Cavco Industries Inc. Files Q1 2025 10-Q

TL;DR

Cavco's Q1 2025 10-Q is in. Check financials for manufactured home giant.

AI Summary

Cavco Industries Inc. filed its 10-Q for the period ending June 29, 2024. The filing details financial performance and operational updates for the company, which is a major producer of manufactured homes. Specific financial figures and segment performance are outlined within the report.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational status of Cavco Industries, a key player in the manufactured housing market.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the manufactured housing sector can be sensitive to economic downturns and interest rate changes.

Key Numbers

• Q1 2025 — Fiscal Quarter (Reporting period for the 10-Q filing.)
• 0329 — Fiscal Year End (Indicates the company's fiscal year concludes on March 29th.)

Key Players & Entities

• CAVCO INDUSTRIES INC. (company) — Filer
• 20240629 (date) — Period of Report
• 20240802 (date) — Filed as of Date
• 3636 N CENTRAL AVE STE 1200 (address) — Business Address
• PHOENIX, AZ 85012 (address) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• cvco-20240629.htm (10-Q) — 910KB
• cvco-20240629xexhibit311.htm (EX-31) — 10KB
• cvco-20240629xexhibit312.htm (EX-31) — 10KB
• cvco-20240629xexhibit32.htm (EX-32) — 5KB
• 0000278166-24-000122.txt ( ) — 6913KB
• cvco-20240629.xsd (EX-101.SCH) — 46KB
• cvco-20240629_cal.xml (EX-101.CAL) — 90KB
• cvco-20240629_def.xml (EX-101.DEF) — 196KB
• cvco-20240629_lab.xml (EX-101.LAB) — 582KB
• cvco-20240629_pre.xml (EX-101.PRE) — 416KB
• cvco-20240629_htm.xml (XML) — 1119KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of June 29, 2024 (unaudited) and March 30, 2024 1 Consolidated Statements of Comprehensive Income (unaudited) for the three months ended June 29, 2024 and July 1, 2023 2 Consolidated Statements of Cash Flows (unaudited) for the three months ended June 29, 2024 and July 1, 2023 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 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Not applicable

Item 3. Not applicable

Not applicable

Item 4. Not applicable

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 24

SIGNATURES

SIGNATURES 25 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) June 29, 2024 March 30, 2024 ASSETS (Unaudited) Current assets Cash and cash equivalents $ 359,296 $ 352,687 Restricted cash, current 19,056 15,481 Accounts receivable, net 85,051 77,123 Short-term investments 20,671 18,270 Current portion of consumer loans receivable, net 28,887 20,713 Current portion of commercial loans receivable, net 40,363 40,787 Current portion of commercial loans receivable from affiliates, net 1,784 2,529 Inventories 244,844 241,339 Prepaid expenses and other current assets 77,622 82,870 Total current assets 877,574 851,799 Restricted cash 585 585 Investments 14,916 17,316 Consumer loans receivable, net 22,151 23,354 Commercial loans receivable, net 50,918 45,660 Commercial loans receivable from affiliates, net 2,279 2,065 Property, plant and equipment, net 224,749 224,199 Goodwill 121,969 121,934 Other intangibles, net 27,829 28,221 Operating lease right-of-use assets 37,712 39,027 Total assets $ 1,380,682 $ 1,354,160 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 31,431 $ 33,531 Accrued expenses and other current liabilities 264,574 239,736 Total current liabilities 296,005 273,267 Operating lease liabilities 33,873 35,148 Other liabilities 7,666 7,759 Deferred income taxes 4,598 4,575 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 9,401,057 and 9,389,953 shares, respectively; Outstanding 8,251,522 and 8,320,718 shares, respectively 94 94 Treasury stock, at cost; 1,149,535 and 1,069,235 shares, respectively ( 303,897 ) ( 274,693 ) Additional paid-in capital 281,062 281,216 Retained earnings 1,061,556 1,027,127 Accumulated other comprehensive loss ( 275 ) ( 333 ) Total stockholders' equity 1,038,540

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 interim results for the periods presented. 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 2024 Annual Report on Form 10-K for the year ended March 30, 2024, 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 n

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View this 10-Q filing on SEC EDGAR