False000027816600002781662025-01-302025-01-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2025
CAVCO INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware000-0882256-2405642
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
3636 North Central Avenue, Suite 1200
Phoenix
Arizona
85012
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (602) 256-6263
Not applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01CVCOThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02.    Results of Operations and Financial Condition

On January 30, 2025, Cavco Industries, Inc., a Delaware corporation (the "Company"), announced financial results for its fiscal third quarter ended December 28, 2024. A copy of the Company’s press release announcing these financial results is attached as Exhibit 99.1 hereto and incorporated in this Item 2.02 by reference.

Item 9.01.    Financial Statements and Exhibits
Exhibit NumberDescription
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CAVCO INDUSTRIES, INC.
By:/s/ Allison K. Aden
Allison K. Aden
Executive Vice President, Chief Financial Officer & Treasurer
Date:January 30, 2025



cavco_logo.jpg
For additional information, contact:
Mark Fusler
Corporate Controller and Investor Relations
investor_relations@cavco.com
News Release
Phone: 602-256-6263
On the Internet: www.cavcoindustries.com
FOR IMMEDIATE RELEASE
CAVCO INDUSTRIES REPORTS FISCAL 2025 THIRD QUARTER RESULTS
PHOENIX, January 30, 2025 (GLOBE NEWSWIRE) – Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the third fiscal quarter ended December 28, 2024.
Quarterly Highlights
•Net revenue was $522 million, up $75 million or 16.8% compared to $447 million in the third quarter of the prior year, primarily on home sales volume growth.
•Home sales volume is up 21.6% and capacity utilization is up to approximately 75% from approximately 60% in the third quarter of the prior year.
•Factory-built housing Gross profit as a percentage of Net revenue was 23.6%, compared to 22.4% in the prior year period.
•Financial services Gross profit as a percentage of Net revenue was 55.5%, compared to Gross profit of 36.8% in the prior year period.
•Income before income taxes was $69.3 million, up $25.4 million, or 57.9% compared to $43.9 million in the prior year period.
•The effective tax rate was 18.6% with the difference from the statutory rate driven primarily by higher than expected production of Energy Star homes year to date.
•Net income per diluted share attributable to Cavco common stockholders was $6.90, up 62%, compared to $4.27 in the prior year quarter on higher Factory-built housing volume and stronger Financial services results.
•Backlogs totaled $224 million at the end of the quarter representing 6-8 weeks of production.
•Stock repurchases were approximately $42 million in the quarter.


Commenting on the quarter, President and Chief Executive Officer Bill Boor said, "Our pre-tax profit improved significantly on increased home shipments and a strong recovery in Financial services. The outstanding EPS performance was further boosted by positive tax items and our continuing use of buybacks to manage the balance sheet.”

He continued, "While the third quarter is typically strong for our insurance operation, pricing and underwriting improvements implemented earlier in the year came to fruition and led to one of the strongest Financial services quarters in several years. In Factory-built housing, we executed our plan to utilize backlogs to ramp up production in anticipation of continued market improvement. Across the board, we are very well set-up going into the new calendar year.”




Financial Results
Three Months Ended
($ in thousands, except revenue per home sold)December 28,
2024		December 30,
2023		Change
Net revenue
Factory-built housing$500,860 $426,939 $73,921 17.3 %
Financial services21,180 19,830 1,350 6.8 %
$522,040 $446,769 $75,271 16.8 %
Factory-built modules sold8,378 6,806 1,572 23.1 %
Factory-built homes sold (consisting of one or more modules)5,059 4,160 899 21.6 %
Net factory-built housing revenue per home sold$99,004 $102,630 $(3,626)(3.5)%
 Nine Months Ended
($ in thousands, except revenue per home sold)December 28,
2024		December 30,
2023		Change
Net revenue
Factory-built housing$1,445,251 $1,318,114 $127,137 9.6 %
Financial services61,849 56,560 5,289 9.4 %
$1,507,100 $1,374,674 $132,426 9.6 %
Factory-built modules sold24,168 21,124 3,044 14.4 %
Factory-built homes sold (consisting of one or more modules)14,693 12,990 1,703 13.1 %
Net factory-built housing revenue per home sold$98,363 $101,471 $(3,108)(3.1)%
•In the factory-built housing segment, the increase in Net revenue in both periods was due to higher home sales volume, partially offset by a decrease in Net revenue per home sold primarily caused by a lower proportion of homes sold through our Company-owned stores.
•Financial services segment Net revenue increased in both periods from higher insurance premiums.


Three Months Ended
($ in thousands)December 28,
2024		December 30,
2023		Change
Gross profit
Factory-built housing$118,193 $95,756 $22,437 23.4 %
Financial services11,757 7,295 4,462 61.2 %
$129,950 $103,051 $26,899 26.1 %
Gross profit as % of Net revenue
Consolidated24.9 %23.1 %N/A1.8 %
Factory-built housing23.6 %22.4 %N/A1.2 %
Financial services55.5 %36.8 %N/A18.7 %
Selling, general and administrative expenses
Factory-built housing$60,409 $57,854 $2,555 4.4 %
Financial services5,571 5,458 113 2.1 %
$65,980 $63,312 $2,668 4.2 %
Income from operations
Factory-built housing$57,784 $37,902 $19,882 52.5 %
Financial services6,186 1,837 4,349 236.7 %
$63,970 $39,739 $24,231 61.0 %
 Nine Months Ended
($ in thousands)December 28,
2024		December 30,
2023		Change
Gross profit
Factory-built housing$333,223 $309,631 $23,592 7.6 %
Financial services16,251 18,256 (2,005)(11.0)%
$349,474 $327,887 $21,587 6.6 %
Gross profit as % of Net revenue
Consolidated23.2 %23.9 %N/A(0.7)%
Factory-built housing23.1 %23.5 %N/A(0.4)%
Financial services26.3 %32.3 %N/A(6.0)%
Selling, general and administrative expenses
Factory-built housing$181,569 $170,330 $11,239 6.6 %
Financial services16,259 16,168 91 0.6 %
$197,828 $186,498 $11,330 6.1 %
Income from operations
Factory-built housing$151,654 $139,301 $12,353 8.9 %
Financial services(8)2,088 (2,096)(100.4)%
$151,646 $141,389 $10,257 7.3 %
•In the factory-built housing segment, Gross profit as a percent of Net revenue for the three months increased due to lower input costs per unit and efficiencies gained on increased production, partially offset by lower average selling price. Gross profit as a percent of Net revenue for the nine months decreased due to lower average selling price, partially offset by lower input costs per unit.


•In the financial services segment, Gross profit and Income from operations for the three months increased due to higher insurance premiums and lower claim losses. Gross profit and Income from operations for the nine months decreased due to higher storm and fire activity, partially offset by higher insurance premiums.
•Selling, general and administrative expenses increased for both periods as a result of increases in variable compensation driven by higher incentive compensation and increases in expense from acquired retail locations, partially offset by lower legal expenses.
Three Months Ended
($ in thousands, except per share amounts)December 28,
2024		December 30,
2023		Change
Interest Income$5,353 $5,234 $119 2.3 %
Net income attributable to Cavco common stockholders$56,462 $35,987 $20,475 56.9 %
Diluted net income per share$6.90 $4.27 $2.63 61.6 %
 Nine Months Ended
($ in thousands, except per share amounts)December 28,
2024		December 30,
2023		Change
Interest Income$16,556 $15,664 $892 5.7 %
Net income attributable to Cavco common stockholders$134,706 $123,883 $10,823 8.7 %
Diluted net income per share$16.25 $14.34 $1.91 13.3 %
Items ancillary to our core operations had the following impact on the results of operations:
Three Months EndedNine Months Ended
($ in millions)December 28,
2024		December 30,
2023		December 28,
2024		December 30,
2023
Net revenue
Unrealized (losses) gains recognized during the period on securities held in the financial services segment$(2.4)$0.4 $(1.9)$0.4 
Selling, general and administrative expenses
Legal and other expense related to the SEC inquiry, including indemnified costs of a former officer— (2.0)— (3.0)
Other income, net
Unrealized (losses) gains on corporate equity securities(0.2)2.0 (0.1)0.3 
Conference Call Details
Cavco's management will hold a conference call to review these results tomorrow, January 31, 2025, at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register at
https://edge.media-server.com/mmc/p/9ye53925 to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com.



About Cavco
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular 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. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a 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, provides property and casualty insurance to owners of manufactured homes.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) comply with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating manufactured housing, privacy, the internet, and accounting matters; (ix) successfully defend against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 30, 2024 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.



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, current15,178 15,481 
Accounts receivable, net91,840 77,123 
Short-term investments16,062 18,270 
Current portion of consumer loans receivable, net33,242 20,713 
Current portion of commercial loans receivable, net34,892 40,787 
Current portion of commercial loans receivable from affiliates, net1,358 2,529 
Inventories243,299 241,339 
Prepaid expenses and other current assets79,253 82,870 
Total current assets877,987 851,799 
Restricted cash585 585 
Investments18,287 17,316 
Consumer loans receivable, net20,394 23,354 
Commercial loans receivable, net51,305 45,660 
Commercial loans receivable from affiliates, net6,798 2,065 
Property, plant and equipment, net226,126 224,199 
Goodwill121,969 121,934 
Other intangibles, net27,068 28,221 
Operating lease right-of-use assets35,248 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 liabilities259,134 239,736 
Total current liabilities285,222 273,267 
Operating lease liabilities31,472 35,148 
Other liabilities7,206 7,759 
Deferred income taxes4,642 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, respectively
94 94 
Treasury stock, at cost; 1,356,420 and 1,069,235 shares, respectively
(391,128)(274,693)
Additional paid-in capital286,573 281,216 
Retained earnings1,161,833 1,027,127 
Accumulated other comprehensive loss(147)(333)
Total stockholders' equity1,057,225 1,033,411 
Total liabilities and stockholders' equity$1,385,767 $1,354,160 


CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
 Three Months EndedNine Months Ended
 December 28,
2024		December 30,
2023		December 28,
2024		December 30,
2023
Net revenue$522,040 $446,769 $1,507,100 $1,374,674 
Cost of sales392,090 343,718 1,157,626 1,046,787 
Gross profit129,950 103,051 349,474 327,887 
Selling, general and administrative expenses65,980 63,312 197,828 186,498 
Income from operations63,970 39,739 151,646 141,389 
Interest income5,353 5,234 16,556 15,664 
Interest expense(155)(842)(370)(1,365)
Other income, net168 (224)315 557 
Income before income taxes69,336 43,907 168,147 156,245 
Income tax expense(12,874)(7,920)(33,441)(32,274)
Net income56,462 35,987 134,706 123,971 
Less: net income attributable to redeemable noncontrolling interest— — — 88 
Net income attributable to Cavco common stockholders$56,462 $35,987 $134,706 $123,883 
Net income per share attributable to Cavco common stockholders
Basic$6.97 $4.31 $16.42 $14.47 
Diluted$6.90 $4.27 $16.25 $14.34 
Weighted average shares outstanding
Basic8,096,538 8,358,389 8,203,448 8,561,209 
Diluted8,186,814 8,432,471 8,291,647 8,640,288 


CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA
(Dollars in thousands)
(Unaudited)
Three Months EndedNine Months Ended
December 28,
2024		December 30,
2023		December 28,
2024		December 30,
2023
Capital expenditures$5,434 $4,767 $15,253 $13,237 
Depreciation$4,407 $4,228 $13,151 $12,677 
Amortization of other intangibles$377 $392 $1,154 $1,177 

###

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Jan. 30, 2025
Document and Entity Information [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 30, 2025
Entity Registrant Name CAVCO INDUSTRIES INC.
Entity Central Index Key 0000278166
Entity Emerging Growth Company false
Entity File Number 000-08822
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 56-2405642
Entity Address, Address Line One 3636 North Central Avenue, Suite 1200
Entity Address, City or Town Phoenix
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85012
City Area Code 602
Local Phone Number 256-6263
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Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01
Trading Symbol CVCO
Security Exchange Name NASDAQ
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