Champion Homes Files 10-Q for Q2 2024

TL;DR

Champion Homes 10-Q filed. Financials look steady. Keep an eye on housing market trends.

AI Summary

Champion Homes, Inc. filed its 10-Q for the period ending June 29, 2024. The filing details financial performance and operational updates for the company, which operates in the mobile homes industry. Specific financial figures and segment performance are outlined within the report.

Why It Matters

This filing provides investors with a quarterly update on Champion Homes' financial health and operational performance, crucial for understanding the company's trajectory in the manufactured housing market.

Risk Assessment

Risk Level: medium — The company operates in the cyclical mobile home industry, which is sensitive to economic conditions and interest rates.

Key Numbers

• 20240629 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240807 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Champion Homes, Inc. (company) — Filer of the 10-Q
• June 29, 2024 (date) — End of reporting period
• 20240629 (date) — Conformed period of report
• Skyline Champion Corp (company) — Former company name

FAQ

Filing Documents

• sky-20240629.htm (10-Q) — 1449KB
• sky-ex10_1.htm (EX-10.1) — 86KB
• sky-ex10_2.htm (EX-10.2) — 46KB
• sky-ex31_1.htm (EX-31.1) — 15KB
• sky-ex31_2.htm (EX-31.2) — 15KB
• sky-ex32.htm (EX-32) — 9KB
• 0000950170-24-092813.txt ( ) — 6492KB
• sky-20240629.xsd (EX-101.SCH) — 902KB
• sky-20240629_htm.xml (XML) — 1023KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of June 29, 2024 (unaudited) and March 30, 2024 1 Condensed Consolidated Income Statements (unaudited) for the three months ended June 29, 2024 and July 1, 2023 2 Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months ended June 29, 2024 and July 1, 2023 3 Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended June 29, 2024 and July 1, 2023 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the three months ended June 29, 2024 and July 1, 2023 5 Notes to Condensed Consolidated Financial Statements 6

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 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 25

SIGNATURES

SIGNATURES 26 i EXPLANATORY NOTE On August 1, 2024, Skyline Champion Corporation changed its name to Champion Homes, Inc., which we refer to in this Quarterly Report on Form 10-Q as the "name change." Unless the context otherwise requires, references herein to the "Company," "we," "us," or "our" refer to Skyline Champion Corporation for periods ending on or before the name change and to Champion Homes, Inc. for any references to the Company after the name change. ii

- FINANCI AL INFORMATION

PART I - FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements Champion Homes, Inc. Condensed Consolida ted Balance Sheets (Dollars and shares in thousands, except per share amounts) June 29, 2024 March 30, 2024 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 548,933 $ 495,063 Trade accounts receivable, net 72,706 64,632 Inventories, net 319,958 318,737 Other current assets 34,331 39,870 Total current assets 975,928 918,302 Long-term assets: Property, plant, and equipment, net 293,390 290,930 Goodwill 357,973 357,973 Amortizable intangible assets, net 73,459 76,369 Deferred tax assets 27,645 26,878 Other noncurrent assets 258,735 252,889 Total assets $ 1,987,130 $ 1,923,341 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Floorplan payable $ 92,858 $ 91,286 Accounts payable 61,448 50,820 Other current liabilities 264,388 247,495 Total current liabilities 418,694 389,601 Long-term liabilities: Long-term debt 24,684 24,669 Deferred tax liabilities 7,060 6,905 Other liabilities 85,945 79,796 Total long-term liabilities 117,689 111,370 Stockholders' Equity: Common stock, $ 0.0277 par value, 115,000 shares authorized, 57,579 and 57,815 shares issued as of June 29, 2024 and March 30, 2024, respectively 1,598 1,605 Additional paid-in capital 574,365 568,203 Retained earnings 889,837 866,485 Accumulated other comprehensive loss ( 15,053 ) ( 13,923 ) Total stockholders' equity 1,450,747 1,422,370 Total liabilities and stockholders' equity $ 1,987,130 $ 1,923,341 See accompanying Notes to Condensed Consolidated Financial Statements. 1 Champion Homes, Inc. Condensed Consol idated Income Statements (Unaudited, dollars in thousands, except per share amounts) Three months ended June 29, 2024 July 1, 2023 Net sales $ 627,779 $ 464,769 Cost of sales 463,564 335,096

View Full Filing

View this 10-Q filing on SEC EDGAR