Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The Company's common stock is traded on the Nasdaq Global Select Market ("Nasdaq") under the symbol CVCO.
As of May 21, 2021, the Company had 569 stockholders of record and approximately 15,500 beneficial holders of its common stock, based upon information in securities position listings by registered clearing agencies upon request of the Company's transfer agent.
In the past two fiscal years, we have not paid any dividends on the Company's common stock. The payment of dividends to Company stockholders is subject to the discretion of the Board of Directors, and various factors may prevent us from paying dividends. Such factors include Company cash requirements and liquidity and the requirements of state, corporate and other laws.
Issuer Purchases of Equity Securities
On October 27, 2020, the Company’s Board of Directors approved a $100 million stock repurchase program that may be used to purchase its outstanding common stock. This program, which was announced on Form 8-K filed October 29, 2020, replaces a previously standing $10 million authorization, which is now canceled. The repurchases may be made in the open market or in privately negotiated transactions in compliance with applicable state and federal securities laws and other legal requirements. The level of repurchase activity is subject to market conditions and other investment opportunities. The repurchase program does not obligate us to acquire any particular amount of common stock and may be suspended or discontinued at any time. The repurchase program is funded using our available cash. Share repurchase activity during the three months ended April 3, 2021 was as follows (in thousands, except number of shares and per share amounts):
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of the Publically Announced Program Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
December 27, 2020 to January 30, 2021 — $ — —
January 31, 2020 to February 27, 2021 — — —
February 28, 2021 to April 3, 2021 6,600 218.37 6,600
Total 6,600 6,600 $ 98,559
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Performance Graph
The following graph compares the yearly change in the cumulative total stockholder return on Cavco common stock during the five fiscal years ended April 3, 2021, with that of the Nasdaq Composite Index and the iShares U.S. Home Construction ETF. The comparison assumes $100 (with reinvestment of all dividends) was invested on April 2, 2016, in Cavco common stock and in each of the foregoing indices.
CAVCO INDUSTRIES, INC.
4/2/2016 4/1/2017 3/31/2018 3/30/2019 3/28/2020 4/3/2021
Cavco Industries, Inc. $ 100 $ 125 $ 186 $ 126 $ 159 $ 249
Nasdaq Composite Index $ 100 $ 120 $ 144 $ 157 $ 153 $ 274
iShares U.S. Home Construction ETF $ 100 $ 119 $ 147 $ 132 $ 115 $ 263
We previously compared the cumulative total stockholder return on Cavco common stock to that of the Nasdaq US Small Cap Home Construction Index; however, it is no longer quoted. We selected the iShares U.S. Home Construction ETF as it includes the common stock of Cavco and some of our competitors. The comparison below assumes $100 (with reinvestment of all dividends) was invested on March 28, 2015, in Cavco common stock and in each of the foregoing indices.
3/28/2015 3/28/2020
Cavco Industries, Inc. $ 100 $ 198
Nasdaq US Small Cap Home Construction Index $ 100 $ 81
iShares U.S. Home Construction ETF $ 100 $ 113
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ITEM 6. SELECTED FINANCIAL DATA
The following table presents selected consolidated financial data regarding Cavco for the fiscal years indicated. The data set forth below should be read in conjunction with, and is qualified in its entirety by reference to, the information presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Consolidated Financial Statements and Notes thereto included elsewhere in this Annual Report. The selected financial data set forth below may not be indicative of future performance.
Year Ended
April 3,
2021 March 28,
2020 March 30,
2019 March 31,
2018 April 1,
2017
($ in thousands, except per share)
Income Statement Data:
Net revenue $ 1,108,051 $ 1,061,774 $ 962,746 $ 871,235 $ 773,797
Cost of sales 869,074 831,256 757,040 690,555 615,760
Net income 76,646 75,066 68,622 61,502 37,955
Net income per share
Basic $ 8.34 $ 8.22 $ 7.56 $ 6.82 $ 4.23
Diluted 8.25 8.10 7.40 6.68 4.17
Weighted average shares outstanding:
Basic 9,189,052 9,129,639 9,080,878 9,024,437 8,976,064
Diluted 9,293,134 9,268,784 9,268,737 9,201,706 9,105,743
Balance Sheet Data:
Total assets $ 951,833 $ 810,431 $ 725,216 $ 674,780 $ 607,316
Total current liabilities 237,104 172,102 174,008 176,329 140,216
Total securitized financings and other 12,186 14,953 34,140 59,812 57,991
Finance lease obligations (1)
304 366 1,075 1,155 —
Total stockholders' equity 683,640 607,586 529,588 457,106 394,408
(1) Finance lease obligations under FASB ASC 842, Leases , effective beginning fiscal year 2020, are included in Securitized financings and other on the Company's Consolidated Balance Sheet. Prior to fiscal year 2020, these were categorized as capital lease obligations under FASB ASC 840, Leases, and were included in Accrued expenses and other current liabilities.
The selected financial data set forth above includes the accounts of Cavco and its consolidated subsidiaries, as of their respective acquisition dates, including Lexington Homes (April 3, 2017) and Destiny Homes (August 2, 2019).
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