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 1, 2023 | April 1, 2023 | ||||||||||
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 1, 2023 | July 2, 2022 | ||||||||||
Net revenue | $ | $ | |||||||||
Cost of sales | |||||||||||
Gross profit | |||||||||||
Selling, general and administrative expenses | |||||||||||
Income from operations | |||||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Other income (expense), 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 1, 2023 | July 2, 2022 | ||||||||||
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 | ( | ( | |||||||||
Loss (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 receivable | |||||||||||
Principal payments received on consumer loans receivable | |||||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other current assets | |||||||||||
Commercial loans receivable originated | ( | ( | |||||||||
Principal payments received on 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 provided (used) by investing activities | ( | ||||||||||
FINANCING ACTIVITIES | |||||||||||
Payments for taxes on stock option 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 increase (decrease) 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 1, 2023 | July 2, 2022 | ||||||||||
Factory-built housing | |||||||||||
Home sales | $ | $ | |||||||||
Delivery, setup and other revenues | |||||||||||
Financial services | |||||||||||
Insurance agency commissions received from third-party insurance companies | |||||||||||
All other sources | |||||||||||
$ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||
Cash related to CountryPlace customer payments to be remitted to third parties | $ | $ | |||||||||
Other restricted cash | |||||||||||
Less current portion | ( | ( | |||||||||
$ | $ |
July 1, 2023 | July 2, 2022 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
$ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||
Available-for-sale debt securities | $ | $ | |||||||||
Marketable equity securities | |||||||||||
Non-marketable equity investments | |||||||||||
Less short-term investments | ( | ( | |||||||||
$ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | $ | $ | |||||||||||||||||||
State and political subdivision debt securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
$ | $ | $ | $ |
July 1, 2023 | |||||||||||
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 1, 2023 | July 2, 2022 | ||||||||||
Marketable equity securities | |||||||||||
Net gain (loss) recognized during the period | $ | $ | ( | ||||||||
Less: Net (gain) loss recognized on securities sold during the period | ( | ||||||||||
Unrealized gain (loss) recognized during the period on securities still held | $ | $ | ( |
July 1, 2023 | April 1, 2023 | ||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
$ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||
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 1, 2023 | July 2, 2022 | ||||||||||
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 1, 2023 | April 1, 2023 | ||||||||||
Weighted average contractual interest rate | % | % | |||||||||
Weighted average effective interest rate | % | % | |||||||||
Weighted average months to maturity |
July 1, 2023 | April 1, 2023 | ||||||||||
Current | $ | $ | |||||||||
31 to 60 days | |||||||||||
61 to 90 days | |||||||||||
91+ days | |||||||||||
$ | $ |
July 1, 2023 | |||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | 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 1, 2023 | |||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||
Loans receivable | $ | $ | |||||||||
Allowance for loan losses | ( | ( | |||||||||
Deferred financing fees, net | ( | ( | |||||||||
Less current portion of commercial loans receivable (including from affiliates), net | ( | ( | |||||||||
$ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||
Weighted average contractual interest rate | % | % | |||||||||
Weighted average months outstanding |
Three Months Ended | |||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Change in estimated loan losses, net | |||||||||||
Balance at end of period | $ | $ |
July 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ |
April 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||
Property, plant and equipment, at cost | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
$ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||||||||||||||||||||||||||
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 | |||||
2029 | |||||
Thereafter | |||||
$ |
July 1, 2023 | April 1, 2023 | ||||||||||
Customer deposits | $ | $ | |||||||||
Salaries, wages and benefits | |||||||||||
Estimated warranties | |||||||||||
Unearned insurance premiums | |||||||||||
Accrued volume rebates | |||||||||||
Other | |||||||||||
$ | $ |
Three Months Ended | |||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Charged to costs and expenses | |||||||||||
Payments and deductions | ( | ( | |||||||||
Balance at end of period | $ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||
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 1, 2023 | July 2, 2022 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | $ | $ | $ | |||||||||||||||||||
Assumed premiums—nonaffiliated | |||||||||||||||||||||||
Ceded premiums—nonaffiliated | ( | ( | ( | ( | |||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended | |||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Net incurred losses during the period | |||||||||||
Net claim payments during the period | ( | ( | |||||||||
Balance at end of period | $ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||
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 1, 2023 | $ | $ | ( | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans, net | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Valuation adjustment | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2023 | $ | $ | ( | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
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, net | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | ( | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance, July 2, 2022 | $ | $ | ( | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
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 1, 2023 | April 1, 2023 | ||||||||||||||||||||||
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 1, 2023 | April 1, 2023 | ||||||||||
Number of loans serviced with MSRs | |||||||||||
Weighted average servicing fee (basis points) | 34.69 | 34.71 | |||||||||
Capitalized servicing multiple | % | % | |||||||||
Capitalized servicing rate (basis points) | 61.23 | 34.36 | |||||||||
Serviced portfolio with MSRs (in thousands) | $ | $ | |||||||||
MSRs (in thousands) | $ | $ |
January 3, 2023 | Adjustments | January 3, 2023 (as Adjusted at July 1, 2023) | |||||||||||||||
Cash | $ | $ | ( | $ | |||||||||||||
Investments | |||||||||||||||||
Accounts receivable | ( | ||||||||||||||||
Inventories | ( | ||||||||||||||||
Property, plant and equipment | ( | ||||||||||||||||
Other current assets | |||||||||||||||||
Intangible assets(1) | |||||||||||||||||
Total identifiable assets acquired | ( | ||||||||||||||||
Accounts payable and accrued liabilities | ( | ||||||||||||||||
Net identifiable assets acquired | ( | ||||||||||||||||
Goodwill(2) | |||||||||||||||||
Net assets acquired | $ | $ | $ |
Three Months Ended | |||||
July 2, 2022 | |||||
Net revenue | $ | ||||
Net income attributable to Cavco common stockholders | |||||
Diluted net income per share |
Three Months Ended | |||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Net revenue: | |||||||||||
Factory-built housing | $ | $ | |||||||||
Financial services | |||||||||||
$ | $ | ||||||||||
Income (loss) before income taxes: | |||||||||||
Factory-built housing | $ | $ | |||||||||
Financial services | ( | ( | |||||||||
$ | $ |
July 1, 2023 | April 1, 2023 | ||||||||||
Total assets: | |||||||||||
Factory-built housing | $ | $ | |||||||||
Financial services | |||||||||||
$ | $ |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | July 1, 2023 | July 2, 2022 | Change | ||||||||||||||||||||
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 homes sold | |||||||||||||||||||||||
by Company-owned retail sales centers | 959 | 873 | 86 | 9.9 | % | ||||||||||||||||||
to independent retailers, builders, communities and developers | 3,623 | 4,473 | (850) | (19.0) | % | ||||||||||||||||||
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 | ||||||||||||||||||||
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) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | July 1, 2023 | July 2, 2022 | Change | ||||||||||||||||||||
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) | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue | 13.0 | % | 11.2 | % | N/A | 1.8 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | July 1, 2023 | July 2, 2022 | Change | ||||||||||||||||||||
Interest income | $ | 4,618 | $ | 1,314 | $ | 3,304 | 251.4 | % | |||||||||||||||
Interest expense | (266) | (161) | (105) | 65.2 | % | ||||||||||||||||||
Other income (expense), net | 126 | (431) | 557 | N/M | |||||||||||||||||||
Income tax expense | (14,266) | (19,616) | (5,350) | (27.3) | % | ||||||||||||||||||
Effective tax rate | 23.5 | % | 24.7 | % | N/A | (1.20) | % |
Three Months Ended | |||||||||||||||||
(in thousands) | July 1, 2023 | July 2, 2022 | $ Change | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | $ | 283,490 | $ | 259,334 | $ | 24,156 | |||||||||||
Net cash provided by operating activities | 82,293 | 58,240 | 24,053 | ||||||||||||||
Net cash provided (used) by investing activities | 2,086 | (24,399) | 26,485 | ||||||||||||||
Net cash used in financing activities | (1,490) | (40,213) | 38,723 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 366,379 | $ | 252,962 | $ | 113,417 |
Exhibit No. | Exhibit | ||||||||||
10.1* | (1) | 2023 Omnibus Equity Incentive Plan | |||||||||
(2) | |||||||||||
(2) | |||||||||||
(3) | |||||||||||
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 4, 2023 | |||||||||
William C. Boor | (Principal Executive Officer) | ||||||||||
/s/ Allison K. Aden | Executive Vice President, Chief Financial Officer & Treasurer | August 4, 2023 | |||||||||
Allison K. Aden | (Principal Financial Officer) |
Dated: | August 4, 2023 | ||||
By: | /s/ William C. Boor | ||||
William C. Boor | |||||
President and Chief Executive Officer (Principal Executive Officer) |
Dated: | August 4, 2023 | ||||
By: | /s/ Allison K. Aden | ||||
Allison K. Aden | |||||
Executive Vice President, Chief Financial Officer & Treasurer (Principal Financial Officer) |
August 4, 2023 | ||
/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. 01, 2023 | |
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 including from Other income (expense), net to Interest income 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 2023 Annual Report on Form 10-K for the year ended April 1, 2023, 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 March 30, 2024 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 29 homebuilding production lines located throughout the United States and two production lines in Mexico. We distribute our homes through a large network of independent distribution points in 48 states and Canada and 68 Company-owned U.S. retail stores, of which 41 are located in Texas. 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 ("'FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") seller/servicer and a Government National Mortgage Association ("GNMA" or "Ginnie Mae") 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. During fiscal 2023, we completed the acquisition of Solitaire Inc. and other related entities (collectively "Solitaire Homes"), including their four manufacturing facilities and twenty-two retail locations by acquiring 100% of the outstanding stock of Solitaire Homes. The results of operations are included in our Consolidated Financial Statements from the date of acquisition. See Note 20. 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 |
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands):
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Restricted Cash |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. We record investments in fixed maturity securities classified as available-for-sale at fair value and record the difference between fair value and cost in Accumulated other comprehensive loss in the Consolidated Balance Sheets. 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.
Net investment gains and losses on marketable equity securities were as follows (in thousands):
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Inventories |
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 amortized cost of consumer loans receivable (in thousands):
The following table disaggregates gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
As of July 1, 2023, 39% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 15% was concentrated in Florida. As of April 1, 2023, 44% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 13% was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of July 1, 2023 or April 1, 2023. Repossessed homes totaled approximately $1.1 million as of both July 1, 2023 and April 1, 2023 and are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $0.6 million and $0.5 million as of July 1, 2023 and April 1, 2023, 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, 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 1, 2023 and April 1, 2023, there were no commercial loans considered watch list or nonperforming. The following table disaggregates our commercial loans receivable by credit quality indicator and fiscal year of origination (in thousands):
As of July 1, 2023, 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 1, 2023 and April 1, 2023, we had concentrations of our outstanding principal balance of the commercial loans receivable balance in New York of 17% and 18%, respectively. No other state had concentrations in excess of 10% of the outstanding principal balance of the commercial loans receivable as of July 1, 2023 or April 1, 2023.As of July 1, 2023 and April 1, 2023, one independent third-party and its affiliates comprised 13% and 12%, respectively, of the net commercial loans receivable principal balance outstanding, all of which was secured
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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 1, 2023 and July 2, 2022 was $4.2 million and $3.4 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):
During the three months ended July 1, 2023, fair value adjustments were made to certain assets and liabilities of Solitaire Homes in connection with purchase accounting measurement period adjustments. This resulted in additional Goodwill of $1.0 million. See Note 20. Amortization expense recognized on intangible assets for the three months ended July 1, 2023 and July 2, 2022 was $0.4 million and $0.5 million, respectively. Customer relationships have a weighted average remaining life of 7.6 years and other finite lived intangibles have a weighted average remaining life of 3.3 years. 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 secured financings and other obligations (in thousands):
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Debt |
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Jul. 01, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt We are party to a Credit Agreement that expires in 2027 with Bank of America, N.A., providing for a $50 million revolving credit facility (the "Revolving Credit Facility"), which may be increased up to an aggregate amount of $100 million. Borrowings under the Revolving Credit Facility generally bear interest at the Secured Overnight Financing Rate plus a credit spread and a margin based on our Consolidated Total Leverage Ratio. As of July 1, 2023 and April 1, 2023, there were no borrowings outstanding under the Revolving Credit Facility and we were in compliance with all covenants.
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Reinsurance and Insurance Loss Reserves |
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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 $0.4 million per claim, of which we cede $0.2 million of the risk of loss per reinsurance. Therefore, our risk of loss is limited to $0.2 million 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 $3.0 million per occurrence, up to a maximum of $100 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 1, 2023 and July 2, 2022 (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. The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $157 million and $178 million at July 1, 2023 and April 1, 2023, respectively, without reduction for the resale value of the homes. During the fourth quarter of fiscal 2023, we received one repurchase demand notice and the inventory was acquired during the current quarter. Our reserve for repurchase commitments, recorded in Accrued expenses and other current liabilities, was $3.9 million at July 1, 2023 and $5.2 million at April 1, 2023. Construction-Period Mortgages. Loan contracts with off-balance sheet commitments are summarized below (in thousands):
Representations and Warranties of Mortgages Sold. The reserve for contingent repurchases and indemnification obligations was $0.7 million as of July 1, 2023 and April 1, 2023, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. There were no claim requests that resulted in the repurchase of any loans during the three months ended July 1, 2023. Interest Rate Lock Commitments. As of July 1, 2023, we had outstanding IRLCs with a notional amount of $31.1 million. For the three months ended July 1, 2023 and July 2, 2022, we recognized insignificant non-cash gains on outstanding IRLCs. Forward Sales Commitments. As of July 1, 2023, we had $1.1 million in outstanding forward sales commitments ("Commitments"). During the three months ended July 1, 2023, we recognized an insignificant gain and during the three months ended July 2, 2022, we recognized a non-cash loss of $0.3 million relating to our Commitments. Legal Matters. We are party to certain 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. We are party to certain 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. |
Stockholders' Equity and Redeemable Noncontrolling Interest |
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 1, 2023 (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 2, 2022 (dollars in thousands):
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Earnings Per Share |
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 20, 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 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. 01, 2023 | |
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 1, 2023 and July 2, 2022, the total amount of sales to related parties was $15.1 million and $17.2 million, respectively. As of July 1, 2023, receivables from related parties included $6.5 million of accounts receivable and $5.1 million of commercial loans outstanding. As of April 1, 2023, receivables from related parties included $5.7 million of accounts receivable and $4.7 million of commercial loans outstanding. |
Acquisition |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Acquisition On January 3, 2023 (the "Acquisition Date"), we completed the acquisition of Solitaire Homes, including their four manufacturing facilities and twenty-two retail locations by acquiring 100% of the outstanding stock of Solitaire Homes for $110.8 million, subject to customary adjustments. Our provisional estimates of the fair values of the assets that we acquired and the liabilities that we assumed were based on the information that was available as of the Acquisition Date. We are continuing to evaluate the underlying inputs and assumptions used in our valuations. Accordingly, these provisional estimates are subject to change during the measurement period, which is up to one year from the Acquisition Date. During the first quarter of fiscal 2024, we made certain adjustments to the assets and liabilities based on information that became available. The following table presents our provisional estimates of the fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date as of the end of the 2024 first quarter (in thousands):
(1) Includes $1.3 million assigned to trade names, which are considered indefinite lived intangible assets and are not subject to amortization, $1.9 million assigned to customer-related intangibles, subject to a useful life of 10 years amortized on a straight-line basis, and $0.2 million for covenants not to compete from the sellers amortized on a straight-line basis over the term of 5 years. (2) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. Pro Forma Impact of Acquisition (Unaudited). The following table presents supplemental pro forma information as if the above acquisition had occurred on April 3, 2022 (in thousands, except per share data):
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Business Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment Information We operate principally in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. The following table provides selected financial data by segment (in thousands):
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Jul. 01, 2023 |
Jul. 02, 2022 |
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Pay vs Performance Disclosure | ||
Net income attributable to Cavco common stockholders | $ 46,357 | $ 59,602 |
Insider Trading Arrangements |
3 Months Ended |
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Jul. 01, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies) |
3 Months Ended |
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Jul. 01, 2023 | |
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 including from Other income (expense), net to Interest income 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 2023 Annual Report on Form 10-K for the year ended April 1, 2023, 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 March 30, 2024 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 29 homebuilding production lines located throughout the United States and two production lines in Mexico. We distribute our homes through a large network of independent distribution points in 48 states and Canada and 68 Company-owned U.S. retail stores, of which 41 are located in Texas. 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 ("'FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") seller/servicer and a Government National Mortgage Association ("GNMA" or "Ginnie Mae") 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. During fiscal 2023, we completed the acquisition of Solitaire Inc. and other related entities (collectively "Solitaire Homes"), including their four manufacturing facilities and twenty-two retail locations by acquiring 100% of the outstanding stock of Solitaire Homes. The results of operations are included in our Consolidated Financial Statements from the date of acquisition. See Note 20.
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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. 01, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Repurchase Contingencies | Repurchase Contingencies. The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $157 million and $178 million at July 1, 2023 and April 1, 2023, respectively, without reduction for the resale value of the homes. During the fourth quarter of fiscal 2023, we received one repurchase demand notice and the inventory was acquired during the current quarter. Our reserve for repurchase commitments, recorded in Accrued expenses and other current liabilities, was $3.9 million at July 1, 2023 and $5.2 million at April 1, 2023 |
Representations and Warranties of Mortgages Sold | Representations and Warranties of Mortgages Sold. The reserve for contingent repurchases and indemnification obligations was $0.7 million as of July 1, 2023 and April 1, 2023, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. There were no claim requests that resulted in the repurchase of any loans during the three months ended July 1, 2023. |
Derivatives | Interest Rate Lock Commitments. As of July 1, 2023, we had outstanding IRLCs with a notional amount of $31.1 million. For the three months ended July 1, 2023 and July 2, 2022, we recognized insignificant non-cash gains on outstanding IRLCs. Forward Sales Commitments. As of July 1, 2023, we had $1.1 million in outstanding forward sales commitments ("Commitments"). During the three months ended July 1, 2023, we recognized an insignificant gain and during the three months ended July 2, 2022, we recognized a non-cash loss of $0.3 million relating to our Commitments.
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Fair Value Measurements (Policies) |
3 Months Ended |
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Jul. 01, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Disclosures | See Note 20, 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 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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Disaggregation of Revenue | The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands):
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Restricted Cash (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of restricted cash | Restricted cash consisted of the following (in thousands):
|
Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Net investment gains and losses on marketable equity securities were as follows (in thousands):
|
Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of inventories | Inventories consisted of the following (in thousands):
|
Consumer Loans Receivable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands):
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Allowance for Loan Loss | The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
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Deliquency Status of Consumer Loans | The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
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Gross Consumer Loans Receivable by Credit Quality and Fiscal Year of Origination | The following table disaggregates gross 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. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Loans Receivables | Commercial loans receivable, net consisted of the following (in thousands):
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Changes in the Allowance for Loan Losses on Commercial Loans Receivables | The following table represents changes in the estimated allowance for loan losses (in thousands):
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Commercial Loans Receivables by Class and Internal Credit Quality Indicator | The following table disaggregates our commercial loans receivable by credit quality indicator and fiscal year of origination (in thousands):
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Geographic Concentration of Commercial Loans Receivables in Key States | As of July 1, 2023 and April 1, 2023, we had concentrations of our outstanding principal balance of the commercial loans receivable balance in New York of 17% and 18%, respectively. No other state had concentrations in excess of 10% of the outstanding principal balance of the commercial loans receivable as of July 1, 2023 or April 1, 2023. |
Property, Plant and Equipment, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles | Goodwill and other intangibles, net, consisted of the following (in thousands):
During the three months ended July 1, 2023, fair value adjustments were made to certain assets and liabilities of Solitaire Homes in connection with purchase accounting measurement period adjustments. This resulted in additional Goodwill of $1.0 million. See Note 20.
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Future amortization expense | Expected amortization for future fiscal years is as follows (in thousands):
|
Accrued Expenses and Other Current Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | The following table summarizes secured financings and other obligations (in thousands):
|
Reinsurance and Insurance Loss Reserves (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 1, 2023 and July 2, 2022 (in thousands):
|
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Contingencies [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Contracts with Off-Balance Sheet Commitments | Construction-Period Mortgages. Loan contracts with off-balance sheet commitments are summarized below (in thousands):
|
Stockholders' Equity and Redeemable Noncontrolling Interest (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 1, 2023 (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 2, 2022 (dollars in thousands):
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Acquisition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | On January 3, 2023 (the "Acquisition Date"), we completed the acquisition of Solitaire Homes, including their four manufacturing facilities and twenty-two retail locations by acquiring 100% of the outstanding stock of Solitaire Homes for $110.8 million, subject to customary adjustments. Our provisional estimates of the fair values of the assets that we acquired and the liabilities that we assumed were based on the information that was available as of the Acquisition Date. We are continuing to evaluate the underlying inputs and assumptions used in our valuations. Accordingly, these provisional estimates are subject to change during the measurement period, which is up to one year from the Acquisition Date. During the first quarter of fiscal 2024, we made certain adjustments to the assets and liabilities based on information that became available. The following table presents our provisional estimates of the fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date as of the end of the 2024 first quarter (in thousands):
(1) Includes $1.3 million assigned to trade names, which are considered indefinite lived intangible assets and are not subject to amortization, $1.9 million assigned to customer-related intangibles, subject to a useful life of 10 years amortized on a straight-line basis, and $0.2 million for covenants not to compete from the sellers amortized on a straight-line basis over the term of 5 years. (2) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes.
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Pro Forma Impact of Acquisition (Unaudited) | Pro Forma Impact of Acquisition (Unaudited). The following table presents supplemental pro forma information as if the above acquisition had occurred on April 3, 2022 (in thousands, except per share data):
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Business Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | The following table provides selected financial data by segment (in thousands):
|
Basis of Presentation (Principles of Consolidation) (Details) |
3 Months Ended |
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Jul. 01, 2023
store
Segment
factories
| |
Number of operating segments | Segment | 2 |
Number of States in which Entity Operates | 48 |
Number of Stores | store | 68 |
UNITED STATES | |
Number of operating production lines | factories | 29 |
MEXICO | |
Number of operating production lines | factories | 2 |
TEXAS | |
Number of Stores | store | 41 |
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Jul. 01, 2023 |
Jul. 02, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 475,875 | $ 588,338 |
Factory-built housing | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 457,109 | 572,597 |
Factory-built housing | Manufactured Product, Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 439,744 | 555,276 |
Factory-built housing | Factory-built housing, Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 17,365 | 17,321 |
Financial Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,766 | 15,741 |
Financial Services | Insurance Agency Commissions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 899 | 1,397 |
Financial Services | Financial services, All other sources | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 17,867 | $ 14,344 |
Restricted Cash (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
Jul. 02, 2022 |
---|---|---|---|
Summary of restricted cash | |||
Restricted cash | $ 14,145 | $ 12,063 | $ 14,890 |
Less current portion | (13,560) | (11,728) | |
Non-current restricted cash | 585 | 335 | |
Cash related to CountryPlace customer payments to be remitted to third parties | |||
Summary of restricted cash | |||
Restricted cash | 12,883 | 11,123 | |
Other restricted cash | |||
Summary of restricted cash | |||
Restricted cash | $ 1,262 | $ 940 |
Restricted Cash Reconciliation of Cash and cash equivalents and Restricted cash to SOCF (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
Jul. 02, 2022 |
Apr. 02, 2022 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 352,234 | $ 271,427 | $ 238,072 | |
Restricted Cash and Cash Equivalents | 14,145 | 12,063 | 14,890 | |
Cash, cash equivalents and restricted cash | $ 366,379 | $ 283,490 | $ 252,962 | $ 259,334 |
Investments (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 17,292 | $ 18,555 |
Marketable equity securities | 9,798 | 9,989 |
Non-marketable equity investments | 5,050 | 5,073 |
Investments | 32,140 | 33,617 |
Less short-term Investments | (14,173) | (14,978) |
Long-term Investments | $ 17,967 | $ 18,639 |
Investments (Amortized cost and fair value) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 18,123 | $ 19,335 |
Fair Value | 17,292 | 18,555 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,328 | 2,567 |
Fair Value | 2,237 | 2,488 |
State and political subdivision debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,172 | 6,023 |
Fair Value | 4,910 | 5,769 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,623 | 10,745 |
Fair Value | $ 10,145 | $ 10,298 |
Investments (Contractual Maturities) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Amortized Cost | ||
Due in less than one year | $ 3,590 | |
Due after one year through five years | 11,565 | |
Due after five years through ten years | 250 | |
Due after ten years | 390 | |
Mortgage-backed securities | 2,328 | |
Amortized Cost | 18,123 | $ 19,335 |
Fair Value | ||
Due in less than one year | 3,510 | |
Due after one year through five years | 10,906 | |
Due after five years through ten years | 250 | |
Due after ten years | 389 | |
Mortgage-backed securities | 2,237 | |
Fair Value | $ 17,292 | $ 18,555 |
Investments (Recognized Gains and Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Gain (Loss) on Securities | ||
Net gain (loss) recognized during the period | $ 460 | $ (2,342) |
Less: Net (gain) loss recognized on securities sold during the period | (20) | 74 |
Unrealized gain (loss) recognized during the period on securities still held | $ 440 | $ (2,268) |
Inventories (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Summary of inventories | ||
Raw materials | $ 85,289 | $ 92,045 |
Work in process | 29,087 | 29,022 |
Finished goods | 139,610 | 142,083 |
Total Inventories | $ 253,986 | $ 263,150 |
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Receivables [Abstract] | ||
Loans held for investment, previously securitized | $ 20,055 | $ 21,000 |
Loans held for investment | 12,880 | 13,117 |
Loans held for sale | 7,599 | 10,846 |
Construction Advances | 376 | 706 |
Consumer loans receivable | 40,910 | 45,669 |
Deferred financing fees and other, net | (398) | (368) |
Allowance for loan losses | (1,144) | (1,153) |
Consumer loans receivable, net | 39,368 | 44,148 |
Less current portion | (13,477) | (17,019) |
Consumer loans receivable, net | $ 25,891 | $ 27,129 |
Consumer Loans Receivable (Allowance For Loan Loss Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses at beginning of period | $ 1,153 | |
Allowance for loan losses at end of period | 1,144 | |
Consumer loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses at beginning of period | 1,153 | $ 2,115 |
Change in estimated loan losses, net | (9) | (210) |
Charge-offs | 0 | (19) |
Recoveries | 0 | 19 |
Allowance for loan losses at end of period | $ 1,144 | $ 1,905 |
Consumer Loans Receivable (Loans Held for investment) (Details) |
3 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Receivables [Abstract] | ||
Weighted average contractual interest rate | 8.10% | 8.20% |
Weighted average effective interest rate | 9.60% | 8.80% |
Weighted average months to maturity | 153 months | 150 months |
Delinquency status of consumer loans (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 40,910 | $ 45,669 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 38,722 | 43,252 |
31 - 60 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 1,040 | 1,247 |
61 - 90 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 77 | 213 |
91+ days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 1,071 | $ 957 |
Consumer Loans Receivable (Narrative) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Repossessed Homes | $ 1,100 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 600 | $ 500 |
TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 39.00% | 44.00% |
FLORIDA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 15.00% | 13.00% |
Commercial Loans Receivable (Commercial Loans Receivable, Net) (Details) - Commercial Loans Receivable - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Apr. 01, 2023 |
Apr. 02, 2022 |
|
Commercial Loans Receivable | ||||
Commercial loans receivable | $ 107,246 | $ 103,726 | ||
Allowance for loan loss | (1,614) | $ (1,054) | (1,586) | $ (1,011) |
Deferred financing fees, net | (173) | (163) | ||
Total commercial loans, net | 105,459 | 101,977 | ||
Less current portion of commercial loans receivable (including from affiliates), net | (50,263) | (44,054) | ||
Commercial loans receivable (including from affiliates), noncurrent | $ 55,196 | $ 57,923 | ||
Weighted average contractual interest rate, commercial | 7.50% | 7.60% | ||
Weighted average months outstanding, commercial | 10 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. 01, 2023 |
Jul. 02, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | $ 1,586 | $ 1,011 |
Change in estimated loan losses, net | 28 | 43 |
Balance at end of period | $ 1,614 | $ 1,054 |
Commercial Loans Receivable (Concentrations of Commercial Loans Receivables) (Details) |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration with one independent third-party and its affiliates | 13.00% | 12.00% |
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 | 17.00% | 18.00% |
Commercial Loans Receivable (Narrative) (Details) $ in Thousands |
3 Months Ended |
---|---|
Jul. 01, 2023
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. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 288,783 | $ 289,411 |
Accumulated depreciation | (65,120) | (61,133) |
Property, plant and equipment, net | 223,663 | 228,278 |
Land | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 39,823 | 39,822 |
Buildings and improvements | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 168,091 | 167,291 |
Machinery and equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 73,733 | 76,826 |
Construction in progress | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 7,136 | $ 5,472 |
Property, Plant and Equipment, net (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 4.2 | $ 3.4 |
Goodwill and Other Intangibles (Amortization) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Apr. 01, 2023 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense on intangible assets | $ 400 | $ 500 | |
Remainder of fiscal year 2024 | 1,177 | ||
2025 | 1,530 | ||
2026 | 1,488 | ||
2027 | 1,415 | ||
2028 | 1,299 | ||
2029 | 1,265 | ||
Thereafter | 3,144 | ||
Net Carrying Amount | 11,318 | ||
Customer Relationships [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Net Carrying Amount | $ 10,733 | $ 11,082 | |
Schedule of Acquired Finite and Indefinite Lived Intangible Asset by Major Class [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 7 months 6 days | ||
Other Intangible Assets | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Net Carrying Amount | $ 585 | $ 628 | |
Schedule of Acquired Finite and Indefinite Lived Intangible Asset by Major Class [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 3 months 18 days |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Accrued Expenses and Other Current Liabilities | ||
Customer deposits | $ 46,122 | $ 45,193 |
Salaries, wages and benefits | 45,998 | 47,100 |
Estimated warranties | 32,401 | 31,368 |
Unearned insurance premiums | 29,835 | 27,901 |
Accrued volume rebates | 23,943 | 22,858 |
Other | 86,443 | 88,241 |
Total accrued expenses and other current liabilities | $ 264,742 | $ 262,661 |
Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Accrual for estimated warranties | ||
Balance at beginning of period | $ 31,368 | $ 26,250 |
Charged to costs and expenses | 13,409 | 15,004 |
Payments and deductions | (12,376) | (12,452) |
Balance at end of period | $ 32,401 | $ 28,802 |
Other Liabilities (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Debt Obligations | ||
Finance lease payables | $ 6,224 | $ 6,243 |
Other secured financing | 2,184 | 2,379 |
Mandatorily redeemable noncontrolling interest | 2,300 | 2,268 |
Other Liabilities | 10,708 | 10,890 |
Less current portion included in Accrued expenses and other current liabilities | (2,799) | (3,070) |
Other noncurrent liabilities | $ 7,909 | $ 7,820 |
Debt (Details) $ in Thousands |
3 Months Ended |
---|---|
Jul. 01, 2023
USD ($)
| |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Interest Rate Description | bear interest at the Secured Overnight Financing Rate plus a credit spread and a margin based on our Consolidated Total Leverage Ratio |
Secured credit facilities | $ 0 |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Maximum Borrowing Capacity | $ 50,000 |
Reinsurance and Insurance Loss Reserves (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Reinsurance Effect on Premiums Written and Earned | ||
Direct premiums Written | $ 10,379 | $ 7,728 |
Assumed premiums - nonaffiliate Written | 9,800 | 9,028 |
Ceded premiums - nonaffiliate Written | (6,127) | (4,229) |
Net premiums Written | 14,052 | 12,527 |
Direct premiums Earned | 8,676 | 7,050 |
Assumed premiums - nonaffiliate Earned | 8,570 | 7,957 |
Ceded premiums - nonaffiliate Earned | (6,127) | (4,229) |
Premiums Earned, Net | $ 11,119 | $ 10,778 |
Reinsurance and Insurance Loss Reserves (Details Textual) $ in Thousands |
3 Months Ended |
---|---|
Jul. 01, 2023
USD ($)
| |
Insurance [Abstract] | |
Insurance policies maximum coverage per claim | $ 400 |
Insurance policies coverage per claim ceded to reinsurers | 200 |
Insurance policy risk of loss maintained per claim | 200 |
Catastrophic losses recoverable in excess of amount | 3,000 |
Aggregate catastrophic losses recoverable in excess of amount | $ 100,000 |
Reinsurance and Insurance Loss Reserves (Loss Reserve Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Insurance [Abstract] | ||
Balance at beginning of period | $ 10,939 | $ 8,149 |
Net incurred losses during the period | 11,077 | 8,777 |
Net claim payments during the period | (9,015) | (8,352) |
Balance at end of period | $ 13,001 | $ 8,574 |
Commitments and Contingencies (Details Textual) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jul. 01, 2023
USD ($)
Claim
|
Apr. 01, 2023
USD ($)
Claim
|
Jul. 02, 2022
USD ($)
|
|
Loss Contingencies | |||
Reserves Related to Consumer Loans Sold | $ 0.7 | ||
Product repurchase | |||
Loss Contingencies | |||
Loss contingencies | 3.9 | $ 5.2 | |
Repurchase commitments, repurchases during the period | Claim | 1 | ||
Mortgage warranty claims filed | Claim | 1 | ||
Product repurchase | Maximum | |||
Loss Contingencies | |||
Loss contingencies | $ 157.0 | $ 178.0 | |
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 | $ 31.1 | ||
Forward Commitments Recorded at Fair Value | $ 1.1 | ||
Recognized (loss) on the forward sales and whole loan commitments | $ (0.3) |
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Loan Contracts with Off-Balance Sheet Commitments | ||
Construction loan contract amount | $ 1,594 | $ 2,214 |
Construction Advances | (376) | (706) |
Remaining construction contingent commitment | $ 1,218 | $ 1,508 |
Stockholders' Equity and Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 976,286 | $ 830,455 |
Net income attributable to Cavco common stockholders | 46,357 | 59,602 |
Other comprehensive loss, net | (42) | (112) |
Issuance of common stock under stock incentive plans, net | (1,213) | (848) |
Stock-based compensation | 1,438 | 1,425 |
Common stock repurchases | (38,960) | |
Ending balance | 1,022,826 | 851,562 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 1,219 | 825 |
Net Income Attributable to Noncontrolling Interest | 54 | 92 |
Other comprehensive income | 0 | 0 |
Distributions | (120) | (240) |
Valuation adjustment | (33) | |
Ending balance | $ 1,120 | $ 677 |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, common stock, shares issued | 9,337,125 | 9,292,278 |
Issuance of common stock under stock incentive plans, shares | 10,095 | 5,957 |
Ending balance, common stock, shares issued | 9,347,220 | 9,298,235 |
Beginning balance | $ 93 | $ 93 |
Net income attributable to Cavco common stockholders | 0 | 0 |
Other comprehensive loss, net | 0 | 0 |
Issuance of common stock under stock incentive plans, net | 0 | 0 |
Stock-based compensation | 0 | 0 |
Ending balance | 93 | 93 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (164,452) | (61,040) |
Net income attributable to Cavco common stockholders | 0 | 0 |
Other comprehensive loss, net | 0 | 0 |
Issuance of common stock under stock incentive plans, net | 0 | 0 |
Stock-based compensation | 0 | 0 |
Common stock repurchases | (38,960) | |
Ending balance | (164,452) | (100,000) |
Additional paid-in capital | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 271,950 | 263,049 |
Net income attributable to Cavco common stockholders | 0 | 0 |
Other comprehensive loss, net | 0 | 0 |
Issuance of common stock under stock incentive plans, net | (1,213) | (848) |
Stock-based compensation | 1,438 | 1,425 |
Ending balance | 272,175 | 263,626 |
Retained earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 869,310 | 628,756 |
Net income attributable to Cavco common stockholders | 46,357 | 59,602 |
Other comprehensive loss, net | 0 | 0 |
Issuance of common stock under stock incentive plans, net | 0 | 0 |
Stock-based compensation | 0 | 0 |
Ending balance | 915,667 | 688,358 |
Accumulated other comprehensive loss | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (615) | (403) |
Net income attributable to Cavco common stockholders | 0 | 0 |
Other comprehensive loss, net | (42) | (112) |
Issuance of common stock under stock incentive plans, net | 0 | 0 |
Stock-based compensation | 0 | 0 |
Ending balance | (657) | (515) |
Noncontrolling Interest | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Issuance of common stock under stock incentive plans, net | 0 | 0 |
Stock-based compensation | $ 0 | $ 0 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
|
Earnings Per Share Computation | ||
Net income attributable to Cavco common stockholders | $ 46,357 | $ 59,602 |
Weighted average shares outstanding: | ||
Basic | 8,670,434 | 8,918,280 |
Effect of dilutive securities | 87,646 | 70,649 |
Diluted | 8,758,080 | 8,988,929 |
Net income per share attributable to Cavco common stockholders: | ||
Basic (usd per share) | $ 5.35 | $ 6.68 |
Diluted Net income per share attributable to Cavco common stockholders: | ||
Diluted (usd per share) | $ 5.29 | $ 6.63 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive stock equivalents excluded from computation | 39 | 1,617 |
Summary of the Fair Value and Carrying Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Apr. 01, 2023 |
---|---|---|
Book Value | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Non-marketable equity investments | $ 5,050 | $ 5,073 |
Consumer loans receivable | 39,368 | 44,148 |
Commercial loans receivable | 105,459 | 101,977 |
Other secured financing | (2,184) | (2,379) |
Book Value | Available-for-sale debt securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 17,292 | 18,555 |
Book Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 9,798 | 9,989 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Non-marketable equity investments | 5,050 | 5,073 |
Consumer loans receivable | 44,604 | 50,686 |
Commercial loans receivable | 99,281 | 97,106 |
Other secured financing | (2,078) | (2,332) |
Estimated Fair Value | Available-for-sale debt securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 17,292 | 18,555 |
Estimated Fair Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | $ 9,798 | $ 9,989 |
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands |
Jul. 01, 2023
USD ($)
Loans
|
Apr. 01, 2023
USD ($)
Loans
|
---|---|---|
Fair Value Disclosures [Abstract] | ||
Number of loans serviced with MSRs | Loans | 4,018 | 4,070 |
Weighted average servicing fee | 0.3469% | 0.3471% |
Capitalized servicing multiple | 176.50% | 98.99% |
Capitalized servicing rate | 0.6123% | 0.3436% |
Serviced portfolio with MSRs | $ 512,707 | $ 520,458 |
Mortgage servicing rights | $ 3,140 | $ 1,788 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jul. 01, 2023 |
Jul. 02, 2022 |
Apr. 01, 2023 |
|
Related Party Transactions [Abstract] | |||
Revenues from related parties | $ 15,100 | $ 17,200 | |
Accounts receivable from related parties | 6,500 | $ 5,700 | |
Commercial loans receivable | $ 5,100 | $ 4,700 |
Acquisition (Schedule of Acquisition) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 01, 2023 |
Jul. 02, 2022 |
Jul. 01, 2023 |
Jan. 03, 2023 |
||||||
Business Acquisition [Line Items] | |||||||||
Payment to acquire Solitaire Homes | $ 110,800 | ||||||||
Cash | $ 5,042 | ||||||||
Investments | 334 | ||||||||
Accounts receivable | 2,758 | ||||||||
Inventories | 57,991 | ||||||||
Property, plant and equipment | 36,039 | ||||||||
Other current assets | 1,519 | ||||||||
Intangible assets | [1] | 3,400 | |||||||
Total identifiable assets acquired | 107,083 | ||||||||
Accounts payable and accrued liabilities | 11,223 | ||||||||
Net identifiable assets acquired | 95,860 | ||||||||
Goodwill | $ 114,547 | $ 115,498 | 14,921 | [2] | |||||
Net assets acquired | 110,781 | ||||||||
Customer Relationships [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | 1,900 | ||||||||
Useful lives of acquired intangible assets | 10 years | ||||||||
Noncompete Agreements | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | 200 | ||||||||
Useful lives of acquired intangible assets | 5 years | ||||||||
Trade Names | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | 1,300 | ||||||||
Previously Reported | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | 5,119 | ||||||||
Investments | 334 | ||||||||
Accounts receivable | 3,536 | ||||||||
Inventories | 58,045 | ||||||||
Property, plant and equipment | 36,109 | ||||||||
Other current assets | 1,519 | ||||||||
Intangible assets | [1] | 3,400 | |||||||
Total identifiable assets acquired | 108,062 | ||||||||
Accounts payable and accrued liabilities | 11,251 | ||||||||
Net identifiable assets acquired | 96,811 | ||||||||
Goodwill | [2] | 13,970 | |||||||
Net assets acquired | 110,781 | ||||||||
Adjustments | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | (77) | ||||||||
Investments | 0 | ||||||||
Accounts receivable | (778) | ||||||||
Inventories | (54) | ||||||||
Property, plant and equipment | (70) | ||||||||
Other current assets | 0 | ||||||||
Intangible assets | 0 | ||||||||
Total identifiable assets acquired | (979) | ||||||||
Accounts payable and accrued liabilities | (28) | ||||||||
Net identifiable assets acquired | (951) | ||||||||
Goodwill | 951 | ||||||||
Net assets acquired | $ 0 | ||||||||
|
Acquisition (Pro-forma) (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Jul. 02, 2022
USD ($)
$ / shares
| |
Business Combination and Asset Acquisition [Abstract] | |
Net revenue | $ 624,511 |
Net income attributable to Cavco common stockholders | $ 61,645 |
Diluted net income per share | $ / shares | $ 6.86 |
Business Segment Information (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jul. 01, 2023
USD ($)
Segment
|
Jul. 02, 2022
USD ($)
|
Apr. 01, 2023
USD ($)
|
|
Business Segment Information | |||
Number of operating segments | Segment | 2 | ||
Net revenue | $ 475,875 | $ 588,338 | |
Income before income taxes | 60,677 | 79,310 | |
Total assets | 1,353,047 | $ 1,307,975 | |
Factory-built housing | |||
Business Segment Information | |||
Net revenue | 457,109 | 572,597 | |
Income before income taxes | 61,825 | 79,772 | |
Total assets | 1,151,632 | 1,107,555 | |
Financial services | |||
Business Segment Information | |||
Net revenue | 18,766 | 15,741 | |
Income before income taxes | (1,148) | $ (462) | |
Total assets | $ 201,415 | $ 200,420 |
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