Cavco Industries Files Q3 2024 10-Q

TL;DR

Cavco's Q3 2024 10-Q is in. Check financials for mobile home biz.

AI Summary

Cavco Industries Inc. filed its 10-Q for the period ending December 28, 2024. The company, headquartered in Phoenix, AZ, operates in the mobile homes sector. This filing covers the third quarter of their fiscal year, which ends on March 29th. Specific financial details and segment performance are detailed within the report.

Why It Matters

This filing provides investors with an update on Cavco Industries' financial performance and operational status for the third quarter of fiscal year 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial performance and market conditions detailed within can introduce varying levels of risk.

Key Players & Entities

• CAVCO INDUSTRIES INC. (company) — Filer
• Phoenix, AZ (location) — Business Address
• 2024-12-28 (date) — Period of Report
• 2025-01-31 (date) — Filed as of Date
• 0329 (date) — Fiscal Year End

FAQ

Key Financial Figures

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

Filing Documents

• cvco-20241228.htm (10-Q) — 1160KB
• cvco-20241228xexhibit311.htm (EX-31.1) — 10KB
• cvco-20241228xexhibit312.htm (EX-31.2) — 10KB
• cvco-20241228xexhibit32.htm (EX-32) — 5KB
• 0000278166-25-000007.txt ( ) — 7680KB
• cvco-20241228.xsd (EX-101.SCH) — 46KB
• cvco-20241228_cal.xml (EX-101.CAL) — 88KB
• cvco-20241228_def.xml (EX-101.DEF) — 206KB
• cvco-20241228_lab.xml (EX-101.LAB) — 580KB
• cvco-20241228_pre.xml (EX-101.PRE) — 413KB
• cvco-20241228_htm.xml (XML) — 1396KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of December 28, 2024 (unaudited) and March 30, 2024 1 Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended December 28, 2024 and Dece mber 30, 2023 2 Consolidated Statements of Cash Flows (unaudited) for the nine months ended D ecember 28, 2024 and Decem ber 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 25

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Not applicable

Item 3. Not applicable

Not applicable

Item 4. Not applicable

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

SIGNATURES

SIGNATURES 28 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) December 28, 2024 March 30, 2024 ASSETS (Unaudited) Current assets Cash and cash equivalents $ 362,863 $ 352,687 Restricted cash, current 15,178 15,481 Accounts receivable, net 91,840 77,123 Short-term investments 16,062 18,270 Current portion of consumer loans receivable, net 33,242 20,713 Current portion of commercial loans receivable, net 34,892 40,787 Current portion of commercial loans receivable from affiliates, net 1,358 2,529 Inventories 243,299 241,339 Prepaid expenses and other current assets 79,253 82,870 Total current assets 877,987 851,799 Restricted cash 585 585 Investments 18,287 17,316 Consumer loans receivable, net 20,394 23,354 Commercial loans receivable, net 51,305 45,660 Commercial loans receivable from affiliates, net 6,798 2,065 Property, plant and equipment, net 226,126 224,199 Goodwill 121,969 121,934 Other intangibles, net 27,068 28,221 Operating lease right-of-use assets 35,248 39,027 Total assets $ 1,385,767 $ 1,354,160 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 26,088 $ 33,531 Accrued expenses and other current liabilities 259,134 239,736 Total current liabilities 285,222 273,267 Operating lease liabilities 31,472 35,148 Other liabilities 7,206 7,759 Deferred income taxes 4,642 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 9,422,969 and 9,389,953 shares, respectively; Outstanding 8,066,549 and 8,320,718 shares, respectively 94 94 Treasury stock, at cost; 1,356,420 and 1,069,235 shares, respectively ( 391,128 ) ( 274,693 ) Additional paid-in capital 286,573 281,216 Retained earnings 1,161,833 1,027,127 Accumulated other comprehensive loss ( 147 ) ( 333 ) Total stockholders' equity 1,057

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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