(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
(Nasdaq Global Select Market) |
Name | Votes For | Votes Against | Abstentions | Broker Non-Votes | ||||||||||
Susan L. Blount | 6,820,191 | 920,055 | 950 | 211,753 | ||||||||||
William C. Boor | 7,661,383 | 78,824 | 989 | 211,753 |
Votes For | Votes Against | Abstentions | Broker Non-Votes | ||||||||
7,523,523 | 197,901 | 19,772 | 211,753 |
Every Year | Every 2 Years | Every 3 Years | Abstain | Broker Non-Votes | ||||||||||
7,282,015 | 1,871 | 434,346 | 22,964 | 211,753 |
Votes For | Votes Against | Abstentions | Broker Non-Votes | ||||||||
7,075,813 | 645,798 | 19,585 | 211,753 |
Votes For | Votes Against | Abstentions | ||||||
7,605,138 | 329,200 | 18,611 |
Exhibit Number | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CAVCO INDUSTRIES, INC. | |||||
By: | /s/ Allison K. Aden | ||||
Allison K. Aden | |||||
Executive Vice President, Chief Financial Officer & Treasurer | |||||
Date: | August 3, 2023 |
Exhibit Number | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
For additional information, contact: | ||||||||
Mark Fusler Corporate Controller and Investor Relations investor_relations@cavco.com | ||||||||
News Release | Phone: 602-256-6263 On the Internet: www.cavcoindustries.com |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | July 1, 2023 | July 2, 2022 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 457,109 | $ | 572,597 | $ | (115,488) | (20.2) | % | |||||||||||||||
Financial services | 18,766 | 15,741 | 3,025 | 19.2 | % | ||||||||||||||||||
$ | 475,875 | $ | 588,338 | $ | (112,463) | (19.1) | % | ||||||||||||||||
Factory-built modules sold | 7,406 | 9,242 | (1,836) | (19.9) | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 4,582 | 5,346 | (764) | (14.3) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 99,762 | $ | 107,108 | $ | (7,346) | (6.9) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | July 1, 2023 | July 2, 2022 | Change | ||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Factory-built housing | $ | 113,368 | $ | 139,586 | $ | (26,218) | (18.8) | % | |||||||||||||||
Financial services | 4,511 | 5,138 | (627) | (12.2) | % | ||||||||||||||||||
$ | 117,879 | $ | 144,724 | $ | (26,845) | (18.5) | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 24.8 | % | 24.6 | % | N/A | 0.2 | % | ||||||||||||||||
Factory-built housing | 24.8 | % | 24.4 | % | N/A | 0.4 | % | ||||||||||||||||
Financial services | 24.0 | % | 32.6 | % | N/A | (8.6) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 56,021 | $ | 60,923 | $ | (4,902) | (8.0) | % | |||||||||||||||
Financial services | 5,659 | 5,213 | 446 | 8.6 | % | ||||||||||||||||||
$ | 61,680 | $ | 66,136 | $ | (4,456) | (6.7) | % | ||||||||||||||||
Income from Operations | |||||||||||||||||||||||
Factory-built housing | $ | 57,347 | $ | 78,663 | $ | (21,316) | (27.1) | % | |||||||||||||||
Financial services | (1,148) | (75) | (1,073) | 1,430.7 | % | ||||||||||||||||||
$ | 56,199 | $ | 78,588 | $ | (22,389) | (28.5) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | July 1, 2023 | July 2, 2022 | Change | ||||||||||||||||||||
Net Income attributable to Cavco common stockholders | $ | 46,357 | $ | 59,602 | $ | (13,245) | (22.2) | % | |||||||||||||||
Diluted net income per share | $ | 5.29 | $ | 6.63 | $ | (1.34) | (20.2) | % |
Three Months Ended | ||||||||||||||
($ in millions) | July 1, 2023 | July 2, 2022 | ||||||||||||
Net revenue | ||||||||||||||
Unrealized gains (losses) recognized during the period on securities held in the financial services segment | $ | 0.3 | $ | (1.2) | ||||||||||
Selling, general and administrative expenses | ||||||||||||||
Expenses incurred in engaging third-party consultants in relation to the non-recurring energy efficient home tax credits | — | (2.6) | ||||||||||||
Legal and other expense related to the Securities and Exchange Commission inquiry | (0.3) | (1.4) | ||||||||||||
Other income (expense), net | ||||||||||||||
Corporate unrealized gains (losses) recognized during the period on securities held | 0.1 | (1.1) |
July 1, 2023 | April 1, 2023 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 352,234 | $ | 271,427 | |||||||
Restricted cash, current | 13,560 | 11,728 | |||||||||
Accounts receivable, net | 84,877 | 89,347 | |||||||||
Short-term investments | 14,173 | 14,978 | |||||||||
Current portion of consumer loans receivable, net | 13,477 | 17,019 | |||||||||
Current portion of commercial loans receivable, net | 48,772 | 43,414 | |||||||||
Current portion of commercial loans receivable from affiliates, net | 1,491 | 640 | |||||||||
Inventories | 253,986 | 263,150 | |||||||||
Prepaid expenses and other current assets | 76,117 | 92,876 | |||||||||
Total current assets | 858,687 | 804,579 | |||||||||
Restricted cash | 585 | 335 | |||||||||
Investments | 17,967 | 18,639 | |||||||||
Consumer loans receivable, net | 25,891 | 27,129 | |||||||||
Commercial loans receivable, net | 51,612 | 53,890 | |||||||||
Commercial loans receivable from affiliates, net | 3,584 | 4,033 | |||||||||
Property, plant and equipment, net | 223,663 | 228,278 | |||||||||
Goodwill | 115,498 | 114,547 | |||||||||
Other intangibles, net | 29,398 | 29,790 | |||||||||
Operating lease right-of-use assets | 26,162 | 26,755 | |||||||||
Total assets | $ | 1,353,047 | $ | 1,307,975 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 28,634 | $ | 30,730 | |||||||
Accrued expenses and other current liabilities | 264,742 | 262,661 | |||||||||
Total current liabilities | 293,376 | 293,391 | |||||||||
Operating lease liabilities | 22,114 | 21,678 | |||||||||
Other liabilities | 7,909 | 7,820 | |||||||||
Deferred income taxes | 5,702 | 7,581 | |||||||||
Redeemable noncontrolling interest | 1,120 | 1,219 | |||||||||
Stockholders' equity | |||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | — | — | |||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,347,220 and 9,337,125 shares, respectively | 93 | 93 | |||||||||
Treasury stock, at cost; 671,801 shares | (164,452) | (164,452) | |||||||||
Additional paid-in capital | 272,175 | 271,950 | |||||||||
Retained earnings | 915,667 | 869,310 | |||||||||
Accumulated other comprehensive loss | (657) | (615) | |||||||||
Total stockholders' equity | 1,022,826 | 976,286 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,353,047 | $ | 1,307,975 |
Three Months Ended | |||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Net revenue | $ | 475,875 | $ | 588,338 | |||||||
Cost of sales | 357,996 | 443,614 | |||||||||
Gross profit | 117,879 | 144,724 | |||||||||
Selling, general and administrative expenses | 61,680 | 66,136 | |||||||||
Income from operations | 56,199 | 78,588 | |||||||||
Interest income | 4,618 | 1,314 | |||||||||
Interest expense | (266) | (161) | |||||||||
Other income (expense), net | 126 | (431) | |||||||||
Income before income taxes | 60,677 | 79,310 | |||||||||
Income tax expense | (14,266) | (19,616) | |||||||||
Net income | 46,411 | 59,694 | |||||||||
Less: net income attributable to redeemable noncontrolling interest | 54 | 92 | |||||||||
Net income attributable to Cavco common stockholders | $ | 46,357 | $ | 59,602 | |||||||
Net income per share attributable to Cavco common stockholders | |||||||||||
Basic | $ | 5.35 | $ | 6.68 | |||||||
Diluted | $ | 5.29 | $ | 6.63 | |||||||
Weighted average shares outstanding | |||||||||||
Basic | 8,670,434 | 8,918,280 | |||||||||
Diluted | 8,758,080 | 8,988,929 |
Three Months Ended | |||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Capital expenditures | $ | 4,183 | $ | 25,007 | |||||||
Depreciation | $ | 4,174 | $ | 3,438 | |||||||
Amortization of other intangibles | $ | 392 | $ | 508 |
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