Cavco Industries Inc. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Cavco Industries Inc. filed its Q3 2023 10-Q report on February 2, 2024.</b>

AI Summary

CAVCO INDUSTRIES INC. (CVCO) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. Cavco Industries Inc. filed a 10-Q report for the period ending December 30, 2023. The filing covers the third quarter of their fiscal year. The company's fiscal year ends on March 30th. The filing was made on February 2, 2024. The SIC code for Cavco Industries Inc. is 2451 (Mobile Homes).

Why It Matters

For investors and stakeholders tracking CAVCO INDUSTRIES INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Cavco Industries Inc. during the third quarter of their fiscal year. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the manufactured housing and financial services sectors.

Risk Assessment

Risk Level: medium — CAVCO INDUSTRIES INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, severe financial distress or significant positive development. However, the nature of the manufactured housing industry can be subject to market fluctuations and regulatory changes.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify trends in revenue, profitability, and any significant changes in assets or liabilities.

Key Numbers

• 20231230 — Reporting Period End Date (Conformed period of report)
• 20240202 — Filing Date (Filed as of date)
• 24590365 — Film Number (SEC Film Number)
• 000-08822 — SEC File Number (SEC File Number)

Key Players & Entities

• CAVCO INDUSTRIES INC. (company) — Filer name
• 20231230 (date) — Conformed period of report
• 20240202 (date) — Filed as of date
• 3636 N CENTRAL AVE STE 1200 (address) — Business address
• PHOENIX (location) — Business address city
• AZ (location) — Business address state
• 85012 (postal_code) — Business address zip
• 602-256-6263 (phone_number) — Business phone

Forward-Looking Statements

• Cavco will continue to focus on its Factory-Built Housing segment for revenue generation in the next quarter. (CAVCO INDUSTRIES INC.) — high confidence, target: 2024-03-30

FAQ

Industry Context

Cavco Industries operates in the manufactured housing sector, which is sensitive to economic conditions, interest rates, and consumer confidence.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Analyze revenue and profit trends across different business segments.
2. Examine any disclosed risks or uncertainties that could impact future performance.
3. Compare key financial metrics to previous periods to identify significant changes.

Key Dates

• 2023-12-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-02-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the third quarter of fiscal year 2023, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 CVCO The Nasdaq Stock Market LLC (Nasd

Filing Documents

• cvco-20231230.htm (10-Q) — 1434KB
• cvco-20231230xexhibit31.htm (EX-3.1) — 146KB
• cvco-20231230xexhibit101.htm (EX-10.1) — 90KB
• cvco-20231230xexhibit311.htm (EX-31.1) — 10KB
• cvco-20231230xexhibit312.htm (EX-31.2) — 10KB
• cvco-20231230xexhibit32.htm (EX-32) — 5KB
• 0000278166-24-000007.txt (&nbsp;) — 9761KB
• cvco-20231230.xsd (EX-101.SCH) — 65KB
• cvco-20231230_cal.xml (EX-101.CAL) — 126KB
• cvco-20231230_def.xml (EX-101.DEF) — 184KB
• cvco-20231230_lab.xml (EX-101.LAB) — 815KB
• cvco-20231230_pre.xml (EX-101.PRE) — 500KB
• cvco-20231230_htm.xml (XML) — 1854KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of December 30, 2023 (unaudited) and April 1, 2023 1 Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended December 30, 2023 and December 31, 2022 2 Consolidated Statements of Cash Flows (unaudited) for the nine months ended December 30, 2023 and December 31, 2022 3

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Not applicable

Item 3. Not applicable

Not applicable

Item 4. Not applicable

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 32

SIGNATURES

SIGNATURES 33 Table of Contents PART 1. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CAVCO INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) December 30, 2023 April 1, 2023 ASSETS (Unaudited) Current assets Cash and cash equivalents $ 352,808 $ 271,427 Restricted cash, current 13,215 11,728 Accounts receivable, net 70,501 89,347 Short-term investments 16,819 14,978 Current portion of consumer loans receivable, net 11,855 17,019 Current portion of commercial loans receivable, net 48,817 43,414 Current portion of commercial loans receivable from affiliates, net 2,135 640 Inventories 236,649 263,150 Prepaid expenses and other current assets 80,248 92,876 Total current assets 833,047 804,579 Restricted cash 585 335 Investments 16,099 18,639 Consumer loans receivable, net 24,279 27,129 Commercial loans receivable, net 38,836 53,890 Commercial loans receivable from affiliates, net 2,784 4,033 Property, plant and equipment, net 224,216 228,278 Goodwill 120,744 114,547 Other intangibles, net 28,613 29,790 Operating lease right-of-use assets 37,393 26,755 Total assets $ 1,326,596 $ 1,307,975 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 23,928 $ 30,730 Accrued expenses and other current liabilities 247,244 262,661 Total current liabilities 271,172 293,391 Operating lease liabilities 33,285 21,678 Other liabilities 7,651 7,820 Deferred income taxes 5,788 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 9,381,147 and 9,337,125 shares, respectively; Outstanding 8,345,812 and 8,665,324 shares, respectively 94 93 Treasury stock, at cost; 1,035,335 and 671,801 shares, respectively ( 262,072 ) ( 164,452 ) Additional paid-in capital 277,847 271,950 Retained earnings 993,193 869,310 Accumulated othe

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. 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 (Unaudited), unless otherwise stated. In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, which are necessary to fairly state the results for the periods presented. Certain prior period amounts have been reclassified including from Other (expense) income, 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 Consolid

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View this 10-Q filing on SEC EDGAR