We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cavco Industries Inc | NASDAQ:CVCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 372.02 | 364.69 | 379.35 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 56-2405642 | |||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|||||||||||||
3636 North Central Ave, Ste 1200 | ||||||||||||||
Phoenix | Arizona | 85012 | ||||||||||||
(Address of principal executive offices, including zip code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 | CVCO | The Nasdaq Stock Market LLC | ||||||
(Nasdaq Global Select Market) |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | ||||||||
Emerging Growth Company | ☐ |
Page | |||||
December 26,
2020 |
March 28,
2020 |
||||||||||
ASSETS
|
(Unaudited) | ||||||||||
Current assets:
|
|||||||||||
Cash and cash equivalents
|
$ | 327,487 | $ | 241,826 | |||||||
Restricted cash, current
|
12,802 | 13,446 | |||||||||
Accounts receivable, net
|
40,932 | 42,800 | |||||||||
Short-term investments
|
16,966 | 14,582 | |||||||||
Current portion of consumer loans receivable, net
|
42,091 | 32,376 | |||||||||
Current portion of commercial loans receivable, net
|
15,649 | 14,657 | |||||||||
Current portion of commercial loans receivable from affiliates, net
|
3,363 | 766 | |||||||||
Inventories
|
110,624 | 113,535 | |||||||||
Prepaid expenses and other current assets
|
55,805 | 42,197 | |||||||||
Total current assets
|
625,719 | 516,185 | |||||||||
Restricted cash
|
335 | 335 | |||||||||
Investments
|
35,485 | 31,557 | |||||||||
Consumer loans receivable, net
|
39,501 | 49,928 | |||||||||
Commercial loans receivable, net
|
16,563 | 23,685 | |||||||||
Commercial loans receivable from affiliates, net
|
4,171 | 7,457 | |||||||||
Property, plant and equipment, net
|
78,493 | 77,190 | |||||||||
Goodwill
|
75,090 | 75,090 | |||||||||
Other intangibles, net
|
14,550 | 15,110 | |||||||||
Operating lease right-of-use assets
|
16,659 | 13,894 | |||||||||
Total assets
|
$ | 906,566 | $ | 810,431 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||||||
Current liabilities:
|
|||||||||||
Accounts payable
|
$ | 25,176 | $ | 29,924 | |||||||
Accrued expenses and other current liabilities
|
186,026 | 139,930 | |||||||||
Current portion of secured credit facilities and other
|
2,140 | 2,248 | |||||||||
Total current liabilities
|
213,342 | 172,102 | |||||||||
Operating lease liabilities
|
13,827 | 10,743 | |||||||||
Secured credit facilities and other
|
10,847 | 12,705 | |||||||||
Deferred income taxes
|
6,809 | 7,295 | |||||||||
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; Outstanding 9,192,237 and 9,173,242 shares, respectively
|
92 | 92 | |||||||||
Additional paid-in capital
|
255,664 | 252,260 | |||||||||
Retained earnings
|
405,835 | 355,144 | |||||||||
Accumulated other comprehensive income
|
150 | 90 | |||||||||
Total stockholders' equity
|
661,741 | 607,586 | |||||||||
Total liabilities and stockholders' equity
|
$ | 906,566 | $ | 810,431 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 26,
2020 |
December 28,
2019 |
December 26,
2020 |
December 28,
2019 |
||||||||||||||||||||
Net revenue
|
$ | 288,772 | $ | 273,722 | $ | 801,549 | $ | 806,439 | |||||||||||||||
Cost of sales
|
229,534 | 213,867 | 633,447 | 627,819 | |||||||||||||||||||
Gross profit
|
59,238 | 59,855 | 168,102 | 178,620 | |||||||||||||||||||
Selling, general and administrative expenses
|
35,414 | 36,844 | 106,190 | 108,191 | |||||||||||||||||||
Income from operations
|
23,824 | 23,011 | 61,912 | 70,429 | |||||||||||||||||||
Interest expense
|
(177) | (490) | (567) | (1,278) | |||||||||||||||||||
Other income, net
|
2,243 | 2,211 | 5,821 | 10,198 | |||||||||||||||||||
Income before income taxes
|
25,890 | 24,732 | 67,166 | 79,349 | |||||||||||||||||||
Income tax expense
|
(6,189) | (3,834) | (15,742) | (16,284) | |||||||||||||||||||
Net income
|
$ | 19,701 | $ | 20,898 | $ | 51,424 | $ | 63,065 | |||||||||||||||
Comprehensive income:
|
|||||||||||||||||||||||
Net income
|
$ | 19,701 | $ | 20,898 | $ | 51,424 | $ | 63,065 | |||||||||||||||
Reclassification adjustment for securities sold or matured
|
(13) | 15 | 20 | 17 | |||||||||||||||||||
Applicable income taxes
|
3 | (3) | (4) | (4) | |||||||||||||||||||
Net change in unrealized position of investments held
|
(6) | (14) | 56 | 126 | |||||||||||||||||||
Applicable income taxes
|
1 | 3 | (12) | (26) | |||||||||||||||||||
Comprehensive income
|
$ | 19,686 | $ | 20,899 | $ | 51,484 | $ | 63,178 | |||||||||||||||
Net income per share:
|
|||||||||||||||||||||||
Basic
|
$ | 2.14 | $ | 2.29 | $ | 5.60 | $ | 6.91 | |||||||||||||||
Diluted
|
$ | 2.12 | $ | 2.25 | $ | 5.54 | $ | 6.81 | |||||||||||||||
Weighted average shares outstanding:
|
|||||||||||||||||||||||
Basic
|
9,190,254 | 9,138,202 | 9,182,491 | 9,120,241 | |||||||||||||||||||
Diluted
|
9,295,553 | 9,293,941 | 9,285,238 | 9,259,203 |
Nine Months Ended | |||||||||||
December 26,
2020 |
December 28,
2019 |
||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 51,424 | $ | 63,065 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 4,735 | 4,208 | |||||||||
Provision for credit losses | (1,082) | 138 | |||||||||
Deferred income taxes | (272) | 1,407 | |||||||||
Stock-based compensation expense | 2,935 | 2,268 | |||||||||
Non-cash interest income, net | (2,984) | (1,134) | |||||||||
Loss (gain) on sale or retirement of property, plant and equipment, net | 220 | (3,416) | |||||||||
Gain on investments and sale of loans, net | (14,964) | (11,801) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 1,868 | 2,196 | |||||||||
Consumer loans receivable originated | (124,058) | (121,637) | |||||||||
Proceeds from sales of consumer loans | 122,597 | 117,127 | |||||||||
Principal payments received on consumer loans receivable | 10,720 | 7,816 | |||||||||
Inventories | 2,911 | 11,567 | |||||||||
Prepaid expenses and other current assets | 10,913 | (676) | |||||||||
Commercial loans receivable | 6,444 | 487 | |||||||||
Accounts payable and accrued expenses and other current liabilities | 20,159 | (3,295) | |||||||||
Net cash provided by operating activities | 91,566 | 68,320 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Purchases of property, plant and equipment | (5,816) | (6,487) | |||||||||
Payments for acquisition, net | — | (15,937) | |||||||||
Proceeds from sale of property, plant and equipment | 118 | 73 | |||||||||
Purchases of investments | (14,056) | (4,648) | |||||||||
Proceeds from sale of investments | 14,656 | 8,126 | |||||||||
Net cash used in investing activities | (5,098) | (18,873) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from exercise of stock options | 469 | 226 | |||||||||
Proceeds from secured financings and other | 64 | 76 | |||||||||
Payments on securitized financings and other | (1,984) | (19,360) | |||||||||
Net cash used in financing activities | (1,451) | (19,058) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 85,017 | 30,389 | |||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | 255,607 | 199,869 | |||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 340,624 | $ | 230,258 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for income taxes | $ | 13,111 | $ | 15,901 | |||||||
Cash paid for interest | $ | 371 | $ | 604 | |||||||
Supplemental disclosures of noncash activity: | |||||||||||
GNMA loans eligible for repurchase | $ | 21,366 | $ | 2,442 | |||||||
Right-of-use assets recognized | $ | 5,692 | $ | 14,322 | |||||||
Operating lease obligations incurred | $ | 5,692 | $ | 14,347 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 26, 2020 | December 28, 2019 |
December 26,
2020 |
December 28,
2019 |
||||||||||||||||||||
Factory-built housing
|
|||||||||||||||||||||||
U.S. Housing and Urban Development code homes
|
$ | 222,684 | $ | 208,966 | $ | 609,853 | $ | 619,001 | |||||||||||||||
Modular homes
|
26,059 | 24,508 | 67,325 | 63,327 | |||||||||||||||||||
Park model RVs
|
8,296 | 10,219 | 31,045 | 34,831 | |||||||||||||||||||
Other | 13,783 | 13,413 | 41,656 | 41,405 | |||||||||||||||||||
Net revenue from factory-built housing
|
270,822 | 257,106 | 749,879 | 758,564 | |||||||||||||||||||
Financial services
|
|||||||||||||||||||||||
Insurance agency commissions received from third-party insurance companies
|
840 | 783 | 2,387 | 2,212 | |||||||||||||||||||
Other | 17,110 | 15,833 | 49,283 | 45,663 | |||||||||||||||||||
Net revenue from financial services
|
17,950 | 16,616 | 51,670 | 47,875 | |||||||||||||||||||
Total Net revenue
|
$ | 288,772 | $ | 273,722 | $ | 801,549 | $ | 806,439 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Cash related to CountryPlace customer payments to be remitted to third parties | $ | 11,889 | $ | 12,740 | |||||||
Other restricted cash | 1,248 | 1,041 | |||||||||
$ | 13,137 | $ | 13,781 |
December 26,
2020 |
March 28,
2020 |
December 28,
2019 |
March 30,
2019 |
||||||||||||||||||||
Cash and cash equivalents | $ | 327,487 | $ | 241,826 | $ | 216,882 | $ | 187,370 | |||||||||||||||
Restricted cash, current
|
12,802 | 13,446 | 13,026 | 12,148 | |||||||||||||||||||
Restricted cash | 335 | 335 | 350 | 351 | |||||||||||||||||||
Cash, cash equivalents and restricted cash per statement of cash flows | $ | 340,624 | $ | 255,607 | $ | 230,258 | $ | 199,869 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Available-for-sale debt securities | $ | 16,673 | $ | 14,774 | |||||||
Marketable equity securities
|
13,987 | 9,829 | |||||||||
Non-marketable equity investments
|
21,791 | 21,536 | |||||||||
52,451 | 46,139 | ||||||||||
Less current portion | (16,966) | (14,582) | |||||||||
$ | 35,485 | $ | 31,557 |
December 26, 2020 | |||||||||||||||||||||||
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
||||||||||||||||||||
Residential mortgage-backed securities
|
$ | 5,209 | $ | 45 | $ | (17) | $ | 5,237 | |||||||||||||||
State and political subdivision debt securities
|
6,156 | 151 | (1) | 6,306 | |||||||||||||||||||
Corporate debt securities
|
5,117 | 15 | (2) | 5,130 | |||||||||||||||||||
$ | 16,482 | $ | 211 | $ | (20) | $ | 16,673 |
March 28, 2020 | |||||||||||||||||||||||
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
||||||||||||||||||||
Residential mortgage-backed securities
|
$ | 5,400 | $ | 69 | $ | (26) | $ | 5,443 | |||||||||||||||
State and political subdivision debt securities
|
4,239 | 134 | (3) | 4,370 | |||||||||||||||||||
Corporate debt securities
|
5,021 | 5 | (65) | 4,961 | |||||||||||||||||||
$ | 14,660 | $ | 208 | $ | (94) | $ | 14,774 |
December 26, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
||||||||||||||||||||||||||||||
Residential mortgage-backed securities
|
$ | 342 | $ | (9) | $ | 460 | $ | (8) | $ | 802 | $ | (17) | |||||||||||||||||||||||
State and political subdivision debt securities
|
321 | (1) | — | — | 321 | (1) | |||||||||||||||||||||||||||||
Corporate debt securities
|
805 | (2) | — | — | 805 | (2) | |||||||||||||||||||||||||||||
$ | 1,468 | $ | (12) | $ | 460 | $ | (8) | $ | 1,928 | $ | (20) |
March 28, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
||||||||||||||||||||||||||||||
Residential mortgage-backed securities
|
$ | 133 | $ | — | $ | 1,779 | $ | (26) | $ | 1,912 | $ | (26) | |||||||||||||||||||||||
State and political subdivision debt securities
|
601 | (2) | 101 | (1) | 702 | (3) | |||||||||||||||||||||||||||||
Corporate debt securities
|
3,747 | (65) | — | — | 3,747 | (65) | |||||||||||||||||||||||||||||
$ | 4,481 | $ | (67) | $ | 1,880 | $ | (27) | $ | 6,361 | $ | (94) |
December 26, 2020 | |||||||||||
Amortized
Cost |
Fair
Value |
||||||||||
Due in less than one year | $ | 601 | $ | 603 | |||||||
Due after one year through five years | 8,335 | 8,375 | |||||||||
Due after five years through ten years | 1,025 | 1,097 | |||||||||
Due after ten years | 1,312 | 1,361 | |||||||||
Mortgage-backed securities | 5,209 | 5,237 | |||||||||
$ | 16,482 | $ | 16,673 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 26,
2020 |
December 28,
2019 |
December 26,
2020 |
December 28,
2019 |
||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||
Net gains on securities held | $ | 1,857 | $ | 764 | $ | 5,132 | $ | 2,066 | |||||||||||||||
Net gains on securities sold | 151 | 13 | 157 | 11 | |||||||||||||||||||
$ | 2,008 | $ | 777 | $ | 5,289 | $ | 2,077 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Raw materials | $ | 45,821 | $ | 35,691 | |||||||
Work in process | 16,223 | 13,953 | |||||||||
Finished goods | 48,580 | 63,891 | |||||||||
$ | 110,624 | $ | 113,535 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Loans held for investment (at Acquisition Date, defined below) | $ | 33,726 | $ | 37,779 | |||||||
Loans held for investment (originated after Acquisition Date) | 17,873 | 20,140 | |||||||||
Loans held for sale | 22,014 | 14,671 | |||||||||
Construction advances | 13,923 | 13,400 | |||||||||
87,536 | 85,990 | ||||||||||
Deferred financing fees and other, net | (2,525) | (1,919) | |||||||||
Allowance for loan losses | (3,419) | (1,767) | |||||||||
81,592 | 82,304 | ||||||||||
Less current portion | (42,091) | (32,376) | |||||||||
$ | 39,501 | $ | 49,928 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 26,
2020 |
December 28,
2019 |
December 26,
2020 |
December 28,
2019 |
||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 3,910 | $ | 415 | $ | 1,767 | $ | 415 | |||||||||||||||
Impact of adoption of ASU 2016-13 | — | — | 2,276 | — | |||||||||||||||||||
Change in estimated loan losses, net | (491) | 16 | (424) | 16 | |||||||||||||||||||
Charge-offs | — | — | (200) | — | |||||||||||||||||||
Recoveries | — | — | — | — | |||||||||||||||||||
Allowance for loan losses at end of period | $ | 3,419 | $ | 431 | $ | 3,419 | $ | 431 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Weighted average contractual interest rate | 8.4 | % | 8.4 | % | |||||||
Weighted average effective interest rate | 9.5 | % | 9.3 | % | |||||||
Weighted average months to maturity | 159 | 164 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Current | $ | 84,200 | $ | 83,861 | |||||||
31 to 60 days | 834 | 547 | |||||||||
61 to 90 days | 178 | 307 | |||||||||
91+ days | 2,324 | 1,275 | |||||||||
$ | 87,536 | $ | 85,990 |
December 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total |
March 28,
2020 |
||||||||||||||||||||||||||||||||||||||||
Prime- FICO score 680 and greater
|
$ | 21,087 | $ | 4,191 | $ | 1,832 | $ | 996 | $ | 1,761 | $ | 24,582 | $ | 54,449 | $ | 55,513 | |||||||||||||||||||||||||||||||
Near Prime- FICO score 620-679
|
11,502 | 4,074 | 1,809 | 1,141 | 614 | 10,875 | 30,015 | 27,767 | |||||||||||||||||||||||||||||||||||||||
Sub-Prime- FICO score less than 620
|
426 | 54 | — | — | 85 | 1,786 | 2,351 | 2,142 | |||||||||||||||||||||||||||||||||||||||
No FICO score
|
151 | — | 28 | — | — | 542 | 721 | 568 | |||||||||||||||||||||||||||||||||||||||
$ | 33,166 | $ | 8,319 | $ | 3,669 | $ | 2,137 | $ | 2,460 | $ | 37,785 | $ | 87,536 | $ | 85,990 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Direct loans receivable | $ | 40,653 | $ | 47,058 | |||||||
Participation loans receivable | 105 | 144 | |||||||||
Allowance for loan losses | (765) | (393) | |||||||||
Deferred financing fees, net | (247) | (244) | |||||||||
39,746 | 46,565 | ||||||||||
Less current portion of commercial loans receivable (including from affiliates), net | (19,012) | (15,423) | |||||||||
$ | 20,734 | $ | 31,142 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Weighted average contractual interest rate | 6.1 | % | 5.7 | % | |||||||
Weighted average months to maturity | 11 | 10 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 26,
2020 |
December 28,
2019 |
December 26,
2020 |
December 28,
2019 |
||||||||||||||||||||
Balance at beginning of period
|
$ | 789 | $ | 163 | $ | 393 | $ | 180 | |||||||||||||||
Impact of adoption of ASU 2016-13 | — | — | 435 | — | |||||||||||||||||||
Change in estimated loan losses, net
|
(24) | (1) | (63) | (18) | |||||||||||||||||||
Loans charged off, net of recoveries
|
— | — | — | — | |||||||||||||||||||
Balance at end of period
|
$ | 765 | $ | 162 | $ | 765 | $ | 162 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Property, plant and equipment, at cost: | |||||||||||
Land | $ | 26,862 | $ | 26,827 | |||||||
Buildings and improvements | 54,710 | 52,011 | |||||||||
Machinery and equipment | 33,163 | 30,984 | |||||||||
114,735 | 109,822 | ||||||||||
Accumulated depreciation | (36,242) | (32,632) | |||||||||
$ | 78,493 | $ | 77,190 |
Operating Leases | Finance Leases | Total | |||||||||||||||
Remainder of 2021 | $ | 1,051 | $ | 19 | $ | 1,070 | |||||||||||
2022 | 4,182 | 73 | 4,255 | ||||||||||||||
2023 | 3,854 | 73 | 3,927 | ||||||||||||||
2024 | 3,503 | 73 | 3,576 | ||||||||||||||
2025 | 2,706 | 73 | 2,779 | ||||||||||||||
2026 | 2,799 | 49 | 2,848 | ||||||||||||||
Thereafter | 2,206 | — | 2,206 | ||||||||||||||
20,301 | 360 | 20,661 | |||||||||||||||
Less amount representing interest | (2,392) | (41) | (2,433) | ||||||||||||||
17,909 | 319 | 18,228 | |||||||||||||||
Less current portion | (4,082) | (71) | (4,153) | ||||||||||||||
$ | 13,827 | $ | 248 | $ | 14,075 |
December 26, 2020 | March 28, 2020 | ||||||||||||||||||||||||||||||||||
Gross
Carrying Amount |
Accumulated
Amortization |
Net
Carrying Amount |
Gross
Carrying Amount |
Accumulated
Amortization |
Net
Carrying Amount |
||||||||||||||||||||||||||||||
Indefinite-lived: | |||||||||||||||||||||||||||||||||||
Goodwill | $ | 75,090 | $ | — | $ | 75,090 | $ | 75,090 | $ | — | $ | 75,090 | |||||||||||||||||||||||
Trademarks and trade names
|
8,900 | — | 8,900 | 8,900 | — | 8,900 | |||||||||||||||||||||||||||||
State insurance licenses
|
1,100 | — | 1,100 | 1,100 | — | 1,100 | |||||||||||||||||||||||||||||
85,090 | — | 85,090 | 85,090 | — | 85,090 | ||||||||||||||||||||||||||||||
Finite-lived: | |||||||||||||||||||||||||||||||||||
Customer relationships | 11,300 | (6,938) | 4,362 | 11,300 | (6,463) | 4,837 | |||||||||||||||||||||||||||||
Other
|
1,424 | (1,236) | 188 | 1,424 | (1,151) | 273 | |||||||||||||||||||||||||||||
$ | 97,814 | $ | (8,174) | $ | 89,640 | $ | 97,814 | $ | (7,614) | $ | 90,200 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Customer deposits | $ | 34,373 | $ | 22,055 | |||||||
Salaries, wages and benefits | 32,338 | 25,885 | |||||||||
Company repurchase options on certain loans sold | 29,104 | 7,444 | |||||||||
Unearned insurance premiums | 21,223 | 20,614 | |||||||||
Estimated warranties | 17,996 | 18,678 | |||||||||
Accrued volume rebates | 12,063 | 9,801 | |||||||||
Accrued self-insurance | 5,661 | 5,112 | |||||||||
Insurance loss reserves | 5,351 | 5,582 | |||||||||
Operating lease liabilities | 4,082 | 4,170 | |||||||||
Reserve for repurchase commitments | 2,281 | 2,679 | |||||||||
Accrued taxes | 2,212 | 1,908 | |||||||||
Other | 19,342 | 16,002 | |||||||||
$ | 186,026 | $ | 139,930 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 26,
2020 |
December 28,
2019 |
December 26,
2020 |
December 28,
2019 |
||||||||||||||||||||
Balance at beginning of period | $ | 17,805 | $ | 18,563 | $ | 18,678 | $ | 17,069 | |||||||||||||||
Purchase accounting additions | — | — | — | 1,192 | |||||||||||||||||||
Charged to costs and expenses | 7,724 | 7,269 | 20,303 | 21,855 | |||||||||||||||||||
Payments and deductions | (7,533) | (7,873) | (20,985) | (22,157) | |||||||||||||||||||
Balance at end of period | $ | 17,996 | $ | 17,959 | $ | 17,996 | $ | 17,959 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Secured credit facilities
|
$ | 8,825 | $ | 10,474 | |||||||
Other secured financings
|
3,843 | 4,113 | |||||||||
Finance lease obligations | 319 | 366 | |||||||||
12,987 | 14,953 | ||||||||||
Less current portion | (2,140) | (2,248) | |||||||||
$ | 10,847 | $ | 12,705 |
Three Months Ended | |||||||||||||||||||||||
December 26, 2020 | December 28, 2019 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums
|
$ | 5,420 | $ | 5,429 | $ | 4,654 | $ | 4,756 | |||||||||||||||
Assumed premiums—nonaffiliated
|
6,541 | 7,195 | 5,918 | 6,676 | |||||||||||||||||||
Ceded premiums—nonaffiliated
|
(3,146) | (3,146) | (3,071) | (3,071) | |||||||||||||||||||
$ | 8,815 | $ | 9,478 | $ | 7,501 | $ | 8,361 |
Nine Months Ended | |||||||||||||||||||||||
December 26, 2020 | December 28, 2019 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums
|
$ | 16,100 | $ | 15,759 | $ | 13,866 | $ | 13,979 | |||||||||||||||
Assumed premiums—nonaffiliated
|
21,787 | 21,028 | 20,191 | 19,703 | |||||||||||||||||||
Ceded premiums—nonaffiliated
|
(9,201) | (9,201) | (9,087) | (9,087) | |||||||||||||||||||
|
$ | 28,686 | $ | 27,586 | $ | 24,970 | $ | 24,595 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Construction loan contract amount | $ | 41,763 | $ | 31,136 | |||||||
Cumulative advances | (13,923) | (13,400) | |||||||||
$ | 27,840 | $ | 17,736 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income | Total | ||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, March 28, 2020 | 9,173,242 | $ | 92 | $ | 252,260 | $ | 355,144 | $ | 90 | $ | 607,586 | ||||||||||||||||||||||||
Cumulative effect of implementing ASU 2016-13, net | — | — | — | (733) | — | (733) | |||||||||||||||||||||||||||||
Net income | — | — | — | 16,674 | — | 16,674 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 3,822 | — | (533) | — | — | (533) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 945 | — | — | 945 | |||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 68 | 68 | |||||||||||||||||||||||||||||
Balance, June 27, 2020 | 9,177,064 | $ | 92 | $ | 252,672 | $ | 371,085 | $ | 158 | $ | 624,007 | ||||||||||||||||||||||||
Net income | — | — | — | 15,049 | — | 15,049 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 11,098 | — | 522 | — | — | 522 | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 1,103 | — | — | 1,103 | |||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 7 | 7 | |||||||||||||||||||||||||||||
Balance, September 26, 2020 | 9,188,162 | $ | 92 | $ | 254,297 | $ | 386,134 | $ | 165 | $ | 640,688 | ||||||||||||||||||||||||
Net income | — | — | — | 19,701 | — | 19,701 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 4,075 | — | 480 | — | — | 480 | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 887 | — | — | 887 | |||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | (15) | (15) | |||||||||||||||||||||||||||||
Balance, December 26, 2020 | 9,192,237 | $ | 92 | $ | 255,664 | $ | 405,835 | $ | 150 | $ | 661,741 | ||||||||||||||||||||||||
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total | ||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, March 30, 2019 | 9,098,320 | $ | 91 | $ | 249,447 | $ | 280,078 | $ | (28) | $ | 529,588 | ||||||||||||||||||||||||
Net income | — | — | — | 21,282 | — | 21,282 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 13,304 | — | (1,252) | — | — | (1,252) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 630 | — | — | 630 | |||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 89 | 89 | |||||||||||||||||||||||||||||
Balance, June 29, 2019 | 9,111,624 | $ | 91 | $ | 248,825 | $ | 301,360 | $ | 61 | $ | 550,337 | ||||||||||||||||||||||||
Net income | — | — | — | 20,885 | — | 20,885 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 15,842 | — | 941 | — | — | 941 | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 818 | — | — | 818 | |||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | 23 | 23 | |||||||||||||||||||||||||||||
Balance, September 28, 2019 | 9,127,466 | $ | 91 | $ | 250,584 | $ | 322,245 | $ | 84 | $ | 573,004 | ||||||||||||||||||||||||
Net income | — | — | — | 20,898 | — | 20,898 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 13,725 | — | 537 | — | — | 537 | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 820 | — | — | 820 | |||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 1 | 1 | |||||||||||||||||||||||||||||
Balance, December 28, 2019 | 9,141,191 | $ | 91 | $ | 251,941 | $ | 343,143 | $ | 85 | $ | 595,260 | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 26,
2020 |
December 28,
2019 |
December 26,
2020 |
December 28,
2019 |
||||||||||||||||||||
Net income
|
$ | 19,701 | $ | 20,898 | $ | 51,424 | $ | 63,065 | |||||||||||||||
Weighted average shares outstanding:
|
|||||||||||||||||||||||
Basic
|
9,190,254 | 9,138,202 | 9,182,491 | 9,120,241 | |||||||||||||||||||
Effect of dilutive securities
|
105,299 | 155,739 | 102,747 | 138,962 | |||||||||||||||||||
Diluted
|
9,295,553 | 9,293,941 | 9,285,238 | 9,259,203 | |||||||||||||||||||
Net income per share:
|
|||||||||||||||||||||||
Basic
|
$ | 2.14 | $ | 2.29 | $ | 5.60 | $ | 6.91 | |||||||||||||||
Diluted
|
$ | 2.12 | $ | 2.25 | $ | 5.54 | $ | 6.81 |
December 26, 2020 | March 28, 2020 | ||||||||||||||||||||||
Book
Value |
Estimated
Fair Value |
Book
Value |
Estimated
Fair Value |
||||||||||||||||||||
Available-for-sale debt securities
|
$ | 16,673 | $ | 16,673 | $ | 14,774 | $ | 14,774 | |||||||||||||||
Marketable equity securities
|
13,987 | 13,987 | 9,829 | 9,829 | |||||||||||||||||||
Non-marketable equity investments
|
21,791 | 21,791 | 21,536 | 21,536 | |||||||||||||||||||
Consumer loans receivable
|
81,592 | 96,313 | 82,304 | 97,395 | |||||||||||||||||||
Interest rate lock commitment derivatives
|
77 | 77 | 164 | 164 | |||||||||||||||||||
Forward loan sale commitment derivatives
|
(195) | (195) | (1,011) | (1,011) | |||||||||||||||||||
Commercial loans receivable
|
39,746 | 38,300 | 46,565 | 46,819 | |||||||||||||||||||
Secured financings and other | (12,987) | (12,493) | (14,953) | (15,592) | |||||||||||||||||||
December 26, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Residential mortgage-backed securities (1)
|
$ | 5,237 | $ | — | $ | 5,237 | $ | — | |||||||||||||||
State and political subdivision debt securities (1)
|
6,306 | — | 6,306 | — | |||||||||||||||||||
Corporate debt securities (1)
|
5,130 | — | 5,130 | — | |||||||||||||||||||
Marketable equity securities (2)
|
13,987 | 13,987 | — | — | |||||||||||||||||||
Interest rate lock commitment derivatives (3)
|
77 | — | — | 77 | |||||||||||||||||||
Forward loan sale commitment derivatives (3)
|
(195) | — | — | (195) | |||||||||||||||||||
Mortgage servicing rights (4)
|
831 | — | — | 831 |
March 28, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Residential mortgage-backed securities (1)
|
$ | 5,443 | $ | — | $ | 5,443 | $ | — | |||||||||||||||
State and political subdivision debt securities (1)
|
4,370 | — | 4,370 | — | |||||||||||||||||||
Corporate debt securities (1)
|
4,961 | — | 4,961 | — | |||||||||||||||||||
Marketable equity securities (2)
|
9,829 | 9,829 | — | — | |||||||||||||||||||
Interest rate lock commitment derivatives (3)
|
164 | — | — | 164 | |||||||||||||||||||
Forward loan sale commitment derivatives (3)
|
(1,011) | — | — | (1,011) | |||||||||||||||||||
Mortgage servicing rights (4)
|
1,225 | — | — | 1,225 |
December 26, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Loans held for investment
|
$ | 59,167 | $ | — | $ | — | $ | 59,167 | |||||||||||||||
Loans held for sale
|
23,223 | — | — | 23,223 | |||||||||||||||||||
Construction advances | 13,923 | — | — | 13,923 | |||||||||||||||||||
Commercial loans receivable
|
38,300 | — | — | 38,300 | |||||||||||||||||||
Secured financings and other | (12,493) | — | (12,493) | — | |||||||||||||||||||
Non-marketable equity investments
|
21,791 | — | — | 21,791 |
March 28, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Loans held for investment
|
$ | 68,503 | $ | — | $ | — | $ | 68,503 | |||||||||||||||
Loans held for sale
|
15,492 | — | — | 15,492 | |||||||||||||||||||
Construction advances | 13,400 | — | — | 13,400 | |||||||||||||||||||
Commercial loans receivable
|
46,819 | — | — | 46,819 | |||||||||||||||||||
Secured financings and other | (15,592) | — | (15,592) | — | |||||||||||||||||||
Non-marketable equity investments
|
21,536 | — | — | 21,536 |
December 26,
2020 |
March 28,
2020 |
||||||||||
Number of loans serviced with MSRs | 4,663 | 4,688 | |||||||||
Weighted average servicing fee (basis points) | 31.81 | 31.12 | |||||||||
Capitalized servicing multiple | 44.23 | % | 67.19 | % | |||||||
Capitalized servicing rate (basis points) | 14.07 | 20.91 | |||||||||
Serviced portfolio with MSRs (in thousands) | $ | 590,433 | $ | 585,777 | |||||||
MSRs (in thousands) | $ | 831 | $ | 1,225 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 26,
2020 |
December 28,
2019 |
December 26,
2020 |
December 28,
2019 |
||||||||||||||||||||
Net revenue
|
$ | 288,772 | $ | 273,722 | $ | 801,549 | $ | 817,674 | |||||||||||||||
Net income
|
19,701 | 20,898 | 51,424 | 63,868 | |||||||||||||||||||
Diluted net income per share
|
2.12 | 2.25 | 5.54 | 6.90 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
December 26,
2020 |
December 28,
2019 |
December 26,
2020 |
December 28,
2019 |
||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Factory-built housing | $ | 270,822 | $ | 257,106 | $ | 749,879 | $ | 758,564 | |||||||||||||||
Financial services | 17,950 | 16,616 | 51,670 | 47,875 | |||||||||||||||||||
$ | 288,772 | $ | 273,722 | $ | 801,549 | $ | 806,439 | ||||||||||||||||
Income before income taxes: | |||||||||||||||||||||||
Factory-built housing | $ | 18,752 | $ | 19,247 | $ | 54,654 | $ | 66,023 | |||||||||||||||
Financial services | 7,138 | 5,485 | 12,512 | 13,326 | |||||||||||||||||||
$ | 25,890 | $ | 24,732 | $ | 67,166 | $ | 79,349 |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) |
December 26,
2020 |
December 28,
2019 |
Change | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Factory-built housing | $ | 270,822 | $ | 257,106 | $ | 13,716 | 5.3 | % | |||||||||||||||
Financial services | 17,950 | 16,616 | 1,334 | 8.0 | % | ||||||||||||||||||
$ | 288,772 | $ | 273,722 | $ | 15,050 | 5.5 | % | ||||||||||||||||
Total homes sold | 3,603 | 3,865 | (262) | (6.8) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 75,166 | $ | 66,522 | $ | 8,644 | 13.0 | % |
Nine Months Ended | |||||||||||||||||||||||
($ in thousands, except revenue per home sold) |
December 26,
2020 |
December 28,
2019 |
Change | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Factory-built housing | $ | 749,879 | $ | 758,564 | $ | (8,685) | (1.1) | % | |||||||||||||||
Financial services | 51,670 | 47,875 | 3,795 | 7.9 | % | ||||||||||||||||||
$ | 801,549 | $ | 806,439 | $ | (4,890) | (0.6) | % | ||||||||||||||||
Total homes sold | 10,379 | 11,453 | (1,074) | (9.4) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 72,250 | $ | 66,233 | $ | 6,017 | 9.1 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) |
December 26,
2020 |
December 28,
2019 |
Change | ||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Factory-built housing | $ | 47,031 | $ | 48,793 | $ | (1,762) | (3.6) | % | |||||||||||||||
Financial services | 12,207 | 11,062 | 1,145 | 10.4 | % | ||||||||||||||||||
$ | 59,238 | $ | 59,855 | $ | (617) | (1.0) | % | ||||||||||||||||
Gross profit as % of Net revenue: | |||||||||||||||||||||||
Consolidated | 20.5 | % | 21.9 | % | N/A | (1.4) | % | ||||||||||||||||
Factory-built housing | 17.4 | % | 19.0 | % | N/A | (1.6) | % | ||||||||||||||||
Financial services | 68.0 | % | 66.6 | % | N/A | 1.4 | % |
Nine Months Ended | |||||||||||||||||||||||
($ in thousands) |
December 26,
2020 |
December 28,
2019 |
Change | ||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Factory-built housing | $ | 140,178 | $ | 149,567 | $ | (9,389) | (6.3) | % | |||||||||||||||
Financial services | 27,924 | 29,053 | (1,129) | (3.9) | % | ||||||||||||||||||
$ | 168,102 | $ | 178,620 | $ | (10,518) | (5.9) | % | ||||||||||||||||
Gross profit as % of Net revenue: | |||||||||||||||||||||||
Consolidated | 21.0 | % | 22.1 | % | N/A | (1.1) | % | ||||||||||||||||
Factory-built housing | 18.7 | % | 19.7 | % | N/A | (1.0) | % | ||||||||||||||||
Financial services | 54.0 | % | 60.7 | % | N/A | (6.7) | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) |
December 26,
2020 |
December 28,
2019 |
Change | ||||||||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||
Factory-built housing | $ | 30,575 | $ | 32,017 | $ | (1,442) | (4.5) | % | |||||||||||||||
Financial services | 4,839 | 4,827 | 12 | 0.2 | % | ||||||||||||||||||
$ | 35,414 | $ | 36,844 | $ | (1,430) | (3.9) | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue:
|
12.3 | % | 13.5 | % | N/A | (1.2) | % |
Nine Months Ended | |||||||||||||||||||||||
($ in thousands) |
December 26,
2020 |
December 28,
2019 |
Change | ||||||||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||
Factory-built housing | $ | 92,037 | $ | 94,348 | $ | (2,311) | (2.4) | % | |||||||||||||||
Financial services | 14,153 | 13,843 | 310 | 2.2 | % | ||||||||||||||||||
$ | 106,190 | $ | 108,191 | $ | (2,001) | (1.8) | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue:
|
13.2 | % | 13.4 | % | N/A | (0.2) | % |
Nine Months Ended | |||||||||||||||||
(in thousands) |
December 26,
2020 |
December 28,
2019 |
$ Change | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | $ | 255,607 | $ | 199,869 | $ | 55,738 | |||||||||||
Net cash provided by operating activities | 91,566 | 68,320 | 23,246 | ||||||||||||||
Net cash used in investing activities | (5,098) | (18,873) | 13,775 | ||||||||||||||
Net cash used in financing activities | (1,451) | (19,058) | 17,607 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 340,624 | $ | 230,258 | $ | 110,366 |
Exhibit No. | Exhibit | |||||||
(1) | ||||||||
(1) | ||||||||
(2) | ||||||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Cavco Industries, Inc. | |||||||||||
Registrant | |||||||||||
Signature | Title | Date | |||||||||
/s/ William C. Boor | President and Chief Executive Officer | January 29, 2021 | |||||||||
William C. Boor | (Principal Executive Officer) | ||||||||||
/s/ Paul Bigbee | Chief Accounting Officer | January 29, 2021 | |||||||||
Paul Bigbee | (Principal Financial and Accounting Officer) | ||||||||||
1 Year Cavco Industries Chart |
1 Month Cavco Industries Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions