Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company"
or "Cavco") today announced financial results for the second fiscal
quarter ended October 1, 2022, provided further discussion on
the planned acquisition of Solitaire Homes, Inc. and provided
updates on other business items.
Second Quarter Highlights
- Net revenue
increased to $577 million, or 60.6%, compared to
$360 million in the second quarter of the prior year, and Net
income attributable to Cavco common stockholders increased to
$74 million, or 97.1%, compared to the same period last
year.
- Gross profit as a
percentage of Net revenue increased 230 bps to 27.3% and
Factory-built housing gross profit as a percentage of Net revenue
increased 260 bps to 26.7% compared to the second fiscal quarter of
2022.
- Earnings per diluted
share totaled $8.25 compared to $4.06 in the prior year
quarter.
- Backlogs were
$651 million at the end of the quarter, down $347 million
sequentially from three months prior.
- Commenced operations
at our new park model manufacturing facility in Glendale,
Arizona.
Commenting on the quarter, President and Chief
Executive Officer Bill Boor said, "Our teams across the company
continue to achieve outstanding results even as market conditions
are shifting. Near-term demand is being impacted by rising interest
rates, inflation and other economic drivers. However, there are
opportunities for manufactured housing in this market environment
and the current dynamics do not change the massive affordable
housing deficit. We are fully prepared to maneuver through the
market transition while staying focused on that long-term need for
our homes."
He continued, "The recent start-ups of the
Hamlet and Glendale plants and the addition of Solitaire Homes are
right in line with our strategy to grow our impact on the
affordable housing problem. Since the beginning of fiscal 2022, we
have committed $244 million to strategic acquisitions, $52 million
to internal capital projects including Hamlet and Glendale and $99
million to share repurchases. After the commitment of cash to the
Solitaire deal, we still have well over $200 million in cash
providing ongoing flexibility."
Financial Results
|
Three Months Ended |
|
|
|
|
($ in thousands, except
revenue per home sold) |
October 1,2022 |
|
October 2,2021 |
|
Change |
Net revenue |
|
|
|
|
|
|
|
Factory-built housing |
$ |
559,602 |
|
$ |
342,094 |
|
$ |
217,508 |
|
|
63.6 |
% |
Financial services |
|
17,790 |
|
|
17,449 |
|
|
341 |
|
|
2.0 |
% |
|
$ |
577,392 |
|
$ |
359,543 |
|
$ |
217,849 |
|
|
60.6 |
% |
|
|
|
|
|
|
|
|
Factory-built modules sold |
|
8,863 |
|
|
6,256 |
|
|
2,607 |
|
|
41.7 |
% |
|
|
|
|
|
|
|
|
Factory-built homes sold (consisting of one or more modules) |
|
5,111 |
|
|
3,597 |
|
|
1,514 |
|
|
42.1 |
% |
|
|
|
|
|
|
|
|
Net factory-built housing revenue per home sold |
$ |
109,490 |
|
$ |
95,105 |
|
$ |
14,385 |
|
|
15.1 |
% |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
($ in thousands, except revenue per home sold) |
October 1,2022 |
|
October 2,2021 |
|
Change |
Net revenue |
|
|
|
|
|
|
|
Factory-built housing |
$ |
1,132,199 |
|
$ |
654,377 |
|
$ |
477,822 |
|
|
73.0 |
% |
Financial services |
|
33,531 |
|
|
35,588 |
|
|
(2,057 |
) |
|
(5.8) % |
|
$ |
1,165,730 |
|
$ |
689,965 |
|
$ |
475,765 |
|
|
69.0 |
% |
|
|
|
|
|
|
|
|
Factory-built modules sold |
|
18,105 |
|
|
12,574 |
|
|
5,531 |
|
|
44.0 |
% |
|
|
|
|
|
|
|
|
Factory-built homes sold (consisting of one or more modules) |
|
10,457 |
|
|
7,297 |
|
|
3,160 |
|
|
43.3 |
% |
|
|
|
|
|
|
|
|
Net factory-built housing revenue per home sold |
$ |
108,272 |
|
$ |
89,678 |
|
$ |
18,594 |
|
|
20.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
-
In the factory-built housing segment, the increase in Net revenue
for both the three and six months ended October 1, 2022 compared to
the respective periods in the prior year was due to higher home
sales volume and higher home selling prices. Home sales volume
increased from the Commodore acquisition, completed in the second
quarter of fiscal year 2022, which provided $107 million and $208
million in Net revenue for the three and six months ended October
1, 2022, respectively. The three and six months also benefited from
higher factory capacity utilization which enabled higher sales
volume.
- Financial
services segment Net revenue increased for the three months ended
October 1, 2022 from higher volume in home loans sales in the
period. For the six months ended October 1, 2022, Net revenues
decreased primarily due to realized and unrealized losses on
marketable equity securities in the insurance subsidiary's
portfolio during the current period and lower interest income
earned on the acquired consumer loan portfolios, and lower volume
in home loan sales. These items were partially offset by more
insurance policies in force in the current year compared to the
prior year.
|
Three Months Ended |
|
|
|
|
($ in thousands) |
October 1,2022 |
|
October 2,2021 |
|
Change |
Gross
Profit |
|
|
|
|
|
|
|
Factory-built housing |
$ |
149,665 |
|
|
$ |
82,299 |
|
|
$ |
67,366 |
|
|
81.9 |
% |
Financial services |
|
7,934 |
|
|
|
7,629 |
|
|
|
305 |
|
|
4.0 |
% |
|
$ |
157,599 |
|
|
$ |
89,928 |
|
|
$ |
67,671 |
|
|
75.3 |
% |
|
|
|
|
|
|
|
|
Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
Consolidated |
|
27.3 |
% |
|
|
25.0 |
% |
|
N/A |
|
2.3 |
% |
Factory-built housing |
|
26.7 |
% |
|
|
24.1 |
% |
|
N/A |
|
2.6 |
% |
Financial services |
|
44.6 |
% |
|
|
43.7 |
% |
|
N/A |
|
0.9 |
% |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
Factory-built housing |
$ |
61,640 |
|
|
$ |
40,347 |
|
|
$ |
21,293 |
|
|
52.8 |
% |
Financial services |
|
5,254 |
|
|
|
5,025 |
|
|
|
229 |
|
|
4.6 |
% |
|
$ |
66,894 |
|
|
$ |
45,372 |
|
|
$ |
21,522 |
|
|
47.4 |
% |
|
|
|
|
|
|
|
|
Income from
Operations |
|
|
|
|
|
|
|
Factory-built housing |
$ |
88,025 |
|
|
$ |
41,952 |
|
|
$ |
46,073 |
|
|
109.8 |
% |
Financial services |
|
2,680 |
|
|
|
2,604 |
|
|
|
76 |
|
|
2.9 |
% |
|
$ |
90,705 |
|
|
$ |
44,556 |
|
|
$ |
46,149 |
|
|
103.6 |
% |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
($ in thousands) |
October 1,2022 |
|
October 2,2021 |
|
Change |
Gross
Profit |
|
|
|
|
|
|
|
Factory-built housing |
$ |
289,251 |
|
|
$ |
148,572 |
|
|
$ |
140,679 |
|
|
94.7 |
% |
Financial services |
|
13,072 |
|
|
|
15,369 |
|
|
|
(2,297 |
) |
|
(14.9)% |
|
$ |
302,323 |
|
|
$ |
163,941 |
|
|
$ |
138,382 |
|
|
84.4 |
% |
|
|
|
|
|
|
|
|
Gross profit as % of Net
revenue |
|
|
|
|
|
|
|
Consolidated |
|
25.9 |
% |
|
|
23.8 |
% |
|
N/A |
|
2.1 |
% |
Factory-built housing |
|
25.5 |
% |
|
|
22.7 |
% |
|
N/A |
|
2.8 |
% |
Financial services |
|
39.0 |
% |
|
|
43.2 |
% |
|
N/A |
|
(4.2 |
)% |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
Factory-built housing |
$ |
122,563 |
|
|
$ |
75,844 |
|
|
$ |
46,719 |
|
|
61.6 |
% |
Financial services |
|
10,467 |
|
|
|
10,360 |
|
|
|
107 |
|
|
1.0 |
% |
|
$ |
133,030 |
|
|
$ |
86,204 |
|
|
$ |
46,826 |
|
|
54.3 |
% |
|
|
|
|
|
|
|
|
Income from
Operations |
|
|
|
|
|
|
|
Factory-built housing |
$ |
166,688 |
|
|
$ |
72,728 |
|
|
$ |
93,960 |
|
|
129.2 |
% |
Financial services |
|
2,605 |
|
|
|
5,009 |
|
|
|
(2,404 |
) |
|
(48.0 |
)% |
|
$ |
169,293 |
|
|
$ |
77,737 |
|
|
$ |
91,556 |
|
|
117.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
In the factory-built housing segment, the Gross profit percentage
and total gross profit for both the three and six months increased
from higher home sales prices. Selling, general and administrative
expenses increased primarily due to higher salary and incentive
compensation expense on improved earnings, as well as from higher
legal and professional fees.
- In the financial
services segment, Gross profit and Income from operations for the
three months increased primarily due to higher mortgage loan sales.
For the six months, Gross profit and Income from operations were
negatively affected by higher insurance claims from New Mexico and
Arizona weather related events, and greater unrealized losses on
marketable equity securities compared to the same period last
year.
|
Three Months Ended |
|
|
|
|
($ in thousands, except per
share amounts) |
October 1,2022 |
|
October 2,2021 |
|
Change |
Net Income attributable to Cavco common
stockholders |
$ |
74,116 |
|
$ |
37,610 |
|
$ |
36,506 |
|
97.1 |
% |
Diluted net income per
share |
$ |
8.25 |
|
$ |
4.06 |
|
$ |
4.19 |
|
103.2 |
% |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
($ in thousands, except per
share amounts) |
October 1,2022 |
|
October 2,2021 |
|
Change |
Net Income attributable
to Cavco common stockholders |
$ |
133,718 |
|
$ |
64,656 |
|
$ |
69,062 |
|
106.8 |
% |
Diluted net income per
share |
$ |
14.88 |
|
$ |
6.97 |
|
$ |
7.91 |
|
113.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
-
For the three and six months ended October 1, 2022, Income tax
expense was reduced by approximately $2.7 million due to estimated
non-recurring net tax credits related to the sale of energy
efficient homes, available under the Internal Revenue Code §45L.
This program expired on December 31, 2021 and was recently extended
in its current form through December 31, 2022, which resulted in
the current period benefit.
Items ancillary to our core operations had the
following impact on the results of operations:
|
Three Months Ended |
|
Six Months Ended |
($ in
millions) |
October 1,2022 |
|
October 2,2021 |
|
October 1,2022 |
|
October 2,2021 |
Net
revenue |
Unrealized losses recognized during the period on securities held
in the financial services segment |
$ |
— |
|
|
$ |
(0.5 |
) |
|
$ |
(1.2 |
) |
|
$ |
(0.1 |
) |
Selling,
general and administrative expenses |
|
|
Expenses incurred in engaging third-party consultants in relation
to the non-recurring energy efficient home tax credits |
|
(1.9 |
) |
|
|
(0.4 |
) |
|
|
(4.5 |
) |
|
|
(0.4 |
) |
Legal and other expense related to the SEC inquiry, net of
recovery |
|
(1.4 |
) |
|
|
(0.5 |
) |
|
|
(2.8 |
) |
|
|
(0.6 |
) |
Commodore acquisition deal costs |
|
— |
|
|
|
(2.1 |
) |
|
|
— |
|
|
|
(2.4 |
) |
Other
income, net |
Corporate unrealized gains (losses) recognized during the period on
securities held |
|
— |
|
|
|
0.5 |
|
|
|
(1.1 |
) |
|
|
1.7 |
|
Gain on consolidation of equity method investment |
|
— |
|
|
|
3.3 |
|
|
|
— |
|
|
|
3.3 |
|
Income
tax benefit |
Energy efficient home tax credits, net |
|
2.7 |
|
|
|
— |
|
|
|
2.7 |
|
|
|
— |
|
Tax benefits from stock option exercises |
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing Demand and Production
Updates
Our backlog at October 1, 2022 was $651
million compared to $1.0 billion last quarter, a decrease of $347
million or 34.8%. This was largely due to lower home order rates,
net of cancellations, which are down from the extreme highs we saw
during the summer of 2020 to the summer of 2021. Additionally, our
efforts in product simplification and production staffing
improvement have increased our total average plant capacity
utilization. For the second fiscal quarter of 2023, our capacity
utilization was approximately 80%, compared to 75% in the second
fiscal quarter of 2022. Compared to the sequential quarter, the
lower utilization is due to market and weather driven downtime.
Planned Acquisition of Solitaire
Homes
As announced on October 27, 2022, we have signed
a binding agreement to acquire the business of Solitaire Homes,
Inc. and other related entities (collectively “Solitaire Homes”),
including its four manufacturing facilities, twenty-two retail
locations and its dedicated transportation operations. The addition
of Solitaire Homes strengthens our position in the Southwest, with
high quality products that complement our existing home
offerings.
The purchase price totals $93 million, before
certain adjustments that will be determined upon close of the
transaction. We expect to fund the acquisition entirely with cash
on hand. The transaction is expected to close early in the
Company's fourth quarter of fiscal year 2023, subject to applicable
regulatory approvals and the satisfaction of certain customary
conditions.
Update on Facilities in Arizona and
North Carolina
During the quarter, we commenced production at
our facility in Glendale, Arizona. The 118,000 square-foot-facility
is used for production of park models, cabins and cottages built
under standards approved by the American National Standards
Institute.
On October 4, 2022, we opened our 28th
production line in Hamlet, North Carolina. Known as “Cavco Homes of
North Carolina,” the 184,000 square-foot-plant will produce homes
built under the standards of the U.S. Department of Housing and
Urban Development. The opening comes approximately seven months
after Cavco acquired the facility from Volumetric Building
Companies.
SEC Litigation Update
As announced on September 23, 2022, the United
States District Court for the District of Arizona approved the
settlement of the Securities and Exchange Commission action against
the Company. Without admitting or denying the findings of the
consent judgment, the Company agreed to the imposition of an
injunction against future violations of the antifraud and internal
accounting control provisions of the Securities Exchange Act of
1934 and paid a monetary penalty of $1.5 million. The settlement
resolves all claims in the action against the Company.
Conference Call Details
Cavco's management will hold a conference call to review these
results tomorrow, November 4, 2022, 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 here to
receive the dial in number and your PIN. An archive of the webcast
and presentation will be available for 90 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 and MidCountry. 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
Certain statements contained in this release are forward-looking
statements. In general, all statements that are not historical in
nature are forward-looking. Forward-looking statements are
typically included, for example, in discussions regarding the
manufactured housing industry; our financial performance and
operating results; and the expected effect of certain risks and
uncertainties on our business, financial condition and results of
operations. All forward-looking statements are subject to risks and
uncertainties, many of which are beyond our control. As a result,
our actual results or performance may differ materially from
anticipated results or performance. Factors that could cause such
differences to occur include, but are not limited to: the impact of
local or national emergencies including the COVID-19 pandemic,
including such impacts from state and federal regulatory action
that restricts our ability to operate our business in the ordinary
course and impacts on (i) customer demand and the availability of
financing for our products, (ii) our supply chain and the
availability of raw materials for the manufacture of our products,
(iii) the availability of labor and the health and safety of our
workforce and (iv) our liquidity and access to the capital markets;
labor shortages and the pricing and availability of transportation
or raw materials; increased health and safety incidents; our
ability to negotiate reasonable collective bargaining agreements
with the unions representing certain employees; increases in the
rate of cancellations of home sales orders; our ability to
successfully integrate past acquisitions or future acquisitions;
involvement in vertically integrated lines of business, including
manufactured housing consumer finance, commercial finance and
insurance; information technology failures or cyber incidents; our
ability to maintain the security of personally identifiable
information of our customers, suppliers and employees; our
participation in certain financing programs for the purchase of our
products by industry distributors and consumers, which may expose
us to additional risk of credit loss; our exposure to significant
warranty and construction defect claims; our exposure to claims and
liabilities relating to products supplied to the Company or work
done by subcontractors; our contingent repurchase obligations
related to wholesale financing provided to industry distributors; a
write-off of all or part of our goodwill; our ability to maintain
relationships with independent distributors; our business and
operations being concentrated in certain geographic regions;
taxation authorities initiating or successfully asserting tax
positions which are contrary to ours; governmental and regulatory
disruption, including prolonged delays by Congress and the
President to approve budgets or continuing appropriations
resolutions to facilitate the operation of the federal government;
curtailment of available financing from home-only lenders and
increased lending regulations; the effect of increasing interest
rates on our customer's ability to finance home purchases;
availability of wholesale financing and limited floor plan lenders;
market forces, rising interest rates and housing demand
fluctuations; the cyclical and seasonal nature of our business;
competition; general deterioration in economic conditions and
turmoil in the financial markets; unfavorable zoning ordinances;
extensive regulation affecting the production and sale of
manufactured housing; potential financial impact on the Company
from the recently settled regulatory action by the SEC against the
Company, including potential higher insurance costs as a result of
such action, potential reputational damage that the Company may
suffer and the Company's potential ongoing indemnification
obligations related to ongoing litigation not involving the
Company; losses not covered by our director and officer insurance,
which may be large, adversely impacting financial performance; loss
of any of our executive officers; liquidity and ability to raise
capital may be limited; and organizational document provisions
delaying or making a change in control more difficult; together
with all of the other risks described in our 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 April 2, 2022 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. Cavco expressly
disclaims any obligation to update any forward-looking statements
contained in this release, whether as a result of new information,
future events or otherwise, as required by law. Investors should
not place undue reliance on any such forward-looking
statements.
CAVCO INDUSTRIES,
INC.CONSOLIDATED BALANCE SHEETS(Dollars
in thousands, except per share amounts)
|
October 1,2022 |
|
April 2,2022 |
ASSETS |
(Unaudited) |
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
333,249 |
|
|
$ |
244,150 |
|
Restricted cash, current |
|
14,535 |
|
|
|
14,849 |
|
Accounts receivable, net |
|
96,614 |
|
|
|
96,052 |
|
Short-term investments |
|
16,367 |
|
|
|
20,086 |
|
Current portion of consumer loans receivable, net |
|
18,400 |
|
|
|
20,639 |
|
Current portion of commercial loans receivable, net |
|
32,452 |
|
|
|
32,272 |
|
Current portion of commercial loans receivable from affiliates,
net |
|
211 |
|
|
|
372 |
|
Inventories |
|
233,965 |
|
|
|
243,971 |
|
Prepaid expenses and other current assets |
|
73,998 |
|
|
|
71,726 |
|
Total current assets |
|
819,791 |
|
|
|
744,117 |
|
Restricted cash |
|
335 |
|
|
|
335 |
|
Investments |
|
38,323 |
|
|
|
34,933 |
|
Consumer loans receivable,
net |
|
28,570 |
|
|
|
29,245 |
|
Commercial loans receivable,
net |
|
41,420 |
|
|
|
33,708 |
|
Commercial loans receivable from
affiliates, net |
|
2,022 |
|
|
|
2,214 |
|
Property, plant and equipment,
net |
|
189,968 |
|
|
|
164,016 |
|
Goodwill |
|
100,577 |
|
|
|
100,993 |
|
Other intangibles, net |
|
27,450 |
|
|
|
28,459 |
|
Operating lease right-of-use
assets |
|
16,210 |
|
|
|
16,952 |
|
Total assets |
$ |
1,264,666 |
|
|
$ |
1,154,972 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND
STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
42,655 |
|
|
$ |
43,082 |
|
Accrued expenses and other current liabilities |
|
263,396 |
|
|
|
251,088 |
|
Total current liabilities |
|
306,051 |
|
|
|
294,170 |
|
Operating lease liabilities |
|
12,289 |
|
|
|
13,158 |
|
Other liabilities |
|
10,420 |
|
|
|
10,836 |
|
Deferred income taxes |
|
6,048 |
|
|
|
5,528 |
|
Redeemable noncontrolling interest |
|
926 |
|
|
|
825 |
|
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
9,314,152 and 9,292,278 shares, respectively |
|
93 |
|
|
|
93 |
|
Treasury stock, at cost; 404,813 and 241,773 shares,
respectively |
|
(100,000 |
) |
|
|
(61,040 |
) |
Additional paid-in capital |
|
267,183 |
|
|
|
263,049 |
|
Retained earnings |
|
762,474 |
|
|
|
628,756 |
|
Accumulated other comprehensive loss |
|
(818 |
) |
|
|
(403 |
) |
Total stockholders' equity |
|
928,932 |
|
|
|
830,455 |
|
Total liabilities, redeemable noncontrolling interest and
stockholders' equity |
$ |
1,264,666 |
|
|
$ |
1,154,972 |
|
|
|
|
|
|
|
|
|
CAVCO INDUSTRIES,
INC.CONSOLIDATED STATEMENTS OF
INCOME(Dollars in thousands, except per share
amounts)(Unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
October 1,2022 |
|
October 2,2021 |
|
October 1,2022 |
|
October 2,2021 |
Net revenue |
$ |
577,392 |
|
|
$ |
359,543 |
|
|
$ |
1,165,730 |
|
|
$ |
689,965 |
|
Cost of sales |
|
419,793 |
|
|
|
269,615 |
|
|
|
863,407 |
|
|
|
526,024 |
|
Gross profit |
|
157,599 |
|
|
|
89,928 |
|
|
|
302,323 |
|
|
|
163,941 |
|
Selling, general and administrative expenses |
|
66,894 |
|
|
|
45,372 |
|
|
|
133,030 |
|
|
|
86,204 |
|
Income from operations |
|
90,705 |
|
|
|
44,556 |
|
|
|
169,293 |
|
|
|
77,737 |
|
Interest expense |
|
(233 |
) |
|
|
(203 |
) |
|
|
(394 |
) |
|
|
(367 |
) |
Other income, net |
|
2,339 |
|
|
|
4,668 |
|
|
|
3,222 |
|
|
|
7,129 |
|
Income before income taxes |
|
92,811 |
|
|
|
49,021 |
|
|
|
172,121 |
|
|
|
84,499 |
|
Income tax expense |
|
(18,613 |
) |
|
|
(11,338 |
) |
|
|
(38,229 |
) |
|
|
(19,770 |
) |
Net income |
|
74,198 |
|
|
|
37,683 |
|
|
|
133,892 |
|
|
|
64,729 |
|
Less: net income attributable to redeemable noncontrolling
interest |
|
82 |
|
|
|
73 |
|
|
|
174 |
|
|
|
73 |
|
Net income attributable to Cavco common stockholders |
$ |
74,116 |
|
|
$ |
37,610 |
|
|
$ |
133,718 |
|
|
$ |
64,656 |
|
|
|
|
|
|
|
|
|
Net income per share attributable to Cavco common stockholders |
|
|
|
|
|
|
|
Basic |
$ |
8.32 |
|
|
$ |
4.09 |
|
|
$ |
15.01 |
|
|
$ |
7.03 |
|
Diluted |
$ |
8.25 |
|
|
$ |
4.06 |
|
|
$ |
14.88 |
|
|
$ |
6.97 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
Basic |
|
8,903,703 |
|
|
|
9,190,866 |
|
|
|
8,910,933 |
|
|
|
9,194,577 |
|
Diluted |
|
8,978,997 |
|
|
|
9,273,136 |
|
|
|
8,983,425 |
|
|
|
9,274,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAVCO INDUSTRIES,
INC.OTHER OPERATING DATA(Dollars in
thousands)(Unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
October 1,2022 |
|
October 2,2021 |
|
October 1,2022 |
|
October 2,2021 |
Capital expenditures |
$ |
8,181 |
|
$ |
2,078 |
|
$ |
33,188 |
|
$ |
4,671 |
Depreciation |
$ |
3,836 |
|
$ |
1,448 |
|
$ |
7,274 |
|
$ |
2,851 |
Amortization of other
intangibles |
$ |
502 |
|
$ |
166 |
|
$ |
1,010 |
|
$ |
339 |
|
|
|
|
|
|
|
|
|
|
|
|
For additional information, contact:Mark
FuslerCorporate Controller and Investor
Relationsinvestor_relations@cavco.comPhone:
602-256-6263On the Internet:
www.cavcoindustries.com
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