
Consumer loans receivable | 59,290 | 80,027 |
Deferred financing fees and other, net | (874) | (2,041) |
Allowance for loan losses | (2,387) | (3,188) |
Consumer loans receivable, net | 56,029 | 74,798 |
Less current portion | (25,397) | (37,690) |
Consumer loans receivable, net | $ 30,632 | $ 37,108 |
Consumer Loans Receivable (Allowance For Loan Loss Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 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 | $ 2,387 | 2,387 | ||
Consumer loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses at beginning of period | 2,799 | $ 3,910 | 3,188 | $ 1,767 |
Change in estimated loan losses, net | (327) | (491) | (384) | (424) |
Charge-offs | (85) | 0 | (417) | (200) |
Allowance for loan losses at end of period | 2,387 | 3,419 | 2,387 | 3,419 |
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 (Loans Held for investment) (Details) |
9 Months Ended | |
---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Receivables [Abstract] | ||
Weighted average contractual interest rate | 8.40% | 8.30% |
Weighted average effective interest rate | 8.90% | 9.30% |
Weighted average months to maturity | 151 months | 162 months |
Delinquency status of consumer loans (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 59,290 | $ 80,027 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 56,141 | 76,378 |
31 - 60 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 413 | 508 |
61 - 90 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 1,964 | 21 |
91+ days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 772 | $ 3,120 |
Consumer Loans Receivable (Narrative) (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Repossessed Homes | $ 404 | $ 518 |
Mortgage Loans in Process of Foreclosure, Amount | $ 813 | $ 1,100 |
TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 41.00% | 35.00% |
FLORIDA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 16.00% | 20.00% |
Commercial Loans Receivable (Commercial Loans Receivable, Net) (Details) - Commercial Loans Receivable - USD ($) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Oct. 02, 2021 |
Apr. 03, 2021 |
Sep. 26, 2020 |
Mar. 28, 2020 |
|
Commercial Loans Receivable | ||||||
Commercial loans receivable | $ 68,218 | $ 45,377 | ||||
Allowance for loan loss | (1,130) | $ (765) | $ (826) | (816) | $ (789) | $ (393) |
Deferred financing fees, net | (116) | (247) | ||||
Total commercial loans, net | 66,972 | 44,314 | ||||
Less current portion of commercial loans receivable (including from affiliates), net | (29,525) | (19,232) | ||||
Commercial loans receivable (including from affiliates), noncurrent | $ 37,447 | $ 25,082 | ||||
Weighted average contractual interest rate, commercial | 6.30% | 6.40% | ||||
Weighted average months outstanding, commercial | 9 months | 11 months |
Commercial Loans Receivable (Changes in the Estimated Allowance for Loan Loss) (Details) - Commercial Loans Receivable - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 826 | $ 789 | $ 816 | $ 393 |
Change in estimated loan losses, net | 304 | (24) | 314 | (63) |
Balance at end of period | 1,130 | 765 | 1,130 | 765 |
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 (Concentrations of Commercial Loans Receivables) (Details) |
Jan. 01, 2022 |
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 | 20.00% | |
ARIZONA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 13.00% | |
NEW YORK | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 13.00% |
Commercial Loans Receivable (Narrative) (Details) $ in Thousands |
9 Months Ended |
---|---|
Jan. 01, 2022
USD ($)
| |
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, net (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 201,021 | $ 134,287 |
Accumulated depreciation | (43,031) | (37,493) |
Property, plant and equipment, net | 157,990 | 96,794 |
Land | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 32,767 | 28,314 |
Buildings and improvements | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 119,078 | 71,827 |
Machinery and equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 49,176 | $ 34,146 |
Property, Plant and Equipment, net (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 3.0 | $ 1.4 | $ 5.9 | $ 4.2 |
Leases (Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
||
---|---|---|---|---|
Lease Assets and Liabilities | ||||
Operating lease assets | $ 15,974 | $ 16,252 | ||
Finance lease assets | [1] | 7,114 | 986 | |
Total Leased Assets | 23,088 | 17,238 | ||
Operating lease liabilities | 4,773 | 4,184 | ||
Finance lease liabilities | 347 | 71 | ||
Operating lease liabilities | 12,482 | 13,361 | ||
Long term lease liabilities | 5,986 | 233 | ||
Lease liabilties | 23,588 | 17,849 | ||
Accumulated Amortization | $ 44 | $ 143 | ||
Lease characteristics | ||||
Weighted average remaining operating lease term | 4 years 7 months 6 days | |||
Weighted average remaining finance lease term | 35 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) (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Finance Leases | ||
Remainder of 2022 | $ 89 | |
2023 | 356 | |
2024 | 356 | |
2025 | 356 | |
2026 | 356 | |
2027 | 356 | |
Thereafter | 10,941 | |
Total Finance lease payments due | 12,810 | |
Less amount representing interest | (6,477) | |
Finance lease liability | 6,333 | $ 304 |
Less current portion | (347) | (71) |
Long term lease liabilities | 5,986 | 233 |
Operating leases | ||
Remainder of 2022 | 1,225 | |
2023 | 4,748 | |
2024 | 4,210 | |
2025 | 3,188 | |
2026 | 3,133 | |
2027 | 1,086 | |
Thereafter | 1,439 | |
Total operating lease payments due | 19,029 | |
Less amount representing interest | (1,774) | |
Operating lease liability | 17,255 | |
Less current portion | (4,773) | (4,184) |
Long term lease liabilities | 12,482 | $ 13,361 |
Remainder of 2022 | 1,314 | |
2023 | 5,104 | |
2024 | 4,566 | |
2025 | 3,544 | |
2026 | 3,489 | |
2027 | 1,442 | |
Thereafter | 12,380 | |
Total lease payments due | 31,839 | |
Less amount representing interest | (8,251) | |
Less current portion | (5,120) | |
Long term lease liabilities | $ 18,468 |
Goodwill and Other Intangible (Goodwill rollforward) (Details) $ in Thousands |
9 Months Ended |
---|---|
Jan. 01, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 75,090 |
Ending balance | 101,945 |
Craftsman | |
Goodwill [Roll Forward] | |
Goodwill acquired during the period | 4,363 |
Commodore | |
Goodwill [Roll Forward] | |
Goodwill acquired during the period | $ 22,492 |
Goodwill and Other Intangibles (Amortization) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense on intangible assets | $ 523 | $ 186 | $ 862 | $ 560 |
Remainder of fiscal year | 1,233 | 1,233 | ||
2023 | 1,679 | 1,679 | ||
2024 | 1,339 | 1,339 | ||
2025 | 1,300 | 1,300 | ||
2026 | 1,258 | 1,258 | ||
2027 | 1,135 | 1,135 | ||
Thereafter | $ 4,258 | $ 4,258 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Accrued Expenses and Other Current Liabilities | ||
Customer deposits | $ 55,408 | $ 41,835 |
Salaries, wages and benefits | 46,237 | 37,737 |
Estimated warranties | 26,234 | 18,032 |
Unearned insurance premiums | 23,562 | 22,643 |
Accrued volume rebates | 20,978 | 12,132 |
Company repurchase options on certain loans sold | 12,731 | 25,938 |
Other | 53,058 | 44,816 |
Total accrued expenses and other current liabilities | $ 238,208 | $ 203,133 |
Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Accrual for estimated warranties | ||||
Balance at beginning of period | $ 25,745 | $ 17,805 | $ 18,032 | $ 18,678 |
Purchase accounting additions | 0 | 0 | 6,928 | 0 |
Charged to costs and expenses | 10,883 | 7,724 | 28,002 | 20,303 |
Payments and deductions | (10,394) | (7,533) | (26,728) | (20,985) |
Balance at end of period | $ 26,234 | $ 17,996 | $ 26,234 | $ 17,996 |
Debt, Finance Lease and Mandatorily Redeemable Noncontrolling Interest Obligations (Summary of Debt Obligations) (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Debt Obligations | ||
Finance lease liability | $ 6,333 | $ 304 |
Other secured financings | 3,024 | 3,672 |
Mandatorily redeemable noncontrolling interest | 2,471 | 0 |
Secured credit facilities | 0 | 8,210 |
Total debt obligations | 11,828 | 12,186 |
Less current portion | (798) | (1,851) |
Secured financings and other | $ 11,030 | $ 10,335 |
Reinsurance and Insurance Loss Reserves (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Reinsurance Effect on Premiums Written and Earned | ||||
Direct premiums Written | $ 6,380 | $ 5,420 | $ 19,529 | $ 16,100 |
Assumed premiums - nonaffiliate Written | 7,023 | 6,541 | 23,837 | 21,787 |
Ceded premiums - nonaffiliate Written | (3,866) | (3,146) | (11,227) | (9,201) |
Net premiums Written | 9,537 | 8,815 | 32,139 | 28,686 |
Direct premiums Earned | 6,557 | 5,429 | 18,876 | 15,759 |
Assumed premiums - nonaffiliate Earned | 7,822 | 7,195 | 22,830 | 21,028 |
Ceded premiums - nonaffiliate Earned | (3,866) | (3,146) | (11,227) | (9,201) |
Premiums Earned, Net | $ 10,513 | $ 9,478 | $ 30,479 | $ 27,586 |
Reinsurance and Insurance Loss Reserves (Details Textual) $ in Thousands |
9 Months Ended |
---|---|
Jan. 01, 2022
USD ($)
| |
Insurance [Abstract] | |
Insurance policies maximum coverage per claim | $ 300 |
Insurance policies coverage per claim ceded to reinsurers | 125 |
Insurance policy risk of loss maintained per claim | 175 |
Catastrophic losses recoverable in excess of amount | 2,000 |
Aggregate catastrophic losses recoverable in excess of amount | $ 70,000 |
Reinsurance and Insurance Loss Reserves (Loss Reserve Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Insurance [Abstract] | ||||
Balance at beginning of period | $ 7,350 | $ 6,887 | $ 7,451 | $ 5,582 |
Net incurred losses during the year | 5,046 | 4,070 | 20,303 | 17,529 |
Net claim payments during the year | (4,916) | (5,606) | (20,274) | (17,760) |
Balance at end of period | $ 7,480 | $ 5,351 | $ 7,480 | $ 5,351 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax benefit (expense) | $ 20,680 | $ (6,189) | $ 910 | $ (15,742) |
Energy efficient home credit | 34,400 | 34,400 | ||
Energy efficient home credit for FY22 | $ 4,000 | $ 4,000 |
Commitments and Contingencies (Details Textual) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 01, 2022
USD ($)
|
Dec. 26, 2020
USD ($)
|
Jan. 01, 2022
USD ($)
Claim
|
Dec. 26, 2020
USD ($)
|
Apr. 03, 2021
USD ($)
|
|
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 | 3,200 | 3,200 | 2,300 | ||
Product repurchase | Maximum | |||||
Loss Contingencies | |||||
Loss contingencies | 117,300 | $ 117,300 | $ 74,200 | ||
Loan Repurchase | |||||
Loss Contingencies | |||||
New Claims for Mortgages Sold | Claim | 0 | ||||
CountryPlace | |||||
Loss Contingencies | |||||
IRLCs recorded at fair value | 29,700 | $ 29,700 | |||
Recognized gain (loss) on outstanding IRLCs | 0 | $ 57 | 42 | $ (87) | |
Forward Commitments Recorded at Fair Value | 21,500 | 21,500 | |||
Recognized (loss) gain on the forward sales and whole loan commitments | $ (61) | $ (318) | $ (329) | $ 816 |
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Loan Contracts with Off-Balance Sheet Commitments | ||
Construction loan contract amount | $ 14,271 | $ 37,628 |
Construction Advances | (5,377) | (13,801) |
Remaining construction contingent commitment | $ 8,894 | $ 23,827 |
Stockholders' Equity and Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 01, 2022 |
Oct. 02, 2021 |
Jul. 03, 2021 |
Dec. 26, 2020 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | $ 733,116 | $ 699,067 | $ 683,640 | $ 640,688 | $ 624,007 | $ 607,586 | $ 683,640 | $ 607,586 |
Net income attributable to Cavco common stockholders | 79,419 | 37,610 | 27,046 | 19,701 | 15,049 | 16,674 | 144,075 | 51,424 |
Other comprehensive income, net | (113) | (13) | (13) | (15) | 7 | 68 | ||
Issuance of common stock under stock incentive plans | 1,437 | 2,729 | 136 | 480 | 522 | (533) | ||
Stock-based compensation | 1,043 | 1,317 | 1,100 | 887 | 1,103 | 945 | ||
Common stock repurchases | (8,690) | (7,594) | (12,842) | |||||
Ending balance | 806,212 | 733,116 | 699,067 | $ 661,741 | $ 640,688 | $ 624,007 | 806,212 | $ 661,741 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||
Beginning balance | 1,128 | 0 | 0 | 0 | ||||
Initial value of noncontrolling interest upon transaction | 1,235 | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 196 | 73 | 0 | |||||
Other comprehensive income | 0 | 0 | 0 | |||||
Distributions | (120) | (180) | ||||||
Ending balance | $ 1,204 | $ 1,128 | $ 0 | $ 1,204 | ||||
Common Stock | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance, common stock, shares issued | 9,275,016 | 9,245,721 | 9,241,256 | 9,188,162 | 9,177,064 | 9,173,242 | 9,241,256 | 9,173,242 |
Issuance of common stock under stock incentive plans, shares | 14,592 | 29,295 | 4,465 | 4,075 | 11,098 | 3,822 | ||
Ending balance, common stock, shares issued | 9,289,608 | 9,275,016 | 9,245,721 | 9,192,237 | 9,188,162 | 9,177,064 | 9,289,608 | 9,192,237 |
Beginning balance | $ 93 | $ 92 | $ 92 | $ 92 | $ 92 | $ 92 | $ 92 | $ 92 |
Net income attributable to Cavco common stockholders | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income, net | 0 | 0 | 0 | 0 | 0 | 0 | ||
Issuance of common stock under stock incentive plans | 0 | 1 | 0 | 0 | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | ||
Ending balance | 93 | 93 | 92 | 92 | 92 | 92 | 93 | 92 |
Treasury Stock | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | (21,877) | (14,283) | (1,441) | 0 | 0 | 0 | (1,441) | 0 |
Net income attributable to Cavco common stockholders | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income, net | 0 | 0 | 0 | 0 | 0 | 0 | ||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | ||
Common stock repurchases | (8,690) | (7,594) | (12,842) | |||||
Ending balance | (30,567) | (21,877) | (14,283) | 0 | 0 | 0 | (30,567) | 0 |
Additional paid-in capital | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 259,116 | 255,071 | 253,835 | 254,297 | 252,672 | 252,260 | 253,835 | 252,260 |
Net income attributable to Cavco common stockholders | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income, net | 0 | 0 | 0 | 0 | 0 | 0 | ||
Issuance of common stock under stock incentive plans | 1,437 | 2,728 | 136 | 480 | 522 | (533) | ||
Stock-based compensation | 1,043 | 1,317 | 1,100 | 887 | 1,103 | 945 | ||
Ending balance | 261,596 | 259,116 | 255,071 | 255,664 | 254,297 | 252,672 | 261,596 | 255,664 |
Retained earnings | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 495,713 | 458,103 | 431,057 | 386,134 | 371,085 | 355,144 | 431,057 | 355,144 |
Net income attributable to Cavco common stockholders | 79,419 | 37,610 | 27,046 | 19,701 | 15,049 | 16,674 | ||
Other comprehensive income, net | 0 | 0 | 0 | 0 | 0 | 0 | ||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | ||
Ending balance | 575,132 | 495,713 | 458,103 | 405,835 | 386,134 | 371,085 | 575,132 | 405,835 |
Accumulated other comprehensive income (loss) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 71 | 84 | 97 | 165 | 158 | 90 | 97 | 90 |
Net income attributable to Cavco common stockholders | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other comprehensive income, net | (113) | (13) | (13) | (15) | 7 | 68 | ||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | ||
Ending balance | (42) | 71 | 84 | $ 150 | $ 165 | 158 | $ (42) | $ 150 |
Noncontrolling Interest | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | |||||
Stock-based compensation | $ 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) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 01, 2022 |
Oct. 02, 2021 |
Jul. 03, 2021 |
Dec. 26, 2020 |
Sep. 26, 2020 |
Jun. 27, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Earnings Per Share Computation | ||||||||
Net income attributable to Cavco common stockholders | $ 79,419 | $ 37,610 | $ 27,046 | $ 19,701 | $ 15,049 | $ 16,674 | $ 144,075 | $ 51,424 |
Weighted average shares outstanding: | ||||||||
Basic | 9,174,224 | 9,190,254 | 9,187,828 | 9,182,491 | ||||
Effect of dilutive securities | 96,214 | 105,299 | 83,027 | 102,747 | ||||
Diluted | 9,270,438 | 9,295,553 | 9,270,855 | 9,285,238 | ||||
Net income per share attributable to Cavco common stockholders: | ||||||||
Basic (usd per share) | $ 8.66 | $ 2.14 | $ 15.68 | $ 5.60 | ||||
Diluted (usd per share) | $ 8.57 | $ 2.12 | $ 15.54 | $ 5.54 | ||||
Stock Options | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Anti-dilutive stock equivalents excluded from computation | 1,640 | 26,601 | 2,449 | 26,357 |
Summary of the Fair Value and Carrying Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Apr. 03, 2021 |
---|---|---|
Book Value | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Non-marketable equity investments | $ 20,292 | $ 21,960 |
Consumer loans receivable | 56,029 | 74,798 |
Commercial loans receivable | 66,972 | 44,314 |
Securitized financings and other | (11,828) | (12,186) |
Book Value | Available-for-sale debt securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 17,101 | 14,946 |
Book Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 19,100 | 17,600 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Non-marketable equity investments | 20,292 | 21,960 |
Consumer loans receivable | 60,301 | 86,209 |
Commercial loans receivable | 65,347 | 42,379 |
Securitized financings and other | (12,019) | (12,340) |
Estimated Fair Value | Available-for-sale debt securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 17,101 | 14,946 |
Estimated Fair Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | $ 19,100 | $ 17,600 |
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands |
Jan. 01, 2022
USD ($)
Loans
|
Apr. 03, 2021
USD ($)
Loans
|
---|---|---|
Fair Value Disclosures [Abstract] | ||
Number of loans serviced with MSRs | Loans | 4,407 | 4,647 |
Weighted average servicing fee | 0.3476% | 0.3357% |
Capitalized servicing multiple | 72.90% | 45.90% |
Capitalized servicing rate | 0.2533% | 0.1542% |
Serviced portfolio with MSRs | $ 570,639 | $ 593,939 |
Mortgage servicing rights | $ 1,446 | $ 916 |
Employee Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Jan. 01, 2022 |
Jan. 01, 2022 |
|
Retirement Benefits [Abstract] | ||
Leased employee labor expense under Transition Services Agreement | $ 15.3 | $ 16.7 |
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 (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
Apr. 03, 2021 |
|
Related Party Transactions [Abstract] | |||||
Net Revenue | $ 15,800 | $ 11,200 | $ 44,600 | $ 34,200 | |
Commercial loans receivable | 2,600 | 2,600 | $ 9,500 | ||
Accounts receivable | $ 3,300 | $ 3,300 | $ 4,700 |
Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2022 |
Jan. 01, 2022 |
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 | $ 20,292 | $ 20,292 | 21,960 | ||||||||||||||
Assets acquired and liabilities assumed | |||||||||||||||||
Goodwill | 101,945 | 101,945 | $ 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 | 416 | ||||||||||||||||
Intangible assets | [1] | 2,980 | |||||||||||||||
Total identifiable assets acquired | 18,021 | ||||||||||||||||
Accounts payable and accrued liabilities | 10,028 | ||||||||||||||||
Net identifiable assets acquired | 7,993 | ||||||||||||||||
Goodwill | [2] | 4,363 | |||||||||||||||
Net assets acquired | 12,356 | ||||||||||||||||
Results since acquisition | |||||||||||||||||
Net revenue since acquisition | 4,500 | 9,000 | |||||||||||||||
Net income (loss) | 654 | 897 | |||||||||||||||
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 | 30,922 | ||||||||||||||||
Inventories | 31,787 | ||||||||||||||||
Property, plant and equipment, net | [3] | 58,942 | |||||||||||||||
Other current assets | 534 | ||||||||||||||||
Intangible assets | [4] | 12,500 | |||||||||||||||
Total identifiable assets acquired | 156,234 | ||||||||||||||||
Accounts payable and accrued liabilities | 32,556 | ||||||||||||||||
Net identifiable assets acquired | 123,678 | ||||||||||||||||
Goodwill | [5] | 22,492 | |||||||||||||||
Net assets acquired | 146,170 | ||||||||||||||||
Results since acquisition | |||||||||||||||||
Net revenue since acquisition | 73,100 | 77,500 | |||||||||||||||
Net income (loss) | $ 2,500 | $ 1,800 | |||||||||||||||
Commodore | Customer relationships | |||||||||||||||||
Assets acquired and liabilities assumed | |||||||||||||||||
Customer-related intangible | 7,200 | ||||||||||||||||
Useful lives of acquired intangible assets | 11 years | ||||||||||||||||
Commodore | Order or Production Backlog | |||||||||||||||||
Assets acquired and liabilities assumed | |||||||||||||||||
Customer-related intangible | 1,000 | ||||||||||||||||
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 | ||||||||||||||||
|
Business Combinations and Asset Acquisitions (Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2022 |
Dec. 26, 2020 |
Jan. 01, 2022 |
Dec. 26, 2020 |
|
Pro-forma results | ||||
Net revenue | $ 431,714 | $ 355,844 | $ 1,287,768 | $ 990,906 |
Net income | $ 79,419 | $ 20,440 | $ 146,828 | $ 57,973 |
Diluted net income per share | $ 8.57 | $ 2.20 | $ 15.84 | $ 6.24 |
Business Segment Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 01, 2022
USD ($)
|
Dec. 26, 2020
USD ($)
|
Jan. 01, 2022
USD ($)
Segment
|
Dec. 26, 2020
USD ($)
|
Apr. 03, 2021
USD ($)
|
|
Business Segment Information | |||||
Number of operating segments | Segment | 2 | ||||
Net revenue | $ 431,714 | $ 288,772 | $ 1,121,679 | $ 801,549 | |
Income before income taxes | 58,935 | 25,890 | 143,434 | 67,166 | |
Total assets | 1,112,231 | 1,112,231 | $ 951,833 | ||
Factory-built housing | |||||
Business Segment Information | |||||
Net revenue | 413,590 | 270,822 | 1,067,967 | 749,879 | |
Income before income taxes | 52,905 | 18,752 | 133,357 | 54,654 | |
Total assets | 887,553 | 887,553 | 711,579 | ||
Financial services | |||||
Business Segment Information | |||||
Net revenue | 18,124 | 17,950 | 53,712 | 51,670 | |
Income before income taxes | 6,030 | $ 7,138 | 10,077 | $ 12,512 | |
Total assets | $ 224,678 | $ 224,678 | $ 240,254 |
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