(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
(Nasdaq Global Select Market) |
Exhibit Number | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CAVCO INDUSTRIES, INC. | |||||
By: | /s/ Allison K. Aden | ||||
Allison K. Aden | |||||
Executive Vice President, Chief Financial Officer & Treasurer | |||||
Date: | November 2, 2023 |
Exhibit Number | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
For additional information, contact: | ||||||||
Mark Fusler Corporate Controller and Investor Relations investor_relations@cavco.com | ||||||||
News Release | Phone: 602-256-6263 On the Internet: www.cavcoindustries.com |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 434,066 | $ | 559,602 | $ | (125,536) | (22.4) | % | |||||||||||||||
Financial services | 17,964 | 17,790 | 174 | 1.0 | % | ||||||||||||||||||
$ | 452,030 | $ | 577,392 | $ | (125,362) | (21.7) | % | ||||||||||||||||
Factory-built modules sold | 6,912 | 8,863 | (1,951) | (22.0) | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 4,248 | 5,111 | (863) | (16.9) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 102,181 | $ | 109,490 | $ | (7,309) | (6.7) | % | |||||||||||||||
Six Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||
Net revenue | |||||||||||||||||||||||
Factory-built housing | $ | 891,175 | $ | 1,132,199 | $ | (241,024) | (21.3) | % | |||||||||||||||
Financial services | 36,730 | 33,531 | 3,199 | 9.5 | % | ||||||||||||||||||
$ | 927,905 | $ | 1,165,730 | $ | (237,825) | (20.4) | % | ||||||||||||||||
Factory-built modules sold | 14,318 | 18,105 | (3,787) | (20.9) | % | ||||||||||||||||||
Factory-built homes sold (consisting of one or more modules) | 8,830 | 10,457 | (1,627) | (15.6) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 100,926 | $ | 108,272 | $ | (7,346) | (6.8) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Factory-built housing | $ | 100,507 | $ | 149,665 | $ | (49,158) | (32.8) | % | |||||||||||||||
Financial services | 6,450 | 7,934 | (1,484) | (18.7) | % | ||||||||||||||||||
$ | 106,957 | $ | 157,599 | $ | (50,642) | (32.1) | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 23.7 | % | 27.3 | % | N/A | (3.6) | % | ||||||||||||||||
Factory-built housing | 23.2 | % | 26.7 | % | N/A | (3.5) | % | ||||||||||||||||
Financial services | 35.9 | % | 44.6 | % | N/A | (8.7) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 56,455 | $ | 61,640 | $ | (5,185) | (8.4) | % | |||||||||||||||
Financial services | 5,051 | 5,254 | (203) | (3.9) | % | ||||||||||||||||||
$ | 61,506 | $ | 66,894 | $ | (5,388) | (8.1) | % | ||||||||||||||||
Income from operations | |||||||||||||||||||||||
Factory-built housing | $ | 44,052 | $ | 88,025 | $ | (43,973) | (50.0) | % | |||||||||||||||
Financial services | 1,399 | 2,680 | (1,281) | (47.8) | % | ||||||||||||||||||
$ | 45,451 | $ | 90,705 | $ | (45,254) | (49.9) | % | ||||||||||||||||
Six Months Ended | |||||||||||||||||||||||
($ in thousands) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Factory-built housing | $ | 213,875 | $ | 289,251 | $ | (75,376) | (26.1) | % | |||||||||||||||
Financial services | 10,961 | 13,072 | (2,111) | (16.1) | % | ||||||||||||||||||
$ | 224,836 | $ | 302,323 | $ | (77,487) | (25.6) | % | ||||||||||||||||
Gross profit as % of Net revenue | |||||||||||||||||||||||
Consolidated | 24.2 | % | 25.9 | % | N/A | (1.7) | % | ||||||||||||||||
Factory-built housing | 24.0 | % | 25.5 | % | N/A | (1.5) | % | ||||||||||||||||
Financial services | 29.8 | % | 39.0 | % | N/A | (9.2) | % | ||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Factory-built housing | $ | 112,476 | $ | 122,563 | $ | (10,087) | (8.2) | % | |||||||||||||||
Financial services | 10,710 | 10,467 | 243 | 2.3 | % | ||||||||||||||||||
$ | 123,186 | $ | 133,030 | $ | (9,844) | (7.4) | % | ||||||||||||||||
Income from operations | |||||||||||||||||||||||
Factory-built housing | $ | 101,399 | $ | 166,688 | $ | (65,289) | (39.2) | % | |||||||||||||||
Financial services | 251 | 2,605 | (2,354) | (90.4) | % | ||||||||||||||||||
$ | 101,650 | $ | 169,293 | $ | (67,643) | (40.0) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 41,539 | $ | 74,116 | $ | (32,577) | (44.0) | % | |||||||||||||||
Diluted net income per share | $ | 4.76 | $ | 8.25 | $ | (3.49) | (42.3) | % | |||||||||||||||
Six Months Ended | |||||||||||||||||||||||
($ in thousands, except per share amounts) | September 30, 2023 | October 1, 2022 | Change | ||||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 87,896 | $ | 133,718 | $ | (45,822) | (34.3) | % | |||||||||||||||
Diluted net income per share | $ | 10.05 | $ | 14.88 | $ | (4.83) | (32.5) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
($ in millions) | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||
Unrealized (losses) recognized during the period on securities held in the financial services segment | $ | (0.3) | $ | — | $ | — | $ | (1.2) | ||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Expenses incurred in engaging third-party consultants in relation to the non-recurring energy efficient home tax credits | — | (1.9) | — | (4.5) | ||||||||||||||||||||||
Legal and other expense related to the Securities and Exchange Commission inquiry | (0.7) | (1.4) | (1.0) | (2.8) | ||||||||||||||||||||||
Other income, net | ||||||||||||||||||||||||||
Corporate unrealized gains (losses) recognized during the period on securities held | — | — | 0.1 | (1.1) |
September 30, 2023 | April 1, 2023 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 377,264 | $ | 271,427 | |||||||
Restricted cash, current | 17,180 | 11,728 | |||||||||
Accounts receivable, net | 88,560 | 89,347 | |||||||||
Short-term investments | 14,358 | 14,978 | |||||||||
Current portion of consumer loans receivable, net | 10,503 | 17,019 | |||||||||
Current portion of commercial loans receivable, net | 48,583 | 43,414 | |||||||||
Current portion of commercial loans receivable from affiliates, net | 1,959 | 640 | |||||||||
Inventories | 244,476 | 263,150 | |||||||||
Prepaid expenses and other current assets | 72,560 | 92,876 | |||||||||
Total current assets | 875,443 | 804,579 | |||||||||
Restricted cash | 585 | 335 | |||||||||
Investments | 20,507 | 18,639 | |||||||||
Consumer loans receivable, net | 25,233 | 27,129 | |||||||||
Commercial loans receivable, net | 40,998 | 53,890 | |||||||||
Commercial loans receivable from affiliates, net | 2,928 | 4,033 | |||||||||
Property, plant and equipment, net | 223,664 | 228,278 | |||||||||
Goodwill | 116,015 | 114,547 | |||||||||
Other intangibles, net | 29,005 | 29,790 | |||||||||
Operating lease right-of-use assets | 34,413 | 26,755 | |||||||||
Total assets | $ | 1,368,791 | $ | 1,307,975 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 41,095 | $ | 30,730 | |||||||
Accrued expenses and other current liabilities | 264,380 | 262,661 | |||||||||
Total current liabilities | 305,475 | 293,391 | |||||||||
Operating lease liabilities | 30,529 | 21,678 | |||||||||
Other liabilities | 7,792 | 7,820 | |||||||||
Deferred income taxes | 5,740 | 7,581 | |||||||||
Redeemable noncontrolling interest | — | 1,219 | |||||||||
Stockholders' equity | |||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | — | — | |||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,356,421 and 9,337,125 shares, respectively | 94 | 93 | |||||||||
Treasury stock, at cost; 844,742 and 671,801 shares, respectively | (211,646) | (164,452) | |||||||||
Additional paid-in capital | 274,204 | 271,950 | |||||||||
Retained earnings | 957,206 | 869,310 | |||||||||
Accumulated other comprehensive loss | (603) | (615) | |||||||||
Total stockholders' equity | 1,019,255 | 976,286 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders' equity | $ | 1,368,791 | $ | 1,307,975 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||||||||||
Net revenue | $ | 452,030 | $ | 577,392 | $ | 927,905 | $ | 1,165,730 | |||||||||||||||
Cost of sales | 345,073 | 419,793 | 703,069 | 863,407 | |||||||||||||||||||
Gross profit | 106,957 | 157,599 | 224,836 | 302,323 | |||||||||||||||||||
Selling, general and administrative expenses | 61,506 | 66,894 | 123,186 | 133,030 | |||||||||||||||||||
Income from operations | 45,451 | 90,705 | 101,650 | 169,293 | |||||||||||||||||||
Interest income | 5,812 | 1,851 | 10,430 | 3,165 | |||||||||||||||||||
Interest expense | (257) | (233) | (523) | (394) | |||||||||||||||||||
Other income, net | 655 | 488 | 781 | 57 | |||||||||||||||||||
Income before income taxes | 51,661 | 92,811 | 112,338 | 172,121 | |||||||||||||||||||
Income tax expense | (10,088) | (18,613) | (24,354) | (38,229) | |||||||||||||||||||
Net income | 41,573 | 74,198 | 87,984 | 133,892 | |||||||||||||||||||
Less: net income attributable to redeemable noncontrolling interest | 34 | 82 | 88 | 174 | |||||||||||||||||||
Net income attributable to Cavco common stockholders | $ | 41,539 | $ | 74,116 | $ | 87,896 | $ | 133,718 | |||||||||||||||
Net income per share attributable to Cavco common stockholders | |||||||||||||||||||||||
Basic | $ | 4.80 | $ | 8.32 | $ | 10.15 | $ | 15.01 | |||||||||||||||
Diluted | $ | 4.76 | $ | 8.25 | $ | 10.05 | $ | 14.88 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 8,656,537 | 8,903,703 | 8,663,430 | 8,910,933 | |||||||||||||||||||
Diluted | 8,731,419 | 8,978,997 | 8,742,734 | 8,983,425 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022 | ||||||||||||||||||||
Capital expenditures | $ | 4,287 | $ | 8,181 | $ | 8,470 | $ | 33,188 | |||||||||||||||
Depreciation | $ | 4,275 | $ | 3,836 | $ | 8,449 | $ | 7,274 | |||||||||||||||
Amortization of other intangibles | $ | 393 | $ | 502 | $ | 785 | $ | 1,010 |
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