Acquisitions (Tables)

9 Months Ended

Dec. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Solitaire Acquisition

On January 3, 2023 (the "Acquisition Date"), we completed the acquisition of Solitaire Homes, including their four manufacturing facilities and 22 retail locations, by acquiring 100% of the outstanding stock of Solitaire Homes for $110.8 million.

Our 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. During the nine months ended December 30, 2023, we made certain adjustments to the assets and liabilities based on information that became available.

The following table presents the fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date as of December 30, 2023 (in thousands):

	January 3, 2023		Adjustments		January 3, 2023 (as Adjusted at December 30, 2023)
Cash	$	5,119	$	(79)	$	5,040
Investments	334		—		334
Accounts receivable	3,536		(787)		2,749
Inventories	58,045		(143)		57,902
Property, plant and equipment	36,109		(103)		36,006
Other current assets	1,519		59		1,578
Intangible assets	3,400		—		3,400
Total identifiable assets acquired	108,062		(1,053)		107,009
Accounts payable and accrued liabilities	11,251		84		11,335
Net identifiable assets acquired	96,811		(1,137)		95,674
Goodwill	13,970		1,137		15,107
Net assets acquired	$	110,781	$	—	$	110,781

Kentucky Dream Homes Acquisition

On November 15, 2023, the Company acquired certain assets and assumed certain liabilities of Kentucky Dream Homes, LLC ("KDH"), a manufactured home retailer with locations in Kentucky and Florida for total consideration of $23.8 million, which includes $5.4 million non-cash commercial loan forgiveness. The remaining $18.4 million was paid with cash on hand. The final purchase price is subject to customary adjustments. The business is included in the Factory-built housing reportable business segment. The fair value of the assets acquired and liabilities assumed are included in the Consolidated Balance Sheet as of December 30, 2023, including $4.6 million allocated to goodwill. The purchase accounting is subject to final adjustment, primarily for the working capital and amounts allocated to goodwill. We have included the financial results in our unaudited Consolidated Financial Statements from the date of acquisition. Pro forma historical results of operations related to this acquisition have not been presented because they are not significant to our unaudited Consolidated Financial Statements for the periods presented.

Pro Forma Impact of Acquisition (Unaudited)

Pro Forma Impact of Solitaire 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):

	December 31, 2022
	Three Months Ended		Nine Months Ended
Net revenue	$	536,776	$	1,774,853
Net income attributable to Cavco common stockholders	61,567		199,371
Diluted net income per share	6.89		22.23