Cavco Industries Q2 2024 Update

TL;DR

Cavco's Q2 2024 shows segment shifts. Check the full report for details.

AI Summary

For the quarter ended September 28, 2024, Cavco Industries Inc. reported financial results. The company's Consumer Portfolio Segment saw a change in its financial position, and its Commercial Portfolio Segment, both related and non-related party aspects, also experienced shifts. Specific dollar amounts and detailed segment performance are available within the full filing.

Why It Matters

This filing provides insight into Cavco Industries' financial performance and operational segments, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: medium — The filing contains financial data and segment information that requires careful analysis to fully understand the company's financial health and future prospects.

Key Numbers

• 20240928 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20241101 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• CAVCO INDUSTRIES INC. (company) — Filer
• 20240928 (date) — Reporting Period End Date
• 20241101 (date) — Filing Date
• 0000278166 (company) — Central Index Key

FAQ

Key Financial Figures

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

Filing Documents

• cvco-20240928.htm (10-Q) — 1096KB
• cvco-20240928xexhibit101.htm (EX-10.1) — 19KB
• cvco-20240928xexhibit311.htm (EX-31.1) — 10KB
• cvco-20240928xexhibit312.htm (EX-31.2) — 10KB
• cvco-20240928xexhibit32.htm (EX-32) — 5KB
• 0000278166-24-000152.txt ( ) — 7357KB
• cvco-20240928.xsd (EX-101.SCH) — 44KB
• cvco-20240928_cal.xml (EX-101.CAL) — 88KB
• cvco-20240928_def.xml (EX-101.DEF) — 196KB
• cvco-20240928_lab.xml (EX-101.LAB) — 560KB
• cvco-20240928_pre.xml (EX-101.PRE) — 403KB
• cvco-20240928_htm.xml (XML) — 1294KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of September 28, 2024 (unaudited) and March 30, 2024 1 Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended September 28, 2024 and September 30 , 2023 2 Consolidated Statements of Cash Flows (unaudited) for the six months ended September 28, 2024 and September 30, 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 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Not applicable

Item 3. Not applicable

Not applicable

Item 4. Not applicable

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 26

SIGNATURES

SIGNATURES 27 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CAVCO INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) September 28, 2024 March 30, 2024 ASSETS (Unaudited) Current assets Cash and cash equivalents $ 364,113 $ 352,687 Restricted cash, current 21,519 15,481 Accounts receivable, net 94,296 77,123 Short-term investments 24,574 18,270 Current portion of consumer loans receivable, net 30,899 20,713 Current portion of commercial loans receivable, net 36,887 40,787 Current portion of commercial loans receivable from affiliates, net 2,894 2,529 Inventories 244,025 241,339 Prepaid expenses and other current assets 82,758 82,870 Total current assets 901,965 851,799 Restricted cash 585 585 Investments 12,845 17,316 Consumer loans receivable, net 20,770 23,354 Commercial loans receivable, net 47,192 45,660 Commercial loans receivable from affiliates, net 3,933 2,065 Property, plant and equipment, net 225,121 224,199 Goodwill 121,969 121,934 Other intangibles, net 27,445 28,221 Operating lease right-of-use assets 36,378 39,027 Total assets $ 1,398,203 $ 1,354,160 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 39,252 $ 33,531 Accrued expenses and other current liabilities 272,228 239,736 Total current liabilities 311,480 273,267 Operating lease liabilities 32,485 35,148 Other liabilities 7,529 7,759 Deferred income taxes 4,732 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 9,417,332 and 9,389,953 shares, respectively; Outstanding 8,158,996 and 8,320,718 shares, respectively 94 94 Treasury stock, at cost; 1,258,336 and 1,069,235 shares, respectively ( 348,406 ) ( 274,693 ) Additional paid-in capital 284,995 281,216 Retained earnings 1,105,371 1,027,127 Accumulated other comprehensive loss ( 77 ) ( 333 ) Total stockholders' equity 1,041

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

View Full Filing

View this 10-Q filing on SEC EDGAR