What changed in this filing

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Item 9A. Controls and Procedures

2026-05-22 compared with 2025-05-23 · 186 added, 173 removed, 1378 unchanged (21% of the section changed)

16 unchanged sentences

Based on management's evaluation under the criteria in the 2013 framework, management concluded that the Company's internal control over financial reporting was effective as of March 28, 2026.

Management's assessment of the effectiveness of internal control over financial reporting did not include the assessment of American Homestar, which is included in the fiscal 2026 consolidated financial statements of Cavco Industries, Inc.

since the acquisition date of September 29, 2025 and which comprised approximately 13% of total assets and 3% of net income as of and for the year ended March 28, 2026, respectively.

The effectiveness of the Company's internal control over financial reporting as of March 28, 2026 has been audited by RSM US LLP, an independent registered public accounting firm, as stated in their report, which appears herein.

7 unchanged sentences

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of March 28, 2026 and March 29, 2025, the related consolidated statements of comprehensive income, stockholders’ equity and redeemable noncontrolling interest and cash flows for each of the three years in the period ended March 28, 2026, and the related notes to the consolidated financial statements and our report dated May 22, 2026 expressed an unqualified opinion.

As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded American Homestar Corporation and other related entities (collectively American Homestar) from its assessment of internal control over financial reporting as of March 28, 2026, because it was acquired by the Company in a purchase business combination in the third quarter of fiscal year 2026.

We have also excluded American Homestar from our audit of internal control over financial reporting.

American Homestar is a wholly owned subsidiary whose total assets and net income represent approximately 13% and 3%, respectively, of the related consolidated financial statement amounts as of and for the year ended March 28, 2026.

Basis for Opinion

12 unchanged sentences

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

and (3) provide reasonable

assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

13 unchanged sentences

Accordingly, sales under these plans may occur at any time, including possibly before, simultaneously with, or immediately after significant events involving our Company.

On January 15, 2025 , Susan Blount , a director , terminated her previously adopted plan of transactions intended to satisfy the affirmative defense provided by Rule 10b5-1(c).

This plan was entered into on September 13, 2024, was set to end on January 30, 2025, and provided for the sale of 1,500 shares of our common stock.

On March 5, 2025 , David Greenblatt , a director , terminated his previously adopted plan of transactions intended to satisfy the affirmative defense provided by Rule 10b5-1(c).

This plan was entered into on December 4, 2024, was set to end on April 15, 2025, and provided for the sale of 4,000 shares of our common stock.

During the three months ended March 29, 2025, no director or officer of the Company other than Ms.

Blount or Mr.

Greenblatt, adopted or terminated a "Rule 10b5-1 trading arrangement" or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

On February 25, 2026 , Seth Schuknecht , the Company's Executive Vice President and General Counsel , adopted a programmed plan of transactions intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (the "Schuknecht 10b5-1 Plan").

This plan provides for a first possible trade date of May 27, 2026, and terminates automatically on January 31, 2027 , if not before.

The aggregate number of shares to potentially be sold pursuant to the Schuknecht 10b5-1 Plan is up to 542 shares of Common Stock.

During the three months ended March 28, 2026, no director or officer of the Company other than Mr.

Schuknecht, adopted or terminated a "Rule 10b5-1 trading arrangement" or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

127 unchanged sentences

First Amendment to the Amended and Restated Credit Agreement, dated as of March 10, 2025, among Cavco Industries, Inc., the guarantors party thereto, and Bank of America, N.A., as administrative agent.

Filed herewith

Exhibit 10.10.1 to the Annual Report on Form 10-K for the fiscal year ended March 29, 2025

Consent and Second Amendment to the Amended and Restated Credit Agreement, dated as of July 14, 2025, among Cavco Industries, Inc., the guarantors party thereto, and Bank of America, N.A., as administrative agent.

Exhibit 10.2 to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2025

Agreement and Plan of Merger, dated July 14, 2025, by and among Cavco Industries, Inc., Cavco Merger Sub, Inc., American Homestar, Inc., and the Shareholder Representative party thereto.*

Exhibit 10.1 to the Current Report on Form 8-K filed on July 14, 2025

Code of Conduct

Filed herewith

Securities Trading Policy, dated January 27, 2025

Securities Trading Policy, dated October 2 5 , 2025

Filed herewith

6 unchanged sentences

Filed herewith

Number Exhibit Filed/Furnished Herewith or

Incorporated by Reference

Certificate of Allison K.

4 unchanged sentences

Furnished herewith

Number Exhibit Filed/Furnished Herewith or

Incorporated by Reference

Cavco Industries, Inc., Clawback Policy

Filed herewith

Exhibit 97 to the Annual Report on Form 10-K for the fiscal year year ended March 29, 2025

101.INS Inline XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

27 unchanged sentences

Blount Director May 22, 2026

Daniels Director May 22, 2026

Greenblatt Director May 22, 2026

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Consolidated Balance Sheets as of March 28, 2026 and March 29, 202 5

Consolidated Statements of Comprehensive Income for the Years Ended March 29, 2025, March 30, 2024 and April 1, 2023

Consolidated Statements of Stockholders' Equity And Redeemable Noncontrolling Interest for the Years Ended March 29, 2025, March 30, 2024 and April 1, 2023

Consolidated Statements of Cash Flows for the Years Ended March 29, 2025, March 30, 2024 and April 1, 2023

Consolidated Statements of Comprehensive Income for the Years Ended March 28, 2026, March 29, 2025 and March 30, 2024

Consolidated Statements of Stockholders' Equity And Redeemable Noncontrolling Interest for the Years Ended March 28, 2026, March 29, 2025 and March 30, 2024

Consolidated Statements of Cash Flows for the Years Ended March 28, 2026, March 29, 2025 and March 30, 2024

Notes to Consolidated Financial Statements

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The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.

Warranty Reserve

4 unchanged sentences

Factors used by management to calculate the warranty obligation are the estimated number of homes under warranty, including homes in distributor inventories, homes purchased by consumers within the one year warranty period, the timing in which work orders are completed and the historical average costs incurred to service a home.

We identified the warranty reserve as a critical audit matter because of the significant judgments made by management to estimate costs related to warranty reserves at the time of sale.

This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s estimates of future warranty claims based on historical claims paid, specifically due to significant growth since inception, mixture of product sales, and variability in repair costs.

Our audit procedures related to the Company’s significant estimates and assumptions of the warranty reserve included the following, among others:

• We obtained an understanding of the relevant controls related to the management’s estimation of the warranty accrual, including controls over the historical warranty claim data and projected future warranty claims, and tested such controls for design and operating effectiveness.

• We tested management’s process for determining the warranty reserve by evaluating the reasonableness of significant assumptions related to the estimation of future claims and the related costs to repair items under warranty.

• We evaluated the accuracy, completeness and relevance of the historical warranty claims as an input to management’s warranty accrual calculation.

• We evaluated management’s ability to accurately estimate the warranty accrual by comparing the warranty accrual from the prior year to the actual warranty claims paid in the subsequent year.

These factors include varying levels of subjectivity.

We identified management’s assumption related to the timing in which work orders are completed as a critical audit matter because of the significant judgments made by management to estimate the timing of warranty claims relative to home sales.

This required a high degree of auditor judgment and an increased extent of effort.

Our audit procedures related to the Company’s significant assumption to estimate the warranty reserve included the following, among others:

• We obtained an understanding of the relevant controls related to the management’s estimation of the warranty accrual, including controls over the estimation of work order timing, and tested such controls for design and operating effectiveness.

• We evaluated the accuracy, completeness and relevance of the historical warranty claims as an input to management’s estimate of work order timing.

• We evaluated management’s ability to accurately estimate the warranty accrual, including work order timing by comparing the current year estimate of work order timing to historical estimates.

/s/ RSM US LLP

49 unchanged sentences

Retained earnings 1,388,714 1,198,163

Accumulated other comprehensive income (loss) 9 ( 333 )

Accumulated other comprehensive income 30 9

Total stockholders' equity 1,103,182 1,064,582

5 unchanged sentences

2026 March 29,

2024 April 1,

2025 March 30,

$ 2,244,505 $ 2,015,458 $ 1,794,792

24 unchanged sentences

Net change in unrealized position of investments held

94 262 ( 252 )

Applicable income taxes

18 unchanged sentences

Net income — — — — 157,817 — 157,817 88

Other comprehensive loss, net — — — — — ( 212 ) ( 212 ) —

Other comprehensive income, net — — — — — 282 282 —

Net issuance of common stock under stock incentive plans 52,828 1 — 2,506 — — 2,507 —

3 unchanged sentences

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

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

Conversion to mandatorily redeemable noncontrolling interest ( 974 )

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

Net income — — — — 171,036 — 171,036 —

3 unchanged sentences

Common stock repurchases — — ( 149,931 ) — — — ( 149,931 ) —

Distributions — — — — — — — ( 300 )

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

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

Balance, March 29, 2025 9,436,732 $ 94 $ ( 424,624 ) $ 290,940 $ 1,198,163 $ 9 $ 1,064,582 $ —

10 unchanged sentences

2026 March 29,

2024 April 1,

2025 March 30,

OPERATING ACTIVITIES

7 unchanged sentences

Non-cash interest income, net ( 928 ) ( 1,028 ) ( 1,511 )

Loss (gain) on sale or retirement of property, plant and equipment, net 58 132 ( 281 )

(Gain) loss on sale or retirement of property, plant and equipment, net ( 35 ) 58 132

Gain on investments and sale of loans, net ( 4,720 ) ( 1,687 ) ( 9,041 )

Distribution of earnings from equity method investments — — 4,306

Changes in operating assets and liabilities, net of acquisitions

15 unchanged sentences

Proceeds from sale of investments 20,069 25,403 13,128

Return of invested capital from equity method investments — — 12,213

Net cash used in investing activities ( 222,437 ) ( 23,955 ) ( 31,709 )

6 unchanged sentences

Net cash used in financing activities ( 162,787 ) ( 147,949 ) ( 107,710 )

Net increase in cash, cash equivalents and restricted cash 6,592 85,263 24,156

Net increase (decrease) in cash, cash equivalents and restricted cash ( 117,733 ) 6,592 85,263

Cash, cash equivalents and restricted cash at beginning of the fiscal year 375,345 368,753 283,490

65 unchanged sentences

As of March 28, 2026 and March 29, 2025, there were no allowances for credit losses.

Accounts receivable, net at March 29, 2025, March 30, 2024, and April 1, 2023 was $ 105.8 million, $ 77.1 million, and $ 89.3 million respectively.

Accounts receivable, net at March 28, 2026, March 29, 2025, and March 30, 2024 were $ 108.3 million, $ 105.8 million, and $ 77.1 million respectively.

Management determines the appropriate classification of its investment securities at the time of purchase.

44 unchanged sentences

Asset Impairment .

We periodically evaluate the carrying value of long-lived assets to be held and used and held for sale for impairment when events and circumstances warrant such a review.

The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is less than its carrying value.

In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset group.

Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved.

Losses on long-lived assets to be disposed of are primarily determined based on independent appraisals and preliminary or definitive contractual arrangements less costs to dispose.

We evaluate the carrying value of long-lived assets to be held and used and held for sale for impairment when events and circumstances warrant such a review.

There were no impairment losses recognized in fiscal years 2026, 2025 or 2024 .

2 unchanged sentences

In the fair value evaluation of intangible assets acquired, there are significant estimates and assumptions, including forecasts of future cash flows, pre-tax income and revenue growth rates, as well as the selection of the royalty rates and discount rates.

The excess of the purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.

The excess of the purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill (see Note 23).

Goodwill and Other Intangibles, Net.

1 unchanged sentence

As such, we test goodwill at least annually for impairment.

As of March 29, 2025, all of our goodwill is attributable to the factory-built housing reporting segment.

As of March 28, 2026, all of our goodwill is within the factory-built housing segment.

Certain intangibles are considered indefinite-lived and others are finite-lived and are amortized over their useful lives.

2 unchanged sentences

In the fourth quarter of fiscal year 2025, the Company performed a strategic brand realignment.

As a result, Cavco recorded a non-cash charge of $ 10.0 million in Selling, general and administrative expenses related to the adjustment of legacy indefinite lived trade name values.

We performed our annual goodwill impairment analysis as of March 29, 2025, and determined that it was more likely than not that the fair value of the factory-built housing reporting segment exceeded its respective carrying value.

There was no impairment recognized during fiscal years 2025, 2024 or 2023.

As a result, Cavco recorded a non-cash charge of $ 10.0 million in Selling, general and administrative expenses related to the adjustment of legacy indefinite-lived trade name values in that period.

Goodwill is tested for impairment at the reporting unit level.

We performed our annual goodwill impairment analysis as of March 28, 2026, and determined that it was more likely than not that the fair value of the reporting unit exceeded its respective carrying value.

There was no impairment of goodwill or other intangibles recognized during fiscal years 2026, 2025 or 2024.

We provide retail home buyers, builders or developers with a one year warranty for manufacturing defects from the date of sale to the retail customer.

73 unchanged sentences

Adjustments in the redemption value of the noncontrolling interest were recorded to Interest expense.

We were contractually obligated to purchase an additional 20 % of Craftsman on December 31, 2023.

The estimated purchase price was recorded in Other liabilities.

The remaining 10 % was classified as a temporary equity mezzanine item between Liabilities and Stockholders' equity in the Consolidated Balance Sheets as Redeemable noncontrolling interest.

The amount of income attributable to this Redeemable noncontrolling interest is included on the face of the Consolidated Statements of Comprehensive Income.

During fiscal year 2024, we executed amendments to the Membership Interest Purchase Agreement to acquire the entire remaining 30 % for cash on January 1, 2024.

Upon execution of the amendments, the remaining 30 % became mandatorily redeemable, and the value attributed to the Redeemable noncontrolling interest was reclassified to Accrued expenses and other current liabilities on the Consolidated Balance Sheets at the estimated redemption value.

On January 1, 2024 we acquired the remaining 30 % interest.

Accumulated Other Comprehensive Income (Loss).

The amount of income attributable to this Redeemable noncontrolling interest is included on the face of the Consolidated Statements of Comprehensive Income for the year ended March 30, 2024.

During fiscal year 2024, we executed amendments to the Membership Interest Purchase Agreement and acquired the entire remaining 30 % for cash on January 1, 2024.

Accumulated Other Comprehensive Income.

AOCI is comprised of unrealized gains and losses on available-for-sale debt securities (see Note 4) and is presented net of tax.

Accumulated unrealized gain on available-for-sale debt securities at the end of fiscal year 2025 was insignificant before and after tax.

Accumulated unrealized loss on available-for-sale debt securities at the end of fiscal year 2024 was $ 0.4 million before tax, with an associated tax amount of $ 0.1 million, for a net unrealized loss of $ 0.3 million.

Accumulated unrealized gain on available-for-sale debt securities at the end of fiscal years 2026 and 2025 was insignificant before and after tax.

Treasury Stock.

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

Improvements to Reportable Segment Disclosures, which requires companies to enhance the disclosures about segment expenses.

The new standard requires the identification and disclosure of the Company’s Chief Operating Decision Maker ("CODM"), expanded incremental line-item disclosures of significant segment expenses used by the CODM for decision-making, and the inclusion of previous annual only segment disclosure requirements on a quarterly basis.

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.

We adopted ASU 2023-07 effective for the annual period beginning March 31, 2024, and applied it retrospectively to all prior periods presented in these financial statements.

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

Improvements to Income Taxes Disclosures ("ASU 2023-09"), which requires greater disaggregation of income tax disclosures.

ASU 2023-09 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 2024, the FASB issued ASU No.

7 unchanged sentences

The Company is currently evaluating the impact that the adoption of these standards will have on its Consolidated Financial Statements.

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

Improvements to Income Taxes Disclosures ("ASU 2023-09"), which requires greater disaggregation of income tax disclosures.

ASU 2023-09 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 adopted this guidance on a prospective basis for annual disclosures for the fiscal year ended March 28, 2026.

The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements.

Revenue from Contracts with Customers

Revenues are recognized when a good or service is transferred to a customer.

Revenue is recognized when a good or service is transferred to a customer.

A good or service is transferred when, or as, the customer obtains control of that good or service.

Revenues are based on the consideration expected to be received in connection with our promises to deliver goods and services to the customers.

Revenue is based on the consideration expected to be received in connection with our promises to deliver goods and services to the customers.

Site Improvements on Retail Sales.

18 unchanged sentences

2026 March 29,

2024 April 1,

2025 March 30,

Factory-built housing

17 unchanged sentences

2026 March 29,

2024 April 1,

2025 March 30,

Cash and cash equivalents $ 236,721 $ 356,225 $ 352,687

64 unchanged sentences

Due after five years through ten years

Due after ten years 5,419 5,421

Mortgage-backed securities

14,076 14,064

$ 34,104 $ 34,141

We recognize investment gains and losses on available-for-sale debt securities when we sell or otherwise dispose of securities using the specific identification method.

There were no gross gains realized on the sale of available-for-sale debt securities in fiscal years 2025, 2024 or 2023.

There were no gross losses realized on the sale of available-for-sale debt securities in fiscal years 2025, 2024 or 2023.

There were no gross gains or losses realized on the sale of available-for-sale debt securities in fiscal years 2026, 2025 or 2024.

We recognize unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income.

2 unchanged sentences

2026 March 29,

2024 April 1,

2025 March 30,

Marketable equity securities:

Net (losses) gains recognized during the period $ ( 1,000 ) $ 1,869 $ 561

Net gains (losses) recognized during the period $ 1,365 $ ( 1,000 ) $ 1,869

Net (gains) recognized on securities sold during the period ( 468 ) ( 1,175 ) ( 348 )

Unrealized (losses) gains recognized during the period on securities still held $ ( 2,175 ) $ 1,521 $ ( 397 )

Unrealized gains (losses) recognized during the period on securities still held $ 897 $ ( 2,175 ) $ 1,521

Inventories consisted of the following (in thousands):

26 unchanged sentences

Charge-offs — ( 24 )

Recoveries — —

Allowance for loan losses at end of fiscal year $ 787 $ 939

79 unchanged sentences

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

As of March 29, 2025 and March 30, 2024, approximately 17 % and 18 %, respectively, of our outstanding commercial loans receivable principal balance was concentrated in New York and as of March 29, 2025, approximately 16 % was concentrated in California.

As of March 28, 2026 approximately 14 % of our outstanding commercial loans receivable principal balance was concentrated in Arizona, 12 % in each of California and New York, and 11 % North Carolina and New York.

As of March 29, 2025 approximately 17 % was concentrated in New York and 16.0 % in California.

No other state had concentrations in excess of 10% of the principal balance of the commercial loans receivable as of March 28, 2026 or March 29, 2025.

42 unchanged sentences

(1) Recorded net of accumulated amortization of $ 0.9 million and $ 0.6 million as of March 28, 2026 and March 29, 2025, respectively.

The following table provides information about the financial statement classification of our lease expenses reported within the Consolidated Statements of Comprehensive Income for the years ended March 29, 2025, March 30, 2024 and April 1, 2023 (in thousands):

The following table provides information about the financial statement classification of our lease expenses reported within the Consolidated Statements of Comprehensive Income for the years ended March 28, 2026, March 29, 2025 and March 30, 2024 (in thousands):

Lease Expense Category Classification March 28,

2026 March 29,

2024 April 1,

2025 March 30,

Operating lease expense (2)

8 unchanged sentences

2026 March 29,

2024 April 1,

2025 March 30,

Operating leases $ 7,461 $ 5,648 $ 6,694

34 unchanged sentences

Changes in the carrying amount of Goodwill were as follows for the years ended March 28, 2026 and March 29, 2025 (in thousands).

April 1, 2023 $ 114,547

March 30, 2024 $ 121,934

Acquisitions (1)

5 unchanged sentences

Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined.

No measurement periods are open as of March 29, 2025.

At March 28, 2026 and March 29, 2025, the Company had Goodwill of $ 208,841 and $ 121,969 , respectively.

The change is due to adjustments to prior year acquisitions.

The change is due to the acquisition of American Homestar (see Note 23).

All Goodwill resides in the factory-built housing segment.

1 unchanged sentence

In the fourth quarter of fiscal year 2025, the Company performed a strategic brand realignment.

As a result, Cavco recorded a non-cash charge of $ 10.0 million in Selling, general and administrative expenses related to the adjustment of legacy indefinite lived trade name values.

As a result, Cavco recorded a non-cash charge of $ 10.0 million in Selling, general and administrative expenses related to the adjustment of legacy indefinite lived trade name values in that period.

Amortization expense recognized on intangible assets was $ 2.0 million during fiscal year 2026, $ 1.5 million during fiscal year 2025 and $ 1.6 million during fiscal year 2024.

7 unchanged sentences

Salaries, wages and benefits 49,819 45,640

Unearned insurance premiums 33,863 33,449

Estimated warranties 40,818 33,189

Unearned insurance premiums 33,498 33,863

Accrued volume rebates 25,159 21,208

Insurance loss reserves 16,201 10,540

Accrued self-insurance 13,709 13,094

Insurance loss reserves 9,778 16,201

Other 64,321 55,842

2 unchanged sentences

2026 March 29,

2024 April 1,

2025 March 30,

Balance at beginning of fiscal year $ 33,189 $ 31,718 $ 31,368

16 unchanged sentences

See Note 9 for further discussion of the finance lease obligations.

On November 12, 2024, 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.

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.

15 unchanged sentences

The effects of reinsurance on premiums written and earned were as follows (in thousands):

March 29, 2025 March 30, 2024

Written Earned Written Earned

March 28, 2026 March 29, 2025 March 30, 2024

Written Earned Written Earned Written Earned

Direct premiums $ 44,304 $ 44,790 $ 46,127 $ 48,761 $ 47,448 $ 39,352

2 unchanged sentences

$ 58,606 $ 58,763 $ 57,371 $ 57,184 $ 58,601 $ 48,709

Typical insurance policies written or assumed have a maximum coverage of $ 0.4 million per claim, of which we cede $ 0.2 million of the risk of loss per reinsurance.

Therefore, our risk of loss is limited to $ 0.3 million per claim on typical policies, subject to the reinsurers meeting their obligations.

After this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $ 4.0 million per occurrence, up to a maximum of $ 90.0 million in the aggregate for that occurrence.

Typical insurance policies written or assumed are recoverable through reinsurance for catastrophic losses in excess of $ 4.0 million per occurrence, up to a maximum of $ 75.0 million in the aggregate for that occurrence.

Purchasing reinsurance contracts mitigates the frequency and/or severity of losses incurred on insurance policies issued, such as in the case of a catastrophe that generates a large number of serious claims on multiple policies at the same time.

3 unchanged sentences

2026 March 29,

2024 April 1,

2025 March 30,

Balance at beginning of fiscal year $ 16,201 $ 10,540 $ 10,939

14 unchanged sentences

$ 54,149 $ 40,034 $ 41,275

A reconciliation of income taxes computed by applying the expected federal statutory income tax rate of 21% for fiscal years 2025, 2024 and 2023 to income before income taxes reported in the Consolidated Statements of Comprehensive Income is as follows (in thousands):

2025 2024 2023

We adopted ASU 2023-09 "Income Taxes (Topic 740):

Improvements to Income Tax Disclosures" on a prospective basis beginning with the year ended March 28, 2026.

The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S.

federal statutory tax amount and rate to our actual effective amount and rate for the year ended March 28, 2026 (in thousands):

Federal income tax at statutory rate $ 51,387 21.0 %

State income taxes, net of federal benefit 1

Foreign Tax Effects 76 —

Effect of Cross-Border Tax Laws (GILTI, FDII, Foreign Tax Credits) ( 84 ) —

Home Energy Efficiency Related Tax Credits ( 6,776 ) ( 2.8 )

Other Tax Credits ( 1,743 ) ( 0.7 )

Changes in Valuation Allowances — —

Nontaxable or Nondeductible Items

Non-Deductible Executive Compensation 3,160 1.3

Other ( 45 ) —

Changes in Unrecognized Tax Benefits 107 —

Other Adjustments ( 607 ) ( 0.2 )

$ 54,149 22.1 %

1 For the year ended March 28, 2026, the majority of state income taxes were incurred in Texas, California, Arizona, Oregon, Florida, New York, and North Carolina.

For the years ended March 29, 2025 and March 30, 2024, prior to the adoption of ASU 2023-09, the principal reconciling items from the U.S.

statutory income tax rate to the effective tax rate are as follows (in thousands):

Income tax provision for continuing operations at the expected Federal income tax rate of 21% $ 44,325 $ 41,828

State income taxes, net of federal tax effect 8,630 7,984

Tax Credits ( 12,047 ) ( 6,662 )

1 unchanged sentence

$ 40,034 $ 41,275

The effective income tax rate for the current year was lower compared to the statutory rate primarily due to $ 6.8 million related to the sale of energy efficient homes and Energy Star credits available under the Internal Revenue Code §45L, and $ 1.7 million related to the Research and Development, Solar, and Work Opportunity tax Credits.

Compared to fiscal year 2025, the effective income tax rate increased due to a $ 3.7 million reduction in Energy Star credits available in the current year compared to the prior year.

The lower effective income tax rate in fiscal year 2025 compared to fiscal year 2024 is due to an increase of $ 5.4 million in Energy Star credits compared to the prior year.

We adopted ASU 2023-09 on a prospective basis for the year ended March 28, 2026 and have included the following table as a result of our adoption, which presents income taxes paid (net of refunds received) for the year ended March 28, 2026 (in thousands).

Federal $ 30,000

Total net income taxes paid $ 39,264

Net deferred tax assets and liabilities were as follows (in thousands):

1 unchanged sentence

Net deferred tax (liabilities) assets

Goodwill $ ( 17,935 ) $ ( 17,080 )

Fixed assets and depreciation $ ( 19,347 ) $ ( 13,291 )

Research and experimentation expenditures 8,023 5,940

Goodwill ( 19,320 ) ( 17,935 )

Warranty reserves 9,776 8,016

1 unchanged sentence

Lease right of use asset ( 8,042 ) ( 5,862 )

Salaries, wages and benefits 3,592 3,176

Rebates payable 3,847 3,317

Salaries, wages and benefits 3,603 3,592

Inventory 2,390 2,983

Stock based compensation 1,503 1,838

Research and experimentation expenditures 564 8,023

Other 3,346 6,698

$ ( 14,716 ) $ 1,853

The effective income tax rate for the current year was positively impacted by the recognition of tax credits.

Of the total tax credits, $ 10.5 million related to the sale of energy efficient homes and Energy Star credits available under the Internal Revenue Code §45L and $ 1.6 million related to the Research and Development, and Work Opportunity Tax Credits.

The §45L tax credit was initially established under the Federal Energy Policy Act of 2005 and was extended through December 31, 2032 by the Inflation Reduction Act of 2022.

We recorded an insignificant amount of unrecognized tax benefits during fiscal years 2025, 2024 and 2023, and there would be an insignificant effect on the effective tax rate if all unrecognized tax benefits were recognized.

We classify interest and penalties related to unrecognized tax benefits in income tax expense.

The total amount of unrecognized tax benefit related to any particular tax position is not anticipated to change significantly within the next 12 months.

We believe that our income tax filing positions and deductions will be sustained on audit and we do not anticipate any adjustments that will result in a material change to our financial position.

We periodically evaluate the deferred tax assets based on the requirements established in ASC 740, which requires the recording of a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The determination of the need for, or amount of, any valuation allowance involves significant management judgment and is based upon the evaluation of both positive and negative evidence, including management projections of anticipated taxable income.

At March 29, 2025, we had state net operating loss carryforwards totaling $ 1.5 million, which begin to expire in 2038, and no associated valuation allowance.

At March 28, 2026, we had no state net operating loss carryforwards and no associated valuation allowance.

We have evaluated our historical profits earned and forecasted taxable income and determined that all of the deferred tax assets would be utilized in future periods.

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Income tax returns are filed in the U.S.

federal jurisdiction and in several state jurisdictions, and in Mexico.

federal jurisdiction, in several state jurisdictions, and in Mexico.

In general, we are no longer subject to examination by the IRS for years before fiscal year 2023 or state and local income tax examinations by tax authorities for years before fiscal year 2022;

however, we have filed refund claims for fiscal 2018 and 2020 which are currently being processed by the IRS.

however, we have filed refund claims for fiscal 2018 which is currently being processed by the IRS and fiscal 2020 which has been received in the first quarter of fiscal 2027.

Commitments and Contingencies

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The price we may be obligated to pay generally declines over the period of the agreement (generally 18 to 24 months, calculated from the date of sale to the distributor) and the risk of loss is further reduced by the resale value of the repurchased homes.

The maximum amount for which the Company was liable under such agreements approximated $ 133 million at March 29, 2025, $ 121 million at March 30, 2024 and $ 178 million at April 1, 2023, without reduction for the resale value of the homes.

For all of fiscal 2025, we received one demand notice covering 2 homes.

The maximum amount for which the Company was liable under such agreements approximated $ 141 million at March 28, 2026, $ 133 million at March 29, 2025 and $ 121 million at March 30, 2024, without reduction for the resale value of the homes.

For all of fiscal 2026, we received four demand notices covering 8 homes.

The inventory was obtained and resold to other dealers.

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We sell loans to GSEs and whole-loan purchasers and finance certain loans with long-term credit facilities secured by the respective loans.

In connection with these activities, we provide to GSEs and whole-loan purchasers and lenders representations and warranties related to the loans sold or financed.

These representations and warranties generally relate to the ownership of the loan, the validity of the lien securing the loan, the loan's compliance with the criteria for inclusion in the sale transaction, including compliance with underwriting standards or loan criteria established by the buyer, and our ability to deliver documentation in compliance with applicable laws.

Generally, representations and warranties may be enforced at any time over the life of the loan.

In connection with these activities, we provide representations and warranties related to the loans sold or financed.

These representations and warranties generally relate to the ownership of the loan, the validity of the lien securing the loan, compliance with applicable underwriting standards and accuracy of loan documentation.

Representations and warranties may be enforced at any time over the life of the loan.

Upon a breach of a representation, we may be required to repurchase the loan or to indemnif y a party for incurred losses.

Repurchase demands and claims for indemnification payments are reviewed on a loan-by-loan basis to validate if there has been a breach requiring repurchase.

We manage the risk of repurchase through underwriting and quality assurance practices and by servicing the mortgage loans to investor standards.

We maintain a reserve for these contingent repurchase and indemnification obligations.

This reserve of $ 0.5 million as of March 28, 2026 and $ 0.6 million as of March 29, 2025, included in Accrued expenses and other current liabilities, reflects management's estimate of probable loss.

We consider a variety of assumptions, including borrower performance (both actual and estimated future defaults), historical repurchase demands and loan default rates to estimate the liability for loan repurchases and indemnifications.

We consider a variety of assumptions, including borrower performance, historical repurchase demands, expected future losses and loan default rates to estimate the liability.

There were no claim requests that resulted in the repurchase of a loan during the year ended March 28, 2026.

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Interest Rate Lock Commitments .

In originating loans for sale, we issue interest rate lock commitments ("IRLCs") to prospective borrowers.

In originating loans for sale, we issue IRLCs to prospective borrowers.

These IRLCs represent an agreement to extend credit to a loan applicant, whereby the interest rate on the loan is set prior to loan closing or sale.

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As of March 28, 2026, we had outstanding IRLCs with a notional amount of $ 71.6 million, which are recorded at fair value in accordance with FASB ASC 815, Derivatives and Hedging ("ASC 815").

ASC 815 clarifies that the expected net future cash flows related to the associated servicing of a loan should be included in the measurement of all written loan commitments that are accounted for at fair value through earnings.

The estimated fair value of IRLCs is recorded in Prepaid expenses and other current assets if in a net favorable position, or Accrued expenses and other current liabilities if in a net unfavorable position, in the Consolidated Balance Sheets.

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The initial and subsequent changes in the value of IRLCs are a component of gain (loss) on loans held for sale.

During fiscal years 2025 and 2024 we recognized insignificant non-cash losses on outstanding IRLCs.

During fiscal year 2026 we recognized an insignificant non-cash gain on outstanding IRLCs.

During fiscal years 2025 and 2024 we recognized insignificant non-cash losses on outstanding IRLCs.

Forward Sales Commitments .

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The estimated fair values of Commitments are based on quoted market values and are recorded within Prepaid expenses and other current assets in the Consolidated Balance Sheets.

During the fiscal year ended March 28, 2026, we recognized an insignificant non-cash gain on Commitments.

During the fiscal year ended March 29, 2025, we recognized an insignificant non-cash loss on Commitments.

During the fiscal year ended March 30, 2024, we recognized an insignificant non-cash gain on Commitments.

During the fiscal year ended April 1, 2023, we recognized non-cash losses of $ 0.3 million on Commitments.

Forward Flow Agreement.

In the fourth quarter of fiscal year 2026, we entered into a forward flow agreement with a third-party financial institution (the "Purchaser") to support the origination and sale of manufactured housing consumer loans.

Subject to the terms of the agreement and following an initial ramp-up period, we have agreed to offer a minimum principal balance of $ 25 million of eligible consumer loans per quarter over a two-year term, unless terminated earlier in accordance with the agreement.

Failure to offer the minimum principal balance does allow for termination by the Purchaser;

however, we are not subject to monetary penalties or make-whole provisions for such shortfall.

Loans offered to this counterparty are expected to be sold shortly after origination, subject to customary conditions.

Legal Matters .

On September 2, 2021, the SEC filed a civil complaint in the United States District Court, District of Arizona, naming the Company along with the Company's former Chairman, President & Chief Executive Officer ("former CEO") and the Company's former Chief Financial Officer ("former CFO"), alleging violations of the antifraud and internal accounting control provisions of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), based on trading in the shares of another company directed by the former CEO.

In fiscal 2022, the Company recorded an accrual relating to this loss contingency.

On September 23, 2022, the United States District Court for the District of Arizona approved the settlement of the SEC action against the Company.

Without admitting or denying the findings of the consent judgment, the Company agreed to the imposition of an injunction against future violations of the antifraud and internal accounting control provisions of the Exchange Act and a monetary penalty of $ 1.5 million, which did not have a material impact on the Company's financial statements (collectively, the "SEC Litigation").

The settlement resolved all claims in the SEC Litigation against the Company.

In May 2024, the SEC settled all outstanding claims against our former CFO thereby closing all SEC Litigation matters.

We are party to certain other lawsuits in the ordinary course of business.

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Stock-Based Compensation

The Company maintains stock incentive plans whereby stock option grants or awards of RSUs may be made to certain officers, directors and key employees.

The Company maintains stock-based incentive plans whereby stock option grants or awards of RSUs may be made to certain officers, directors and key employees.

In August 2023, our stockholders approved the 2023 Omnibus Equity Incentive Plan (the "Plan").

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Forfeited, canceled or expired ( 538 ) 183.83

Outstanding at April 1, 2023 143,576 $ 160.40 2.88 $ 22,591

Outstanding at March 30, 2024 94,401 $ 168.00 2.21 $ 21,812

Exercised ( 34,861 ) 183.77

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Outstanding at March 28, 2026 40,703 $ 154.92 0.55 $ 12,667

Exercisable at April 1, 2023 116,434 $ 155.38 2.70 $ 18,887

Exercisable at March 30, 2024 89,474 $ 167.13 2.15 $ 20,752

Exercisable at March 29, 2025 59,440 $ 158.73 1.43 $ 21,115

Exercisable at March 28, 2026 40,703 $ 154.92 0.55 $ 12,667

There were no grants of stock options in fiscal years 2026, 2025 or 2024.

7 unchanged sentences

Forfeited ( 1,254 ) 250.71

Outstanding at April 1, 2023 28,868 $ 225.35

Outstanding at March 30, 2024 32,584 258.85

Awarded 14,791 381.35

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Released ( 6,988 ) 167.95

Outstanding at April 1, 2023 25,451 $ 202.00

Forfeited ( 2,128 ) 220.67

Outstanding at March 30, 2024 30,118 $ 244.15

Awarded 13,514 360.07

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Incurred claims identified under the third-party administrator's incident reporting system and IBNR claims are accrued based on estimates that incorporate claim experience, as well as other considerations such as the nature of each claim or incident, relevant trend factors and advice from consulting actuaries when necessary.

Medical claims expense was $ 41.5 million, $ 32.9 million and $ 30.6 million for fiscal years 2025, 2024 and 2023, respectively.

Medical claims expense were $ 44.4 million, $ 41.5 million and $ 32.9 million for fiscal years 2026, 2025 and 2024, respectively.

We sponsor an employee savings plan (the "401k Plan") that is intended to provide participating employees with additional income upon retirement.

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In the ordinary course of business, we sell homes and lend to certain of these operations through our commercial lending programs.

For the fiscal years ended March 29, 2025 , March 30, 2024 and April 1, 2023, the total amount of sales to related parties was $ 54.3 million , $ 54.9 million and $ 65.6 million, respectively.

For the fiscal years ended March 28, 2026 , March 29, 2025 and March 30, 2024, the total amount of sales to related parties was $ 55.5 million , $ 54.3 million and $ 54.9 million, respectively.

As of March 28, 2026, receivables from related parties included $ 1.1 million of accounts receivable and $ 5.4 million of commercial loans outstanding.

As of March 29, 2025, receivables from related parties included $ 7.0 million of accounts receivable and $ 7.6 million of commercial loans outstanding.

Fiscal Year 2024 Kentucky Dream Homes Acquisition

On November 15, 2023, the Company acquired certain assets and assumed certain liabilities of Kentucky Dream Homes, LLC ("KDH"), a manufactured home retailer with locations in Kentucky and Florida for total consideratio n of $ 23.3 million, which includes $ 5.4 million non-cash commercial loan forgiveness.

Th e remaining $ 17.9 million was paid with cash on hand.

The business is included in the factory-built housing reportable business segment.

The fair value of the assets acquired and liabilities assumed included $ 23.5 million of inventory, $ 4.4 million of goodwill and certain other assets and liabilities.

We have included the financial results in our Consolidated Financial Statements from the date of acquisition.

Pro forma historical results of operations related to this acquisition have not been presented because they are not significant to our Consolidated Financial Statements for the periods presented.

Fiscal Year 2023 Solitaire Acquisition

On January 3, 2023, we completed the acquisition of Solitaire Inc.

and other related entities (collectively "Solitaire Homes") by acquiring 100 % of the outstanding stock of Solitaire Homes.

The acquisition-date fair value of the total consideration was $ 110.8 million .

In fiscal 2023, we expensed $ 2.4 million in acquisition related transaction costs in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income.

During the third fiscal quarter of 2024, we finalized the purchase price allocation related to the Solitaire acquisition, which did not have a material effect on the Consolidated Financial Statements.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands).

(as finalized)

Investments 334

American Homestar Acquisition

On September 29, 2025 (the "Acquisition Date"), we completed the acquisition of American Homestar, including their two manufacturing facilities and 19 retail locations, by acquiring 100 % of the outstanding stock for total consideration of $ 181.3 million paid with cash on hand.

This purchase enhances our position in the South Central U.S.

while adding coverage and scale with high quality products.

We believe this purchase will have a positive financial impact with accretive earnings and cash flow and meaningful improvement opportunities including cost, purchasing and product optimization synergies.

We have expensed $ 5.0 million in acquisition related transaction costs in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income and have not incurred debt in connection with the purchase or subsequent operations.

The following table presents the fair values of the assets that we acquired and the liabilities that we assumed as of the Acqu isition Date (in thousands).

The purchase accounting is provisional and certain estimated fair values for Accounts payable and accrued expenses and Deferred income taxes are not yet finalized and are subject to change, which could be significant.

We will finalize the amounts recognized as we obtain the information necessary to complete the analysis.

We expect to finalize these amounts as soon as possible but no later than one year from the Acquisition Date.

During the three months ended March 28, 2026, we made certain adjustments to the assets and liabilities based on information that became available.

September 29,

2025 Adjustments September 29, 2025

(as Adjusted at March 28, 2026)

Cash $ 8,484 $ — $ 8,484

Accounts receivable 5,310 — 5,310

Other current assets 2,574 238 2,812

Inventories 47,855 — 47,855

Property, plant and equipment 37,160 ( 49 ) 37,111

Other current assets 1,579

Consumer loans receivable 1,870 — 1,870

Operating lease right-of-use asset 2,952 ( 459 ) 2,493

Intangible assets (1)

13,300 — 13,300

Total identifiable assets acquired 119,505 ( 270 ) 119,235

Accounts payable and accrued liabilities 16,757 ( 1,225 ) 15,532

Operating lease liability 2,952 ( 459 ) 2,493

Deferred tax liability 5,700 1,114 6,814

Net identifiable assets acquired 94,096 300 94,396

Goodwill (2)(3)

85,834 1,038 86,872

Net assets acquired $ 179,930 $ 1,338 $ 181,268

(1) Includes $ 1.3 million assigned to trade names, which are considered indefinite lived intangible assets and are not subject to amortization, $ 1.9 million assigned to customer-related intangibles, subject to a useful life of 10 years amortized on a straight-line basis, and $ 0.2 million for covenants not to compete from the sellers, amortized on a straight-line basis over the term of 5 years.

(2) Attributable to the factory-built housing segment, all of which will be deductible for income tax purposes.

Solitaire Homes contributed Net revenue of $ 28.3 million and a Net loss of $ 0.9 million for the fiscal year ended April 1, 2023.

Pro Forma Impact of Acquisitions (Unaudited) .

The following table presents supplemental pro forma information as if the above acquisitions had occurred on April 4, 2022 (in thousands, except per share data):

(1) Consists of $ 13.3 million assigned to customer-related intangibles, subject to a useful life of 14 years amortized on a straight-line basis.

Fair value was derived from an income approach, specifically a multi-period excess earnings method, which incorporates assumptions including customer attrition rates, projected revenues, and discount rates.

(2) Attributable to the Factory-built housing segment and not deductible for income tax purposes.

(3) Change in Goodwill due to Adjustments to Net identifiable assets acquired and an increase in purchase price of $ 1.3 million due to finalization of closing adjustments.

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in business combinations.

The goodwill recognized is attributable primarily to the expected synergies in purchasing and product distribution optimization from combining operations, the assembled workforce in one of the most important manufactured housing markets in the U.S., and more broadly the added capacity and distribution needed to meet growing housing needs.

Since the Acquisition Date, American Homestar has contributed Net revenue of $ 91.3 million and Net income of $ 5.2 million for the year ended March 28, 2026.

Pro Forma Impact of American Homestar Acquisition (Unaudited) .

The following table presents supplemental pro forma information as if the American Homestar acquisition had occurred on March 31, 2024 (in thousands, except per share data):

March 28, 2026 March 29, 2025

Net revenue $ 2,344,778 $ 2,197,427

Net income attributable to Cavco common stockholders 251,903

Net income 196,834 183,713

Diluted net income per share 24.77 22.24

Fiscal Year 2022 Craftsman Acquisition

On July 4, 2021, we obtained an additional 20 % ownership interest in Craftsman, which gave us a 70 % controlling ownership interest and resulted in consolidation of the Entities.

See Redeemable Noncontrolling Interest policy in Note 1.

The purchase price on July 4, 2021 for 20 % ownership was $ 2.5 million, valuing the Entities at $ 12.4 million.

The remeasurement of the Entities assets and liabilities to fair value resulted in a non-cash gain of $ 3.3 million, recorded in Other income, net in the Consolidated Statements of Comprehensive Income.

During fiscal year 2024, we executed amendments to the Membership Interest Purchase Agreement to acquire the entire remaining 30 % for cash on January 1, 2024.

Fiscal Year 2024 Kentucky Dream Homes Acquisition

Th e remaining $ 17.9 million was paid with cash on hand.

The business is included in the factory-built housing reportable business segment.

The fair value of the assets acquired and liabilities assumed included $ 23.5 million of inventory, $ 4.4 million of goodwill and certain other assets and liabilities.

We have included the financial results in our Consolidated Financial Statements from the date of acquisition.

Pro forma historical results of operations related to this acquisition have not been presented because they are not significant to our Consolidated Financial Statements for the periods presented.

Segment Information

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Net Income $ 169,743 $ 1,293 $ 171,036

net income attributable to redeemable noncontrolling interest

Comprehensive income attributable to Cavco common stockholders $ 152,977 $ 4,840 $ 157,817

Year Ended March 29, 2025

3 unchanged sentences

Capital expenditures $ 21,336 $ 91 $ 21,427

Year Ended April 1, 2023

Year Ended March 30, 2024

Factory-built housing Financial services Consolidated

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Interest expense ( 1,649 ) — ( 1,649 )

Other income (expense) 386 ( 1 ) 385

Other income, net 813 36 849

Income before income taxes 192,814 6,366 199,180

3 unchanged sentences

Comprehensive income attributable to Cavco common stockholders $ 152,977 $ 4,840 $ 157,817

Year Ended April 1, 2023

Year Ended March 30, 2024

Factory-built housing Financial services Consolidated

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2026 March 29,

2024 April 1,

2025 March 30,

Gross margin %:

3 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.

What changed 10-K

Item 9A. Controls and Procedures