Cavco Industries Inc. Files 2024 Annual Report

Ticker: CVCO · Form: 10-K · Filed: May 24, 2024 · CIK: 278166

Sentiment: neutral

Topics: annual-report, sec-filing, compliance

Related Tickers: CVCO

TL;DR

CVCO filed its 2024 10-K. All good on filings.

AI Summary

For the fiscal year ended March 30, 2024, Cavco Industries Inc. reported its annual results. The company, incorporated in Delaware with its principal executive offices in Phoenix, Arizona, is registered with the SEC under file number 000-08822. Its common stock trades on The Nasdaq Stock Market LLC under the symbol CVCO. Cavco Industries Inc. has confirmed it has filed all required reports for the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Why It Matters

This 10-K filing provides a comprehensive overview of Cavco Industries Inc.'s financial performance and operational status for the fiscal year ended March 30, 2024, crucial for investors and stakeholders.

Risk Assessment

Risk Level: low — The filing indicates standard compliance with SEC reporting requirements, suggesting no immediate red flags.

Key Players & Entities

FAQ

What is the fiscal year end date for Cavco Industries Inc.'s 2024 annual report?

The fiscal year ended March 30, 2024.

In which state was Cavco Industries Inc. incorporated?

Cavco Industries Inc. was incorporated in Delaware.

What is the Commission File Number for Cavco Industries Inc.?

The Commission File Number is 000-08822.

On which stock exchange does Cavco Industries Inc. trade?

Cavco Industries Inc. trades on The Nasdaq Stock Market LLC.

Has Cavco Industries Inc. filed all required reports for the preceding 12 months?

Yes, the filing indicates that Cavco Industries Inc. has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,413 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-05-24 16:51:00

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 26

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 29

Legal Proceedings

Item 3. Legal Proceedings 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

[Reserved ]

Item 6. [Reserved ] 32

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 40

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 41

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 41

Controls and Procedures

Item 9A. Controls and Procedures 41

Other Information

Item 9B. Other Information 45

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 45

Executive Compensation

Item 11. Executive Compensation 45

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 45

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 47

Principal Account an t Fees and Services

Item 14. Principal Account an t Fees and Services 47 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 48

Form 10-K Summary

Item 16. Form 10-K Summary 50

Signatures

Signatures 51 Index to Consolidated Financial Statements F-1 1 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General Cavco Industries, Inc., a Delaware corporation, was formed on June 30, 2003, as a successor corporation to previous Cavco entities operating since 1965. Headquartered in Phoenix, Arizona, we design and produce factory-built homes primarily distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. We are one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments. Our products are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry and Solitaire. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Our finance subsidiary, CountryPlace Acceptance Corp. ("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. Our insurance subsidiary, Standard Casualty Company ("Standard Casualty"), provides property and casualty insurance primarily to owners of manufactured homes. The terms "Cavco," "us," "we," "our," the "Company," and any other similar terms refer to Cavco Industries, Inc. and its consolidated subsidiaries, unless otherwise indicated in this Annual Report on Form 10-K for the fiscal year ended March 30, 2024 ("Annual Report"). We construct homes using an assembly-line process in which each module or floor section is completed in stages. This assembly-line process is designed to be flexible in order to accommodate customer requested customizations. Our operations include a total

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