10/31/2024 | Press release | Distributed by Public on 10/31/2024 14:08
Three Months Ended | ||||||||
($ in thousands, except revenue per home sold) |
September 28, 2024 |
September 30, 2023 |
Change | |||||
Net revenue | ||||||||
Factory-built housing | $ | 486,343 | $ | 434,066 | $ | 52,277 | 12.0 | % |
Financial services | 21,118 | 17,964 | 3,154 | 17.6 | % | |||
$ | 507,461 | $ | 452,030 | $ | 55,431 | 12.3 | % | |
Factory-built modules sold | 8,119 | 6,912 | 1,207 | 17.5 | % | |||
Factory-built homes sold (consisting of one or more modules) | 4,913 | 4,248 | 665 | 15.7 | % | |||
Net factory-built housing revenue per home sold | $ | 98,991 | $ | 102,181 | $ | (3,190) | (3.1) | % |
Six Months Ended | ||||||||
($ in thousands, except revenue per home sold) |
September 28, 2024 |
September 30, 2023 |
Change | |||||
Net revenue | ||||||||
Factory-built housing | $ | 944,391 | $ | 891,175 | $ | 53,216 | 6.0 | % |
Financial services | 40,669 | 36,730 | 3,939 | 10.7 | % | |||
$ | 985,060 | $ | 927,905 | $ | 57,155 | 6.2 | % | |
Factory-built modules sold | 15,790 | 14,318 | 1,472 | 10.3 | % | |||
Factory-built homes sold (consisting of one or more modules) | 9,634 | 8,830 | 804 | 9.1 | % | |||
Net factory-built housing revenue per home sold | $ | 98,027 | $ | 100,926 | $ | (2,899) | (2.9) | % |
Three Months Ended | ||||||||
($ in thousands) |
September 28, 2024 |
September 30, 2023 |
Change | |||||
Gross profit | ||||||||
Factory-built housing | $ | 111,520 | $ | 100,507 | $ | 11,013 | 11.0 | % |
Financial services | 4,602 | 6,450 | (1,848) | (28.7) | % | |||
$ | 116,122 | $ | 106,957 | $ | 9,165 | 8.6 | % | |
Gross profit as % of Net revenue | ||||||||
Consolidated | 22.9 | % | 23.7 | % | N/A | (0.8) | % | |
Factory-built housing | 22.9 | % | 23.2 | % | N/A | (0.3) | % | |
Financial services | 21.8 | % | 35.9 | % | N/A | (14.1) | % | |
Selling, general and administrative expenses | ||||||||
Factory-built housing | $ | 61,440 | $ | 56,455 | $ | 4,985 | 8.8 | % |
Financial services | 5,557 | 5,051 | 506 | 10.0 | % | |||
$ | 66,997 | $ | 61,506 | $ | 5,491 | 8.9 | % | |
Income from operations | ||||||||
Factory-built housing | $ | 50,080 | $ | 44,052 | $ | 6,028 | 13.7 | % |
Financial services | (955) | 1,399 | (2,354) | (168.3) | % | |||
$ | 49,125 | $ | 45,451 | $ | 3,674 | 8.1 | % | |
Six Months Ended | ||||||||
($ in thousands) |
September 28, 2024 |
September 30, 2023 |
Change | |||||
Gross profit | ||||||||
Factory-built housing | $ | 215,030 | $ | 213,875 | $ | 1,155 | 0.5 | % |
Financial services | 4,494 | 10,961 | (6,467) | (59.0) | % | |||
$ | 219,524 | $ | 224,836 | $ | (5,312) | (2.4) | % | |
Gross profit as % of Net revenue | ||||||||
Consolidated | 22.3 | % | 24.2 | % | N/A | (1.9) | % | |
Factory-built housing | 22.8 | % | 24.0 | % | N/A | (1.2) | % | |
Financial services | 11.1 | % | 29.8 | % | N/A | (18.7) | % | |
Selling, general and administrative expenses | ||||||||
Factory-built housing | $ | 121,160 | $ | 112,476 | $ | 8,684 | 7.7 | % |
Financial services | 10,688 | 10,710 | (22) | (0.2) | % | |||
$ | 131,848 | $ | 123,186 | $ | 8,662 | 7.0 | % | |
Income from operations | ||||||||
Factory-built housing | $ | 93,870 | $ | 101,399 | $ | (7,529) | (7.4) | % |
Financial services | (6,194) | 251 | (6,445) | (2,567.7) | % | |||
$ | 87,676 | $ | 101,650 | $ | (13,974) | (13.7) | % |
Three Months Ended | ||||||||
($ in thousands, except per share amounts) |
September 28, 2024 |
September 30, 2023 |
Change | |||||
Interest Income | $ | 5,692 | $ | 5,812 | $ | (120) | (2.1) | % |
Net income attributable to Cavco common stockholders | $ | 43,815 | $ | 41,539 | $ | 2,276 | 5.5 | % |
Diluted net income per share | $ | 5.28 | $ | 4.76 | $ | 0.52 | 10.9 | % |
Six Months Ended | ||||||||
($ in thousands, except per share amounts) |
September 28, 2024 |
September 30, 2023 |
Change | |||||
Interest Income | $ | 11,203 | $ | 10,430 | $ | 773 | 7.4 | % |
Net income attributable to Cavco common stockholders | $ | 78,244 | $ | 87,896 | $ | (9,652) | (11.0) | % |
Diluted net income per share | $ | 9.38 | $ | 10.05 | $ | (0.67) | (6.7) | % |
Three Months Ended | Six Months Ended | |||||||
($ in millions) |
September 28, 2024 |
September 30, 2023 |
September 28, 2024 |
September 30, 2023 |
||||
Net revenue | ||||||||
Unrealized (loss) gains recognized during the period on securities held in the financial services segment | $ | (0.4) | $ | (0.3) | $ | 0.5 | $ | - |
Selling, general and administrative expenses | ||||||||
Legal and other expense related to the SEC inquiry, including indemnified costs of a former officer | - | (0.7) | - | (1.0) | ||||
Other income, net | ||||||||
Unrealized gains on corporate equity securities | 0.2 | - | 0.1 | 0.1 |
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 8,267,797 and 8,320,718, respectively
|
94 | 94 | ||
Treasury stock, at cost; 1,149,535 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 | 1,041,977 | 1,033,411 | ||
Total liabilities and stockholders' equity | $ | 1,398,203 | $ | 1,354,160 |
Three Months Ended | Six Months Ended | |||||||
September 28, 2024 |
September 30, 2023 |
September 28, 2024 |
September 30, 2023 |
|||||
Net revenue | $ | 507,461 | $ | 452,030 | $ | 985,060 | $ | 927,905 |
Cost of sales | 391,339 | 345,073 | 765,536 | 703,069 | ||||
Gross profit | 116,122 | 106,957 | 219,524 | 224,836 | ||||
Selling, general and administrative expenses | 66,997 | 61,506 | 131,848 | 123,186 | ||||
Income from operations | 49,125 | 45,451 | 87,676 | 101,650 | ||||
Interest income | 5,692 | 5,812 | 11,203 | 10,430 | ||||
Interest expense | (125) | (257) | (215) | (523) | ||||
Other income, net | 258 | 655 | 147 | 781 | ||||
Income before income taxes | 54,950 | 51,661 | 98,811 | 112,338 | ||||
Income tax expense | (11,135) | (10,088) | (20,567) | (24,354) | ||||
Net income | 43,815 | 41,573 | 78,244 | 87,984 | ||||
Less: net income attributable to redeemable noncontrolling interest | - | 34 | - | 88 | ||||
Net income attributable to Cavco common stockholders | $ | 43,815 | $ | 41,539 | $ | 78,244 | $ | 87,896 |
Net income per share attributable to Cavco common stockholders | ||||||||
Basic | $ | 5.33 | $ | 4.80 | $ | 9.48 | $ | 10.15 |
Diluted | $ | 5.28 | $ | 4.76 | $ | 9.38 | $ | 10.05 |
Weighted average shares outstanding | ||||||||
Basic | 8,226,298 | 8,656,537 | 8,256,664 | 8,663,430 | ||||
Diluted | 8,305,326 | 8,731,419 | 8,337,671 | 8,742,734 |
Three Months Ended | Six Months Ended | |||||||
September 28, 2024 |
September 30, 2023 |
September 28, 2024 |
September 30, 2023 |
|||||
Capital expenditures | $ | 4,905 | $ | 4,287 | $ | 9,819 | $ | 8,470 |
Depreciation | $ | 4,375 | $ | 4,275 | $ | 8,744 | $ | 8,449 |
Amortization of other intangibles | $ | 385 | $ | 393 | $ | 777 | $ | 785 |