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(s) | 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 | |||||
July 2, 2022 | April 2, 2022 | ||||||||||
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 | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
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 | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | $ |
Three Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
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 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 |
Three Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
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 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 | ( | ( | |||||||||
Proceeds from sale of property, plant and equipment | |||||||||||
Purchases of investments | ( | ( | |||||||||
Proceeds from sale of investments | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Payments for taxes on exercises and releases of equity awards | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Payments on finance leases and other secured financings | ( | ( | |||||||||
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 | $ | $ |
Three Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
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 | |||||||||||
$ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Cash related to CountryPlace customer payments to be remitted to third parties | $ | $ | |||||||||
Other restricted cash | |||||||||||
Current portion | ( | ( | |||||||||
$ | $ |
July 2, 2022 | July 3, 2021 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
$ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Available-for-sale debt securities | $ | $ | |||||||||
Marketable equity securities | |||||||||||
Non-marketable equity investments | |||||||||||
Less short-term investments | ( | ( | |||||||||
$ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | $ | $ | |||||||||||||||||||
State and political subdivision debt securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
$ | $ | $ | $ |
July 2, 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 | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
Marketable equity securities | |||||||||||
Net (loss) gain recognized during the period | $ | ( | $ | ||||||||
Less: Net loss (gain) recognized on securities sold during the period | ( | ||||||||||
Unrealized (loss) gain recognized during the period on securities still held | $ | ( | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
$ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
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 | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
Allowance for loan losses at beginning of period | $ | $ | |||||||||
Change in estimated loan losses, net | ( | ( | |||||||||
Charge-offs | ( | ( | |||||||||
Recoveries | |||||||||||
Allowance for loan losses at end of period | $ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Weighted average contractual interest rate | % | % | |||||||||
Weighted average effective interest rate | % | % | |||||||||
Weighted average months to maturity |
July 2, 2022 | April 2, 2022 | ||||||||||
Current | $ | $ | |||||||||
31 to 60 days | |||||||||||
61 to 90 days | |||||||||||
91+ days | |||||||||||
$ | $ |
July 2, 2022 | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | 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 2, 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 | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Loans receivable | $ | $ | |||||||||
Allowance for loan losses | ( | ( | |||||||||
Deferred financing fees, net | ( | ( | |||||||||
Less current portion | ( | ( | |||||||||
$ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Weighted average contractual interest rate | % | % | |||||||||
Weighted average months outstanding |
Three Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Change in estimated loan losses, net | ( | ||||||||||
Balance at end of period | $ | $ |
July 2, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ |
April 2, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Property, plant and equipment, at cost | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
$ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||||||||||||||||||||||||||
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 | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
Remainder of fiscal year | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter |
July 2, 2022 | April 2, 2022 | ||||||||||
Customer deposits | $ | $ | |||||||||
Salaries, wages and benefits | |||||||||||
Estimated warranties | |||||||||||
Unearned insurance premiums | |||||||||||
Accrued volume rebates | |||||||||||
Other | |||||||||||
$ | $ |
Three Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Charged to costs and expenses | |||||||||||
Payments and deductions | ( | ( | |||||||||
Balance at end of period | $ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Finance lease payables | $ | $ | |||||||||
Other secured financing | |||||||||||
Mandatorily redeemable noncontrolling interest | |||||||||||
Less current portion included in Accrued expenses and other current liabilities | ( | ( | |||||||||
$ | $ |
Three Months Ended | |||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | $ | $ | $ | |||||||||||||||||||
Assumed premiums—nonaffiliated | |||||||||||||||||||||||
Ceded premiums—nonaffiliated | ( | ( | ( | ( | |||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Net incurred losses during the year | |||||||||||
Net claim payments during the year | ( | ( | |||||||||
Balance at end of period | $ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Construction loan contract amount | $ | $ | |||||||||
Cumulative advances | ( | ( | |||||||||
$ | $ |
Equity Attributable to Cavco Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | Redeemable Noncontrolling Interest | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 2, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | ( | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance, July 2, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
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 | $ | $ | |||||||||
Anti-dilutive common stock equivalents excluded |
July 2, 2022 | April 2, 2022 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||
Other secured financing | ( | ( | ( | ( | |||||||||||||||||||
July 2, 2022 | April 2, 2022 | ||||||||||
Number of loans serviced with MSRs | |||||||||||
Weighted average servicing fee (basis points) | 34.70 | 34.76 | |||||||||
Capitalized servicing multiple | % | % | |||||||||
Capitalized servicing rate (basis points) | 35.22 | 29.57 | |||||||||
Serviced portfolio with MSRs (in thousands) | $ | $ | |||||||||
MSRs (in thousands) | $ | $ |
Three Months Ended | |||||
July 3, 2021 | |||||
Net revenue | $ | ||||
Net income attributable to Cavco common stockholders | |||||
Diluted net income per share |
Three Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
Net revenue | |||||||||||
Factory-built housing | $ | $ | |||||||||
Financial services | |||||||||||
$ | $ | ||||||||||
Income (loss) before income taxes | |||||||||||
Factory-built housing | $ | $ | |||||||||
Financial services | ( | ||||||||||
$ | $ |
July 2, 2022 | April 2, 2022 | ||||||||||
Total assets: | |||||||||||
Factory-built housing | $ | $ | |||||||||
Financial services | |||||||||||
$ | $ |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | July 2, 2022 | July 3, 2021 | Change | ||||||||||||||||||||
Factory-built housing | $ | 572,597 | $ | 312,283 | $ | 260,314 | 83.4 | % | |||||||||||||||
Financial services | 15,741 | 18,139 | (2,398) | (13.2) | % | ||||||||||||||||||
$ | 588,338 | $ | 330,422 | $ | 257,916 | 78.1 | % | ||||||||||||||||
Factory-built homes sold | |||||||||||||||||||||||
by Company-owned retail sales centers | 873 | 723 | 150 | 20.7 | % | ||||||||||||||||||
to independent retailers, builders, communities and developers | 4,473 | 2,977 | 1,496 | 50.3 | % | ||||||||||||||||||
5,346 | 3,700 | 1,646 | 44.5 | % | |||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 107,108 | $ | 84,401 | $ | 22,707 | 26.9 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | Change | |||||||||||||||||||||||||||||||||
Modules | Homes | Modules | Homes | Modules | Homes | ||||||||||||||||||||||||||||||
HUD code homes | 8,515 | 4,854 | 5,652 | 3,276 | 50.7 | % | 48.2 | % | |||||||||||||||||||||||||||
Modular homes | 486 | 251 | 468 | 226 | 3.8 | % | 11.1 | % | |||||||||||||||||||||||||||
Park model RVs | 241 | 241 | 198 | 198 | 21.7 | % | 21.7 | % | |||||||||||||||||||||||||||
9,242 | 5,346 | 6,318 | 3,700 | 46.3 | % | 44.5 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | July 2, 2022 | July 3, 2021 | Change | ||||||||||||||||||||
Factory-built housing | $ | 139,586 | $ | 66,273 | $ | 73,313 | 110.6 | % | |||||||||||||||
Financial services | 5,138 | 7,740 | (2,602) | (33.6) | % | ||||||||||||||||||
$ | 144,724 | $ | 74,013 | $ | 70,711 | 95.5 | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 24.6 | % | 22.4 | % | N/A | 2.2 | % | ||||||||||||||||
Factory-built housing | 24.4 | % | 21.2 | % | N/A | 3.2 | % | ||||||||||||||||
Financial services | 32.6 | % | 42.7 | % | N/A | (10.1) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | July 2, 2022 | July 3, 2021 | Change | ||||||||||||||||||||
Factory-built housing | $ | 60,923 | $ | 35,497 | $ | 25,426 | 71.6 | % | |||||||||||||||
Financial services | 5,213 | 5,335 | (122) | (2.3) | % | ||||||||||||||||||
$ | 66,136 | $ | 40,832 | $ | 25,304 | 62.0 | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue | 11.2 | % | 12.4 | % | N/A | (1.2) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | July 2, 2022 | July 3, 2021 | Change | ||||||||||||||||||||
Interest expense | $ | 161 | $ | 164 | $ | (3) | (1.8) | % | |||||||||||||||
Other income, net | 883 | 2,461 | (1,578) | (64.1) | % | ||||||||||||||||||
Income tax expense | 19,616 | 8,432 | 11,184 | 132.6 | % | ||||||||||||||||||
Effective tax rate | 24.7 | % | 23.8 | % | N/A | 0.9 | % |
Three Months Ended | |||||||||||||||||
(in thousands) | July 2, 2022 | July 3, 2021 | $ Change | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | $ | 259,334 | $ | 339,307 | $ | (79,973) | |||||||||||
Net cash provided by operating activities | 58,240 | 24,275 | 33,965 | ||||||||||||||
Net cash used in investing activities | (24,399) | (3,616) | (20,783) | ||||||||||||||
Net cash used in financing activities | (40,213) | (13,150) | (27,063) | ||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 252,962 | $ | 346,816 | $ | (93,854) |
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) | ||||||||||||||||||||||
April 3, 2022 to May 7, 2022 | 163,040 | $ | 238.96 | 163,040 | $ | — | ||||||||||||||||||||
May 8, 2022 to June 4, 2022 | — | — | — | — | ||||||||||||||||||||||
June 5, 2022 to July 2, 2022 | — | — | — | — | ||||||||||||||||||||||
163,040 | $ | 238.96 | 163,040 | $ | — |
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 | August 5, 2022 | |||||||||
William C. Boor | (Principal Executive Officer) | ||||||||||
/s/ Allison K. Aden | Executive Vice President, Chief Financial Officer & Treasurer | August 5, 2022 | |||||||||
Allison K. Aden | (Principal Financial Officer) |
Dated: | August 5, 2022 | ||||
By: | /s/ William C. Boor | ||||
William C. Boor | |||||
President and Chief Executive Officer (Principal Executive Officer) |
Dated: | August 5, 2022 | ||||
By: | /s/ Allison K. Aden | ||||
Allison K. Aden | |||||
Executive Vice President, Chief Financial Officer & Treasurer (Principal Financial Officer) |
August 5, 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 |
3 Months Ended |
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Jul. 02, 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. Certain prior period amounts have been reclassified to conform to current period classification. 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 2022 Annual Report on Form 10-K for the year ended April 2, 2022, 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 accompanying notes. Due to uncertainties, actual results could differ from the estimates and assumptions used in preparation of the consolidated financial statements. 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 1, 2023 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 19. 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.
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Revenue from Contracts with Customers |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 |
3 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 within the Consolidated Balance Sheets to the combined amounts shown in the Consolidated Statements of Cash Flows (in thousands):
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Investments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three months ended July 2, 2022 or July 3, 2021. Net investment gains and losses on marketable equity securities were as follows (in thousands):
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Inventories |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following (in thousands):
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Consumer Loans Receivable |
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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 consumer loans receivable (in thousands):
The following tables disaggregate the principal value of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
As of July 2, 2022 and April 2, 2022, 40% and 39% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas, respectively, and 17% was concentrated in Florida in both periods. Other than Texas and Florida, no state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of July 2, 2022 or April 2, 2022. Repossessed homes totaled approximately $78,000 and $499,000 as of July 2, 2022 and April 2, 2022, respectively, and are included in Prepaid expenses and other current assets on the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $611,000 and $1.1 million as of July 2, 2022 and April 2, 2022, respectively.
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Commercial Loans Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Loans Receivable | Commercial Loans Receivable The commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers. Commercial loans receivable (including from affiliates), 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 (in thousands):
Loans with indicators of potential performance problems are placed on watch list status and are subject to additional monitoring and scrutiny. Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments 90 days or more past due. As of July 2, 2022 and April 2, 2022, there were no commercial loans considered watch list or nonperforming. The following table disaggregates the principal value of our commercial loans receivable by fiscal year of origination (in thousands):
As of July 2, 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 July 2, 2022 and April 2, 2022, we had concentrations of our outstanding commercial loans receivable balance in New York of 20% and 25%, respectively. No other state had concentrations in excess of 10% of the principal balance of the commercial loans receivable as of July 2, 2022 or April 2, 2022. One independent third-party and its affiliates comprised 14% of the net commercial loans receivable principal balance outstanding, all of which was secured, as of both July 2, 2022 and April 2, 2022
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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 July 2, 2022 and July 3, 2021 was $3.4 million and $1.4 million, respectively.
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Goodwill and Other Intangibles |
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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):
Amortization expense recognized on intangible assets was $508,000 and $173,000 for the three months ended July 2, 2022 and July 3, 2021, 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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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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Other Liabilities |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | Other Liabilities The following table summarizes the non-current portion of our other liabilities (in thousands):
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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 $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 claims expense on reported and incurred but not reported ("IBNR") claims of non-reinsured losses. Reserves for claims are included in the Accrued expenses and other current liabilities line item on the Consolidated Balance Sheets and claims expenses are recorded in Cost of sales on the Consolidated Statements of Comprehensive Income. The following details the activity in the reserve for the three months ended July 2, 2022 and July 3, 2021 (in thousands):
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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 the Company was liable under such agreements approximated $167.2 million and $141.0 million at July 2, 2022 and April 2, 2022, respectively, without reduction for the resale value of the homes. We had a reserve for repurchase commitments of $4.4 million at July 2, 2022 and $3.6 million at April 2, 2022, and there were no repurchases during either period. 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 $1.0 million as of July 2, 2022 and $866,000 as of April 2, 2022, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets, reflects management's estimate of probable loss. There were no claim requests that resulted in the repurchase of a loan during the three months ended July 2, 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 July 2, 2022, we had outstanding IRLCs with a notional amount of $49.9 million and recognized a gain of $40,000 in the fiscal 2023 first quarter and a gain of $47,000 in the fiscal 2022 first quarter. 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 July 2, 2022, we had $10.2 million in outstanding Commitments and recognized a non-cash loss of $262,000 in the fiscal 2023 first quarter and a non-cash loss of $347,000 in the fiscal 2022 first quarter. 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 ("CEO") 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 Company has reached a settlement in principle with the SEC staff regarding the pending litigation. The settlement is subject to SEC approval that is expected within the next 60 days. A related notice has been filed with the Court in that action. We do not believe that the settlement will have a material impact on our results of operations or financial position. 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 that may currently be unknown to management 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 ("CEO") 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 Company has reached a settlement in principle with the SEC staff regarding the pending litigation. The settlement is subject to SEC approval that is expected within the next 60 days. A related notice has been filed with the Court in that action. We do not believe that the settlement will have a material impact on our results of operations or financial position. 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 that may currently be unknown to management 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 during the three months ended July 2, 2022 (dollars in thousands):
The following table represents changes in stockholders' equity attributable to Cavco's stockholders and redeemable noncontrolling interest during the three months ended July 3, 2021 (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 recorded at fair value in Prepaid expenses and other current assets on the Consolidated Balance Sheets.
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Related Party Transactions |
3 Months Ended |
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Jul. 02, 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 months ended July 2, 2022 and July 3, 2021, the total amount of sales to related parties was $17.2 million and $14.8 million, respectively. As of July 2, 2022, receivables from related parties included $5.3 million of accounts receivable and $1.8 million of commercial loans outstanding. As of April 2, 2022, receivables from related parties included $3.3 million of accounts receivable and $2.6 million of commercial loans outstanding. |
Acquisitions |
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions On July 4, 2021, we obtained an additional 20% ownership interest in Craftsman Homes, LLC and Craftsman Homes Development, LLC (“the Entities”) which gave us a controlling interest. Accordingly, we now consolidate the Entities and the results of operations have been included in the accompanying Consolidated Financial Statements since the date of 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. Pro Forma Impact of Acquisitions (unaudited). The following table presents supplemental pro forma information as if the acquisitions occurred on April 4, 2021 (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) |
3 Months Ended |
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Jul. 02, 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. Certain prior period amounts have been reclassified to conform to current period classification. 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 2022 Annual Report on Form 10-K for the year ended April 2, 2022, 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 accompanying notes. Due to uncertainties, actual results could differ from the estimates and assumptions used in preparation of the consolidated financial statements. 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 1, 2023 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 19.
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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. |
Commitments and Contingencies (Policies) |
3 Months Ended |
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Jul. 02, 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 the Company was liable under such agreements approximated $167.2 million and $141.0 million at July 2, 2022 and April 2, 2022, respectively, without reduction for the resale value of the homes. We had a reserve for repurchase commitments of $4.4 million at July 2, 2022 and $3.6 million at April 2, 2022, and there were no repurchases during either period.
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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 $1.0 million as of July 2, 2022 and $866,000 as of April 2, 2022, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets, reflects management's estimate of probable loss. There were no claim requests that resulted in the repurchase of a loan during the three months ended July 2, 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 July 2, 2022, we had outstanding IRLCs with a notional amount of $49.9 million and recognized a gain of $40,000 in the fiscal 2023 first quarter and a gain of $47,000 in the fiscal 2022 first quarter.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 July 2, 2022, we had $10.2 million in outstanding Commitments and recognized a non-cash loss of $262,000 in the fiscal 2023 first quarter and a non-cash loss of $347,000 in the fiscal 2022 first quarter. |
Fair Value Measurements (Policies) |
3 Months Ended |
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Jul. 02, 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 recorded at fair value in Prepaid expenses and other current assets on the Consolidated Balance Sheets. |
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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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three months ended July 2, 2022 or July 3, 2021. Net investment gains and losses on marketable equity securities were as follows (in thousands):
|
Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of inventories | Inventories consisted of the following (in thousands):
|
Consumer Loans Receivable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 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 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 the principal value of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
|
Commercial Loans Receivable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Loans Receivables | Commercial loans receivable (including from affiliates), 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 (in thousands):
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Commercial Loans Receivables by Class and Internal Credit Quality Indicator | The following table disaggregates the principal value of 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 July 2, 2022 and April 2, 2022, we had concentrations of our outstanding commercial loans receivable balance in New York of 20% and 25%, respectively. No other state had concentrations in excess of 10% of the principal balance of the commercial loans receivable as of July 2, 2022 or April 2, 2022. |
Property, Plant and Equipment, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, net | Property, plant and equipment, net, consisted of the following (in thousands):
|
Goodwill and Other Intangibles (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles | Goodwill and other intangibles, net, consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future amortization expense | Expected amortization for future fiscal years is as follows (in thousands):
|
Accrued Expenses and Other Current Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands):
|
Warranties (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in the liability for estimated warranties | Activity in the liability for estimated warranties was as follows (in thousands):
|
Other Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | The following table summarizes the non-current portion of our other liabilities (in thousands):
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Reinsurance and Insurance Loss Reserves (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 claims expense on reported and incurred but not reported ("IBNR") claims of non-reinsured losses. Reserves for claims are included in the Accrued expenses and other current liabilities line item on the Consolidated Balance Sheets and claims expenses are recorded in Cost of sales on the Consolidated Statements of Comprehensive Income. The following details the activity in the reserve for the three months ended July 2, 2022 and July 3, 2021 (in thousands):
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 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 during the three months ended July 2, 2022 (dollars in thousands):
The following table represents changes in stockholders' equity attributable to Cavco's stockholders and redeemable noncontrolling interest during the three months ended July 3, 2021 (dollars in thousands):
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Acquisitions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||
Pro Forma Impact of Acquisition | Pro Forma Impact of Acquisitions (unaudited). The following table presents supplemental pro forma information as if the acquisitions occurred on April 4, 2021 (in thousands, except per share data):
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Business Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | The following table provides selected financial data by segment (in thousands):
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Basis of Presentation (Principles of Consolidation) (Details) |
3 Months Ended |
---|---|
Jul. 02, 2022
factories
store
Segment
| |
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 |
Restricted Cash (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
Jul. 03, 2021 |
---|---|---|---|
Summary of restricted cash | |||
Restricted cash | $ 14,890 | $ 15,184 | $ 17,063 |
Less current portion | (14,555) | (14,849) | |
Non-current restricted cash | 335 | 335 | |
Cash related to CountryPlace customer payments to be remitted to third parties | |||
Summary of restricted cash | |||
Restricted cash | 13,562 | 13,857 | |
Other restricted cash | |||
Summary of restricted cash | |||
Restricted cash | $ 1,328 | $ 1,327 |
Restricted Cash Reconciliation of Cash and cash equivalents and Restricted cash to SOCF (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
Jul. 03, 2021 |
Apr. 03, 2021 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 238,072 | $ 244,150 | $ 329,753 | |
Restricted Cash and Cash Equivalents | 14,890 | 15,184 | 17,063 | |
Cash, cash equivalents and restricted cash | $ 252,962 | $ 259,334 | $ 346,816 | $ 339,307 |
Investments (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 17,278 | $ 17,760 |
Marketable equity securities | 14,583 | 16,780 |
Non-marketable equity investments | 20,818 | 20,479 |
Investments | 52,679 | 55,019 |
Less short-term Investments | (15,864) | (20,086) |
Long-term Investments | $ 36,815 | $ 34,933 |
Investments (Amortized cost and fair value) (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 17,930 | $ 18,270 |
Fair Value | 17,278 | 17,760 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,574 | 1,668 |
Fair Value | 1,504 | 1,613 |
State and political subdivision debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,480 | 10,100 |
Fair Value | 7,232 | 9,906 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,876 | 6,502 |
Fair Value | $ 8,542 | $ 6,241 |
Investments (Contractual Maturities) (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Amortized Cost | ||
Due in less than one year | $ 1,295 | |
Due after one year through five years | 13,158 | |
Due after five years through ten years | 1,258 | |
Due after ten years | 645 | |
Mortgage-backed securities | 1,574 | |
Amortized Cost | 17,930 | $ 18,270 |
Fair Value | ||
Due in less than one year | 1,281 | |
Due after one year through five years | 12,566 | |
Due after five years through ten years | 1,269 | |
Due after ten years | 658 | |
Mortgage-backed securities | 1,504 | |
Fair Value | $ 17,278 | $ 17,760 |
Investments (Recognized Gains and Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Gain (Loss) on Securities | ||
Gross gains realized on debt securities | $ 0 | $ 0 |
Gross losses realized on debt securities | 0 | 0 |
Net (loss) gain recognized during the period | (2,342) | 1,696 |
Less: Net loss (gain) recognized on securities sold during the period | 74 | (136) |
Unrealized (loss) gain recognized during the period on securities still held | $ (2,268) | $ 1,560 |
Inventories (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Summary of inventories | ||
Raw materials | $ 97,935 | $ 95,929 |
Work in process | 30,549 | 30,638 |
Finished goods | 126,238 | 117,404 |
Total Inventories | $ 254,722 | $ 243,971 |
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Receivables [Abstract] | ||
Loans held for investment, previously securitized | $ 24,732 | $ 26,014 |
Loans held for investment | 14,670 | 14,771 |
Loans held for sale | 10,909 | 8,500 |
Construction Advances | 1,908 | 3,547 |
Consumer loans receivable | 52,219 | 52,832 |
Deferred financing fees and other, net | (727) | (833) |
Allowance for loan losses | (1,905) | (2,115) |
Consumer loans receivable, net | 49,587 | 49,884 |
Less current portion | (20,888) | (20,639) |
Consumer loans receivable, net | $ 28,699 | $ 29,245 |
Consumer Loans Receivable (Allowance For Loan Loss Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses at beginning of period | $ 2,115 | |
Allowance for loan losses at end of period | 1,905 | |
Consumer loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses at beginning of period | 2,115 | $ 3,188 |
Change in estimated loan losses, net | (210) | (267) |
Charge-offs | (19) | (3) |
Recoveries | 19 | 0 |
Allowance for loan losses at end of period | $ 1,905 | $ 2,918 |
Consumer Loans Receivable (Loans Held for investment) (Details) |
3 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Receivables [Abstract] | ||
Weighted average contractual interest rate | 8.30% | 8.30% |
Weighted average effective interest rate | 9.30% | 9.20% |
Weighted average months to maturity | 151 months | 151 months |
Delinquency status of consumer loans (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 52,219 | $ 52,832 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 50,382 | 49,546 |
31 - 60 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 192 | 1,202 |
61 - 90 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 348 | 41 |
91+ days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 1,297 | $ 2,043 |
Consumer Loans Receivable (Narrative) (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Repossessed Homes | $ 78 | $ 499 |
Mortgage Loans in Process of Foreclosure, Amount | $ 611 | $ 1,100 |
TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 40.00% | 39.00% |
FLORIDA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 17.00% | 17.00% |
Commercial Loans Receivable (Commercial Loans Receivable, Net) (Details) - Commercial Loans Receivable - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Apr. 02, 2022 |
Apr. 03, 2021 |
|
Commercial Loans Receivable | ||||
Commercial loans receivable | $ 73,489 | $ 69,693 | ||
Allowance for loan loss | (1,054) | $ (785) | (1,011) | $ (816) |
Deferred financing fees, net | (117) | (116) | ||
Total commercial loans, net | 72,318 | 68,566 | ||
Less current portion of commercial loans receivable (including from affiliates), net | (33,855) | (32,644) | ||
Commercial loans receivable (including from affiliates), noncurrent | $ 38,463 | $ 35,922 | ||
Weighted average contractual interest rate, commercial | 5.90% | 6.40% | ||
Weighted average months outstanding, commercial | 9 months | 9 months |
Commercial Loans Receivable (Changes in the Estimated Allowance for Loan Loss) (Details) - Commercial Loans Receivable - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | $ 1,011 | $ 816 |
Change in estimated loan losses, net | 43 | (31) |
Balance at end of period | $ 1,054 | $ 785 |
Commercial Loans Receivable (Concentrations of Commercial Loans Receivables) (Details) |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration with one independent third-party and its affiliates | 14.00% | 14.00% |
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Concentration Risk on Financing Receivables Percentage | 10.00% | 10.00% |
NEW YORK | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 20.00% | 25.00% |
Commercial Loans Receivable (Narrative) (Details) $ in Thousands |
3 Months Ended |
---|---|
Jul. 02, 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 |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 238,725 | $ 210,848 |
Accumulated depreciation | (53,191) | (46,832) |
Property, plant and equipment, net | 185,534 | 164,016 |
Land | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 36,096 | 32,154 |
Buildings and improvements | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 115,708 | 100,775 |
Machinery and equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 49,911 | 48,638 |
Construction in progress | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 37,010 | $ 29,281 |
Property, Plant and Equipment, net (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 3.4 | $ 1.4 |
Goodwill and Other Intangibles (Amortization) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense on intangible assets | $ 508 | $ 173 |
Remainder of fiscal year | 1,504 | |
2024 | 1,339 | |
2025 | 1,300 | |
2026 | 1,258 | |
2027 | 1,185 | |
2028 | 1,079 | |
Thereafter | $ 3,506 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Accrued Expenses and Other Current Liabilities | ||
Customer deposits | $ 54,161 | $ 56,318 |
Salaries, wages and benefits | 52,899 | 54,172 |
Estimated warranties | 28,802 | 26,250 |
Unearned insurance premiums | 26,207 | 24,917 |
Accrued volume rebates | 22,532 | 18,641 |
Other | 75,177 | 70,790 |
Total accrued expenses and other current liabilities | $ 259,778 | $ 251,088 |
Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Accrual for estimated warranties | ||
Balance at beginning of period | $ 26,250 | $ 18,032 |
Charged to costs and expenses | 15,004 | 9,125 |
Payments and deductions | (12,452) | (7,813) |
Balance at end of period | $ 28,802 | $ 19,344 |
Other Liabilities (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Debt Obligations | ||
Finance lease payables | $ 6,298 | $ 6,316 |
Other secured financing | 2,791 | 2,933 |
Mandatorily redeemable noncontrolling interest | 2,371 | 2,371 |
Total other liabilities | 11,460 | 11,620 |
Less current portion included in Accrued expenses and other current liabilities | (765) | (784) |
Other noncurrent liabilities | $ 10,695 | $ 10,836 |
Reinsurance and Insurance Loss Reserves (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Reinsurance Effect on Premiums Written and Earned | ||
Direct premiums Written | $ 7,728 | $ 6,839 |
Assumed premiums - nonaffiliate Written | 9,028 | 8,574 |
Ceded premiums - nonaffiliate Written | (4,229) | (3,647) |
Net premiums Written | 12,527 | 11,766 |
Direct premiums Earned | 7,050 | 5,996 |
Assumed premiums - nonaffiliate Earned | 7,957 | 7,378 |
Ceded premiums - nonaffiliate Earned | (4,229) | (3,647) |
Premiums Earned, Net | $ 10,778 | $ 9,727 |
Reinsurance and Insurance Loss Reserves (Details Textual) $ in Thousands |
3 Months Ended |
---|---|
Jul. 02, 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 | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Insurance [Abstract] | ||
Balance at beginning of period | $ 8,149 | $ 7,451 |
Net incurred losses during the year | 8,777 | 7,975 |
Net claim payments during the year | (8,352) | (7,078) |
Balance at end of period | $ 8,574 | $ 8,348 |
Commitments and Contingencies (Details Textual) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jul. 02, 2022
USD ($)
Claim
|
Jul. 03, 2021
USD ($)
Claim
|
Apr. 02, 2022
USD ($)
|
|
Loss Contingencies | |||
Reserves Related to Consumer Loans Sold | $ 1,000 | $ 866 | |
SEC Inquiry alleged gains | 260 | ||
Product repurchase | |||
Loss Contingencies | |||
Loss contingencies | $ 4,400 | 3,600 | |
Repurchase commitments, repurchases during the period | Claim | 0 | 0 | |
Mortgage warranty claims filed | Claim | 0 | 0 | |
Product repurchase | Maximum | |||
Loss Contingencies | |||
Loss contingencies | $ 167,200 | $ 141,000 | |
Loan Repurchase | |||
Loss Contingencies | |||
Repurchase commitments, repurchases during the period | Claim | 0 | ||
Mortgage warranty claims filed | Claim | 0 | ||
CountryPlace | |||
Loss Contingencies | |||
IRLCs recorded at fair value | $ 49,900 | ||
Recognized gain on outstanding IRLCs | 40 | $ 47 | |
Forward Commitments Recorded at Fair Value | 10,200 | ||
Recognized loss on the forward sales and whole loan commitments | $ 262 | $ 347 |
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|
Loan Contracts with Off-Balance Sheet Commitments | ||
Construction loan contract amount | $ 5,447 | $ 9,330 |
Construction Advances | (1,908) | (3,547) |
Remaining construction contingent commitment | $ 3,539 | $ 5,783 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
|
Earnings Per Share Computation | ||
Net income attributable to Cavco common stockholders | $ 59,602 | $ 27,046 |
Weighted average shares outstanding: | ||
Basic | 8,918,280 | 9,198,229 |
Effect of dilutive securities | 70,649 | 78,300 |
Diluted | 8,988,929 | 9,276,529 |
Net income per share attributable to Cavco common stockholders: | ||
Basic (usd per share) | $ 6.68 | $ 2.94 |
Diluted Net income per share attributable to Cavco common stockholders: | ||
Diluted (usd per share) | $ 6.63 | $ 2.92 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive stock equivalents excluded from computation | 1,617 | 8,366 |
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands |
Jul. 02, 2022
USD ($)
Loans
|
Apr. 02, 2022
USD ($)
Loans
|
---|---|---|
Fair Value Disclosures [Abstract] | ||
Number of loans serviced with MSRs | Loans | 4,216 | 4,346 |
Weighted average servicing fee | 0.347% | 0.3476% |
Capitalized servicing multiple | 101.50% | 85.07% |
Capitalized servicing rate | 0.3522% | 0.2957% |
Serviced portfolio with MSRs | $ 543,871 | $ 560,178 |
Mortgage servicing rights | $ 1,915 | $ 1,656 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jul. 02, 2022 |
Jul. 03, 2021 |
Apr. 02, 2022 |
|
Related Party Transactions [Abstract] | |||
Net Revenue | $ 17,200 | $ 14,800 | |
Accounts receivable | 5,300 | $ 3,300 | |
Commercial loans receivable | $ 1,800 | $ 2,600 |
Acquisitions (Details) |
Jul. 04, 2021 |
---|---|
Craftsman | |
Business Acquisition [Line Items] | |
Additional ownership acquired | 20.00% |
Acquisitions (Pro Forma) (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Jul. 03, 2021
USD ($)
$ / shares
| |
Pro-forma results | |
Net revenue | $ 411,752 |
Net income | $ 28,022 |
Diluted net income per share | $ / shares | $ 3.02 |
Business Segment Information (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jul. 02, 2022
USD ($)
Segment
|
Jul. 03, 2021
USD ($)
|
Apr. 02, 2022
USD ($)
|
|
Business Segment Information | |||
Number of operating segments | Segment | 2 | ||
Net revenue | $ 588,338 | $ 330,422 | |
Income before income taxes | 79,310 | 35,478 | |
Total assets | 1,183,800 | $ 1,154,972 | |
Factory-built housing | |||
Business Segment Information | |||
Net revenue | 572,597 | 312,283 | |
Income before income taxes | 79,772 | 33,559 | |
Total assets | 962,704 | 929,535 | |
Financial services | |||
Business Segment Information | |||
Net revenue | 15,741 | 18,139 | |
Income before income taxes | (462) | $ 1,919 | |
Total assets | $ 221,096 | $ 225,437 |
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