27 unchanged sentences
It is difficult to predict the future of housing demand, employee availability, our supply chain or the Company's performance and operations.
−Removed: Our home order backlog at March 30, 2024 was approximately $191 million in wholesale sales values, down $53 million from $244 million one year earlier.
+Added: Our home order backlog at March 29, 2025 was approximately $197 million in wholesale sales values, up $6 million from $191 million one year earlier.
Distributors may cancel orders prior to production without penalty.
9 unchanged sentences
For certain loans serviced for Ginnie Mae and Freddie Mac, and home-only loans serviced for certain other investors, we must remit scheduled monthly principal and/or interest payments and principal curtailments regardless of whether monthly mortgage payments are collected from borrowers.
−Removed: Ginnie Mae permits cash obligations on loans in forbearance from COVID-19 to be offset by other incoming cash flows from loans such as loan pre-payments.
−Removed: Through fiscal year 2024, monthly collections of principal and interest from borrowers have exceeded scheduled principal and interest payments owed to investors;
−Removed: however, any future regulatory mandates requiring extended forbearance could negatively impact future cash obligations.
The lack of an efficient secondary market for manufactured home-only loans and the limited number of institutions providing such loans result in higher borrowing costs for home-only loans and continue to constrain industry growth.
19 unchanged sentences
($ in thousands, except revenue per home sold) March 29,
−Removed: 2024 April 1,
+Added: 2025 March 30,
Factory-built housing $ 1,933,111 $ 1,716,607 $ 216,504 12.6 %
3 unchanged sentences
Net factory-built housing revenue per home sold $ 97,864 $ 101,406 $ (3,542) (3.5) %
−Removed: In the factory-built housing segment, the decrease in Net revenue was primarily due to lower sales volume and selling prices, $372.1 million and $80.5 million, respectively, partially offset by the addition of Solitaire Homes which contributed $128.1 million in fiscal year 2024 compared to $28.3 million for one quarter of post acquisition activity in the prior fiscal year.
+Added: In the factory-built housing segment, the increase in Net revenue was primarily due to higher home sales volume of $286.5 million, partially offset by lower average selling prices of $70.0 million.
Net factory-built housing revenue per home sold is a volatile metric dependent upon several factors.
9 unchanged sentences
For these reasons, we have experienced, and expect to continue to experience, volatility in overall net factory-built housing revenue per home sold.
−Removed: Financia l services segment Net revenue increased 6.7% primarily due to $4.9 million from more insurance policies in force in the current year.
+Added: Financia l services segment Net revenue increased 5.3% primarily due to $8.1 million from higher insurance premiums in the current year, partially offset by fewer loans sold by the finance subsidiary.
Gross Profit.
1 unchanged sentence
($ in thousands) March 29,
−Removed: 2024 April 1,
+Added: 2025 March 30,
Gross profit:
6 unchanged sentences
Financial services 28.9 % 35.8 % N/A (6.9) %
−Removed: In the factory-built housing segment, Gross profit decreased from the lower home sales prices and fewer units sold, partially offset by lower input costs.
−Removed: In the financial services segment, Gross profit decreased primarily due to higher weather-related claims and market fluctuations of the marketable equity securities in the insurance subsidiary's portfolio.
+Added: In the factory-built housing segment, Gross profit increased from higher home sales, partially offset by lower average selling prices.
+Added: In the financial services segment, Gross profit decreased primarily due to higher weather related insurance claims and reduced revenue from loan sales.
Selling, General and Administrative Expenses.
1 unchanged sentence
($ in thousands) March 29,
−Removed: 2024 April 1,
+Added: 2025 March 30,
Selling, general and administrative expenses:
4 unchanged sentences
13.7 % 13.8 % N/A (0.1) %
−Removed: Selling, general and administrative expenses related to factory-built housing decreased primarily due to $19.5 million in lower wages, benefits and incentive compensation expense on declined earnings;
−Removed: $7.3 million from lower expenses incurred in engaging third-party consultants in relation to the non-recurring energy efficient home tax credits;
−Removed: and $2.1 million from lower legal expenses related to the SEC investigation, partially offset by the full year of Solitaire operations, which was acquired in the prior year's fourth quarter, which increased Selling, general and administrative expenses by $19.1 million.
+Added: Selling, general and administrative expenses related to factory-built housing increased as a result of a $10.0 million one-time, non-cash charge related to the adjustment of legacy indefinite lived trade names due to the unification of the Company's brand, $6.4 million higher incentive compensation on higher sales, and approximately $3.8 million of incremental costs due to the Kentucky Dream Home acquisition that took place in the prior year.
Interest Income.
−Removed: Interest income was $21.0 million in fiscal year 2024 and $10.7 million in fiscal year 2023.
−Removed: The increase is due to higher interest rates throughout fiscal year 2024.
+Added: Interest income was flat with $21.1 million in fiscal year 2025 and $21.0 million in fiscal year 2024 .
Interest Expense.
−Removed: Interest expense was $1.6 million in fiscal year 2024 and $0.9 million in fiscal year 2023 and consists primarily of interest related to finance leases and floor plan financing at our Craftsman retail location.
+Added: Interest expense was $0.5 million in fiscal year 2025 and $1.6 million in fiscal year 2024.
+Added: The change is due to adjustments in the redemption value of the noncontrolling interest for Craftsman Homes occurring in fiscal year 2024, which did not occur in fiscal year 2025 as Craftsman was wholly owned by the Company for all of fiscal year 2025.
Other Income, net .
1 unchanged sentence
For fisca l years 2025 and 2024, Other income, net was $0.2 million and $0.8 million , respectively.
−Removed: Prior year saw non-recurring retirement of property, plant and equipment with a $1.2 million loss.
−Removed: This was offset by $0.3 million of gains on corporate equity securities in fiscal 2024 compared to $0.8 million of gains in the prior fiscal year.
+Added: The largest driver of the change was $0.1 million of gains on corporate equity securities in fiscal year 2025 compared to $0.3 million of gains on corporate equity securities in the prior fiscal year.
Income Before Income Taxes.
1 unchanged sentence
($ in thousands) March 29,
−Removed: 2024 April 1,
+Added: 2025 March 30,
Income before income taxes:
3 unchanged sentences
Income Tax Expense.
−Removed: Income tax expense was $41.3 million, resulting in an effective tax rate of 20.7%, for the fiscal year ended March 30, 2024, compared to income tax expense of $65.9 million and an effective rate of 21.5% for the fiscal year ended April 1, 2023.
−Removed: The lower effective tax rate in fiscal year 2024 is primarily related to $4.2 million in tax credits related to the sale of energy efficient homes and Energy Star credits available under the Internal Revenue Code §45L and $2.4 million related to the research and development, solar, and work opportunity tax credits.
+Added: Income tax expense was $40.0 million, resulting in an effective tax rate of 19.0% for the fiscal year ended March 29, 2025, compared to income tax expense of $41.3 million and an effective rate of 20.7% for the fiscal year ended March 30, 2024.
+Added: The lower effective tax rate in fiscal year 2025 is related to an increase of $5.4 million in tax credits primarily related to the sale of energy efficient homes and Energy Star credits available under the Internal Revenue Code §45L compared to the prior year.
Fiscal Year 2024 Compared to Fiscal Year 2023
6 unchanged sentences
Such transactions may require the use of cash and have other impacts on our liquidity and capital resources.
−Removed: We have sufficient liquid resources including our $50.0 million revolving credit facility (the "Revolving Credit Facility"), of which no amounts were outstanding at March 30, 2024.
+Added: We have sufficient liquid resources including our $75.0 million revolving credit facility, of which no amounts were outstanding at March 29, 2025.
+Added: The revolving credit facility is part of the Amended and Restated Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer, and the guarantors party thereto (the “Credit Agreement”).
The Credit Agreement includes the following financial covenants:
11 unchanged sentences
($ in thousands) March 29,
−Removed: 2024 April 1,
+Added: 2025 March 30,
2024 $ Change
4 unchanged sentences
Cash, cash equivalents and restricted cash at end of the fiscal year $ 375,345 $ 368,753 $ 6,592
−Removed: Net cash provided by operating activities decreased primarily from lower Net income adjusted for non-cash items during the period, partially offset by greater collections on commercial loans.
−Removed: Consumer loan originations decreased $87.2 million to $90.8 million during the year ended March 30, 2024, from $178.0 million during the year ended April 1, 2023.
+Added: Net cash provided by operating activities decreased primarily from increased working capital to support higher sales in our factory-built housing segment including an increase in accounts receivable which had a use of cash of $28.7 million and an increase in inventories that used $11.4 million of cash.
+Added: Consumer loan originations decreased $24.7 million to $66.1 million during the year ended March 29, 2025, from $90.8 million during the year ended March 30, 2024.
Proceeds from the sale of consumer loans provided $51.1 million in cash, compared to $91.5 million in the previous year, a net decrease of $40.4 million.
−Removed: Commercial loan originations decreased $20.8 million to $111.2 million during the year ended March 30, 2024, from $132.1 million during the year ended April 1, 2023.
+Added: Commercial loan originations increased $32.1 million to $143.4 million during the year ended March 29, 2025, from $111.2 million during the year ended March 30, 2024.
Proceeds from the collection on commercial loans provided $135.1 million in cash, compared to $117.3 million in the previous year, a net increase of $17.8 million.
−Removed: Net cash used in investing activities for the year ended March 30, 2024 was primarily used for purchases of property, plant and equipment and acquisition of Kentucky Dream Homes during the year.
−Removed: Net cash used in investing activities for the year ended April 1, 2023 was primarily for the acquisition of Solitaire Homes and purchases of property, plant and equipment including opening manufacturing facilities in Glendale, Arizona and Hamlet, North Carolina.
−Removed: Net cash used in financing activities for the year ended March 30, 2024 and April 1, 2023 was primarily related to common stock repurchases, partially offset by net proceeds received from the exercise of stock options.
+Added: Net cash used in investing activities for the year ended March 29, 2025 was primarily used for purchases of property, plant and equipment.
+Added: Net cash used in investing activities for the year ended March 30, 2024 was primarily used for purchases of property, plant and equipment and the acquisition of Kentucky Dream Homes during fiscal year 2024.
+Added: Net cash used in financing activities for the years ended March 29, 2025 and March 30, 2024 was primarily related to common stock repurchases, partially offset by net proceeds received from the exercise of stock options.
Obligations and Commitments
19 unchanged sentences
Estimates include the number of homes still under warranty, including homes in distributor inventories, homes purchased by consumers still within the one-year warranty period, the timing in which work orders are completed and the historical average costs incurred to service a home.
−Removed: While the number of homes still under warranty and the timing in which work orders are completed are readily determinable, the average costs incurred will vary based on market prices, which are the primary subjective inputs in estimating the reserve.
+Added: While the number of homes still under warranty are readily determinable, the average costs incurred, which will vary based on market prices, and the timing in which work orders are completed are the primary subjective inputs in estimating the reserve.
We expect that a 5% increase in average costs would increase our reserve proportionally.
−Removed: Income Taxes and Deferred Tax Assets and Liabilities.
−Removed: The determination of the need for, or amount of, any valuation allowance involves significant judgment and is based upon the evaluation of both positive and negative evidence, including estimates of anticipated taxable profits in various jurisdictions with which the deferred tax assets are associated.
−Removed: At March 30, 2024, based on historical profits earned and forecasted taxable profits, we determined that all deferred tax assets, except for certain state net operating loss deferred tax assets, would be utilized in future periods.
−Removed: Additionally, the overall state income tax rate is based on income apportionment by state, which is estimated using prior year results, along with expected current year impacts.
Other Matters
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.