What changed in this filing

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Item 1. Financial Statements

2025-08-04 compared with 2025-01-31 · 133 added, 154 removed, 375 unchanged (43% of the section changed)

25 unchanged sentences

Operating lease right-of-use assets 34,118 35,576

Deferred income taxes 1,270 1,853

Total assets $ 1,419,617 $ 1,406,645

6 unchanged sentences

Other liabilities 7,316 7,359

Deferred income taxes 4,642 4,575

Total liabilities 354,784 342,063

Stockholders' equity

11 unchanged sentences

Retained earnings 1,249,805 1,198,163

Accumulated other comprehensive loss ( 147 ) ( 333 )

Accumulated other comprehensive income 105 9

Total stockholders' equity 1,064,833 1,064,582

4 unchanged sentences

(Dollars in thousands, except per share amounts)

Three Months Ended Nine Months Ended

2024 December 30,

2023 December 28,

2024 December 30,

Three Months Ended

2025 June 29,

$ 556,857 $ 477,599

7 unchanged sentences

Interest expense ( 164 ) ( 90 )

Other income (expense), net 168 ( 224 ) 315 557

Other (expense), net — ( 111 )

Income before income taxes 65,297 43,861

1 unchanged sentence

$ 51,642 $ 34,429

net income attributable to redeemable noncontrolling interest — — — 88

Net income attributable to Cavco common stockholders $ 56,462 $ 35,987 $ 134,706 $ 123,883

Comprehensive income

1 unchanged sentence

Reclassification adjustment for securities sold 117 9

Applicable income tax benefit (expense) 20 ( 62 ) ( 37 ) ( 63 )

Applicable income tax expense ( 24 ) ( 2 )

Net change in unrealized position of investments held

Applicable income tax benefit (expense) ( 2 ) ( 3 ) ( 13 ) ( 5 )

Applicable income tax expense ( 1 ) ( 14 )

Comprehensive income $ 51,738 $ 34,487

comprehensive income attributable to redeemable noncontrolling interest — — — 88

Comprehensive income attributable to Cavco common stockholders $ 56,391 $ 36,228 $ 134,892 $ 124,136

Net income per share attributable to Cavco common stockholders

Net income per share

$ 6.49 $ 4.15

7 unchanged sentences

(Dollars in thousands)

Nine Months Ended

2024 December 30,

Three Months Ended

2025 June 29,

OPERATING ACTIVITIES

6 unchanged sentences

Non-cash interest income, net ( 239 ) ( 286 )

(Gain) loss on sale or retirement of property, plant and equipment, net ( 19 ) 186

Loss on sale or retirement of property, plant and equipment, net 80 11

Gain on investments and sale of loans, net ( 1,054 ) ( 177 )

2 unchanged sentences

Consumer loans receivable originated ( 15,231 ) ( 20,833 )

Proceeds from sales of consumer loans receivable 4,408 81,752

Principal payments received on consumer loans receivable 42,618 5,480

Proceeds received on consumer loans receivable 13,774 14,504

Inventories ( 5,373 ) ( 3,505 )

6 unchanged sentences

Purchases of property, plant and equipment ( 9,138 ) ( 4,975 )

Payments for acquisitions, net — ( 19,702 )

Proceeds from sale of property, plant and equipment — 10

7 unchanged sentences

Payments for common stock repurchases ( 50,000 ) ( 29,463 )

Distributions to noncontrolling interest — ( 420 )

Net cash used in financing activities ( 54,729 ) ( 31,863 )

Net increase in cash, cash equivalents and restricted cash 9,873 83,118

Net (decrease) increase in cash, cash equivalents and restricted cash ( 6,921 ) 10,181

Cash, cash equivalents and restricted cash at beginning of the fiscal year 375,345 368,753

5 unchanged sentences

Change in GNMA loans eligible for repurchase $ 563 $ 76

Right-of-use assets recognized and operating lease obligations incurred $ — $ 1,315

See accompanying Notes to Consolidated Financial Statements

8 unchanged sentences

In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, which are necessary to fairly state the interim results for the periods presented.

We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events.

We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC, and there were no disclosable subsequent events other than those mentioned in Note 19.

These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in our 2025 Annual Report on Form 10-K for the year ended March 29, 2025, filed with the SEC ("Form 10-K").

9 unchanged sentences

ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Taxes Disclosures, which requires greater disaggregation of income tax disclosures.

The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction.

This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted.

The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

2 unchanged sentences

This ASU should be applied retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

Early adoption is permitted.

We adopted ASU 2023-07 effective for the annual period beginning March 31, 2024, and for interim periods beginning March 30, 2025.

ASU 2023-07 is applied retrospectively to all prior periods presented in the accompanying Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Taxes Disclosures, which requires greater disaggregation of income tax disclosures.

The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction.

This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted.

The Company is currently evaluating the impacts of this guidance on the Company's Consolidated Financial Statements.

10 unchanged sentences

The following table summarizes Net revenue disaggregated by reportable segment and source (in thousands):

Three Months Ended Nine Months Ended

December 28, 2024 December 30, 2023 December 28,

2024 December 30,

Three Months Ended

2025 June 29,

Factory-built housing

4 unchanged sentences

Insurance agency commissions received from third-party insurance companies

1,246 1,229 3,920 3,145

All other sources 19,753 18,145

1 unchanged sentence

$ 556,857 $ 477,599

Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the Consolidated Balance Sheets to the combined amounts shown in the Consolidated Statements of Cash Flows (in thousands):

2025 March 29,

Cash and cash equivalents $ 344,626 $ 356,225

Restricted cash, current 23,213 18,535

Restricted cash 585 585

$ 368,424 $ 375,345

Investments consisted of the following (in thousands):

2 unchanged sentences

Marketable equity securities

11,805 11,425

Non-marketable equity investments

3 unchanged sentences

The amortized cost and fair value of our investments in available-for-sale debt securities, by security type, are shown in the table below (in thousands):

December 28, 2024 March 30, 2024

June 28, 2025 March 29, 2025

Value Amortized Cost Fair

8 unchanged sentences

Expected maturities may differ from contractual maturities as borrowers at times have the right to call or prepay obligations, with or without penalties.

December 28, 2024

June 28, 2025

Due in less than one year $ 5,697 $ 5,674

1 unchanged sentence

Due after five years through ten years 1,931 1,949

Due after ten years 323 330

Mortgage-backed securities 5,175 5,226

1 unchanged sentence

Net investment gains and losses on marketable equity securities were as follows (in thousands):

Three Months Ended Nine Months Ended

2024 December 30,

2023 December 28,

2024 December 30,

Three Months Ended

2025 June 29,

Marketable equity securities

Net gain (loss) recognized during the period $ 599 $ ( 454 )

Net (gain) recognized on securities sold during the period ( 1,649 ) ( 235 ) ( 1,561 ) ( 365 )

Net loss (gain) recognized on securities sold during the period 56 ( 552 )

Unrealized gain (loss) recognized during the period on securities still held $ 655 $ ( 1,006 )

31 unchanged sentences

The following table disaggregates the outstanding principal balance of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):

December 28, 2024

June 28, 2025

2026 2025 2024 2023 2022 Prior Total

19 unchanged sentences

$ 21,935 $ 10,860 $ 323 $ 92 $ 1,804 $ 23,148 $ 58,162

As of December 28, 2024, 55 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas.

As of June 28, 2025, 53 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas.

As of March 29, 2025, 54 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 11 % was concentrated in Florida.

Other than Texas and Florida, no sta te had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of December 28, 2024 or March 30, 2024.

Other than Texas and Florida, no sta te had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of June 28, 2025 or March 29, 2025.

Commercial Loans Receivable

2 unchanged sentences

2025 March 29,

Loans receivable $ 94,902 $ 91,938

Loans receivable (including from affiliates) $ 108,143 $ 100,297

Allowance for loan losses ( 338 ) ( 361 )

8 unchanged sentences

Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments 90 days or more past due.

As of December 28, 2024 and March 30, 2024, there were no commercial loans considered nonperforming.

As of June 28, 2025 and March 29, 2025, there were no commercial loans considered nonperforming.

The following table disaggregates the outstanding principal balance of our commercial loans receivable by fiscal year of origination (in thousands):

December 28, 2024

2025 2024 2023 2022 2021 Total

June 28, 2025

2026 2025 2024 2023 2022 Prior Total

$ 33,246 $ 49,507 $ 19,163 $ 4,910 $ 998 $ 319 $ 108,143

March 29, 2025

2024 2023 2022 2021 2020 Total

2025 2024 2023 2022 2021 Prior Total

$ 66,843 $ 24,215 $ 7,006 $ 1,014 $ 1,219 $ — $ 100,297

As of December 28, 2024 and March 30, 2024, there were no commercial loans 90 days or more past due that were still accruing interest, and we were not aware of any potential problem loans that would have a material effect on the commercial loans receivable balance.

As of December 28, 2024, we had concentrations of our outstanding principal balance of the commercial loans receivable balance in New York of 18 % and California of 16 %.

As of March 30, 2024, 18 % of our outstanding principal balance of the commercial loans receivable balance was in New York.

No other state had concentrations in excess of 10% of the outstanding principal balance of the commercial loans receivable as of December 28, 2024 or March 30, 2024.

As of December 28, 2024 and March 30, 2024, one independent third-party and its affiliates comprised 10 % and 13 %, respectively, of the net commercial loans receivable principal balance outstanding, all of which are secured.

As of June 28, 2025 and March 29, 2025, approximately 16 % of our outstanding commercial loans receivable principal balance was concentrated in California.

As of June 28, 2025 and March 29, 2025, approximately 14 % and 17 %, respectively, was concentrated in New York.

As of June 28, 2025, Arizona and North Carolina each had approximately 12 % concentrations.

We had concentrations with one independent third-party and its affiliates that equaled 12 % and 10 % of the net commercial loans receivable principal balance outstanding, all of which was secured, as of June 28, 2025 and March 29, 2025, respectively.

The risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan losses.

Accrued Expenses and Other Current Liabilities

6 unchanged sentences

Accrued volume rebates 27,660 21,208

Insurance loss reserves 12,254 10,540

Accrued insurance 13,239 13,094

Insurance loss reserves 13,118 16,201

Other 57,905 55,842

1 unchanged sentence

Activity in the liability for estimated warranties was as follows (in thousands):

Three Months Ended Nine Months Ended

2024 December 30,

2023 December 28,

2024 December 30,

Three Months Ended

2025 June 29,

Balance at beginning of period $ 33,189 $ 31,718

9 unchanged sentences

$ 7,316 $ 7,359

On November 12, 2024, the Company entered into that certain 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"), providing for a $ 75 million revolving credit facility (the "Revolving Credit Facility"), including a $ 10 million letter of credit sub-facility.

The Revolving Credit Facility matures on November 12, 2029.

The Credit Agreement amends and restates the previous credit agreement between the parties entered into on November 22, 2022.

Loans under the Revolving Credit Facility will bear interest at a rate equal to (i) the Secured Overnight Financing Rate, plus a credit spread adjustment of 0.10 % (as adjusted, "Term SOFR"), plus the "applicable rate" or (ii) the "base rate" (defined as the highest of (a) the Bank of America prime rate, (b) the Federal Funds rate plus 0.50 %, and (c) Term SOFR plus 1.00 %) plus the "applicable rate." The applicable rate will be determined in accordance with a pricing grid based on the Company's Consolidated Total Leverage Ratio (as defined in the Credit Agreement) ranging from 1.25 % to 1.50 % per annum for Term SOFR rate loans and from 0.25 % to 0.50 % per annum for base rate loans.

In addition, the Company will pay a commitment fee on the unused portion of the Revolving Credit Facility of 0.20 % per annum.

We are party to an 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"), providing for a $ 75 million revolving credit facility (the "Revolving Credit Facility"), including a $ 10 million letter of credit sub-facility.

The Revolving Credit Facility is guaranteed, on a joint and several basis, by certain of the Company's subsidiaries.

Subject to certain conditions and requirements set forth in the Credit Agreement, including the availability of additional lender commitments, the Company may request from time to time one or more term loan facilities, or increases in the aggregate commitments under the Revolving Credit Facility, in an aggregate amount not exceeding $ 75 million.

The Credit Agreement contains customary representations and warranties, affirmative and negative covenants (including restrictions, subject to customary exceptions, qualifications, and baskets, on the ability of the Company and its subsidiaries to incur additional indebtedness or guarantees of indebtedness, pay dividends or distributions on, redeem, repurchase, or retire capital stock, make investments, loans, advances, or acquisitions, enter into sale and leaseback transactions, engage in transactions with affiliates, create liens, transfer or sell assets, create restrictions

on the payment of dividends or other distributions from subsidiaries, and consolidate, merge, or transfer all or substantially all of the assets of the Company and its subsidiaries taken as a whole), and events of default (as defined in the Credit Agreement).

In addition, the Credit Agreement includes the following financial covenants (i) as of the end of any fiscal quarter, the Consolidated Total Leverage Ratio (as defined in the Credit Agreement) cannot exceed 3.25 to 1.00 and (ii) a requirement to maintain Consolidated EBITDA (as defined in the Credit Agreement) for any period of four fiscal quarters of at least $ 75 million.

As of December 28, 2024 and March 30, 2024, there were no borrowings outstanding under the Revolving Credit Facility or the previous credit agreement entered into on November 22, 2022 and we were in compliance with all covenants.

As of June 28, 2025 and March 29, 2025, there were no borrowings outstanding under the Revolving Credit Facility and we were in compliance with all covenants.

Reinsurance and Insurance Loss Reserves

3 unchanged sentences

Three Months Ended

December 28, 2024 December 30, 2023

Written Earned Written Earned

Direct premiums

$ 19,260 $ 24,645 $ 11,135 $ 10,693

Assumed premiums—nonaffiliated

21,534 20,629 8,430 8,459

Ceded premiums—nonaffiliated

( 17,387 ) ( 17,387 ) ( 6,406 ) ( 6,406 )

$ 23,407 $ 27,887 $ 13,159 $ 12,746

Nine Months Ended

December 28, 2024 December 30, 2023

June 28, 2025 June 29, 2024

Written Earned Written Earned

9 unchanged sentences

After this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $ 4.0 million per occurrence, up to a maximum of $ 90 million in the aggregate for that occurrence.

The following details the activity in the incurred but not reported reserve for the three and nine months ended December 28, 2024 a nd December 30, 2023 (in thousands):

Three Months Ended Nine Months Ended

2024 December 30,

2023 December 28,

2024 December 30,

The following details the activity in the incurred but not reported reserve for the three months ended June 28, 2025 a nd June 29, 2024 (in thousands):

Three Months Ended

2025 June 29,

Balance at beginning of period $ 16,201 $ 10,540

4 unchanged sentences

Repurchase Contingencies .

The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $ 122 million and $ 121 million at December 28, 2024 and March 30, 2024, respectively, without reduction for the estimated resale value of the home s.

In the quarter ended December 28, 2024 we received one repurchase demand notice for two homes.

In all cases, the estimated fair value exceeded the repurchase price so no loss reserve was deemed necessary.

Our reserve for repurchase commitments, re corded in Accrued expenses and other current liabilities, was $ 3.2 million at December 28, 2024 and $ 2.9 million at March 30, 2024 .

The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $ 133 million at June 28, 2025 and March 29, 2025, without reduction for the estimated resale value of the home s.

In the three months ended June 28, 2025, we did not receive any demand notices.

Our reserve for repurchase commitments, re corded in Accrued expenses and other current liabilities, was $ 3.2 million at June 28, 2025 and $ 3.3 million at March 29, 2025.

Construction-Period Mortgages.

5 unchanged sentences

Representations and Warranties of Mortgages Sold .

The reserve for contingent repurchases and indemnification obliga tions was $ 0.7 million as of December 28, 2024 and $ 0.6 million as of March 30, 2024, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.

There were no claim requests that resulted in the repurchase of any loans during the nine months ended December 28, 2024 or December 30, 2023 .

The reserve for contingent repurchases and indemnification obliga tions was $ 0.5 million as of June 28, 2025 and $ 0.6 million as of March 29, 2025, included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.

There were no claim requests that resulted in the repurchase of any loans during the three months ended June 28, 2025 or June 29, 2024 .

Interest Rate Lock Commitments ("IRLCs") .

As of December 28, 2024 and March 30, 2024, we had outstanding IRLCs with a notional amount of $ 10.1 million and $ 39.0 million, respectively.

For the three and nine months ended December 28, 2024, we recognized insignificant non-cash losses and gains, respectively, on outstanding IRLCs.

For the three and nine months ended December 30, 2023, we recognized insignificant non-cash gains and losses on outstanding IRLCs.

As of June 28, 2025 and March 29, 2025, w e had outstanding IRLCs with a notional amount of $ 24.1 million and $ 16.3 million, respectively.

For the three months ended June 28, 2025 and the three months ended June 29, 2024, we recognized insignificant non-cash gains on outstanding IRLCs.

Forward Sales Commitments.

As of December 28, 2024 and March 30, 2024, we had $ 15.0 million and $ 2.8 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively.

During the three and nine months ended December 28, 2024, we recognized insignificant non-cash gains.

During the three and nine months ended December 30, 2023, we recognized insignificant non-cash losses.

As of June 28, 2025 and March 29, 2025, we had $ 18.7 million and $ 20.8 million in outstanding forward sales commitments for sales of mortgage backed securities and whole loan commitments (collectively, the "Commitments"), respectively.

During the three months ended June 28, 2025, we recognized insignificant non-cash gains on Commitments.

During the three months ended June 29, 2024, we recognized insignificant non-cash losses.

Legal Matters.

2 unchanged sentences

However, future events or circumstances that may currently be unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on our consolidated financial position, liquidity or results of operations in any future reporting periods.

Stockholders' Equity and Redeemable Noncontrolling Interest

The following tables represent changes in stockholders' equity attributable to Cavco's stockholders and redeemable noncontrolling interest during the nine months ended December 28, 2024 and December 30, 2023, respectively (dollars in thousands):

Equity Attributable to Cavco Stockholders

Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) income Total

Stockholders' Equity

The following tables represent changes in Stockholders' equity during the three months ended June 28, 2025 and June 29, 2024, respectively (dollars in thousands):

Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total

Shares Amount

6 unchanged sentences

Balance, June 28, 2025 9,453,363 $ 95 $ ( 474,993 ) $ 289,821 $ 1,249,805 $ 105 $ 1,064,833

Net income — — — — 43,815 — 43,815

Other comprehensive income, net — — — — — 198 198

Net issuance of common stock under stock incentive plans 16,275 — 1,220 — — 1,220

Stock-based compensation — — — 2,713 — — 2,713

Common stock repurchases — — ( 44,509 ) — — — ( 44,509 )

Balance, September 28, 2024 9,417,332 94 ( 348,406 ) 284,995 1,105,371 ( 77 ) 1,041,977

Net income — — — — 56,462 — 56,462

Other comprehensive income, net — — — — — ( 70 ) ( 70 )

Net issuance of common stock under stock incentive plans 5,637 — — ( 168 ) — — ( 168 )

Stock-based compensation — — — 1,746 — — 1,746

Common stock repurchases — — ( 42,722 ) — — — ( 42,722 )

Balance, December 28, 2024 9,422,969 $ 94 $ ( 391,128 ) $ 286,573 $ 1,161,833 $ ( 147 ) $ 1,057,225

Equity Attributable to Cavco Stockholders

Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) income Total Redeemable noncontrolling interest

Treasury stock Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) income Total

Shares Amount

Balance, April 1, 2023 9,337,125 $ 93 $ ( 164,452 ) $ 271,950 $ 869,310 $ ( 615 ) $ 976,286 $ 1,219

Net income — — — — 46,357 — 46,357 54

Other comprehensive loss, net — — — — — ( 42 ) ( 42 ) —

Net issuance of common stock under stock incentive plans 10,095 — — ( 1,213 ) — — ( 1,213 ) —

Stock-based compensation — — — 1,438 — — 1,438 —

Distributions — — — — — — — ( 120 )

Valuation adjustment — — — — — — — ( 33 )

Balance, July 1, 2023 9,347,220 93 ( 164,452 ) 272,175 915,667 ( 657 ) 1,022,826 1,120

Net income — — — — 41,539 — 41,539 34

Other comprehensive income, net — — — — — 54 54 —

Net issuance of common stock under stock incentive plans 9,201 1 — 478 — — 479 —

Stock-based compensation — — — 1,551 — — 1,551 —

Common stock repurchases — — ( 47,194 ) — — — ( 47,194 ) —

Distributions — — — — — — — ( 180 )

Conversion to mandatorily redeemable noncontrolling interest — — — — — — — ( 974 )

Balance, September 30, 2023 9,356,421 94 ( 211,646 ) 274,204 957,206 ( 603 ) 1,019,255 —

Balance, March 30, 2024 9,389,953 $ 94 $ ( 274,693 ) $ 281,216 $ 1,027,127 $ ( 333 ) $ 1,033,411

Net income — — — — 34,429 — 34,429

3 unchanged sentences

Common stock repurchases — — ( 29,204 ) — — — ( 29,204 )

Balance, December 30, 2023 9,381,147 $ 94 $ ( 262,072 ) $ 277,847 $ 993,193 $ ( 362 ) $ 1,008,700 $ —

Balance, June 29, 2024 9,401,057 $ 94 $ ( 303,897 ) $ 281,062 $ 1,061,556 $ ( 275 ) $ 1,038,540

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts):

Three Months Ended Nine Months Ended

2024 December 30,

2023 December 28,

2024 December 30,

Net income attributable to Cavco common stockholders $ 56,462 $ 35,987 $ 134,706 $ 123,883

Three Months Ended

2025 June 29,

Net income $ 51,642 $ 34,429

Weighted average shares outstanding

2 unchanged sentences

Diluted 8,041,008 8,372,254

Net income per share attributable to Cavco common stockholders

Net income per share

Basic $ 6.49 $ 4.15

3 unchanged sentences

The book value and estimated fair value of our financial instruments were as follows (in thousands):

December 28, 2024 March 30, 2024

June 28, 2025 March 29, 2025

Value Estimated

23 unchanged sentences

We operate principally in two segments:

(1) factory-built housing, which includes wholesale and retail factory-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance.

The following table provides selected financial data by segment (in thousands):

Three Months Ended Nine Months Ended

2024 December 30,

2023 December 28,

2024 December 30,

Factory-built housing $ 500,860 $ 426,939 $ 1,445,251 $ 1,318,114

Financial services 21,180 19,830 61,849 56,560

$ 522,040 $ 446,769 $ 1,507,100 $ 1,374,674

Income (loss) before income taxes:

Factory-built housing $ 63,150 $ 42,070 $ 168,155 $ 154,121

Financial services 6,186 1,837 ( 8 ) 2,124

$ 69,336 $ 43,907 $ 168,147 $ 156,245

(1) factory-built housing, which includes wholesale and retail factory-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance, and qualifies as other activity under the segment reporting guidance as it does not meet the quantitative thresholds to be reported separately.

The factory-built housing segment generates revenue from building and selling manufactured and modular homes to both wholesale customers and end consumers through Company owned retail stores.

The Financial services segment generates revenue through lending products for manufactured home purchasers, and through writing and holding insurance policies for manufactured homes.

The Company's Chief Executive Officer is the chief operating decision maker ("CODM").

The CODM assesses segment performance and allocates resources, including reinvesting profits and making acquisitions, based on Gross p rofit and Income before income taxes.

The CODM also uses these metrics in the budgeting process when determining how to allocate resources.

The CODM is not provided asset information by reportable segment.

The following tables provide selected financial data by segment (dollars in thousands):

Three Months Ended June 28, 2025

Factory-built housing Financial services Consolidated

Net revenue $ 535,694 $ 21,163 $ 556,857

Cost of sales 414,850 12,501 427,351

Gross profit 120,844 8,662 129,506

Selling, general and administrative expenses 63,154 5,994 69,148

Income from operations 57,690 2,668 60,358

Interest income 5,103 — 5,103

Interest expense ( 164 ) — ( 164 )

Income before income taxes 62,629 2,668 65,297

Income tax expense ( 13,128 ) ( 527 ) ( 13,655 )

Net Income $ 49,501 $ 2,141 $ 51,642

Three Months Ended June 28, 2025

Factory-built housing Financial services Consolidated

Depreciation $ 4,735 $ 62 $ 4,797

Amortization $ 366 $ 6 $ 372

Capital expenditures $ 9,009 $ — $ 9,009

Three Months Ended June 29, 2024

Factory-built housing Financial services Consolidated

Net revenue $ 458,048 $ 19,551 $ 477,599

Cost of sales 354,537 19,660 374,197

Gross profit 103,511 ( 109 ) 103,402

Selling, general and administrative expenses 59,720 5,131 64,851

Income from operations 43,791 ( 5,240 ) 38,551

Interest income 5,511 — 5,511

Interest expense ( 90 ) — ( 90 )

Other expense, net ( 111 ) — ( 111 )

Income before income taxes 49,101 ( 5,240 ) 43,861

Income tax expense ( 10,656 ) 1,224 ( 9,432 )

Net Income $ 38,445 $ ( 4,016 ) $ 34,429

Three Months Ended June 29, 2024

Factory-built housing Financial services Consolidated

Depreciation $ 4,304 $ 65 $ 4,369

Amortization $ 386 $ 6 $ 392

Capital expenditures $ 4,852 $ 62 $ 4,914

2025 March 29,

1 unchanged sentence

Factory-built housing $ 1,186,689 $ 1,191,216

$ 1,160,795 $ 1,141,237

Financial services 232,928 215,429

224,972 212,923

$ 1,385,767 $ 1,354,160

Consolidated $ 1,419,617 $ 1,406,645

Subsequent Events

On July 4, 2025, the new tax law commonly referred to as the One Big Beautiful Bill Act was enacted.

We are in the process of evaluating its impact on our Consolidated Financial Statements.

On July 14, 2025, the Company entered into a definitive agreement to acquire American Homestar Corporation and its subsidiaries (collectively, "American Homestar"), a Houston-based company best known in the market as Oak Creek Homes.

American Homestar operates two manufacturing facilities, nineteen retail locations, writes and sells a limited number of manufactured home loans and acts as an agent for third party insurers.

Cavco will acquire American Homestar for $ 190 million in cash, subject to customary purchase price adjustments.

The acquisition is intended to be funded entirely from the Company's cash on hand and is expected to close in the Company's third quarter of fiscal year 2026, subject to applicable regulatory approvals and the satisfaction of certain customary closing conditions.

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.

What changed 10-Q

Item 1. Financial Statements